David Drake

HomeAuthorDavid Drake, Author at CryptoTechNews

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According to the central bank of Peru, digital currencies pose a risk to investors because they are subject to high volatility and are vulnerable to fraud and the application of illegal financial activities. November last year, the central bank of Peru released a warning announcing that cryptocurrencies do not have the support of central banks as they are risky investments. Peru’s central bank made this announcement at a time when the cryptocurrency industry was going through...

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In traditional markets, regulators have ensured that there are systems in place to monitor, investigate and identify market manipulation efforts with a view of prosecuting individuals involved. In an ideal situation, markets need to be competitive where there are many buyers and sellers so that no single player can dictate or influence prices. This helps in creating public confidence, to increase trade and efficiency in transactions. But this is not always the case. Due to the...

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Currently, the crypto market is primarily speculation-driven as retail investors choose startups based on their ability of their crypto product to add value. Cryptocurrencies are becoming essential to the global market. According to KPMG, they are indeed vital, but will take time before they reach their full potential. Because of their nature and unpredictability, KPMG  suggests virtual currencies will need the input of institutional investors to flourish in future. Institutional investors such as hedge and grant...

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Despite aggressive predictions by financial pundits on the expected turnaround of digital coins, the cryptocurrency market hit a major road bump last month when its market capitalization fell by $42 billion. For the first time since inception, this drop landed the already crippling digital market capitalization below the $200 billion mark. At the beginning of the year, the total value of the crypto market stood at $835 billion. The Securities and Exchange Commission (SEC) recently...

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Active public awareness efforts to make people understand the benefits of blockchain technology and the value in cryptocurrencies seem to be bearing fruit in recent years. This is evidenced by the increasing public interest in the space as well as how governments seem to be engaging with industry stakeholders to create enabling environments in their territories. As is the case with any business, crypto-companies need to start exploring the next frontiers for expansion and take...

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Like with other sectors, blockchain’s application in the communication space is considered a great and positive step. But it is the integration of blockchain in mobile phones that is likely to cause a stir. Globally, the number of mobile users stands at billions. This makes the combination of mobile telephony and blockchain an exciting combination. HTC is already seeing this possibility, and in October, the mobile phone company launched the first ever blockchain-centred smartphone, HTC...

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India has been among countries that have contributed to technological advancements, either as a developer or as a market. The Information Technology (IT) sector contributed 7.7% of its gross domestic product in the 2017 fiscal year, and there has been hope that the industry will continue to grow by being at the forefront of technological advancements. One such advancement is the adoption of the distributed ledger technology and cryptocurrencies to address the needs of various...

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Fidelity Investments is now offering alternative solutions to clients that are in cryptocurrency trading business. The Wall Street firm has set up a new company dubbed Fidelity Digital Asset Service LLC to serve as both as custodian and trader for family offices, hedge funds, and endowment funds on various exchanges. The primary purpose of this company is to provide an avenue for secure storage of digital assets. Fidelity becomes the first Wall Street company to...

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This past month, the International Monetary Fund (IMF) became the first global financial body to raise alarm over the fast growth of virtual assets and the impact this new asset class could have on the global financial market. The IMF warning comes just a month after the UK government issued a statement that branded the cryptocurrency industry a ‘wild west’. This is not the first time the IMF is raising concerns about cryptocurrencies. In February...

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Conferences have become regular occurrences in the blockchain and cryptocurrency space, a testament of the growth that is happening in the industry. These events provide a unique platform for industry players to interact and share ideas, experiences and knowledge. And as the industry grows, I have had a chance to keynote, moderate and speak in a number of these events. Though attended by different players in the cryptocurrency platers, one of the groups that benefits...