QuadrigaCX Goes Quiet
Not your keys…
The embattled exchange QuadrigaCX is continuing to pose problems for its customer-base.
At the time of writing this, the exchange’s website and services have gone down for unscheduled maintenance. With no explanation posted on their twitter, users of the site are left to speculate as to the cause and duration of the interruption. Charitable interpreters suggest the interruption is administrative, due to the need to replace late CEO Mr. Cotten. Other users, in posts less reasoned or optimistic, fear the possibility of malfeasance or fraud.
Regardless of cause, situations like these remind us of the fragility of online exchanges.
If you are still relying on online exchanges in 2019, we strongly advise you to reduce your exposure by keeping your funds minimally deposited.
Crypto markets saw a relatively uneventful week, despite mounting bearish news that should have had a negative impact on major crypto prices, including the withdrawal of the VanEck Bitcoin ETF proposal and a new ransomware attack targeting Bitcoin mining rigs. Bitcoin, for its part, held steady around the $3,500 level throughout the week, while Ethereum continued its slide, falling to $114 on Sunday morning.
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BTC 6 Month Chart
(Coindesk)
Today — 4482.35 CAD
One week ago — 4644.47 CAD
One month ago — 5067.03 CAD
Six months ago — 10728.70 CAD
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Bitcoin overshot in 2017, now overstretched on the downside. Changpeng Zhao, the CEO of Binance, one of the world’s largest cryptocurrency exchanges, said that the price spike in 2017 “overshot.” Similarly, he thinks the market has now gone too far in the other direction. “We’ve been in a bear market for a very long stretch, probably the longest in history for Bitcoin right now […] I think right now my personal view is that we are actually overshooting on the lower side now,” he said at a conference in Singapore.
Blockchain developer becomes one of Canada’s most in-demand jobs. Randstad Canada, one of the largest staffing agencies in the country, recently released a report highlighting Canada’s most in-demand jobs, and blockchain developers made the list. Though the tech is often associated with cryptocurrencies, blockchain is quickly transforming major industries, promising to clean up supply chains, cut out middlemen and more. Carolyn Levy of Randstad Canada explained, “We think we’re going to see more blockchain developers present in enterprises versus just startups,” adding, “Anywhere you have huge data sets, you’re going to see this opportunity.”
Tron spikes 134 percent in one month. Though much of the cryptocurrency market lagged in January, potential Ethereum-killer Tron soared, significantly, outperforming every other coin in Coinmarketcap’s top 10 by a landslide. The surge comes as BitTorrent, whose leadership change now includes Tron CEO Justin Sun at the helm, announced a new token-sale to fuel its ambitions to decentralize the internet through incentivized file-sharing on the infamous peer-to-peer platform. Justin Sun explained, “BitTorrent token is the first in a series of steps to support a decentralized internet,” adding, “In one giant leap, the BitTorrent client can introduce blockchain to hundreds of millions of users around the world and empower a new generation of content creators with the tools to distribute their content directly to others on the web.”
Blockchain technology for cobalt. Ford, IBM, LG Chem and China’s Huayou have agreed on a joint project using blockchain technology to monitor cobalt supplies coming from the Democratic Republic of the Congo. The projected is intended to ensure that cobalt from the DRC does not come from sources using child labor or ones that use revenue to fuel conflict. The project will monitor cobalt that is used for batteries that will eventually be used in Ford vehicles.
Chevron backs oil-trading platform using blockchain. Chevron, Total SA (and Reliance Industries are backing a new digital platform for oil trading using blockchain technology. The project got underway last year, backed by, Royal Dutch Shell and Equinor. The platform, called Vakt, is the first blockchain-based platform used for the physical trade of crude oil. With the addition of Chevron, Total and Reliance, Vakt now has five of the world’s top 10 largest oil and gas companies.
