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BCBS Warns That The Growing Crypto Industry Could Pose A Threat To Banks

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The Basel Committee on Banking Supervision (BCBS) which is the international banking authority, issued a warning on crypto assets today, March 13 that we are discussing more about in our crypto news below.

The BCBS is a committee of banking authorities that conduct supervision which is supported and hosted by the Switzerland-based Bank for International Settlements (BIS) that is actually an organization consisted of 60 of the largest central banks in the world.

According to the issued statement, the committee warns that the massive growth of he crypto industry could pose a serious threat and to ‘’raise financial stability concerns and increase risks faced by banks.’’ The committee also pointed out that the risks were already here despite the crypto market’s small scale when compared to the entire, global financial system.

The BCBS also made clear that the crypto assets are ‘’unsafe to rely on’’ as a store of value or as a medium of exchange which are the two most important functions of money while actually saying that cryptocurrency is a living contradiction. Providing a list of risks associated with the relations between a bank and a crypto related business, there are the ones that we are most familiar with including money laundering, terrorist financing, hacking and fraud. For that reason, the committee provided another list of the minimum requirements for a bank to be able to operate with crypto-related services.

The committee also pointed out that if a bank decides to work with crypto-related assets, first it should ensure that it has the relevant technical expertise which can bring for the bank to accurately evaluate the risks that come out by using or doing business with crypto assets. The bank should also guarantee a clear and effective risk management framework for an improved protection of the relevant data of the bank.

The bank should also be able to disclose any other crypto-related services together with the usual financing disclosures but most importantly to e complaint with all the general and local regulations.

Back in January, the BIS published a research where they claim that the departing from the Proof-of-work bitcoin system won’t actually solve any major issue that occur by the biggest cryptocurrency. Also, the BIS reported that nearly 70 percent of the global central banks are looking into the benefits of the central bank digital currencies issuance but clear plans for an implementation are still far away and depending on the context and timing.

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Two Miners Reportedly Executed A 51% Attack On Bitcoin Cash (BCH) Blockchain

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Two miners are in the focus of our latest cryptocurrency news for reportedly executing a 51% attack on the Bitcoin Cash (BCH) blockchain. As tweets by Cryptoconomy Podcast host Guy Swann shoed, the two miners were controlling the majority of the mining power on a Proof-of-Work blockchain network. For those of you who don't know, a 51% attack happens when someone controls the majority of mining power - acting as the majority block verifier - and preventing other users from mining and reverse transactions. Even though many jumped in the altcoin news with their assumptions that a 51% attack would be carried out with a malicious intent, the case with the two miners happened as the two mining pools attempted to prevent an unidentified party from taking some coins that - because of a code update - were essentially available for taking. As Swann said in the podcast, the two miners with majority control of the network - BTC.top and BTC.com - performed the attack in an effort to stop an unknown miner from taking coins that were sent to an "anyone can spend" address after the hard fork of Bitcoin Cash (BCH) in May 2017.
“When the unknown miner tried to take the coins themselves, http://BTC.TOP  & http://BTC.COM saw & immediately decided to re-org & remove these [transactions] TXs, in favor of their own TXs, spending the same P2SH coins, + many others … So just 2 miners, in secret & w/ no trouble, took it upon themselves to remove 2 blocks w/ another’s TXs, & replace with their own," Swann tweeted.
The two miners and their attack are a topic shared by many best cryptocurrency news sites. However, 51% attacks have always been considered unethical, undesirable and unprofitable option to take away funds as it would require a massive amount of computing power and because of the fact that users would flee. According to other stats on Coin.Dance relevant to the two miners, BTC.top and BTC.com control 43% of the Bitcoin Cash mining pool together. Meanwhile, this is not the only mining attack featured in the coming altcoin news. Previously, the Ethereum Classic (ETC) blockchain experienced a 51% attack in January, resulting in a loss of 54,200 ETC.
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GlobalCoin By Social Media Giant Facebook To Roll Out By 2020

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GlobalCoin-the name for the social media giant’s own cryptocurrency should roll out in 2020 according to reports that reached our coming altcoin news today. Facebook stated back on Friday that the company will launch the stablecoin and the crypto-based payments system in multiple countries by the first quarter of 2020. The company is also looking to start trials this year. The platform has also sought advice from the United States Treasury officials and Bank of England governor Mark Carney on the opportunities and regulatory issues that can come up for Zuckerberg’s project named ‘’Project Libra.’’ According to the report, information about GlobalCoin should be revealed in the upcoming months. However, the information we have show us that Facebook has also been discussing with both Gemini and Coinbase, both of which are crypto exchange giants in order to prepare third-party regulated platforms for users of the new stablecoin. The exchanges will also provide secure storage for the asset as the reports say because of the ‘’two people familiar with the matter.’’ Further, Gemini is basically a company founded by Mark Zuckerberg’s old rivals Cameron and Tyler Winklevoss but their exchange is one of the most highly regulated exchanges. This factor appeals to Facebook since regulation will be one of the most important aspects for the GlobalCoin cryptocurrency. The company is also discussing market creation and liquidity with a major Chicago-based frequency trading firms such as Jump and DRW. The latest cryptocurrency news updates came very soon after the reports that the social media giant has been discussing with payment companies such as Visa, Mastercard, and Western Union in order to fund its fiat-based cryptocurrency. The project will reportedly help millions of Facebook’s users to transfer money to each other and to make online purchases. Facebook even registered the new entity named ‘’Libra Networks’’ in Geneva on May 2 which will provide technical and financial services to develop related hardware and software. Only last month, Facebook was seeking to raise about $1 billion in order to fund the crypto stablecoin project- GlobalCoin. There is currently no information whether money has started to pour in but we will wait for updates on this controversial project and keep you posted.
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Galaxy Digital ‘Bank’ Cashes Out Of Block.one Investment With 123% Profits

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The Galaxy Digital Bank, or as it names itself the "crypto merchant bank" which is backed by a former Goldman Sachs partner Mike Novogratz, has recently cashed out 123% in gains from the bear market trend. As a new press release obtained from us shows that Galaxy Digital Bank, which was launched near the peak of the Bitcoin bull market, has netted substantial gains on one of its major blockchain-related investments. The release was re-shared on many best cryptocurrency news sites and revealed that Galaxy liquidated most of its shares in Block.one - the blockchain development startup and the fund behind the EOS protocol, for about $71.2 million. The company (Galaxy Digital) has registered a realized return of 123% on the investment. Even though the merchant bank will only hold a minimal amount of shares of Block.one, they will still work with the startup in a number of capacities like the EOS-centric venture fund and as a proponent of the blockchain in general.
“The acceptance of Block.one’s tender offer reflected a decision to rebalance the portfolio to maintain an appropriate level of diversification after the position increased due to its substantial outperformance relative to the remainder of the portfolio,” Novogratz then said.
As the filing shows, Galaxy Digital Bank can attribute much of this loss to its principal investing and trading businesses, presumably due to the fact that November and December saw Bitcoin  and many other coins falling to fresh lows, as the altcoin news showed. The filing notes that Galaxy Digital Bank is primarily founded by Novogratz's wealth, 20% of which is purportedly invested in Bitcoin and Ethereum. Even though the company lost $272.7 million in all of 2018, much of the losses were incurred as a result of sale of cryptocurrency. One Twitter analyst also went in detail on this. https://twitter.com/zhusu/status/1126394118093950983 However, this is not the end of Novogratz & co. The report revealed that as 2018 ended, Galaxy Digital Bank owned $350 million of assets, 50% of which constituted equity/stake in prominent industry startups. More importantly, Galaxy Digital announced the launch of another fund (rumored with hundreds of millions in funding) which will loan out capital to cryptocurrency firms - a business which has boomed during the 2018 bear market - as the latest cryptocurrency news show.
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Crypto Market Retreat: $14 Billion Wiped Out Overnight

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The big Bitcoin pullback and crypto market retreat is in the coming altcoin news. Analysts cannot say that they did not expect it. As Bitcoin dips below the key support, the altcoins are also crashing around it. The total market capitalization managed to shed over $14 billion overnight and is approaching $235 billion at the time of writing. The new crypto market retreat started when Bitcoin failed to break resistance and started on a downward slide which resulted in a 4.3% dump on the day. From trading below $8,000, Bitcoin managed to fall back in the $7,500 waters as the latest cryptocurrency news show. Right now, analysts are eyeing resistance at $7,400 and $6,800 with a further decline if these support levels cannot be held. The crypto market reversal also pulled many altcoins down as the charts show. Ethereum was one of them, dumping more than 7.5% and coming back to $237. The truth is, Ethereum has not managed to decouple from Bitcoin and could soon visit the $232 support area. The top ten cryptocurrencies are all in red in the crypto market retreat. Cardano is getting crushed by more than 10% and Stellar is not that far behind, dumping more than 9%. XRP, Bitcoin Cash and EOS are all declining and have dropped by 7%. The only coin which is staying afloat is Binance Coin, trading above $30 with a loss of only 2%, as the altcoin news show.c Big trouble is also facing the top twenty at the moment with the crypto market retreat. As Bitcoin SV (BSV) dumps 12% of its epic gains yesterday, the US Copyright Office already stated that it does not investigate the connection between the claimant, Craig Wright - and the pseudonymous BTC code author. During the crypto market reversal, there are many double digit dumps. What's interesting and featured by many best cryptocurrency news sites is the MATIC altcoin, which has recently added another 20% to its price following its embellishment from the world's largest exchange. On top of this altcoin, the Crypto.com owned Chain also revived and added 10% against the bad flow today preparing for a new run on the upside. To sum things up, the total crypto market capitalization has been smashed with $14 billion and it seems that almost every coin is dropping.
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