🗞 Daily Crypto News, October, 6th 💰

in #steem • 5 years ago

  • Tether and Bitfinex Expect a Market Manipulation Lawsuit: Official ;
  • Bitcoin Price Pinned Below $8,200 as Bulls and Bears Fight for Control ;
  • What It’s Like Being CIO of a Crypto Fund ;
  • Algorand’s Venture Arm Loses up to $2M in Hot Wallet Breach: Report ;
  • ‘Gold-Backed’ Crypto Token’s Promoter Investigated by Florida Regulators ;
  • 🗞 Daily Crypto News, October, 6th 💰
  • STEEM Trading Update

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

🗞 Tether and Bitfinex Expect a Market Manipulation Lawsuit: Official

Stablecoin firm Tether and its affiliate exchange Bitfinex anticipate a lawsuit alleging that Tether token (USDT) is involved in market manipulation as the result of an unpublished paper.

Tether and Bitfinex to defend its position

On Oct. 5, both Tether and Bitfinex published statements claiming that they had become aware of an unreleased paper “falsely positing that Tether issuances are responsible for manipulating the cryptocurrency market.”

Both firms argued that findings and conclusions claimed by that unpublished source relies on “flawed assumptions, incomplete and cherry-picked data, and faulty methodology.” Both announcements likewise refer to the paper as “non-peer reviewed.”

🗞 Bitcoin Price Pinned Below $8,200 as Bulls and Bears Fight for Control

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As the weekly close approaches Bitcoin remains pinned in the $8,300 to $7,800 range. For the past few days, the digital asset has made lower daily highs and it no longer rides along the 20-MA of the Bollinger Band indicator on the 4-hour chart.

Basically, Bitcoin is losing steam and now struggles to pierce $8,200 as trading volume dries up and the Bollinger Bands tighten. All of this suggests a move is imminent.

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🗞 What It’s Like Being CIO of a Crypto Fund

After 365 days running a crypto fund, one thing is certain: it’s exhausting. And yet, at the same time, I’m more energized than ever.

Arca just completed its first full year managing LP capital in its flagship Digital Assets Fund. As chief investment officer, I experienced first-hand the trials and tribulations of building, launching and managing capital in the newest, most misunderstood and potentially most lucrative asset class available to institutional investors today.

Let’s take stock of the last year, reflect and see where we go from here.

Building a Team and a strategy

Starting a crypto fund is a lot like trying to build Uber while the car is being invented.

We’re working with an incomplete deck and everything is brand new, from the service providers and the systems/tools, to even the valuation techniques. This past year was just as much about business development as it was investment process. Running a crypto fund is an all-encompassing 24/7 job, and there are no shortcuts when trying to build long-lasting client trust.

🗞 Algorand’s Venture Arm Loses up to $2M in Hot Wallet Breach: Report

Algo Capital, an investment arm of United States-based blockchain firm Algorand, has lost roughly $1–2 million in Tether (USDT) stablecoins and Algorand (ALGO) tokens after its CTO Pablo Yabo’s mobile phone was compromised.

The breach allowed hackers to gain access to Yabo-managed Algo hot wallet, a source familiar with the matter told Coindesk on Oct. 5.

The total amount of damages was reported in an email by the company’s CEO David Garcia. He confirmed the security breach and claimed that the firm passed the details of the incident to its limited partners, according to the article.

Full reimbursement in 20 months

Citing an anonymous source, the report says that Algorand is aware of the breach suffered by Algo Capital so far. The company will take full responsibility for the loss and plans to reimburse the entire amount in 20 months, Garcia reportedly wrote, adding:

🗞 ‘Gold-Backed’ Crypto Token’s Promoter Investigated by Florida Regulators

The Takeaway

Florida regulators are investigating Karatbars, a German company that’s been promoting a token tied to a Miami “crypto bank” without any banking license in the state.

Karatbars previously issued a cryptocurrency purportedly backed by gold, but CoinDesk has been unable to verify the existence of the mine the company says produced the gold.

Before it entered the crypto space, Karatbars sold gold products online through an affiliate marketing system that regulators in three countries warned the public to avoid.
CoinDesk interviewed three of Karatbars’ current “affiliates,” who said they passionately believe in the company and its tokens.

🗞 Daily Crypto News, October, 6th 💰

  • DigixDAO (DGD)

Remember to lock your $DGD to participate in Q3 proposals. Q3 locking phase will end on the 6th Oct 2019.

  • Gnosis (GNO), Raiden Network Token (RDN)

"Join us in a relaxed atmosphere to get to know a few cool projects shaping the crypto and DeFi space and ask the people behind them..."

  • Celer Network (CELR), Chainlink (LINK), General Event (CRYPTO), Ethereum (ETH)

"The event aims at providing a platform for more experts in Ethereum to share their ideas on..."

  • General Event (CRYPTO), Loom Network (LOOM)

"Founders will be sharing their efforts, considerations and know-hows on designing play to earn, play to own user experiences..."

  • Waves (WAVES)

Find out more about mining and leasing $WAVES after our community driven monetary policy goes live on 7 October.

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STEEM Trading Update by my friend @cryptopassion

Here is the chart of yersterday :

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Here is the current chart :

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So since some days we are progressing in the direction of the resistance line at 0.155$. Today we had a little correction but look the low of this correction, we are still higher than the previous low so it means that the trend (UP in this case) is still in progress. So my objectives stay the same, go touch the resistance line at 0.155$ and see if we will break it or not.

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Last Updates

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