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Bitcoin News

Fidelity’s Bitcoin Custody Service Is About To Launch In A Few Weeks



In today’s Bitcoin news, we have a big headline coming from Bloomberg’s Matthew Leising and Alastair Marsh in which the new custody service for Bitcoin is announced. According to the press at Bloomberg that cites Fidelity’s decision from an official statement:

“Fidelity Investments is targeting a March launch date for its Bitcoin custody service, according to three people with knowledge of the matter, as the mutual-fund giant moves forward with a plan that could help ease fears of trading cryptocurrencies.”

The company also announced that they are serving a select set of eligible clients as they continue to build their initial solutions:

“We are currently serving a select set of eligible clients as we continue to build our initial solutions. Over the next several months, we will thoroughly engage with and prioritize prospective clients based on needs, jurisdiction and other factors.”

Another source familiar with the new enterprise told CoinDesk on Tuesday that this cold storage function on Fidelity’s Bitcoin custody service has already been launched and there are some assets under its management.

For those who don’t know, last October the Boston-based Fidelity which is a financial services giant (worth $7.2 trillion) announced its plans to enter the crypto market while citing the demand for cryptocurrency. Fidelity then launched a separate company to manage its crypto assets – named Fidelity Digital Assets.

This has been a big step in the institutional finance market, where big players seem to disrupt the crypto industry and aim at diversifying some of their portfolio into crypto holdings.



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Bitcoin News

Bitcoin Expertise Is ‘Exploding’ Among Insurance Professionals In 2019: Study

A new study highlights the Bitcoin and blockchain expertise in the insurance industry, mentioning how it "exploded" over the past two years. The insurers who ignore blockchain technology, according to it, do so at their own peril. The report made the crypto news today. Created by Aite Group which is a global research and advisory firm, it showed that Bitcoin is among the strong sides of professionals in the insurance industry. As it showed in detail, individuals with technical expertise in both Bitcoin and insurance soared from 102 in April 2017 to 5,418 this January 2019. The ones with expertise in blockchain and insurance, on the other hand, rose even more dramatically - going from 96 in 2017 to 29,355 in January this year. Even though blockchain is not a completely immature technology in the insurance industry, there is still a lot of development ahead. More specifically, many different platforms are coming to market in the past two years as the report shows. Named “Blockchain in Insurance, 2019: A Market Overview,” this report was based on 40 phone interviews with blockchain experts, innovation directors, C-level executives, insurers, reinsurers, consulting firms and venture capitalists between October 2018 and January 2019.
“If you are not already involved in a blockchain project, you need to start looking for opportunities to test the waters with a limited use case or low-impact proof of concept,” is what Greg Donaldson said in the report, namely a senior analyst at Aite Group.
When it comes to the actual growth and the need for blockchain experts, it is constantly increasing. 'Talent growth' is a category that we can see in the report which shows dramatic results. For example, only seven individuals showed their Bitcoin expertise in April 2017 - but 390 of them did in January 2019. Similarly, only two claimed both insurance and blockchain in their expertise - but 2,260 were skilled in both in January 2019.
“The interest in this technology has created an extreme need for more experts who can help the insurance industry develop solutions using blockchain,” the report notes.
To sum things up, the report says that there is one system that is already implemented by some companies - which actually makes the insurance process more transparent and efficient. It keeps all of the customer information on a 'permissioned' blockchain - starting from the moment when a customer is offered a price quotation for a policy.
“Then once the customer purchases the policy, the customer knows the status and receives a policy and proof of insurance almost instantly,” explains Aite.
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Bitcoin Is At $4,001 – Finally Breaking Through The ‘Crucial Mark’ Again

For some, the Bitcoin news today show the dominant cryptocurrency as "stuck" in the $4,000 region. For others, Bitcoin is making a leap forward and rising in price. What's certain is that the crypto markets are experiencing a relatively quiet week as Bitcoin is trading sideways between $4,000 and $4,100. What's crucial is the fact that BTC is now over the $4k limit. However, the stability should not fool traders. According to analysts, BTC may drop in the near future as its upwards momentum starts to fade. In fact, if Bitcoin is unable to get more buying pressure as the markets head in the weekend, it is likely that it will drop back in the upper $3,000 region. Right now, Bitcoin is trading up less than 1% at its current price of $4,001. Throughout the week, it has established $4,100 as the resistance level and unsuccessfully attempted on multiple occasions to break above this price level. More importantly, Bitcoin has established $4,000 as a level of support and bounced after touching this price. The true test, despite this, is Bitcoin and its ability to advance above $4,200 which was the level established as a key resistance one last month. The current lack of momentum is negative. However, according to analyst, BTC is bearish only if the crypto begins tepidly moving towards the stronger resistance levels located above $4,100.
“If $BTC starts getting higher timeframe 4hr/1D closes below 3930, THEN I’ll consider being bearish short term. Unless you are a short term day trader flipping your outlook between 4400 and 2k after a red 30 minute candle isn’t too helpful,” an analyst named Luke Martin tweeted.
Historically, the crypto market has been prone to making big swings during weekend trading sessions - meaning that traders may gain more insight into where BTC could be heading over the next couple of days. Another popular crypto trader and analyst named The Cryptomist on Twitter, spoke about the possibility of Bitcoin dropping in the $3,000 region. As she stated:
“$BTC Mentioned couple days ago we will see movement for yesterday price action. We dropped and bounced of candle support as RSI support failed. We have 2-3 days to break this 4010 region resistance before we break this candle support and test target #1 at 3900 range.”
If the crypto drops below $4,000 it will likely be a strong psychological level of resistance which may prove to be difficult to break above.
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Calm Before The Storm: Bitcoin Dominance Reaches Low Levels Similar To 2018

It seems like the Bitcoin dominance on the market has reached its previous position form a year ago in August. The Google trends data show that the interest in Bitcoin hasn’t been this low since 2018, April. Should we be expecting a massive bull run or the situation will stay the same? Let’s find out in our bitcoin news of today. BTC dominance is hovering about the 50% level. Bitcoin’s market cap is still the largest despite millions of dollars going into altcoins over the past year rather than Bitcoin. Users in the crypto community have noticed that lower dominance means a major bull run according to the data. In the first Bull Run, the data says otherwise. There is no single relevant information that the first bull run was initiated after a period of low dominance. The interest for the cryptocurrency dropped which made the huge investors dump and there is also no data that suggests that investors will come back. However, this could be a potential sign of warning that will scare everyone who is not a long time crypto trader or investor. The bull run that leads the price of bitcoin to reach $20,000 was a rare moment that made long-term investors put their funds somewhere else. One thing we can all be sure of is that there is not going to be a ‘’Bitcoin Killer’’ at least not in the near future. At the same time, smart contract platforms seem to be having a good time and investment products keep emerging on the surface. There are new projects launching every day and Ethereum is now becoming home to hundreds of tokenized projects and platforms. During the bull run, the demand for Ether increased rapidly but the long-term dominance of the cryptocurrency is just as questionable as Bitcoin’s. Currently, there is a lot more money going into Bitcoin nowadays and those will be filtered between people who invest for the first time or the HODLERS who just want to stay away from extreme volatility. In the long run, it’s not so crazy to think that Bitcoin might lose its position as the number one cryptocurrency but this won’t mean that the crypto has failed. The next bull run could be around the corner, let’s wait patiently and see what happens.
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Bitcoin News

BitMEX CEO Arthur Hayes: Bitcoin Will Test $10,000 In 2019

The CEO of Bitmex is making the Bitcoin news today with a statement in which he predicts that Bitcoin (BTC) will get back to the $10,000 price point this current year. According to Arthur Hayes who is the leading face at BitMEX, BTC could be bullish once again. Hayes shared his predictions in a newsletter that was published on March 22, stating that the market could recover in the early Q4 of 2019. As he revealed:
“The 2019 chop will be intense, but the markets will claw back to $10,000. That is a very significant psychological barrier. [...] $20,000 is the ultimate recovery. However, it took 11 months from $1,000 to $10,000, but less than one month from $10,000 to $20,000 back to $10,000.”
He also talked about the atomic swaps and distributed exchanges, the tracking of ICO tokens, the anatomy of the next global financial crisis and many other topics. In the report named "The Road To $10k" Hayes said:
"All is not lost; nothing goes up or down in a straight line. 2019 will be boring, but green shoots will appear towards year end. The mighty central bank printing presses paused for a while, but economic sophists could not resist the siren call of free money. They are busy inventing the academic crutches (here’s looking at your MMT), to justify the next global money printing orgy."
While pointing to the last quarter of this year as the crucial for BTC, Hayes concluded:
"Green shoots will begin to appear in early Q4. Free money and collective amnesia are powerful drugs. Also after two years of wage cucking, punters should have a few sheckles to rub together."
Earlier in March, BitMEX revealed that its own Ethereum Parity full note contained a "potential bug" and reported that the same node  “sometimes reports that it is in sync, despite being several hundred thousand blocks behind the chain tip.” The authors claimed that this bug could be exploited by an attacker in some cases, but that is "highly unlikely to happen." In another analysis, BitMEX revealed that the 2018 crypto bear market accounted for 54% of the losses as well as $1.5 billion worth of transfers to external addresses and other factors that have brought projects' holdings down even further.
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