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About the author: Ranjeet Sodhi is the CEO and Co-Founder of Vault. He is also a fintech entrepreneur with over 19 years of experience leading and turning around key regulatory risk management initiatives for global top tier investment banks and financial services firms, including JPMorgan Chase, Citi, Deloitte, and E&Y. You can follow him on
The post Op-Ed: Stablecoins and Bank Failure The Unmitigated Risk of Fiat-Backed Tokens appeared first on CCN
The U.K.s oldest cryptocurrency exchange has become the first company to be licensed by Gibraltars progressive blockchain legislation.
The rules are a first for Europe and highlight the British Overseas Territorys commitment to exploring technological innovations.
According to a report in the Financial Times, Coinfloor has proved itself worthy enough to receive the first licence from Gibraltar under its groundbreaking blockchain legislation.
The exchange will be regulated as a distributed ledger technology (DLT) provider.
Just as they did with online gambling early this century, Gibraltar have taken the lead when it comes to legislating the digital currency and blockchain startup space.
The British Overseas Territory has long been an attractive location for virtual casinos since it demands incredibly low taxes from firms based there. With the blockchain-specific rules introduced earlier this year, they are hoping to have similar successes with companies focusing on the fintech innovation.
The legislation is a first for Europe.
However, the likes of Malta have been working on similarly attractive regulations to try and lure startups to the island.
Some believe that Malta will eventually prove a more suitable hub for blockchain firms to base themselves since there is considerable uncertainty over how Gibraltar will be impacted by the U.K.s decision to leave the EU next spring.
Obi Nwosu, the CEO of Coinfloor, commented on the new licence to the Financial Times. He told the publication that the exchange platform was tested on nine principles.
The aim of these is to ensure that firms licensed in Gibraltar have sufficient anti-money laundering (AML) and know-your-customer (KYC) protections in place. The exchange also had to prove its security is robust enough to withstand the kind of cyber attacks that have plagued the cryptocurrency exchange industry over the years.
On Oct. 10, Blockstream revealed that the companys new product, Liquid, generated its first block on Sept. 27 and noted that a lot of the crypto-economys biggest players participated. Since Blockstream announced the launch of its federated sidechain, the technology has been praised by some and dismissed by others.
After recently introducing Blockstream Satellite, a network that broadcasts the Bitcoin Core (BTC) blockchain from space, the firms long-awaited Liquid technology has been launched. The project has been under development for years and has been introduced to the public as the worlds first production Bitcoin sidechain. Since the initial announcement, many individuals within the cryptocurrency community have been debating the legitimacy of the technology on forums and social media.
Crypto payment platform BitPay has started accepting settlements in stablecoins GUSD and USDC
Controversial economist and professor at New York Universitys Stern School of Business, Nouriel Roubini, has long been a detractor of cryptocurrencies, first warning investors against the scam in 2013.
Since his widely reported tirade against the cryptocurrency, its price has risen 11x, mainly due to increased adoption and growing promise.
Despite being undeniably wrong about cryptocurrency so far, Roubini has since doubled down on his original claims, now expanding his attack on cryptocurrency to the technology that underpins it: blockchain.
In a recent post on Project Syndicate, Roubini wrote an article titled The Big Blockchain Lie, in which he speculates that blockchain and DLT technology will shortly become obsolete.
He begins his attack on the technology by highlighting the recent cryptocurrency market crash, exclaiming that many cryptocurrencies are down 80%+ through the course of 2018, equating the price action of the volatile markets to their adoption and success as fintech products.
Roubini neglects to mention that many of these cryptocurrencies are still up significantly on a one or two-year price chart.
With regards to blockchain technology, Roubini describes it as being the last refuge of the crypto scoundrel, explaining that it is the most overhyped and least useful technology in human history, expanding on this cruel and inaccurate observation by referring to it as a glorified spreadsheet.
Nouriel also equates blockchain technology to being a sword that libertarians use to plot the destruction of governments, financial institutions, and central banks.
In practice, blockchain is nothing more than a glorified spreadsheet. But it has also become the byword for a libertarian ideology that treats all governments, central banks, traditional financial institutions, and real-world currencies as evil concentrations of power that must be destroyed. Blockchain fundamentalists ideal world is one in which all economic activity and human interactions are subject to anarchist or libertarian decentralization, he said....
On October 15, the price of Bitcoin dropped to $6,150, dangerously moving closer to its $6,000 support level which it has well maintained since early August. Due to its low volume, Bitcoin struggled to demonstrate momentum in the mid $6,000 region, failing to hold $6,550, a level it had held fairly well throughout the past
The post Bitcoin May Have Just Experienced its Final Shakeout Before a Big Rally appeared first on CCN
The man who created Atari has moved on to blockchain-based
gaming. Neil Bushnells X2 Games has
been acquired by Canadian-based Global Blockchain (BLOC), a
crypto investment firm, in hopes that Bushnells expertise will lead
to another gaming industry revolution this time with the help of
The move will see the Canadian company align its existing efforts to tokenize gaming platforms with X2 Games' expertise for game development.
BLOC will also merge sections of its media and entertainment business with those of X2 Games Corp. and create a subsidiary for its enterprise and exchange activities, to be run by BLOC's current management and operational team.
X2 Games is a blockchain-based games publisher that builds multiplayer gaming experiences, leveraging blockchain technology to create unique gaming experiences for conventional and experimental platforms. X2 Games was created by American businessman and founder of Atari Inc. Nolan Bushnell and acclaimed digital animator Zai Ortiz, known for creating visuals for Iron Man's J.A.R.V.I.S system holograms among others.
Bushnell, known as the "Godfather of the Video Game Industry," is a Video Game Hall of Famer and has been included on Newsweek's list of the 50 People Who Changed America. Bushnell is no stranger to creating blockbuster games with unique "never-been-seen-before-designs." In addition to launching the first Atari 2600 console into the home gaming market, Bushnell also created Chuck E. Cheese, a video game entertainment center hybrid.
With the acquisition, Blockchain Global will advise X2 Games' team on the integration of blockchain technology in video games. Bushnell will also become co-chairman of BLOC.
Bushnell hailed the alliance saying the creativity of both companies will drive them forward, in a statement made in the release.
Without that first charge of creativity, nothing else can take place. This acquisition by BLOC will integrate X2 Games innovative game development studio and intellectual property within BLOCs portfolio of blockchain assets allowing new and revolutionary games to be developed together.
BLOC President and CEO Shidan Gouran told Bitcoin Magazine that BLOC is passionate about integrating the blockchain into real business use cases.
Since we began discussio...
Will cryptocurrencies hold on to higher prices or give up recent gains in the next few days? Lets watch the critical levels that will indicate a trend change
Fidelity Investments has announced that its launching a new cryptocurrency trading arm, called Fidelity Digital Asset Services, that will handle cryptocurrency custody and trading for its customers.
Today, Boston-based asset manager responsible for $7.2 trillion in customer assets, Fidelity Investments, revealed a separate new branch focusing on cryptocurrencies like Bitcoin and Ethereum called Fidelity Digital Asset Services.
The new subsidiary is the first-of-its-kind among traditional Wall Street firms, and will offer both asset custody and trade execution for institutional investors.
Fidelity Digital Assets will allow institutional investors to trade cryptocurrencies across multiple exchanges that comply with the Fidelity standard using its existing internal crossing engine and smart order routing, but stopped short at revealing which exchanges have earned that seal of approval.
Fidelitys onboarding procedures for counterparties involves a deep dive into an exchanges regulatory procedures and financial strength, among other analysis.
We are certainly only going to connect to those counterparties that we feel good about, explained Tom Jessop, head of Fidelity Digital Assets.
In addition to executing trades for its customers, the new crypto branch will also offer an offline, vaulted cold storage custody solution, that when paired with Fidelitys traditional security standards, could become the missing link that finally lures institutional investors into the cryptocurrency market.
The lack of both a well-known traditional name entering the space and strong custody solution have long been cited as the two key reasons institutional investors have been hesitant to enter the space.
We saw that there were certain things institutions needed that only a firm like Fidelity could provide, Jessop explained.
The new subsidiary head added that its already working with 13,000 institutional customers.
The Bank of Zambia has started to clamp down on cryptocurrency-related businesses, mere days after declaring that it does not view digital coins such as BTC as legal tender. The crackdown began on Oct. 14, when the central bank announced an investigation into Heritagecoin Resources Ltd. for allegedly laundering money, according to local media reports.
In addition to the ongoing probe, the Lusaka-based fintech startup faces allegations that it has taken on traditional banking activities, such as accepting deposits something it is not certified to do.
The company has since been offering financial services and collecting deposits from members of the public, Kamufinsa Manchishi, a spokesperson for the Zambian Drug Enforcement Commission, told the Lusaka Times. The organization, which is assisting with the investigation into Heritagecoin, did not reveal the amount of money involved.
If tether (USDT) is truly backed by and redeemable for physical U.S. dollars stored in company-controlled bank accounts, the so-called cryptocurrency stablecoin should manage to weather this period of uncharacteristic volatility until arbitrage restores its USD peg. If not, we could be witnessing the unraveling of the token that sees more daily trading volume than
The post As Tether Loses USD Peg, OKEx Will List Regulated Cryptocurrency Stablecoins appeared first on CCN
Bitfinex says fiat and cryptocurrency withdrawals are working normally, but some users say they're seeing delays in getting their funds out.
Digital assets platform OKEx has added four stablecoins to its
According to a support notice published by OKEx, the Hong Kong-based cryptocurrency exchange says that TrustToken's TrueUSD (TUSD), Circle's USDCoin (USDC), the Gemini Dollar (GUSD) and Paxos Standard Token (PAX) are now live on the platform. These four will join Tethers USDT, the only stablecoin listed on the exchange prior to this announcement.
With the addition of these assets, OKEx now features more stablecoins than any other cryptocurrency exchange.
TUSD, which was launched in March 2018, is currently trading on popular exchanges Bittrex, Digifinex and Binance. In addition to this, other newcomer, fiat-collateralized stablecoins USDC, GUSD and PAX came to market last month. Circles USDCoin is available on Poloniex, the exchange acquired by Circle earlier this year and on South Korean Hanbitco and Everbloom.
Paxos, which issues and redeems PAX tokens one-to-one against the U.S. dollar, trades on Binance, while the Winklevoss' GUSD is available on its native Gemini exchange, HitBTC, Bibox, LATOKEN and others.
OKEx, the second largest global exchange by volume according to CoinMarketCap, will start accepting deposits for the four new listings today, October 15, 2018, at 09:00 UTC. The digital asset platform will begin spot trading for the token pairs against bitcoin and tether tomorrow, October 16, 2018, at 06:00 UTC.
The listing of these tokens comes on the heels of tether (USDT) losing its peg, falling by as much as 8 percent against the dollar on October 15, 2018. At press time, Tether is trad...
Fidelity Investments has launched a new business to allow its
institutional clients to trade in digital currencies such as
bitcoin, a press release
reveals. Known as Fidelity Digital Asset Services, LLC, the
company will purchase and sell cryptocurrencies for family offices,
hedge funds and other monetary ventures.
All coins will be sourced from large, over-the-counter digital exchanges and housed using cold storage to ensure customer funds always remain safe. To start, Fidelitys services will be limited to bitcoin and ether, though representatives say theyre looking to expand their offerings in 2019.
Our goal is to make digitally native assets, such as bitcoin, much more accessible to investors, chairman and chief executive of Fidelity, Abigail Johnson, said in a statement.
Volatility in crypto prices, along with the lack of custody and other banking services witnessed in the digital currency space, is a point of concern for institutional investors, one that has prevented many of them from feeling comfortable enough to take part in the cryptocurrency space. Fidelity is hoping to change all that by allowing trades and sales in a more traditional, regulated environment and boosting the market maturity of both bitcoin and ether.
Fidelity Digital Assets already has 100 employees on its roster, and it will be headed by Tom Jessop, managing director at Goldman Sachs Group Inc. and former president of the tech startup Chain.
We started exploring blockchain and digital assets several years ago, and these efforts have been successful in helping us understand and advance our thinking around cryptocurrencies. The creation of Fidelity Digital Assets is the first step in a long-term vision to create a full-service enterprise-grade platform for digital assets, Jessop stated in the press release.
The company is one of the largest asset management firms in the world, managing just under $7 trillion in combined customer assets. It also serves over 13,000 separate institutions.
Last year, Fidelity began allowing its retail clients to view their holdings of bitcoin and other digital currencies hosted on Coinbases website. It was also alleged to be...
Tethers peg is slipping, and an exchange-wide firesale has led
to major price discrepancies between bitcoins BTC/USDT and BTC/USD
trading pairs across the market.
In the early hours of October 15, 2018, Tethers USDT was trading at $0.92, the lowest asking price the coin has seen in 18 months. At the time of writing, the stablecoin still hasnt made up enough ground to retain its $1 peg. On most markets, its currently trading around $0.96, though this figure is tied to bitcoin trading pairs. Against the USD on Kraken and Bittrex, it is trading at $0.92 and $0.90, respectively.
A combination of exchange activity, related FUD and scuttlebutt could be the catalysts behind the sell-off. Bitfinex suspended fiat deposits on October 15, 2018, for certain customer accounts in the face of processing complications, a blog post reveals. In addition, Binance temporarily suspended USDT withdrawals for wallet maintenance due to network congestion, a measure taken after the exchange extinguished rumors that said it would soon delist tether.
The discount has bitcoin trading at something of a premium against tether on exchanges with USDT/BTC trading pairs. On Binance, Huobi and Bittrex, for example, 1 BTC is trading for nearly 6,700 USDT.
Contrast this with bitcoins price in USD/BTC markets and it becomes clear that tethers sell-off is distorting prices across exchanges. On Coinbase Pro, Kraken and Gemini, bitcoin is trading at roughly $6,400 against USD pairs, an indication that bitcoins proper asking price is much lower than its oft-cited USDT pair would advertise. This has led to an inflated price averaged on CoinMarketCap of $6,650.
Its important to note that the premium bitcoin is going for on tether-listed exchanges is less of a premium and more of a price distortion, given that tether is trading below its peg. The price of bitcoin for these pairs has spiked as a result of the sell-off, but if you sold USDT for BTC and then attempted to resell this BTC for USD, the arbitrage opportunity would be nullified by the price differential between BTC/USDT and BTC/USD pairs.
Notably, Bitfinexs USD/BTC pair is out of line with other exchanges that offer fiat pairs for...
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This is a paid sponsorship by: - Ray Mikelonis, an independent representative of plant-based products which have been scientifically proven to naturally increase the number of adult stem cells in your body. CLICK HERE: BillStill.com/StemCell Good afternoon, Im still reporting on: Judge Jeanine Its a Red Wave Coming, 2409 Synopsis: SUPPORT OUR SPONSORS: -- Nobel Gold. Go to Trumpcoin2020.com and use the code Coin to save $5 per coin, or text Coin to 511511. -- Virtual Shield VPN - the easiest way to create a home VPN. Go to: https://www.virtualshield.com/billstill -- The Crypto Advisors, buy, sell, invest, safeguard cryptocurrencies such as Bitcoin. Call 888-844-7806, or visit online at: www.TheCryptoAdvisors.com - Ray Mikelonis, an independent representative of plant-based products which have been scientifically proven to naturally increase the number of adult stem cells in your body. CLICK HERE: BillStill.com/StemCell - Cheap Cable TV - Call 1-888-742-8847. Click now: http://CheapCableTV.com - Patriot Charger - Patriot Charger.com, 1-866-566-8930 -Jeevy Computers: Move up to business-level computer protection. 800-844-8613 http://jeevycomputers.com/pcs/ Still Report BTC address: 18Ky2c3CgPY3eu5N7ySoM3X6NjgEAN2w4v Connect with me; Bill Still: newspaper editor/publisher, economics reporter - top US publications, authored 22 books, 4 documentary videos & daily host of this Y/T channel, THE STILL REPORT: https://plus.google.com/u/0/109353617116072656672 Get the word Out: Please LIKE, COMMENT & SHARE! Our website: http://www.billstill.com Considered by informed insiders as the ultimate resource for surviving economic or financial collapse/crash and attaining the unvarnished truth about the latest US and world news, current events in Washington, and todays United States political climate. Please Like, Comment & Share. Bill Still is a former newspaper editor and publisher. He has written for USA Today, The Saturday Evening Post, the Los Angeles Times Syndicate, OMNI magazine, and has also produced the syndicated radio program, Health News. He has written 22 books and two documentary videos and is the host of his wildly popular daily YouTube Channel the Still Report, the quintessential report on the economy and Washington. Connect with Bill Still: https://www.youtube.com/user/bstill3 https://plus.google.com/u/0/+BillStill http://billstills.blogspot.in/ https://twitter.com/billstill https://www.facebook.com/TheStillReport https://www.pinterest.com/billstills/ https://www.linkedin.com/in/billstill http://billstills.tumblr.com/ https://billstills.wordpress.com/ https://www.diigo.com/profile/billstill https://www.reddit.com/user/billstills/ http://www.stumbleupon.com/stumbler/billstillss Consider becoming a Patreon sponsor: https://www.patreon.com/user?u=3204630 https://youtu.be/8Fs9WyEoac8
After last weeks price drop, investors have become optimistic in the positive short-term trend of crypto.
The new bull run is being led by Bitcoin, which has managed to regain and exceed its former bottom of $6,000.
According to the data provided by Bitfinex, BTC against Tether (USDT) exceeded $7,700. This unexpected surge in the price of Bitcoin was formed due to the drop in the price of Tether. The same situation was witnessed on several other exchanges, all of which offer Tether trading on their platforms.
Bitfinex and Tether share a unique connection, due to the fact that Bitfinex reportedly operates Tether LLC the company that oversees USDT development. Some reports claim that Bitfinex failed to properly audit Tether, which has caused a massive premium for coins such as Bitcoin.
Due to numerous issues with Tether, like rumors of USDT not being entirely backed by the USD, a lot of investors have sold off their USDT.
@Tether_to is collapsing and cryptos are pumping!! People panic selling USDT? Hope you all got rid of #USDT already. Wouldn't touch them with a ten-foot pole right now https://t.co/17pM660w50 pic.twitter.com/SIPopuPb1g
CryptoFeeSaver (@SaverFee) October 15, 2018
After abandoning Tether, many have turned to alternative stablecoins such as TrueUSD (TUSD), as well as regular cryptocurrencies.
As a result of a dump, USDT has seen a significant price drop, which has left the dollar-backed coins price below $0.96. This move was followed by the formation of a premium against USDT on most Tether-supporting exchanges.
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Bitcoin on Monday pursued a fake upside action across several exchanges, mainly BitFinex, after stablecoin Tether (USDT) started falling. The BTC/USD responded to the upside action witnessed in the BTC/USDT market. USDT traders started exiting their positions amidst growing concerns about BitFinexs insolvency and its impact on the coins liquidity. The more traders swapped USDT
The post Bitcoin Price Intraday Analysis: BTC/USD Goes Haywire as USDT Declines appeared first on CCN
If you are a young fortune-hunter toiling away on a computer in a basement, the prospect of death probably isnt among your top considerations. Equally, if the main draw to crypto is its relative privacy, you may not be particularly eager to share your private keys with your loved ones, as a hacker could sift through your papers, weaponize your keys and empty your savings.
Most privacy-obsessed, wealth-chasing geeks are used to keeping their private keys a total secret. But when the Grim Reaper shows up unannounced, the family of an anonymous crypto-millionaire can be left without access to their relatives riches. In one of the most widely publicized recent examples, paranoid U.S. investor Matthew Mellon died earlier this year, leaving few clues to a crypto fortune reportedly valued at more than $500 million.
Major South Korean financial holding company KB Financial Group has sealed a patent for a blockchain-based fintech app security solution
OKEx has announced listings for four stablecoins: TrueUSD, USD Coin, Gemini Dollar, and Paxos Standard Token
One of the biggest names in financial services wants to help institutional investors add bitcoin and other cryptocurrency assets to their multi-billion dollar portfolios. Citing proven institutional demand for cryptocurrency products, Fidelity Investments, the fifth-largest asset manager in the world with 27 million clients and $7.2 trillion in customer assets, has announced that it will
The post Mainstream: $7.2 Trillion Asset Manager Fidelity Will Help Customers Invest in Bitcoin appeared first on CCN
Barclays has reportedly put plans for a cryptocurrency trading platform on pause, according to sources familiar with the matter.
U.K.-based multinational bank and financial services company Barclays is said to have frozen a project that would see the firm launching a cryptocurrency trading desk, two sources familiar with the situation claimed.
The digital assets project was being led by Barclays former global head of commodities Chris Tyrer, alongside head of forex and emerging markets macro strategy, Marvin Barth, technology officer Lee Braine, and digital assets consultant Matthieu Jobbe Duval. The decision to axe the project reportedly prompted Tyrer to exit his post leading the project in September.
The quartet had been researching cryptocurrencies viability as an asset Barclays customers might be interested in, and to better understand what operational infrastructure would be required to support the effort.
However, it appears that the research either discovered a number of challenges Barclays wasnt prepared to face, or found a distinct lack of interest from customers willing to explore the emerging asset class as an investment vehicle.
No specific reason was given for the decision, only that the project was put on ice. In recent weeks, as cryptocurrencies continue to experience declining prices, a general lack of interest from institutional investors has caused other cryptocurrency products to be folded.
However, past comments from Barclays chief executive officer Jes Staley could shed some light as to why Barclays got cold feet with a crypto trading desk. Staley worried that cryptocurrencies could be used for activities that the bank wants to have no part of.
Barclays was rumored to be investigating a cryptocurrency trading desk back in April of this year, in......
On the latest episode of
Epicenter Bitcoin, our hosts interviewed Jake
Brukhman, the founder and managing director of Coinfund, as
well as his chief alchemist Aleksandr Bulkin. The
pair came to discuss some of the philosophy that goes into running
a crypto fund, as well as some of the difficult business decisions
they have to make on the priorities of investments, before talking
about some of the promising technologies they are involved
As a rare treat, this episode also begins by introducing a new host to the regular lineup of the podcast. Dr. Friederike Ernst adds a precise and informative voice to the line of questioning in this interview with Coinfund, and her presence is sure to be a welcome feature on future episodes. Meher Roy, a regular host of the show, joined her in leading a thorough discussion of the issues at hand.
When asked what makes a crypto fund a crypto fund, Brukhman responded that there is essentially an entirely new asset class at play: crypto assets. He added that each new asset class has unique properties that influence the people investing in it.
To fully take advantage of these features, a fund must be structured with these assets in mind from the beginning. Sometimes, he claimed, a crypto fund heavily resembles a venture capitalist fund, while at other times it will deal with enough high-liquidity assets to more closely resemble a hedge fund.
Bulkin added that flexibility is absolutely paramount in this environment, adjusting business strategies not only to the whims of the market but also to new technologies, which is why his job title is Chief Alchemist rather than a more traditional title related to software development or managing. After all, he claimed, its always hard to predict where the space is going.
The remainder of the episode goes further into detail about the daily operations of the company, although Brukhman does at one point refuse to go into too much detail about their specific assets for security reasons. The whole discussion serves as an informative introduction to the crypto fund space.
This article originally appeared on...
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We are elated to announce that Roger Ver, CEO of Bitcoin.com and Mate Tokay, COO of Bitcoin.com joined Azbit as our Advisors!
Apparently the subject on everyones mind today is Roger Ver is planning to open his own cryptocurrency exchange. The global crypto community of course took his statement seriously since Bitcoin Jesus has a good eye for the major upcoming industry trends.
This is an approach that Azbit fully supports: we firmly believe that the world needs a truly multi-functional, reliable, and functioning exchange. And that is what we are working on right now. We are sure that people should be able to get all the financial services they need in a single place. This is why Azbit is building blockchain banking together with an in-built multi-exchange and investment platform.
Azbits multi-cryptocurrency exchange is currently 80 percent ready. It is based on the Bitsane crypto exchange, which has been successfully operating since 2016 with more than $8,000,000 in daily transaction volume.
The official announcement of the partnership between Azbit and Bitcoin.com was made right on board at Blockchain Cruise 2018. After signing a document Roger Ver, CEO of Bitcoin.com, said: Were gonna to promote all Azbit products at Bitcoin.com so the whole world gets to know the great project that Azbit is building. They build platform, we promote it, the users come and everybody is happy!
Bitcoin Jesus Roger Ver is billionaire, crypto enthusiast, investor, businessman, and one of the most influential people in the world of crypto and blockchain. He has recently participated in at least four ICOs as an advisor. All these projects have successfully raised the planned hard cap from 15 to 50 million USD.
Roger Ver and Mate Tokay are always on top of things ertainly, this was the beginning of our significant cooperation. Our advisors boundless knowledge abo...
Fidelity Digital Asset Services will offer custody and trade execution services for digital assets, targeting institutional investors
Bitfinexs $1,000 premium on Bitcoin, which sent its price shooting upwards of $7,500, and Tethers 6% drop on Monday, has created a lot of commotion in the crypto-sphere.
The currencys wild price swing, which was observed only on Tether-enabled cryptocurrency exchanges, has left cryptocurrency supporters speculating about the implications of this non-uniform price movement.
The cryptocurrency market has been divided between those who think that Bitcoin has matured enough to be given legal acceptance, and those who feel that crypto-products cannot be allowed in the market because of the risk of fraud and manipulation associated with them.
The U.S. Securities and Exchange Commission (SEC) holds the latter category of opinion and therefore, it has not approved a single proposed ETF so far.
The regulatory body has also delayed its decision on the VanEck and SolidXs proposed Bitcoin ETF. Now, the question is, how will this price swing affect the decision of the SEC?
In July this year, the SEC rejected the Bitcoin ETF proposed by the Winklevoss brothers for the second time.
The agency was not convinced of the Winklevoss brothers claim that crypto markets are uniquely resistant to manipulation. The SEC had also highlighted its concerns regarding investor protection and fraud.
In August, the SEC rejected nine ETFs from ProShares, Direxion and GraniteShares, citing that the proposal did not meet the requirements of the Exchange Act Section 6(b)(5), particularly the requirement that a national securities exchanges rules be designed to prevent fraudulent and manipulative acts and practices.
Now, the SEC has postponed its decision on the proposed Bitcoin ETF by VanEck and SolidX stating that it has not reached any conclusions with respect to any of the issues involved, and asked for additional comments concerning its decision on the listing and trading of the Bitcoin ETF.
In the SEC reviews of Bitcoin ETFs, Hester Pierce, an SEC commissioner, has shown continuous support for the approval of Bitcoin ETFs. Pierce, who is also popularly known as CryptoMom, feels that the government should not inhibit the emergence of new products in the crypto market, because of the perceived weaknesses of...
Bitcoin payment processor BitPay has announced that merchants may now accept settlement in USD-pegged cryptocurrency stablecoins Gemini Dollar (GUSD) and USD Coin (USDC), providing them with the ability to denominate their operations in cryptocurrency while remaining immune from market volatility. The Atlanta-based BitPay made the announcement on Monday, explaining that it will allow merchants in
The post Bitcoin Payment Processor BitPay Launches Stablecoin Settlement [Tethers Not Invited] appeared first on CCN
New research shows that one out of five hedge funds launched thus far this year has been a cryptocurrency-focused hedge fund. This is a surprising statistic in light of the 2018 bear market, but it may indicate that managers and investors are still optimistic about the long-term outlook and want to capitalize on current low prices.
A total of 90 cryptocurrency hedge funds were launched in the first three quarters of 2018, according to data from Crypto Fund Research. Extrapolating a similar rate for the final quarter of the fiscal year, 120 crypto hedge funds will likely be launched in 2018, or exactly 20 percent of the 600 hedge funds that will probably start operating by the end of this year.
This is a rapid expansion of relative market share by segment, as crypto hedge funds accounted for just 16 percent of launches in 2017 and less than 3 percent of new hedge funds in 2016. And as the report notes, two-thirds of all currently operational crypto funds have been launched within the past seven quarters (January 2017 to September 2018).
Early Coinbase employee and head of institution products Adam White has joined Intercontinental Exchanges (ICE) cryptocurrency platform Bakkt as its chief operating officer, per the companys announcement on Medium. The news of Whites departure from the firm was first released on Bloomberg. White was Coinbases fifth employee, and he joined in 2013 when the founders
The post Employee #5: Coinbase Veteran Adam White Joins ICEs Crypto Platform Bakkt appeared first on CCN
The International Monetary Fund (IMF) and the World Bank have
weighed in on sovereign considerations and global implications of
blockchain and other financial services technologies.
The Bali Fintech Agenda, released at the conclusion of their annual meeting, distills the issues and concerns around disruptive technologies like distributed ledgers and smart contracts. The 12-point agenda intends to provide guidance to countries in their assessments of policy options around specific circumstances and priorities.
Countries are demanding deeper access to financial markets, World Bank Group President Jim Yong Kim said in statement on the agenda framework. The Bali Fintech Agenda provides a framework to support the Sustainable Development Goals, particularly in low-income countries where access to financial services is low.
IMF Managing Director Christine Lagarde echoed the sentiment. Pointing to the estimated 1.7 billion adults around the world without access to the financial services sector, she said, Fintech can have a major social and economic impact for them and across the membership in general. All countries are trying to reap these benefits, while also mitigating the risks.
As outlined in an IMF press release, the focus of the 189 member countries must include the following goals:
Especially for low-income countries, small states and the underserved, fintech can hasten access to financial services and financial inclusion, deepen financial markets and improve cross border payments and remittance transfer systems.
By facilitating telecommunications and digital infrastructures, countries foster open and affordable access and ensure a conducive policy environment.
Enabling a policy framework addressing risks around market concentration and moving to foster standardization, interoperability and transparent access to key infrastructures ensures a level playing field while promoting innovation, consumer choice and access to high-quality financial services.
Enabling countries to leverage promising new pathways for economic a...
Japanese electronics giant Sony has developed a blockchain-based digital rights management system that may see commercial rollout.
Apples Steve Wozniak has been announced as a co-founder of the recently launched blockchain-focused venture capital fund EQUI Global
Have you ever wanted to mint your very own coin? A new network is giving you the chance to do just that and exchange it for other cryptocurrencies #SPONSORED
Tether LLC, the issuer of the eponymous USD-backed cryptocurrency tether (USDT), pulled $300 million worth of the stablecoin out of circulation last week, just days before the token lost its dollar peg. Blockchain data from Omni, the second-layer protocol that operates on the Bitcoin blockchain and serves as the infrastructure for the tether token, reveals
The post Tether Pulled $300 Million in Cryptocurrency out of Circulation Last Week appeared first on CCN
Binance suspended tether withdrawals Monday after pushing back against rumors that the exchange would delist the stablecoin.
A mass exodus from the most popular dollar-pegged stablecoin Tether (USDT) has led to its devaluation against peer stablecoins.
USDT on Monday broke away from its historically tight link with the US Dollar to touch 85 cents across multiple crypto-exchanges. As a result, a substantial USDT volume shifted to other cryptocurrencies, including Bitcoin, raising their price in an otherwise bearish market. Among the gainers were also other stablecoins whose per token value advanced against the dollar as well as the Tethers USDT.
Traders started to flee USDT in the wake of growing skepticism against its issuers. There were doubts about whether Tether was operating a fractional reserve to inflate the Bitcoin price artificially. But traders opted to pool their crypto funds into USDT to protect themselves against the markets trademark volatility. The faith in Tether diminished at last on Monday amid speculation over its poor financial status and alleged BitFinexs insolvency, an exchange whose CEO is the USDT issuer.
At the same time, stablecoins promising lower credit risk than USDT have shown up to 10% premium in their price against the USDT. Circle and Gemini, for instance, noted an impressive surge in their stablecoin prices against the dollar. While Geminis GUSD token surged as high as $1.05, Circles USDC established its new monthly high near $1.07, according to data available at CoinMarketCap.com.
TrueUSD, stablecoin, also witnessed an increase in demand against the limited supply amid Tethers negated price action.
where a simple filthy statist buck is "worth" $1.08 on an exchange because reasons: pic.twitter.com/ktQaaLHojb
Tim Swanson (@ofnumbers)...
Officially confirmed: former head of institutional products at Coinbase Adam White will be joining Intercontinental Exchanges (ICE) forthcoming platform Bakkt
The price of Tether (USDT), a crypto stablecoin backed by the US dollar pegged to $1, has fallen by around 4 percent in the past 24 hours to $0.96. As USDT fell, it became more expensive for traders to purchase major cryptocurrencies like Bitcoin and Ethereum with USDT, pushing the premium of cryptocurrencies up on
The post Tether Implodes in 4% Drop = An Important Step Toward Crypto Market Growth appeared first on CCN
The demise of Tether has been a car crash in slow motion. An unswervable event that has played out over the course of months, it has reached a crescendo in the past 24 hours, with tether slipping significantly from its dollar peg. It is possible, perhaps even probable, that it will regain parity with the U.S. dollar. But by then, the damage may have already been done.
Also read: The Daily: Tether Sheds Its Peg
A cryptocurrency losing 10 percent of its value in a week would not normally be news. But when that cryptocurrency is a supposedly stable coin and one whose very stability is relied on by a huge tranche of the market its slippage is big news. One small slip for tether can result in...
The latest Bminer 10.5.0 release has introduced another significant performance boost for Bytom (BTM) mining support using the Tensority algorithm, you can get up to 4500 H/s on GTX 1080 Ti or even more which is faster than the latest performance boost offered by the NebuTech BTMiner 10.0. Have in mind though that still not all of the BTM mining pools are supported by Bminer (like Antpool for example), so make sure you are on a compatible pool in order to get the optimal performance. We remind you that that Bminer is a closed source Nvidia GPU miner available for Linux and Windows in the form of pre-compiled binaries and that there is a 2% development fee for Bytom (BTM), Equihash and Zhash coins, 0.65% for Ethash and 1.3% for dual mining Ethash and Blake.
Major investment bank Barclays has reportedly put its cryptocurrency trading project on ice amid a prolonged bear market that has dampened interest in the asset class among many investors. According to a Financial News report, the London-based financial institution shelved the project in September, leading to the departure of Chris Tyrer, the banks former head
The post UK Banking Giant Barclays Cryptocurrency Project Put on Ice: Report appeared first on CCN
Plattsburgh, New York, is considering stricter requirement for commercial cryptocurrency mining farms operating in the city.
Binance will officially launch its fiat-to-crypto branch in Uganda this week, where the national currency will be traded with Bitcoin and Ethereum pairs.
The Financial Crimes Enforcement Network has warned U.S financial institutions that the Iranian government might be dodging economic sanctions by using cryptocurrencies. The document highlights challenges arising from peer-to-peer virtual currency exchanges and encourages banks to monitor blockchain ledgers for transactions tied to the country.
The U.S. organization, known as Fincen, issued the warning in an advisory to assist U.S. banks and other financial actors such as cryptocurrency exchanges in identifying potentially illicit transactions related to the Islamic Republic of Iran. The document includes a lengthy section relating to crypto, as well as an estimate that since 2013, Irans use of virtual currency includes at least $3.8 million worth of bitcoin-den...
Crypto portfolio tracker Blockfolio has raised $11.5 million in a round of fundraising led by prolific cryptocurrency focused hedge funds Pantera Capital. Pantera Capital has maintained a positive outlook for cryptocurrency for a while. The investment firm, led by its CEO and chief investment officer Dan Morehead recently invested in market prediction platform Augur, an
The post Crypto Porfolio Managment App Blockfolio Raises $11.5 Million appeared first on CCN
Major cryptocurrencies are seeing solid growth, but stablecoin Tether has dropped well below its usual trading price
After months of bearish action, the Bitcoin price on Monday soared above $7,000 within a matter of hours.
BTC/USD bounced from $6,269 earlier today to establish fresh highs towards $6,950, according to CoinMarketCap, adding approximately $9 billion to its market cap. On some exchanges, including Hong Kong-based BitFinex, the pair skyrocketed above $7,000.
The circa ten percent jump was waved by the sell-off of USDT, a USD-pegged token, which didnt exactly remain pegged to the greenback. The controversial stablecoin dropped to as low as 85 cents amidst a growing bearish sentiment against it which benefitted its quote currencies. They included Ethereum, Ripple, EOS, and other top coins other than Bitcoin.
USDT was already receiving flacks for staying below its promised peg for weeks. The coins issuer, Hong Kong-based Tether, and its close ally Bitfinex, an international cryptocurrency exchange, recently dropped Noble Bank as their chief banking partner after news of insolvency started surfacing. Tether, which was reportedly holding the funds that backed USDT supply in Noble Bank, couldnt maintain the peg for the same reasons. Hence, the price fell.
But, researchers argued whether Tether had funds to stabilize USDT at all. The company reportedly has been avoiding independent financial audits since launch. The crypto community is already questioning the authenticity of Tethers early day promises in which it said that it would perform regular audits to prove a 1:1 relation between its USDT supply and USD capital.
A large USDT population, amid a mounting negative sentiment, swapped their holdings for Bitcoin, eventually pumping its value to a synthetic higher high.
The stark difference in Bitcoin value between mainstream crypto exchanges is noteworthy, at the same time. The exchanges which had larger Tether volume apparently expressed higher Bitcoin upside swings compared to those with less-to-zero Tether volume. On BitFinex, for instance, the h...
Blockchain startup Adhara, which aims to bring zero knowledge proofs to central bank systems, has secured $15 million in new funding from Consensys.
Sonys internal partnership with Sony Music Entertainment Japan and Sony Global Education will work on solving rights management falsification through blockchain
Bitcoin is solidly bid Monday amid a sell-off of the tether stablecoin, but the bulls still need a move above $7,400 to confirm a bullish reversal.
The outgoing chairman of Hong Kongs securities regulator has unlike China ruled out a total ban on domestic cryptocurrency exchanges, suggesting formal regulations instead. Hong Kongs Securities and Futures Commission (SFC) is drawing plans in reaction to the growing appetite for cryptocurrencies like bitcoin among retail investors and traders by regulating the
The post Total Ban on Crypto Exchanges Unnecessary: Hong Kong Regulator appeared first on CCN
What kind of a world are we living in when bitcoin and tether, two of the stablest currencies in the cryptosphere, break out at the same time? Bitcoin is headed north while tether has taken a tumble in events that are closely linked. Of course, theres other news in this edition of The Daily, like an NBA star selling his sneakers for bitcoin, but theres only one story thats got everyone talking: the crazy, topsy-turvy tale of tether, the stablecoin that couldnt keep its peg.
After enduring months of scarcely moving BTC
because it was trapped within a tight range and USDT because thats
its job both coins have made big moves over the past 12 hours. BTC
began to soar around 2 a.m. EST, hitting $7,500 per coin before
settling around the $6,900 mark. Tether, meanwhile, began to slide
on Bitfinex, flash-crashing to as low as $0.88 after struggling to maintain dollar parity all
IBMs 89 blockchain patents, or how the company has set an impressive pace to catch for tech giants in the decentralized space
The former chief of China's central bank digital currency initiative has left the role to lead the country's central securities clearing house.
A blockchain-based startup which aims to make crypto payments more prolific has embraced a no funding strategy launching with an array of features #SPONSORED
Now that cryptocurrencies such as Bitcoin have plummeted from last year's absurdly high valuations, the techno-utopian mystique of so-called distributed-ledger technologies should be next. The promise to cure the world's ills through "decentralization" was just a ruse to separate retail investors from their hard-earned real money.
Bitfinex has announced that launch of a new suite of reporting tools intended to help users gain greater control over their trades and give them useful insights into their activities on the platform. In a blogpost on its website, Bitfinex revealed that the tools are designed to enable users gain unlimited insights by viewing as
The post Bitcoin Exchange Bitfinex Announces New Reporting Tools for Users appeared first on CCN
Bitcoin price broke the $6,700 resistance, but it failed to hold gains against the US Dollar. BTC/USD is back to $6,400 and it is currently under pressure.
There was a major sell-off noted for Tether (USDT) pairs, which ignited an upward move in bitcoin price against the US Dollar. The BTC/USD pair also gained traction and moved above the 6,600 and $6,700 resistance levels. Earlier, there was a decent support base formed near the $6,150 level. The price started an upward move above the $6,300 level and the 100 hourly simple moving average.
The upside move was strong as the price broke an ascending channel with resistance at $6,300. Moreover, there was a break above a major bearish trend line with resistance at $6,310 on the hourly chart of the BTC/USD pair. The pair rallied towards the $6,800 level and traded as low as $6,825. Sellers appeared and protected further upsides above $6,825. Later, there was a sharp reversal and the price trimmed most of its gains below $6,600. It even broke the $6,500 level and it is currently testing $6,400. The 61.8% Fib retracement level of the recent run from the $6,152 low to $6,825 high is also acting as a support.
Looking at the chart, bitcoin price faced most of its gains above $6,600. This seems like a false break caused by Tether unwinding. Going forward, there could be range moves above $6,300 before the next leg.
Barclays (LSE: BARC) has reportedly scrapped its plan to launch a cryptocurrency trading desk. However, it remain unclear whether the U.K. banking giant is acting under pressure from regulators or for other reasons, such as insufficient demand for crypto-related services from hedge funds.
A group of senior Barclays executives have stopped working on the initiative, according to a report by Financial News Lon...
Since Bitcoin found a foothold in the $6,200-$6,800 range in early-August, crypto traders have been doing their best to discern where this unpredictable market will head next. But, with positive crypto-centric news becoming commonplace, there has been an unprecedented number of investors, commentators, and industry leaders that have foreseen a bottom in the tumultuous cryptocurrency market.
AngeloBTC, a well-followed cryptocurrency commentator and analyst, recently broke his one-month-long Twitter hiatus to claim that Bitcoin was seeing its last dip ever, alluding to the well-read theory that crypto assets are finally starting to undergo a bottoming phase.
Last dip ever. pic.twitter.com/IiJ1AoR2UB
AngeloTC (@AngeloBTC) October 15, 2018
Although some claimed that his bullish call was fueled by hope, and nothing more, the fact that such a prominent trader made this prediction comforted thousands of his 124,000 Twitter followers. While Angelo, who was BitMEXs top trader by volume in early-2018, failed to rationalize his call with technical and fundamental indicators, there has been a multitude of industry leaders that have done that job for him.
Mike Novogratz, a former Wall Street guru turned crypto diehard, revived his dust-ridden Twitter page in early-September to claim that this market put in a low. Clearly tapping into his knowledge of traditional capital markets, the Galaxy Digital CEO explained that markets of any variety like to retrace to the breakout. So, seeing that crypto assets essentially retraced the whole of the bubble, Novogratz claimed that a reversal to the upside is imminent.
While critics of this theory may point out that the chart Novogratz highlighted is now one-month outdated, his point is still as valid as ever. One week after he...
The chairman of Hong Kongs securities watchdog who is about to retire announces possible regulation for crypto exchanges
The price of the tether stablecoin (USDT) has fallen to an 18-month low, despite a general rise in the wider crypto markets.
Cardano price jumped back in a positive zone against the US Dollar and Bitcoin. ADA/USD is likely to accelerate gains towards the $0.0900 resistance.
After a downside move below the $0.0800 level, cardano price found support against the US Dollar. The ADA/USD pair formed a decent support base near the $0.0700 level and later started an upside move. There was a sharp upward move and the price broke the $0.0750 resistance and the 100 hourly simple moving average. Moreover, there was a break above the 50% Fibonacci retracement level of the last decline from the $0.0886 high to $0.0694 low.
It opened the doors for more gains above the $0.0800 level. More importantly, there was a break above a key bearish trend line with resistance at $0.0802 on the hourly chart of the ADA/USD pair. The pair rallied further and traded above the $0.0810 level. There was a test of the 76.4% Fibonacci retracement level of the last decline from the $0.0886 high to $0.0694 low. The current price action is positive above the $0.0800 level and there could be more gains. On the upside, the price is facing a tough resistance near the $0.0880 and $0.0900 levels. A break above these may well open the doors for a push towards $0.1000.
The chart indicates that ADA price recovered nicely from the $0.0700 support base. If there is a downside correction, the $0.0750 level is likely to protected losses....
Bitcoin price surged 9 percent within hours as Tether started losing its grip on the USD-peg. The BTC/USD pair closed yesterday on a modest 2 percent gain in pennant formation action following the recent drop. Nevertheless, the couple started picking momentum during the early Asian trading session and jumped to as high as 7800-fiat from
The post Bitcoin Price Explodes to $7,500 as Tether Loses USD Peg appeared first on CCN
Big Four consultancy KPMG is expanding its blockchain activities beyond pure financial services work to explore a less-traveled path.
Payment giants MasterCard and VISA will soon group cryptocurrency and Initial Coin Offering (ICO) jurisdictions in a new high risk category, sources say
Ripple price is rallying sharply against the US Dollar and Bitcoin. XRP/USD may continue to move higher as long as it is above $0.4200 and $0.4300.
After dropping towards the $0.3500 level, Ripple price started an upside correction against the US Dollar. The XRP/USD pair traded above the $0.4000 and $0.4200 levels. Intermediately, buyers struggled to push the price above the $0.4400 level. A high was formed at $0.4394 and later the price stated a fresh decline. It declined below $0.4200 and the 50% Fib retracement level of the last wave from the $0.3609 low to $0.4394 high.
Later, the price tested the 61.8% Fib retracement level of the last wave from the $0.3609 low to $0.4394 high. Finally, the price started a solid upward move and broke the $0.4200 resistance and the 100 hourly SMA. The upside move was very strong as the price even cleared the $0.4250 hurdles. More importantly, there was a break above two key bearish trend lines with resistance near $0.4200 on the hourly chart of the XRP/USD pair. The pair gained traction for a run towards the $0.4600 level and it is currently placed nicely above the $0.4200 pivot level.
Looking at the chart, ripple price needs to settle above the $0.4400 level for more gains. The current market sentiment is very positive above $0.4150, and there could be more upsides towards $0.4650 and $0.4700. On the downside, key supports are near $0.4350, $0.4250 and $0.420...
Heres what happened this week in Bitcoin in 99 seconds. Major exchange and Tether operator, Bitfinex, has imposed a temporary ban on all fiat deposits. Clients are no longer able to deposit Euros, Dollars, Yen or Pounds to the exchange. Withdrawals are reportedly working normally. Bitfinex has sa
The crypto market and Bitcoin investors were in for a shock on Monday morning, as Tether, a self-proclaimed stablecoin, fell 6% below its U.S. Dollar (USD) peg amid a growing sense of confusion within the cryptosphere.
During the wee hours of Monday morning, crypto assets saw a strong, but suspicious move to the upside, even though volumes continued to dwindle. As users took to internet sleuthing to determine the catalyst behind this influx, it immediately became clear that something was amok.
More specifically, Bitcoin somehow eclipsed $7,200 on Bitfinex, Kraken, Binance, and OKEx, which are all platforms that support USDT, while Bitcoin only moved a tad above $6,700 on non-Tether-enabled platforms.
Bitfinex Premium $1000+ pic.twitter.com/bf9vWCSRCg
Bitfinex'ed (@Bitfinexed) October 15, 2018
To add to the confusion, Tether, which has held its $1.00 value for months on end, fell 6% below its normal rate, further supporting the theory that something wasnt right with this latest spurt of price action.
Alex Kruger, a respected market analyst, acknowledged this questionable market behavior, taking to Twitter to convey his thoughts on the situation. Kruger first highlighted the price disparity between Coinbase and Bitfinex, which reportedly holds close ties to the Tether Foundation.
At one point, as pointed out by the analyst, the price spread between the value of Ethereum on Bitfinex and Coinbase surpassed 10%, which is nearly unheard of in the nascent crypto market.
Some wild move on crypto. 10% spread on $ETH between Bitfinex and Coinbase.
Alex Krger (@Crypto_Macro)...
The price of Bitcoin has surged from $6,300 to $7,500 on Bitfinex, a major cryptocurrency exchange that reportedly operates Tether LLC, a firm that oversees the development of stablecoin Tether (USDT). Bitcoin is being traded with a significant premium on exchanges that have integrated USDT such as OKEx and Huobi, because traders have initiated the
The post Newsflash: Bitcoin Surges to $7,500 on Bitfinex Due to Tether Implosion, Real Price $6,700 appeared first on CCN
Bitcoin's price spiked by 11 percent in just two hours on Monday, climbing above $6,900 for the first time in a month.
To improve crypto-to-fiat liquidity in India amidst an ongoing banking ban, Indian exchanges are finding methods that could function inside the grey areas of law.
Unocoin in its latest announcement revealed its plan to launch a network of Bitcoin ATMs across India. The Bengaluru-based crypto exchange, which has been in the field since 2013 and currently boasts a 1.2 million customer-base, already introduced one crypto trading kiosk in its hometown. It enables users to exchange Bitcoin, XRP, Ethereum, Bitcoin Cash, and Litecoin for cash and vice versa.
The use of cash within the crypto trading framework is not new. In the wake of the RBI ban, people have already switched to p2p and unregulated over-the-counter trading to bypass the online banking limitations. Not only the method has resulted in the birth of unregistered garage exchanges, but it has also simplified the use of digital currencies in illegal activities, such as money laundering.
Unocoin, on the other hand, is attempting to work within the legal framework. The exchange has confirmed that it would impose the current cash handling restriction as per the guidelines issued by the central bank post demonetization.
Users are subject to some limits on deposits and withdrawals per transaction and per day subject to cash handling restrictions in India, Uncoin explained. The minimum amount for deposits and withdrawals is 1,000 rupees (~$13.50) and must be in multiples of 500 rupees.
Unocoin clarified that their ATM network would function as a standalone project which doesnt require banking partnerships like other ATMs. It will remove the project from the purview of RBI ban that bars regulated banks to conduct businesses with crypto companies. That said, the exchange would keep inserting cash bills into the machine on a daily basis, and customers will also be liable to dispense and withdraw funds in INR cash only.
Given that users would require to use their registered Unocoin addresses for trading, in compliance with Indias KYC/AML laws, it is unclear if they would be breaking the law or not. In the wake of RBI ban, which targets only...
Ethereum price gained momentum recently against the US Dollar and bitcoin. ETH/USD is now placed for more gains above the $197, $198 and $200 resistance levels.
Recently, there was a minor upside move from the $184 swing low in ETH price against the US Dollar. The ETH/USD pair traded above the $190 and $192 resistance levels. However, the upside move was capped by the $199-200 area. The price failed to break the $200 zone and slowly turned south. It declined below the 50% Fib retracement level of the recent wave from the $184 low to $199 high.
However, buyers appeared near the $188-190 area. Moreover, the 61.8% Fib retracement level of the recent wave from the $184 low to $199 high also acted as a support. Later, the price jumped higher and moved above the $190 and $197 resistance levels with a positive angle. More importantly, the price surpassed a strong resistance near the $200 level. There was also a break above a key bearish trend line with resistance at $197 on the hourly chart of ETH/USD. Above the trend line, the 100 hourly simple moving average was beached near the $199 level. Therefore, a break and close above the $199-200 zone is a positive zone.
Looking at the chart, ETH price seems to be gaining pace above $197. As long as there is no false break above the $200 handle and the 100 hourly SMA, there are chances of more upsides. On the upsides, the next resistances are at $207 and $210.
The North Dakota Securities Department last week issued cease-and-desist orders against three companies promoting initial coin offering (ICO) in the state. Karen Tyler, the Securities Commissioner, named Crystal Token, Advertiza Holdings (Pty) Ltd., and Life Cross Coin aka LifecrosscoinGmbH, as the latest offenders involved in illegal business practices related to cryptocurrencies. Investigations found that the accused
The post North Dakota Regulator Issues Cease and Desists Against 3 ICOs appeared first on CCN
Bitcoin cash price is facing a tough barrier at $450 against the US Dollar. BCH/USD may consolidate between $420-450 before it makes the next move.
Recently, there was a minor upside correction above the $430 level in bitcoin cash price against the US Dollar. The BCH/USD pair traded above the $440 level as well. Moreover, there was a slight upward move above the 23.6% Fib retracement level of the downward move from the $515 high to $422 low. However, the price failed to gain pace above the $445 and $450 levels.
There was also no proper close above the $440 level as the price struggled near the 100 hourly simple moving average. There is also a connecting bearish trend line in place with resistance at $444 on the hourly chart of the BCH/USD pair. The pair is trading well below the $450 resistance and the 100 hourly SMA, which is a bearish sign. On the downside, the price remains at a risk of a break below $420 and $410. Below these, the price may perhaps test the $400 handle.
Looking at the chart, BCH price seems to be trading in a range above $420. The next break could be either above $450 or below $420 in the near term. Above $450, the price may possibly correct towards the $468 level. It represents the 50% Fib retracement level of the downward move from the $515 high to $422 low.
Looking at the technical indicators:
A tiny cryptocurrency named faircoin is providing an underground economy across the world.
1.00 AUD = 0.00011 BTC
0.00010 BTC = 0.90 AUD
Bitcoin Price Key Highlights
Bitcoin price has bounced off the bottom of its triangle once more and is setting its sights on the top.
Technical Indicators Signals
The 100 SMA is still below the longer-term 200 SMA on the daily time frame to hint that the path of least resistance is to the downside. In other words, the selloff is more likely to gain traction than to reverse. Then again, the gap between the moving averages is narrowing to signal that bearish momentum is slowing.
Stochastic is indicating oversold conditions and might be ready to pull up, indicating a return in bullish pressure. This could be enough to take price back up to the top of the triangle, which is right around the 50 SMA dynamic inflection point. RSI is also starting to turn higher to signal that buyers are ready to regain control.
Bitcoin price is trying to keep its head afloat after the recent selloff as a break below this level could pave the way for a prolonged slide. Note that the chart pattern spans around $6,000 to $10,000 so the resulting slide on a breakdown could be of the same height.
Bulls have repeatedly defended this area as a number of investors are buying on dips. Some say, however, that only HODL-ers are in the game at this point, as the lower highs of bitcoin price also reflect increased selling pressure.
Still, there are a few things to look forward to, including a much-anticipated rebound before the end of the year. Some believe that this could be spurred by an approval of bitcoin ETFs by the SEC but recent regulatory updates havent be...
Monday morning in Asia is a red one in crypto land as markets slide further back. There have been no more major selloffs, however, and losses are marginal. Total market capitalization is still in the $200 billion range.
Bitcoin has not moved for the past four days and is still holding support at just below $6,300. BTC has dictated the flow of the rest of the market enough times this year and it seems to still be doing so as there is little movement elsewhere at the moment. Ethereum has weakened further, dropping back to $195 as ETH loses another 2% on the day.
The altcoins are all red at the moment dropping a percent or two from yesterdays levels. In the top ten XRP, Stellar and Cardano have fallen the furthest losing around 2-3 percent on the day. The rest are down between one and two percent at the moment.
The top twenty shows a similar situation with Dash making the biggest drop of 3% to reach $156. The other alts are down 0-2 percent right now. Tron and Tezos are holding steady with no further losses.
As usual there is a daily pump going on and at the moment it is Komodo which is up 13% to $1.13. New wallets and updates continue to flow from the team but like all other cryptocurrencies KMD is still painfully low. Komodo is level on the week but up 12% since the same time last month.
At the red end of the table in the top one hundred is Nexo dropping 10%, and yesterdays pump, Digitex Futures, is predictably dumping today falling 7%. Loom Network and Aion are also sliding 6-7 percent on the day.
Total crypto market capitalization has fallen a further one percent during Asian trading this morning. Markets fell back to $198 billion but have recovered a little to climb back over $200 billion at the moment. Since last Monday crypto markets have lost 8%, and since the same time last month they are pretty much at the same level. Crypto...
Of all the coins under review, Tron is a top performer adding two percent in the last day. Regardless, sellers are in control. As a result, at spot prices, EOS, Litecoin, Stellar Lumens and Cardano traders should be shorting on every high in lower time frames. Reasonable stops should be at recent highs with first targets in line with our altcoins price analysis.
Lets have a look at these charts:
Days after backing use of Credit cards, Jimmy Song, a Bitcoin developer and educator said EOS is a scam in a recent interview. He went on saying the dApp platform will die in a dumpster fire in the next five years.
Back to price action, and EOS is stable after three days of moderate gains. Nevertheless, we retain our previous EOS trade position recommending aggressive bear traders to unload at spot rates with stops just above Oct 11 highs. Notice that the general trend is bearish. Besides, as mentioned in our last preview, we are trading within a bear break out pattern following the depreciation below the minor support trend line. However, for risk-averse traders to be in charge then we need to see strong losses below $4.5 and $4. Thereafter, first bear targets would be at $1.5.
Price movements of the last three days has been characterized by tight trade ranges and very light volumes. These tight price ranges mean prices are above the main support line at $50 but still oscillating within Oct 11 bear engulfing bar. If anything, this inactivity is overly bearish for Litecoin further cementing our previous Litecoin price analysis. Going forward, we shall hold off trading in line with our last recommendation as we wait for losses below $50 confirming a bear break out trade of early August. Thereafter, first targets would be at $30 as per our previous reiterations.
After losing four percent in the last week mostly compounded by strong losses of Oct 11, sellers are in control. This view is regardless of our expectations of higher highs in the aftermath of deflating dips of last week. Despite this, we recommend aggressive traders to short at spot prices. However, risk-averse traders can take a neutral stand until after there are losses below $6,000.
A new joint study between Princeton University and Florida International University is reaffirming the obvious. That the Chinese is dominating the Bitcoin mining scene. Although this has been in the news for sometimes now, it is cementing how this form of centralization could at the end of the day damage the viability, security and even stability of the worlds most valuable coin.
Its easy to see why the Chinese monopolizing the Bitcoin mining space. Ironically, their government is against cryptocurrencies and any form of blockchain fund raising as ICOs after imposing a ban of such activities almost a year ago. Bitmain which has a hold on Bitcoin and Bitcoin Cash mining has strong bases in China with more than 200,000 mining units. If all of them are the S9 miners then they effectively control more than six percent of the networks hash rate.
This concentration wont change unless there are U-turn support in other jurisdictions. Note that aside from Bitmain influence, Chinese miners enjoy cheap electricity tariffs at around $0.08 KWH while ordinary miners in other geographical location do mine at $0.10 KWH.
From simple calculations at current spot rates print outs show that mining in China is 20 times more profitable than in other areas. These incentives alone mean that over 74 percent of the Bitcoin hash rates are controlled by Chinese mining pools. As a result, this gives the Chinese government hallways to attack the network should they find a reason to.
On a weekly basis, BTC is down four percent following last weeks rejection of higher highs above$7,200. Though BTC depreciation is clear we still hold on to our last...
Ethereums Constantinople hard fork reportedly saw a consensus issue in testing this weekend, devs report launch to be postponed until 2019
The American Association of Retired Persons (AARP) has ascribed a bizarre definition to bitcoin in a caustically worded article on its website published on Wednesday, Oct. 10. In the slideshow post titled Improve Your Financial Literacy With This Glossary, a heavy dose of contempt is specifically reserved for the description of bitcoin and blockchain in Continued
The post AARP Tells Retirees that Bitcoin is Mainly Used by Bunch of Criminals appeared first on CCN
The South Korean government is expected to announce its position on initial coin offerings in November, according to a high-ranking official. The decision will follow the outcome of the survey which the countrys Financial Supervisory Service recently sent out to domestic blockchain companies.
Hong Nam-ki, Chief of the Office for Government Policy Coordination, conveyed during a parliamentary audit on Thursday that The Korean government is likely to announce its stance on the muchdisputed status of initial coin offerings [ICOs] in November, the Investor reported.
He explained that a survey on ICOs has been se...
Based on findings from the International Monetary Fund (IMF), the annual inflation rate for Venezuela could reach as high as 1.37 million percent by the end of 2018. Inflation estimates for the country have risen several times this year as Venezuela struggles with policies and production and prepares to launch its Petro cryptocurrency No Continued
The post As Petro Launch Looms, Venezuelas Bolivar Eyes 1.4 Million Percent Inflation appeared first on CCN
Mr. Roubini on why he doesnt believe in smart contracts, Ethereum is a scam, and the fact that he might want to give the industry another try
The outcome of a court case in Russia may affect the popular practice of cryptocurrency mining in basements and garages. According to a recent ruling, a church in Irkutsk must pay higher electricity rates for installing and running mining hardware on its premises. Grace, the religious organization of the local evangelical community, has been taking advantage of lower prices offered to private consumers to mint digital coins. However, the regions utility company says it should pay more because of the excessive energy consumption.
Home crypto mining, still popular in parts of Eastern Europe where private consumers and some organizations enjoy preferential, subsidized electricity rates, may take a hit following a court ruling in Russia, a country with vast energy resources which often remain unutilized. A protestant church in Irkutsk Oblast, a region in the Siberian Federal District, has been accused of mining cryptocurrency and asked to pay its electricity bills at higher rates, those applicable to corporate entities and industrial enterprises, because of what has been deemed an excessive power consumption.
Cryptocurrency regulations in the UK could take up to 24 months to be introduced according to a legal expert at a UK based law firm. James Kaufmann, Legal Director at Reynolds Porter Chamberlain (RPC) UK, while commenting on the subject in a statement published by his company, said it could take two years to introduce such Continued
The post UK: Cryptocurrency Regulations May Take 2 Years for Lawmakers to Draft appeared first on CCN
The number of cryptocurrency hedge fund launches has increased dramatically in 2018 despite a bearish market, finds a new study. According to Crypto Fund Research, crypto funds now constitute 20 percent of the total hedge fund launches in 2018. The industry witnessed 90 cryptocurrency fund launches by the end of the third quarter of this Continued
The post Report: Crypto Funds Make up 20% of Hedge Fund Launches in 2018 appeared first on CCN
A report authored by researchers from the Henryk Niewodniczanski Institute of Nuclear Physics has found that Bitcoin is maturing. The report, courtesy of the Polish Academy of Sciences in Krakow, concludes that Bitcoin carries concrete potential of imminently becoming a regular market and an alternative to the foreign exchange.
The study, which is Based on 1-min price changes recorded since year 2012, assesses the fluctuation properties of the rapidly emerging Bitcoin market over chosen sub-periods, in terms of return distributions, volatility autocorrelation, Hurst exponents, and multiscaling effects.
Since high-frequency price data are available since the beginning of trading, the researchers argue that Bitcoin offers a unique window into the statistical characteristics of a market maturation trajectory.
Crypto markets keep their balance after the recent sell-off, most of the top 20 coins by market cap see slight growth today, with Bitcoin above $6,300
Venezuelans need Petro to pay passport fees, Roger Ver considers getting a crypto exchange, and more in this weeks Hodlers Digest
Spencer Dinwiddie is not rich by professional athlete standards. Currently, he makes around $1 million a year before taxes from his NBA contract. The 38th overall pick in the 2014 NBA draft at the age of 21, Dinwiddie has already played on three professional teams. Currently, he plays for the Brooklyn Nets and has a Continued
The post Budding NBA Star is a Bitcoiner, Says His Shoe Brand Will Accept Crypto appeared first on CCN
Mastercard is being ambitious about blockchain: secures another patent, opens up new jobs to study technology
The International Monetary Fund (IMF) has stated in a recently released report that the rapid growth of Bitcoin and crypto could impact the international finance system. The report entitled World Economic Outlook: Challenges to Steady Growth published by the IMF read: Cybersecurity breaches and cyberattacks on critical financial infrastructure represent an additional source of risk Continued
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On Oct. 12 the Bitcoin Cash developer Chris Troutner published a new shuffling protocol concept called Tokenshuffle, a platform that aims to anonymize BCH transactions. Meanwhile, the Cashshuffle project has recently outlined the platforms roadmap and accomplishments so far. Over the past few months the focus on bitcoin cash fungibility and tools that make blockchain obfuscation possible has become a popular trend among BCH proponents.
Privacy is a pretty big deal to cryptocurrency proponents and it seems many developers and projects have been racing for the holy grail of digital currency anonymity. Members of the Bitcoin Cash (BCH) development community have been passionately working towards this goal. On Friday, Oct. 12, the programmer Chris Troutner published a concept called Tokenshuffle, an intended light wallet that utilizes two types of cryptocurrency mixing protocols. Troutne...
Since early 2018, the government of China has tightened policies targeting millionaire investors in the country holding their wealth overseas to avoid large taxes, and it may lead local investors to alternative assets like crypto. Chinese investors rely on the Swiss offshore banking industry, Hong Kong real estate market, and foreign stock markets to hoard Continued
The post China Threatens Overseas Tax Havens, Will Investors Flock to Crypto? appeared first on CCN
A new report from Greenwich Associates, a provider of market intelligence and advisory services to the nancial services industry, tries to answer the question: Why have the tech and financial industries lagged their own blockchain expectations? It identifies technical challenges as causing corporations to fail to deliver on the hype they created around a buzzword for database just to ride the coattails of Bitcoins popularity.
Greenwich Associates interviewed 213 global market participants said to be working on blockchain technology. Respondents included representatives from an array of corporations, like technology vendors, exchanges, and consultancy firms, but almost half (49%) work in the banking sector. And 93% of them are said to be either key decision-makers or actively involved in blockchain initiatives.
2018 has been a harsh period for cryptocurrencies prices in general. Prices, in general, have been falling from late January until now, with the usual ups and downs. Nevertheless, as prices and technology rarely come hand-to-hand, during this period weve seen some conceptual improvements started being implemented, such as Ethereum side-chains and plasma or Bitcoins Continued
Earlier today, on October 14, the price of Bitcoin experienced an abrupt increase from $6,300 to $6,410 within minutes. The unexpected rise in the Bitcoin price led traders to be optimistic about the short-term trend of the crypto market, as analysts previously stated that for the dominant cryptocurrency to demonstrate signs of recovery, it will Continued
The post Bear Market Sees Bitcoin Volume Approaching Yearly Low Once Again appeared first on CCN
On Oct. 13, ethical hacker Geocold followed through on his promise to 51 percent attack an altcoin. He eventually settled on Bitcoin Private (BTCP), and quickly gained majority hashrate control, but the spectacle was fraught with setbacks, including censorship from two streaming services that pulled the plug.
Geocold promised he would 51 percent attack an altcoin to prove how easy it was, and he did, but the attempt did not run as smoothly as he might have hoped. Over 750 viewers were tuned in, and the likes of Jackson Palmer live-tweeting the spectacle, when Twitch suddenly pulled the plug. Cam-whores and other performance artists can broadcast their art to the masses, it would appear, but 51-percenting altcoins is a step too far....
Zambias central bank has said that cryptocurrencies like bitcoin arent legal tender in the country. The Bank of Zambia (BoZ), responsible for creating and implementing monetary policies for the worlds 105th largest economy, explained their stance against the use of cryptocurrencies in contrast to the growing public interests in the field. The central bank admitted Continued
The post Bitcoin is Not a Legal Tender in Zambia, Says Central Bank appeared first on CCN
The question of whether Bitcoin has bottomed already has again surfaced following the latest drop in the digital currency price.
Bears have no explanation as to why BTC has been holding this price for so long as if it were forming a floor.
Those bullish can explain this BTC has fully corrected and equal to the previous corrections of 0.236 [23% in real value]. pic.twitter.com/8brzXRxBsJ
dave the wave (@davthewave) October 13, 2018
The BTC/USD pair last week fell 7 percent to near 6222 after pursuing a sideways consolidation trend for weeks. There were predictions of an extended sell-off period amidst a bearish crypto market, which targeted 6000 as a potential short target. Also, bears on community forums called for a possible dive below this years bottom, predicting a wild swing action towards 4500, which upon testing would wake the bulls, and Bitcoin would reverse the trend.
But, as the aggregated BTC price data details, BTC downtrend has already been deflected.
Bitcoin since Friday is undergoing a slow-and-steady reversal action. On Saturday, the BTC/USD exchange rate witnessed a 1.79 percent increase from Octobers low. And today, at the time of this writing, the gains have already extended to 2.44 percent.
Opinions regarding Bitcoin forming a bottom have been making to the press from over a month. They are coming mostly from hedge fund managers, venture capitalists, and traditional Bitcoin advocates. Thomas J Lee, a renowned financial expert and the head of Fund...
Markets Are Changing and Bitcoin is Lagging Video The Morgan Report The Morgan Report is all about YOU and how you can build and preserve Wealth for generations to come. We know it can sometimes seem a daunting task...
The post Markets Are Changing and Bitcoin is Lagging (Video) appeared first on The Daily Coin.
Bitcoin and the equities markets both took a tumble this week, leaving many to wonder if BTC is more safe haven or risk asset.
In todays edition of The Daily we cover stories about Robinhood expanding to its 25th American state, recently discovered mining malware, Coinbase ditching its crypto index fund, and a new blockchain job for a former advisor to president Trump.
Robinhood Markets, the stocks, options and crypto brokerage app, has reached its 25th U.S. state. This means its free trading app is now available across half of America. The Menlo Park-headquartered company announced this week that it has expanded its services to Ohio.
With this latest expansion, Robinhood Crypto is now available in Ohio, Rhode Island, Tennessee, Arkansas, Alaska, Oklahoma, Arizona, California, Colorado, Florida, Georgia, Indiana, Iowa, Mass...
New Zealands Prime Minister, Jacinda Ardern, is the latest high-profile individual to be used in perpetuating a cryptocurrency scam. According to the Prime Ministers office, various ads bearing her image have appeared on social media network Facebook with the intention of persuading citizens of the Asia Pacific country to invest in a cryptocurrency startup. To Continued
The post Exposed: Bitcoin Scam Used New Zealands Prime Minister as an Endorsement appeared first on CCN
Despite Nouriel Dr.Doom Roubinis cries that the crypto market is on its last legs, this weeks crypto- and blockchain-pertinent developments indicate that this industry is still booming.
Dr.Nouriel Roubini, one of NYU Sterns economics professors, recently bashed the cryptocurrency and blockchain world through a series of scalding comments and rants. Speaking in front of the U.S. Senate Committee on Banking, Housing, and Community Affairs, Roubini, dubbed Dr.Doom by some, made a series of comments against cryptocurrencies. From calling Bitcoin the mother of all scams to dubbing blockchain the most hyped tech ever, Dr.Doom threw everything he had a handful of senseless, wanton, and baseless comments at this budding industry.
Moreover, as seen in a 37-page post-mortem of the inflammatory testimony, Roubini pulled out all the stops, taking out the classic bag of tricks that heavy-handed regulators utilize to falsely tarnish the name of the crypto industry.
Although Americas leading officials and governmental employees heard the economists cries, some would argue that Roubinis thrashing of this nascent technology hasnt damaged the cryptosphere at all. In fact, there are optimists who truly believe that his comments managed to unite this industry, instead of fundamentally splitting it apart.
Speaking with Bloomberg reporters at Maltas first-ever DELTA Summit, Roger Ver revealed that he intends to develop or purchase a cryptocurrency exchange in the near future. While Ver, a diehard decentralist, didnt make Bloomberg reporters privy to many details, the Bitcoin Cash proponent explained that if his plans to purchase an excha...
Many at San Francisco Blockchain Week are warily reflecting on the lessons of the 2017 token boom, the pride that came before the bear-market fall.
A joint study conducted by Princeton University and Florida International University has found three-quarters of Bitcoin mining is based in China and warned of the potential risks that could result from the significant geographical centralization of the mining network.
The study, titled The Looming Threat of China: An Analysis of Chinese Influence on Bitcoin, seeks to explore how China threatens the security, stability, and viability of Bitcoin through its dominant position in th...
This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
Exosis is a multi utility blockchain platform with five blockchain sites which include, a decentralized cryptocurrency exchange, a virtual masternode, a decentralized e-commerce site, e- wallet and an OTC platform.
The cryptocurrency industry has been growing exponentially over the past couple of years. Currently, it is maintaining the market capitalization at $250-300 billion. This indicates that it is a market that has investment potential. The Exosis development team has realized that the best way to create a good cryptocurrency platform is by creating a multi-functional platform that has utility. Exosis is a realization of the dream. It features five different platforms in one. It has a decentralized exchange, a decentralized e-commerce site, an OTC platform, a Virtual Masternode, and a multiplatform e-wallet. These five different business models all rely on the Exosis coin. This Gives Exosis coin Utility, unlike most other cryptocurrency platforms.
The only way to succeed in the cryptocurrency industry is by differentiating yourself from competitors. Most of the altcoins are Ethereum-based coins that only offer one of the highlighted Businesses. Unfortunately, this means that investors have to speculate a lot. Such coins are driven more by demand and supply trends making them volatile. Exosis hopes to be different by first relying on its own mainnet. This allows us to control the security and the scalability of the platform truly. Second, having five different Businesses on the same platform provides the Exosis coin with Utility. The coin will be used to pay transaction fees on these five different Sites creating a constant demand for the coin. This will enable the Exosis coin to appreciate. The coin will be less volatile and more lucrative over time making it the perfect coin for Holding. The passive...
On Wednesday and Thursday Bitcoin Cash developers gathered in San Francisco for the first of many BCH Devcons hosted by Bitmains blockchain development fund Permissionless Ventures. A slew of teams participated in the three-day hackathon resulting in two big winners who took home 15 BCH worth of winning prizes.
San Francisco hosted the first BCH-centric developer hackathon hosted by Permissionless Ventures. Fifteen teams gathered to the city for the BCH Devcon where it saw software programmers from all around the world build new projects using the Bitcoin Cash protocol. Further, the participants had help from technical advisors stemming from BCH projects such as Bitbox, Coinbase, Money Button, and Bitcoin ABC. Representatives from Bitcoin.com who attended the hackathon said the event was a huge success as many programmers submitted very interesting concepts during the three day run....
Manny Pacquiaos long-awaited cryptocurrency could launch by the end of the year. According to a StraitsTimes report, Singapore based Global Crypto Offering Exchange (GCOX) is in charge of the launch of the Pac Tokens, the cryptocurrency that leverages on the popularity of the Philippine boxing legend. The news outlet quoted GCOX chief communications officer Evan Ngow who Continued
The post Boxing Legend Manny Pacquiaos Cryptocurrency Could Launch This Year appeared first on CCN
Heres why the European Blockchain Partnership is a big step towards widespread blockchain adoption
Bitcoin price is currently correcting higher against the US Dollar. BTC/USD is likely to face a strong selling interest near the $6,380-6,390 resistance area.
This past week, bitcoin price saw a solid increase in selling pressure around the $6,600 zone against the US Dollar. As a result, there was a nasty decline and the BTC/USD pair fell below the $6,400 and $6,200 support levels. The price traded towards the $6,100 level and formed a low at $6,093. Later, the price started an upside correction and moved above the $6,200 resistance.
There was a break above the 23.6% Fib retracement level of the last slide from the $6,686 high to $6,093 low. At the outset, it is following an ascending channel with resistance at $6,320. Above this, there is a major bearish trend line in place with resistance at $6,325 on the 4-hours chart of the BTC/USD pair. Finally, the $6,380-6,390 is a crucial resistance zone (the previous support). It also represents the 50% Fib retracement level of the last slide from the $6,686 high to $6,093 low. Therefore, if the price continues to move higher, bitcoin buyers are likely to struggle near the $6,380-6,390 zone.
Looking at the chart, BTC price needs to settle above $6,380-6,390 and then $6,400 to move into a positive zone. If it fails, there could be a fresh downside move back towards the $6,200 and $6,100 supports. Below these supports, the price could be at a risk of a bearish break below the $6,000...
Ethereum price is facing many barriers versus the US Dollar and Bitcoin. ETH/USD remains at a risk of more losses as long as it is below $212.
This past week, there was a sharp downside move from the $234 resistance zone in ETH price against the US Dollar. The ETH/USD pair tumbled and broke the $206 and $200 support levels. It tested the $184-185 support and formed a low at $184.5. The price later started an upside correction above $190, but it is still way below the 100 simple moving average (4-hours).
It has moved above the 23.6% Fib retracement level of the last decline from the $230 high to $184 low. However, there are many resistances on the upside near the $206, $207, $208 and $212 levels. There are also two important bearish trend lines in place with resistance at $208 and $218 on the 4-hours chart of ETH/USD. Below the first trend line, the 50% Fib retracement level of the last decline from the $230 high to $184 low is at $207. Around the trend line and the $207 resistance, the 100 SMA is also positioned. Therefore, it wont be easy for buyers to clear the $207 resistance and the 100 SMA.
The above chart indicates that ETH price is facing a lot of hurdles on the upside below $212. A proper close above $207 and $212 may push the price back in a positive zone. On the downside, the $190 and $184 levels are decent supports.
4-hours MACD The MACD is slowly moving in...
A major crypto exchange in India, Unocoin, has officially announced the launch of its crypto ATMs. CEO Sathvik Vishwanath told news.Bitcoin.com that, initially, the company plans to deploy 30 machines in three Indian cities. These ATMs help people to cash in and cash out which was not possible before due to the crypto banking ban imposed by the countrys central bank.
Unocoin has officially announced the launch of its cryptocurrency automated teller machines (ATMs). Last week, the ex...
Bitcoin cash price is under pressure below $500 against the US Dollar. BCH/USD remains sell on rallies near the $470 and $480 levels.
This past week, we saw a major downside move below the $520 and $500 supports in bitcoin cash price against the US Dollar. The BCH/USD pair declined heavily and broke the $450 support. There was also a close below the $450 level and the 100 simple moving average (4-hours). It traded close to the $400-410 support area and formed a low at $421. Later, the price started an upside correction and moved above the $430 level.
At present, the price is testing the 23.6% Fib retracement level of the last decline from the $531 high to $421 low. If there is a break above the $450 and $455 resistance levels, the price may climb towards the next important hurdle at $470-475. There is also a key bearish trend line formed with resistance at $470 on the 4-hours chart of the BCH/USD pair. Moreover, the 50% Fib retracement level of the last decline from the $531 high to $421 low is also positioned near the $476 level. Therefore, sellers are likely to appear near $470-475 if the price continues to climb higher.
Looking at the chart, BCH price may perhaps hold the $400 support area for some time and it could correct towards $470-475.
Looking at the technical indicators:
4-hours MACD T...
On Bitfinex, a leading cryptocurrency exchange, Bitcoin is being traded with a 2 percent premium based on the current price of $6,285. As BitMEX Research revealed, the premium of Bitcoin on Bitfinex continued to increase throughout the past week, during a period in which Tether (USDT) started to demonstrate a decline in price. Currently, on Continued
The post Whats Causing 2% Bitcoin Premium on Bitfinex? Possibility of Arbitrage appeared first on CCN
Cryptocurrency markets are still at the bottom following their mid-week dump. There has been no sign of a bounce back to previous levels as total market capitalization is still hovering just above $200 billion.
Bitcoin has remained on a flat line since its Thursday dump of $300. BTC fell to $6,300 and is currently trading just below that level, it has fallen 5% since the same time last weekend. Ethereum is also very depressed at the moment after falling back to $200 and remaining there for the past 3 days.
Altcoins are mostly in the red this morning, but movements are minimal. Looking at the top ten nothing is really moving more than a percent or so in either direction. Cardano has lost almost 2% on the day to fall back to $0.073. The rest are flat this Sunday during Asian trading.
The top twenty is showing similar lethargy at the moment with most cryptos shifting around a percent up or down on the day. Dash is showing the greatest gain which is just 1.7% bringing it to $161, while Tezos is falling back by a similar amount dropping it to $1.22.
The fomo induced pump of the day in the top one hundred is currently Digitex Futures which has surged 47% in the past 24 hours. These unnatural spikes usually happen when new altcoins increase in market cap but they often dump again just as quickly. Time will tell if DGTX can hold its gains. Aion has also done well since the dump, today it is up 18%. At the red end of the table is Noah Coin dumping all of its recent gains and falling back 26% on the day. MaidSafeCoin is also having a tough Sunday with an 11% slide.
Total crypto market capitalization has not moved over the past 24 hours and is still very low at $202 billion. Trade volume has dipped below $10 billion for the first time since the end of August and crypto markets look very dejected at the moment. Markets are back to the same level they were at this time last month which appears...
Blockchain innovator and former JPMorgan head of commodities Blythe Masters spoke at the London Metal Exchange annual dinner during the LME Week to say that blockchain is coming to commodity markets to introduce heightened confidentiality, reduce paper waste, and improve provenance and productivity. Masters who became managing director at JPMorgan at the age of 28 Continued
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The Zambian central bank said on Oct. 12 that cryptocurrencies like bitcoin arent legal tender, cautioning that those transacting in such will have no one to blame in the event of market failure. It appears that the bank issued the decree because, as a traditional issuer of the depreciating local fiat unit, the kwacha, it has a responsibility to promote its own currency.
The Bank of Zambia (BoZ) understands that it neither has the power nor the legal backing to shut down the nascent cryptocurrency market in the southern African country. It would need parliament to amend the law that enabled its establishment for BoZ to be able to claim any authority over cryptocurrency investments or trading.
On October 12, CCN reported that BK Global Consortium, the parent company of Singapore-based BK Medical Group, has acquired a 50 percent stake in Bithumb, South Koreas largest crypto exchange. Kim Byung-gun, a prominent plastic surgeon and blockchain investor, finalized the deal between BK Global Consortium and Bithumb, officially acquiring the leading cryptocurrency trading platform Continued
The post Why Investors are Highly Optimistic in Acquisition of Koreas Largest Crypto Exchange appeared first on CCN
REMME CEO Alex Momot spoke with CCN recently about the projects goal to eliminate the need for passwords and related security problems using something he calls a digital passport that operates on a blockchain. Blockchain Tech Can Make Passwords Obsolete Instead of the password/username architecture, each user device is issued an SSL certificate. The certificate Continued
The post Interview: How Blockchain Can Make Passwords a Thing of the Past appeared first on CCN
Take a look at top 5 performers of this week and check what to do with them next
Dr. Doom didnt miss another chance to bash crypto but he faced a worthy opposition.
|IndyWatch Crypto Currency Feed Archiver|
IndyWatch Crypto Currency Feed was generated at Community Resources IndyWatch.
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