Market Update for April 19th

Saturday, April 20th 2019

Recent Headlines

China Wants to Ban Bitcoin Mining

A revised draft list of industrial activities created by China's National Development and Reform Comission (NDRC) has added cryptocurrency mining to more than 450 activities that should be phased out as they "did not adhere to relevant laws and regulations, were unsafe, wasted resources or polluted the environment." No date or plan has been proposed yet however. Mati Greenspan, an analyst with eToro, says a ban like this would increase the average cost of mining Bitcoin. Read more...

World’s Second-Largest Grocer Joins IBM Food Trust Blockchain

Albertsons Companies, the world's second-largest supermarket company by sales whose subsidiaries include Safeway and Vons, is beginning to pilot IBM Food Trust blockchain technology, which is a system of tracking food production from growers, processors, distributors and retailers. This first trial involve suppliers of romaine lettuce, which is often linked to outbreaks of E-coli and results in big recalls. Albertsons joins food business giants Walmart and many others in adopting IBM's solution. Read more...

Binance Officially Delists Bitcoin SV (SV) In An Unprecedented Move

Binance has announced it will delist Bitcoin SV effective April 22nd. The popular exchange joins the growing list of crypto industry figures siding against Craig Wright. It was Craig Wright's recent legal action and 70 BSV 'dox' bounty against Twitter user Hodlonaut, who became well known for creating the Lightning Torch, which prompted the recent animus against Bitcoin SV. ShapeShift and Kraken also plan to delist the coin. Read more...

Institutions Increased Bitcoin Longs by 88% Just Before Price Rally

Between March 26th to April 2nd, 315 long Bitcoin futures were opened on Chicago Mercantile Exchange (CME), according to data from the Commodity and Futures Trading Commission. This is an 88% increase compared to the previous week, and conincided with the most recent Bitcoin price rally. The number of short positions also decreased 63% in this time. There is sentiment among some analysts that this indicates the start of a new longer-term uptrend.
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Andreas Antonopoulos: Crypto Doesn’t Have a Use-Case In The ‘Developed’ World…Yet

At the Deconomy conference in South Korea this week, Mastering Bitcoin author Andreas Antonopoulos spoke about mass adoption of cryptocurrency, saying that it was a matter of "when" and not "if". However, he noted that until crypto can be at parity with Visa and MasterCard in terms of network speed and capacity, widespread usage will remain relatively low. He also cited lack of easy to use applications and the accounting burden on businesses that accept crypto as factors that stymy adoption. Read more...

Major Web Browser Firefox by Mozilla Now Blocks Web-Based Cryptojacking

Major open-source Firefox has implemented new protections against crypto mining malware, or cryptojacking, in it's latest version. Cryptojacking has reportedly, as of last year, become the biggest cyber threat, surpassing ransomware. Interestingly, it is also used by legitimate businesses, notably Salon and UNICEF, as an alternative means of revenue. Users of Chrome and Brave browsers can find third-party extensions that provide similar functionality. Read more...

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