Libra Accelerating Central Banks’ Crypto Plans

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The chief economist of Dutch multinational banking and financial services giant ING says that Facebook’s plan to launch a digital currency has put pressure on central banks to launch their own.

In an article and video interview published on ING’s THINK portal on Sept. 27, Mark Cliffe said that there was “some urgency in the policy community” sparked by Facebook’s unveiling of the Libra stablecoin, which it plans to launch in 2020, pending regulatory clearance.

Cliffe proposed that central banks could, therefore, move towards launching their own digital currencies within the next two to three years.

Central bank digital currencies pave the way for negative interest rates

One major implication of such a move by central banks, Cliffe argued, would be the prospect of doing away with hard, physical currency such as coins and notes.

This, he claimed, would potentially allow central banks to move even further into negative territory with interest rates, thus opening up a whole range of new policy options.

He conceded that such a development would likely be controversial, considering clients’ anger at the prospect of negative rates and the resulting impact on their savings. 

Even without a potential digital currency, European Central Bank president Mario Draghi had hinted at such a move earlier this year — a suggestion that was hotly challenged by ING CEO Ralph Hamers.

Cliffe, however, appeared sanguine about the potential both for central bank-issued digital currencies and adjustments to monetary policy, arguing that:

“This might open up a range of other options for central banks to help support economic activity in the next downturn.”

Libra and the currency stewards

As reported, the Cabinet of Germany and Germany’s central bank Deutsche Bundesbank are currently working together closely on issues related to central bank digital currencies (CBDCs).

In a major report released ahead of Facebook’s revelations, the Bank of International Settlements indicated this January that 70% of global central banks were engaged in CBDC work, but that only two had concrete plans at the time to proceed to issuance.

The People’s Bank of China may move to release its CBDC ahead of Facebook’s Libra, official sources have indicated, although uncertainty remains as to an eventual launch date. 

Some have claimed that the announcement of Libra has, moreover, sparked debate among Chinese regulators and motivated the project’s designers to involve more non-governmental institutions in the currency’s development and issuance process.





Source Cointelegraph

What Crash? Bitcoin Hash Rate Doubles in 24 Hours Despite Price Drop

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Bitcoin (BTC) has already dispelled myths its hash rate suffered a 40% drop this week, reaching new all-time highs just days afterwards.

What hash crash?

As data from monitoring resource Coin Dance confirms, after the hash rate metric dipped from 104 quintillion hashes per second (h/s) to 57 on Sept. 23, it immediately reversed.

On Sept. 24, it doubled, reaching 114 quintillion h/s, just a touch away from the all-time highs of 121 quintillion h/s seen ten days previously. 

Bitcoin network hash rate

Bitcoin network hash rate. Source: Blockchain.com

As Cointelegraph reported, commentators initially appeared scared when hash rate dropped. Long considered a measure of commitment to the Bitcoin mining process, what appeared to be a sudden exodus of computing power sparked alarm. 

That feeling was compounded as BTC/USD itself shed 15% a day later — a common theory among commentators is that price action follows hash rate movements.

Dispelling the myths on Bitcoin health

Nonetheless, technical sources subsequently explained that the hash rate charts available online in fact give little idea of computing power involved in Bitcoin. Hash rate, they explained, is essentially unmeasurable, and the statistics are simply an estimate. 

Factors such as slow block times can disproportionately affect results, leading to overly ominous results such as this week’s fake crash, they added.

If the latest statistics are reliable, however, Bitcoin’s hash rate remains on its upward trajectory, around all-time highs. This contrasts with its drop in price: at press time Friday, BTC/USD was down 21% versus seven days ago.





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When to Sell Bitcoin? ‘Never’ — Mark Yusko Says BTC Like Amazon Stock

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Bitcoin (BTC) is a buy and it has never been the right time to sell it, serial investment manager Mark Yusko has told mainstream media viewers.

Yusko on Bitcoin: All indicators rising

Speaking to CNBC in an interview on Sept. 27, the founder, CEO & chief investment officer of Morgan Creek Capital Management compared Bitcoin’s ten-year history to Amazon. 

He was responding to concerns from regular cryptocurrency host Melissa Lee over the Bitcoin price, which fell below $8,000 on Thursday.

For Yusko, while the price of Bitcoin can go up and down, year-on-year growth gives a solid reason to buy and not sell it. 

“All the indicators of the network and the network value are rising; the price of any asset fluctuates,” he explained. 

Examples included network hash rate, transaction volume and wallet numbers, all of which have continued their upward trajectory this year. 

Betting on a bullish return

Yusko thus concluded that selling Bitcoin would be like selling shares in Amazon — so far, there has not been an advantageous point to do so. 

“In every year, including this year, it’s had a double-digit drawdown. The average peak-to-trough: 31%, twice 90%. When was the right time to sell? Never,” he said.

Earlier this month, Fundstrat Global Advisors co-founder Tom Lee predicted Bitcoin would rally once the S&P 500 put in new highs.





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Exchange Must Cover User’s Stolen Cryptocurrency

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A South Korean court ruled on Sept. 25 that the CoinOne cryptocurrency exchange must reimburse 25 million won ($20,800) to an investor after he was hacked. The attacker used the investor’s personal login and password to steal 45 million won, while a daily withdrawal limit of 20 million won was supposed to be in place.

Stolen login details

The theft occurred in late December 2018, when the investor’s CoinOne exchange login details were stolen. An attacker, who had hidden their IP address using a VPN in the Netherlands, converted all of the investor’s cryptocurrency holdings into Bitcoin (BTC), which was then withdrawn from the exchange.

The total value of the cryptocurrencies stolen had been around 47.7 million won in late November 2018. However, there was a 20 million won daily withdrawal limit on the account, which should have prevented the full amount from being taken

Safeguards not effective in preventing crypto theft

The investor argued that the exchange should have blocked access from foreign IP addresses that were different than the user’s normal access point. However, the court ruled that this was not a necessary safeguard that the exchange should reasonably have employed.

On the failure of the withdrawal limit though, the court ruled that the exchange was responsible, and, therefore, must pay the investor to cover the additional losses over this limit.

In August Cointelegraph reported on CoinOne’s partnerships to improve safety measures.





Source Cointelegraph

Bitcoin Price Clings to $8K as 37,000 BTC Options Set to Expire Today

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Bitcoin price (BTC) stayed bounced back above $8,000 on Sept. 27, the day when over 50% of open interest in Bitcoin options is set to expire. 

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

37,000 Bitcoin options expire

Data from Coin360 showed BTC/USD fluctuating around the $8,000 mark over the past 24 hours, having briefly fallen to new recent lows of $7,733.

The lackluster performance continued a week of misery for Bitcoin traders, who saw the largest cryptocurrency shed a total of 21% since the previous weekend. 

Bitcoin seven-day price chart

Bitcoin seven-day price chart. Source: Coin360

Friday marked a notable settlement date for Bitcoin options, including CME Group’s Bitcoin futures. 

As Cointelegraph reported, such events have historically exerted downward pressure on the Bitcoin price. 

Discussing the likelihood of a change following settlement, regular Cointelegraph contributor Michaël van de Poppe fielded mixed results from Twitter users. 

In response to a survey, the roughly 600 accounts appeared evenly split between the settlement being a bearish or bullish trigger for Bitcoin. 

Van de Poppe was relieved that markets bounced off the $7,500 area, but warned a higher close was necessary to avert further trouble. 

“Really need to get back above $8,200 here, but got a bounce from the 100-Week MA & a potential slight bullish divergence on the hourly,” he summarized Thursday evening. 

Not everyone is concerned. While $8,000 marks Bitcoin’s lowest since mid-June, Bitcoin price remains on track to new all-time highs, according to a proven accurate model based on its stock-to-flow ratio. 

Altcoins outperform Bitcoin to limit losses

Altcoins meanwhile managed to stave off major losses as Bitcoin fell. Many of the top twenty tokens by market cap in fact shed less than Bitcoin over the past 24 hours. 

Some fared worse than others: while Bitcoin SV (BSV) was down 1.2% on the day, Binance Coin (BNB) lost closer to 4.5%. 

Ether (ETH), the largest altcoin by market cap, was 2.4% lower at press time, trading around $166.

Ether seven-day price chart

Ether seven-day price chart. Source: Coin360

The overall cryptocurrency market cap was $214 billion, $7 billion lower than the day previously and at its lowest level since early May. 

Bitcoin’s share also dipped slightly further to exactly 68%.

Keep track of top crypto markets in real time here





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Users of Nigeria-Based Crypto Wallet Lose $1M in Alleged Exit Scam

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Nigerian crypto wallet Satowallet has allegedly pulled off a $1 million exit scam, while the firm cites an unexplained OVH data server error that has kept user funds in limbo.

Multiple versions to delay withdrawals

After users first reported withdrawal issues in April 2019, Satowallet has been citing different versions of events to account for their failure to withdraw over $1 million in crypto, according to a report by the Financial Times (FT) on Sept. 25.

Following the first complaints, Satowallet reportedly cited technical reasons as the source of a temporary problem, which came amid the firm’s plans to launch a new crypto exchange dubbed SatowalletEX. While users were unable to access their crypto, Satowallet reportedly claimed that a group of scammers on Telegram took advantage of the maintenance period and stole user funds.

Wallet goes offline in August

Satowallet then claimed to have fixed the vulnerability, only further face another problem that delayed withdrawals, citing newly introduced know-your-customer (KYC) measures in June 2019. After KYC verifications were completed, the company announced it will be practicing manual withdrawals. Eventually, the platform went completely offline in August, with Satowallet’s CEO subsequently restoring the website to discover that user funds were gone. The FT report reads:

“After installation, however, coins were no longer there from the backups and private keys. OVH data couldn’t provide any specific explanation, only saying their server was gone for abuse which they cannot explain.”

According to the FT, Satowallet claimed to be based in Dubai, while its parent company Blockchain Tech Hub was operating in Nigeria. Founded in 2017, the wallet reportedly supported hot storage for more than 60 coins including major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).

As reported, Bitconnect and OneCoin are two of the most famous altcoin exit scams to date.





Source Cointelegraph

10,000 Nodes Are Running BTC Lightning Network in New All-Time High

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The number of Bitcoin (BTC) Lightning Network (LN) nodes has reached 10,000 for the first time, according to real-time LN statistics site 1ML.

According to 1ML, the number of nodes on the LN has grown by 3.17% over the past 30 days to reach a record high of 10,003 network nodes at press time. At the same time, the number of nodes with active channels is 5,975 out of total of 36,246 channels at press time, with just a 0.34% growth over the past month. 

The LN is a second-layer blockchain protocol designed to provide high-speed transactions for Bitcoin, wherein nodes are individual payment channels between various parties allowing them to send and receive BTC between each other.

The LN state, according to LNBIG

As the person behind the LNBIG entity that controls over 40% of the Lightning Network’s capacity told industry-focused media outlet The Block, they maintain statistics of all local balances, which are hidden from public view. They explained that LN explorers can not know who created channels and which side bitcoins were used.

When asked what features should be added to the LN to attract more BTC users, the speaker singled out atomic multi-path payments, which will purportedly play a big role in Bitcoin automated teller machines. “For the widespread adoption of the Lightning Network, it is important to have software that integrates the wallet with accounting,” they added.

Stipulating the LN’s viability in the event that routing fees do not outperform lending rates, the individual said that it is too early to make money in the LN. As for the biggest weakness of the LN, they note the small audience, adding:

“Other problems concern node operators, but here they are not problems of mass adoption. The infrastructure of nodes already allows for orders of magnitude more payments than now. Moreover, for this, you can not increase the capacity because the funds are distilled from one end of the channel to the other, and this process does not consume bitcoins from node operators. It’s like a circulatory system, and the body is already full of blood. It only remains for him to live an active life.”

Recent developments of the LN

In late August, blockchain development company Blockstream announced the release of version 0.7.2 of its scalability software c-lightning, an LN implementation that supports dynamic plugin management as well as “the upcoming signet.”

In July, the LN developers revealed a new node monitoring tool. One of the main goals of this tool is to provide a way to prevent certain network issues before they manifest.  Users could purportedly also use this tool to monitor trends such as the number of channels over time, as well as which spots have the best routing fees.





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‘I Think We Need to Be a Little Less Paternalistic’

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United States Securities and Exchange Commission (SEC) Commissioner Hester Peirce recently spoke on innovation in cryptocurrencies, calling regulators excessively paternalistic.

DACOM Summit

At the Digital Asset Compliance and Market Integrity (DACOM) Summit in New York today, Sept. 26, Commissioner Peirce led a Q&A session that featured extensive discussion of the future of regulation for crypto assets. 

Hosting the summit were law firm Hogan Lovells and Solidus Labs, a market surveillance tool provider. 

Crypto Mom

Peirce’s benign attitude towards digital assets has earned her the moniker Crypto Mom, towards which she expressed some fondness at the beginning of her appearance at today’s summit: 

“It’s been an honor to be adopted by a group of people who are really thinking in such exciting and interesting ways and trying to think about ways to change the world.” 

Regarding cryptocurrencies, she predicted today that: 

“As technology changes, we’ll see them becoming much more the money of the internet.” 

In other comments, the commissioner expressed some degree of frustration with the pace of the SEC’s regulation, saying “Frankly, sometimes the SEC needs a push from Congress.” She continued: 

“If you want a government that’s more forward-thinking on innovation, that means that if something goes wrong, you can’t go running back to the government and say ‘Hey, you didn’t protect me from myself!’ […]I think we need to be a little less paternalistic.” 

Hearing earlier this week

As Cointelegraph reported at the time, several commissioners from the SEC including Peirce testified before the House Financial Services Committee on Tuesday, Sept. 26. Peirce’s commentary at the time expressed similar suspicion towards regulatory overreach. 

As the commissioner phrased it at the time, she promoted a philosophy of “regulatory humility,” the need to “always be asking if what we’re doing is right.”





Source Cointelegraph

Bitcoin Price Fear & Greed Index Turns Blood Red Under 8K — Time to Buy?

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Bitcoin (BTC) price dropped out of the descending triangle, causing a level of extreme fear to spread throughout the entire crypto market. 

Bitcoin price remains bearish since the top at $13,800, as the price has been trending downwards in a channel. However, is the price of Bitcoin bearish overall or only short term?  

Crypto market sentiment registers extreme fear

Crypto Fear & Greed Index

Crypto Fear & Greed Index. Source: Alternative.me

The Crypto Fear & Greed Index currently shows that there is extreme fear in the market. The index is based on volatility (25%), market momentum/volume (25%), social media (15%), surveys (15%), dominance (10%) and trends (10%).

Generally, the index is a good indicator to use in technical analysis as it describes the general sentiment. Currently, the sentiment is extreme fear with a number of 12 out of 100. These numbers were only seen during the bearish period from December 2018 – February 2019 and during the sudden price drop in the middle of August this year.

As once said by Baron Rothschild: “Buy when there’s blood on the streets, even if the blood is your own,” adds value to this indicator. 

When markets are in extreme fear, this will provide purchasing opportunities and when markets are euphoric or greedy (e.g. your local Uber driver starts a conversation about Bitcoin), it’s time to get out.

What is important to focus on now is whether this fear is justified or if the macrostructure still trends upwards?

Macroview view of Bitcoin

BTC/USD 1-week chart. Source: Tradingview

Bitcoin broke down from the descending triangle and could not hold the 21-Week Exponential Moving Average (WMA), causing the price to drop back down towards the next support zone around $8,000. 

Losing the 21 WMA led to a retest of the next crucial level at the 100-Week Moving Average (WMA) In previous market cycles, the 100-WMA was tested before a significant uptrend started. Currently, the 100-WMA is hovering around $7,800 and still beneath the current price.

From the macro perspective, one could conclude that the market is still trending upwards as the 2018 bottom was $3,400. 

A bird’s eye view of Bitcoin

BTC/USD 1-day chart. Source: Tradingview

As Bitcoin dropped below the support of $9,300-9,400, a significant chain reaction caused the price to rapidly drop immediately towards $8,000 (green zone). This drop is significant for a number of reasons.

One of them is the completion of the 3-month-old descending wedge. The drop below $9,300 completed the triangle play and indicated the direction Bitcoin would take. 

The first reaction is that people start panic selling their Bitcoin due to the loss of crucial support. Another reason is the immense amount of stop/loss orders placed beneath the important support. Once triggered this caused the market to drop due to the high amount of sell volume.

Bitcoin then fell through the soft support at $8,800 as the high amount of sell volume pressed the price to $8,500. From there on, the next support level is the level the price is resting on right now, the horizontal area around $7,800-8,000 and the 100-Week MA.

The VPVR (Volume Profile Visible Range) indicator shows where high volume levels of support and resistance and the next big orders are placed. This indicator can provide great information during drawdowns as it shows the next level of support. 

Right now the indicator is giving information that the price is resting on a significant block of orders. Breaking upwards could lead towards the next “bigger” block around $9,400-$9,800.

Bearish scenario

BTC/USD Daily Chart

BTC/USD Daily Chart. Source: Tradingview

Bitcoin is clearly in a downtrend and the bearish scenario is pretty straightforward. Losing the 100-WMA and losing this support block would lead towards the next area of support located around $7,300-$7,600. 

Essentially, if the market is able to break upwards with a weak volume bounce, the price could still make another significant drop which could be interpreted as a bearish retest of $8,800.

It’s key to watch the movements in the coming hours/days and the strength of them, as they can tell a lot about the direction of the market short term. 

Ultimately, losing the trend here (the whole channel) would be extremely bad for Bitcoin in general.

Bullish scenario

BTC/USD Daily ChartBTC/USD Daily Chart. Source: Tradingview

In the short term, it’s preferable that Bitcoin remain within the horizontal area and 100-WMA before moving upwards to the $8,800 resistance.

If the price is able to do this, the trend is still valid and the macrostructure with higher lows is also still in place.

For significant bullish perspectives, the bulls need to reclaim $8,800 and preferably $9,400 to be able to look stronger. If the price starts to “grind” upwards to $8,800 without any volume, this would look more like a bearish retest rather than a new trend upwards.

Arguments can be made that the RSI indicator (Relative Strength Index) combined with the crypto Fear & Greed Index shows that the market is overwhelmed with fear and ready to press the sell button.  A slight bounce upwards could trigger FOMO of getting back in the market and could generate volume to push the price above the resistance levels at $8,800 and $9,400. 

Still bullish until $6K

The overall bullish market structure is still in place, even if the market moves back towards $6,000. That would provide a higher low on higher timeframes and could indicate an upwards trend (macro view).

Would that mean that the market can’t see further downwards movements short term? 

That’s possible. However, the halving event is about 230 days away in May 2020, which historically provides a bullish rally around the event.

Aside from that, if the current price action is providing a “beartrap” and the market needs to bounce quickly to generate the FOMO of investors waiting to buy back in. If that doesn’t happen, some lower levels could be tested before a short term reversal.

Notably, 75% of the time Bitcoin price drops before the futures expiry date and this expiration date is Friday, Sept. 26. Adding to this, a new monthly candle is coming up in a matter of days. Both of these events could provide volatility and surprises like Bitcoin always does. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.





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South Africa: The Next Frontier for Crypto Exchanges

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Africa is set to be the next battleground for major crypto asset exchanges, as the conditions on the continent are favorable for virtual currency, and as a leading economy, South Africa could lead the charge in this digital transformation. We will examine how the economic situation and the high inflation in Africa could shape the local crypto markets and why people on the second-most populous continent have been gaining an interest in crypto investments. South Africa in particular seems ready to ride the waves and thrive in the crypto world.

Related: Africa Using Blockchain to Drive Change: Nigeria and Kenya, Part One

Promised land?

The continent of Africa contains 54 countries. It’s the second-largest and second-most populated continent in the world, just behind Asia in both categories. In the world of traditional investment, Africa may not be a bright spot, but economic growth has become increasingly noticeable. Data from the International Monetary Fund (IMF) shows that Africa’s real GDP is expected to have an annual growth of 3.6% this year — higher than the global growth forecast of 3.3% and just behind Poland’s estimated 3.8%. The IMF also forecasts that by the year 2023, Africa’s economic expansion will accelerate to 4.1%.

Real GDP growth

Inflation at play

Africa’s growth prospects may appear lucrative for some investors, however, its inflation problems could hamper growth. While Africa’s average inflation rate has been relatively contained and much lower than that of other developing economies, if observed over an extended period of time, certain inflation rates across the continent show high instability due to political and economic issues in countries such as Zimbabwe, South Sudan, Sudan, Liberia and Angola. The inflation rate in these countries can be as high as double or even triple digits.

Inflation rate, average consumer prices

When the inflation rate is too fluctuated or surges drastically, businesses are faced with the challenge of appropriately pricing their goods, which significantly reduces consumer buying power. This is where Bitcoin (BTC) and crypto come in. According to the United Nations, the high-inflation landscape plus an improving economic situation have provided an ideal environment to foster crypto markets in Africa. 

Citing blockchain experts, the UN’s Africa Renewal publication states that many African citizens use Bitcoin as a tool to counter the hyperinflation in their country. The report also says Botswana, Ghana, Kenya, Nigeria, South Africa and Zimbabwe were among the African countries that have the highest Bitcoin penetration rates, while other countries like Uganda were also seen gaining interest in cryptocurrency. 

Increasing crypto interest

We reviewed how the improved economic conditions and inflation environment encouraged cryptocurrency growth in Africa, and this expansion seems also supported by the African people.

A weak currency leads to high crypto ownership

The strength of a country’s currency could add another dimension to the crypto development in Africa. A recent Statista survey shows that South Africa, Turkey, Brazil, Colombia and Argentina were among the highest cryptocurrency ownership countries, with almost 20% of respondents reporting that they have used or owned crypto assets in 2019. 

Prevalence of cryptocurrency around the world

Another similar study from We Are Social and Hootsuite also indicates that 10.7% of internet users in South Africa own cryptos — the highest ratio in the world.

Correspondingly, the currencies of the five aforementioned mentioned countries have been some of the weakest performers against the United States dollar in recent years. Bellow is a 5-year chart of USD against ZAR, TRY, COP, ARS and BRL, and it’s not hard to see they have been trading at or near their 5-year lows. So, it’s reasonable to presume that the demand for countering FX devaluation could be higher among consumers of these weak-currency countries, and Bitcoin could be the answer for them.

USD vs. ZAR/ TRY/ COP/ ARS/ BRL

South Africa’s edges

South Africa is the second-largest economy in Africa after Nigeria, which has been enjoying faster growth in recent years. The South African economy is more diversified, while Nigeria relies more heavily on its energy sector. 

In the past, South Africa has mainly been focused on the mining and agricultural sectors, but in recent years, the country advanced its economy by shifting its focus to tourism, financial services and the tech sector. 

Furthermore, South Africa is generally more accessible for foreign capital, which gives the country a slight edge when it comes to investment.

On the regulatory front

Regulatory issues have always been a major concern for crypto, digital asset exchanges and custody providers when it comes to expanding their businesses into new territory, and the regulatory landscape in South Africa — or broadly speaking, in Africa — could be a major factor that drives the crypto industry forward on the continent.

According to its document, the South African Reserve Bank does not currently oversee, supervise or regulate crypto assets, but added that it will continue to monitor this sector as it evolves. 

The bank also released a Position Paper 02 in 2014 regarding its stance on crypto assets and stressed that the document remains current and relevant. The document highlighted:

“[…] increasing merchant acceptance, integrating existing conventional payment instruments with decentralized convertible virtual currency, and promoting the advantages inherent in such systems. Thus, there is potential for real growth of Bitcoin in its current operational environment.” 

This underlines South Africa’s openness and recognition of Bitcoin, and in a broader sense, cryptocurrency.

However, the lack of a full regulatory structure won’t complete the whole picture. In January 2019, South African Finance Minister Tito Mboweni said the country is looking for a unified intergovernmental cryptocurrency regulatory framework, and established a working group to explore the opportunities of tokens and blockchain technology within the country. Mboweni expects that the report will be released this year.

Africa has laid the foundations for the crypto industry to thrive on the continent, its high-inflation economy encourages demand for value preservation, and Bitcoin and other cryptocurrencies could be an answer for consumers in Africa. South Africa, in particular, could become a leader in this crypto transformation. 

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Nothing in this article should be construed to be legal advice, and all content is for informational purposes only. You should not act or refrain from acting on the basis of anything herein without seeking appropriate legal advice regarding your particular situation.

Cyrus Ip works at OKEx as a research analyst. He provides value-added Bitcoin and altcoin analysis and has produced macro thematic research that bridges the gap between the crypto world and traditional financial markets. Previously, Cyrus worked with Citigroup where he served as an FX Market Analyst with a focus on G10 and EMFX. He was also a long-time financial journalist with solid experience in Hong Kong, China and Canada.





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