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Fidelity will stick to top cryptos like Bitcoin or XRP, says Morgan Creek’s Anthony Pompliano

Akash Anand



Fidelity will stick to the top cryptos like Bitcoin or XRP, says Morgan Creek's Anthony Pompliano
Source: Pixabay

The sudden movement in Bitcoin prices has added fuel to the cryptocurrency market’s excitement, with many in the space speculating that the bear market may have finally come to an end. In the latest Crypto Trader episode, Ran NeuNer sat down with Frank Chaparro, Senior Correspondent at The Block and Anthony Pompliano, Founder of Morgan Creek Digital Capital, to talk about Bitcoin’s price changes and other developments in the industry.

Frank Chaparro touched upon the recent Binance hack first, stating that in the grand scheme of things, losing 2 percent of the total holdings is something that can be rectified. This was said in connection to the panel’s opinion that the market was finally responding to the news, as evidenced by the slow gain in prices.

NeuNer then spoke about Fidelity’s latest news offering cryptocurrency trading to its clients, something that was attributed to the rise in the world’s largest cryptocurrency’s value. According to Anthony Pompliano,

“It is at least good that they have given a timeline for the launch. Fidelity is similar to Binance in a way that they both are well accepted in the community where the upper management is all pro-Bitcoin. When it comes to trading, pension endowments, and other important financial features, Fidelity is not going to think about the bottom 99. They are going to stick to the top ones like Bitcoin and XRP.”

Even Frank Chaparro gave his two cents on the Fidelity news, stating,

“Bitcoin is a natural place to start for Fidelity. Even then, I was very surprised by how the market reacted to the Fidelity news. To the point where it was mentioned that Fidelity would be considering ‘crypto’ and not just Bitcoin, I feel that the writer was just hedging when the news broke out. As far as I know, they only have five clients, out of which Galaxy Digital is one of them.”

Arlene Roberts, Fidelity spokesperson, had stated that the company would continue to roll out their services over the coming weeks and months, based on client needs, jurisdictions, and other factors. Fidelity also admitted that at the moment, it is focused on Bitcoin.

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HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

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