Cryptocurrencies |

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)…

Goldman Sachs says Bitcoin will continue to decline

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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…

Bitcoin Whale’s Bad Trade Leaves Counterparties Holding the Bag

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LAGOS (Capital Markets in Africa) – A massive wrong-way bet on Bitcoin left an unidentified futures trader unable to cover losses, burning counterparties and threatening to dent confidence in one of the world’s largest cryptocurrency venues. The long position in Bitcoin futures listed on OKEx, a Hong Kong-based exchange, had a notional value of about $416 million, according to an OKEx statement on Friday and data compiled by Bloomberg. OKEx moved to liquidate the position on Tuesday, but…

Want to Know Where Blockchain and Bitcoin Are Headed?

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LAGOS (Capital Markets in Africa) – TheStreet’s Jordan French visits South Korea for Blockchain Week. What do the country’s unbridled markets and monopolistic corporate dynasties portend for the future of cryptocurrencies? Blockchain has become a global phenomenon and Asian businesses and investors are now in the thick of it. Investors in South Korea were among those that were captivated by cryptocurrency craze and that country’s increased regulations haven’t stopped its citizens from participating. South Korea…

Cryptocurrencies Fall as Korean Exchange Says $32 Million Stolen

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LAGOS (Capital Markets in Africa) – Bithumb, ranked by Coinmarketcap.com as the world’s seventh-largest crypto exchange by traded value, said on Wednesday that hackers stole about 35 billion won ($32 million) and that Ripple was among the coins taken. The exchange halted cryptocurrency deposits and withdrawals, said it will compensate victims and moved investor assets to a so-called cold wallet, which is disconnected from the Internet and less vulnerable to theft. Bitcoin, the largest cryptocurrency, dropped as…

Bank of England Steps Up Research on Digital Currency Effects

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LAGOS (Capital Markets in Africa) – Central-bank issued digital currencies could help the transmission of monetary policy, according to a Bank of England report. “Monetary policy would be able to operate much as it does now, by varying the price or quantity of central bank money, and that transmission may even strengthen for a given change in policy instruments,” said the working paper, published on Friday and written by researchers including Jack Meaning and Emily Clayton. A…

Is Crypto Fundraising Bringing New Opportunities to Africa?

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LAGOS (Capital Markets in Africa) – Investing in any of the top digital currencies is well above of means of most Africans. For example, one bitcoin in Nigeria values at more than three million naira. This is in a country where around half its population survives on less than 800 naira (just over $2) a day. The minimum wage in Nigeria currently stands at 18,000 naira ($around $60) per month. This situation is reflective of…

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