🗞 Daily Crypto News, October, 2nd 💰

in #steem • 5 years ago (edited)

  • Surprise! State-Owned Bank Says Bitcoin Price Is Too Low ;
  • Binance and Polychain Are Funding a Crypto-Friendly Bank in Malta ;
  • Facebook Will Create ‘Shadow Banking’ System, Major U.S. Banks Warn ;
  • Sia Reaches $225K SEC Settlement Over $120K Unregistered Token Sale ;
  • Japanese Regulator Set to Sideline Crypto Trusts ;
  • 🗞 Daily Crypto News, October, 2nd 💰
  • STEEM Trading Update

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

🗞 Surprise! State-Owned Bank Says Bitcoin Price Is Too Low

A German bank believes that bitcoin prices are in for a major boost next year, and says current prices do not take into account the token’s forthcoming mining reward halving – expected to take place in May 2020. The bank estimates that BTC might hit USD 90,000, while it trades at c. USD 8,200 today.

Bayern LB, a bank that is 75% owned by the Bavarian state, has made a stunning forecast about the token, claiming that it is now “outshining” gold. In a report, the bank concluded that the May 2020 halving had “hardly” been priced into existing BTC values.

And the bank provided reasoning to back up its conclusions, stating that Bitcoin’s market value and stock-to-flow ratio were “strongly correlated.” The bank cited another report, authored by Bitcoin analyst PlanB, as further evidence of the stock-to-flow ratio-to-price link.

The report’s authors wrote,

“What is certain is that Bitcoin’s stock-to-flow ratio will increase drastically in May 2020 from around 25.8 at the moment to almost 53. By contrast, gold’s stock-to-flow ratio (currently in the vicinity of 58) will only be insignificantly (if at all) higher next May. If the May 2020 stock-to-flow ratio for Bitcoin is factored into the model, a vertiginous price of around USD 90,000 emerges. This would imply that the forthcoming halving effect has hardly been priced into the current Bitcoin price of approximately USD 8,000.”

🗞 Binance and Polychain Are Funding a Crypto-Friendly Bank in Malta

To some, Malta-native Paula Pandolfino may seem like a walking contradiction: bitcoiner and banker.
After personally investing in bitcoin in 2016, she’s now co-founder of the upcoming Founders Bank in Malta, scheduled to open in 2020.

“Crypto will take over the world, and we need full banking services,” she told CoinDesk. “We want to be that pillar of banking for the ecosystem to support how it gets done. If anything, [we’re learning] how to wean off traditional banking and getting crypto to be that platform.”

Pandolfino said the bank raised $10 million so far and is looking to raise $30 million more in the near future. The bank’s leading investors include the crypto exchange Binance (also based in Malta), the hedge fund Polychain Capital and the Czech firm Carduus Asset Management.

🗞 Facebook Will Create ‘Shadow Banking’ System, Major U.S. Banks Warn

Facebook’s crypto project Libra will potentially create a “shadow banking” system, according to the banks at the Federal Advisory Council (FAC).
U.S. banks fear Libra will reduce payment volumes

After the United States Federal Reserve asked some of the nation’s largest banks about Libra, the banks expressed their negative stance towards the project, outlining the risks of potential decline in demand-deposit accounts and bank payment volumes, Bloomberg reports Sept. 30.

Libra and similar stablecoin projects, where a digital coin is pegged to an underlying value consisting of one or more fiat currencies, also pose a possible challenge to the bank business model built on privacy, the banks reportedly said during a quarterly meeting of the FAC earlier in September.

🗞 Sia Reaches $225K SEC Settlement Over $120K Unregistered Token Sale

Boston-based Nebulous, makers of the Sia network for decentralized data storage, has settled with the U.S. Securities and Exchange Commission (SEC) over an unregistered securities offering and conversion scheme.

In a blog post Tuesday, the company announced the settlement without admitting fault. It will pay disgorgement of $120,000, prejudgment interest of $24,602 and a civil money penalty of $80,000. At the time of the 2014 token sale, Nebulous raised approximately $120,000.

The Sia settlement comes just a day after the announcement of Block.One’s $24 million settlement with the SEC for the EOS maker’s $4.1 billion securities sale.

🗞 Japanese Regulator Set to Sideline Crypto Trusts

Japan could shun cryptocurrency investment trust offerings – while some of the country’s top financial companies have established a securities token association.

The regulatory Financial Services Agency – the body that polices the country’s exchanges and cryptocurrency businesses – has provisionally updated its guidelines on financial instruments. The agency stated, in an official release,

“It appears that financial products that involve investments in [cryptocurrencies] will be created in the future, but there are also indications that investment in [cryptocurrencies] would encourage speculation. The FSA believes that it should carefully handle the sale of investment trusts that invest in such assets.”

🗞 Daily Crypto News, October, 2nd 💰

  • Binance Coin (BNB), MCO (MCO), Crypto.com Coin (CRO), General Event (CRYPTO), NEO (NEO), OKB (OKB), XRP (XRP)

"This conference has served and will serve as a marketing platform for Malta as the innovator and ideal hub for companies seeking to..."

  • XRP (XRP)

"Join us at the #Xpring blockchain community event in Berkeley on Oct 2nd at 7pm. Lots of food, demos, prizes and opportunities..."

  • Ethos (ETHOS)

"Tune in next week for an exciting AMA with @shingolavine & @ehrls15 in the Ethos Telegram Channel."

  • Ontology (ONT)

"BD Director of #Ontology Europe will attend @south_summit from Oct. 2-4 in Madrid and be the panellist for..."

  • Bitcoin Fast (BTCF)

Roadmap for the year 2019-2020 will be unveiled on October 2nd, 2019.

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STEEM Trading Update by my friend @cryptopassion

Here is the chart of yersterday :

Here is the current chart :

Not really usual to have exactly the same resistance line on BTC and STEEM but today it is the case. We are testing also the MMA50 (mobile average line in pink on the chart) on the STEEM, exactly like on the BTC. Let's see if we will be able to break that resistance line and continue the UP.

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