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Crypto Daily News | Crypto Market Rebounds; Coinbase Reponds

In today’s edition of Crypto Daily News, we’ll cover the details of the crypto market rebound and Coinbase’s official statement regarding the proprietary trading allegations.

Crypto Daily News: September 20th, 2018

Crypto Market Rebounds

The crypto market is rebounding this morning, after taking a sharp fall last week after rumors spread that Goldman Sachs (NYSE:GS) wasn’t focusing on a cryptocurrency trading desk. Later, GS confirmed that the news was “fake” and that the desk is, in fact, ready, but waiting for demand.

Currently, the crypto market is trading just above $200 billion. In the crypto market rebound, Bitcoin (BTC) is currently trading at $6,433.14 a coin, up 1.58%, and Ethereum (ETH) is trading at $211.58 a coin, up 1.31%.

XRP is currently leading the top 90 cryptocurrencies for most percentage gains in the last 24 hours. At press time, XRP is trading at $0.369 a coin, up 14.94% in 24 hours. Around 90% of the coins in the top 100 cryptocurrencies are currently trading in the green today.

Coinbase Issues Official Statement

Last night, Coinbase publically made a statement regarding the negative press it received regarding a report floating around accusing the crypto exchange of proprietary trading.

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Mike Lempres, Coinbase’s Chief Policy Officer, published the statement on the company’s official blog. The New York Virtual Markets Integrity Report states, “Coinbase disclosed that almost twenty percent of executed volume on its platform was attributable to its own trading.”

Lempres responded to the claims by saying:

“Coinbase does not trade for the benefit of the company on a proprietary basis. In order to provide an easy-to-use customer experience, Coinbase Consumer quotes a price and then quickly fills the order from our exchange platform (Coinbase Markets). This takes advantage of the liquidity provided by the entire Coinbase ecosystem.”

Coinbase claims that when it executed these trades, that it does so on behalf of its customers and not for self-gain. Lempres emphasizes that the volume figure stated in the report is customer-driven volume and not “self-trading.”

“Coinbase does not operate a proprietary trading desk, nor does it undertake market making actions,” Lempres concludes.

Check back in for more Crypto Daily News.

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Crypto Daily News | Former SpaceX Engineer Starts a Crypto Exchange

In today’s edition of Crypto Daily News, we’ll cover the details of the SpaceX engineer’s new crypto exchange and what Zimbabwe’s Finance Minister said about crypto lately.

Crypto Daily News: September 17th, 2018

Former SpaceX Engineer Starts a Crypto Exchange

Joshua Greenwald, former SpaceX engineer, is currently the CEO of LXDX and the company just announced that it is launching its own public digital currency exchange.

LXDX currently holds its own proprietary software that’s focused on levels of performance not currently seen in the current crypto market. LXDX offers a low latency solution for crypto traders that allows its users to post tighter bid-ask spreads, which in turn facilitates better-priced trades for the entire cryptocurrency market.

Greenwald explained his company’s vision in the official press release by saying:

“The mission of LXDX is to make capital markets better. Our immediate focus is on cryptocurrency and enabling every investor to utilize the exclusive tools, like smart order routing, that only institutions previously could access. When we built top tier infrastructure for traditional markets, our team solved many of the same problems facing cryptocurrency exchanges today. We are excited to bring a higher caliber of technology to cryptocurrency investors everywhere.”

Zimbabwe Finance Minister Speaks Up

Mthuli Ncube, Zimbabwe’s new finance minister, thinks that his country should embrace cryptocurrency and Bitcoin the way that Switzerland does, IT Web Africa reported this morning.

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Ncube told the press:

“One can pay for travel using bitcoin in Switzerland. So, if these countries can see value in this and where it’s headed, we should also pay attention. We have innovative youngsters so the idea shouldn’t be to stop it and say don’t do this, but rather the regulators should invest in catching up with them and find ways to understand it, then you regulate it because you now understand it.”

Zimbabwe continues to face cash difficulties, as the country has faced recent political upheaval and years of economic turmoil. Many of the country’s residents started placing their money into Bitcoin (BTC) last year, due to the steep inflation in its own country. Currently, the banks in Zimbabwe have placed stringent withdrawal limits on its residents.

The new minister believes that his country will fall behind if the Reserve Bank of Zimbabwe (RBZ) does not look at the world around it, to see how it’s evolving.

Check back in with us for more Crypto Daily News.

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Crypto Daily News | OKEx Founder Arrested; Man Loses Savings on BTC

In today’s edition of Crypto Daily News, we’ll cover the details of OKEx’s founder being arrested by Shanghai police and the story on the man losing his life savings after Bitcoin (BTC) crashed.

Crypto Daily News: September 11th, 2018

OKEx Founder Arrested

The top crypto news today revolves around the latest reports of OKEx’s founder, Star Xu, being arrested for fraud by Shanghai police.

OKEx is the second-largest cryptocurrency by its total trade volume within the last 24 hours. Xu was allegedly involved in a fraudulent scheme regarding the digital token WFEE. While this has nothing to do with OKEx, the founder is a shareholder in a potentially fraudulent company.

The news reports confirm that the founder is cooperating with police and if there is no sufficient evidence found, he will be released by authorities after a 24-hour period. According to Nulltx, the company issued the native token WFEE and authorities have been receiving complaints that this venture and coin may be potentially fraudulent.

As a shareholder, Xu can be deemed responsible for any fraudulent efforts made by the company. However, OKEx is not responsible for issuing the currency, as that was handled elsewhere.

Bitcoin (BTC) Drops and Man Losses Life Savings

Since January, around $500 billion has been wiped off of the cryptocurrency market. A property developer in the UK told CNN that his life savings was among the money lost in the fall of the crypto market. Sean Russell invested $120,000 into Bitcoin back in November of 2017.

Russell had little investing experience and was stunned when his investment turned to $500,000 in the month of December.

“I think there was one morning where I woke up, where I made about £12,000 ($15,600) in one morning on my investment and it just kept going,” Russell told CNN. “I was thinking, wow, that’s mortgages paid, that’s holidays that I’ve always dreamed of.”

Bitcoin peaked at nearly $20,000 a coin back in mid-December 2017. Since that time, Russell’s investment losses have reached around 96%. The property manager tried to mitigate his risk by shifting money into altcoins, but that didn’t work as all coins fell simultaneously with Bitcoin.

“It was devastating, quite traumatic, really,” Russell said. “I’ve seen stories on the news of billionaires going bankrupt, and you think how can that be? How on earth did you lose that amount of money? And yet, here I am in that position.”

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The thing we all can learn from this story is that it is a bad idea to put your life savings into a high-risk investment. Seriously, don’t be like Sean. Seek financial counseling if you are uneducated and want to invest in things such as stocks, bonds, crypto, or anything remotely risky.

Check back in with us for more Crypto Daily News.

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Crypto Daily News | Twitter Considers Blockchain Technology

In today’s edition of crypto daily news, we’ll look at a new survey that shows that 80% of Americans have heard of Bitcoin, as well as at the details of Twitter looking in blockchain technology.

Crypto Daily News: September 6th, 2018

Survey Shows 80% of Americans Know about Bitcoin

Published today by the polling firm YouGov, a new poll shows that just under 50 percent of millennials in the US are interested in using digital currencies as a primary form of payment. This would be opposed to using the US Dollar.

The company released its latest poll that asked 1,202 Americans about their interest and familiarity with crypto. According to the data, 71 percent of individuals said they have heard of Bitcoin, and 79 percent said they have heard of at least one form of cryptocurrency. 13 percent of the individuals in the study say they’ve never heard of either.

The release said:

“Although relatively few people have any immediate plans to buy Bitcoin, more than one-third (36 percent) of people think that cryptocurrencies will become widely accepted as a means of transaction for legal purchases within the next 10 years. Millennials (44 percent) are the most likely of any age group to say cryptocurrency will be widely accepted. About one-third (34 percent) of Gen X’ers and 29 percent of baby boomers agreed.”

Twitter and Blockchain

Jack Dorsey, CEO of Twitter, testified before a Congressional committee yesterday and stated that his company is currently exploring blockchain technology for potential application to its platform.

Dorsey had to answer questions about Twitter’s transparency and accountability at the US House Committee on Energy and Commerce.

The Twitter CEO told the committee:

“Blockchain is one that I think has a lot of untapped potential, specifically around distributed trust and distributed enforcement potentially […] We haven’t gone as deep as we’d like just yet in understanding how we might apply this technology to the problems we’re facing at Twitter, but we do have people within the company thinking about it today.”

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Following his two meetings at Capitol Hill yesterday, Dorsey responded with a long Twitter thread:

You can view the whole thread if you clink the tweet above. It seems Twitter’s CEO is taking the Twitter scams seriously and is looking into the implementation of blockchain into Twitter to help solve this issue. While many scam accounts have been removed, many still remain and continue to be a nuisance to the crypto community.

Check back in for more Crypto Daily News.

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Crypto Daily News | Blockchain Tests and Robinhood Candlestick Charts

In today’s edition of Crypto Daily News, we’ll cover the details of the Chinese Central Bank launching its blockchain platform and Robinhood launching candlestick charts on its app.

Crypto Daily News: September 4th, 2018

Cryptocurrency News: Chinese Central Bank

The People’s Bank of China (PBoC) has officially launched the beta testing phase of its blockchain trade finance platform, says local news outlet Shanghai Securities News. The Shanghai News source states the Shenzhen Central Sub-branch of the PBoC has entered its trial phase of the platform earlier than expected.

This finance platform is called the ‘Bay Area Trade Finance Blockchain Platform.’ This platform seeks to create an “open financial trade ecosystem based on the Guangdong, Hong Kong, and Macau Bay Area.”

The report by the Shangai Securities news states that this new blockchain-based platform will help banks conduct audits, reduce unnecessary business costs, improve efficiency, and prevent and control business risks. It will also assist regulators and strengthen the sharing of information between different departments within the bank.

The platform will also conduct trade and financing activities and provide a regulatory system for trade finance to enable real-time monitoring of various financial movements.

Cryptocurrency News: Robinhood Launches Candle Charts

Mobile trading app Robinhood has just announced that it will be rolling out Candlestick charts to “better inform” its users.

According to the official blog post put out by the company today, over the next few weeks, Robinhood will be introducing its candlestick charts to the stock, options, and cryptocurrency pages on its mobile app.

The company also added more features to help investors make better-informed investment decisions. Robinhood is adding things such as Analyst readings, a ‘people also bought’ tab, and an About page, highlighting the company’s background and employees.

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The new candlestick charts help investors better understand how cryptocurrency prices move. The line price only shows the close price, whereas the candlestick shows four pieces of info: the open, high, low, and close price during a certain period of time, which gives investors more information.

Check back in for more of the latest crypto news.

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