Bitcoin Price Moves To $9,000 With Strong Momentum

The bitcoin price has surpassed $8,800 after rising more than 6 percent over the past 24 hours. Volumes across major cryptocurrency exchanges remain strong and the daily trading volume of the market has increased past $26 billion for the first time over the past month.

$9,200

On March 21, the bitcoin price tested the $9,200 support level but failed to sustain momentum for mid-term growth and fell below the $6,500 mark within two weeks after struggling to bounce off $8,200.

At this juncture, it is likely that the bitcoin price tests the $9,200 level it had touched in late March, and a movement past that level would lead the bitcoin price to the $10,000 region by the end of April.

In November 2017, investors described the $10,000 mark as a psychological threshold and a key milestone. At the time, traders predicted the price of bitcoin to surge substantially subsequent to surpassing $10,000. Almost immediately after breaking into the $10,000 region, the bitcoin price surged to $14,000 and eventually to $20,000.

Since the initial correction of bitcoin in February, the market has not been able to demonstrate any sign of stability. The price of most alternative cryptocurrencies (altcoins) and tokens followed the short-term trend of bitcoin and the volume of regional exchanges in Japan and South Korea significantly decreased.

Fundamentally, bitcoin is in an ideal position to initiate a new rally in both the short and mid-term, given that the adoption of cryptocurrency in general has started to increase. Moveover, in late 2017, the majority of speculators who bought into the cryptocurrency market did so out of FOMO, or fear of missing out, without solid knowledge in the structure and fundamentals of cryptocurrencies.

Over the past five months, the awareness of cryptocurrency has increased drastically and a substantially large number of individuals have started to understand the basics of decentralized financial networks and cryptocurrencies.

As such, fintech company Smart Valor CEO Olga Feldmeier stated that in the next two years, the bitcoin price will reach a value of $100,000, and within 2018, the bitcoin price will surpass its previous high at $20,000.

“I believe that we will see a comeback to the height achieved at the end of 2017 this year. Over the next two years I still predict we could see it reach a value of $100,000,” Olga told The Independent.

Rise of Altcoins

Throughout this week, CCN reported that the altcoin season may have started with strong consistent performances of small cryptocurrencies and tokens. Today, several tokens like STORM have recorded a gain of above 30 percent against bitcoin and about 40 percent against the US dollar.

Investors have gained more confidence in the cryptocurrency market and are now willing to take more risks by investing in cryptocurrencies with higher volatility and lower liquidity.

Still, in an interview with FT, Ethereum creator Vitalik Buterin stated that the valuation of most altcoins or tokens cannot be justified and are overblown. “There’s projects that never had a soul, that are just like, ra-ra, price go up. Lambo, vrromm, buybuybuy now!” Buterin said.

Bitcoin: The Return of The King

Most of you have seen this little, tiny, minuscule, almost invisible jump in volume that happen on the 12th April 2018. So far, it has been the singular highest jump in volume ever seen as market cap went from ~ $270 Billion to ~ $300 Billion. It means around $30 Billion were added to the market in less than 3 hours.

Bitcoin’s dominance remains over 40% and I suspect it will continue to rise as most money that just entered the market should be institutional. There are some strong contenders, like Ripple, due to the nature of the backers (mainly banks and financial institutions).

Nevertheless, there are two ways of looking at this, in my own personal opinion:

  • Either the money that just entered the market stays with the King, or
  • It’s distributed among preferential projects (top-10 I would bet on).

Because there is currently a huge time gap between technological developments and price, meaning price moves due to pure speculation rather than technological advancements or issues that arise. If you think differently look at the examples of IOTA or Verge which have been hacked, however prices of both coins kept rising afterwards. Heck, think about bitcoin: when did the price hit its maximum valuation? At the same time fees were the highest ever.

Price is dictated by volume and what happened was a grand spike in smart-money coming into the market. Maybe some of the money that left at the end of January is coming back.

 

Should we expect the price to continue rising?

Some technical analysts believe price will continue to rise. Then again, the opposite might happen depending on many factors:

  1. Geopolitical tensions between Russia and the U.S. will most definitely shake-up traditional markets. This will no doubt influence the amount of money available to invest in the cryptocurrency market. I’m just not sure how this will affect all markets as at the end, there might be a surprising shift; people could begin to trust more in bitcoin due to its security, resilience and the fact it’s independent from governments and economies.
  2. Investors going short on bitcoin got destroyed and likely lost a lot of money. What can counter this is the CME Bitcoin contracts futures price, as I expect the futures’ volume to rise exponentially. Why? That’s easy: because it’s profitable for those investing in both markets.

  1. News sources. When many positive news start to arrive we usually see a growing euphoria and hype (check google trends) from dumb-money entering the market leading to massive price runs. I see no reason for this to be different this time. If history taught us something is that it “repeats” itself, going around and around in circles.
  2. Small technological hops (pun intended) will play a massive role in the long-term future, as bitcoin and other cryptocurrencies are being given time to prepare for adoption worldwide. Hopefully exchanges won’t need to block new hordes of users signing up, bitcoin’s lightning network will be fully operational and segwit adopted by most mining agents and trading platforms.

We cannot forget price is crucial to bring new people into the market, but to keep those users technology must answer today’s problems. People do not care if money is centralized, decentralized, distributed, digital, or physical; People care about:

  • How can I get that money?
  • How much do I pay to store and transfer that money?

For truly massive adoption either the bitcoin team thinks of a way to easily distribute it among where is needed, this is, in countries where banking is limited for example, or a benign group of people develops a way to distribute the currency directly to people in exchange for something, other than money (time, attention, services, etc). I understand those who think until this currency is used by business worldwide it’s a joke. I get it, I truly do, however if the purpose of this cryptocurrency is to bank the un-banked and to be successful in connecting communities worldwide by allowing anyone to transfer and store value over the internet, then maybe the right way to do this would be to simply find ways to trade bitcoin for time and services in those places.

–note: i did not mention the question “how long does that money take to get to another account?”as the current banking system needs 3-5 business days for international transfers to take place. When the bitcoin network is clogged, i have personally waited around 24h for a bitcoin transfer to get approved. It still beats the banking system for personal transactions, which is the final aim of this cryptocurrency (in my opinion)–

Easier said than done

The reality, of course, is that acceptance dictates the rules of the game; businesses  have to start pushing cryptocurrencies by accepting them. At the end of the day for cryptocurrency to be used, all intervening agents must participate.

We must not forget there will always be two sides to the same coin:

  • Should we focus solely on price and volume, to master our gains? Or
  • Should we focus in improving technology scalability and marketing, to achieve worldwide adoption?

Doing one alone would be unwise as balancing both seems to be the right way for the market to grow. My only hope is that the entire community keeps improving the consensus in bitcoin (and other cryptocurrencies), never forgetting its true purpose

Ethereum , Ripple and other cryptocurrecies values riseas Bitcoin price spikes

The price of bitcoin rose by $1,000 in less than an hour, sparking massive gains across cryptocurrency markets

Bitcoin’s sudden price rise has resulted in gains across cryptocurrency markets, with ethereum, ripple and litecoin all surging in value.

Within the space of an hour on Thursday, 12 April, bitcoin rose by more than $1,000 – breaking above $8,000 for the first time since March.

The movement’s of the world’s most valuable cryptocurrency is usually reflected across other virtual currencies, and this unprecedented spike was no exception.

Ethereum, which boasts a market cap of around $45 billion, shot up in price by 10 per cent, taking it close to $500. At its peak in January, one ether was worth more than $1,300.

Similar percentage gains were experienced by ripple, which has the third highest market cap behind bitcoin and ethereum.

The altcoin EOS saw the largest gains out of all the top five most-valuable cryptocurrencies, rising by over 30 per cent to take its market cap above $7 billion.

The market-wide shift follows several months of steadily sliding prices for bitcoin, which peaked at nearly $20,000 in December 2017.

Dramatic market movements are not unusual for the notoriously volatile cryptocurrency, which can often be triggered by positive or negative news surrounding regulation and laws.

The latest surge does not appear to be related to any significant news within the cryptocurrency space, however, with some analysts suggesting the gains come from a change in sentiment amongst investors.

“In this scenario traders with short positions will start to lose money and liquidate their positions by buying bitcoin,” Ed Cooper, head of mobile at fintech startup Revolut, told The Independent.

“This causes the price to rise further and as more people start to notice the rise they buy in for a quick gain. This continues the cycle.”

Despite the gains, Cooper advised investors to be cautious about betting on a positive direction of the market beyond the short term.

“We’d need to see a sustained rise over a number of weeks to signal the end of the bear market,” Cooper said. “We’re definitely not there yet.”

UK Watchdog to Publish its Review on Cryptocurrencies Later this Year

Britain’s financial regulator and markets watchdog outline its policy thinking on cryptocurrencies with a review to be published later this year.

In revealing its business plan for the coming financial year, the Financial Conduct Authority (FCA) underlined cryptocurrencies as ‘an area of increasing interest for markets and regulators globally’. While admitting that cryptocurrencies do not directly fall under its regulatory scope, the FCA stressed that certain models of their usage bring them under its purview in a ‘complex’ landscape.

Pointedly, the FCA confirmed it would reveal its own take on cryptocurrencies, policy-wise, later this year. The regulator said:

We will work with the Bank of England and the Treasury as part of a taskforce to develop thinking and publish a Discussion Paper later this year outlining our policy thinking on cryptocurrencies.

The FCA is notably a member of the ‘Cryptoassets Task Force’ established by the British government in March 2018, consisting of the regulator, Her Majesty’s Treasury and the Bank of England (the central bank). The working group will explore and study the benefits and risks of cryptocurrencies, UK Chancellor of the Exchequer Philip Hammond said last month, helping the UK’s fintech sector to ‘grow and flourish’ in a regulatory climate that has broadly been supportive of blockchain technology and cryptocurrencies over the years.

On Friday, the FCA mandated firms offering cryptocurrency derivatives to comply with all applicable rules to be authorized, stating it would be a ‘criminal offence’ otherwise.

Earlier in February, the UK’s Treasury Select Committee, an influential group of cross-party members of parliament (MPs), launched an inquiry into cryptocurrencies in an effort to better understand them.

While the Treasury Committee confirmed it would look at risks and threats posed by cryptocurrencies to ‘consumers, businesses and governments’, committee chair Nicky Morgan stressed the group would “also examine the potential the potential benefits of cryptocurrencies and the technology underpinning them, how they can create innovative opportunities, and to what extent they could disrupt the economy and replace traditional means of payment.”

Committee member Alison McGovern added that the inquiry would help UK lawmakers and politicians to better educate themselves on cryptocurrencies before enforcing policies. “It is time that Whitehall and Westminster understood cryptocurrency better and thought more clearly about the policy environment for blockchain technology,” she stated.

Bitcoin 7% Increase as Cryptocurrency Market Rebounds From Yesterday’s Losses

After dipping below $6,500, the price of bitcoin has increased 7 percent to $7,100, as the rest of the cryptocurrency market recovered over the past 24 hours.

Since March 30, the valuation of the cryptocurrency market rose from $250 billion to $268 billion, by around 8 percent.

Correlated Movements

On March 29, Cornell professor Emin Gun Sirer stated that a mature market should have assets that are performing independently from each other.

“Indeed, a mature market should be decentralized, with independent coin prices decoupled from each other, each moving in concert with the future prospects of the specific coin,” said Sirer.

For many weeks throughout February and March, the entire cryptocurrency market has demonstrated correlated movements, as the vast majority of both major and minor cryptocurrencies recorded similar gain and loss patterns with extreme volatility.

Today for instance, as the bitcoin price increased by 6 percent, Ethereum, Ripple and Litecoin all increased by the same 6 percent. With the exception of a handful of cryptocurrencies, which have been likely affected by pump and dumps, most of the cryptocurrencies in the global market have all moved in a similar pattern since the major correction occurred in February.

As such, given the extreme volatility in the market and its correlated price movements, it is evident that the market has not stabilized from its recent correction, and thus may need more time to recover from its losses.

The market demonstrated a necessary rebound from the $250 billion mark, and major cryptocurrencies like bitcoin have been able to sustain their resistance levels, even though volumes still remain relatively low across all cryptocurrency exchanges.

History

Bitcoin’s latest correction has been brutal, and it led to millions of dollars in losses for many individuals and institutional investors holding the cryptocurrency on behalf of organizations. But, it is important to acknowledge that identical patterns have occurred in the past, throughout 2013 to 2018.

2018’s bitcoin correction is the third worst correction the cryptocurrency has ever experienced, after two 80 percent corrections it suffered in 2013 and 2014. Both corrections took nearly 12 months for bitcoin to recover from.

The market moves up and down, and volatility is stronger in markets like the cryptocurrency market that have lower liquidity and volume than other regulated markets. The cryptocurrency market was not largely affected by the prohibition of cryptocurrency ads or other news relating to regulation, contrary to the narrative the media has tried to portray. Rather, it was the market simply acknowledging that the price of most cryptocurrencies have increased to a point in which they were difficult to justify based on tangibles and sustainable models.

 

Tron for example, was worth $16 billion, and neared the valuation of SpaceX. While it is entirely possible for Tron to achieve that market cap again in the future, Tron has only released its testnet this week.

 

The valuation of most cryptocurrencies were not proportional to the impact they had on the respective industries they were targeting, and the cryptocurrency market experienced a correction because investors could no longer support the prices of them.

Telegram ICO Hits $1.7 Billion After 2nd Funding Round

The Telegram ICO has now raised a total of at least $1.7 billion, public documents show.

According to offering documents filed with the US Securities and Exchange Commission (SEC) and dated March 29, the second round of Telegram’s much-hyped initial coin offering (ICO) raised $850 million in a sale that began on March 14.

The filing reports that 94 investors contributed to the funding round, placing the average individual investment at approximately $9 million. The previous funding round, which occurred in January and also raised $850 million, attracted 81 investors for an average individual investment of $10.5 million.

Both rounds of the Telegram ICO have been reported to the SEC under Rule 506(c) of Securities Act Regulation D, which allows unregistered securities issuers to raise an unlimited amount of money as long as they restrict contributions to accredited (i.e. wealthy) investors, file a simple report with the SEC, and require investors to submit to a predefined vesting period before selling their stakes.

The $1.7 billion Telegram has currently raised exceeds the $1.6 billion the firm was reportedly targeting in February.

However, Telegram has been notoriously opaque in both the development of its new blockchain protocol and the handling of the ICO, so it is unclear whether this marks the conclusion of the firm’s token sale or founder Pavel Durov will seek to raise more cash for the project in the near future.

This opacity has scared many big-name investors away, including renowned cryptocurrency hedge fund Pantera Capital.

The company claims that the Telegram Open Network (TON) — whose native token is called “Gram” — will be a revolutionary “third-generation blockchain” that has the network capacity to process 1 million transactions per second at virtually no cost. However, many blockchain developers have raised serious questions about the practicality of TON’s proposed system.

As CCN reported, quantitative analyst Aaron Brown estimated that the TON could reach a $200 billion market cap in five years — a best case scenario — but that current investors are likely overpaying for the Gram tokens.

Bitcoin Raise 7% to $8,460 Overnight as Cryptocurrency Market Rebounds

After dipping below $7,300 on most major cryptocurrency exchanges, the price of bitcoin has raised 7 percent overnight, increasing from $7,240 to $8,467, triggered by a variety of factors.

G20

Many analysts have attributed the recent increase in the price of bitcoin to the result of the 2018 G20 Buenos Aires summit, during which the Financial Stability Board (FSB), the global watchdog that oversees banks and financial networks as a representative of 20 major economies, stated that existing regulations on cryptocurrencies like bitcoin will be held and no additional restriction or regulation shall be issued.

FSB’s official report referencing FSB Chair and Governor of the Bank of England Mark Carney’s letter read:

“The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time. The market continues to evolve rapidly, however, and this initial assessment could change if crypto-assets were to become significantly more widely used or interconnected with the core of the regulated financial system.”

Previously, up until this week, several analysts noted that the upcoming G20 meetup has contributed to the decline in the value of cryptocurrencies, as investors anticipated the G20 financial watchdog FSB to crackdown on cryptocurrencies and issue stricter regulations. Investors expected major economies to come together to regulate the global cryptocurrency market with harsher policies.

However, governments have decided to accommodate existing regulations on the global cryptocurrency market, which are already strict in regions like the US and Japan, and follow the regulatory roadmap of leading cryptocurrency markets to facilitate the rapidly growing demand for the emerging asset class.

It is highly unlikely that the G20 meetup was the sole factor behind the recent price surge of bitcoin and the entire cryptocurrency market. But, the cryptocurrency market was in need of an optimistic and positive development to secure an upward trend again, after being in a slump for over a week.

Consequently, the valuation of the cryptocurrency market recovered beyond $310 billion, subsequent to falling below $280 billion, and is eyeing to initiate a short-term rally.

In previous reports, CCN emphasized that the January correction would require several months to recover because many investors were hurt by the decline in the price of cryptocurrencies. In 2017, the cryptocurrency market was considered the path for short-term profits. In early 2018, investors have stated to view the market differently, and speculators or weak hands have left the market.

2018 saw significantly developments in bitcoin, Ethereum, and other major cryptocurrencies along with emerging blockchain technologies. Yet, the price has not represented the magnitude of developments that have happened in the space, most likely because speculators and weak hands were not interested in the technology, but rather in short-term profits.

Short-Term

In the short-term, given the continuous increase in the dominance index of bitcoin, it is highly likely that bitcoin will maintain its dominance over the market in a volatile period like this. Bitcoin’s dominance index is already at 44 percent, and has been increasing since February, as more investors have started to eye bitcoin as a safe investment over other cryptocurrencies.

Cryptocurrency news: Will Litecoin ever overtake Bitcoin?

LITECOIN is currently ranked as the fifth cryptocurrency on the market, it has grown more than 3855.16 percent over the past year and has shot from $4.26 this time last year to a price of $168.49. So why has it experienced this remarkable growth and could it overtake the number one cryptocurrency bitcoin?

Litecoin was founded in 2011, two years after bitcoin was born.

The token is often referred to as the ‘silver to bitcoin’s gold’, as it was launched using the same code as bitcoin and its aim was to improve on the transaction speed of bitcoin.

Instead of using bitcoin’s SHA256 network, Litecoin used scrypt functions which helped to improve transaction speeds.

Bitcoin creates a block of information with data encrypted in 10 minutes, whereas Litecoin does it in two and half minutes per block.

As a cryptocurrency, it is favoured by traders as it is considered to be not as congested as bitcoin and is a lot cheaper as a result.

And experts claim Litecoin has asserted itself as a cryptocurrency which deserves to be in the top five, but does it have the potential to ever overtake bitcoin?

Will Litecoin ever overtake Bitcoin?

Litecoin has experienced remarkable growth this year, increasing in price by 3855.16 percent, compared to bitcoin’s 593.39 percent.

Bitcoin has been plagued by extended transaction speeds as users flood the network – many have said it has become a victim of its own success and has become too congested.

Despite this, experts do not predict Litecoin overtaking bitcoin any time soon.

Bitcoin was the first cryptocurrency on the market so has first advantage and is recognised as a well-know cryptocurrency name, Nicholas Cawley, analyst at Daily FX explained to Express.co.uk.

The number one cryptocurrency managed to garner a critical mass and drew in investors and traders, and Mr Crawley said he does not envisage Litecoin ever outshining bitcoin.

However the analyst also predicts Litecoin will overtake another cryptocurrency this year, which is currently fourth on CoinMarketCap.com.

“I think Litecoin will overtake Bitcoin cash but in market capitalisation terms will struggle to overtake Bitcoin,” Mr Cawley said.

Bitcoin Cash has just under 17 million tokens in circulation against a maximum of 21 million, while Litecoin has 55.5 million of a maximum 84 million in supply, so if prices remain the same litecoin’s market cap will grow faster than Bitcoin Cash.

“I also like the Litepal payment system and when we eventually see the launch of the Litepay debit card, then I can see Litecoin overtaking Bitcoin Cash.”

Kristjan Dekleva, head of product development at Blocktrade was in agreement and did not forsee Litecoin taking the number one spot on the cryptocurrency market.

Mr Tekleva said: “I don’t believe that Litecoin will overtake bitcoin. Litecoin does its intended job well for certain intents and purposes and has somewhat wide market penetration.

“But one it lacks the name recognition that Bitcoin has, which helps it stay where it is despite its flaws, and two there are numerous other altcoins that do Litecoin’s intended job, quick and cheap transactions, much better.

“Ultimately, it functions ok, but not well enough to break out of mid-market in the long run.”

While Andrei Barysevich, Director of Advanced Collection at Record Future, believes Litecoin has the capability to overtake bitcoin at some point, but not in the current climate.

“Bitcoin is not going anyway, everybody knows about bitcoin, in my view, it is going to remain as a gold standard. People will continue to use and continue to store money in bitcoin,” he said.

“However in day to day operations, I think Litecoin is to become more dominant currency, as soon as we start to see established e-commerce websites accepting Litecoin, that’s the time when i think Litecoin is going to dominate bitcoin cash.”

Mr Barysevich added to say he believes Litecoin will continue to experience growth in 2018 and will add on the success it is already experienced.

 

Israel: Steps Toward Cryptocurrency Support

In terms of technological innovation, Israel has been labeled by some as “The Startup Nation”with Israeli ventures raising over $5 billion in capital in 2017. This is almost 10% of China’s yearly fundraising total. While there’s a number of popular applications, platforms, and products including USB flash drives, the Waze navigation app, SodaStream carbonation machines, the country has set its foot in the crypto industry as well.

Back in 2017, Hapoalim, Israel’s largest bank, partnered with Microsoft to create a Blockchain-powered platform to “make the process of signing up guarantors simple and quicker.” And in February 2018, the Israeli Tax Authority (ITA) stated that cryptocurrencies will be taxed by the capital gains as properties.

On February 26, 2018, the country took it even further, when the Israeli Supreme Court handed down a decision that would temporarily block Leumi Bank, limiting a local broker, Bits of Gold, from facilitating the sale of cryptocurrency.

Though many were quick to laud the temporary ruling as ‘precedent-setting,’ it still leaves ample room for further developments. The judge ruling the case, Anat Baron, said that her decision was “not intended to harm the bank’s rights to analyze with specificity every transaction that takes place with the bank account or to take any actions that are related to minimizing risks.” This likely means cryptocurrency brokers and exchanges putting transparency first will be regarded as lawful—for now

Founder and CEO of Bits of Gold Yuval Roash sees this decision as justified, saying,

“Regulation is one of the things that has been important to us since the beginning. From the very beginning, we saw the problem with Bitcoin in terms of its anonymous characteristics, and we wanted to receive a currency service certificate—and we received it in August 2013.”

This is significant progress from December of last year, when a Tel Aviv district court ruled in favor of Leumi Bank, who had refused service to Bits of Gold because of Bitcoin’s inability to meet anti-money laundering standards. Bank Leumi had also been piggybacking on the Bank of Israel’s June labeling of exchanges as “websites that facilitate gambling transactions”, which is a sore spot for Israel especially. The country proved to be careful about upsetting the balance within its borders, and even blocked popular ride-sharing application Uber from an Israeli debut.

After examining the last five years of Bits of Golds’ operations, Judge Baron determined Leumi’s previous assumption that violations of the law would occur if Bitcoin were left unchecked were false.

In relation to the ruling, Yair Geva, head of the Hi-Tech Department of Israeli law firm Herzog, Fox & Ne’eman, remarked:

“It should be emphasized that the Court did not rule on the fundamental question—which has not yet been decided—whether Bank Leumi is entitled to refuse banking services for cryptocurrency trading. Although the final decision is still pending, it seems that this recent verdict of the Supreme Court will continue to give tailwinds to the tremendous growth of the crypto industry in Israel particularly, and to hi-tech as well as the financial industry in general. One of the reasons for this is that the Supreme Court clarified that Bits of Gold operated transparently and did not violate any statutory provision. In other words, the Supreme Court determined that currently there is no direct legal prohibition on cryptocurrency trading in Israel. It remains to be seen how regulators in Israel will respond to this landmark decision.”

Regardless of how regulators will respond, it’s already clear that progress on Israeli blockchain innovations hasn’t slowed.

“As with any new and promising technology, jurisdictions that instate well-balanced policies to promote innovation and adoption, will find themselves attracting talent and business to their ecosystems on grand scales. The best frameworks will be the ones that take a learning approach, allowing entrepreneurs and institutions to deeply understand how these technologies affect all stakeholders and develop the policies which are beneficial to most while educating the public on tradeoffs and accountability. Israel has always seen the advancement of technology as a strength and opportunity, and is well positioned to lead in Blockchain development and applications,” said Galia Benartzi, Co-founder of Bancor.

Itay Nagler, Israeli citizen and CEO of blockchain-driven travel startup Cool Cousin, says that Israelis, as a default, undercut the perception that things can’t or shouldn’t change.

“We are almost raised to believe that there is always a better, more efficient way to do things. That is one of the main reasons such a small country is home to many great innovative companies and individuals. This is also an explanation to why Israelis were among the firsts to adopt blockchain technology and crypto. A lot of us see it as a wonderful solution to many problems and our mentality of “no fear” to change, and relatively easy access to quality human resources and funding allows us to act on it. This, I believe, helped us during the past decades to position ourselves as pioneers and experts in many industries.”

Even though there were no concrete regulations of the industry before, it didn’t stop entrepreneurs from launching blockchain projects of their own. Bancor was one of the first major ICOs, raising over $150 million in mere minutes, and has its origins in Israel. IOTA , an IoT-focused Blockchain solution, recently opened an office in Tel Aviv, noting that the city is “a well-established tech hub, always ranking in the top 10 of start-up reports.”

These positive changes, however, go contrary to the recent decision by the Israeli regulators of not including companies involved in the crypto industry in the TASE, Tel Aviv Stock Exchange indices, due to its ‘trading volatility.’

Israel appears to be setting itself in the Blockchain ecosystem, along with the rest of the world, but tries first guarantee that the market’s grey areas be limited while its most useful attributes allowed to flourish

Traditional Liechtenstein Bank Launches Cryptocurrency Investment Platform

Citizens of Liechtenstein, a country that has become rather famous for its cryptocurrency acceptance, will soon be able to purchase digital currencies directly from a bank. Given the royal family’s demonstrated interest in the asset class and the general willingness to embrace cryptocurrency development, the move is perhaps not too surprising.

According to a press release issued by Bank Frick on February 28, 2018, it will be offering a wide variety of cryptocurrencies on its trading platform effective immediately. The initial set of digital currencies available for purchase will include BitcoinEthereumLitecoin, Ripple and Bitcoin Cash.

The target audience of the bank likely comprises of high net worth individuals and institutional investors, or rather, the type of individuals that already have a sizeable amount of funds in various banking instruments.

For any cryptocurrency exchange or broker, especially those, security is an important consideration. As is traditional for any cryptocurrency exchange, Bank Frick has stated that it will store all of its customers’ cryptocurrency assets in cold wallets, or rather, on computers air-gapped from the internet for the most part. Other security features, however, were not detailed in the press release.

The financial institution in question is already a fully-regulated bank that complies with all know-your-customer related laws at the country and EU level. Thus, it is safe to conclude that the same identification requirements will be carried over for any investor looking to purchase any amount of cryptocurrency from Bank Frick.

The bank also confirms regulatory compliance in its statement,

“At Bank Frick, cryptocurrency investments are subject to the same strict statutory measures as traditional financial transactions,” and “Clients can only invest in cryptocurrencies once they have been fully identified and verified. The verification and identification process also involves checking the origin of the money used to invest in them.”

Even though Bank Frick is a financial institution that primarily caters to Liechtenstein citizens, it has announced that the platform will be available to any European entity interested in it. The Chief Client Officer, Huber Büchel, said,

“Our services are in demand from companies across the whole of Europe. This is because they know that we can offer them reliable support in implementing their business models with cryptocurrencies and blockchains in line with the existing regulatory framework.”

Furthermore, the bank has announced that it will be accepting foreign currencies in exchange for cryptocurrency assets. At this time, investors can transact in US Dollars, Euros or Swiss Francs.

Bank Frick joins a rather exclusive list of banks willing to not only adopt, but also facilitate the buying and selling of cryptocurrencies. With most financial institutions around the world heading in the exact opposite direction, it is clear that Liechtenstein’s banks have other intentions.