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Coinbase COO Asiff Hirji leaves exchange, Binance DEX will not be available in over 20 countries including US and more

Febin Jose

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Coinbase COO Asiff Hirji leaves exchange, Binance DEX will not be available in over 20 countries including US and more

Daily Crypto News – June 1, 2019

1) Ripple releases 1 billion XRP from Escrow: In the latest notification posted by the ever-observant Twitter user called Whale Alert, a total of 1,000,000,000 XRP [equivalent to $435,891,000] was sent into the market from escrow at Ripple Escrow wallet. The timestamp of the transaction was Sat, 01 Jun 2019 00:00:10 UTC with the hash rDdXiA3M4mYTQ4cFpWkVXfc2UaAXCFWeCK.

Read more at https://bit.ly/2KprldE

2) SEC FinTech Forum: The cryptocurrency industry has made it a point to continue pushing out products that would ensure its integration with the mainstream financial ecosystem. This fact was evidenced during the recently concluded Securities and Exchange Commission [SEC] Fintech forum when Todd McDonald, the Co-Founder and Head of Partnerships at R3, spoke about the upcoming developments in the smart contracts and derivatives market.

Read more at https://bit.ly/2XsQV5a

3) Bitcoin SV [BSV] delisting: The latest twist in the world of digital assets was contributed by CryptoMedication, a cryptocurrency research organization, when it speculated that there were strong ties between Bitcoin.com’s Roger Ver and Binance Chief Executive Officer [CEO] Changpeng Zhao.

Read more at https://bit.ly/2wzOkKU

4) HSBC Bank and blockchain: Banks and the cryptocurrency world have been at odds ever since the latter emerged a decade ago. From initially shrugging decentralized currency off as a mere distraction, now the disruptive force has irked the banking industry with the seventh largest bank in the world, HSBC rumored to be halting cryptocurrency transactions.

Read more at https://bit.ly/2IeBRlj

5) Bitcoin stabilizing after a massive 12% drop: Peter Brandt, a well-known trader, tweeted his views on the condition of Bitcoin and said that he was ready to go back to trading. He has been known for being vocal about his views on XRP and other cryptos.

Read more at https://bit.ly/2JSlsqi

6) Craig Wright on Binance, Tether: In addition to the notorious Satoshi Nakamoto saga, nChain’s Craig Wright caught the crypto-ecosystem’s attention by making a rare appearance at a conference in Toronto, in the middle of the short-lived 93% spike recorded by Bitcoin SV’s trading value. As always, Wright made news again after making yet another infamous accusation.

Read more at https://bit.ly/2W6AQRl





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Febin Jose is a full-time journalist/editor at AMBCrypto. He believes that cryptocurrencies will navigate a volatile future and that Arsenal can still win a title. Lives around the "if it sounds like writing, I rewrite it" mantra.

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Ampleforth could help create next-gen synthetic commodities for portfolio diversification, claims Blockfyre report

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Ampleforth could help create next gen synthetic commodities for diversification of portfolios claims new Blockfyre report
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Ampleforth was the first token to successfully complete an IEO on Bitfinex. This IEO caught the attention of a lot of users in the cryptospace, as the $5 million hard cap was sold out within the first 11 seconds. A new report by Blockfyre details how Ampleforth could pave the way for a new asset class for portfolio diversification in the future.

The report also highlighted a feature of Ampleforth that allows a flexible supply that adjusts to the market demand, while price simultaneously finds equilibrium. The token also aims to tackle the strong correlation that most cryptocurrencies share with Bitcoin.

Synthetic Commodity

Ampleforth project has the ability to create synthetic commodities that are disconnected when it comes to price fluctuations due to correlations, which is a common problem faced by both cryptocurrencies and traditional asset classes. Although Bitcoin was created to tackle problems that fiat currency inherently has, it still has some correlation issues.

In a world where traditional assets are widely affected by macroeconomic and global political scenarios, Ampleforth aims to create a new asset class, Synthetic Commodity, to tackle this problem.

The report stated,

“BTC as a synthetic commodity doesn’t show correlation to traditional markets such as stock stocks and bonds. Thus it reflects a potential good investment for portfolio diversification, in order to tackle macro-economic recession”

Although BTC is an uncorrelated asset, other cryptocurrencies are widely correlated to it. Ampleforth’s protocol introduces synthetic assets that “will always find a price-supply equilibrium by adjusting the price due to demand.” The report added,

“It needs to be emphasized, that these price-supply information will always be distributed amongst all token holders, so the supply of all token holders will decrease / increase. As a result, the overall cut of the total supply for each person will always remains the same.”

The report further said that if successful, Ampleforth will directly compete with Bitcoin’s $145 billion market cap and also against traditional asset market-based in fiat.





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