Hedge Fund Manager: Bitcoin Is Flashing Buy Signal

The CEO of Pantera Capital, Dan Morehead stated in a CNBC interview that the bitcoin is currently flashing a rare buy signal.

He also said that we already seen the bottom of bitcoin’s bear market price at $6,500 and might as well be on its way back to the previous all-time-high of $20,000 or even exceed it by the end of 2018.

The former Goldman Sachs employee is one of the best-known cryptocurrency hedge fund manager.

Despite having seen its Bitcoin holding decrease more than half this year, the CEO is still optimistic about cryptocurrencies and stated in a letter to investors this April that even with the crash, bitcoin has returned more than 10,000 percent since its founding in 2013.

Pantera Capital is said to have around $800 million assets under management.

Houbi To Expand To Europe

Huobi has set its sights in Europe in its bid to make its presence felt globally.

The Singapore-based crypto exchange Huobi has released information that they plan to expand beyond Asia and operate in Europe, more precisely in London.

Chern Chung , the company’s senior business development manager for Europe explained that they have chosen London as its entry point to Europe because of it having the most active trading scene across the continent, according to their statistics.

The opening of London operations is part of their expansion strategy that includes the opening of shop in South Korea earlier this year and opening shop in San Francisco USA, which is currently on the process.

Huge Profits for LocalBitcoin Where it Matters Most

The peer-to-pear exchange, LocalBitcoin is making millions of profits, $27 million to be exact, facilitating transaction in countries that needed it the most.

These countries include those that do not have centralized exchanges, countries that have tough regulations on cryptocurrencies or even those that deems it outright illegal.

The company started in 2011 by brothers Nikolaus and Jeremias Kangas with a few thousand dollars of investment and remains one of the longest-running bitcoin company.

Part of its success is by how LocalBitcoin has set itself up to be only a technology provider and not a complicit party, meaning it also serves as a conduit of transactions and compliance to local regulations is up to the buyer and seller.

IBM And Major International Banks Succeeds In First Transactions On Trade Finance Blockchain

A Blockchain-based trade finance platform, Batavia, has successfully passed its first live pilot transactions among IBM, international banks and their customers.

The transactions include trading cars from Germany to Spain and Textiles for furniture production from Austria to Spain.

The platform was jointly developed by IBM, Bank of Montreal (BMO), CaixaBank, Commerzbank, Erste Group and UBS.

Batavia enables users to close trade agreements and execute smart payments, which can be automated and triggered when specified conditions are met In the supply chain.

All transaction then is recorded in its Blockchain.

Since its successful test run, the consortium is now focusing in building a production-ready solution.

Square Cash Stock Spikes Due to Bitcoin Positive Outlook

Trading venues of bitcoins have been consistently making money and it does not matter whatever is the current market conditions.

This seems to be the case of a publicly traded company Square Incorporated, which has a mobile payment app Square Cash that earlier this year has added the functionality of buying and selling bitcoin directly in their platform.

The company’s stock price surge 5% on Wednesday after a very positive outlook on bitcoin by Analyst Dan Dolev of Nomura Instinet.

Square is headed by the CEO of Twitter Jack Dorsey.

The CEO believes that bitcoin can be the world’s single currency in the next ten years.

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