Market Update 10.19.18 – Judge Orders CEO To Pay Millions In BTC Ponzi Case
Market News
Judge Orders CEO To Pay Millions In BTC Ponzi Case
The Commodity Futures Trading Commission and a company were recently in a legal battle due to running a Ponzi scheme, which was centered on Bitcoin. The company, which was owned by a New York resident, lost the legal battle, though.
Between 2014 and early 2016, Gelfman Blueprint, Inc. (GBI) and its CEO Nicholas Gelfman ran a scheme wherein they successfully solicited $600,000 from 80 customers, claiming that customers would earn money through the company’s proprietary trading algorithm.
Instead, client funds were used to repay previous clients, thereby perpetuating the scheme with the newly-accrued money. This was the first anti-fraud enforcement action that the CFTC brought related to bitcoin, according to statements.
Read the full report here.
Samsung’s New Chips Could Benefit Crypto Miners
Samsung’s production wing called Samsung Foundry has just announced the launching of a brand new production process, which is basically the 7-nanometer (nm) Low Power Plus (7LPP) process node. The latter is designed to specifically reduce energy consumption by up to 50 percent. The new process is largely based on extreme ultraviolet (EUV) lithography technology.
It will reportedly give the new 7LPP chips more dense for it to be area and energy efficient. This is actually a good technology for all crypto miners, especially those who use Samsung’s hardware. That is because the energy costs could prove to be a critical factor in the industry’s profitability.
As mining hardware develops at a rapid pace, chips continue to become smaller and more efficient. The new EUV-based 7LPP process node is a big push of Samsung Foundry’s technology roadmap, and could pave the way for 3 nm technology node semiconductor manufacturing.
Read the full report here.
Goldman Sachs, Galaxy Digital Invest In Crypto Custody Firm
U.S. banking giant Goldman Sachs and its former partner Mike Novogratz, now CEO of crypto investment firm Galaxy Digital, have recently invested in U.S. crypto custody service BitGo. In total, its series B fund rounding has brought in $58.5 million.
According to official reports, Goldman Sachs and Novogratz together contributed about $15 million, as their clients show growing interest in cryptocurrencies. It is alsao worth noting that BitGo managed to raise a total of $70 million in all of its fundraising rounds. The significant investment from two firms affiliated with Wall Street might help BitGo attract more wealthy investors in the future.
Read the full report here.
Total Market Cap: October 19
The volume of trade in the crypto market sat at $11.36 billion. The market’s capitalization, on the other hand, reached $207.49 billion.
Bitcoin Price Analysis: October 19
In the past 24 hours, Bitcoin fell 1.18% to trade at $6,465.11. The leading cryptocurrency’s trade volume trickled to $3.84 billion, while its market slid to $112.04 billion.
Ethereum Price Analysis: October 19
Ethereum’s price fell 2.13% to trade at $202.71. As for the altcoin’s trading volume, it reached $1.35 billion; whereas its market capitalization hit $20.81 billion.
State of the Top 10 Cryptocurrencies: October 19
In the past 24 hours, most prices were down except for Tether’s. Meanwhile, Monero continues to dethrone TRON at the 10th spot.
- Bitcoin’s market price fell 1.18% to $6,465.11, and its value in the market is $112.04 billion.
- Ethereum’s market price fell 2.13% to $202.71, and its value in the market is $20.81 billion.
- XRP’s market price fell 3.03% to $0.452850, and its value in the market is $18.11 billion.
- Bitcoin Cash’s market price fell 3.14% to $435.74, and its value in the market is $7.59 billion.
- EOS’ market price fell 1.60% to $5.32, and its value in the market is $4.83 billion.
- Stellar’s market price fell 3.23% to $0.235023, and its value in the market is $4.44 billion.
- Litecoin’s market price fell 1.89% to $52.38, and its value in the market is $3.08 billion.
- Tether market price jumped 0.85% to $0.981520, and its value in the market is $2.09billion.
- Cardano market price fell 3.06% to $0.074615, and its value in the market is $1.93 billion.
- Monero dethroned TRON at the 10th spot, but its market price fell 2.29% to $103.63, and its value in the market is $1.71 billion.