Analysts at JP Morgan have predicted that Bitcoin (BTC) could fall below $1,260, while banks will not benefit from blockchain for at least three to five years, Reuters reported on Jan. 24.
According to Reuters, analysts from the major global investment bank think that the true value of cryptos is still unproven, and that they only make sense in a hypothetical “dystopian” event, wherein investors have lost faith in major traditional assets like gold and the U.S. dollar. The analysts stated in a report: “Even in extreme scenarios such as a recession or financial crises, there are more liquid and less-complicated instruments for transacting, investing and hedging [than cryptocurrencies].” JP Morgan also said that institutional involvement in the crypto market has slumped over the past six months, with individual traders making up the majority of the market. In its crypto report, the company claimed that using crypto for payments will remain “challenged,” adding that the firm was unable to find any major retailers that accepted crypto in 2018. JP Morgan’s analysts have further suggested that Bitcoin is likely to drop to around $2,400, and could even fall below $1,260 if the current bear market persists. At press time, the biggest cryptocurrency is trading at $3,595, down around 1.7 over the past week, according to data from CoinMarketCap. While JP Morgan forecasted that “widely-hyped” blockchain technology will not make any real difference for banks at least three to five years, the investment bank still concluded that distributed ledger technology (DLT) has potential to cut costs for global banks and digitize various complex processes. JPMorgan CEO Jamie Dimon is vocally critical of cryptocurrencies, including Bitcoin, which he called a “fraud” in September 2017. While previously stating that he does not “really give a sh*t” about Bitcoin, he admits blockchain’s potential, saying, “Blockchain is real, it’s technology, but Bitcoin is not the same as a fiat currency.”
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Just hours ago, the Tron (TRX) Foundation took to twitter to let the crypto community know that the NiTRON Summit will begin in less than 13 hours. The event is scheduled to begin today, the 17th of January, and end tomorrow the 18th. The full tweet by the Tron Foundation can be found below. The event will be at the Yerba Buena Center for the Arts at 700 Howard Street, San Francisco. The event plans to bring together diverse guest speakers, blockchain developers, crypto enthusiasts and more. The summit will provide an opportunity for them to share ideas and better understand the blockchain industry. NiTRON is also meant to create new opportunities for entrepreneurs and investors who will be attending the event. Kobe Bryant as a Special Guest at NiTRON Legendary basketball player, Kobe Bryant, will be a special guest speaker at NiTRON. Mr. Bryant will share his life experiences, insights and vision on entrepreneurship at the summit. He hopes to inspire young leaders and entrepreneurs. He shared the following words about this vision in a 2016 interview with CNBC. Playing basketball, the focus is always on winning. Winning championships, winning championships, winning championships. Now, championships come and go. There’s going to be another team that wins another championship, another player that wins another MVP award.
But if you really want to create something that last generations, you have to help inspire the next generation, and they create something great, and then that generation will inspire the one behind them, right? And that’s when you create something forever. And that’s what’s most beautiful. Other Special Guests Kobe Bryant will be joined by a list of several influential individuals as can be seen in the incomplete list of speakers below: Justin Sun – CEO Tron and BitTorrent Ella Zhang – Head of Binance Labs Tim Byun – CE), OKCoin USA Samuel Harrison – Managing Partner, Blockchain.com Viktor Radchenko – Founder, Trust Wallet David Lahbart – Former SEC Officer Robin O’Connell – CEO, Uphold Inc. Justin Knoll – Project Lead, Project Atlas (Tron) Paul Veradittakit, Partner, Pantera Capital and more influential individuals in the blockchain industry Speculation of a BitTorrent (BTT) Airdrop Announcement at NiTRON With the budding list of guest speakers and the general excitement around the event, lots of Tron announcement are expected at NiTRON. Of particular important to the Tron community is how the BitTorrent (BTT) token will be successfully integrated onto the Tron platform. Most Tron investors are also aware of the BTT airdrop for all holders of TRX. Therefore, many crypto enthusiasts believe the NiTRON summit is the event where all this information will be made public. What are your thoughts on Tron’s Nitron event in San Francisco that starts today? What announcements do you expect to be made by Justin Sun and the Tron Foundation? Please let us know in the comment section below. Attackers have stolen almost $500,000 worth of the Ethereum Classic digital currency by carrying out a compute-intensive hack that rewrote its blockchain, officials with Coinbase, one of the leading crypto currency exchanges, said on Monday. The heist was the result of carrying out what's known as a rollback attack, which allowed the attackers to reorganize the Ethereum blockchain, Coinbase security engineer Mark Nesbitt said in a blog post. From there, the attackers were able to "double spend" about 88,500 ETC, meaning they were able to recover previously spent coins and transfer them to a new entity. As a result, the coins were effectively transferred from the rightful recipients to new entities chosen by the attackers. "We observed repeated deep reorganizations of the Ethereum Classic blockchain, most of which contained double spends," Nesbitt wrote. "The total value of the double spends that we have observed thus far is 88,500 ETC (~$460,000)." Rollback attacks are often referred to as 51-percent attacks, because, in theory, they require an attacker to control a majority of the CPU power generating a blockchain. Such an arrangement violates a core requirement of any blockchain-based currency: it allows a single entity to write the contents of its universal shared transaction history. Nesbitt wrote: The function of mining is to add transactions to the universal, shared transaction history, known as the blockchain. This is done by producing blocks, which are bundles of transactions, and defining the canonical history of transactions as the longest chain of blocks. If a single miner has more resources than the entirety of the rest of the network, this miner could pick an arbitrary previous block from which to extend an alternative block history, eventually outpacing the block history produced by the rest of the network and defining a new canonical transaction history. This is called a "chain reorganization," or "reorg" for short. All reorgs have a "depth," which is the number of blocks that were replaced, and a "length," which is the number of new blocks that did the replacing. Stated a different way, a rollback attack generates a new fork of the blockchain. This causes nodes to replace the original blockchain with the new one and makes it possible for attackers to reverse previously made transactions. Rollback attacks require control of a substantial fraction of the total hashpower devoted to generating the coin's blockchain for a period long enough to pull off the attack. Bitcoin creator Satoshi Nakamoto warned of the key limitation in his white paper introducing the digital coin. Coinbase paused movements of affected ETC funds to prevent any double spends from hitting its users. Meanwhile, the Kraken Exchange temporarily halted ETC deposits and withdrawals and plans to bring ETC funding back online once exchange officials believe it is safe to do so. ETC officials, for their part, have confirmed that double spends are affecting the currency, but they have yet to say more. The CEO at one of the largest cryptocurrency exchanges in the world, Changpeng Zhao of Binance has recently made a note on Twitter regarding the volatility of the market moving in the right direction. In the tweet to his somewhat 267k followers, he said: Finally, wish came true, volatility in the right direction. — CZ Binance (@cz_binance) January 7, 2019 The comments from CZ come in response to the Bitcoin price going up by about five percent which pushed it over the $4,000 mark over the past 24 hours. On top of the significant increase in the price of Bitcoin, there were some other big digital currencies which went up along with it. As reported by Crypto Insider, the CEO welcomed the volatility for the price with open arms whilst also responding to user concerns in regards to Bitfinex’s scheduled maintenance-related downtime. CZ seems to feel responsible for reassuring Bitfinex customers, despite having his own exchange to maintain in the meantime. On the Bifinex official Twitter account, they announced that the trading platform would be going offline on 7th January for up to seven hours. The management team at Bitfinex’s stated that the exchange is currently going under the completion of “the final stage of [its] data migration to dedicated bare-metal servers, in a move designed to significantly enhance platform speed, security and performance.” It’s worth mentioning that the last time Bitfinex went offline for maintenance reasons, there was some massive volatility in the crypto prices.
During an interview on 19th December 2018, CZ sat down with Bloomberg TV and said, "2018 has been a tough year in terms of the pricing for cryptocurrency, and I think we see a lot of projects not making it this year. So, it's a correction year. But the technology was there, and we want to kick off 2019 with a bang.” In order to bring in a more mainstream appeal for blockchain technology and crypto, CZ said that the Malta-based exchange would be hosting the Binance Blockchain Week. This is an event which will occur from January 19th-22nd in Singapore. CZ was also asked about how willing he would be to expand Binance during the bear market to which Zhao said: “Our strategy has not changed [because of the bear market]. We've launched one fiat exchange [in 2018] ... we still want to build 10 more fiat exchanges, and we are also launching our decentralized exchange, which is a very core blockchain technology based exchange. That will also allow much more freedom. None of our plans have changed. We're still pushing forward very aggressively.” Five more cryptocurrency exchanges have joined the Japan Virtual Currency Exchange Association (JVCEA), according to an official announcement on Jan. 4 from the JVCEA. The JVCEA is a self-regulatory body formed in April by 16 registered crypto exchanges that aims to create industry-wide investor safety standards. In October, Japan’s financial regulator formally granted self-regulatory status to the JVCEA to oversee the crypto sector. The body, made in part as a response to the January 2018 $534 million hack of crypto exchange Coincheck, had released a set of regulatory guidelines in June, including a ban on insider trading and prohibition against the trading of privacy-oriented coins. The five new Type II members of JVCEA are Coincheck, Everyone’s Bitcoin, Lastroots Inc., LVC Corporation and Coinage Corporation. The Type II classification means that the business is in the process of applying for virtual currency trader registration, Cointelegraph Japan notes. LVC is a sister outfit of LINE, whose own native crypto exchange BITBOX launched its LINK token in mid-October. Cointelegraph Japan reports that the JVCEA is currently only recruiting Type II members, but it will soon add a Type II classification for companies that handle virtual currency-related services like wallet dealers. Over the summer, the exchange announced that it was considering both a margin trading limit and maximum restrictions for exchanges to place on some of their clients’ trading. In mid-December 2018, local media reported the Coincheck had been approved for a crypto exchange operating license by the country’s financial regulator, but Coincheck’s new operator Monex did not confirm the announcement. |
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