Bitcoin Cryptocurrency Price Chart May Show $30,000 as Floor

Bitcoin has been grinding lower in a trading range just above $30,000, prompting cryptocurrency insiders to flag the round number as a potential floor for the virtual coin.

Crypto prognostication is fraught with risk, not least because Bitcoin’s price has roughly halved from a record high three months ago. Even so, some in the industry are coalescing around $30,000 as a support point, citing clues from options activity and recent trading habits.

In options, $30,000 is the most-sold downside strike price for July and August, signaling confidence among such traders that the level will hold, according to Delta Exchange, a crypto derivatives exchange. It “should provide a strong support to the market,” Chief Executive Officer Pankaj Balani said.

Traders are also trying to take advantage of price ranges, including buying between $30,000 and $32,000 and selling in the $34,000 to $36,000 zone, Todd Morakis, co-founder of digital-finance product and service provider JST Capital, said in emailed comments, adding that “the market at the moment seems to paying attention more to bad news than good.”

Bitcoin has been hit by many setbacks of late, including China’s regulatory crackdown — partly over concerns about high energy consumption by crypto miners — and progress in central bank digital-currency projects that could squeeze private coins. The creator of meme-token Dogecoin recently lambasted crypto as basically a sham, and the appetite for speculation is generally in retreat.

Bitcoin traded around $31,600 as of 9:26 a.m. in London and is down about 6% so far this week. It’s still up more than 200% over the past 12 months, despite a rout in calendar 2021.

Konstantin Richter, chief executive officer and founder of Blockdaemon, a blockchain infrastructure provider, holds out hope for institutional demand, arguing Bitcoin would have to drop below $20,000 before institutions start questioning “the validity of the space.”

“If it goes down fast, it can go up fast,” he said in an interview. “That’s just what crypto is.”

— With assistance by Akshay Chinchalkar

Source: Bitcoin (BTC USD) Cryptocurrency Price Chart May Show $30,000 as Floor – Bloomberg

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Critics:

The dramatic pullback in bitcoin and other cryptocurrencies comes as a flurry of negative headlines and catalysts, from Tesla CEO Elon Musk to a new round of regulations by the Chinese government, have hit an asset sector that has been characterized by extreme volatility since it was created.

The flagship cryptocurrency fell to more than three-month lows on Wednesday, dropping to about $30,000 at one point for a pullback of more than 30% and continuing a week of selling in the crypto space. Ether, the main coin for the Ethereum blockchain network, was also down sharply and broke below $2,000 at one point, a more than 40% drop in less than 24 hours.

Part of the reason for bitcoin’s weakness seems to be at least a temporary reversal in the theory of broader acceptance for cryptocurrency.

Earlier this year, Musk announced he was buying more than $1 billion of it for his automaker’s balance sheet. Several payments firms announced they were upgrading their capabilities for more crypto actions, and major Wall Street banks began working on crypto trading teams for their clients. Coinbase, a cryptocurrency exchange company, went public through a direct listing in mid-April.

The weakness is not isolated in crypto, suggesting that the moves could be part of a larger rotation by investors away from more speculative trades.

Tech and growth stocks, many of which outperformed the broader market dramatically during the coronavirus pandemic, have also struggled in recent weeks.

Bitcoin Is Steady As It Braces For A Big Week

Led by bitcoin, most major cryptocurrencies have spent the past seven days in relative tranquility. Bitcoin and ether have been trading -0.69% and -4.46% on the week respectively, according to crypto data aggregator COIN360. The biggest movers are Binance’s BNB, which has added 6.95% over the same period, and Dogecoin, which is down by 8.28%.

As of 8.06 a.m. ET, bitcoin is still facing resistance at $33,576 though on-chain metrics are becoming more bullish. For instance, “bitcoin exchange balances have started to show signs of sustained outflows,” tweeted blockchain data and intelligence provider Glassnode. Approximately 40,000 BTC, or $1.37 billion, have been withdrawn over the last three weeks, reversing weeks of inflows that coincided with the 50% market crash. The withdrawals suggest that traders are moving their funds to outside wallets and aren’t looking to sell in the near term.

That said, there have been some standouts among altcoins. EOS, the native cryptocurrency of the EOS.IO blockchain platform, rallied nearly 11% in the last few days following the announcement that crypto startup Bullish is preparing for a public listing via a $9 billion SPAC deal. During the past year, Bullish received an initial capital injection of $100 million and digital assets, including 20 million EOS, from Block.one, the company behind EOS. Additionally, Block.one’s CEO Brendan Blumer will become the chairman of Bullish upon the transaction’s close.

Another big altcoin winner of the week is Terra (LUNA), a native token of the namesake protocol for issuing fiat-pegged stablecoins,  – up by 30.86%. The token seems to have found its footing after the volatility it saw in May. On July 7, Terraform Labs, the project’s creator, committed approximately $70 million to boost the reserves of its savings protocol Anchor. LUNA’s market capitalization has leaped from $300 million to $3.4 billion since January.

But all eyes will be on one of the largest releases of locked shares (16,240) in the Grayscale Bitcoin Trust (GBTC), bound to take place on July 17. In total, 40,000 shares will become unlocked in the coming weeks.

The trust, set up as a private placement where qualified investors can buy shares directly from Grayscale, requires investors to hold their shares for six months before selling them on the secondary market. GBTC saw massive interest in late 2020 and early 2021 among institutions looking for a simple way to get exposure to bitcoin.

Opinions on the impact of the event on the market differ. JPMorgan strategists think the selling will add pressure on the cryptocurrency. “Selling of GBTC shares exiting the six-month lockup period during June and July has emerged as an additional headwind for bitcoin,” wrote the bank’s analysts in a note issued earlier in June. “Despite some improvement, our signals remain overall bearish.”

Analysts at cryptocurrency exchange Kraken, however, seem to disagree: “market structure suggests that the unlock will not weigh materially on BTC spot markets anytime soon, if at all, like some have claimed.” Whether or not the unlock creates a catalyst for price action, it remains one of the most anticipated events of the week.

Follow me on Twitter or LinkedIn.

I report on cryptocurrencies and emerging use cases of blockchain. Born and raised in Russia, I graduated from NYU Abu Dhabi with a degree in economics and Columbia University Graduate School of Journalism, where I focused on data and business reporting.

Source: Bitcoin Is Steady As It Braces For A Big Week

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Critics:

Bitcoin was holding steady after surging to $40,000 following another weekend of price swings following tweets from Tesla boss Elon Musk, who fended off criticism over his market influence and said Tesla sold bitcoin but may resume transactions using it.

In other news, some 81% of fund managers believe Bitcoin is in a bubble, even after May’s 35% price crash, according to the latest Bank of America Global Fund Manager survey and reported by Coindesk.

genesis

The results for the period June 4-10 are up six percentage points from last month’s data, indicating sentiment on Wall Street has turned more bearish. 

The survey showed 72% of the fund managers surveyed think the recent uptick in inflation is transitory. Bitcoin is often seen as a hedge against inflation, and many crypto analysts attribute the cryptocurrency’s gains over the past year to concern about increasing inflation.

Last week, El Salvador became the world’s first country to recognize bitcoin as legal tender.

References

High Turnover? Here Are 3 Things CEOs Do That Sabotage Their Workplace Culture

She has one too many deadlines to deal with

Every CEO wants long-standing employees, but their ineffective leadership causes organizational stress that cripples the workplace culture. Quite often, we read articles or hear of CEOs abusing their power and tarnishing their company’s reputation.

This is due to them neglecting feedback from their team and making decisions based solely on their own judgement. Not only does this erode trust, but it sets a standard that employee and leadership voices are not welcome.

When employees are taken care of, they go above and beyond to drive the company forward. Conversely, when they don’t feel valued, appreciated or kept in the loop, employees quickly become disengaged. The cost of a disengaged employee impacts more than the bottom line.

It decreases productivity, creates negative client experiences and destroys the company culture, to name a few. According to a Gallup survey, the State of the American Workplace 2021, 80% of workers are not fully engaged or are actively disengaged at work.

While CEOs claim to embody a people-first and feedback-driven culture, they believe, due to their position, that they know better than everyone else. Todd Ramlin, manager of Cable Compare, said, “if a person is fortunate to have the opportunity to be a CEO, they need to ask themselves if they can live by the company values, expectations, rules and processes that are in place.” They can’t pick and choose which rules and processes to abide by, yet punish others when they do the same. Doing so cultivates a toxic workplace and demonstrates poor leadership.

Here are three things CEOs do that sabotage their workplace culture.

Embraces Data, Dodges Emotions

The workplace is made up of a diverse group of experiences and perspectives. CEOs who lack the emotional intelligence to understand another person’s viewpoint or situation will find themselves losing their most valuable people. Sabine Saadeh, financial trading and asset management expert, said, “companies that are only data driven and don’t care about the well-being of their employees will not sustain in today’s global economy.”

Businessolver’s 2021 State Of Workplace Empathy report, revealed that “68% of CEOs fear that they’ll be less respected if they show empathy in the workplace.” CEOs who fail to lead with empathy will find themselves with a revolving door of leadership team members and employees. I once had a CEO tell me that he didn’t want emotions present in his business because it created a distraction from the data. His motto was, “if it’s not data, it’s worthless”.

As such, he disregarded feedback of employee dissatisfaction and burnout. Yet, he couldn’t understand why the average tenure of his employees very rarely surpassed one year. Willie Greer, founder of The Product Analyst, asserted, “data is trash if you’re replacing workers because you care more about data than your people.”

Micromanages Their Leadership Team

One of the ways a CEO sabotages a company’s culture is by micromanaging their leadership team. Consequently, this leads to leadership having to micromanage their own team to satisfy the CEOs unrealistic expectations. When leadership feels disempowered to make decisions, they either pursue another opportunity or check out due to not being motivated to achieve company goals.

As such, the executives who were hired to bring change aren’t able to live up to their full potential. Moreover, they’re unable to make the impact they desired due to the CEOs lack of trust in them. Employees undoubtedly feel the stress of their leadership team as it reverberates across the company.

Arun Grewal, founder and Editor-in-chief at Coffee Breaking Pr0, said, most CEOs are specialists in one area or another, which can make them very particular. However, if they want to drive their company forward they need to trust in the experts they hired rather than trying to make all of the company’s decisions.

At one point during my career, I reported to a CEO who never allowed me to fully take over my department. Although he praised me for my HR expertise during the interview, once hired, I quickly realized he still wanted full control over my department. Despite not having HR experience, he disregarded everything I brought to the table to help his company.

I soon began questioning my own abilities. No matter how hard I tried to shield my team from the stress I endured, the CEO would reach out to them directly to micromanage their every move. This left our entire department feeling drained, demoralized and demotivated. Sara Bernier, founder of Born for Pets, said, “CEOs who meddle in the smallest of tasks chip away at the fundamentals of their own company because everything has to run through them”. She added, “this eliminates the employee’s ownership of their own work because all tasks are micromanaged by the CEO.

Neglects Valuable Employee Feedback

Instead of seeking feedback from their leadership team or employees, CEOs avoid it altogether. Eropa Stein, founder and CEO of Hyre, said, “making mistakes and getting negative feedback from your team is a normal part of leading a company, no matter how long you’ve been in business.”

She went on, “as a leader, it’s important to put your ego aside and listen to feedback that will help your business grow. If everyone agrees with you all the time, you’re creating a cult mentality that’ll be detrimental to your business’ success in the long run.” This results in a toxic and unproductive workplace culture.

What’s worse than avoiding constructive feedback is receiving it and disregarding it entirely. Neglecting valuable feedback constructs a company culture where no individual feels safe voicing their concerns. Rather than silence those who give negative feedback, CEOs should embrace them. These are the individuals who are bringing issues forward to turn them into strengths in an effort to create a stronger company.

Follow me on Twitter or LinkedIn. Check out my website.

I’m a Leadership Coach & Workplace Culture Consultant at Heidi Lynne Consulting helping individuals and organizations gain the confidence to become better leaders for themselves and their teams. As a consultant, I deliver and implement strategies to develop current talent and create impactful and engaging employee experiences. Companies hire me to to speak, coach, consult and train their teams and organizations of all sizes. I’ve gained a breadth of knowledge working internationally in Europe, America and Asia. I use my global expertise to provide virtual and in-person consulting and leadership coaching to the students at Babson College, Ivy League students and my global network. I’m a black belt in Six Sigma, former Society of Human Resources (SHRM) President and domestic violence mentor. Learn more at http://www.heidilynneco.com or get in touch at Heidi@heidilynneco.com.

Source: High Turnover? Here Are 3 Things CEOs Do That Sabotage Their Workplace Culture

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Critics:

Organizational culture refers to culture in any type of organization including that of schools, universities, not-for-profit groups, government agencies, or business entities. In business, terms such as corporate culture and company culture are often used to refer to a similar concept.

The term corporate culture became widely known in the business world in the late 1980s and early 1990s. Corporate culture was already used by managers, sociologists, and organizational theorists by the beginning of the 80s. The related idea of organizational climate emerged in the 1960s and 70s, and the terms are now somewhat overlapping,as climate is one aspect of culture that focuses primarily on the behaviors encouraged by the organization

If organizational culture is seen as something that characterizes an organization, it can be manipulated and altered depending on leadership and members. Culture as root metaphor sees the organization as its culture, created through communication and symbols, or competing metaphors. Culture is basic, with personal experience producing a variety of perspectives.

Most of the criticism comes from the writers in critical management studies who for example express skepticism about the functionalist and unitarist views about culture that are put forward by mainstream management writers. They stress the ways in which these cultural assumptions can stifle dissent towards management and reproduce propaganda and ideology. They suggest that organizations do not encompass a single culture, and cultural engineering may not reflect the interests of all stakeholders within an organization.

References

  • Schein, E. H. (1990). Organizational culture. American Psychologist, 45, 109–119. doi:10.1037/0003-066X.45.2.109
  • Compare: Hatch, Mary Jo; Cunliffe, Ann L. (2013) [1997]. “A history of organizational culture in organization theory”. Organization Theory: Modern, Symbolic and Postmodern Perspectives (2 ed.). Oxford: Oxford University Press. p. 161. ISBN 9780199640379. OCLC 809554483. Retrieved 7 June 2020. With the publication of his book The Changing Culture of a Factory in 1952, British sociologist Elliott Jaques became the first organization theorist to describe an organizational culture.
  • Jaques, Elliott (1951). The changing culture of a factory. Tavistock Institute of Human Relations. [London]: Tavistock Publications. p. 251. ISBN 978-0415264426. OCLC 300631.
  • Compare: Kummerow, Elizabeth (12 September 2013). Organisational culture : concept, context, and measurement. Kirby, Neil.; Ying, Lee Xin. New Jersey. p. 13. ISBN 9789812837837. OCLC 868980134. Jacques [sic], a Canadian psychoanalyst and organisational psychologist, made a major contribution […] with his detailed study of Glacier Metals, a medium-sized British manufacturing company.
  • Ravasi, D.; Schultz, M. (2006). “Responding to organizational identity threats: Exploring the role of organizational culture”. Academy of Management Journal. 49 (3): 433–458. CiteSeerX 10.1.1.472.2754. doi:10.5465/amj.2006.21794663.
  • Schein, Edgar H. (2004). Organizational culture and leadership (3rd ed.). San Francisco: Jossey-Bass. pp. 26–33. ISBN 0787968455. OCLC 54407721.
  • Schrodt, P (2002). “The relationship between organizational identification and organizational culture: Employee perceptions of culture and identification in a retail sales organization”. Communication Studies. 53 (2): 189–202. doi:10.1080/10510970209388584. S2CID 143645350.
  • Schein, Edgar (1992). Organizational Culture and Leadership: A Dynamic View. San Francisco, CA: Jossey-Bass. pp. 9.
  • Deal T. E. and Kennedy, A. A. (1982, 2000) Corporate Cultures: The Rites and Rituals of Corporate Life, Harmondsworth, Penguin Books, 1982; reissue Perseus Books, 2000
  • Kotter, J. P.; Heskett, James L. (1992). Corporate Culture and Performance. New York: The Free Press. ISBN 978-0-02-918467-7.
  • Selart, Marcus; Schei, Vidar (2011): “Organizational Culture”. In: Mark A. Runco and Steven R. Pritzker (eds.): Encyclopedia of Creativity, 2nd edition, vol. 2. San Diego: Academic Press, pp. 193–196.
  • Compare: Flamholtz, Eric G.; Randle, Yvonne (2011). Corporate Culture: The Ultimate Strategic Asset. Stanford Business Books. Stanford, California: Stanford University Press. p. 6. ISBN 9780804777544. Retrieved 2018-10-25. […] in a very real sense, corporate culture can be thought of as a company’s ‘personality’.
  • Compare: Flamholtz, Eric; Randle, Yvonne (2014). “13: Implications of organizational Life Cycles for Corporate Culture and Climate”. In Schneider, Benjamin; Barbera, Karen M. (eds.). The Oxford Handbook of Organizational Climate and Culture. Oxford Library of psychology. Oxford: Oxford University Press. p. 247. ISBN 9780199860715. Retrieved 2018-10-25. The essence of corporate culture, then, is the values, beliefs, and norms or behavioral practices that emerge in an organization. In this sense, organizational culture is the personality of the organization.
  • Compare: Flamholtz, Eric; Randle, Yvonne (2014). “13: Implications of organizational Life Cycles for Corporate Culture and Climate”. In Schneider, Benjamin; Barbera, Karen M. (eds.). The Oxford Handbook of Organizational Climate and Culture. Oxford Library of psychology. Oxford: Oxford University Press. p. 247. ISBN 9780199860715. Retrieved 2018-10-25. The essence of corporate culture, then, is the values, beliefs, and norms or behavioral practices that emerge in an organization.
  • Jaques, Elliott (1998). Requisite organization : a total system for effective managerial organization and managerial leadership for the 21st century (Rev. 2nd ed.). Arlington, VA: Cason Hall. ISBN 978-1886436039. OCLC 36162684.
  • Jaques, Elliott (2017). “Leadership and Organizational Values”. Requisite Organization: A Total System for Effective Managerial Organization and Managerial Leadership for the 21st Century (2 ed.). Routledge. ISBN 9781351551311. Retrieved 7 June 2020.
  • “Culture is everything,” said Lou Gerstner, the CEO who pulled IBM from near ruin in the 1990s.”, Culture Clash: When Corporate Culture Fights Strategy, It Can Cost You Archived 2011-11-10 at the Wayback Machine, knowmgmt, Arizona State University, March 30, 2011
  • Unlike many expressions that emerge in business jargon, the term spread to newspapers and magazines. Few usage experts object to the term. Over 80 percent of usage experts accept the sentence The new management style is a reversal of GE’s traditional corporate culture, in which virtually everything the company does is measured in some form and filed away somewhere.”, The American Heritage® Dictionary of the English Language, Fourth Edition copyright ©2000 by Houghton Mifflin Company. Updated in 2009. Published by Houghton Mifflin Company.
  • One of the first to point to the importance of culture for organizational analysis and the intersection of culture theory and organization theory is Linda Smircich in her article Concepts of Culture and Organizational Analysis in 1983. See Smircich, Linda (1983). “Concepts of Culture and Organizational Analysis”. Administrative Science Quarterly. 28 (3): 339–358. doi:10.2307/2392246. hdl:10983/26094. JSTOR 2392246.
  • “The term “Corporate Culture” is fast losing the academic ring it once had among U.S. manager. Sociologists and anthropologists popularized the word “culture” in its technical sense, which describes overall behavior patterns in groups. But corporate managers, untrained in sociology jargon, found it difficult to use the term unselfconsciously.” in Phillip Farish, Career Talk: Corporate Culture, Hispanic Engineer, issue 1, year 1, 1982
  • Halpin, A. W., & Croft, D. B. (1963). The organizational climate of schools. Chicago: Midwest Administration Center of the University of Chicago.
  • Fred C. Lunenburg, Allan C. Ornstein, Educational Administration: Concepts and Practices, Cengage Learning, 2011, pp. 67
  • “What Is Organizational Climate?”. paulspector.com. Retrieved 2021-05-01.

Visa And BlockFi Launch 2% Bitcoin Rewards Credit Card

In this photo illustration a Visa logo is seen on a mobile...

Cryptocurrency services company BlockFi launched its first-ever crypto rewards credit card, in conjunction with Visa, to approved clients in the United States on Tuesday. BlockFi’s plans for a credit card were initially disclosed in December 2020 when the exchange released a waiting list for US-based clients, which is now over 400,000 people. BlockFi CEO Zac Prince expects everyone on the waitlist to receive their card around the end of July.

The new offering provides clients with a simple way to acquire bitcoin without having to pay fees or navigate the sometimes complicated onboarding processes at exchanges. BlockFi stands to benefit from utilizing the card as a customer acquisition tool as well as from the fees it will receive from money spent on the card.

“The crypto industry has come a long way since the first Bitcoin payment transaction 11 years ago,” Flori Marquez, Co-Founder and SVP of Operations at BlockFi said. “Today, nearly everyone knows about the important role crypto plays in reshaping the financial space, and our new credit card is set to be another game-changer. This card will make it easier than ever for people to earn Bitcoin back while making day-to-day purchases.”

Holders of BlockFi’s Rewards Visa Card will be able to earn 1.5% back in bitcoin on every purchase, with the payout increasing to 2% on every dollar spent over $50,000 annually. As an incentive to new users, they will receive a 3.5% bitcoin rewards rate for the first 90 days or until they receive $100 worth of bitcoin. The card also offers other benefits such as rebates on trading fees and comes with no annual fee or foreign transaction fees.

These rewards are competitive when compared to other traditional cards. For example, Bank of America’s Customized Cash Rewards credit card offers 3% cash back in one spending category of the customer’s choosing, 2% back automatically on grocery purchases and 1% back on all other purchases.

However, depending on an individual’s spending habits they could be outshone by Gemini, the crypto exchange headed up by the Winklevoss twins, when it launches its crypto rewards credit card this summer in partnership with Mastercard. While BlockFi only offers rewards in bitcoin for now, Gemini will give clients 3% back on dining purchases in any cryptocurrency offered on the exchange on purchases without annual fees or exchange fees. However, the rewards drop to 2% on groceries and 1% for all other purchases.

The launch of the BlockFi crypto rewards credit card also marks a new offering in Visa’s expanding crypto business. The electronic payments company has partnered with several crypto firms to offer Visa debit cards and supported over $1 billion worth of volume through crypto-linked cards in the first half of 2020, but the partnership with BlockFi will bring its first crypto rewards credit card. In 2021, Visa appeared on Forbes’ Blockchain 50 list after applying for over 150 blockchain-related patents and announcing an integration with US-dollar pegged stablecoin USDC.

Card users will receive a 1.5% cashback on an accrual basis for every transaction made through the card, which will then be converted to bitcoin and placed into a BlockFi account in a regular monthly cycle.

“Crypto rewards programs are a compelling way to engage consumers in the crypto economy,” Terry Angelos, SVP and Global Head of Fintech at Visa said. “We’re excited to see programs like the BlockFi Rewards Visa Card, which offer rewards that are relevant to the growing community of digital currency adopters.”

The move by BlockFi comes after PayPal Holdings Inc in October said it would allow customers to hold bitcoin and other virtual coins in its online wallet and shop using cryptocurrencies, a move which could help bitcoin and rival cryptocurrencies gain wider adoption as viable payment methods.

Bitcoin has surged about 160% this year, fueled by demand for riskier assets amid unprecedented fiscal and monetary stimulus, interest in assets perceived as resistant to inflation and expectations that cryptocurrencies will win mainstream acceptance.

Follow me on Twitter or LinkedIn. Check out my website.

 

Source: Visa And BlockFi Launch 2% Bitcoin Rewards Credit Card

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Critics:

BlockFi is a New York City-based start-up cryptocurrency financial institution. It lends U.S. dollars against bitcoin and other cryptocurrency collateral, as well as accepting deposits of cryptocurrencies which pay interest to the depositor. BlockFi Co-Founder and CEO Zac Prince has a background both in consumer lending and start-ups.

In February 2018, BlockFi received a $1.55 million funding in a seed round from ConsenSys Ventures, SoFi and Kenetic Capital, among others. In July it secured another $50 million in funding from Michael Novogratz‘s Galaxy Digital Ventures

References

Five Things You Need to Know to Start Your Day

Delta fears are growing, central banks face challenges and the shape of the U.K. and Europe post-Brexit continues to form. Here’s what’s moving markets.

Delta Fears

Concern about the more contagious Delta coronavirus variant is growing and those fears helped fuel a rise in Moderna shares to a record high after the drugmaker said its vaccine produces protective antibodies against the strain. The medicine was approved for restricted emergency use in India, where little more than 4% of the population is so far fully vaccinated. The variant is rippling through emerging markets, with more curbs in Indonesia and warnings of a potentially “catastrophic” wave in Kenya. A widening gap in vaccination rates in the U.S. also shows the risks faces to certain regions.

Policy Challenges

The major challenge for central banks is going to be how to wean the global economy off the unprecedented support they have deployed to deal with the disruption Covid-19 has caused. U.S. and European confidence data is soaring, underlining the rebound the economy is experiencing, while China’s central bank has also struck a more positive tone. Some more data points will arrive for policymakers to mull over on Wednesday, led by U.K. GDP and European inflation numbers.

Brexit Shifts

Paris is JPMorgan’s new trading center in the European Union post-Brexit as the U.S. banking giant inaugurated a new headquarters in the French capital. It is a victory for France in the ongoing race with other European countries to lure business from London after the referendum to leave the EU. It comes as the U.K. government unveiled a system of overseeing subsidies to companies, promising “more agile” decisions. And the U.K. is expecting to reach a truce in the so-called “sausage wars’’ with the EU over post-Brexit trading rules in Northern Ireland.

OPEC+ Delay

OPEC and its allies have delayed preliminary talks for a day to create more time to find a compromise on oil-output increases. It comes with crude oil prices on track for the best half of a year since 2009. Surging commodity prices are creating all sorts of headaches for policy makers, from rising inflation expectations that could move the hand of central bankers to a higher cost in shifting to more sustainable energy sources. This has initially led to a surge in profit for commodity trading houses but will end up hitting consumers down the road through higher prices.

Asian stocks mostly rose following a record close in the U.S. on signs that vaccines can protect against the delta variant of the coronavirus. European and U.S. stock futures are steady. The earnings calendar is relatively thin but watch for the reaction to two long-running takeover sagas moving toward a conclusion.

EssilorLuxottica, the eyewear giant, decided to go ahead with the acquisition of smaller peer GrandVision and the board of France’s Suez has backed its takeover by rival Veolia. And the Organization for Economic Cooperation and Development meets in Paris to finalize plans to overhaul the global minimum corporate tax.

What We’ve Been Reading

This is what’s caught our eye over the past 24 hours. 

And finally, here’s what Cormac Mullen is interested in this morning

With just one more day of trading in the first half of 2021 to go, global stocks are on track for their second-best performance since 1998. If the MSCI AC World Index’s gain of about 12% through June 29 holds, it would be beaten only by a 15% rise in 2019. The global stock benchmark closed at a record on June 28, and has risen almost 90% since its pandemic low in March 2020.

As we begin the second half, investor focus will soon switch to the upcoming earnings season. The second quarter could well mark peak earnings growth so comments on the outlook will be key for stock performance as will the impact of rising costs on margins. Outside of that, the same themes that dominated the first half will monopolize the second, and whether we get an equally strong next six months will likely depend on the path of other asset classes most notably bonds.

By: and

Source: Stock Markets Today: Delta Variant, Central Banks, Brexit Changes, OPEC+ – Bloomberg

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Critics:

A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy (e.g. the crisis resulting from the famous tulip mania bubble in the 17th century).

Many economists have offered theories about how financial crises develop and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time. Negative GDP growth lasting two or more quarters is called a recession. An especially prolonged or severe recession may be called a depression, while a long period of slow but not necessarily negative growth is sometimes called economic stagnation.

Some economists argue that many recessions have been caused in large part by financial crises. One important example is the Great Depression, which was preceded in many countries by bank runs and stock market crashes. The subprime mortgage crisis and the bursting of other real estate bubbles around the world also led to recession in the U.S. and a number of other countries in late 2008 and 2009.

Some economists argue that financial crises are caused by recessions instead of the other way around, and that even where a financial crisis is the initial shock that sets off a recession, other factors may be more important in prolonging the recession. In particular, Milton Friedman and Anna Schwartz argued that the initial economic decline associated with the crash of 1929 and the bank panics of the 1930s would not have turned into a prolonged depression if it had not been reinforced by monetary policy mistakes on the part of the Federal Reserve,a position supported by Ben Bernanke.

See also

Specific:

 

 

Morrisons Shares Surge As Investors Bet On Low U.K. Supermarket Valuations

Morrisons, CD&R. Tesco, Sainsbury's, Asda

Shares in U.K. publicly-listed supermarket chain Morrisons surged by almost a third in morning trading today, after Britain’s fourth biggest grocer rebuffed a $7.6 billion takeover from U.S. private equity giant Clayton, Dubilier & Rice.

The huge spike in its valuation was prompted by emerging news over the weekend that Morrisons had become a takeover target for CD&R, potentially sparking a bidding war for the grocer.

The news prompted shares to rise across the grocery sector, as investors bet that other supermarket groups could become targets for private equity investors or that a bidding battle could erupt, with online giant Amazon AMZN -0.9% – which has an online delivery deal with Morrisons – one possible bidder for its partner.

American private equity firms Lone Star and Apollo Global Management APO +1.9% have also been mentioned as possible suitors for Morrisons, which has been battling with a declining market share, now down at 10%, from 10.6% five years ago. There is a sense that the U.K. supermarket sector could be ripe for more potential takeovers. The share price performance of the entire sector is seen as under-performing compared with U.S. grocers, for example, despite being profitable and achieving typical dividend yields of around 4%.

CD&R has history, having previously made investments in the discount U.K. store chain B&M, from which it made more than $1.4 billion.

Morrisons Rebuffs Bid But More Could Follow

Morrisons first announced on Saturday that it had turned down a preliminary bid by Clayton, Dubilier & Rice, which is believed to have been made on or around 14 June. The Bradford-based company said that its board had “unanimously concluded that the conditional proposal significantly undervalued Morrisons and its future prospects”.

CD&R had offered to pay nearly 320c a share in cash, while Morrisons’ share price closed at 247c on Friday, before its surge today as trading reopened for the first time since the announcement.

The New York-headquartered private equity firm has until 17 July to make a firm offer and to persuade a reluctant Morrisons management team to recommend that shareholders agree to the deal.

Sir Terry Leahy, a former Tesco chief executive, is a senior adviser for CD&R and, like its market-leading rival Tesco, Morrisons’ shares have been trading below their pre-pandemic levels as higher costs due to operating throughout the pandemic have taken their toll despite booming sales at essential stores across the U.K.

Morrisons currently employs 121,000 people and made a pre-pandemic profit of $565.5 million in 2019, which plunged to $278.6 million in 2020. It owns the freehold for 85% of its 497 stores. One-quarter of what it sells comes from its own supply chain of fresh food manufacturers, bakeries and farms.

CD&R has so far declined to comment on whether it will return with a higher bid, but analysts believe its approach is probably just the first salvo.

Previously, former Walmart WMT +0.9%-owned Asda was snapped up by the U.K.’s forecourt billionaire Issa brothers along with private equity firm TDR Capital in a debt-based $9.4 billion buyout. Likewise, CD&R could adopt a similar model and combine Morrisons, which has just a handful of convenience stores after a number of limited trials of smaller store formats, with its Motor Fuel Group of 900 gas stations.

There are also wider political concerns that it could emulate the Issas by saddling Morrisons with debt and selling off its real estate assets and CD&R is understood to be weighing political reaction before determining whether or not to come back with a higher bid.

Supermarket Takeovers More Likely Than Mergers

For tightly-regulated U.K. competition reasons, takeovers or mergers between supermarket groups appear increasingly complex. The competition watchdog blocked a proposed $9.7 billion takeover by Sainsbury’s for rival Asda two years ago, determining that the deal threatened to increase prices and reduce choice and quality.

However, comparatively relaxed rules on private equity bids mean few such restrictions apply to takeovers. Private equity firms have acquired more U.K. firms over the past 18 months than at any time since the financial crisis, according to data from Dealogic, and Czech business mogul Daniel Křetínský has established a 10% stake in Sainsbury’s, the U.K.’s second biggest supermarket chain. Having failed in an attempt to take over Germany’s Metro Group last year, he could yet make an offer for a British grocer.

AJ Bell investment director Russ Mould added in an investor note this morning that Morrisons’ balance sheet looks highly attractive, in particular to a private equity firm looking to sell business assets to release cash.

“Morrisons’ balance sheet has plenty of asset backing and the valuation was relatively depressed before news of private equity interest,” he said. “The market value of the business had weakened so much that it clearly triggered some alerts in the private equity space to say the value on offer was looking much more attractive.”

Follow me on Twitter or LinkedIn. Check out my website.

I am a global retail and real estate expert who looks behind the headlines to figure out what makes consumers tick. I work as editor-in-chief for MAPIC and editor for World Retail Congress, two of the biggest annual international retail business events.  I also organise, speak at, and chair conferences all over the world, with a focus on how people are changing and what that means for the retail, food & beverage, and leisure industries. And it’s complicated! Forget the tired mantra that online killed the store and remember instead that retail has always been dog-eat-dog: star names rise and fall fast, and only retailers that embrace the madness will survive. Don’t think it’s not important, your pension funds own those malls!

Source: Morrisons Shares Surge As Investors Bet On Low U.K. Supermarket Valuations

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Critics:

Wm Morrison Supermarkets plc (Morrisons) (LSEMRW) is the fourth biggest supermarket in the United Kingdom. Its main offices are in Bradford, West Yorkshire, England.The company is usually called Morrisons. In 2008, Sir Ken Morrison left the company. Dalton Philips is the current head. The old CEO was Marc Bolland, who left to become CEO of Marks & Spencer.

As of September 2009, Morrisons has 455 shops in the United Kingdom. On 15 March 2007, Morrisons said that it would stop its old branding and go for a more modern brand image. Their lower price brand, Bettabuy, was also changed to a more modern brand called the Morrisons Value. This brand was then changed again in 2012 as Morrisons started their low price option brand called M Savers.

In 2005 Morrisons bought part of the old Rathbones Bakeries for £15.5 million which make Rathbones and Morrisons bread. In 2011, Morrisons opened a new 767,500 square/foot centre in Bridgwater for a £11 million redevelopment project. This project also made 200 new jobs.

References:

  1. “Morrisons Distribution Centre Preview”. Bridgwater Mercury. Retrieved 6 July 2012. This short article about the United Kingdom can be made longer. You can help Wikipedia by adding to it.

Crypto Exchange And XRP Refuge Bitsane Vanishes, Scamming As Many As 246,000 Users

Exchange for Ripple's XRP scam users.

Ireland-based cryptocurrency exchange Bitsane disappeared without a trace last week, likely taking hundreds of thousands of users’ assets with it.

Account holders told Forbes that attempts to withdraw bitcoin, XRP and other cryptocurrencies began failing in May, with Bitsane’s support team writing in emails that withdrawals were “temporarily disabled due to technical reasons.” By June 17, Bitsane’s website was offline and its Twitter and Facebook accounts were deleted. Emails to multiple Bitsane accounts are now returned as undeliverable.

Victims of the scam are comparing notes in a group chat with more than 100 members on the messaging app Telegram and in a similar Facebook group. Most users in the groups claim to have lost up to $5,000, but Forbes spoke with one person in the U.S. who says he had $150,000 worth of XRP and bitcoin stored in Bitsane.

Bitsane’s disappearance is the latest cautionary tale for a cryptocurrency industry trying to shed its reputation as an unsafe asset class. Several exchanges like GateHub and Binance have been breached by hackers this year, but an exchange completely ceasing to exist with no notice or explanation is far more unusual.

Bitsane had 246,000 registered users according to its website as of May 30, the last time its homepage was saved on the Internet Archive’s Wayback Machine. Its daily trading volume was $7 million on March 31, according to CoinMarketCap.

“I was trying to transfer XRP out to bitcoin or cash or anything, and it kept saying ‘temporarily disabled.’ I knew right away there was some kind of problem,” says the user who claims to have lost $150,000 and asked to remain anonymous. “I went back in to try to look at those tickets to see if they were still pending, and you could no longer access Bitsane.”

At the height of the cryptocurrency craze in late 2017 and early 2018, Bitsane attracted casual investors because it allowed them to buy and sell Ripple’s XRP, which at the time was not listed on Coinbase, the most popular U.S. cryptocurrency exchange. CNBC published a story on January 2, 2018 with the headline “How to buy XRP, one of the hottest bitcoin competitors.” It explained how to buy bitcoin or ethereum on Coinbase, transfer it to Bitsane and then exchange it for XRP.

Three of the five Bitsane users Forbes spoke to found out about the exchange through the CNBC article. Ripple also listed Bitsane as an available exchange for XRP on its website until recently. A Ripple spokesperson did not respond to a request for comment.

Bitsane went live in November 2016 according to a press release, registering in Dublin as Bitsane LP under CEO Aidas Rupsys, and its chief technology officer was Dmitry Prudnikov. Prudnikov’s LinkedIn account has been deleted, and neither he nor Rupsys could be reached for comment.

A separate company, Bitsane Limited, was incorporated in England in August 2017 by Maksim Zmitrovich. He wanted to own the intellectual property rights to part of Bitsane’s code and use it for a trading platform his company, Azbit, was building. Zmitrovich says Bitsane’s developers insisted that their exchange’s name be on the new legal entity he was forming. But Azbit never ended up using any of the code since the partnership did not materialize, and Bitsane Limited did not provide any services to Bitsane LP.

On May 16, Bitsane Limited filed for dissolution because Zmitrovich wasn’t doing anything with it and the company’s registration was up for renewal. Some of the Bitsane exchange’s victims have found the public filing and suspected Zmitrovich as part of the scam, but he insists accusations against him are unfounded.

He says he hasn’t spoken to Prudnikov—who was in charge of negotiations with Azbit—in at least five months, and Prudnikov has not returned his calls since account holders searching for answers began contacting him. Azbit wrote a blog post about the Bitsane scam on June 13, explaining Bitsane Limited’s lack of involvement.

“I’m sick and tired of these accusations,” Zmitrovich says. “This company didn’t even have a bank account.”

The location of the money and whereabouts of any of Bitsane LP’s employees remain a mystery to the scam victims, who are unsure about what action to take next. Multiple account holders in the U.S. say they have filed complaints with the FBI, but all of them are concerned that their cash is gone for good.

Follow me on Twitter or LinkedIn. Send me a secure tip.

I’m a reporter on Forbes’ wealth team covering billionaires and their fortunes. I was previously an assistant editor reporting on money and markets for Forbes, and I covered stocks as an intern at Bloomberg. I graduated from Duke University in 2019, where I majored in math and was the sports editor for our student newspaper, The Chronicle. Send news tips to htucker@forbes.com.

Source: Crypto Exchange And XRP Refuge Bitsane Vanishes, Scamming As Many As 246,000 Users

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Critics:

Cryptocurrency and crime describes attempts to obtain digital currencies by illegal means, for instance through phishing, scamming, a supply chain attack or hacking, or the measures to prevent unauthorized cryptocurrency transactions, and storage technologies. In extreme cases even a computer which is not connected to any network can be hacked.

In 2018, around US$1.7 billion in cryptocurrency was lost due to scams theft and fraud. In the first quarter 2019, the amount of such losses was US$1.2 billion.

Exchanges

Notable cryptrocurrency exchange hacks, resulting in the theft of cryptocurrencies include:

  • Bitstamp In 2015 cryptocurrencies worth $5 million were stolen
  • Mt. Gox Between 2011 and 2014, $350 million worth of bitcoin were stolen
  • Bitfinex In 2016, $72 million were stolen through exploiting the exchange wallet, users were refunded.
  • NiceHash In 2017 more than $60 million worth of cryptocurrency was stolen.
  • Coincheck NEM tokens worth $400 million were stolen in 2018
  • Zaif $60 million in Bitcoin, Bitcoin Cash and Monacoin stolen in September 2018
  • Binance In 2019 cryptocurrencies worth $40 million were stolen.

Josh Garza, who founded the cryptocurrency startups GAW Miners and ZenMiner in 2014, acknowledged in a plea agreement that the companies were part of a pyramid scheme, and pleaded guilty to wire fraud in 2015. The U.S. Securities and Exchange Commission separately brought a civil enforcement action against Garza, who was eventually ordered to pay a judgment of $9.1 million plus $700,000 in interest. The SEC’s complaint stated that Garza, through his companies, had fraudulently sold “investment contracts representing shares in the profits they claimed would be generated” from mining.

Following its shut-down, in 2018 a class action lawsuit for $771,000 was filed against the cryptocurrency platform known as BitConnect, including the platform promoting YouTube channels. Prior fraud warnings in regards to BitConnect, and cease-and-desist orders by the Texas State Securities Board cited the promise of massive monthly returns.

OneCoin was a massive world-wide multi-level marketing Ponzi scheme promoted as (but not involving) a cryptocurrency, causing losses of $4 billion worldwide. Several people behind the scheme were arrested in 2018 and 2019.

See also

Crypto Price Mayhem: Data Reveals Bitcoin Is Braced For A ‘Short Squeeze’

bitcoin, bitcoin price, crypto, image

Bitcoin traders and investors are still reeling from a steep sell-off that’s wiped around $1 trillion from the combined cryptocurrency market.

The bitcoin price has crashed from almost $65,000 per bitcoin to under $40,000 despite a flood of positive bitcoin news in recent weeks—including Twitter TWTR +0.2% chief executive Jack Dorsey teasing a bitcoin payments plan.

Now, analysis of bitcoin trading data has suggested the bitcoin price could be hit by a so-called “short squeeze”—when the price of an asset increases rapidly due to an excess of bets against it.

“Given bitcoin’s past market performance, when traders use excessive leverage to short the market during a horizontal price adjustment, there will often be a short squeeze phenomenon,” Flex Yang, the chief executive of Hong Kong-based crypto lender and asset manager Babel Finance, wrote in analysis seen by this reporter and pointing to market data that shows recent capital inflows are “from short-sellers and that leverage has greatly increased.”

Since the bitcoin and crypto market crashed in mid-April, the volume of bitcoin perpetual holdings on the crypto exchange Binance have increased by 110%, with the ratio of long to short traders reaching a new low of 0.89—pushing funding rates into the negative.

According to Yang, the reasons behind such excessive shorts include “many people are anticipating a bear market; bitcoin “holders are building hedges,” or “those who bought at high prices are locked in.”

Historical bitcoin price data between February and April 2018 and then again from June to late July 2020, suggests an increase in short-selling is often followed by a bitcoin price surge.

“In November 2020, there was a temporary sharp increase in the number of short-selling positions at a high price,” wrote Yang. “Afterwards, the price of bitcoin continued to rise, continuing its bull market position. No matter if the market outlook is trending downwards after rebounding or if bitcoin maintains its bull market status, short traders have always suffered the consequence of being squeezed out and liquidated.”

The early 2021 bitcoin price bull run was brought to a sharp halt in April when fears over a crypto crackdown in China and mounting concerns over bitcoin’s soaring energy demands sparked panic among investors.

Tesla TSLA +1.1% billionaire Elon Musk sent shockwaves through the bitcoin market when he announced Tesla would suspend its use of bitcoin for payments until the bitcoin network increased its use of renewable energy.

The bitcoin price has failed to recover its lost ground despite continued reports that Wall Street banking giants are increasingly offering bitcoin investment and trading services and the Central America country El Salvador revealed plans to adopt bitcoin as legal tender alongside the U.S. dollar.

Follow me on Twitter.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: Crypto Price Mayhem: Data Reveals Bitcoin Is Braced For A ‘Short Squeeze’

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Critics:

Predictions of a collapse of a speculative bubble in cryptocurrencies have been made by numerous experts in economics and financial markets. Bitcoin and other cryptocurrencies have been identified as speculative bubbles by several laureates of the Nobel Memorial Prize in Economic Sciences, central bankers, and investors.

From January to February 2018, the price of Bitcoin fell 65 percent. By September 2018, the MVIS CryptoCompare Digital Assets 10 Index had lost 80 percent of its value, making the decline of the cryptocurrency market, in percentage terms, greater than the bursting of the Dot-com bubble in 2002.

In November 2018, the total market capitalization for Bitcoin fell below $100 billion for the first time since October 2017, and the price of Bitcoin fell below $4,000, representing an 80 percent decline from its peak the previous January. Bitcoin reached a low of around $3,100 in December 2018.From 8 March to 12 March 2020, the price of Bitcoin fell by 30 percent from $8,901 to $6,206.By October 2020, Bitcoin was worth approximately $13,200.

Bitcoin has been characterized as a speculative bubble by eight winners of the Nobel Memorial Prize in Economic Sciences: Paul Krugman, Robert J. Shiller, Joseph Stiglitz, Richard Thaler, James Heckman, Thomas Sargent, Angus Deaton, and Oliver Hart; and by central bank officials including Alan Greenspan, Agustín Carstens, Vítor Constâncio, and Nout Wellink.

The investors Warren Buffett and George Soros have respectively characterized it as a “mirage”and a “bubble”; while the business executives Jack Ma and Jamie Dimon have called it a “bubble” and a “fraud”, respectively. J.P. Morgan Chase CEO Jamie Dimon said later he regrets calling Bitcoin a fraud.

Google Advertising Policy Opens Doors To Wider Bitcoin Community

The Google logo seen at the entrance to Google Cloud campus...

Google GOOG +1.5% is revising its advertising policy to let cryptocurrency wallets advertise with them, along with exchanges, starting August 3rd provided that they are either registered with the Financial Crimes Enforcement Network (FinCEN) or a federal or state chartered bank entity. The new policy will apply globally to Google search and its third-party sites, including YouTube, Gmail, or Blogger..

The expanded policy comes three years after Google banned all crypto-related advertising in March 2018. However, Google walked-back the policy five months later, allowing regulated cryptocurrency exchanges such as Coinbase to advertise in the United States and Japan in September 2018. While expanded to allow cryptocurrency exchanges and wallets to advertise, ads for initial coin offerings (ICOs), decentralized finance (DeFi) trading protocols, or promotions of specific cryptocurrencies are not permitted under the new policy.

It remains to be seen how this reversal in the policy will lead to a further loosening on other major advertising platforms that have placed restrictions on crypto firms. In 2018, Facebook banned all ads promoting cryptocurrencies, including bitcoin and initial coin offerings.

A few months later, Facebook edited the policy to introduce an eligibility review process for those looking to advertise certain cryptocurrency products or services; applicants should submit any licenses, listings on public stock exchanges, or other relevant public background.

Twitter, similarly to Facebook and Google, prohibits the advertisement of initial coin offerings or crypto token sales but allows exchanges or wallet services provided by a publicly traded crypto company to advertise with them provided as long as they comply with local laws.

BY: Emily Mason

Source: Google Advertising Policy Opens Doors To Wider Bitcoin Community

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Alphabet Inc.’s Google, the world’s largest digital advertising seller, will let companies offering cryptocurrency wallets run ads beginning in August.

In 2018, Google barred ads for cryptocurrencies and related products, following a similar move from Facebook Inc. But Google soon peeled back that restriction for digital currency exchanges. Starting in August, Google will let wallets run ads on search, YouTube and other properties as long as they go through the company’s certification process.

Google is making the change “in order to better match existing FinCEN regulations and requirements,” a spokesperson said Wednesday in a statement.

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Is Apple About To Accept Cryptocurrency? Job Ad Suggests It Might

NerdWallet-Millennial Money-Contactless Payment

An Apple job ad has raised the intriguing prospect that the company may soon support cryptocurrency payments. Apple has posted a vacancy for a “Business Development Manager – Alternative Payments”, which stipulates that candidates should have experience with handling cryptocurrency. The recruit would be joining the team that’s responsible for Apple Pay and the iPhone Wallet app.

The “key qualifications” for the role, first spotted by Coindesk, include “5+ years experience working in or with alternative payment providers, such as digital wallets, BNPL, Fast Payments, cryptocurrency and etc.”

The ad also suggests the company is looking for someone who is not wedded to mainstream payment solutions. “We are looking for a candidate who is comfortable with ambiguity, enjoys thinking about edge cases and asking ‘what is an alternative way of doing this’,” the ad on the Apple website reads.

As spotted by the FT, it seems Apple is gently warming to the idea of supporting cryptocurrencies, even before this hire. The App Store listing for the cryptocurrency trading service, Coinbase, shows that it’s now supported in Apple Wallet, although it seems the functionality hasn’t been fully switched on yet.

Big-brand backing

If Apple were to fully embrace cryptocurrencies, it would give the market its strongest endorsement yet.

Tesla’s Elon Musk has been arguably the biggest backer of cryptocurrencies to date, although his erratic support wavered again last month when he announced that the car company would no longer accept bitcoin for vehicle purchases, citing fears over the environmental damage caused by bitcoin mining.

There is speculation that Musk is simply trading his chips from one cryptocurrency to another, however, having made several strong public statements in support of dogecoin.

Support from Apple would surely drive demand for cryptocurrencies, although that is already causing problems in some parts of the world. Iran this week declared a four-month ban on cryptocurrency mining over fears that it was causing surges in demand for electricity. Unlicensed miners in the country are taking advantage of the country’s relatively cheap electricity to run enormous cryptocurrency-mining rigs.

I have been a technology writer and editor for more than 20 years. I was assistant editor of The Sunday Times’ technology section, editor of PC Pro magazine and have written for more than a dozen different publications and websites over the years. I’ve also appeared as a tech pundit on television and radio, including BBC Newsnight, the Chris Evans Show and ITN News at Ten.

Hit me up if you’ve got a tech story that needs breaking at barry@mediabc.co.uk.

Source: Is Apple About To Accept Cryptocurrency? Job Ad Suggests It Might

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“The Apple Wallets, Payments, and Commerce (WPC) team is seeking an experienced Business Development Manager to lead Alternative Payments Partnerships,” the company wrote.

Apple has long maintained an ironclad grip over payments, especially in its App Store, which has never accepted customers’ crypto and forces all catalog apps to use Apple’s commerce rails and play by Apple’s rules. 

That tightly-controlled ecosystem is the focus of a blockbuster court fight launched by Fortnite developer Epic Games. Epic alleges Apple’s rules violate antitrust laws and stifle payments innovation. App developers could accept “bitcoin or other cryptocurrencies” if not for Apple’s restrictions, Epic claimed in the suit.

Apple has made no public statements about its plans for the crypto space. The company did not immediately return CoinDesk’s calls. Even so, pockets of the crypto space seem to be preparing for Apple. Coinbase included Apple Pay graphics in a recent app update, according to MacRumors.

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References

Destefanis, Giuseppe; Marchesi, M.; Ortu, Marco; Tonelli, R.; Bracciali, A.; Hierons, R. (2018). “Smart contracts vulnerabilities: a call for blockchain software engineering?”. 2018 International Workshop on Blockchain Oriented Software Engineering (IWBOSE). doi:10.1109/IWBOSE.2018.8327567. hdl:1893/27135.

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