Tokyo Whale Sells $230 Million Bitcoin in Mt. Gox Wind-Down

Tokyo Whale Sells $230 Million Bitcoin in Mt. Gox Wind-Down

LAGOS (Capital Markets in Africa) – The trustee liquidating cryptocurrencies on behalf of defunct exchange Mt. Gox has offloaded another 25.98 billion yen ($230 million) of Bitcoin and Bitcoin Cash. The disposals were made in the period since the 10th creditors meeting was held on March 7, Nobuaki Kobayashi said in a statement on Tuesday. The total compares with 43 billion yen in the prior round of sales, which the bankruptcy attorney announced six months ago. Digital…

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Bitcoin Bulls Are Sweating Latest Test of Key Resistance Level

Bitcoin Bulls Are Sweating Latest Test of Key Resistance Level

JOHANNESBURG (Capital Markets in Africa) – Bitcoin’s recent stumble could turn into a full-blown tailspin, testing its strong support level of $6,000 again, according to a leading technical indicator. The biggest cryptocurrency has bounced off the $6,000 mark four times since February, and a break below that price could signal further capitulation. The GTI VERA Convergence Divergence indicator, which detects trend reversals and exhaustion, just ended its longest buy streak since July, suggesting more losses…

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`Bitcoin Jesus’ Having a Hard Time Winning Over True Believers

`Bitcoin Jesus’ Having a Hard Time Winning Over True Believers

LAGOS (Capital Markets in Africa)- Roger Ver, the virtual currency advocate often referred to as Bitcoin Jesus, is finding it tough to win converts to the supposed second coming of the the world’s biggest cryptocurrency. The offshoot of the digital coin, known as Bitcoin Cash, is barely being used in commerce, according to blockchain analytics firm Chainalysis. A review of payments received by the world’s 17 largest crypto merchant processing services, such as BitPay, Coinify…

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Crypto’s Millennial Mining Tycoon Is Said to Plan $3 Billion IPO

Crypto’s Millennial Mining Tycoon Is Said to Plan $3 Billion IPO

LAGOS (Capital Markets in Africa) – Bitmain Technologies Ltd., the world’s biggest producer of cryptocurrency mining chips, is planning a Hong Kong initial public offering that could raise as much as $3 billion, people with knowledge of the matter said. The Beijing-based company, whose 32-year-old co-founder Jihan Wu is one of the most powerful players in crypto, plans to file a listing application with the Hong Kong stock exchange as early as September, according to the people….

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Bitcoin Dips Below $6,000 as Almost Every Cryptocurrency Drops

Bitcoin Dips Below $6,000 as Almost Every Cryptocurrency Drops

LAGOS (Capital Markets in Africa) – Bitcoin touched below $6,000 and dozens of smaller digital tokens retreated as this month’s sell-off in cryptocurrencies showed few signs of letting up. The largest digital currency fell as much as 6.2 percent to $5,887, the lowest level since June, before paring some of the drop, according to Bloomberg composite pricing. Ether sank as much as 13 percent, while all but one of the 100 biggest cryptocurrencies tracked by Coinmarketcap.com recorded declines over…

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Regulation of the Initial Coin Offerings: Sitting in the Waiting Room

Regulation of the Initial Coin Offerings: Sitting in the Waiting Room

LAGOS (Capital Markets in Africa) – Although the debate about whether or not to regulate initial coin offerings (ICOs) is in full swing, many key regulators are hot on its heels, and even if we are in the first paragraph, ‘in summary’, they are going to be regulated. The challenge, of course, will be to regulate appropriately without stifling growth and innovation. The volatility of certain tokens (also traditionally referred to as cryptocurrencies or coins)…

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Goldman Sachs says Bitcoin will continue to decline

Goldman Sachs says Bitcoin will continue to decline

LAGOS (Capital Markets in Africa) – Despite headline-making plans to open a bitcoin trading desk earlier this year, Goldman Sachs still isn’t sold on the virtual currency. In a midyear economic-outlook report, the bank’s investment strategy group says the price of bitcoin is likely to decline even further than the 45% it has in the first seven months of 2018. “Our view that cryptocurrencies would not retain value in their current incarnation remains intact and, in fact, has been…

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