<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://markets.businessinsider.com/index/dow_jones"></a><p class="source"><span><a href="http://markets.businessinsider.com/index/dow_jones">Markets Insider</a></span></p></div><p></p></div></div></p><ul><li><strong>China <a href="http://www.businessinsider.com/trump-trade-war-china-threatens-retaliate-us-2018-3">threatened</a> to retaliate against President Trump's new tariffs on imported metals on Wednesday.</strong></li><li><strong>The <a href="http://markets.businessinsider.com/index/dow_jones">Dow Jones industrial average</a> was down more than 300 points at midday.</strong></li><li><strong><a href="http://markets.businessinsider.com/index/dow_jones">You can track the Dow in real-time on Markets Insider here&gt;&gt;</a></strong></li></ul><p>The<a href="http://markets.businessinsider.com/index/dow_jones"> Dow Jones industrial average</a> fell as much as 306 points on Wednesday, as possible <a href="http://www.businessinsider.com/trump-trade-war-china-threatens-retaliate-us-2018-3">Chinese retaliation</a> against the new metals tariffs stoke fears of a potential trade war.</p><p>China's National People's Congress spokesperson Zhang Yesui on Wednesday <a href="http://www.businessinsider.com/trump-trade-war-china-threatens-retaliate-us-2018-3">threatened to retaliate</a> to the US president's proposed new tariffs on steel and aluminum, <span>according to reports. </span>China doesn't want a trade war, the politician said, but it will respond in kind if Trump's tariffs harm it economically.</p><p><a href="http://markets.businessinsider.com/stocks/ba-stock">Boeing</a>, which could be a potential target of retaliatory tariffs by China, was among the worst hit, falling more than 4% in trading. China has agreed to<a href="https://www.cnbc.com/2018/03/14/chinas-path-to-tariff-retribution-could-begin-with-boeing.html"><span> buy about $1 trillion worth of aircraft</span></a> over the next two decades from the company.</p><p>Companies that get a high percentage of their revenue from China are also at heightened risk as the prospect of a global trade war mounts, according to UBS. The Swiss bank identified <a href="http://www.businessinsider.com/11-stocks-ubs-says-to-avoid-in-trade-war-2018-3"><span>11 stocks to avoid if a trade war does break out.</span></a></p><p><span>In economic data, retail sales <a href="https://www.bloomberg.com/news/articles/2018-03-14/u-s-retail-sales-unexpectedly-fall-for-third-straight-month">unexpectedly fell for the third straight month</a>, according to statistics published by the government</span></p><p>Cryptocurrencies were<a href="http://markets.businessinsider.com/news/Cryptocurrencies-are-falling-after-Google-s-advertising-ban-1018691568"> also falling Wednesday</a> after Google followed Facebook's lead and said it would <a href="http://markets.businessinsider.com/news/Google-is-banning-all-bitcoin-ICO-and-cryptocurrency-ads-starting-in-June-1018686083">ban all advertising related to bitcoin, cryptocurrencies, or ICOs.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/why-nasa-has-not-sent-humans-to-mars-2018-2">The surprising reason why NASA hasn't sent humans to Mars yet</a></h3>        <div>                    </div>    </div>

Dow drops as much as 300 points as fears of a potential trade war rise

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">A Bitcoin logo is seen on a cryptocurrency ATM in Santa Monica</p></div><p></p></div></div></p><ul class="summary-list"><li>Ohio is becoming the first US state to accept the Bitcoin cryptocurrency for business tax payments.</li><li>Ohio politicians have been open about their desire to be on the forefront of blockchain technology adoption.</li><li>It's good news for Bitcoin and cryptocurrency among a stream of recent negative news.</li></ul><p>The state of Ohio will accept Bitcoin for Ohio business tax payments beginning this week - a first for the US, according to a report from <a href="https://www.wsj.com/articles/pay-taxes-with-bitcoin-ohio-says-sure-1543161720?mod=searchresults&amp;page=1&amp;pos=1">The Wall Street Journal</a>. </p><p>Bitcoin has <a href="https://www.businessinsider.com/r-bitcoin-for-payments-a-distant-dream-as-usage-dries-up-2018-11?r=UK&amp;IR=T">struggled</a> to become a widespread form of payment, but Ohio Treasurer Josh Mandel says that Bitcoin for business tax payments has several benefits on the <a href="https://ohiocrypto.com/howitworks">OhioCrypto.com</a> website, like being "quick and easy," trackable, secure, transparent, incurs low fees, and allows taxes to be paid via mobile devices.</p><p>There are 23 taxes that can be paid with Bitcoin, including sales tax and withholdings taxes. For a full list of eligible taxes, check OhioCrypto.com's <a href="https://ohiocrypto.com/faq">FAQ page</a>. </p><p>Ohio Businesses will be able to pay these eligible taxes via the OhioCrypto.com site. The Ohio Treasury is looking to add more accepted cryptocurrencies in the future.</p><p><strong>Read more: <a href="https://www.businessinsider.com/congressional-hearing-explored-uses-of-blockchains-in-government-2018-2"><em>Even Congress is jumping on the blockchain bandwagon - and IBM is urging it on</em></a></strong></p><p>OhioCrypto.com says that the payment option is part of an initiative to integrate blockchain technology into parts of Ohio's government: "<span>Treasurer Mandel believes in leveraging cutting-edge technology to provide Ohioans more options and ease while interfacing with state government.  The Treasurer's office is also working to help make Ohio a national leader in blockchain technology."</span></p><p><span>In August, Ohio Speaker Ryan Smith held a <a href="https://www.ohiochannel.org/video/press-conference-8-23-2018-blockchain-technology">press conference</a> that included politicians, business leaders, and academics to blockchain's potential in Ohio. "</span>Because this is so new and this is just beginning to take shape, we can position Ohio out front," Smith said. The same month, Ohio <a href="https://www.coindesk.com/ohio-becomes-latest-us-state-to-legally-recognize-blockchain-data">passed a law</a> that officially recognized blockchain data as a form of electronic record.</p><p>Among news of <a href="https://www.businessinsider.com/bitcoin-crashes-through-4000-2018-11?r=UK&amp;IR=T">crashing Bitcoin prices</a> and general lack of adoption, Ohio's acceptance of Bitcoin for business tax payments is boon for cryptocurrency. Still, it's only an option and there's no telling yet how successful the program will be.</p><p class="tagline">Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/bitcoin-lacks-fundamental-value-wont-replace-gold-2018-1">Principal Global Investors CEO: Bitcoin lacks fundamental value and it won't replace gold</a></h3>        <div>                    </div>    </div>

Ohio will soon be the first state to accept Bitcoin for taxes

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Reuters</span></p></div><p></p></div></div></p><p><strong>Welcome to Crypto Insider, Business Insider's roundup of all the </strong><a href="http://markets.businessinsider.com/currencies/BTC-USD" target="_blank" rel="noopener"><span><strong>bitcoin</strong></span></a><strong> and </strong><a href="http://markets.businessinsider.com/currencies/cryptocurrencies" target="_blank" rel="noopener"><span><strong>cryptocurrency news</strong></span></a><strong> you need to know today. Sign up </strong><a href="http://e.businessinsider.com/join/crypto-insider" target="_blank" rel="noopener"><span><strong>here to get this email delivered direct to your inbox</strong></span></a><strong>.</strong></p><div><p>Bitcoin has hovered around $10,000 this week, and is currently just below the benchmark after <a href="http://markets.businessinsider.com/news/stocks/bitcoin-price-below-10000-for-second-time-in-two-weeks-2018-1-1014582550">bobbing above and below throughout Tuesday</a> and into Wednesday morning. </p></div><p><strong>Here are the current standings: </strong></p><ul><li><span><a href="http://e.businessinsider.com/click/11705984.1581/aHR0cDovL21hcmtldHMuYnVzaW5lc3NpbnNpZGVyLmNvbS9jdXJyZW5jaWVzL0JUQy1VU0Q_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1GaW5hbmNlRGFpbHk/556dfaab166dcf5d498b4580C4c631204" target="_blank" rel="noopener">Bitcoin (BTC)</a></span>: $9,950 (-1.1%)</li><li><a href="http://e.businessinsider.com/click/11705984.1581/aHR0cDovL21hcmtldHMuYnVzaW5lc3NpbnNpZGVyLmNvbS9jdXJyZW5jaWVzL0VUSC1VU0Q_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1GaW5hbmNlRGFpbHk/556dfaab166dcf5d498b4580Be6ed6f47" target="_blank" rel="noopener">Ethereum (ETH)</a>:<span> $1,091 (+2.9%)</span></li><li><span><a href="http://e.businessinsider.com/click/11705984.1581/aHR0cDovL21hcmtldHMuYnVzaW5lc3NpbnNpZGVyLmNvbS9jdXJyZW5jaWVzL0JUQy1VU0Q_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1GaW5hbmNlRGFpbHk/556dfaab166dcf5d498b4580C4c631204"></a><a href="http://e.businessinsider.com/click/11705984.1581/aHR0cDovL21hcmtldHMuYnVzaW5lc3NpbnNpZGVyLmNvbS9jdXJyZW5jaWVzL1hSUC1VU0Q_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1GaW5hbmNlRGFpbHk/556dfaab166dcf5d498b4580B26177c69" target="_blank" rel="noopener">Ripple (XRP)</a></span>: $1.09 (-1.0%)</li><li><span><a href="http://e.businessinsider.com/click/11705984.1581/aHR0cDovL21hcmtldHMuYnVzaW5lc3NpbnNpZGVyLmNvbS9jdXJyZW5jaWVzL0JUQy1VU0Q_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1GaW5hbmNlRGFpbHk/556dfaab166dcf5d498b4580C4c631204"></a><a href="http://e.businessinsider.com/click/11705984.1581/aHR0cDovL21hcmtldHMuYnVzaW5lc3NpbnNpZGVyLmNvbS9jdXJyZW5jaWVzL0JDQy1VU0Q_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1GaW5hbmNlRGFpbHk/556dfaab166dcf5d498b4580B9eb71dc8" target="_blank" rel="noopener">Bitcoin Cash (BCC)</a></span><span>: $1,476 (-1.1%)</span></li><li><span><a href="http://markets.businessinsider.com/currencies/LTC-USD" target="_blank" rel="noopener">Litecoin (LTC)</a>: $160 (-2.9%)</span></li></ul><p><strong style="color: #222222;">What else is happening:</strong></p><ul><li>Ethereum has easily been<a href="http://markets.businessinsider.com/currencies/news/ethereum-price-easily-the-best-performing-cryptocurrency-of-2018-2018-1-1014683849"> the best-performing crypto so far in 2018</a>, outpacing bitcoin, XRP, and bitcoin cash.</li><li><a href="http://markets.businessinsider.com/currencies/news/tether-explained-bitcoin-cryptocurrency-why-people-worried-2018-1-1014668561">Everything you need to know about Tether</a>, the cryptocurrency that people worry could crash bitcoin and that regulators are investigating.</li><li>The CEO of the bank which had its $600 million ICO proceeds seized by the SEC has <a href="http://markets.businessinsider.com/news/stocks/sec-shuts-down-arise-bank-600-million-alleged-ico-scam-dallas-texas-2018-1-1014571716">released a statement vowing to fight the accusation. </a></li><li>Ripple's XRP on Tuesday <a href="http://markets.businessinsider.com/currencies/news/ripple-xrp-price-at-lowest-levels-since-the-cryptocurrency-bloodbath-2018-1-1014594152">sank to its lowest levels since the cryptocurrency 'bloodbath.'</a></li><li>Facebook is <a href="http://markets.businessinsider.com/currencies/news/facebook-bans-bitcoin-cryptocurrency-ico-ads-2018-1-1014591482">banning all ads for bitcoin, cryptocurrencies, and ICOs</a>. </li><li>Cryptocurrency exchange Bitfinex was <a href="http://markets.businessinsider.com/news/stocks/cryptocurrency-exchange-bitfinex-reportedly-subpoenaed-by-cftc-2018-1-1014583438">reportedly subpoenaed in December by a top US regulator</a>.</li><li>A tiny soccer team <a href="http://markets.businessinsider.com/currencies/news/bitcoin-turkish-club-harunustaspor-first-to-pay-for-a-footballer-using-cryptocurrency-2018-1-1014671770">announced itself to the world by becoming the first to ever buy a player with bitcoin</a>.</li><li>Saudi Arabia is <a href="http://markets.businessinsider.com/currencies/news/saudi-arabia-is-working-on-an-official-policy-for-bitcoin-but-a-ban-is-unlikely-2018-1-1014602256">working on an official bitcoin policy</a>  - a ban is unlikely. </li></ul><div></div><p class="tagline">Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a><br><br><div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://read.bi/bitcoin-101-free"></a><strong>EXCLUSIVE FREE REPORT:</strong><br>The Bitcoin 101 Report by the Business Insider Intelligence Research Team.<br><strong><a href="http://read.bi/bitcoin-101-free">Get the Report Now »</a></strong></br></br></div></br></br></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/microsoft-president-brad-smith-davos-interview-trump-us-cant-get-too-isolationist-2018-1">Microsoft President Brad Smith says the US shouldn't get 'too isolationist'</a></h3>        <div>                    </div>    </div>

CRYPTO INSIDER: Bitcoin tumbles below $10,000

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://markets.businessinsider.com/currencies/XRP-USD"></a><p class="source"><span><a href="http://markets.businessinsider.com/currencies/XRP-USD">Markets Insider</a></span></p></div><p></p></div></div></p><ul><li><strong><a href="http://markets.businessinsider.com/currencies/XRP-USD">XRP</a> reached a high of $3.31 on January 4, and has declined 80% to $0.67 since. </strong></li><li><strong><a href="http://markets.businessinsider.com/currencies/XRP-USD">You can track the price of XRP in real-time here&gt;&gt;</a></strong></li></ul><p><br /><a href="http://markets.businessinsider.com/currencies/XRP-USD">Ripple's XRP</a>, the world's third-largest cryptocurrency, is down 80% from its all-time high of $3.32, trading at just $0.66 per token Monday afternoon, according to Markets Insider data. The virtual currency, which was designed for international payments and transfers, has lost 18% in the past day.</p><p>XRP now has a market capitalization of<span>  </span>just $27.3 billion, according to <a href="http://coinmarketcap.com"><span>CoinMarketCap.com</span></a>. That's $120 billion less than its peak market value of $147 billion in early January, when it briefly overtook Ethereum as the second-largest cryptocurrency.</p><p>All major cryptocurrencies have been smoked since the start of the new year. In 2018 so far, the total market cap for virtual currencies has fallen by $245.7 billion, or roughly 43%, thanks to fears of new regulations in Asian markets like China.</p><p><span>Facebook helped to further the selloff on Friday, when the <a href="http://uk.businessinsider.com/facebook-bans-bitcoin-cryptocurrency-ico-ads-2018-1?utm_source=marketsinsider&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">social network announced it would ban all ads for bitcoin, cryptocurrencies, and initial coin offerings</a> (ICOs). At the same time, it was reported that US regulators had <a href="http://uk.businessinsider.com/tether-explained-bitcoin-cryptocurrency-why-people-worried-2018-1?utm_source=marketsinsider&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">subpoenaed cryptocurrency exchange Bitfinex and cryptocurrency company Tether</a>, further driving down prices.</span></p><p>To make things worse for an already volatile market, India's finance minister Arun Jaitley, also said that the country's government "<a href="https://qz.com/1195316/budget-2018-busts-bitcoin-arun-jaitley-has-just-killed-indias-cryptocurrency-party/">does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate</a> use of these crypto assets in financing illegitimate activities or as part of the payment system."</p><p class="tagline">Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a><br><br><div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://read.bi/bitcoin-101-free"></a><strong>EXCLUSIVE FREE REPORT:</strong><br>The Bitcoin 101 Report by the Business Insider Intelligence Research Team.<br><strong><a href="http://read.bi/bitcoin-101-free">Get the Report Now »</a></strong></br></br></div></br></br></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/microsoft-president-brad-smith-davos-interview-trump-us-cant-get-too-isolationist-2018-1">Microsoft President Brad Smith says the US shouldn't get 'too isolationist'</a></h3>        <div>                    </div>    </div>

Ripple's XRP is down 80% from its January peak

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>WSJD</span></p><p class="caption">Facebook VP of Messenger David Marcus.</p></div><p></p></div></div></p><ul class="summary-list"><li><strong>Facebook is loosening up its ban on crypto-related ads.</strong></li><li><strong>Advertisements on the social network about blockchain technology and industry news will no longer require pre-approval.</strong></li><li><strong>The company clamped down on blockchain and bitcoin-related ads a year ago amid a wave of scams.</strong></li><li><strong>The change comes as the company is rumoured to be preparing to announce its own cryptocurrency to power payments.</strong></li></ul><p>Facebook is relaxing its ban on crypto-related ads.</p><p>On Wednesday, the social networking giant announced that it was loosening its rules around blockchain and digital currencies. Some types of ads will remain banned, or, at the very least, require pre-approval. But users will now be able to run ads "related to blockchain technology, industry news, education or events related to cryptocurrency" no approval required, Facebook said.</p><p>The change comes 16 months after <a href="https://www.businessinsider.com/facebook-bans-bitcoin-cryptocurrency-ico-ads-2018-1">Facebook first banned all ads for bitcoin, cryptocurrencies and ICOs</a> amid a wave of scams and shady schemes in the industry. It subsequently <a href="https://www.facebook.com/business/news/updates-to-our-prohibited-financial-products-and-services-policy?ref=FBB_UpdatingOurAdPolicies">allowed some ads related to the tech</a>, but only if they were pre-approved.</p><p>And the change of heart arrives as rumours swirl about Facebook's own ambitions in the crypto space, and news leaks out about the efforts of its secretive blockchain team.</p><p>On Wednesday, <a href="https://www.bloomberg.com/news/articles/2019-05-08/facebook-s-blockchain-team-is-assembling-its-own-mini-paypal-mafia">Bloomberg came out with a new report that said</a> the company could announce its own cryptocurrency to power payments in the third quarter of 2019, and that project head David Marcus (former PayPal president) is quietly building a 50-strong team comprised in part of ex-PayPal employees.</p><p>Facebook has thus far stayed mum about the direction its blockchain team is taking, and it was conspicuously absent from F8, Facebook's major developer conference, earlier this month.</p><p>On the ads side, Facebook says it will still require pre-approval for advertisements that directly promote cryptocurrencies or cryptocurrency exchanges, and that ads for ICOs (initial coin offerings, a form of crypto-powered fundraising) will remain banned. </p><p>"We're committed to preventing misleading <keyword id="35666" type="COMPANY" weightage="60" keywordseo="advertising">advertising</keyword> on our platforms, especially in the area of financial products and services. Because of this, people who want to promote cryptocurrency and closely related products like cryptocurrency exchanges and mining software and hardware, will still have to go through a review process," <a href="https://www.facebook.com/business/news/updating-our-ad-policies-for-financial-services-and-products">the company said in a blog post announcing the change</a>.</p><p>"This process will continue to take into account licenses they have obtained, whether they are traded on a public stock exchange (or are a subsidiary of a public company) and other relevant public background on their business."</p><p><em><strong>Do you work at Facebook? Got a tip?</strong><span> </span>Contact this reporter via encrypted messaging app Signal at +1 (650) 636-6268 using a non-work phone, email at rprice@businessinsider.com, Telegram or WeChat at robaeprice, or Twitter DM at<span> </span><a href="https://twitter.com/robaeprice">@robaeprice</a>. (PR pitches by email only, please.) You can also<span> </span><a href="https://www.businessinsider.com/how-to-tip-business-insider-securely-guide-signal-securedrop-2017-6">contact Business Insider securely via SecureDrop</a>.</em></p><h3><strong>Selected stories:</strong></h3><ul><li><em><strong><a href="https://www.businessinsider.com/facebook-old-posts-mark-zuckerberg-disappeared-2019-3">Years of Mark Zuckerberg's old Facebook posts have vanished. The company says it 'mistakenly deleted' them.</a></strong></em></li><li><em><strong><a href="https://www.businessinsider.com/inside-facebook-physical-security-protect-mark-zuckerberg-employees-2019-2">Car-bomb fears and stolen prototypes: Inside Facebook's efforts to protect its 80,000 workers around the globe</a></strong></em></li><li><em><strong><a href="https://www.businessinsider.com/a16z-data-startup-executives-salary-equity-bonus-pay-2018-9">Leaked Andreessen Horowitz data reveals how much Silicon Valley startup execs really get paid, from CEOs to Sales VPs</a></strong></em></li></ul>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/smart-glasses-review-focals-north-alexa-2019-4">I tried $600 smart glasses and learned why they haven't replaced smartphones yet</a></h3>        <div>                    </div>    </div>

Facebook is loosening its ban on crypto ads as rumors swirl about its blockchain project

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Paul Marotta/Getty Images</span></p></div><p></p></div></div>Much of the news around Facebook of late has been negative.</p><p>The company has been pilloried by public officials and others for spreading false stories and for allowing Russian-linked groups to use its site to propagate propaganda.</p><p>A growing chorus of tech executives and investors, including several <a href="http://www.businessinsider.com/ex-facebook-president-sean-parker-social-network-human-vulnerability-2017-11"><span>former Facebook executives</span></a>, have expressed growing concern that the company's service <a href="http://www.businessinsider.com/facebook-algorithm-change-could-be-worse-for-our-mental-health-2018-1"><span>encourages addiction and depression</span></a>, particularly among kids.</p><p>At the same time, the company's investors have had little to complain about. Despite all the hubbub, Facebook's financial results have just kept on getting better, pulling its stock ever higher.</p><p><a href="http://www.businessinsider.com/facebook-q4-2017-earnings-preview-2018-1">Here's what to expect later today, </a><a href="http://www.businessinsider.com/facebook-q4-2017-earnings-preview-2018-1">when Facebook reports its fourth-quarter results after the bell.</a></p><p><strong>In other news:</strong></p><p><a href="http://www.businessinsider.com/facebook-bans-bitcoin-cryptocurrency-ico-ads-2018-1"><strong>Speaking of Facebook, the company is banning all ads for bitcoin, cryptocurrencies, and ICOs.</strong></a> The social network says the ban, which includes both Facebook and Instagram, is to crack down on scams.</p><p><a href="http://www.businessinsider.com/vice-media-has-fired-carrot-creative-cofounder-and-ceo-mike-germano-2018-1"><strong>Vice Media fired its chief digital officer and founder of its digital ad agency Carrot Creative following a sexual misconduct investigation.</strong></a> Mike Germano <a href="http://money.cnn.com/2018/01/30/media/vice-media-chief-digital-officer-mike-germano/">told CNN</a> that he resigned and was not fired.</p><p><a href="http://www.businessinsider.com/cnn-blames-apple-for-repeated-push-alerts-2018-1"><strong>A glitch caused some iPhone users to repeatedly receive the same headline notification from CNN.</strong></a> CNN says it's Apple's problem.</p><p><span><a href="http://uk.businessinsider.com/bitmoji-deluxe-snapchat-snap-2018-1"><strong>Snap has debuted a new style for its Bitmoji service, called Bitmoji Deluxe.</strong></a></span> The deluxe offering has 40 skin tones (up from 25), twice as many hair colours, and 50 different hair treatment options.</p><p><a href="http://www.businessinsider.com/r-walmart-in-talks-to-buy-minority-stake-in-indias-flipkart-report-2018-1"><strong>Walmart is reportedly in talks to acquire a stake in Indian e-commerce firm Flipkart.</strong></a> Fipkart is Amazon's biggest rival in India. </p><p><a href="http://www.businessinsider.com/amazon-super-bowl-ad-alexa-cardi-b-anthony-hopkins-jeff-bezos-video-2018-1"><strong>Cardi B, Anthony Hopkins, and Jeff Bezos himself star in Amazon's new Super Bowl ad.</strong></a> Amazon's voice assistant, Alexa, loses her voice in a new Super Bowl ad.</p><p><a href="http://www.adweek.com/agencies/droga5-has-placed-cco-ted-royer-on-leave-and-hired-a-firm-to-investigate-him/"><strong>Droga5 has placed its chief creative officer Ted Royer on leave, and hired an independent firm to investigate him, Adweek reports.</strong> </a>The agency did not provide further details on what the investigation is about.</p><p><em>Follow us at</em> <a href="http://read.bi/2eHPhLy"><span><em>@BI_Corporate</em> </span></a><em>  to be among the first to hear about news and updates from Business Insider. </em></p><p><em>Also,</em> <em>sign up for the </em><a href="http://read.bi/2uscrJP"><span><em>Executive Summary</em></span></a> <em>, a new biweekly newsletter that brings the latest marketing news, trends, and company updates straight to your inbox.</em>  </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-tech-companies-will-be-players-in-live-sports-2018-1">How tech companies will be players in live sports</a></h3>        <div>                    </div>    </div>

What you need to know in advertising today

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">Traders work in the Citigroup booth on the floor of the NYSE in New York</p></div><p></p></div></div></p><ul><li><strong>Citigroup is looking to staff up a unit of the bank looking at risks associated with money laundering.</strong></li><li><strong>The positions, which were posted in April, list a "Certified Bitcoin Professional Certification" as "a plus."</strong></li></ul><p>Citigroup is seeking talent with a background in bitcoin to staff up its anti-money laundering group.</p><p>The New York-based financial-services giant is seeking a vice president and senior vice president to explore risks associated with money laundering in bitcoin, cryptocurrency, and other nascent payment technologies,<span> </span><a href="https://www.linkedin.com/jobs/view/650231890/">according to LinkedIn job ads</a>. Qualifications for the senior vice president include "knowledge of cryptocurrency and bitcoin monitoring."</p><p>Also, a so-called Bitcoin Professional Certification is described as "a plus" for both positions. </p><p><span><a href="https://www.linkedin.com/jobs/view/650231890/">The senior vice president</a> "will support the Global Head of AML Monitoring Risk Management-Emerging Risk by identifying, analyzing, and implementing AML transaction monitoring risk programs related to developments in cybersecurity, cryptocurrency and emerging payment technologies, products and methods," the job ad said. </span></p><p>The mention of a BPC is unusual, as it is not typically a qualification employers are seeking in job candidates. A quick LinkedIn search of "certified bitcoin professional" will only pull up the two Citi ads. </p><p>A BPC is not unlike other financial professional certification such as a CPA, certified public accountant, or CFA, certified financial analyst inasmuch as it aims to indicate a superior level of knowledge in a subject matter. A number of organizations provide such bitcoin certification, including the<span> </span><a href="https://cryptoconsortium.org/certifications/CBP">Cryptocurrency Certification Consortium</a>, which offers a BPC to those who complete a two year course and a 20-minute test.</p><p>To be sure, the position will likely look at other emerging risks, besides crypto. But Ryan Taylor, the chief executive officer of Dash, the company behind the crypto of the same name, said it likely indicates Citi is very seriously looking at risks surrounding the nascent market for digital currencies. </p><p>"The job ads are intentionally vague," Taylor said. <span>"They are either identifying risk to eliminate certain profiles, cut ties with riskier activities ..."</span></p><p>Unlike firms like Morgan Stanley and Goldman Sachs, Citi did not immediately clear bitcoin futures trades for its clients. <a href="http://www.businessinsider.com/jp-morgan-bank-of-america-citigroup-ban-bitcoin-credit-card-buying-2018-2">It also banned clients from making crypto currency related purchases with its credit cards.</a>  </p><p>Bitcoin has often been associated with activities such as money laundering.</p><p>In an interview with <a href="https://www.bloomberg.com/news/videos/2017-10-03/larry-fink-links-cryptocurrencies-money-laundering-video">Bloomberg News</a>, BlackRock CEO Larry Fink said bitcoin's growth "identifies how much money laundering there is being done in the world."</p><p>For example, authorities on April 9 broke up a Spanish crime ring that laundered $9.8 million using credit cards and digital currencies, Europol said. </p><p><span>"As the cash was already circulating in the financial system, the ring just needed to transfer the criminal money back to the drug dealers in Colombia," <a href="https://www.europol.europa.eu/newsroom/news/illegal-network-used-cryptocurrencies-and-credit-cards-to-launder-more-eur-8-million-drug-trafficking">a statement from Europe law enforcement said</a>. </span></p><p><span>A spokesman for Citi declined to comment on the job ads. </span></p><p class="tagline"><a href="http://www.businessinsider.com/intelligence/bitcoin-101?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=fintech_ctgr_leadgen&amp;utm_campaign=fintech_ctgr_leadgen_bitcoin-101"></a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/earnings-growth-can-rescue-stocks-from-trade-war-disaster-2018-3">There's only one thing that can rescue stocks from a trade war disaster</a></h3>        <div>                    </div>    </div>

Citigroup is looking to staff up its anti-money laundering unit with bitcoin pros

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">Citi CEO Michael L. Corbat arrives at the Planalto Palace before a meeting with Dilma Rousseff in Brasilia</p></div><p></p></div></div></p><ul class="summary-list"><li>Citigroup has created what it's calling a Digital Asset Receipt or DAR, thought to be the most direct way to invest in cryptocurrencies without owning them, according to people with knowledge of the project.</li><li>The DAR works much like an American Depository Receipt, which gives US investors the ability to invest in foreign stocks that aren't traded on US exchanges. </li><li>The structure would place cryptocurrencies within existing regulatory regimes and give big Wall Street investors a less risky way of investing in the fledgling asset class. </li></ul><p>Citigroup may have cracked the cryptocurrency code. </p><p>The New York-based bank has come up with perhaps the most direct way to invest in cryptocurrencies without actually owning them, according to people with knowledge of the plans. The structure would place cryptocurrencies within existing regulatory regimes and give big Wall Street investors like asset managers and hedge funds a less risky way of investing in the fledgling asset class. </p><p>Citi has developed an instrument it's calling a Digital Asset Receipt or DAR. It works much like an American Depository Receipt or ADR, which has been around for decades to give US investors a way to own foreign stocks that don't otherwise trade on US exchanges. The foreign stock is held by a bank, which then issues the depository receipt. <br /><br />In this case, the cryptocurrency is held by a custodian and the DAR is issued by Citigroup, the people said. The bank will alert the Depository Trust &amp; Clearing Corp, a Wall Street middleman that provides clearing and settlement services, once it's issued the receipt, one of the people said. That lends an important layer of legitimacy and gives investors a way to track the investment within a system that they're already familiar with, the person added. </p><p>The project is a collaboration between the bank's capital markets origination team and the depository receipts services team, the people said. <br /><br />It's unclear what stage of development Citi is with the project and when it will launch but the bank has already begun to reach out to potential partners. A Citigroup spokeswoman declined to comment on the bank's plans. <br /><br /><span>Citigroup is one of the largest issuers of ADRs in the world. The bank began issuing depository receipts in 1928, and has won numerous awards for its offering, according to its website. </span></p><p><span>Wall Street has tread carefully with the burgeoning cryptocurrency market, which is vulnerable to wild price swings, repeated hacks of exchanges and wallets, and a stigma that it enables criminal behavior.</span><br /><br /><span>As a result, Citi has held back from earlier efforts to participate in cryptocurrency markets. <a href="https://www.businessinsider.com/bitcoin-cryptocurrency-futures-goldman-2017-12">Unlike firms like Morgan Stanley and Goldman Sachs,</a> Citi did not immediately clear bitcoin futures trades for its clients and it's kept a lower profile than some of its peers. </span><a href="http://www.businessinsider.com/jp-morgan-bank-of-america-citigroup-ban-bitcoin-credit-card-buying-2018-2">It also banned clients from making crypto currency related purchases with its credit cards.</a><br /><br />But it has been hiring in the sector. <span>The bank was seeking a vice president and senior vice president to explore risks associated with money laundering in bitcoin, cryptocurrency, and other nascent payment technologies, </span><a href="https://www.linkedin.com/jobs/view/650231890/">according to LinkedIn job ads</a> posted earlier this year<span>. Bitcoin has often been associated with activities such as money laundering.</span></p><p class="tagline">Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/video-british-airways-13-million-flight-simulator-2018-8">British Airways has a $13 million flight simulator that taught us how to take off, fly, and land an airplane</a></h3>        <div>                    </div>    </div>

Citigroup has created a new, less risky way of investing in crypto - and it may be a game changer for the industry

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">Traders work on the floor of the NYSE in New York</p></div><p></p></div></div>NEW YORK - Sebastian Quinn-Watson has had more than 12 cups of coffee since he woke up around 24 hours ago.</p><p>Quinn-Watson is a venture partner for a bitcoin exchange operator based in Australia. As such, he has had to stay wide awake to help the firm through the ramifications of <a href="http://www.businessinsider.com/bitcoin-price-fork-happens-2017-8">Tuesday's fork that ruptured the</a> bitcoin <a href="http://www.businessinsider.com/bitcoin-price-fork-happens-2017-8">cryptocurrency into two</a>: bitcoin and the new bitcoin cash.</p><p>"We are in a new paradigm," Quinn-Watson told Business Insider around 5 PM ET on Tuesday, or 6 AM Wednesday in Australia. "People have been asking a lot of questions and we expect a lot of volatility."</p><p>He said the crypto-madness that has swept the globe is just the beginning. His firm, Blockchain Global, just re-opened its exchange, the Australian Cryptocurrency Exchange.</p><p>"We literally just re-opened the bitcoin exchange and are confirming the BCC trades over the course of the day," he said."Orders for bitcoin cash are exploding!"</p><p>Bitcoin cash is a fork of the original bitcoin blockchain: It's a new software that has all the history of the old platform, but is made up of eight megabyte "blocks" instead of one megabyte blocks, making it faster.</p><p>"People are selling their bitcoin positions and buying bitcoin cash as a proposition that it is the 'new coin' that has more value in the future," he said."It's a bit speculative."</p><p>He said he expects to see a relatively small drop of about 10% to 15% in the price of bitcoin over the course of the next 36 hours as investors, including new market entrants, look for other opportunities.</p><p>"Money will pour into Ethereum and bitcoin cash," Quinn-Watson said."I think the excitement will also bring more people into the market looking to invest."</p><p>To be sure, not everyone is looking to stay in the crypto space. Some of Quinn-Watson's hedge fund clients in Singapore completely cashed out of their bitcoin holdings because of the activity.</p><p><a href="http://markets.businessinsider.com/currencies/BTC-USD">Bitcoin</a> is currently trading down about 4.15% since market open.</p><p class="tagline">Get the latest Bitcoin price<a href="http://markets.businessinsider.com/currencies/BTC-USD"> here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/netflix-stock-price-emerging-entertainment-juggernaut-2017-7">Netflix is an emerging juggernaut</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="E4bmkwYzE6fopdcTiGutXx2vZjti27qE" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

BITCOIN EXCHANGE: Orders for bitcoin cash are 'exploding'

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div>&#xa0;&#xa0;<ul><li><strong>The exploding market for digital assets has caused headaches for some cryptocurrency exchanges.&#xa0;</strong></li><li><strong>Customers of Kraken, one of the largest exchanges in the space, recently experienced connection problems caused by record-level trading volumes.&#xa0;</strong></li><li><strong>Still, the firm is hiring across departments, including one to build products for high-frequency trading firms.</strong></li></ul><p>&#xa0;</p><p>Kraken has not been immune to the problems facing cryptocurrency exchanges as&#xa0;money continues to pour into the scorching-hot market for digital coins such as <a href="http://markets.businessinsider.com/currencies/btc-usd">bitcoin</a>.&#xa0;<br><br>Cryptocurrency exchanges, which&#xa0;don't have the industrial infrastructure of traditional&#xa0;exchanges such as the New York Stock Exchange&#xa0;or Nasdaq, are under pressure to handle record trading volumes.</br></br></p><p><span>Just this month, customers of Kraken, one of the largest crypto-exchanges in the world, <a href="https://status.kraken.com/incidents/k1bzdf8fjy1t">experienced delays and connection time-outs </a>triggered&#xa0;by record-high volumes. </span></p><p>Here's one crypto-trader who took to Twitter Friday to lament about server problems on the exchange.</p><p><span>Kraken is one of the four crypto-exchanges that is set to contribute to the index on which Chicago Mercantile Exchange, the exchange giant, will base its <a href="http://www.businessinsider.com/the-biggest-exchange-group-in-the-world-is-unexpectedly-gatecrashing-the-bitcoin-business-2017-10">bitcoin futures markets</a>. Bithumb, another exchange that'll contribute to the index, also experienced a server outage in November. <br /></span></p><p>In a Q&amp;A with Business Insider earlier this week, Kraken CEO Jesse Powell outlined the exchange's strategy in light of recent developments.</p><p>Powell said Kraken is actively hiring to build out a number of units, including one to build tools for high-frequency crypto-traders.</p><p>A number of high-frequency traders have dove into the cryptocurrency market. Business Insider previously reported that Chicago-based DRW, <span>Hehmeyer Trading</span>, and DV Trading <a href="http://www.businessinsider.com/bitcoin-trading-shops-are-hiring-wall-streeters-to-build-out-the-next-generation-of-cryptocurrency-trading-2017-11">are among the firms making markets in cryptocurrencies</a>.</p><p><em>The following has been lightly edited for clarity and length.&#xa0;</em></p><p><strong>Frank Chaparro:</strong>&#xa0;You guys appear to be expanding your development team. Was that&#xa0;triggered by the explosive volume in crypto-trading we've seen? Has the&#xa0;recent server failure put more pressure on you guys to hire more people/build-out faster?</p><p><strong>Jesse Powell:</strong> Development team growth has been part of our strategy all along. The&#xa0;increased volume&#xa0;has validated our hunch. The key to hiring though is&#xa0;to ensure we are preserving Kraken's extremely high standards.</p><p><strong>Chaparro:</strong>&#xa0;You're looking to hire for&#xa0;<a href="https://www.linkedin.com/jobs/view/492015560/">an active traders product manager</a>.&#xa0;What are some of the products you plan on rolling out in trading?</p><p><strong>Powell:</strong> The active trader product manager will be focused on our&#xa0;professional cryptocurrency trading tool, Cryptowatch and associated&#xa0;APIs that high-frequency traders need. In addition to market and data&#xa0;depth; we are focused on scaling and performance, too. We are also&#xa0;working on aggregate views across any exchange the trader may be&#xa0;trading across. So, yes, the new product manager will certainly be&#xa0;helping us achieve our vision of the best all around digital asset&#xa0;exchange by working closely with our high-frequency traders to ensure&#xa0;we are bringing them the tools they need to be better traders.</p><p><strong>Chaparro:</strong>&#xa0;The company acquired <a href="https://cryptowat.ch/">CryptoWatch</a>, the&#xa0;charting site, recently. What are the next steps for that unit? How does that acquisition&#xa0;play into the broader strategy?</p><p><strong>Powell:</strong> We see an amazing opportunity in the market for a tool that can aggregate market data, allow trading across any exchange and provide actionable content for traders.</p><p><strong>Chaparro:</strong>&#xa0;What kind of talent are you guys looking for? Do you think Wall Streeters are better equipped to build out a mature cryptocurrency ecosystem?</p><p><strong>Powell:</strong> We are seeking a variety of backgrounds and experience levels&#xa0;across our open positions. Where a Wall Street vet may not have the&#xa0;most relevant experience (i.e., cryptocurrency gateways), they could certainly help us with trading system technologies.</p><p>We are hiring in almost every function. In addition to developers, which we are always actively hiring, we are looking to bring on a VP of engineering, regulatory affairs counsel, trader, compliance manager, product manager, recruiter, and treasurer, just to name a few.&#xa0;</p><p>Experienced folks from Wall Street bring tremendous value to certain roles such as traders, while other roles require expertise in crypto and financial technology, and many of these talents are outside of New York, so we keep our recruiting funnel as wide as possible given the various diverse roles that we have open.&#xa0;</p><p><strong>Chaparro:</strong> Have you recently brought anyone on from a traditional Wall Street firm?</p><p><strong>Powell:</strong> Several talented individuals who used to work on Wall Street have become part of the Kraken trading desk team, crypto-analyst team, and corporate development team.</p><p><strong>Chaparro:</strong> What relationships or partnerships are you engaged in with traditional Wall Street firms?</p><p><strong>Powell:</strong> Kraken has several things going on but nothing that we are at liberty to disclose. We have always been and will continue to be open to strategic partnerships with traditional Wall Street&#xa0;firms.&#xa0;</p><div></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/trump-trade-one-part-continuing-outperformance-2017-11">There's one part of the Trump trade that's still crushing it</a></h3>        <div>                    </div>    </div></hr>

A popular cryptocurrency exchange is hiring to build products for Wall Street's fastest traders

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://www.apimages.com/OneUp.aspx?st=k&amp;kw=gold%20bullion&amp;showact=results&amp;sort=relevance&amp;intv=None&amp;sh=10&amp;kwstyle=and&amp;adte=1349692590&amp;pagez=60&amp;cfasstyle=AND&amp;rids=96e358a1f2244dbc8457d27ab0123a8a&amp;dbm=PY2011&amp;page=1&amp;xslt=1&amp;mediatype=Photo">AP Images</a></span></p></div><p></p></div></div></p><p>Believe it or not, there are upwards of 2,100 digital currencies being traded in the world right now, with a combined market cap of nearly $150 billion, according to Coinranking.com.</p><p>Obviously not all of these cryptos will survive. We're still in the early innings.</p><p>Last month I compared this exciting new digital world to the earliest days of the dotcom era, and just as there were winners and losers then, so too will there be winners and losers today. Although bitcoin and Ethereum appear to be the frontrunners right now, recall that only 20 years ago AOL and Yahoo! were poised to dominate the internet. How times have changed!</p><p>It will be interesting to see which coins emerge as the "Amazon" and "Google" of cryptocurrencies.</p><p>For now, Ethereum has some huge backers. The Enterprise Ethereum Alliance (EEA), according to its website, seeks to "learn from and build upon the only smart contract supporting blockchain currently running in real-world production-Ethereum." The EEA includes several big-name financial and tech firms such as Credit Suisse, Intel, Microsoft and JPMorgan Chase, whose own CEO, Jamie Dimon, knocked cryptos a couple of weeks ago.</p><h2>Will Bitcoin replace gold?</h2><p>Lately I've been seeing more and more headlines asking whether cryptos are "killing" gold. Would the gold price be higher today if massive amounts of money weren't flowing into bitcoin? Both assets, after all, are sometimes favored as safe havens. They're decentralized and accepted all over the world, 24 hours a day. Transactions are anonymous. Supply is limited.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>US Global Investors</span></p></div><p></p></div></div></p><p>But I don't think for a second that cryptocurrencies will ever replace gold, for a number of reasons. For one, cryptos are strictly forms of currency, whereas gold has many other time-tested applications, from jewelry to dentistry to electronics.</p><p>Unlike cryptos, gold doesn't require electricity to trade. This makes it especially useful in situations such as hurricane-ravished Puerto Rico, where 95 percent of people are reportedly still without power. Right now the island's economy is cash-only. If you have gold jewelry or coins, they can be converted into cash-all without electricity or WiFi.</p><p>Finally, gold remains one of the most liquid assets, traded daily in well-established exchanges all around the globe. Every day, some £13.8 billion, or $18 billion, worth of physical gold are traded in London alone, according to the London Bullion Market Association (LBMA). The cryptocurrency market, although expanding rapidly, is not quite there yet.</p><p>I will admit, though, that bitcoin is energizing some investors, especially millennials, in ways that gold might have a hard time doing. The proof is all over the internet. You can find a number of TED Talks on bitcoin, cryptocurrencies and the blockchain, but to my knowledge, none is available on gold investing.</p><p>YouTube is likewise bursting at the seams with videos on cryptos.</p><p>Bitcoin is up 350 percent for the year, Ethereum an unbelievable 3,600 percent. Gold, meanwhile, is up around 10 percent. Producers, as measured by the NYSE Arca Gold Miners Index, have gained 11.5 percent in 2017, 23 percent since its 52-week low in December 2016.</p><p>Discover investing opportunities in high-quality gold miners!</p><p>Look Past the Negativity to Find the Good News</p><p>The news is filled with negative headlines, and sometimes it's challenging to stay positive. Take Friday's jobs report. It showed that the U.S. lost 33,000 jobs in September, the first month in seven years that this happened. A weak report was expected because of Hurricane Irma, but no one could have guessed the losses would be this deep.</p><p>The jobs report wasn't all bad news, however. For one, the decline is very likely temporary. Beyond that, a record 4.88 million Americans who were previously sitting out of the labor force found work last month. This helped the unemployment rate fall to 4.2 percent, a 16-year low.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>US Global Investors</span></p></div><p></p></div></div></p><p>There's more that supports a stronger U.S. economy. As I shared with you last week, the Manufacturing ISM Purchasing Managers' Index (PMI) rose to a 13-year high in September, indicating rapid expansion in the manufacturing industry. Factory orders were up during the month. Auto sales were up. Oil has stayed in the relatively low $50-a- barrel range, which is good for transportation and industrials, especially airlines. Small-cap stocks, as measured by the Russell 2000 Index, continue to climb above their 50-day and 200-day moving averages as excitement over tax reform intensifies.</p><p>These are among the reasons why I remain bullish.</p><p>One final note: Speaking on tax reform, Warren Buffett told CNBC last week that he's waiting to sell assets until he knows the plan will go through. "I would feel kind of silly if I realized $1 billion worth of gains and paid $350 million in tax on it if I just waited a few months and would have paid $250 million," he said.</p><p>It's a fair comment, and I imagine other like-minded, forward-thinking investors, buyers and sellers will also wait to make huge transactions if they can help it. Tax reform isn't a done deal, but I think it has a much better chance of being signed into law than a health care overhaul. </p><p class="tagline">Get the latest Bitcoin price<a href="http://markets.businessinsider.com/currencies/BTC-USD"> here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/apple-ios11-iphone-software-features-tips-tricks-power-user-video-2017-9">The 5 best hidden features from the latest iPhone update</a></h3>        <div>                    </div>    </div>

Here's why bitcoin will never replace gold

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Hackers are using a mysterious, as yet undiscovered, Flash vulnerability, to steal sensetive business data from Macbook and Windows users, according to researchers at Kaspersky Lab.</p><p>Kaspersky Lab revealed the campaign in a threat advisory, warning <a href="https://securelist.com/blog/research/71275/wild-neutron-economic-espionage-threat-actor-returns-with-new-tricks/" title="Wild Neutron - Economic espionage threat actor returns with new tricks">a hacker group, known as Wild Neutron is using the "unknown Flash Player exploit"</a> to infect companies and private web users with a data siphoning malware.</p><p>"The initial infection vector from the 2014-2015 attacks is still unknown, although there are clear indications that the victims are exploited by a kit that leverages an unknown Flash Player exploit," read the advisory.</p><p>The attacks have reportedly targeted businesses involved in law, the Bitcoin cryptocurrency, investment, IT, healthcare, and real estate.</p><p>Known targets have been detected in France, Russia, Switzerland, Germany, Austria, Palestine, Slovenia, Kazakhstan, UAE, Algeria, and the United States.</p><p>Kaspersky Lab director of global research and analysis team Costin Raiu said Wild Neutron's wide range of targets is atypical and indicates the attackers are significantly more advanced than most cyber crime groups.</p><p>"The group's targeting of major IT companies, spyware developers (FlexiSPY), jihadist forums (the 'Ansar Al-Mujahideen English Forum') and Bitcoin companies indicate a flexible yet unusual mindset and interests," he said.</p><p>The Kaspersky researchers said the sophisticated, multi-platform malware used grants the attackers a variety of power over the infected systems.</p><p>These include the ability to shred files, download data, install malware, manipulate computer processes, and collect and send system information to the hackers.</p><p>To make things worse, the hackers are reportedly dodging many businesses' security tools using a code signing certificate stolen from Taiwanese electronics maker Acer.</p><p>Certificates act as a signature for software packages assuring security products and systems code is safe to install.</p><p>It is currently unknown where Wild Neutron is based, though the Kaspersky researchers believe they are the same team responsible for a wave of attacks targeting Apple, Facebook, Twitter and Microsoft in 2013. Kaspersky's Raiu said the group has been active since at least 2011.</p><p>"Wild Neutron is a skilled and quite versatile group. Active since 2011, it has been using at least one zero-day exploit, custom malware and tools for Windows and OS X," he said.</p><p>"Even though in the past it has attacked some of the most prominent companies in the world, it has managed to keep a relatively low profile via solid operational security which has so far eluded most attribution efforts."</p><p>The use of a mysterious, as yet unidentified, flaw is one of many vulnerabilities recently uncovered in Adobe Flash.</p><p>In the past fortnight a wave of vulnerabilities have been uncovered in Adobe Flash. Researchers at Trend Micro uncovered <a href="http://uk.businessinsider.com/adobe-flash-team-hacking-exploit-kit" title="The Team Hacking leaks taught hackers a new way to hijack computers">a Flash flaw being used by hackers to run an online blackmail scam</a> earlier today.</p><p>Targeted attack specialist <a href="http://uk.businessinsider.com/adobe-flash-zero-day-exploit-kit" title="You really need to update your Flash Player now">FireEye reported uncovering another Flash flaw being exploited by a group of hackers known as "Clandestine Fox"</a> in June.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/iphone-ios-9-new-features-2015-6">The 12 best new features coming to the iPhone</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5maTJrdTpgHbMWUI2q_PxsufXl1FPqkr" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

A hacker cartel is using a mysterious Flash vulnerability to steal sensitive business data

<p class="source"><span><a href="https://twitter.com/MaximEristavi/status/879712719535996928">Mikhail Golub/Twitter</a></span></p><p class="caption">A supermarket hit by a cyberattack in Ukraine on June 27, 2017.</p><p>A <a href="http://www.businessinsider.com/petya-cyberattack-nsa-weapon-wannacry-eternal-blue-2017-6" target="_blank" rel="noopener noreferrer">colossal cyberattack</a> on Tuesday has been wreaking havoc on <a href="http://www.businessinsider.com/petya-petrwrap-cyberattack-companies-government-agencies-affected-2017-6/#ukraine-banks-airports-government-offices-power-grid-1" target="_blank" rel="noopener noreferrer">countries and corporations</a> across the globe, and cybersecurity experts are zeroing in on a familiar name as the possible culprit.</p><p>The attack, dubbed "Petya," is a ransomware worm that has so far targeted Ukrainian banks and airports, Russian state-owned oil giant Rosneft, British advertising company WPP, US pharmaceutical giant Merck, and shipping company A.P. Moller-Maersk, which said every branch of its business was affected.</p><p>Analysts at <a href="https://labs.bitdefender.com/2017/06/massive-goldeneye-ransomware-campaign-slams-worldwide-users/" target="_blank" rel="noopener noreferrer">several</a> cybersecurity firms have <a href="https://twitter.com/threatintel/status/879716609203613698" target="_blank" rel="noopener noreferrer">confirmed</a> that the Petya assault utilized a powerful and dangerous cyberweapon reated by the National Security Agency that was leaked in April by the hacker group Shadow Brokers.</p><p>Though it's too soon to be certain, experts say it seems as though a confluence of factors may be pointing to Russian state involvement in carrying out the attack.</p><h2>'Ukraine was targeted'</h2><p>Ukraine was hardest hit by the attack, which came one day before the country's Constitution Day.</p><p>Russia's and Ukraine's rocky ties have been well-documented, and their relationship has been in steep decline since Russia annexed the territory of Crimea in 2014 and steadily pursued greater military aggression towards its neighbor.</p><p>"The first thing that raises a red flag to me is that right now, Russia's main antagonist is Ukraine," said Alex McGeorge, the head of threat intelligence at Immunity, Inc., a cybersecurity firm that specializes in nation-state cyber threats.</p><p>McGeorge added that the methodology of the the attack also "gives a really good and stable foothold on networks that would matter to somebody who was interested in attacking Ukraine."</p><p>"If I'm interested in disrupting Ukraine, this is great for me," he said.</p><p class="source"><span>REUTERS/Valentyn Ogirenko</span></p><p class="caption">An employee sits next to a payment terminal out of order at a branch of Ukraine's state-owned bank Oschadbank after Ukrainian institutions were hit by a wave of cyber attacks earlier in the day, in Kiev, Ukraine, June 27, 2017.</p><p>In addition to major disruptions to the Ukrainian power grid, banks, government offices, and airports, the country's Chernobyl plant was also forced to switch to manual radiation monitoring of its site.</p><p>Anton Gerashchenko, an adviser to Ukraine's interior minister, wrote in a <a href="https://www.facebook.com/anton.gerashchenko.7/posts/1415938421826334?pnref=story">Facebook post</a> that the attack was "the largest in the history of Ukraine."</p><p>Greg Martin, the CEO of cybersecurity firm JASK, said he believes that because of its political climate and the geopolitical factors at play, "Ukraine was targeted by bad actors who are using it as a cyberweapon testing ground over the past couple of years."</p><p>In 2015, a <a href="https://www.wired.com/2016/03/inside-cunning-unprecedented-hack-ukraines-power-grid/" target="_blank" rel="noopener noreferrer">massive cyberattack</a> leveled against the country's power grid cut electricity to almost 250,000 Ukrainians. Cybersecurity experts linked the attack to IP addresses associated with Russia. Since then, <a href="https://www.wired.com/story/russian-hackers-attack-ukraine/" target="_blank" rel="noopener noreferrer">Wired Magazine's Andy Greenberg reported</a> last week, Ukraine has seen a growing crisis in which an increasing number of Ukrainian corporations and government agencies have been hit by cyberattacks in a "rapid, remorseless succession."</p><p>Ukraine is now host to what may turn into a full-blown cyberwar, Greenberg reported. Two separate attacks on the country's power grid were part of a "digital blitzkrieg" waged against it for the last three years, which multiple analysts have connected to Russian interests.</p><p>"You can't really find a space in Ukraine where there <em>hasn't</em> been an attack,"Kenneth Geers, a NATO ambassador focusing on cybersecurity, told Wired.</p><p>"What we know about the Russians is that it's part of their M.O. and they sow chaos wherever they can," McGeorge said. "Having this foothold everywhere for all these important Ukrainian networks speaks directly to that goal."</p><p class="source"><span>Adam Berry/Getty Images</span></p><p class="caption">Vladimir Putin</p><h2>'The numbers just don't work'</h2><p>Analysts have also cast doubt on the notion that Tuesday's attack was carried out in a ploy to turn a profit, because it's unlikely that the actors behind it will recoup any investment they made into their efforts.</p><p>The hackers behind a crippling cyberattack carried out in May, dubbed "WannaCry," <a href="http://www.cnbc.com/2017/05/15/wannacry-ransomware-hackers-have-only-made-50000-worth-of-bitcoin.html" target="_blank" rel="noopener noreferrer">made about $50,000</a> worth of the Bitcoin cryptocurrency.</p><p>"The numbers just don't work," McGeorge said. WannaCry's accumulation was "a pittance when you're talking about nation-state levels."</p><p>And it's likely Tuesday's attack will yield even less than that.</p><p>The attack was carried out using an email address that was taken down within the first day of the infection occurring. That proves "there was never a chance that someone was going to be able to cash in on this. If you're doing a massive ransomware campaign, you have to have resiliency built into the way you get paid," McGeorge said. "We don't see a lot of that here."</p><p>"Traditionally, the ransomware attack has not been the tool of a nation-state," said Jason Glassberg, the co-founder ofCasaba Security. However, the appearance of a ransomware attack could lend a nation-state the cover of plausible deniability, he added.</p><p>"The ransomware aspect to this could actually provide Russia with a great point of distraction to control the narrative when discussing the attack," McGeorge said.</p><h2>Russian companies were struck but quickly recovered</h2><p>In addition to several other companies, Russia's state-owned oil company, Rosneft, also reported that it was attacked, as did Russian steelmaker Evraz.</p><p>While the attack brought serious consequences for other corporations - like shipping giant Maersk - neither Rosneft nor Evraz suffered similar fallout. Rosneft said its oil production had not been impacted, and Evraz said the attack had not affected its output.</p><p class="source"><span>Thomson Reuters</span></p><p class="caption">Workers stand next to logo of Russia's Rosneft oil company at central processing facility of Rosneft-owned Priobskoye oil field outside Nefteyugansk</p><p>Ukraine currently relies heavily on Russia for its oil and natural gas reserves, and it's likely Rosneft was hit by the attack because it regularly deals with the Ukrainian government.</p><p>"But one of the standing gentleman's agreements the [Russian intelligence agency] FSB has with the Russian hacking community is, 'Do whatever you want, so long as it doesn't hurt Russia,'" McGeorge said.</p><p>And while hackers can't stop these companies from getting infected, they can stop the attack from propagating, which is likely why neither Rosneft nor Evraz saw significant damage to their output, McGeorge added.</p><p>Tuesday's attack was the second serious cyberattack carried out in a little over a month. If it has Russian origins, Martin said, "we can expect that it will be much more far-reaching and sophisticated."</p><p>"But it still might just be a harbinger of what's to come in the future," Glassberg said.</p>            <h3>NOW WATCH: <a href="http://www.businessinsider.com/marine-reveals-routine-military-does-today-2017-6">A Marine veteran reveals 2 things he learned in the military that he still does today</a></h3>                                    Please enable Javascript to watch this video

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