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Top stories of the week
Fundstrat Global Advisors expects in 2019 that more institutional investors will opt for crypto
According to a 2019 cryptographic outlook report released by the New York-based Fundstrat Global Advisors research firm, incremental improvements in the cryptographic space can help support higher prices for cryptocurrencies. The report notes that while the US dollar is expected to weaken and more institutional investors enter space, a visible recovery in the market can be expected. According to Fundstrat, the current cryptography panic can be ascribed to declining interest in the initial coin supply (ICO) sector as well as negative regulatory outcomes.
JPMorgan Chase Launches JPM Coin to Increase Settlement Effectiveness in Three Transactions
US banking giant JPMorgan Chase announced this week that it was considering launching its own digital asset. After negative comments from Jamie Dimon, CEO of the bank, on cryptocurrency, the company has released information on its new JPM Coin, designed to increase settlement efficiency in three operations: international settlements by large corporations, treasury services and securities transactions. According to the JPM Target Chain Manager, only a small portion of the total funds involved will initially involve JPM.
Crypto miners and investors turn to derivatives to survive crypto winter
A recent Bloomberg analysis revealed that crypto investors and miners are increasingly turning to derivatives, such as options, to survive the recent market recession. According to Bloomberg, the growing popularity of traditional complex trading instruments in the marketplace reflects the difficulty of resisting the current bear market. Although official statistics are scarce, Bloomberg notes that minors are now becoming one of the main sellers of a type of derivative similar to a covered call option.
Wallet Coinbase users add support for backing up encrypted keys on Google Drive and iCloud
Coinbase Wallet users will now be able to save their private keys to Google Drive or iCloud. According to an official announcement, Coinbase Wallet users will be able to download their keys in the cloud to protect them against lost keys, which will then protect them against loss of funds in the event of lost keys. Users can also store an encrypted copy of the recovery phrase on their cloud accounts, and Coinbase noted that neither they nor the cloud services will have access to users' funds. The opinions of the experts diverge on the question of the security of this safeguard.
QuadrigaCX controversy continues as 500,000 USD accidentally transferred into inaccessible portfolio
Earlier this week, it was reported that QuadrigaCX, a major Canadian cryptography center, had accidentally transferred nearly $ 500,000 in Bitcoin (BTC) to its cold portfolios earlier this month. Since the death of its founder, Gerald Cotten, in December 2018, the stock market has not been able to access these portfolios, leaving about $ 190 million ($ 145 million) in digital assets. Also this week, an old podcast revealed that Cotten had suggested in 2014 to keep private keys for purse portfolios printed and stored in a safe.
Winners and losers
The crypto markets experienced a quiet weekend, Bitcoin trading at about $ 3,644, Ethereum at $ 124 and Ripple at $ 0.30. Total market capitalization is approximately $ 121.5 billion.
The top three winners of the week in altcoin are UltraCoin, dietbitcoin and SegWit2x. MMOCoin, The Currency Analytics and ZenGold are the three biggest losers of the week.
For more information on the prices of cryptography, be sure to read Cointelegraph's market analysis.
Most memorable quotes
"We would like to do [Bitcoin payments] as fast, efficient and transactional as possible, including consulting our sales force and our registry. It is not a "if" but a "when".
Jack Dorsey, co-founder and CEO of Twitter, founder of Square
"By its nature, blockchain technology does not recognize borders, […] It's unstoppable. "
Eva Kaili, Greek member of the European Parliament (MEP) of the European Union
"We could enter Venezuela with six laptops and create not only a functioning society, but also a society with the most advanced government systems in the world. We could bring them a central bank on the laptop. Everyone in Venezuela downloads a free application and you suddenly get the most advanced currency system on the planet. "
Patrick Byrne, founder and CEO of retail giant Overstock.com
"Technologically, in terms of regulation, it [a BTC ETF] could happen tomorrow. There is no particular motivation because the "powers in place" in the fund industry are not incentivized to give up their market share. "
Ric Edelman, founder of the consulting company Edelman Financial Engines
"I do not believe in the vast majority of digital tokens and I think most will go to zero."
Barry Silbert, CEO and Founder of Digital Currency Group and Grayscale Investments
"As expected, the banks are changing their tone on crypto. But this JPM project misses the point: introducing a closed network today is like launching AOL after Netscape's IPO. Two years later, bank coins are still not the solution. "
Brad Garlinghouse, CEO of Ripple (XRP)
Prediction of the week
Zhu Fa, the co-founder of Poolin, a China-based mining encryption pool, predicted this week that the price of Bitcoin could reach 5 million yuan (about 738,000 USD).
FUD of the week
Major US Cryptography Portfolio and Portfolio Reward US $ 30,000 for Discovering Critical Bug
As a wallet and encryption service in the United States, Coinbase awarded a $ 30,000 reward for reporting a critical bug on its system, according to data from its vulnerability disclosure program. Coinbase confirmed that the vulnerability has since been corrected, but has not provided any additional details on the extent of the bug. According to the Coinbase four-step reward system, the bug was considered to have a critical impact, with the highest premium being capped at $ 50,000. This is the fourth award to the beast distributed by Coinbase over the last year.
A software developer discovers the possibility of an attack vector in the Constantinople upgrade, Buterin denies
Earlier this week, software developer Tim Cotten wrote on Medium about the possibility that the new intelligent contract creation feature, called Create2, introduces a new attack vector on the platform. Cotten wrote that since the contract with Create2 is created at an address that can be determined by different parties, this could allow for the change of smart contract addresses after deployment. ETH co-founder ETH Vitalik Buterin, co-founder of ETH, spoke about the problem during a conference call organized by Ethereum at the end of the week, noting that this new feature does not help. would not have a negative impact on security.
Turkish police arrest 24 suspects for hacking about $ 2.5 million from a crypto firm
Turkish police arrested 24 people suspected of being involved in hacking 13 million Turkish lira ($ 2.46 million) by an anonymous firm in Istanbul linked to cryptocurrency. The city's cybercrime department found that the stolen money had been transferred from pirated accounts to accounts of other exchanges, with the funds being denominated in Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP). During the survey of 8 provinces, the cybercrime unit discovered that suspects were communicating via the Battle Battle Royals online multiplayer game (PUBG).
Best features Cointelegraph
From the last minute wish to previous banking problems: What makes the QuadrigaCX case so strange?
Cointelegraph looks at the strange and often confusing case that followed the death of QuadrigaCX in December 2018. The money was apparently moved around their cold wallets, their cold wallets did not exist, and the Money may not even exist, Cointelegraph examines conflicting rumors and theories about the financial situation of the largest cryptographic exchange in Canada.
Iran: we are still waiting for the Blocchain revolution
Following the announcement of the announcement of a cryptocurrency supported by Iran, known as Paymon, the cryptographic space examined the implications of the use by Iran's digital asset. Faced with sanctions and cut off from SWIFT, a digital asset based on a chain of blocks could help the country economically, but how much has actually been done?
Ordinary Stablecoin or XRP killer? What we know about the new JPMorgan Chase cryptocurrency
JPMorgan Chase surprised the world by announcing that it would market its own digital currency, called JPM Coin, in several areas of its business. Taking into account previous negative comments from CEO Jamie Dimon on Bitcoin, crypto commentators have been very skeptical about the move, while others have discussed the possible competition between JPM Coin and Ripple. . Cointelegraph examines how the JPM piece will actually work.
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