George Soros to Trade Crypto, Bloomberg Says

Soros Fund Management is said to have recently approved cryptocurrency trading
06 April 2018   584

The family office of George Soros plans to start trading bitcoin and other digital assets, Bloomberg reports with reference to its own sources.

Responsible for macroinvestments in the Soros Fund Management Adam Fisher has already received the approval of the fund for trading cryptourrencies, although it has not yet started active investment in this direction.

The official representative of the fund, under whose management to date $ 26 billion, refrained from commenting.

George Soros became widely known in 1992, when he played against the pound sterling and received $ 1 billion in profits. He became the first American to earn so much in a year, and received the nickname "a man who humiliated the Bank of England."

In 2011, Soros Fund Management returned money to outside investors and became a family asset management office for the 87-year-old billionaire.

It is noteworthy that in January, Soros called bitcoin a typical "financial bubble," but noted that because of the influence of dictatorial regimes in different parts of the world, the collapse of the cryptocurrency is unlikely.

Bear Market to Hit Mining Hard

BitMEX research division presented an analysis of the impact of market decline on the mining industry
11 December 2018   63

The cryptocurrency market has experienced a marked decline over the past weeks. The BitMEX research division presented an analysis of the impact of these events on the mining industry. Bitcoin hash rate has fallen by 31% since the beginning of November, which is equivalent to the capacity of 1.3 million Bitmain S9 devices. From this, BitMEX concludes that miners as a class are in a difficult situation, however, they may have different conditions, and those who pay more for electricity, are forced to turn off their equipment first, while others may still be quite viable.

The decrease in the price of Bitcoin by 45% since the beginning of November has already caused two recalculations of the complexity of mining to the lower side - by 7.4% and 15.1% on November 16 and December 3, respectively. The first recalculation turned out to be the largest since January 2013, the second - since October 2011.

Bitcoin mining revenue fell from $ 13 million per day in early November to $ 6 million per day in early December. The fall in the size of the miner's encouragement turned out to be even more rapid than the fall in the price of cryptocurrency. This is due to the delay in recalculating the complexity of mining. For the six-day period ending December 3, 21.8% fewer blocks were mined than expected, since the miners left the network before recalculating the difficulty. As a result, in addition to reducing the size of the miners' encouragement in dollar terms, due to lower asset prices, they received 21.8% less bitcoin awards.

One of the popular reasons for the recent decline in the cryptocurrency market is that miners sold bitcoins to cover their costs of hash warsin the Bitcoin Cash network. The monitoring platform Boltzmann recorded an unusually large sale of Bitcoin by the miner on November 12, that is, 3 days before the hard fork of Bitcoin Cash.

BitMEX assumes that the actions of miners over the past weeks could have played a significant role in reducing the market, however, recommends not overestimating their value and reminds that in a bearish trend, prices continue to fall regardless of asset movements and news.