Connect with us
  • Home
  • Start here
  • Bitcoin Charts & More
  • Submit PR
  • Advertisement
CLOSE

Altcoin News

GMO Quits Selling Crypto Miners After Market Downturn

Published

on

The Japanese IT giant GMO is in today’s Bitcoin news, this time for a breaking announcement in which it stated that it will quit making and selling Bitcoin and crypto miners following a year of bear market losses.

As the firm announced on Tuesday, due to the “increasingly competitive” environment and weak crypto market, it will ““no longer develop, manufacture, and sell mining machines.”

GMO is to record an “extraordinary loss” of 35.5 billion yen (which is approximately $321.6 million) consisting of impairment loss and losses from transfers of receivables which are right now approximately $104.2 million and $217.4 million respectively, mostly due to the sales of relevant assets.

As the announcement read:

“After taking into consideration changes in the current business environment, the company expects that it is difficult to recover the carrying amounts of the in-house-mining-related business assets, and therefore, it has been decided to record an extraordinary loss.”

The mining company first launched its miner making business in September 2017 and set up the operations in northern Europe at the end of last year. The decision to quit the business comes months after its new miner named “B3” packed with a 7nm mining chip.

“We are currently operating mining machines, and the depreciation cost will be almost zero after recognizing the impairment loss. Therefore, we will continue running mining operations if we can ensure that the revenue exceeds the electricity cost,” the firm summed up in a conference call for institutional investors on Tuesday.

The overall loss right now is more than 640 million yen ($5.6 million) in Q3 of 2018 alone, after a drop of $3.2 million in the previous quarter (Q2).

Share This With Your Friends

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Continue Reading
Comments

Altcoin News

Chinese Companies Won’t Follow Facebook’s Crypto Adventure

Published

on

By

chinese companies
Chinese companies especially the payment giants will not follow Facebook into the crypto adventure anytime soon. Why you ask? We will find out in the latest cryptocurrency news below. The internet giants of China including the CEO of Tencent-the parent company of the social messaging giant app WeChat says that he thinks regulation will be the most important factor for the success of the social media giant’s cryptocurrency-Libra:
 “The technology [of Facebook] is already mature enough so it’s not difficult [to implement]. Now it just depends on whether it can obtain regulatory approval.’’
Tencent did not comment any further on the issue but stated that the CEO made a remark back in 2018 that the company’s stance on cryptocurrency is:
 “The greatness of blockchain technology depends on how it’s used. Issuing initial coin offerings or digital currencies still bear too much risks … Tencent will not issue a coin and does not consider to be involved in that.”
Some of the other Chinese companies including the Ant Financial and the CEO Eric Jing noted that the company has already declared back in 2018 that they would stay away from digital currencies and will mainly focus on blockchain technology. While Ant Financial that operates AliPay is successfully expanding overseas, it is using a conventional strategy of partnering with multiple regional payment providers rather than issuing its own cryptocurrency. The reason why the payment Chinse companies are not considering crypto as useful, mainly focus on the regulatory issues since the country’s central bank banned crypto offerings back in 2017. The vice president of the Chinese Software Developer Network Yan Meng who is focusing on token economic research says that Facebook’s user base across the world leaves no other option than to borrow ideas from blockchain and crypto in order to get as far as possible from the traditional way for launching a global payments network. He said:
 “Facebook just can’t do a global payments network via traditional methods, which require applying for a license and preparing foreign exchange reserves with local banking, one market after another.’’
As noted in some of the best cryptocurrency news sites, the People’s Bank of China reported that the country reached a $41.51 trillion in mobile payments in 2018 alone and AliPay accounted for more than 90% alongside WeChat Pay.
`
Continue Reading

Altcoin News

Cardano Price Spikes By 100% After TestNet Release

Published

on

By

Cardano price spikes by more than 150 percent and is now trading at $0.0903 at the time of writing. In the coming altcoin news, we take a closer look for the reasons for the price increase. Cardano is known as the Ethereum Killer since it made big gains this year but this seems to only be a warm-up. A Twitter user under the name of Beastlorion believes that Cardano is preparing up for major pump in the upcoming weeks. The climb comes after the extremely anticipated release of the crypto token’s testnet. The analyst believes that the ADA token will make up to $117.72% price jump over the next week. Based on the charts, the analyst believes that Cardano will start a massive rally to $0.197. These gains represent an increase of about 117% in under 27 days. Before this development occurs, the cryptocurrency must first break the resistance level of $0.096353. If you take a look at the chart for the ADA token there are plenty of reasons to look into the Beastlorion’s predictions closely. The Cardano price looks bullish in both long-term and shorter time frame. By looking closely on the cryptocurrency and its performance, it reveals a massive inverse head-and-shoulders pattern. The visible pattern in both the daily and the weekly charts shows a construction for the long term price. Cardano will likely double in value soon when it breaks after a long accumulation period and generates a huge bullish momentum. Also, as noted in the latest cryptocurrency news, Cardano could double or triple in volume in a short period of time or better known as a parabolic run. Bitcoin is currently in the middle of one. Based on Beastlorion’s tweet, the Cardano price will launch its own parabolic run ones it reaches the neckline of the inverse head-and-shoulders. Cardano’s chart shows the possibility of an extensive base building period and has virtually no resistance above $0.0963. ADA will ignite a massive rally after breaks out and could double in value in less than 30 days. The smart way to dive into this trade is to wait for Cardano to clear the resistance level of $0.963 and to retest the support level. When this happens, the ADA token will likely beat the other assets and will increase twice as much.
`
Continue Reading

Altcoin News

Federal Reserve Not Worried About Facebook’s Crypto

Published

on

By

federal reserve
Federal Reserve members had a meeting discussing the new crypto project by Facebook-Libra. According to the chairman Jay Powell, Libra does not pose a threat to fiat money and we read more in the latest cryptocurrency news below. Powell noted:
 “I think we’re a long way from that…Digital currencies are in their infancy. So essentially, [I’m] not too concerned about central banks no longer being able to carry out monetary policy because of digital currencies or cryptocurrencies.”
Regulating the crypto project is not on the Federal Reserve agenda because the agency does not have the needed authority to do so. Powell noted that the FED doesn’t have the plenary authority over cryptocurrencies as such. He also stated that cryptocurrencies play an important role in our world today and this is why consumer protection is needed. It is also important to prevent money laundering but Powell noted that the international forums have a bigger impact in the payments systems around the world and play an important role in the payment system of the United States. Powel continued:
 “There are potential benefits here; there are also potential risks, particularly of a currency that could potentially have large application. We will wind up having quite high expectations from a sort of a safety and soundness regulatory standpoint if they do decide to go forward with something.”
The Federal Reserve chairman acknowledged the fact that the FED does meet with the private sector quite often and the companies form the sector to discuss future fintech plans including blockchain technology and cryptocurrency. The Fed also is not the first agency that met with Facebook and discussed the controversial crypto project. Powell concluded:
 “Facebook, I believe, has made quite broad rounds around the world with regulators, supervisors, and lots of people to discuss their plans and that certainly includes us. That’s something we’re looking at. We meet with a broad range of private sector firms all the time on financial technology and there’s just a tremendous amount of innovation going on out there.”
As noted in the coming altcoin news, the Federal Reserve reported earlier this week that the interest rates would remain unchanged despite the recent developments on the market.
`
Continue Reading

Altcoin News

Ripple Price Prediction: XRP Dips Are Attractive To The Bulls

Published

on

By

ripple price prediction
The price of XRP has always been a hot topic in our altcoin news. In today's headlines, we are giving a new Ripple price prediction based on the current conditions on the market. As the charts show, Ripple started a downside correction from well above $0.4550 and tested the support zone of $0.4185 and it is currently showing positive signs above the $0.4250 level. The price of XRP broke a major bearish trend line with resistance at $0.4510 on the 30-minute charts. Because of all this, and the many struggles and increases in the price of XRP, many expect a Ripple price prediction now. Our analysts at DC Forecasts estimate that the Ripple price follows the traction of the latest cryptocurrency news and the gains made by Bitcoin, Ethereum and Ripple. XRP/USD traded below the $0.4385 and $0.4240 support levels, but the $0.4185 to $0.4200 support zone acted as a decent buy zone. The pair even broke the 25 simple moving average plus the 23.6% Fibonacci retracement level of the latest drop from the $0.4636 high to $0.4188 low. Seeing as it is now, the previous pivot zone near $0.4385 is a strong resistance level for XRP right now. Besides, the 50% Fib retracement level of the latest drop from the $0.4636 high to $0.4188 low is near the $0.4415 level. This shows that the Ripple price prediction is entirely based on bulls which need to clear these levels and start a fresh increase in the near term. If they fail to do so, however, the price would decline towards the $0.4185 support line. Below $0.4185, the main support for the price of Ripple is near the $0.4145 level as many best cryptocurrency news sites have shown. If there are more losses, the XRP price is likely to test the $0.4020 support zone. For those of you who want to stay optimistic regarding the Ripple price prediction, on the upside a break above $0.4415 might lead the price to the $0.4600 resistance area. All in all, Ripple (XRP) has managed to retrace but is still not sitting in a comfortable zone as it used to be. While XRP is heading for the comfort that it needs, bulls are ready to make a move and trigger a potential price growth which would be welcome in the coming altcoin news.
`
Continue Reading

Newsletter

For Updates & Exclusive Offers
enter your email below





ADVERTISEMENT

cryptocurrency review

ADVERTISEMENT

Join us on Facebook

Recent Posts

ADVERTISEMENT

UPCOMING EVENTS RECOMMEND BY DC FORECASTS

july

No Events

NEWS CATEGORIES

ADVERTISEMENT

Trending Worldwide

X
X