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Cryptocurrency Daily Roundup - Mar. 7

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A leading economist predicted a gloomy outlook for Bitcoin, while a popular cryptocurrency exchange launched an index fund for cryptocurrencies. And Bitcoin is set to attract more users as some major cryptocurrency exchanges slashed withdrawal fees last week.

Here is a wrap up of the main news from the cryptocurrency and blockchain space over the last 24 hours.

Harvard Economist Predicts Bitcoin's Downfall In A Decade

Harvard University Professor and Economist Kenneth Rogoff has predicted that the price of Bitcoin is likely to fall to as low as $100 per token, not rising to $100,000 in the next 10 years. "I think bitcoin will be worth a tiny fraction of what it is now if we're headed out 10 years from now ... I would see $100 as being a lot more likely than $100,000 ten years from now," the former IMF Chief Economist said in CNBC's program "Squawk Box". Rogoff, Professor of Public Policy and Professor of Economics at Harvard University, had predicted in October that Bitcoin price bubble will collapse as cryptocurrencies face continued regulatory controls. Despite increased scrutiny and regulation across the globe, the price of the word's most popular cryptocurrency soared 1200 percent in 2017. Read more...

Coinbase Launches Cryptocurrency Fund

Coinbase, the largest cryptocurrency exchange in the U.S., is moving into asset management with the launch of Coinbase Index Fund, a fund for cryptocurrencies. Through the new fund, the customers can buy four top digital coins including bitcoin listed on Coinbase, instead of trading them directly on the exchange. The index fund will invest in the same cryptocurrencies traded on Coinbase and its institutional exchange GDAX, that include Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. The fund requires a minimum investment of $10,000, and it would charge a flat 2 percent annual fee. The fund will accept investments in U.S. dollars as well as in cryptocurrency. The Coinbase Index Fund will be under a new unit called Coinbase Asset Management. The fund will be available only to U.S. accredited investors for regulatory reasons, for those who have annual income of at least $200,000 or a net worth of at least $1 million. Read more...

Popular Cryptocurrency Exchanges Slash Bitcoin Transaction Fees

Bitcoin transaction fees is cheaper now, as three of the most popular cryptocurrency exchanges have slashed their withdrawal fees rates by up to half. Binance, Bitfinex, and Kraken have enabled SegWit (Segregated Witness), a process to increase block size limit, and capacity to add more transactions. Transaction batching is another method being adopted to help them significantly reduce bitcoin transaction fees and relieve congestion on the bitcoin blockchain network. Kraken reduced withdrawal fees on Bitcoin to 0.0005, and on Bitcoin Cash to 0.0001. Read more...

VideoCoin Raises $35 Mln For Blockchain-powered Video Services Platform

Tech entrepreneur Halsey Minor announced $35-million funding for VideoCoin, a blockchain network that provides cloud video processing and distribution services and is set to rival those offered by Google and Amazon. VideoCoin, which describes itself as a decentralized video platform, raised the amount in a private presale funding round. The startup has a hard cap target of $50 million. The company also said that it would not conduct a public contribution round as part of its token sale due to the overwhelming demand to participate in the development of the VideoCoin Network. Among the fund partners were Ethereum Co-founder Anthony Diiorio and Mike Novogratz's Galaxy Investment Partners. Read more...

GE Transportation Joins Freight Industry Blockchain Alliance

GE Transportation, a global services and equipment provider to the rail, mining, marine, power and drilling industries, joined a consortium of transport and logistics companies exploring blockchain possibilities for the freight industry. The General Electric Co. subsidiary announced that it has joined the Blockchain in Transport Alliance, or BiTA, which is the transportation and logistics industry's trade association for blockchain education and standards development. The Chicago, IL-based GE Transportation employs nearly 9,000 employees worldwide. Read more...

Russian Supreme Court Verdict May Affect Crypto Websites

The decision of the Supreme Court of Russia on an appeal against blocking of a popular crypto-website, may impact the whole crypto segment in Russia. The Supreme Court of Russia has accepted the appeal in mid-February on the case of blocking the analytical and news site bitcoininfo.ru, owned by Russian bitcoin enthusiasts, which published news about bitcoin and other cryptocurrencies. The Vyborgsky District Court in St. Petersburg had delivered a verdict to in July 2016 to block Bitcoininfo.ru. The ruling said the official currency in Russia is the ruble and the introduction of other currencies and the issuance of monetary surrogates is illegal. Read more...

Cambodia To Launch National Crypto Project At ASEAN Blockchain Summit

Southeast Asian nation Cambodia is set to launch its national cryptocurrency project titled "Entapay" at the ASEAN Blockchain Summit in Phnom Penh, Cambodia on March 7, according to a press release by ASEAN Blockchain. "Entapay will be expected to become the connection between integration payment of encrypted currency and the real world. It has the great potential to even replace VISA as the new mainstream payment mode," the statement said. The move comes close on the heels of Iran and Turkey also announcing similar plans, as well as Venezuela launching its oil-backed cryptocurrency named "Petro" in mid-February. Read more...

South Korean Public Servants Banned From Crypto Trading

South Korean government has reportedly imposed a ban on public servants from either holding or trading cryptocurrencies. As per a directive issued by the Personnel Affairs department, officials who are found to be indulging in cryptocurrency activities are subject to disciplinary actions, South Korea's Maeil Business Newspaper reported. The government document titled, "Virtual currency holdings and transaction-related information for civil servants," is applicable to all government departments in the country. This is the latest in a series of recent measures taken by the government to discourage its workforce from engaging in virtual currency trading. Read more...

Canadian Regulator Warns About Bitcoin-bank.io

Canadian regulator Financial and Consumer Services Commission (FCSC) has warned people in New Brunswick about a website that claims to be a "cryptobank." In a media release, the regulator said the website Bitcoin-bank.io (BTCB) is offering payment card solutions, wallet services, and an opportunity to invest in its BTCB coin through a cryptocurrency initial coin offering (ICO). Read more...

Current Prices

As of 6:01 am ET on Wednesday, Bitcoin was down 4.45 percent at $10.490 and Ethereum was lower by 6.35 percent at $780.81 percent on Coinbase.

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