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Cryptocurrency Morning Brief

Jun 14, 2018

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  • Bitfi, a global payments technology company, is launching an open source hardware wallet. The wallet will support many cryptocurrencies including Monero (XMR). Bitfi is a global payments technology company that aims to enable businesses and consumers to participate in the digital currency economy. The Bitfi Knox Wallet will include wireless setup and support for many popular cryptocurrencies in addition to Monero (XMR). Monero (XMR) has never had hardware wallet integration before
  • Western Union said that it has not found any savings results by using Ripple (XRP) for transactions. Ripple has responded by saying that Western Union has not conducted a proper case study. The CEO of Western Union said that “we did not see that part of efficiency yet during our tests. The practical matter is it’s still too expensive”, when talking about Ripple (XRP)
  • Fundstrat Global Advisors, a well-known research firm that covers Bitcoin (BTC), issued a report yesterday and noted that BTC could fall further to somewhere between USD$5,000 and USD$5,500. The firm further noted that prices over the long term could fall much further to the bottom end of the upward trend channel which began in 2016. This implies a drop to ~USD$3,200, which would be an 80% correction from BTC’s all-time highs. Interestingly, Fundstrat co-founder Tom Lee, believes that BTC will reach USD$25,000 by the end of 2018. Quantamize’s AI Machine Learning 3-Day trading Signal currently rates Bitcoin as Don’t Own (BTC)
  • The banking arm of Chinese retail firm, Suning, is testing a consortium blockchain that allows banks to record and update a shared ledger of individuals with poor credit scores. Suning has developed a blockchain system to move its blacklist of suspect borrowers to a distributed database. Each participant of the blockchain will act as a node and will be able to access the blockchain. In September 2017, Suning bank joined a separate blockchain consortium, partnering with CITIC and Minsheng, which use a blockchain system to record transactions of domestic letters of credit
  • Thailand’s Securities and Exchange Commission (SEC) has provided details on the country’s regulatory framework for digital currencies and initial coin offerings (ICOs). Only five of the current 50 proposed ICO projects meet registration requirements. The country issued a paper which discusses fees, taxes, licensing requirements and an approval of seven cryptocurrencies. The seven cryptocurrencies that the country will allow includes: BTC, ETH, BCH, ETC, LTC, XRP, and XLM. The SEC expects five cryptocurrency exchanges to apply for official licenses
  • A cryptocurrency startup is being watched currently to determine whether the US Commodity Futures Trading Commission has the authority to combat potential fraud associated with cryptocurrencies. The CFTC has sued Randall Crater, the owner of a cryptocurrency firm called “My Big Coin”. It is alleged that he stole USD$6mm from investors. On June 14, a US District Judge will hear the case. Mr. Crater’s lawyers argue that the CFTC has no authority over the digital currency space