HSBC used blockchain to settle $250B worth of trades
HSBC has settled $250 billion worth of forex trades using blockchain in the last year, it said on Monday, suggesting the heavily hyped technology is gaining traction in a sector until now hesitant to embrace it. The bank has settled over three million forex trades and made over 150,000 payments since February using blockchain, it said in a statement. HSBC would not give data on forex trades settled by traditional processes, saying only that those settled by blockchain represented a “small” proportion. Still, the data marks a significant milestone in the use of blockchain by mainstream finance, which has until now been reluctant to start using the technology at any […]
Long-dormant Bitcoin whales resuming activity could rock price action, analysts say
The number of active Bitcoin (BTC) wallets, many of which have long been dormant, has seen an uptick that could herald some major market movements, Bloomberg reports Jan. 11. Bloomberg bases its report on data and analysis from crypto analytics startup Flipside Crypto, which sealed the backing of major crypto exchange Coinbase and veteran crypto venture capital firm Digital Currency Group (DCG) back in November. According to Flipside, as of Oct. 2018, a high number of long-inactive Bitcoin holders — defined as those that haven’t transferred their Bitcoin for between six and thirty months — have begun to transfer their coins, resulting in wallets active over the past month now […]
Ten years of bitcoin is about more than boom, bubble and bust
This weekend will mark the 10th anniversary of the very first transaction involving bitcoin. A decade later the future of bitcoins and the host of the so-called cryptocurrencies that it spawned is still uncertain. On 12 January 2009, someone who called themselves Satoshi Nakamoto sent 10 bitcoins to a US software engineer, Hal Finney (they may, some believe, have been one and the same). The coins were virtually worthless and it took more than two years before the first exchange of bitcoins for goods – 10,000 bitcoin for two pizzas worth about $US30 ($42) – occurred. For most of their history cryptocurrencies have been a curiosity, a peer-to-peer anti-establishment version […]
Where is the cryptocurrency industry headed in 2019?
To get a sense of just how troubling 2018 has been for the cryptocurrency industry, one need look no further than bitcoin (BTC). Heading into 2018, bitcoin traded for close to $13,500 after reaching an all-time high of $19,783.06 in December of 2017. At the time of writing, bitcoin is selling at $3,400, a loss of about three-quarters of its value — and other digital currencies aren’t faring much better. Ethereum, for example, fell from an early-year high of $1,300 to $91 as of Dec. 17, 2018. But cryptocurrencies like bitcoin and ethereum are hurting on more fronts than value alone. Investor interest in digital currencies has waned dramatically in […]
ATO eyes cryptocurrency activity in annual tax returns
The Tax Office has restated warnings to Australians trading cryptocurrency to declare profits in their annual returns, amid an increase in questions about reporting requirements. Bitcoin and other cryptocurrencies are considered property, not currency, for tax purposes in Australia, making them liable for capital gains tax when sold for a profit after July 2017. If the cryptocurrency is held by an Australian resident taxpayer for more than 12 months before being sold or used, the taxpayer may be eligible for the 50 per cent capital gains tax discount, making them a cryptocurrency “investor”. Exemptions for personal use apply, including to assets worth less than $10,000, which are maintained for personal […]
Stablecoins could lead cryptocurrency growth in 2019
With Bitcoin making a shaky climb closer to $4000, the entire industry of cryptocurrency is still reeling from hitting a relative low on the year last week. Since the start of the year, the number one cryptocurrency by market capitalization is down nearly 80 percent since peaking close to $20,000 in December 2017. For some, the falling price of Bitcoin and the broader altcoin has raised the alarm and led to widespread selling out, negativity and a soured mood towards crypto and blockchain-based assets. Just yesterday, EWN reported on the significant number of crypto-based startups which have been forced either to close shop or make substantial staff cuts in response […]
Yet another end of Cryptocurrency? What influences the market now
Most cryptocurrencies have seen their growth slow down in recent months. The prices of Bitcoin and major altcoins have leveled out at a point well below their peak prices. While some investors take this as a sign that the market is starting to mature, others see this trend as disconcerting. The situation surrounding cryptocurrency is not what it was a year ago. This also means that the factors that influence the market have changed, although some factors are enduring and will always affect cryptocurrency performance. Here are some of the major factors influencing the market right now. Bitcoin Price The price of Bitcoin influences the prices of all other digital […]
US crypto exchange wants a piece of the Aussie market
U.S.-based cryptocurrency exchange, CoinZoom, has announced it will enter Australia after its wholly owned subsidiary, CoinZoom Australia, gained approval from financial regulator AUSTRAC. CoinZoom anticipates its Australian platform will go live in the first quarter of 2019. The fiat to crypto exchange will support major cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Bitcoin Gold, Litecoin, Ripple, in addition to top traded altcoins. “Being fully registered with Australia’s regulatory financial oversight body AUSTRAC to operate as a Digital Currency Exchange, is an important step in our goal to provide globally compliant digital currency trading for both institutional and retail traders,” said CoinZoom CEO, Todd Crosland. To read more, please click on the link […]
