Crypto Conversation: Ethereum Revs Up

What’s Hot in Crypto this week? 

Ethereum. It’s the second largest blockchain platform in terms of market capitalization. Ethereum was the first to introduce a blockchain system that could also facilitate all sorts of “decentralized applications.” It opened the door for all of the blockchain use cases that bitcoin, which is only intended for the transfer of its digital asset BTC, doesn’t allow for. 

ETH is Ethereum’s native currency, used as “gas” to pay for network transactions. It currently boasts a market cap of over 66 billion, with a 24 hour trade volume of $23 billion. 

Why is it hot now?

Ethereum is moving from a proof-of-work blockchain, where computing power determines rewards, to a proof-of-stake platform (dubbed Ethereum 2.0), where anyone who locks up their ETH can be chosen to validate blocks. 

This is not only more energy efficient and better for scaling up, but it should also allow

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Institutional Bitcoin Shop NYDIG Raises $150M for Twin Crypto Funds

Institutional investors are powering this year's bitcoin bull run.

New York Digital Investments Group (NYDIG) raised $150 million for two new funds to invest in cryptocurrencies, a move that underscores the one-stop crypto shop’s skyrocketing clout on the institutional bitcoin scene.

As revealed in two U.S. Securities and Exchange Commission filings, NYDIG Digital Assets Fund I raised $50 million from institutional investors while NYDIG Digital Assets Fund II raised $100 million.

A source familiar with the matter confirmed to CoinDesk that Fund I invests entirely in bitcoin. The source said it is NYDIG’s latest offering for a growing lineup of institutional clients going long on BTC.

Related: Why a $631B Asset Manager Just Changed Its Mind on Bitcoin

It was not immediately clear whether Fund II also invests solely in the market-leading cryptocurrency.

But more intriguing than the size of the two new NYDIG offerings are the identity of the whales who bought in. Just two unnamed investors appear

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UN Crypto Stamps highlight new technology

The United Nations Postal Administration (UNPA) is pleased to announce the launch of UN Crypto Stamps – connecting a new generation of United Nations stamps with blockchain technology.

Designed by Sergio Baradat of UNPA, the stamps support the Secretary-General’s strategy on new technologies, and were developed in conjunction with the United Nations Office of Information and Communications Technology.

The stamps in the denominations of $7.75, CHF 8 and €7 feature a unique design of the UN Headquarters Buildings in New York, Geneva and Vienna, and were printed by Royal Joh. Enschedé of The Netherlands.

The total print quantity is 90,000 stamps or 30,000 per each denomination.

Each stamp sheet includes a unique secret code hidden behind a scratch-off area which enables its owner to activate exactly one counterpart of that stamp on the block chain as a digital collectible.

The creation, ownership, exchange, and trading of the digital stamps is

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Crypto exchange Coinbase hit by connection, latency problems as bitcoin plummets

FILE PHOTO: Illumination of the stock graph is seen on the representations of virtual currency Bitcoin in this picture illustration taken taken March 13, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

LONDON (Reuters) – Cryptocurrency exchange Coinbase said on Thursday its retail and professional-focused platforms were hit by tech problems, with users reporting difficulty trading as bitcoin plunged towards its biggest one-day drop since September.

California-based Coinbase said on its website at 14:14 GMT it was investigating connectivity problems, adding at 14:42 GMT that it had identified the problem and implemented a solution.

In a separate post at 15:21 GMT on its Coinbase Pro site it said “increased latencies impacting order entry and settlement” for its Coinbase Pro service, adding it was investigating the problem.

A spokesman for Coinbase, one of the biggest cryptocurrency exchanges, declined to comment.

Coinbase users on Twitter reported problems trading.

One Coinbase Pro user told Reuters by message:

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Crypto Boom Shaken as Bitcoin Plunges Along With Other Coins

(Bloomberg) — Bitcoin and other digital currencies plunged Thursday, a slide likely to stoke speculation about the durability of the boom in cryptocurrencies.

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Bitcoin slumped as much as 8.7%, the most since early August, while other digital coins like Ether posted double-digit percentage declines. The Bloomberg Galaxy Crypto Index at one point slid more than 6%.

“Conditions are very massively overbought and bound for a correction,” said Vijay Ayyar, head of business development with crypto exchange Luno. “So I don’t think it’s unusual frankly. I still believe we’ll see all-time highs before a larger drop/correction.”

Even with the retreat, Bitcoin has more than doubled this year and until recently was knocking on the door of the record high of $19,511 set in 2017. Crypto believers tout purchases by retail investors, institutions and even billionaires, as well as the search for a hedge against dollar weakness, as reasons why

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Cryptocurrency Prices Make Headlines, But Crypto Accounting Is Key To Further Growth

Cryptocurrency prices and market share continue to increase, but the accounting and reporting remain inconsistent and a headwind to wider adoption.

Even as the blockchain and cryptoasset sectors continue to increase, both in terms of retail awareness and institutional support, guidance related to reporting and valuation remains ambiguous. While conversations around the accounting and reporting for various cryptoassets might not make the headlines that price volatility does, it is critically important for the further maturation of crypto.

Accounting and valuation rules, for lack of a better phrase, set the ground rules for how individuals and institutions should value, handle, and report these different cryptoassets. Without consistent and market-oriented rules, continued development of this sector will face substantial headwinds.

Rules and reporting frameworks, again, might not drive headlines, but taking a bigger picture perspective illustrates just how important these concepts are. The substantial price increases that have occurred in 2020

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How The Crypto Community Got Divided Into Two Halves: CeFi Vs. DeFi

There are two halves of the financial system from a crypto enthusiast’s perspective — traditional finance and cryptocurrency finance. But the crypto space now has two subspaces — centralized finance (CeFi) and decentralized finance (DeFi). Here’s how the divide happened.

One of the original ideas behind cryptocurrency is to have a wholly peer-to-peer network that doesn’t need centralized intermediaries such as financial institutions. Events played out differently in reality, however.

First, there are two ways to own crypto. You either receive payments in crypto or exchange government-issued money, such as the dollar for it. Most people enter the market via fiat gateways, and that complicates things —

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Largest Crypto Exchange’s CEO Speaks Out on Regulation, Trends

(Bloomberg) — Once again, cryptocurrencies have vaulted into the limelight. Prices are surging and interest is spiking, with everyone from PayPal to Fidelity to JPMorgan is showing greater interest.



a man standing in front of a building: Changpeng Zhao


© via Bloomberg
Changpeng Zhao

For Zhao Changpeng, chief executive officer and founder of Binance — the world’s largest spot crypto exchange by trading volume — the latest developments are encouraging.

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“Right now, we are definitely seeing more users come in, more adoption happening and more institutional participation,” said Zhao (who is also known as “CZ”) in an interview from Singapore. “Overall, things are going pretty well, I would say.”

The optimism over institutional investor interest, among other factors, has led Bitcoin to more than double this year. Following gains of about 20% this month, the coin has once again spiked above $16,000 and is sitting around its highest level in nearly three years. On Friday, it was little

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Bitcoin climbs above $16,000 to its highest level since January 2018 as crypto rally pushes forward | Currency News | Financial and Business News


  • Bitcoin soared above $16,000 early Thursday morning, breaking above the support level for the first time since January 2018.
  • The world’s largest cryptocurrency has rallied in recent weeks on a wave of market volatility and growing adoption.
  • The latest uptrend kicked off in October after PayPal announced it would allow users to buy, sell, and hold bitcoin. It’s broken several key psychological levels since.
  • Watch bitcoin trade live here.

Bitcoin surged above $16,000 for the first time since January 2018 on Thursday as the token continued its climb to new heights.

The world’s largest and most popular cryptocurrency leaped as much as 3% from its 24-hour open to an intraday high of $16,157 early Thursday morning. It quickly erased most of the gains and traded just below the support level at around 8 a.m. ET.

The rally follows similarly rapid leaps for the coin throughout the month.

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Crypto crime slows in 2020, but ‘DeFi’ hacks rise – CipherTrace report

NEW YORK (Reuters) – Losses from cryptocurrency thefts, hacks, and fraud declined to $1.8 billion for the first 10 months of the year compared with last year, but crime in the hot “decentralized finance” sector rose, according to a report from crypto intelligence company CipherTrace.

FILE PHOTO: The exchange rates and logos of Bitcoin (BTH), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) are seen on the display of a cryptocurrency ATM of blockchain payment service provider Vaerdex at the headquarters of Swiss Falcon Private Bank in Zurich, Switzerland May 29, 2019. REUTERS/Arnd Wiegmann

Crypto crime hit $4.5 billion globally in 2019.

“What we have seen is that exchanges and other cryptocurrency players have implemented more security procedures,” Dave Jevans, CipherTrace’s chief executive officer, told Reuters.

“They have taken the guidance and implemented the procedures to secure their funds better. So you’re going to see less mass-scale

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