Cryptocurrency rallies…again

If you’ve been following the financial news in the last few weeks, then you have probably seen that some cryptocurrencies have been devalued. This has led to some speculators predicting that this is the beginning of the much-vaunted end for the cryptocurrency.

Cryptocurrency news

Ether has lost about 70% of its value this year, with around 50% of that happening in the last three months. It is now lagging behind its main cryptocurrency rivals. However, on each of the last four occasions that it has lost value and trailed its peers, it has rallied strongly and recovered. And it is thought that it could be about to do exactly the same thing, with a big rise predicted before the end of 2019.

The continued recovery of some of the big names in the cryptocurrency sphere just shows how resilient it can be. With each prophecy of doom and destruction, the cryptocurrency only seems to come back stronger. Which leads nicely onto our next bit of news.

 

Markets continue to rise

Although some individual cryptocurrencies have been struggling, overall the market is in very good shape. This is largely thanks to the industry and Blockchain technology receiving support from governments and other institutes. Following a slight slump in August, the market rebounded and daily trading volumes reached more than $16 billion.

In fact, all but two of the top 20 cryptocurrencies saw firm growth towards the end of the month and have surged sharply in the last few days. With a market cap reaching over $200 billion and governments such as that of Austria investing heavily, it looks like cryptocurrencies are here to stay.

 

US lawmakers have cryptocurrency proposal

The US congress is to launch a task force to investigate how cryptocurrencies have been gaining traction in another move that gives credence to the industry. While much of the work will be looking into how the technology can be potentially misused, it is another step towards the eventual mainstream recognition of cryptocurrency and Blockchain technology.

Traditional banking veterans are also making the move into cryptocurrency. Swiss start-up SEBA Crypto has raised $103 million in order to set up a bank offering cryptocurrency services to companies and investors. It’s further proof that the trend of cryptocurrency becoming more accepted by institutions is gaining pace. Large banking institutions have already expressed an interest and have considered making large investments in the firm. The start-up aims to open branches in major financial hubs such as Zurich, as well as offering digital services.

So, despite a rocky start to the month and year, it looks like the cryptocurrency market is in good shape and set to stay that way for the rest of 2018 and beyond. Who knows, you might even see cryptocurrency banks opening up on a high street near you in the not too distant future. With huge amounts of money invested and infrastructure being developed, as well as governmental involvement, cryptocurrency and its associated Blockchain technology are in a healthy position.

Round up of fintech news from August 2018

The world of financial technology, or fintech, moves fast and it can be hard to keep abreast of what’s going on. New developments seem to happen every day and it’s important to stay up to date. With that in mind, we’ve put together this roundup of fintech news from the last month, August 2018, just in case you missed anything.

UK fintechs hit by Brexit talent squeeze

Some derided it as Project Fear, others said it was a simple matter of fact. Brexit would drive talent away and hinder the technological sector in the UK. And according to Wired magazine in August, it seems there was a legitimate cause for concern.

photo of group of people standing in front of building

On the surface, all seems well in the world of UK fintech but there is a war brewing for talent. None of the UK fintech firms have upped sticks and left in the run-up to March 2019 but dig a little deeper and there are cracks starting to appear. Of the 76,000 or so people employed in fintech in the UK, around 42% are from overseas. These are mainly computer experts and software developers and after Brexit, many of them might decide that there are better places to ply their trade than the UK. Watch this space for more news as the facts start to come through.

UK leads the way for fintech investment

Of course, it’s not all bad news for the UK. The country is leading the way for global fintech investments, ahead of both the US and China with $16 billion ploughed into the sector in the first half of 2018. The UK also has four of the industry’s top 10 deals of the past six months. So maybe this will be enough to convince the talent to stay.

Facebook at it again?

facebook internet login screenFacebook were once again in talks with banks to try to get them to join its messenger platform and share user information in exchange for services. This news comes after a tough year for the social media giant in the face of privacy violations and other scandals. It appears that they’ve not learned their lessons about user privacy.

Amazon insurance

kindle technology amazon tablet

Amazon is seriously considering entering the world of insurance price comparison sites and has been in talks with some of Europe’s biggest insurance companies. As yet there are few details about what form this would take but there are strong signs that they will be entering the insurance marketplace in the not too distant future. This would pitch them against current market leaders such as GoCompare and Compare the Market. Amazon already uses its Alexa product for some financial services and has partnered with Amex to bring a credit card to market so who knows where else they might go in the fintech sphere.

 

We’ll keep you updated on any further major fintech stores that happen next month and will bring you any developments on the above stories.

Cryptocurrency News 21 June 2018

Value rise is good news for investors

Last week saw was good news for bullish cryptocurrency investors as the market added $12 billion in value in just 24 hours. Bitcoin rose from $6,300 to $6,700. This halted a decline that had been happening since 3 May, despite falling short of the highest $10,000 valuation. However, these gains could still signal the start of a mid-term rally for the currency.

blue and yellow graph on stock market monitor

Bitcoin has been relatively stable in the $6,000 region and this demonstrates more momentum for the currency. It has also meant that investors have become more bullish. They are predicting that the value will creep back up again to the $7,000 mark.

 

 

Blockchain platform to challenge App Store with borderless payments

A new platform, Bezant, is going to allow anyone to establish their own eCommerce content store and receive payments from anywhere in the world. This will reduce costs for consumers and open doors to emerging markets around the world. Currently, many small businesses and individual traders are missing out on the opportunity to grow as they cannot accept alternative payment methods.

Businesses unable to accept credit card payments or bank transfers could be missing out on many customers with money to spend. A new Blockchain-based system will help this large number of businesses and consumers benefit from end to end distribution and payment with vastly reduced transaction fees.

Large providers such as the App Store put small businesses at a disadvantage, with more than 90% of their revenue coming from just 1% of suppliers. Smaller businesses can lose up to 50% of their revenue once marketing fees and commissions have been deducted. This new form of Blockchain payment could make it much easier for small businesses to prosper in global markets.

Blockchain developers still in demand

The University of California Berkeley has launched a drive to help equip people with the skills they need to become Blockchain developers, launching an online certificate programme to help them learn the skills. They have identified that Blockchain developers are increasingly in demand and represent the wave of the future.

woman reading book

Berkeley has realised that Blockchain developers are needed around the world, and with more than 7,000 students signing up to the course, it seems that it is already a hit. As people and businesses become more comfortable with the technology, interest has grown, and more and more Blockchain-based projects are being launched. But the industry has been slow to catch up, leaving a shortfall of developers.

The program is the first of its kind and will span three months, focusing on cryptocurrencies and permissioned Blockchains. It will hopefully equip students for a career in the distributed ledger technology industry. Blockchain skills have ranked in the top 20 for fastest growing job skills, with available positions growing by more than 200% in the last year. This looks likely to be the first of many similar programs to be launched in the field.

Cryptocurrency news

New payments developments

Having made the headlines in 2017 and become a household term, what does the future have in store for cryptocurrencies? 2018 was supposed to be the year of the cryptocurrency and yet it is still very difficult to pay for goods and services using them, even though millions of people around the world have invested (or is it participated) in the market.

Cryptocurrency newsOne of the reasons behind this lack of transactions is that it takes time to complete and that it can cost more than traditional money exchanges. Due to the complex way blockchain works, it can take an hour or more to process a payment. And the average transaction fee for large amounts can be around $10, which pretty much rules it out for everyday use.

Many people within the cryptocurrency world are striving to remedy this issue, improving usability for payments and creating long-term solutions. One method has been to use ‘pull’ rather than ‘push’ payments. This has made simple, single or recurring payments possible on blockchain that were previously not feasible.

Is Warren Buffet wrong?

warren buffetThe market for cryptocurrency has remained strong, despite criticism from Warren Buffet. Values are still soaring, with some currencies achieving their highest ever ratings. Buffet, a legendary investing icon, has said that he has no confidence in the cryptocurrency market and has several times repeated his stance, believing that it is more akin to gambling than investing.

But then Buffet’s style has always been defensive and cautious, and there is little difference between speculating on cryptocurrency than any other form of currency or commodity that goes up or down in value.

Will the NASDAQ trade cryptocurrencies?

nasdaq.pngWith a total market capitalization close to $400 billion, the digital currency market is huge. And with those amounts involved, traders have naturally become very interested. Fluctuations in value have happened, but the fact that cryptocurrencies keep coming back adds to their stability and appeal.

This has led one of the world’s biggest markets, the NASDAQ, to comment upon the area, further increasing confidence in the cryptocurrency market. NASDAQ has said that it will consider becoming an exchange over time. People may well be ready for a regulated market and there are signs that this could be on the horizon. NASDAQ has also announced collaborations with cryptocurrency market Gemini which will allow them to use NASDAQ’s surveillance technology and offer a fair platform. This could just be the beginning.

And it’s not just the NASDAQ that is considering its options. There has been a lot of debate online about Deutsche Bank and its potential to become a cryptocurrency exchange. With cryptocurrency exchanges surpassing some of the world’s largest banks in profitability, it is not beyond the realms of possibility that a name like Deutsche Bank could change the way it operates. Rumours persist that Deutsche Bank could be in trouble and a change to cryptocurrency could be a legitimate way for them to recover.

It looks like 2018 is another year where cryptocurrency continues to make the news. It seems to be a big crossroads for the market, so it will be fascinating to see where we are this time next year.