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Cryptocurrency Morning Brief

May 25, 2018

  • A Czech Republic utility company will begin accepting payments in cryptocurrencies. Pražská Plynárenská is one of the major suppliers of natural gas in the Czech Republic. In June it will establish a payment payment gateway which will transfer bitcoin payments into fiat currency. Cryptocurrencies are starting to pick up in popularity in the Czech Republic as the countries largest online retailer began accepting bitcoin payments on its platform last year
  • A recent study by the Warwick Business School claims that investor sentiment is driving cryptocurrency prices. The study analyzed the top 14 cryptocurrencies based on market capitalization. The primary conclusion was that hype and emotions played the most significant role in determining whether the price of a cryptocurrency rises or falls. The study author, Daniele Bianchi has said that cryptocurrency prices are based on sentiments regarding the platform and the projects built upon them. The professor believes the crypto bubble will burst like the tech bubble and that crypto investors must find the Amazon of the crypto market
  • Bitcoin Gold (BTG) has suffered from a 51% attack resulting in a loss USD$17.5mm. The 51% attack permitted double spending to occur. According to the Bitcoin Gold (BTG) team, exchanges have been targeted rather than individual users. The developing team of Bitcoin Gold (BTG) had planned to update the blockchain at the end of June but will now look to perform the update immediately. The team will eradicate the use of ASIC hardware to mine BTG
  • South Africa’s Reserve Bank has chose to call cryptocurrencies “cyber-tokens” because they don’t meet the requirements of money. The central bank has said that cryptocurrencies do not meet the requirements of money in the economic sense. A fintech task force will be formed to review the country’s stance toward private cryptocurrencies and address regulatory issues to develop a relevant policy framework and regulatory system
  • In Colombia, two Bitcoin Cash (BCH) proponents have developed a payment processor called The company offers merchants processing with payable invoices and accounting services as the Bitek platform provides merchants with the ability to accept BCH and covert all or a percentage of the funds into Colombian pesos.  The founders of believe that three benefits exist for a BCH payment gateway: accounting, liquidity, and a remuneration in Colombian pesos. Additionally, protection from cryptocurrency volatility is a feature as BCH deposits can get the equivalent in pesos the same day
  • Employees in Ukraine were recently caught using the police department’s resources for four months to mine Bitcoin. In April, mining equipment was found in the office of the Communications Deparment which include eight graphics cards, six power units, two hard drives, a motherboard and a complete system. The parties involved are facing charges of electricity theft. Currently it is not known how much electricity was stolen from the police department
  • VeChain (VEN), a Shanghai-based blockchain startup is testing a blockchain application which verifies a wine supply chain and fights counterfeits. The Chinese wine industry is worth USD$2.8bn and reportedly the Chinese consume wine that is not authentic which as weakened public trust in the quality of the product. The technology will include a quick response (QR) barcode which will pull data from the blockchain and for premium wines, a near field communications (NFC) chip will be placed near the wine stopper. So far, 10,000 blockchain-tracked wine bottles have shipped to the Shanghai Waigaoqiao Direct imported Goods (DIG) and this number is expected to increase ten-fold by 2019