Bitcoin’s Network Just Experienced Its Second Largest Downward Adjustment

As the market continues to tumble (and mining profits have dwindled), Bitcoin’s mining difficulty dropped by its largest percentile in seven years — the second largest downward correction in the cryptocurrency’s lifetime. The last time bitcoin experienced an adjustment on par with this recent one was on October 16, 2011, when it dropped 13.1 percent. Just over two weeks later, the network would experience its most significant difficulty decrease, falling by 18 percent on November 1, 2011. Now, on December 3, 2018, the network’s mining difficulty has fallen by 15.1…

Blockchain Technology for Healthcare | Healthcare Giants Form Alliance

The US Healthcare system may finally be taking steps in the right direction. Aetna recently announced that it has joined a newly formed blockchain alliance, along with Ascension. Five other healthcare giants in the US are already piloting blockchain technology. Blockchain Technology for Healthcare Humana, Multiplan, UnitedHealth Group’s Optum, Quest Diagnostics, and UnitedHealthcare are all a part of the group. The alliance is trying to figure out how blockchain technology can improve data quality and lower costs. Blockchain tech entered into the mainstream media back in 2017. It’s surprising that these…

Beijing Bans New Update to the ICO, the Security Token Offering

It seems China really wants to give cryptocurrencies a hard time. The country has always been strict against the blockchain and crypto industry, and now it’s taking that to another level. Beijing has just declared Security Token Offerings, or STOs, illegal. Beijing Bans STOs So for those who may be unfamiliar, an STO creates an investment offer by tokenizing stocks or bonds and putting them on a blockchain. An ICO raises funds for a company by selling tokens to the public. However, an STO gives holders stocks or shares in the…

Seven Funds Plan $300 Million Investment for Blockchain Startups Through 2021

Ohio funds will pour over $300 million into blockchain startups through 2021, Northeast Ohio daily news outlet Cleveland.com reported Dec. 3, quoting executives. Speaking at the ongoing Blockland Solutions conference, nonprofit JumpStart CEO Ray Leach announced that a total of seven funds were primed to invest $100 million in “early-stage startups that focus on using blockchain technology for business or government.” Another $200 million was being considered by “additional investment teams” for blockchain outfits working within Ohio’s social welfare projects, dubbed “Opportunity Zones.” The moves come as the U.S.’s Buckeye…

Bitcoin Price Erases Weekend Gains to Confirm Bearish Long-Term Trend

The bitcoin price kicked off the week on a negative note after correcting 2 percent to the downside. The BTC/USD rate found itself unable to breach above the neckline level discussed in our previous analysis. The falling trendlines look stronger than ever in other patterns as well. The symmetrical triangle formation, for instance, on the hourly chart also presents its upper trendline as a strong resistance level to the recent bullish attempts. Bitcoin is forming lower highs and higher lows to consolidate inside the same triangle. As of now, we…

Bitcoin Mining Difficulty Just Saw its Second-Largest Drop in History

The crypto market’s prolonged decline has finally begun to manifest in the bitcoin mining industry, which had at times seemed impervious to falling prices but is now experiencing a moderate exodus. Bitcoin Hash Rate Begins Rare Decline At a basic level, miners produce Bitcoin blocks by competing to solve complex mathematical problems. When the hash rate increases, blocks are found more quickly, while the converse occurs when the hash rate declines. To maintain a consistent block time of ~10 minutes, Bitcoin automatically adjusts the difficulty of these problems at roughly…

Ohio Accelerators to Pump Over $100 Million into Blockchain Startups

Two startup accelerators in the U.S. state of Ohio are reportedly to invest more than $100 million into blockchain firms. According to a report from Cleveland.com on Monday, JumpStart, an Ohio-based nonprofit that supports and funds startups, is to invest $100 million in early stage blockchain firms focused on business or government use cases alongside six other funds in the state. Another business accelerator FlashStarts, from Ohio’s Cleveland city, is reportedly also making $6 million available to enable startups to raise pre-seed funding rounds. The funding plans were revealed at…

‘Worthless’ Bitcoin Has Entered Death Spiral: Finance Professor

Earlier this year, with the bitcoin price trading around $7,000, Santa Clara University Professor of Finance Atulya Sarin published an opinion piece arguing that the rising cost of crypto mining, coupled with the ability for bearish investors to short bitcoin in the futures markets, could spell doom for the flagship cryptocurrency. Now, following a further ~45 percent decline, Sarin is calling it: bitcoin has entered a “death spiral,” and it’s “close to becoming worthless.” Writing in an op-ed published in MarketWatch, Sarin alleged that the bitcoin has embarked on a…

Crypto Winter Is Here and We Only Have Ourselves to Blame

Michael J. Casey is the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative. The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers. ———— I have a friend who has made a significant fortune out of bitcoin. He is one of those enthusiasts who happily hands out the cryptocurrency to others in the interest of spreading adoption. All of that is good. However, one thing has always infuriated me: his boasts, especially last year,…

Investment Funds Network to Migrate Entire System to Blockchain in 2019

Investment funds transaction network Calastone, a founding member of the Linux Foundation-led Hyperledger Project, is shifting its entire system to the blockchain. The firm, which assists its client sell their funds all over the world via banks and financial advisors, expects to complete the switch to what it is calling the Distributed Market Infrastructure (DMI) next year in May. Calastone launches world-first #blockchain powered global funds marketplace in May 2019 pic.twitter.com/fd7UhGYfdE — Calastone (@CalastoneLtd) December 3, 2018 The move is expected to radically transform how funds are traded especially in…