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Bitcoin news roundup 13th November 2016

This week’s summary of various cryptocurrency news and developments:

New developments:

DOJ looking to hire virtual currency legal experts

Earlier this week CoinDesk reported the DOJ had a job posting going that was looking to hire virtual currency legal experts, The posting doesn’t specify digital currency knowledge is necessary, but it does involve ““knowledge of anti-money laundering and asset forfeiture laws, processes and procedures”. This means potential candidates will essentially be weighing how the Justice Department sees digital currencies.

Kraken launches $10.000 crypto investment contest for college students

Digital currency exchange Kraken has sponsored a crypto currency investment competition for college students, in which 13 college are participating. The “Kraken Investment Case Study Competition” has teams of students crafting their best strategy to invest $1m in a digital currency portfolio. The winning team will get $10.000, but other teams in 2nd and 3rd place will also make a few thousand dollars. There’ll also be a people’s choice awards, worth $3.000.

The teams will enter the competition with a video, and the winner is expected to e announced in December.

Coinbase redesigns its wallet in an early step to move to a digital asset platform

Coinbase has recently redesigned its wallet in a move that the company identified as an “early but significant step” to go from a wallet to a digital asset platform, which essentially means their primary service may stop being the bitcoin wallet, but to be an exchange for digital currencies and assets. Thee company had already launched litecoin trading this summer, and has recently raised over $10 million from companies such as Bank of Tokyo Mitsubishi. The redesign had been announced before, with Fortune reporting on it and gong in-depth on the subject.

Gemini has expanded its bitcoin and Ethereum exchange to Japan and South Korea

Digital currency exchange Gemini announced earlier this week it was going to pen its services to new markets in Asia, especially Japan and South Korea. The company has launched nearly a year ago in the city of New York, but it didn’t attract a lot of users at first. As such, it will now open its services to Japan and South Korea in an attempt to become a “global next generation digital asset exchange”. Customers will have access to bitcoin and ether trading, and Gemini’s daily bitcoin auction. Last month, the Japanese government dropped its plan to impose a sales tax on bitcoin, so the move may come at just the right time.

World Affairs:

Deutsche Bank report suggests experts expect blockchain impact within 3-6 years

A new report from Deutsche Bank suggests most capital market participants expect blockchain technology to have an impact within 3-6 years. The bank surveyed 200 participants, and 87% believed the technology will in the future affect security services. Most participants believed the technology will help their firm reduce key costs, as it could possible guard against system failures, for example.

Deutsche Bank’s head of Custody and Clearing Deborah Thompson said in the report: “Respondents were clearly positive about the potential impact of blockchain — almost all participants saw it as either moderately or completely disruptive to existing business models — and an overwhelming majority believe it will be actively used within the next six years”

Former Estonian president ahead of World Economic Forum blockchain group

A new working group the World Economic Forum has created to deal with blockchain technology is going to be lead, partially, by the former president of Estonia Toomas Hendrik Ilves. The group will meet for the first time in a few days, in order to focus on the development of “governance models” related to blockchain, according to a report from CoinDesk. The group has other notable members in it, such as former members of the Obama administration, and very important figures in banks all over the world, such as Ma Jun from the People’s Bank of China’s research outfit, and Claire Sunderland Hay, from the Bank of England’s fintech startup accelerator.

Financial:

Donald Trump’s victory heavily influenced the price of bitcoin, which is at $704

The U.S. elections were held at the 8th of November, with Donald Trump being elected in a surprising outcome considering what the polls were showing. When the final results came in, global markets plunged into volatility, with gold gaining a lot of value – both physical and digital [bitcoin]. The price was, at one point, nearly at $740 for one bitcoin, but came back down to, at the time of publication, $704.

Zcash continues to plunge, now at $153

It seems Zcash’s hype is gone, as the value of the currency keeps on dropping. Two weeks ago it was at $4.000, last week it was at $530, and at the time of publication it was at $153. As we said last week, the currency needs to find its way. Perhaps when it dos, its value may rise again to initial levels, even though there are now more Zecs in circulation than there were when one was worth $4.0000.

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