Coin News

The txTenna partnership with Samourai Wallet offers bitcoin transactions via mesh networks.

This article originally appeared on Bitcoin Magazine.

This article originally appeared on Bitcoin Magazine.

This article originally appeared on Bitcoin Magazine.

Wall Street veteran Steve Eisman of “The Big Short” fame notoriously called the cratering of the sub-prime mortgage market a decade ago, but he fails to see the point of cryptocurrencies. ‘The Big Short’ Inspiration Steve Eisman Bashes Bitcoin Eisman, who today is managing a portfolio at Neuberger Berman, was one of a handful of

The post ‘Big Short’ Inspiration Steve Eisman Says Bitcoin Has ‘No Purpose’ appeared first on CCN

Welcome to Crypto Insider, Business Insider's roundup of all the bitcoin and cryptocurrency news you need to know today. Sign up here to get this email delivered direct to your inbox.

Cryptocurrencies traditionally get a boost following Consensus, one of the world's most popular blockchain conferences, which kicked off today in New York. This year appears to already be following suit, with most major coins in the green now after trading in the red early Monday morning. 

Here are the current crypto prices:

In the news:

• Exchange operator CME is going deeper into cryptocurrencies
• eToro's Mati Greenspan: If Bitcoin and Ether are classed as securities under the law it could trigger more volatility in the crypto markets
• A hot crypto hedge fund that has been scooping up Goldman talent is diving into venture capital investing
• The cofounder of a streaming-music app has launched 2 crypto funds - and he thinks he'll be managing $500 million by year end
• Block.one created the world's 5th largest cryptocurrency in just a year — here's what we know
• One of the largest bitcoin hedge funds killed it in April - but it still got showed up by passive funds

• How to buy and sell cryptocurrencies using Coinbase on your iPhone
• How to buy Ripple's XRP
• From HODL to the moon: All the cryptocurrency slang you need to know to sound like a bitcoin expert
• An ETF veteran who ditched Wall Street for crypto explains how bitcoin can fit into a portfolio
• Track the price of nearly two-dozen cryptocurrencies here

What other questions do you have about crypto? Ask them in Business Insider's Crypto Insider Facebook group today to discuss with readers from all over the world, as well as BI editorial staff.

SEE ALSO: Facebook is reportedly exploring the creation of its own cryptocurrency

Join the conversation about this story »

NOW WATCH: Why you should never release your pet goldfish into the wild

Welcome to Crypto Insider, Business Insider's roundup of all the bitcoin and cryptocurrency news you need to know today. Sign up here to get this email delivered direct to your inbox.

Cryptocurrencies traditionally get a boost following Consensus, one of the world's most popular blockchain conferences, which kicked off today in New York. This year appears to already be following suit, with most major coins in the green now after trading in the red early Monday morning. 

Here are the current crypto prices:

In the news:

• Exchange operator CME is going deeper into cryptocurrencies
• eToro's Mati Greenspan: If Bitcoin and Ether are classed as securities under the law it could trigger more volatility in the crypto markets
• A hot crypto hedge fund that has been scooping up Goldman talent is diving into venture capital investing
• The cofounder of a streaming-music app has launched 2 crypto funds - and he thinks he'll be managing $500 million by year end
• Block.one created the world's 5th largest cryptocurrency in just a year — here's what we know
• One of the largest bitcoin hedge funds killed it in April - but it still got showed up by passive funds

• How to buy and sell cryptocurrencies using Coinbase on your iPhone
• How to buy Ripple's XRP
• From HODL to the moon: All the cryptocurrency slang you need to know to sound like a bitcoin expert
• An ETF veteran who ditched Wall Street for crypto explains how bitcoin can fit into a portfolio
• Track the price of nearly two-dozen cryptocurrencies here

What other questions do you have about crypto? Ask them in Business Insider's Crypto Insider Facebook group today to discuss with readers from all over the world, as well as BI editorial staff.

SEE ALSO: Facebook is reportedly exploring the creation of its own cryptocurrency

Join the conversation about this story »

NOW WATCH: Why you should never release your pet goldfish into the wild

Welcome to Crypto Insider, Business Insider's roundup of all the bitcoin and cryptocurrency news you need to know today. Sign up here to get this email delivered direct to your inbox.

Cryptocurrencies traditionally get a boost following Consensus, one of the world's most popular blockchain conferences, which kicked off today in New York. This year appears to already be following suit, with most major coins in the green now after trading in the red early Monday morning. 

Here are the current crypto prices:

In the news:

• Exchange operator CME is going deeper into cryptocurrencies
• eToro's Mati Greenspan: If Bitcoin and Ether are classed as securities under the law it could trigger more volatility in the crypto markets
• A hot crypto hedge fund that has been scooping up Goldman talent is diving into venture capital investing
• The cofounder of a streaming-music app has launched 2 crypto funds - and he thinks he'll be managing $500 million by year end
• Block.one created the world's 5th largest cryptocurrency in just a year — here's what we know
• One of the largest bitcoin hedge funds killed it in April - but it still got showed up by passive funds

• How to buy and sell cryptocurrencies using Coinbase on your iPhone
• How to buy Ripple's XRP
• From HODL to the moon: All the cryptocurrency slang you need to know to sound like a bitcoin expert
• An ETF veteran who ditched Wall Street for crypto explains how bitcoin can fit into a portfolio
• Track the price of nearly two-dozen cryptocurrencies here

What other questions do you have about crypto? Ask them in Business Insider's Crypto Insider Facebook group today to discuss with readers from all over the world, as well as BI editorial staff.

SEE ALSO: Facebook is reportedly exploring the creation of its own cryptocurrency

Join the conversation about this story »

NOW WATCH: What will probably happen with the North and South Korean peace treaty

Welcome to Crypto Insider, Business Insider's roundup of all the bitcoin and cryptocurrency news you need to know today. Sign up here to get this email delivered direct to your inbox.

Cryptocurrencies traditionally get a boost following Consensus, one of the world's most popular blockchain conferences, which kicked off today in New York. This year appears to already be following suit, with most major coins in the green now after trading in the red early Monday morning. 

Here are the current crypto prices:

In the news:

• Exchange operator CME is going deeper into cryptocurrencies
• eToro's Mati Greenspan: If Bitcoin and Ether are classed as securities under the law it could trigger more volatility in the crypto markets
• A hot crypto hedge fund that has been scooping up Goldman talent is diving into venture capital investing
• The cofounder of a streaming-music app has launched 2 crypto funds - and he thinks he'll be managing $500 million by year end
• Block.one created the world's 5th largest cryptocurrency in just a year — here's what we know
• One of the largest bitcoin hedge funds killed it in April - but it still got showed up by passive funds

• How to buy and sell cryptocurrencies using Coinbase on your iPhone
• How to buy Ripple's XRP
• From HODL to the moon: All the cryptocurrency slang you need to know to sound like a bitcoin expert
• An ETF veteran who ditched Wall Street for crypto explains how bitcoin can fit into a portfolio
• Track the price of nearly two-dozen cryptocurrencies here

What other questions do you have about crypto? Ask them in Business Insider's Crypto Insider Facebook group today to discuss with readers from all over the world, as well as BI editorial staff.

SEE ALSO: Facebook is reportedly exploring the creation of its own cryptocurrency

Join the conversation about this story »

NOW WATCH: What will probably happen with the North and South Korean peace treaty

• Ross Baird is the president of Village Capital and the author of the "The Innovation Blind Spot: Why We Back the Wrong Ideas―and What to Do About It."
• Baird points out that only one percent of start-up investment goes to African Americans, only two percent of capital goes to women, and 80% of all funding goes to only three states. This leaves many entrepreneurs overlooked. 
• Baird says if you are an entrepreneur that wants to change the world then think small.  He says pick a very specific problem that you see in your job, in your industry, in your neighborhood, and try and be excellent at solving that very specific problem. 
• Baird's interest in social entrepreneurship started when he was working in microfinance in India. He helps us understand when microfinance is beneficial to the community and when it becomes extractive.

Following is a transcript of the video.

Sara Silverstein: Tell me what you do at Village Capital.

Ross Baird: So at Village Capital, we back entrepreneurs that are reinventing the system. You know we've got inequality at a 100-year high in our world. We're worried about the sustainability of our planet, we're worried about feeding a growing population, and we're backing entrepreneurs who have new ideas to solve some of those challenges that hit us in the face everyday.

Silverstein: And are you focusing on the ideas that the entrepreneurs have or who the entrepreneurs are?

Baird: I think, I think it's inseparable. You know we have a story I tell a lot. We have an entrepreneur name and he grew up an immigrant from Haiti. He moved here, age 11 and saw his mom get ripped off everyday by payday lenders, check cashers, people taking advantage of poor people like his family. He came here to New York, worked on Wall Street figured out how to help poor and middle class families refinance their debts, and he went out to raise a bunch of money and completely struck out.

I said, "Jerry" — When I first met him, I met him a few years ago, I said, "Jerry, you've got a great idea solving a huge problem, where — what's happening?"

He goes, "You know, the financial market works in patterns. I am a black guy, I come from South Florida, and I'm solving poor people's problems. I'm 0-3, you know."

White guys in hoodies in San Francisco and New York do pretty well when it comes to raising money. We think that there are ideas that solve problems in people, places, industries we're not paying attention to and those are the entrepreneurs that we're trying to lift up and back.

Silverstein: How did you get involved in this in the first place?

Baird: So I started a company about nine years ago. I have always been an entrepreneur. I mean, every since I was a kid, I was running different hustles all the time. And I saw very often working — you know, I was living in India working for a start-up microfinance bank. And the microfinance industry is — $30 billion a year around the world is lent in $500 chunks to small businesses, near a 100% repayment rate. Totally transformed financial services in emerging markets. And the thing I saw in India was how businesses on the ground close to the problem can solve a lot of the problems that we have. And so I tried to take what I'd seen in the grassroots all around the world and apply it to the capital markets here where, you know, the distance from Wall Street to Newark might as well be half the world away even though it's only a couple miles.

Silverstein: Is all microfinancing good? Is some of it bad? And how is it different from payday lending?

Baird: Albert Einstein once said, "If I had an hour to solve a problem, I'd spend 55 minutes solving the problem and five minutes on the solution." You know —

Silverstein: What does that mean?

Baird: That means microfinance is a tool. All investing is a tool. Every microfinance bank, every bank is neither good nor bad, they're amoral. It's just what are people trying to do with it. I've seen microfinance banks that act in extractive ways and their primary goal is extract as much profit out of poor communities as possible. I've seen payday lenders do the same thing. I've also seen microfinance banks that are very good and say, "Our core goal is building wealth for the community and we've structured our business in a way that works for us." I was in India and there was a microfinance bank that was the fastest growing microfinance bank in India and they raised venture capital from Silicon Valley and they were pushed to grow 10 times faster. I would argue that because that happened they lost their impact. They started signing people up for loans who may not have needed them and you know, people had three or four loans at the same time and it — the bank grew unsustainably fast because profit dominated what they were trying to do and ultimately, the bank lost a lot of value because they lost a lot of customers and so it was an unsustainable way to operate a bank. I would say, you know, investing is neither good nor bad. It depends on what you use it for. Same thing with microfinance. Same thing, you know, there are people who lend in very poor communities who are very extractive. There are some lenders in poor communities that are payday lenders at good interest rates that are good. So I think you just have to look at what is this business trying to accomplish in addition to making money and evaluate it from there.

Silverstein: And can you expand on the thesis behind "The Innovation Blind Spot," behind your book?

Baird: Yeah, so you know, going back to Jerry. 0-3 — he says, you know, as a black guy he has a hard time getting his ideas, his small little idea into the big market. One percent of start-up investment goes to African-Americans. Two percent of start-up investment goes to women. There are a lot of people who are overlooked. Jerry was from South Florida. He was trying to start his business in Central Virginia. Where you live matters. So roughly 80% of start-up investment goes to three states: New York, Massachusetts, California. If you're in Ohio or Florida or Nairobi or Mumbai, it's really hard to get your idea into the system. And Jerry said he was trying to solve poor people's problems. The biggest industries, the six biggest consumer industries: health, education, financial services, energy, agriculture and housing only make up 15% of the billion dollar start-ups that we've created. So we have a lot of money going to a few people and places and problems that are — make the lives of people who are doing pretty well more convenient, but the people working hard on the problems that really matter for the future of our society often have a really hard time getting a shot. And so "The Innovation Blind Spot" says here's how you can be, in your day-to-day life, more innovative. And here's how you can find ideas from the people and places and areas that you might not have otherwise thought of.

Silverstein: And when you're talking about these entrepreneurs and start-ups, what size allocations are you making to them?

Baird: So we will do, you know, $50,000-$250,000 investment in an entrepreneur who is solving a chronic problem that the market is overlooking.

Silverstein: And how much have you put to work in these types of investments?

Baird: So we've invested almost $10 million. We've invested in close to 100 companies all over the world. And we found, we have a very different process for investing. We found very different results. So about 43% of our investment is in women compared to 2% in the mainstream market. About 34% are in people of color compared to 1%. Ninety percent are outside New York, Massachusetts, San Francisco, compared to 20%. So we've been able to get a lot of ideas out there and we're seeing some really exciting results.

Silverstein: And can you make money investing in people and ideas that are making the world a better place?

Baird: Yeah we are. I mean if you look at how our investments were doing and you looked at it blindly, we would, it would be a pretty promising — I mean, it's very early days. You don't want to declare victory before anything, but I think we're pretty excited about the results we have so far, even if you extract the mission for what we're doing. But I actually think our companies are performing well because of the mission they have. I mean everybody wants to work at a company whose values we believe in. Everybody gets more excited about investing or funding something that has what we believe in. So we think we've got a good business model with a very exciting mission, you're going to outperform over the long-term.

Silverstein: And do you have any advice for people who might be coming out of school right now who want to be social entrepreneurs or want to be — who are capitalists that also want to improve the world?

Baird: Yeah, you know, a lot of people think, "I want to change the world, bigger is better. I want to go, you know, to the biggest firm or the biggest city or whatever." And I would say the most impactful entrepreneurs I've seen embrace the mantra, small is beautiful. Pick a very specific problem that you see in your job, in your industry, in your neighborhood, in an issue that you care about and try and be excellent at solving that very specific problem. Because if you can change, you know, your line of your division at your first job, you can change your company, which changes your industry, which changes the world. Or if you can change your neighborhood or your block, you start to see a ripple effect. So I would say try and get as specific, and tangible, and small about the problem you're excited to solve, and your career will take you in really exciting directions.

Join the conversation about this story »

This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. The Bitcoin economy has not only boosted the fintech sector but it has also allowed room for bloggers, social media personalities and newsrooms to flourish. There are many

The post Bitcoin News Portal CoinIdol.com Announces Its Expert Members Club appeared first on CCN

• Florida's Seminole County will soon accept bitcoin and bitcoin cash as payment for county services, like taxes and drivers license fees.
• To do it, the county will work with BitPay, a cryptocurrency e-commerce payments company. It's BitPay's first contract with a government entity.
• It's believed that Seminole County will be the first government body to accept cryptocurrency as payment.
• This bitcoin payment project was put in place by Seminole County tax collector Joel Greenberg, a controversial and unconventional figure in Florida politics. 

Residents of Seminole County, Florida will soon be able to pay their taxes and drivers license fees using bitcoin and bitcoin cash — two of the hottest cryptocurrencies in the world. 

In an announcement made on Monday, Florida tax collector Joel Greenberg said that the county will start using the payment processor BitPay to process cryptocurrency payments. The project, set to go into effect in June, will let county residents pay their property taxes, driver license and ID card fees, tags and titles. 

“We live in a world where technology has made access to services on demand...and we should expect the same from our government,” Greenberg said in a statement. “The aim of my tenure in office is to make our customer experience faster, smarter, and more efficient, and to bring government services from the 18th century into the 21st century and one way is the addition of cryptocurrency to our payment options.”

Greenberg himself cuts a somewhat unconventional figure in Floridian politics. 

He ousted a longtime incumbent in the 2016 election, ran on the campaign promise of bringing new technologies to Seminole County, which sits just outside of Orlando. He's since garnered attention by pushing for a controversial land deal, and pulling over a speeding motorist using white flashing lights on his personal SUV, according to the Orlando Sentinel. 

Seminole County is the first government agency to use BitPay to process services, and representatives for the company said they believe it is the first government agency in the US to accept cryptocurrencies. 

While bitcoin has garnered significant attention over the past year, it's widely believed to be too costly and impractical to use for small payments. The cost of individual bitcoin payments skyrocketed in December at the height of the cryptocurrency's price and popularity, and BitPay itself even temporarily banned bitcoin purchases under $100 as fees on the network hit a high of $37 per transaction. 

It now costs around $1.30 per transaction with bitcoin. For citizens of Seminole County who opt to pay with bitcoin with cryptocurrencies, that fee will have to be accounted for, in addition to a 1% transaction fee paid to BitPay. The county said it expects BitPay to help it settled payments quicker and cheaper than is possible with traditional credit card processors.

BitPay, which facilitates e-commerce payments in cryptocurrencies, raised $40 million in funding led by Menlo Ventures in April.

SEE ALSO: Here's how Bitcoin network payments work and why fees reached $37 in fall

Join the conversation about this story »

NOW WATCH: We spoke to Cookie Monster about bitcoin, cookies, and self-regulation

• In episode seven of "Silicon Valley's" fifth season, Gilfoyle convinces Pied Piper CEO Richard Hendricks that the company should get into cryptocurrency.
• Gilfoyle gives a presentation to argue that the startup should raise money using an Initial Coin Offering (ICO) instead of a Series B round from a venture capital firm.
• HBO gave Business Insider the entirety of Gilfoyle 's PowerPoint presentation, which is both useful and hilarious.

HBO's "Silicon Valley" is a biting satire of the tech industry, and the show's writers use tech trends and real-life events to inform the storylines.

Since the show's fourth season aired in 2017, cryptocurrency has gotten much bigger, and is something a lot of people are talking about (or getting into) in Silicon Valley. And so are the characters on "Silicon Valley," especially Gilfoyle.

"There are very few things that I will defend with true passion," Gilfoyle says in the show. "Medical marijuana, the biblical Satan as a metaphor for rebellion against tyranny, and mother f---ing God d--- cryptocurrency."

In the seventh episode of the comedy's excellent fifth season, Gilfoyle convinces Pied Piper CEO Richard Hendricks to use an Initial Coin Offering (ICO) to raise more money instead of a Series B round of financing with venture capital firm Raviga.

In the episode, called "Initial Coin Offering," Gilfoyle gives Richard a PowerPoint presentation supporting his vision for Pied Piper Coin, but we didn't get to see the whole thing — until now. 

HBO sent Business Insider the entirety of Gilfoyle's presentation. The slideshow is not only incredibly funny, with hilarious references to the fact that Gilfoyle worships Satan, but it's also an informative presentation about the rise of currency and cryptocurrency dating all the way back to Aristotle. 

A representative for HBO said the season five writers were inspired to make the presentation after a talk they received from Henry Berg, an engineer and Bitcoin guru, who is credited at the very end of Gilfoyle's slideshow. He also happens to be the brother of "Silicon Valley" showrunner Alec Berg.

Here's Gilfoyle's entire slideshow about cryptocurrency:

SEE ALSO: HBO's 'Silicon Valley' is better without TJ Miller — and the show weaves in his absence in a clever way

Financial services group HSBC said on Monday it had for the first time utilised blockchain technology to complete a speedy commercial trade finance transaction that normally takes around a week using normal paper-based processing mediums. The transaction was the first time that a blockchain – the technology which powers cryptocurrencies such as bitcoin – has

The post HSBC Completes World’s First Blockchain Trade Finance Transaction appeared first on CCN

Gemini has become the “world’s first licensed Zcash exchange,” the company announced on Monday. The New York City-based cryptocurrency exchange — which was founded by Cameron and Tyler Winklevoss — today revealed that it will open zcash trading markets (ZEC/USD, ZEC/BTC, and ZEC/ETH), which it says makes it the “first licensed Zcash in the world.”

The post Winklevoss-Led Gemini Becomes ‘World’s First Licensed Zcash Exchange’ appeared first on CCN

Proof of Work cryptocurrencies like bitcoin are facing struggles with the wave of ASIC mining hardware. Nakamoto envisioned a decentralized cryptocurrency mining consensus spread across a large pool. But of late it’s turned into a environment where two or three major players reap a large portion of mining profits. As a result, developers and communities are

The post Secret ASICs, Hidden Farms, and Manufacturers Playing Dirty: the New State of Cryptocurrecy Mining appeared first on CCN

It’s finally happening. Ripple is making a push to expand the use of its XRP cryptocurrency into new verticals and segments beyond the payment and banking space where the company is focused. XRP is the world’s third-largest cryptocurrency behind only bitcoin, the original breakout artist, and Ethereum, the platform that most developers pomp for. XRP has a […]

It’s finally happening. Ripple is making a push to expand the use of its XRP cryptocurrency into new verticals and segments beyond the payment and banking space where the company is focused. XRP is the world’s third-largest cryptocurrency behind only bitcoin, the original breakout artist, and Ethereum, the platform that most developers pomp for. XRP has a […]

• Bitcoin and other major cryptocurrencies were in the red Monday, with bitcoin cash leading the way, down 7%.
• Cryptocurrencies should get a boost this week following Consensus, a cryptocurrency conference, says Fundstrat Global Advisors. 
• The firm's research predicts bitcoin has already bottomed out for the year. 
• Follow the price of bitcoin in real-time here.

Major cryptocurrencies were sliding Monday, with losses of up to 7%, as Consensus, one of the largest annual cryptocurrency conferences, kicks off in New York.

If history is any indication, cryptocurrencies should see a healthy rally during and after the conference according to data from Fundstrat Global Advisors. The firm says bitcoin has rallied anywhere from 10% to a 69% in previous years.

"Already one of the largest crypto conferences in the world, attendance this year is up dramatically (see below) and coming at a time when Bitcoin/Crypto is down YTD," the firm said in a note to clients. "Hence, we expect the Consensus rally to be even larger than past years."

On Monday, bitcoin and ethereum were down more than 3%, while Ripple's XRP was lower by 2.5%.  Bitcoin cash was off 7.2% ahead of its hard-fork on Tuesday that will produce BitcoinABC

This year's conference is expected to be a full three-times larger than previous years, with 7,000 attendees. It's not the only conference, either. Dozens of other meetups, conferences and parties are happening throughout New York's "Blockchain Week."

Bitcoin has fallen by 37% so far in 2018, bottoming out near $7,000 per token in early February. Fundstrat says this is likely its lowest point for the year.

"The rally post-Consensus has been strong and more supportive of our view that Bitcoin has already bottomed for the year," said the firm. "In fact, since 2010, the only year when Bitcoin did not bottom before March 31 was 2014," which was an exception following the Mt. Gox theft.

"In general, we see 2018 being a strong year, but we see the larger and more established blockchains growing in dominance in 2018—hence, better upside for ETH and BTC over the FS CryptoFX indices," the firm said.

SEE ALSO: eToro's Mati Greenspan: If Bitcoin and Ether are classed as securities under the law it could trigger more volatility in the crypto markets

Join the conversation about this story »

NOW WATCH: Ian Bremmer: Why the American dream doesn't exist anymore

• Bitcoin and other major cryptocurrencies were in the red Monday, with bitcoin cash leading the way, down 7%.
• Cryptocurrencies should get a boost this week following Consensus, a cryptocurrency conference, says Fundstrat Global Advisors. 
• The firm's research predicts bitcoin has already bottomed out for the year. 
• Follow the price of bitcoin in real-time here.

Major cryptocurrencies were sliding Monday, with losses of up to 7%, as Consensus, one of the largest annual cryptocurrency conferences, kicks off in New York.

If history is any indication, cryptocurrencies should see a healthy rally during and after the conference according to data from Fundstrat Global Advisors. The firm says bitcoin has rallied anywhere from 10% to a 69% in previous years.

"Already one of the largest crypto conferences in the world, attendance this year is up dramatically (see below) and coming at a time when Bitcoin/Crypto is down YTD," the firm said in a note to clients. "Hence, we expect the Consensus rally to be even larger than past years."

On Monday, bitcoin and ethereum were down more than 3%, while Ripple's XRP was lower by 2.5%.  Bitcoin cash was off 7.2% ahead of its hard-fork on Tuesday that will produce BitcoinABC

This year's conference is expected to be a full three-times larger than previous years, with 7,000 attendees. It's not the only conference, either. Dozens of other meetups, conferences and parties are happening throughout New York's "Blockchain Week."

Bitcoin has fallen by 37% so far in 2018, bottoming out near $7,000 per token in early February. Fundstrat says this is likely its lowest point for the year.

"The rally post-Consensus has been strong and more supportive of our view that Bitcoin has already bottomed for the year," said the firm. "In fact, since 2010, the only year when Bitcoin did not bottom before March 31 was 2014," which was an exception following the Mt. Gox theft.

"In general, we see 2018 being a strong year, but we see the larger and more established blockchains growing in dominance in 2018—hence, better upside for ETH and BTC over the FS CryptoFX indices," the firm said.

SEE ALSO: eToro's Mati Greenspan: If Bitcoin and Ether are classed as securities under the law it could trigger more volatility in the crypto markets

Join the conversation about this story »

NOW WATCH: Ian Bremmer: Why the American dream doesn't exist anymore

• Bitcoin and other major cryptocurrencies were in the red Monday, with bitcoin cash leading the way, down 7%.
• Cryptocurrencies should get a boost this week following Consensus, a cryptocurrency conference, says Fundstrat Global Advisors. 
• The firm's research predicts bitcoin has already bottomed out for the year. 
• Follow the price of bitcoin in real-time here.

Major cryptocurrencies were sliding Monday, with losses of up to 7%, as Consensus, one of the largest annual cryptocurrency conferences, kicks off in New York.

If history is any indication, cryptocurrencies should see a healthy rally during and after the conference according to data from Fundstrat Global Advisors. The firm says bitcoin has rallied anywhere from 10% to a 69% in previous years.

"Already one of the largest crypto conferences in the world, attendance this year is up dramatically (see below) and coming at a time when Bitcoin/Crypto is down YTD," the firm said in a note to clients. "Hence, we expect the Consensus rally to be even larger than past years."

On Monday, bitcoin and ethereum were down more than 3%, while Ripple's XRP was lower by 2.5%.  Bitcoin cash was off 7.2% ahead of its hard-fork on Tuesday that will produce BitcoinABC

This year's conference is expected to be a full three-times larger than previous years, with 7,000 attendees. It's not the only conference, either. Dozens of other meetups, conferences and parties are happening throughout New York's "Blockchain Week."

Bitcoin has fallen by 37% so far in 2018, bottoming out near $7,000 per token in early February. Fundstrat says this is likely its lowest point for the year.

"The rally post-Consensus has been strong and more supportive of our view that Bitcoin has already bottomed for the year," said the firm. "In fact, since 2010, the only year when Bitcoin did not bottom before March 31 was 2014," which was an exception following the Mt. Gox theft.

"In general, we see 2018 being a strong year, but we see the larger and more established blockchains growing in dominance in 2018—hence, better upside for ETH and BTC over the FS CryptoFX indices," the firm said.

SEE ALSO: eToro's Mati Greenspan: If Bitcoin and Ether are classed as securities under the law it could trigger more volatility in the crypto markets

Join the conversation about this story »

NOW WATCH: I ate nothing but 'healthy' fast food for a week — here’s what happened

• Bitcoin and other major cryptocurrencies were in the red Monday, with bitcoin cash leading the way, down 7%.
• Cryptocurrencies should get a boost this week following Consensus, a cryptocurrency conference, says Fundstrat Global Advisors. 
• The firm's research predicts bitcoin has already bottomed out for the year. 
• Follow the price of bitcoin in real-time here.

Major cryptocurrencies were sliding Monday, with losses of up to 7%, as Consensus, one of the largest annual cryptocurrency conferences, kicks off in New York.

If history is any indication, cryptocurrencies should see a healthy rally during and after the conference according to data from Fundstrat Global Advisors. The firm says bitcoin has rallied anywhere from 10% to a 69% in previous years.

"Already one of the largest crypto conferences in the world, attendance this year is up dramatically (see below) and coming at a time when Bitcoin/Crypto is down YTD," the firm said in a note to clients. "Hence, we expect the Consensus rally to be even larger than past years."

On Monday, bitcoin and ethereum were down more than 3%, while Ripple's XRP was lower by 2.5%.  Bitcoin cash was off 7.2% ahead of its hard-fork on Tuesday that will produce BitcoinABC

This year's conference is expected to be a full three-times larger than previous years, with 7,000 attendees. It's not the only conference, either. Dozens of other meetups, conferences and parties are happening throughout New York's "Blockchain Week."

Bitcoin has fallen by 37% so far in 2018, bottoming out near $7,000 per token in early February. Fundstrat says this is likely its lowest point for the year.

"The rally post-Consensus has been strong and more supportive of our view that Bitcoin has already bottomed for the year," said the firm. "In fact, since 2010, the only year when Bitcoin did not bottom before March 31 was 2014," which was an exception following the Mt. Gox theft.

"In general, we see 2018 being a strong year, but we see the larger and more established blockchains growing in dominance in 2018—hence, better upside for ETH and BTC over the FS CryptoFX indices," the firm said.

SEE ALSO: eToro's Mati Greenspan: If Bitcoin and Ether are classed as securities under the law it could trigger more volatility in the crypto markets

Join the conversation about this story »

NOW WATCH: I ate nothing but 'healthy' fast food for a week — here’s what happened

• Derivatives and futures exchange operator CME Group is launching two new ethereum price products.
• One will give a daily reference price while the other offers CME customers real-time price data.
• CME launched bitcoin futures contracts in December and its latest move suggests it's going deeper into the cryptocurrency world.

LONDON — Exchange operator CME Group is launching a daily price benchmark for ethereum, a sign of its growing commitment to cryptocurrencies. 

CME said in a statement on Monday that it is launching an Ether Reference Rate and Ether Real-Time Index in partnership with cryptocurrency trading platform Crypto Facilities.

The Ether-Dollar Reference Rate will provide a daily benchmark price in US dollars at 4 p.m. London time. The Ether-Dollar Real-Time Index will provide a real-time ether price in US dollars. Crypto Facilities will calculate both measures using data from trading platforms Kraken and Bitstamp.

Tim McCourt, MD and Global Head of Equity Products and Alternative Investments at CME Group, said in a statement: "The Ether Reference Rate and Real-Time Index are designed to meet the evolving needs of this marketplace.

"Providing price transparency and a credible price reference source is a key development for users of Ethereum."

Ether, which is the internal cryptocurrency of the ethereum network, is the world's second-biggest cryptocurrency, behind only bitcoin. The digital asset has a market value of $70 billion as of Monday.

The launch of the two new benchmarks signals CME Group's growing commitment to the nascent space. CME Group, which operates derivative and futures exchanges in Chicago and London, launched bitcoin future contracts in December last year. These contracts were one of the first mechanisms giving mainstream financial institutions access to cryptocurrency investments.

The launch of the two ethereum benchmarks could be a sign that CME Group is considering launching new futures products around other cryptocurrencies such as ether.

Dr. Timo Schlaefer, CEO of Crypto Facilities, said in a statement: "We are excited to be contributing to the strong community that has developed around the Ethereum network by providing a reliable reference rate and real-time Ether-Dollar price."

SEE ALSO: Bitcoin falls after CME Group launches bitcoin futures

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Here is what you need to know. 

The US embassy is opening in Jerusalem. Ivanka Trump, Jared Kushner, and other senior White House officials are in Jerusalem for the opening of the new US embassy, which is expected to take place at 4 p.m. local time (9 a.m. ET). 

The stock market's biggest bear explains why the next market crash will be one of the worst ever.  John Hussman, the outspoken investor and former professor who has been predicting a stock market crash, argues one of the biggest problems plaguing the stock market is the high level of comfort felt by investors, and notes similar periods have historically preceded disaster.

Traders aren't as bearish on the US dollar as they were a few months ago. "Funds were a net USD buyer of $US3.1 billion, turning from a net short into a long USD position of $US500 million," Irene Cheung and Rini Sen, FX Strategists at ANZ Bank said. 

Crypto is sliding ahead of Consensus 2018. Bitcoin cash, -7%, leads crypto lower as CoinDesk's fourth annual blockchain conference, Consensus 2018, kicks off in New York. 

Trump says he told the Commerce Department to lift a trade ban on Chinese phone company ZTE.  President Donald Trump has instructed the Commerce Department to help get Chinese telecommunications company ZTE "back into business" after the US government cut off access to its American suppliers.

Xerox abandons its deal with Fujifilm. Activist investors Carl Icahn and Darwin Deason have reached a settlement with Xerox that prevents its deal with Fujifilm and replaces its CEO and five directors, Reuters reports. 

The man who called 'The Big Short' says Deutsche Bank is a 'problem bank.' "Deutsche Bank has real profitability issues... they're probably under capitalized, I think they're probably raising capital next year... it has to shrink dramatically," hedge fund manager Steve Eisman told Bloomberg. 

JPMorgan is making a big move into China. JPMorgan is setting up a new brokerage in China in which it would own a 51% stake — but it must first gain regulatory approval.

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Stock markets around the world are mixed. Hong Kong's Hang Seng (+1.35%) led the gains in Asia and Germany's DAX (-0.12%) trails in Europe. The S&P 500 is set to open up 0.34% near 2,737.

Join the conversation about this story »

Here is what you need to know. 

The US embassy is opening in Jerusalem. Ivanka Trump, Jared Kushner, and other senior White House officials are in Jerusalem for the opening of the new US embassy, which is expected to take place at 4 p.m. local time (9 a.m. ET). 

The stock market's biggest bear explains why the next market crash will be one of the worst ever.  John Hussman, the outspoken investor and former professor who has been predicting a stock market crash, argues one of the biggest problems plaguing the stock market is the high level of comfort felt by investors, and notes similar periods have historically preceded disaster.

Traders aren't as bearish on the US dollar as they were a few months ago. "Funds were a net USD buyer of $US3.1 billion, turning from a net short into a long USD position of $US500 million," Irene Cheung and Rini Sen, FX Strategists at ANZ Bank said. 

Crypto is sliding ahead of Consensus 2018. Bitcoin cash, -7%, leads crypto lower as CoinDesk's fourth annual blockchain conference, Consensus 2018, kicks off in New York. 

Trump tells the Commerce Department to lift a trade ban on Chinese phone company ZTE. President Donald Trump has instructed the Commerce Department to help get Chinese telecommunications company ZTE "back into business" after the US government cut off access to its American suppliers.

Xerox abandons its deal with Fujifilm. Activist investors Carl Icahn and Darwin Deason have reached a settlement with Xerox that prevents its deal with Fujifilm and replaces its CEO and five directors, Reuters reports. 

The man who called "The Big Short" says Deutsche Bank is a "problem bank." "Deutsche Bank has real profitability issues... they're probably under capitalized, I think they're probably raising capital next year... it has to shrink dramatically," hedge fund manager Steve Eisman told Bloomberg. 

JPMorgan is making a big move into China. JPMorgan is setting up a new brokerage in China in which it would own a 51% stake — but it must first gain regulatory approval.

Tesla's engineering head takes a leave of absence. Tesla Senior Vice President of Engineering Doug Field has taken a leave of absence from the company, Reuters says. The timing of his return is unknown.

Stock markets around the world are mixed. Hong Kong's Hang Seng (+1.35%) led the gains in Asia and Germany's DAX (-0.12%) trails in Europe. The S&P 500 is set to open up 0.34% near 2,737.

Join the conversation about this story »

• HSBC has made what it claims is the world's first commercial trade-finance transaction using blockchain.
• The exchange was for a shipment of soybeans transported from Argentina to Malaysia, made by US food giant Cargill. HSBC and ING facilitated the deal.
• The technology is expected to cut transaction times, reduce costs, paperwork and increase security.
• "This is an inflection point for how trade is conducted," Vivek Ramachandran, HSBC’s global head of innovation and growth for commercial banking, said in a statement.

LONDON — HSBC said on Monday it has made what it claims is the world's first commercial trade-finance transaction using blockchain.

The exchange was for a shipment of soybeans transported last week from Argentina to Malaysia. HSBC handled the deal for US food and agricultural group Cargill, in partnership with Dutch ING Bank NV. Both used blockchain technology developed by the R3 consortium.

The technology allowed the transaction to be made on one central platform and minimised the time and paper trail needed to make the trade. HSBC hopes the transaction will be a milestone that could enable mass-adoption in the $9 trillion trade-finance market and shake up a centuries-old industry.

"This is an inflection point for how trade is conducted," Vivek Ramachandran, HSBC’s global head of innovation and growth for commercial banking, said in a statement.

"With blockchain, the need for paper reconciliation is removed because all parties are linked on the platform and updates are instantaneous."

Blockchain is the digital technology which underpins cryptocurrencies like Bitcoin. Banks have long studied its application in mainstream financial markets, spending millions researching pilots and use cases. The Cargill exchange was done using Corda Blockchain, a platform developed by the R3 consortium which HSBC and ING are both a part of.

Earlier this year ING also touted a similar cross-border soybean deal that was completed using blockchain technology.

HSBC said the transaction announced on Monday can be replicated and shows the technology is ready to be adopted across the industry. It hopes the technology will mean trade finance deals can be made simpler, quicker, more transparent and more secure.

HSBC said putting all of Asia Pacific's trade-related paperwork onto the blockchain like this could cut the time of exporting goods by up to 44% and cut costs by up to 31%.

A transaction of this kind would normally take between five and ten days for the full exchange of documents, HSBC said. The Cargill blockchain transaction was completed in 24 hours.

The bank added: "Blockchain can pull trade into the digital age."

"The next stage is actually encouraging as many participants as possible to sign up to the utility," Ramachandran said, stating that banks, shipping companies, ports and customs operations would have to adopt the technology before it could be used widely.

There are still significant hurdles for blockchain before it becomes an efficient and legally compliant technology, said Ramachandran. Each country has different laws, so policy makers would need to make changes to enable its use across borders.

But a closed system where transactions are only visible to registered buyers and sellers could be possible within five years, Ramachandran said

"It is only by working together that we will create a platform that all those involved in trade want to use, from banks, exporters and shippers to regulators and lawmakers."

SEE ALSO: A soybean shipment to China became the first commodity deal to use blockchain tech

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