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Cryptocurrency Midday Update

Jun 05, 2018

  • Ella Zhang, who oversees Binance’s venture incubator, Binance Labs, spoke with Bloomberg about cryptocurrencies and said “We’d like the bubble to break. We still see a lot of hype in the market, valuations are high and unreasonable”. Binance is hoping to facilitate this process with their Cryptocurrency Governance Initiatives (CGI). This initiative will fight scams and boost crypto and blockchain technology that the firm believes in
  • Di Gang, deputy head of the digital currency research lab at the People’s Bank of China, said that the department has completed the infrastructure of a system that issues digital checks based on a blockchain with smart contract technology. Di said that the agency’s blockchain can tokenize checks and have the transactions controlled by smart contracts. A main benefit of this system will provide regulators with transparency over the whole life cycle of a check
  • Japan’s GMO has announced pre-orders on its B2 Bitcoin miner, which was developed with 7nm processing technology to compete with Bitmain and Halong Mining Corporation. The B2 will be priced at USD$1,999. The release will be June 6th, which is the same day of GMO’s announcement of a Bitcoin base in-game rewards program. Players of Whimsical War will receive rewards in Bitcoin (BTC), and potentially other cryptocurrencies
  • The IMF has released a report on cryptocurrencies detailing how cryptocurrencies pose a challenge to the role of central banks regarding global monetary policies. The report noted how one day the demand for fiat currencies or central bank money may decrease due to cryptocurrencies. The report highlighted that cryptocurrencies are currently too risky and volatile presently to pose a threat to fiat currencies. Also, the IMF stated that designing a central bank digital currency will have its benefits and risks
  • Cryptocurrencies are moderately higher today with most major cryptocurrencies higher as of Midday. Of the 30 cryptocurrencies Quantamize models with its Machine Learning Algorithms to produce “Buy” or “Don’t Own” signals, 6 signals are “Buy”

Sources:

http://bitcoinist.com/japan-gmo-group-7nm-miner-top-bitmain/

https://www.coindesk.com/china-has-built-a-blockchain-system-that-could-replace-paper-checks/

http://bitcoinist.com/binance-wed-like-the-bubble-to-break/

https://btcmanager.com/imf-releases-report-on-cryptocurrencies-highly-regards-the-technologys-benefits-and-use-cases/