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November 17, 2018

Japan Wants to Regulate Crypto Wallets, Breach of User Privacy?

Crypto wallet users in Japan may have to reveal their identities as the country’s top financial watchdog prepares a law for it.
The Financial Services Agency (FSA) on Monday revealed its plan to regulate cryptocurrency wallet providers, ItMedia reported. The decision came during a cryptocurrency study group meeting after concerns over money laundering and terrorist financing were raised. The agency also looked into pressing matters related to the protection of crypto wallet users that remain mainly exposed to cyber attack and infrastructure failures.
FSA didn’t finalize the details of how and when the new regulation would appear as it shapes up. However, the agency revealed that it would be in line with the FATF-led international standards for preventing money laundering and terrorism financing laws. In a near-term scenario, cryptocurrency exchanges, wallet service providers and ICO companies will have to register with the FSA to continue their operations in Japan.
Categorizing Wallets
As it went ahead with the proposal to regulate crypto wallets, FSA also mentioned how it may categorize the wallet services according to their predefined standards. The current laws draw a stark line between businesses that engage in purchasing and selling of assets, and those that manage and transfer assets for customers.
As of now, the wallet companies in concern are mostly crypto exchanges that hold customers’ assets for them to ensure smooth liquidity as they trade. On the other hand, a wallet software or a hardware wallet does not necessarily hold the users’ funds. Instead, these services allow users to have a full ownership of their crypto assets by enabling them to create private keys. But yet they manage payment transfers, which could bring them within the purview of the FSA.
Bitcoin wallet service Blockchain.info, for instance, might not be facilitating trades but to Japan regulator, they are still assisting in the management and transfer of the digital currency.
The FSA meeting, as reported by ItMedia, this time focused only on service providers – mainly exchanges and crypto custodian services. It kept software wallet developers and hardware wallet manufacturers out of the discussion agenda – at least for now.
Breach of Privacy
Proper enforcement of the FSA law, which may include even the essential wallet services, could make these companies seek identification requirements from their users every time they make a transaction. And as the act would specifically concern wallet companies working inside Japan, users could end up practicing regulatory arbitrage by downloading wallets from elsewhere – using VPNs.
A crypto wallet nevertheless remains a self-opened, self-regulated bank account. A crypto user does not require any third party custodianship to protect his/her digital assets. Instead, s/he holds private wallet keys to prove full-ownership. Even if they opt to choose an open-source wallet, say CoPay, it would be doubtful – and illogical – for them to seek individual approvals from the FSA.
At most, it would be up to the crypto users whether they wish to be regulated or not. That is the beauty of cryptocurrencies, anyway.
The post Japan Wants to Regulate Crypto Wallets, Breach of User Privacy? appeared first on NewsBTC.

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BCH Tussle: Bitcoin ABC May Reign Supreme over Craig Wright’s “Satoshi Vision”

To the chagrin of Craig Wright and his camp, it has become increasingly apparent that Jihan Wu, Roger Ver, and their compatriots at Bitcoin ABC have taken a leading position in the Bitcoin Cash “Civil War.” So, after weeks, if not months of trash talking, crypto’s most recent shouting match has begun to come to a screeching halt.
Bitcoin ABC Leaves SV in the Dust
After months of anticipation, crypto investors woke up giddy on Thursday morning, as the scheduled Bitcoin Cash hard fork remained at the forefront of this industry’s mind. In the hours preceding the network upgrade, banter regarding Bitcoin Cash’s proposed future began to ramp up, with everyone and their mother quipping about this conflict.
Related Reading: BCH Fight: Bitcoin Cash Bashing Heats Up, Rivals Duke It Out Ahead of Hard Fork
Craig Wright, dubbed “Faketoshi,” issued the following message on Twitter just hours before the fork, furthering his sentiment that his enemies, which comprise of Bitmain, Bitcoin.com, and other industry hotshots, are “scammers” and nonsensical.

There will be no split.
Do not listen to ABC scammers.
If you split coins, you will just end with nothing https://t.co/BcxJk2cF4Z
— Dr Craig S Wright (@ProfFaustus) November 15, 2018

But, as the upgrade neared, it became clear that something was amok, as rumors arose that Bitmain-backed miners, who are in cahoots with Bitcoin ABC (ABC) were poised to meet this fork head-on. And, of course, these rumors materialized into reality as ABC quickly overtook Craig Wright’s “Satoshi Vision (SV)” following the upgrade, which activated during Bitcoin Cash’s 556767th block.
Within minutes, even though Bitcoin ABC suffered a suspected spam attack, Roger Ver’s client of choice left SV in the dust due to the influx of hashrate that ABC experienced.
Related Reading: Bitcoin Cash War Begins: Hash Power of BCH Increasing Rapidly
Just 40 minutes after activation and the subsequent hard fork, Joseph Young, a well-regarded crypto journalist, explained that “[it] seems like a win for BCH,” adding that “[there’s] certainly not enough for a 51% attack on BCH… SV nodes reportedly crashing.”
While SV supporters held tight to their liferaft, ABC supporters celebrated, with Vitalik Buterin, co-founder of the Ethereum Project, even joining a livestream of the event to congratulate Roger Ver and his peers. Speaking to a handful of prominent Bitcoin Cash community members, Buterin noted:
“I’m at this economics conference, but I just wanted to congratulate everyone on this hard fork… I do think that there is real value is kind-of letting nodes have some say.”
Although Buterin’s cry of victory might have been premature in the eyes of Craig Wright, SV continued to struggle and falter, as the forked network’s hashrate dwindled and block times stuttered.
As simply put by Emin Gün Sirer, a Bitcoin-friendly Cornell professor, “Risk. Finance.” Sirer later doubled-down on his advocacy for ABC, explaining that SV was flawed from the get-go. He elaborated:
“This point is at the heart of the main lesson from the BCH hashwar. One cannot assemble a good team just with money. To attract top notch talent, you need a strong, scientifically valid vision and novel, exciting tech, among other things. BSV has none of these.”
Now, over 12 hours after upgrade’s activation, Bitcoin ABC has pulled 48 blocks ahead of its primary competitor, with some pointing out that this is likely to be the nail in the coffin for Satoshi’s Vision.
Nail in the Coffin… Or Just a Ploy?
While this lead is undoubtedly convincing, some are skeptical about ABC’s victory. WhalePanda, a diehard Bitcoin maximalist, recently took to Twitter to explain that ABC’s hashrate victory was catalyzed by Jihan Wu’s involvement in this debacle.
Panda also divulged that checkpoints have been installed in ABC to mitigate the risk of 51% attacks, subsequently calling the “valid chain” centralized.

Just woke up: So apparently Jihan took a lot of hashpower from Bitcoin to mine on $BCH. He got really scared and is burning a lot of money. https://t.co/RbObgu5fiSThey added a checkpoint to prevent attacks. It means that 1 person is saying what is the valid chain = centralized.
— WhalePanda (@WhalePanda) November 16, 2018

Francois Pouliot, a Canadian Bitcoin savant, also commented on the fact that this battle could be far from over. Pouliot, adding to the crockpot of rumors surrounding the event, noted that SV “may be pulling off a massive reorganization of ABC.”
While he chalked up his claims to a mysterious 1.1M BCH transaction, lack of hashrate on Bitcoin, along with “numbers not adding up,” critics have noted that the reorganization call is unsubstantiated.

The plot thickens?
BitcoinSV may be pulling-off a massive reorg of the BitcoinABC chain. If they can sustain a secret chain after 100+ blocks? When trading resumes?
Calvin and Craig are poker players. Ace up their sleeves? Mysterious 1.1M BCH tx? Where did the hashrate go?
— Francis Pouliot (@francispouliot_) November 15, 2018

Regardless, as a result of the continued confusion around the “true winner” of this fork, BCH has continued to capitulate, indicating that this multi-month conflict instilled more fear than faith in crypto investors at large.
Featured image from Shutterstock.
The post BCH Tussle: Bitcoin ABC May Reign Supreme over Craig Wright’s “Satoshi Vision” appeared first on NewsBTC.

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“Crypto Hangover” Causes Nvidia’s Stock to Tumble 17%

Following a week of widespread carnage in the cryptocurrency markets, traditional retail stocks involved with the crypto sector are feeling the burn as well, with the California-based computer chip maker, Nvidia’s (NVDA) price tanking on the Nasdaq stock exchange.
Nvidia’s plunge came about after the company reported Q3 results that were significantly below what analysts and investors had expected, causing a sharp selloff that forced its price down 17% to its current price of $167.94.
Nvidia’s ties to the cryptocurrency industry have contributed to its recent drop, with Bitcoin recently setting fresh 2018 lows when it gradually declined from $6,500 to $6,200, and then sharply dropped to its current price of $5,600.
A sizable portion of their revenue comes from their cryptocurrency mining hardware, which enables miners to efficiently use computing power to solve complex mathematical equations that power cryptocurrencies and rewards those miners with digital assets.
Although the crypto boom in 2017 and early-2018 proved to be beneficial for Nvidia, the preceding crash is now negatively affecting their revenue stream.
Nvidia’s CEO, Jensen Huang, spoke to investors about the negative effects of the cryptocurrency markets on a conference call on Thursday, saying that “the crypto hangover lasted longer than we expected.”
Due to a combination of declining cryptocurrency-based sales, and less purchase orders from major gaming customers, like Nintendo, Nvidia is now estimating that their revenues for the current holiday season will drop to $2.7 billion, down significantly from analysts’ previous estimates of $3.4 billion.
Related Reading: Nvidia Pulls Out of Crypto Mining Citing Low Revenue, While Bitmain Tops Their Profits
Effects of Crypto Drop Impacting Multiple Retail Stocks
The persisting cryptocurrency bear market is impacting multiple traditional retail stocks, with one of Nvidia’s main rivals, Advanced Micro Devices (AMD) dropping nearly 5% on Nasdaq today, also reporting lower-than-expected earnings to customers.
SBI Holdings, a Japan-based financial consortium, is another company whose stock performance is being impacted by the recent crypto drop, with their stock falling over 3% today, and currently trading down 15% from its one-month highs.
SBI has been quickly getting incredibly involved in the cryptocurrency markets, launching a digital asset exchange under their subsidiary, SBI Virtual Currencies, and launching a Ripple-based mobile app, called MoneyTap, to facilitate rapid, blockchain-based, transfers.
Although long-term, their involvement with the cryptocurrency markets and Ripple in particular, could prove to be highly lucrative, the current speculative nature of the nascent cryptocurrency industry is disconcerting investors who are used to the ebb and flow of more traditional industries.
At the time of writing, the cryptocurrency markets have posted slight gains from their recent lows, with most major cryptocurrencies trading up slightly at the time of writing, with Bitcoin trading up 1.1%, Ripple trading up 2.1%, Ethereum trading up 0.5%, and Bitcoin Cash trading down just over 3%.
Featured image from Shutterstock.
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Hash Wars: Day Two and the Anticipation for BCH Trading Platforms to Reopen

It has been close to 24 hours since the Bitcoin Cash (BCH) blockchain split on Nov. 15, and the community is assessing the first day of battle. At the time of writing, both chains are still operational and the ABC chain has a 32-block lead on the SV chain. Now many BCH supporters are patiently waiting to find out when infrastructure providers will resume deposits, withdrawals, and trading across the entire ecosystem.
Also read: Hash Wars: ABC Chain Leaps More Than 50 Blocks Ahead
Some Believe the Hash War Will Continue
The BCH hash war has continued into the second day of network warfare, protocol activity, and an abundance of discussions across social media. A clear victor has not yet been decided, according to SV supporters who believe the hash war is “not a sprint, but a marathon.” Currently, the ABC chain is 32 blocks ahead of SV and it has more hashrate and accumulated proof-of-work behind it, according to Coin Dance cash, and Forkmonitor.info data. Still, the SV chain has continued to chug along and has about 5,266 PH/s worth of hashrate compared to the ABC chain’s 7,237 PH/s. Moreover, SV supporters, specifically Nchain’s Craig Wright and Coingeek’s Calvin Ayre, have stated the next day, Nov. 16, that the hash war is not over.
“In our hash competition, we have seen the ABC team bring on their strongest sprinters,” explained Wright on Twitter on Nov. 16. “We are just at the trials and not yet on the finals to Marathon and they have made a remarkable burst to do a 9.9 second 100m (unfortunately in the wrong direction).” the Nchain executive adds.
At the time of publication, the ABC chain has been roughly 30 or more blocks ahead of the SV chain.
Many SV supporters still believe Wright will continue to wage war and this can be seen across social media and cryptocurrency-centric forums. Coingeek’s Calvin Ayre agreed with Wright’s words and issued a similar statement during the early morning hours on Friday.
“The BCH hash war will not be decided in 1 or 2 days, but over many days and possibly weeks by on-going miner votes with sustained Proof of Work — Until a dominant chain emerges, cryptocurrency exchanges, wallet and service providers are advised to remain neutral, and to run a Bitcoin SV node to be prepared for the best interests of users,” Ayre detailed.
The two networks’ hashrates as of 11:00 a.m. EST on Nov. 16, 2018. Orange (ABC) and Red (SV).
The Wait for Service Providers to Assess the Situation
On the other hand, the further the ABC chain gets and the more proof-of-work is accumulated, ABC supporters seem confident that victory is very close. Many BCH proponents are now waiting for infrastructure providers to explain how they will list the newly forked chains. ABC backers believe that a large portion of wallet services, exchanges, and payment services will side with ABC. This belief is due to the overwhelming amount of company support garnered when infrastructure providers published contingency plans with most supporting the ABC roadmap. However, it seems BCH service providers are still assessing the situation and may not publicly announce plans until more time has passed.
Many BCH proponents shared their views on Twitter on Nov. 16, 2018.
Further, the research team from Bitmex has been monitoring the situation with the organization’s recently published tool. Bitmex Research detailed to its Twitter followers on Nov. 16 that SV miners are losing a ton of money and estimated that they will lose $280,000 a day if they continue. Further, this estimate is calculated with the ability to sell SV coins at a spot price of $100, but the ability to sell these coins is pretty much non-existent.
Cryptocurrency luminaries show they are curious to when the SV side of the chain releases a block explorer.
ABC proponents were quite pleased with the outcome so far and the forum r/btc is filled with supporters showing enthusiasm. The Bitcoin Cash developer Shammah Chancellor (Micropresident) was very thankful and expressed his gratitude on Twitter.
“Big thanks to Roger Ver, Bitcoin.com, all the p2pool miners, Btc.com, Antpool, and everyone else who is supporting the BCH chain with their hash — Continuing to work towards bringing peer-to-peer cash to the world,” the developer explained.
Lots of BCH supporters have expressed that the war was not good for the Bitcoin Cash ecosystem in general.
However, even though many were celebrating yesterday’s battle, many BCH supporters had shown distaste for the entire situation. Bitcoin Cash and XT lead developer Tom Harding explained that the split has caused some damage. “Bitcoin Cash has splintered its network effect, pushed the overall price below $400, and wasted a lot of energy,” Harding stated. BCH developer Jonathan Toomin responded to Harding’s tweet and agreed with the XT developer. “Unfortunately, you are totally right,” said Toomin.
What did you think about the first day of the hash war? Do you think it is over and there is a victor? Or do you think the hash war will continue? Let us know in the comments section below.

Images via Shutterstock, Pixabay, Coin Dance cash, Twitter, and Bitcoin.com.

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ECB Official Decries Bitcoin as ‘Evil Spawn’ of Financial Crisis, Ripple Consolidates Lawsuits

In recent regulatory news, an executive board member of the European Central Bank (ECB) has given a dismissive appraisal of bitcoin and rejected the prospect of central banks issuing state-backed digital currencies in the foreseeable future. In other news, Ripple Labs has moved to consolidate three lawsuits into a single federal suit, while the police have arrested eight individuals in Tokyo who are suspected of involvement in a $68.4 million cryptocurrency pyramid scheme.
Also Read: French Financial Regulator Estimates ICOs Have Raised $21.9B Globally
ECB Board Member Dismisses Prospect ofCentral Bank-Issued Virtual Currencies
Benoit Coeure, an executive board member of the ECB, has issued a critical appraisal of bitcoin and cryptocurrency in general. He described them as “the evil spawn of the financial crisis” in a recent speech at the Bank for International Settlements in Basel.
“Bitcoin was an extremely clever idea,” Coeure stated. “Sadly, not every clever idea is a good idea.”
Coeure was also dismissive of the prospect of central bank-issued virtual currencies becoming a reality within the next 10 years. “There is broad agreement that a central bank digital currency, in whatever form, is unlikely to be issued within the next decade,” he said.
Ripple to Take Lawsuits to Federal Court
Ripple Labs has moved to consolidate three ongoing class-action lawsuits the company faces into a single federal suit. Various lawyers have described the move as “slick” and exhibiting “tactical brilliance.”
The suits were filed by David Oconer, Vladi Zakinov and Avner Greenwald, who are collectively seeking more than $167 million in damages on behalf of “thousands” of investors. Ripple is seeking for the case to be heard at the U.S. District Court for the Northern District of California. The combined number of plaintiffs involved in all of the cases exceeds 100.
Tokyo Police Arrest 8 Over$68.4M Pyramid Scheme
Police in Tokyo have arrested eight men for their alleged involvement in a pyramid scheme that duped roughly 6,000 investors out of an estimated 7.8 billion yen ($68.4 million) worth of cryptocurrency. The individuals are suspected of violating Japan’s Financial Instruments and Exchange Act by failing to register their business operations with the relevant authorities.
Investors were recruited at events such as seminars, where they were promised monthly returns of between 3 percent and 20 percent. Six of the eight individuals who were arrested have reportedly confessed to the allegations made against them.
Last month, a group of 73 individuals who fell victim to the scheme filed a lawsuit with the Tokyo District Court. They are seeking 370 million yen ($3.276 million) in damages.
Do you think Ripple will be successful in consolidating the three lawsuits it faces into a single federal suit? Share your thoughts in the comments section below.

Images courtesy of Shutterstock, Wikipedia

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Nvidia Misses Q3 Revenue Target as Cryptocurrency Slump Weighs on Business

Shares of Nvidia plunged as much as 17 percent in after-hours trading on the Nasdaq Stock Market on Thursday, after the U.S. bitcoin mining equipment maker reported unexpectedly weak revenue for the third quarter. In premarket trading at the time of writing on Friday, Nvidia was down 16.01 percent at $169.99.
Also Read: Canaan Hong Kong Listing Plans in Limbo
‘Crypto Hangover’ Drags Down Demand
Revenue climbed 21 percent to $3.18 billion for the three months to Oct. 28, according to an earnings report released by Nvidia on Thursday. But the company underperformed the predictions of analysts, who were looking for revenue of between $3.19 billion and $3.32 billion.

Net profit rose to $1.23 billion, up 12 percent from $1.1 billion in the preceding quarter. Nvidia, which specializes in making hardware for video game consoles and the cryptocurrency mining sector, will pay a dividend of $0.16 per share, about 7 percent above its second-quarter dividend.
However, the slump in bitcoin prices this year has hit demand for Nvidia’s mining equipment hard. The company, valued at $123.1 billion, said it has accumulated a significant number of unsold cryptocurrency mining rigs — previously one of its key growth markets.
“The crypto hangover lasted longer than we expected,” Jensen Huang, chief executive officer and founder of Nvidia, said on a conference call with investors on Nov. 15. In the earnings release, he had stated that “near-term results reflect excess channel inventory post the cryptocurrency boom, which will be corrected.”
Huang added it will take another two quarters for the company to shed excess inventory. “This is surely a setback, and I wish we had seen it earlier,” he said on the conference call.
Bearish Sentiment, Weak Forecasts
The price of BTC has plummeted from a record $20,000 in late 2017 to around $5,586 at the time of writing, its lowest point in a year. Most of the major altcoins have followed suit. For the current quarter, Nvidia has guided revenue to come in at $2.7 billion, compared to estimates from analysts of nearly $3.4 billion.

By sector, Nvidia said GPU revenue soared 25 percent year-on-year to $2.77 billion, as Tegra processor revenue dropped 3 percent to $507 million. The waning cryptocurrency business forced a decline in licensing from third parties, with revenue from that side of the company’s business falling 23 percent to $148 million on a year-on-year basis. Revenue from data centers spiked 58 percent for the quarter to $792 million, largely on strong demand.
“AI is advancing at an incredible pace across the world, driving record revenues for our data-center platforms,” Huang said. “Our introduction of Turing GPUs is a giant leap for computer graphics and AI, bringing the magic of real-time ray tracing to games and the biggest generational performance improvements we have ever delivered.”
The bearish cryptocurrency markets have badly affected bitcoin mining equipment manufacturers in general. One of Nvidia’s competitors, Advanced Micro Devices (AMD), reported third-quarter revenue of $1.65 billion in October, which was below analysts’ estimates of $1.7 billion. The chipmaker, which expects revenue to fall in the current quarter, blamed the cryptocurrency slump for a decline in sales. AMD’s stock was down about 5 percent after trading closed on Thursday.
Over the past 52 weeks, Nvidia’s share price has swung between a high of $292.76 and a low of $176.01. Analysts are targeting a price of $287.91 over the next 12 months.
Nvidia was established in 1993 and initially started off selling computer cards designed to improve the video game experience. It later expanded into other markets such as the cryptocurrency industry.
What do you think about the market’s reaction to Nvidia’s quarterly financial results? Let us know in the comments section section below.

Images courtesy of Shutterstock.

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The Daily: Bitsane Introduces Tether-Euro Pair, Covesting Launches in Gibraltar

In Friday’s edition of The Daily, we look at Bitsane’s decision to list tether (USDT) and trade it against the euro. We also cover two other recent announcements in the crypto-space. Digital asset trading platform Covesting is launching operations in Gibraltar, where it has obtained a distributed ledger technology license. And Swissone, a Zug-based digital asset management company, is establishing a regulated tokenized fund.
Also read: Coinbase Blesses Binance, Game Day for BCH
Bitsane to Trade USDT Against the Euro
European cryptocurrency exchange Bitsane has announced that it’s listing tether (USDT). The stablecoin will trade on its platform in pairs with a number of cryptocurrencies, including BCH, BTC, ETH, LTC, XRP, DASH, DOGE, ETC and REP. Launched as a fiat alternative backed by the U.S. dollar at a 1-to-1 ratio, USDT is usually traded against the greenback. However, Bitsane now offers the option to exchange the cryptocurrency with the euro.
The Dublin-based digital asset trading platform was established in November 2016 and has since signed up around 240,000 users. The exchange currently processes about 25,000 transactions per day and has a daily trading volume of approximately $6 million.

A number of alternatives to tether have recently hit the market. Some of the more notable examples of these new stablecoins include the gemini dollar (GUSD) and paxos standard (PAX), both of which are ERC20 tokens backed 1-to-1 with U.S. fiat currency. Circle’s USDC is another stablecoin that will soon be listed on leading cryptocurrency exchange Binance.
Covesting Opens Crypto Exchange in Gibraltar
Covesting, another cryptocurrency exchange based in Europe, has announced a soft launch of its new trading platform in Gibraltar. The company recently secured a distributed ledger technology (DLT) license from the authorities in the British Overseas Territory.
Over the past year, Gibraltar has adopted dedicated regulations that are tailored to attract businesses from the crypto industry. Covesting, which is registered and incorporated in the jurisdiction, is a fintech company launched by former Saxo Bank traders.
Users who would like to participate in the soft launch are required to register and pass know-your-customer and identity verification procedures. Then they’ll be able to deposit any of the cryptocurrencies that are currently available for trading by transferring funds from their wallets to the trading portfolio on Covesting’s platform. Additional methods for fiat deposits, including credit cards, as well as wire and bank transfers, will be added in the near future.
Swissone to Establish Regulated Tokenized Fund
Swissone Capital AG, a Zug-based digital asset management company, has announced the upcoming launch of a tokenized and fully regulated index fund. According to a press release, the fund will be licensed by the Swiss Financial Market Supervisory Authority (Finma) and offer clients “the liquid utility of tokenization combined with the safeguards of regulatory recognition.”
A global survey conducted by professional services network PwC recently showed that regulatory uncertainty and a lack of trust are the two major barriers to entry in the cryptocurrency market. Swissone Capital hopes to substantially ease these two serious concerns by acquiring approval from the Swiss financial regulator.
Over the past few years, a sizable cryptocurrency market has developed in Switzerland, turning the country into one of Europe’s leading crypto-friendly jurisdictions. The country is home to the so-called “Crypto Valley” in the canton of Zug, where hundreds of blockchain startups and fintech companies are now based. Swiss crypto businesses can also take advantage of services offered by banks in neighboring Liechtenstein.
What are your thoughts on today’s news tidbits? Tell us in the comments section.

Images courtesy of Shutterstock, Bitsane, Covesting, Swissone.

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Ethereum Price Analysis: ETH/USD Remains Sell On Rallies Near $186

Key Highlights

ETH price found support near the $165 level and later recovered slightly against the US Dollar.
There was a break above a short term bearish trend line with resistance at $173 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could trade above $180, but it could face a strong resistance near the $186 level.

Ethereum price is currently consolidating against the US Dollar and bitcoin. ETH/USD is likely to face a strong resistance near the $186 and $190 levels.
Ethereum Price Analysis
Yesterday, we saw a major downside move below the $170 level in ETH price against the US Dollar. The ETH/USD pair traded as low as $165 and later started a short term recovery. It moved above the $170 and $175 levels and later started consolidating in a tight range. The price also moved above the 23.6% Fib retracement level of the last decline from the $208 swing high to $165 low.
More importantly, there was a break above a short term bearish trend line with resistance at $173 on the hourly chart of ETH/USD. The pair is currently struggling to clear the $180 resistance area. Above $180, the next resistance is near the $186 level. It represents the 50% Fib retracement level of the last decline from the $208 swing high to $165 low. Therefore, if the price continues to move higher, it is likely to face a strong selling interest near $180 or $186. A close above $186 may open the doors for a push towards $200.

Looking at the chart, ETH price is showing positive signs above the 170 level, but it won’t be easy for buyers. On the downside, an initial support is at $172 followed by $170. If there is a break below the recent low of $165, the price could drop to $160.
Hourly MACD – The MACD is currently placed in the bullish zone.
Hourly RSI – The RSI managed to move above the 50 level.
Major Support Level – $170
Major Resistance Level – $186
The post Ethereum Price Analysis: ETH/USD Remains Sell On Rallies Near $186 appeared first on NewsBTC.

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Ripple Price Analysis: XRP/USD Facing Uphill Task Near 100 SMA

Key Highlights

Ripple price recovered nicely and moved above the $0.4500 and $0.4600 resistances against the US dollar.
Yesterday’s highlighted key bearish trend line with resistance at $0.4660 was breached on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair will most likely face a strong selling interest near the $0.4860 and $0.4900 resistances.

Ripple price managed to correct higher against the US Dollar and Bitcoin. However, XRP/USD is likely to struggle near $0.4900 and the 100 hourly SMA.
Ripple Price Analysis
Yesterday, we saw a nasty decline in ripple price below the $0.5000 support against the US Dollar. The XRP/USD pair broke the $0.4600, $0.4500 and even $0.4200 support. It traded towards the $0.4000 level and formed a low at $0.4020. Later, the price started a decent upside recovery and moved above $0.4500. Buyers managed to push the price above the 23.6% Fib retracement level of the last slide from the $0.5208 high to $0.4020 low.
More importantly, yesterday’s highlighted key bearish trend line with resistance at $0.4660 was breached on the hourly chart of the XRP/USD pair. The pair is currently trading near the $0.4800 resistance. Besides, the 61.8% Fib retracement level of the last slide from the $0.5208 high to $0.4020 low is acting as a resistance. Above $0.4800, the main resistance is near the $0.4860 and $0.4900 levels. The 100 hourly simple moving average is also positioned near the $0.4920 level to act as a strong resistance. Therefore, it won’t be easy for buyers to clear the $0.4860, $0.4900 and $0.4920 levels.

Looking at the chart, ripple price may perhaps consolidate in the short term above $0.4700. Finally, there could be an attempt to clear the $0.4900 resistance. On the downside, the key support is at $0.4500 followed by $0.4200.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Level – $0.4500
Major Resistance Level – $0.4900
The post Ripple Price Analysis: XRP/USD Facing Uphill Task Near 100 SMA appeared first on NewsBTC.

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Cardano Price Analysis: ADA/USD Could Resume Losses Below $0.062

Key Highlights

ADA price fell sharply and traded below the $0.0700 and $0.065 supports against the US Dollar (tethered).
There is a key bearish trend line formed with resistance at $0.0640 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
The pair is likely to decline once again if sellers push the price below the $0.0620 support.

Cardano price tumbled recently against the US Dollar and Bitcoin. ADA/USD is currently recovering, but upsides are capped near $0.0640 and $0.0675.
Cardano Price Analysis
In the last analysis, we discussed the chances of more losses below $0.0720 in cardano price against the US Dollar. There was a sharp decline in bitcoin and Ethereum recently, which pushed the ADA/USD pair below $0.0700. The price tumbled and broke many supports like $0.0650 and $0.0620. There was even a break below $0.0600 and the price settled below the 100 hourly simple moving average.
The price traded as low as $0.0580 and later started an upside correction. It moved above the $0.0600 level and the $0.0620 pivot level. There was also a break above the 23.6% Fibonacci retracement level of the recent decline from the $0.0774 high to $0.0580 low. However, the upside move was capped by the $0.0650 resistance. Moreover, there is a key bearish trend line formed with resistance at $0.0640 on the hourly chart of the ADA/USD pair. Above the trend line and $0.0650, the next major resistance is near $0.0675. It represents the 50% Fibonacci retracement level of the recent decline from the $0.0774 high to $0.0580 low.

The chart indicates that ADA price recovered nicely from the $0.0580 low. However, the price is currently facing a lot of hurdles near $0.0640 and $0.0650. If buyers fail to push the price above $0.0650 or $0.0675, there could be a fresh decline below $0.0620 and $0.0600.
Hourly MACD – The MACD for ADA/USD is about to move back in the bearish zone.
Hourly RSI – The RSI for ADA/USD is currently just below the 50 level.
Major Support Level – $0.0620
Major Resistance Level – $0.0650
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No Recovery Bounce As Crypto Markets Remain Crushed

FOMO Moments
Crypto markets are still on the floor; Stellar, BAT and Ox recovering, BCH and BNB still falling.
There has been no recovery or rally from Wednesday’s crypto rout which resulted in almost 30 billion dollars being wiped out. Markets remain depressed as we end the week and are still languishing at their lowest levels this year.
Bitcoin appears to have found its new trading level for the time being which is around $5,600. BTC could not muster any momentum over the past 24 hours and is currently trading at $5,620 after dropping to another yearly low of $5,360 last night. Ethereum is also depressed pulling back a miserly one percent to take it just below $180. This has prevented ETH retaking second spot in the market cap charts.
Altcoins are slowly starting to recover but only one or two are making any progress in the top ten at the moment. Stellar is leading the way with a 7.5% gain on the day to $0.245, XRP is also recovering a little with over 4% added on the day. The rest are immobile with Bitcoin Cash still dropping despite its successful hard fork and hash power victory.
Tron, Iota and Bitcoin Gold are making the best progress in the top twenty but gains are small at around 3%. The rest are moving a percent or two aside from Binance Coin which has lost more ground falling back another 2% today.
The altcoin getting the fomo treatment at the time of writing is WAX which has pumped 17% since the same time yesterday. Also recovering well today are the two recent Coinbase listings, BAT and 0x both regaining 10 and 13 percent respectively. Predictably dumping today is yesterday’s pump token, Nasdacoin dropping 13%.

Total cryptocurrency market capitalization is still at $185 billion and showing no real signs of recovery yet. A new yearly low was hit yesterday when markets slumped to $175 billion. As trade volume levels off this seems to be the new plateau for now, however if the bulls do not wake up soon another slide could be inevitable.
FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
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Bitcoin Price Analysis: BTC/USD Prices Steady but Further Losses Expected

Latest Bitcoin News
In the midst of a severe market slump that has seen Bitcoin slide more than 80 percent from 2017 peaks, Zhao Changpeng is pretty optimistic about crypto. We must note that the fall of Bitcoin has dragged altcoins to new levels with some dropping by as much as 95 percent from their 2017 highs.

Nonetheless, Binance is having a stellar year. Pulling in around $3 billion in revenue in the first half of the year the exchange is officially the largest in the world by trading volumes. But contrary to expectations, this super performance coincides with a market wide slump that has seen total market cap slide from $800 billion to around $180 billion. However, fading these are year to year high trading volumes indicative of widespread adoption and/or interest in the space.
Also Read: No Recovery Bounce As Crypto Markets Remain Crushed
While talking to CNBC, Zhao said he wasn’t sure of what exactly could catalyze a market revival but with user base and deposit rate expanding, a recovery was inevitable. Binance has a global presence and recently opened a branch in Uganda.

Just read an estimate from the TABB Group (in a $5000 report) that OTC crypto markets exceed exchange volumes by 2-3x. That would mean 1-1.5MM BTC is traded OTC *daily*. Strange it's not visible on the blockchain, which shows a meager 100k/day.
Source: https://t.co/5AxY82DM38 pic.twitter.com/pJrDoazqdk
— Eric Wall (@ercwl) July 29, 2018

Besides, as blockchain infrastructure continue to pick pace, the ecosystem continues to grow in strength becoming more robust as major players comply with regulatory requirement. To that end, Binance desires to place itself in a strategic position to tap increasing institutional interest.
Interesting Read: Bitcoin Break to $5,600 is Good For Crypto, Says Major Investor
After all, as one of the few exchanges that is yet to experience a hack thanks to their firm technological and security foundation. Furthermore, incentives such as tiered trading fee discount programs, creation of sub-accounts and more support for corporate accounts would go a long way in sating institutions keen on diversifying into the space.
BTC/USD Price Analysis
Weekly Chart

Like the rest of the market, BTC/USD is deep in loss territory printing 14 percent in the last week and closing below important support levels at the back of strong volumes. Though we expect prices to stabilize over the weekend, the simple fact is that we have a bear break out pattern below 2018 lows of $5,800.
This is not only bad for the coin’s market cap but the (sometimes) direct relationship between BTC and Altcoin could spur further market losses as the sell off continues. From previous BTC/USD trade plan we expect prices to find support at $4,500.
However, if the selloff is strong then BTC could further drop to $3000. Inside this $1,500 is where buyers should find loading opportunities with stops at immediate support level.
Daily Chart

If anything, our last BTC/USD trade plan is true. And with Bitcoin prices dropping and slicing through several support lines as a whole bar prints below $5,800, we expect further declines throughout next week. As aforementioned, our immediate bear targets are clear. Since the path of least resistance is southwards, we suggest selling on pull backs. Safe stops will be at Nov 15 highs of $6,000.
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
The post Bitcoin Price Analysis: BTC/USD Prices Steady but Further Losses Expected appeared first on NewsBTC.

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Litecoin Price Analysis: Despite Increasing Adoption, LTC/USD Likely to Test $30

Latest Litecoin News
In proof-of-work networks, hash is everything. Because of this, Coinmine is desirous of complete decentralization in line with blockchain dicta. As such, the startup with backing from CoinBase and Arrington Ventures is taking crypto mining to homes as their flagship rig—Coinmine One is power efficient—at 120 watts, easy to use—it has its own operating system and use GPU chipsets (AMD RX 570 (4GB)).

Just preordered my @coinmine miner. This should be interesting. I always wanted to mine but I hated the inconvenience. Now I have no excuses the future starts now #cryptotwitter #cryptocurrency #mining #coinmineone pic.twitter.com/qQ4d3Wpvpw
— Crypto & Chill (@jkmjpg803) November 15, 2018

With widespread use, the miner will ensure complete decentralization within the networks deployed in. The only disadvantage with Coinmine One is that it won’t be powerful enough to mine Bitcoin and Litecoin.
Read: Tumultuous Crypto Market: Bitcoin Market Cap Finds YTD Low Under $100 Billion
Furthermore, the rig is pretty expensive. Regardless, because it can mine ETH, Monero, ZCash and Ethereum Classic, the miner shall come in handy in stabilizing the crypto scene that has so far experience hash rate declines as bears step up.

Today, we are thrilled to announce that we have closed our Series A Round of Funding, raising $20 million (USD) from IDG Capital, Matrix Partners and Neo Global Capital to bring cryptocurrency to the masses. pic.twitter.com/cofB3QkJPc
— KuCoin Updates (@KuCoinUpdates) November 14, 2018

Meanwhile, Kucoin, an exchange from where traders can buy or sell Litecoin has completed a $20 million Series A funding. Led by LDG Capital, Matrix Partner, and Neo Global Capital, these funds will go towards activating Kucoin platform 2.0, improving customer care, accelerating research and education and most importantly for global expansion. This way, more people will have a better understanding of blockchain and similar products. If appealing enough then they can invest further increasing liquidity and stabilizing prices as a result.
LTC/USD Price Analysis
Weekly Chart

The capitulation of Bitcoin prices is negatively affecting Litecoin and the result is visible. After weeks of horizontal consolidation, LTC/USD is now down 18 percent in the last week but pretty stable in lower time frames. As a result, Litecoin is down more than 85 percent from 2017 peaks in the process confirming the bear break out pattern set rolling by early August losses.
Note that LTC/USD is now trading below the $50 main support and sell trigger line and fueling this massive sell off are huge volumes—almost twice the weekly average at 1 million from 600k. From previous emphasis, conservative traders can short at spot with stops at $50 with first targets at $20-$30. Losses beyond that and Litecoin can easily print $2—a level last tested in March 2017.
Daily Chart

Clearly, LTC/USD is bearish and in line with our previous LTC/USD trade plan, we recommend both set of traders to short at spot prices. This way they shall be trading in the trend direction set by Aug 7-8.
This is largely because of the failure of bulls to maintain prices above $50. Then again, with a whole bear candlestick printing below $50 triggering stops and igniting sells effectively cancelling our bullish projection at the back of strong market participation, LTC would most likely test $30 or lower in coming days/weeks.

All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
The post Litecoin Price Analysis: Despite Increasing Adoption, LTC/USD Likely to Test $30 appeared first on NewsBTC.

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Tron Price Analysis: TRX/USD Break Out Trade, Path Towards Jan 24 Lows

Latest Tron News
That the Japanese are open to cryptocurrencies and similar blockchain technologies but concurrently stringent protecting investors is true. So tight are applicable laws that investors who lose their digital assets are guaranteed of a recourse. We have seen that happen with the ongoing Mt Gox Civil Rehabilitation Case. Because it is mandatory for exchanges to register with the country’s Financial Services Agency (FSA), investors are safe.
Now, under the fund settlement law of which crypto exchanges must follow since they are platforms for buying and selling digital assets, wallet service providers are exempt. It is understandable, simply because most are platforms where users register for free. From there, they can safely manage their digital assets.
Read: Tokyo Police Crackdown on Alleged Crypto Pyramid Scheme, Arrest Eight Individuals
But the FSA want to spread their wings and ensure that in case of a failure or the platform swindle their customers by draining all their assets then law and order must prevail. Then again, even if they these wallet providers are not actively buying and selling coins, they do manage payments.
Interesting Read: BitPesa Partners with Japanese Insurance Company to Digitize Remittance Service
To this end the FSA plans to formulate fitting regulations in line with the international standards for preventing money laundering and terrorism financing set by the Financial Action Task Force (FATF). Possible measures might include internal controls, separate account management of wallet provider funds and customers’, financial statement audit and publication of policies indicating path of recourse should hacks happen.
TRX/USD Price Analysis
Weekly Chart

Perched at 11th, TRX/USD is down 17 percent in the last week. However, in this time frame TRX bears are yet to breach and close below key support levels. As such, our previous conservative TRX/USD trade conditions are not live though there are clear rejection of higher highs from the all-important 3 cents buy trigger and resistance line.
From a top-down approach it is clear that the path of least resistance is southwards and with every low, chances of early August bear breakout pattern is likely to be confirmed. As reiterated before, conservative traders should initiate shorts once there are clean breaks below Sep lows at the 1.5 cents double bottoms.
Ideally, this break below should be accompanied by high trade volumes with first targets at Jan 24 lows and stops at the bear bar preferably at 1.5 cents.
Daily Chart

From our previous TRX/USD trade plan, we had mentioned how important it was for bulls to close above 3 cents resistance level nullifying the bear attempts of early August now that prices were trading 90 percent from 2017 highs.
But, with relentless sellers trading within a bear flag, the close below the minor support trend line on Nov 14 all printing out with strong volumes—49m from average of 9 million.
Because we now have a whole bar below the support trend line, we suggest aggressive traders to sell at spot prices with stops at 2.3 cents with first targets at Aug lows at 1.5 cents. Further losses then ideal bear targets would be as aforementioned at Jan 24 lows.
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
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Bitcoin Price Watch: BTC/USD Could Rebound Towards $5,900

Key Points

Bitcoin price extended declines below $5,330 and traded towards $5,200 against the US Dollar.
There is a major bearish trend line in place with resistance at $5,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price is likely positioning for an upward move above the $5,600 and $5,700 levels.

Bitcoin price extended losses towards $5,200 against the US Dollar. BTC/USD is currently rebounding and it could correct higher towards $5,900.
Bitcoin Price Analysis
Yesterday, we discussed the chances of more declines below $5,400 in bitcoin price against the US Dollar. The BTC/USD pair extended losses below the $5,330 swing low and traded towards the $5,200 low. A new 2018 low was formed at $5,206 and later the price started a fresh recovery. The price moved above the $5,300 and $5,400 resistance. Besides, there was a break above the 61.8% Fib retracement level of the last decline from the $5,646 high to $5,206 low.
Buyers also pushed the price above the $5,550 level, but they struggled near $5,600. Moreover, there is a major bearish trend line in place with resistance at $5,550 on the hourly chart of the BTC/USD pair. The pair seems to be preparing for a larger recovery above the $5,600 level. If there is a close above $5,600, the price could continue to move higher towards the $5,750 level. It represents the 1.236 Fib extension level of the last decline from the $5,646 high to $5,206 low. Finally, the main resistance could be $5,918, which is the 1.618 Fib extension level.

Looking at the chart, bitcoin price is likely forming an inverse head and shoulders pattern with resistance at $5,600. Therefore, a proper break above the $5,600 level will most likely push the price towards $5,750 or $5,900.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently just below the 50 level.
Major Support Level – $5,400
Major Resistance Level – $5,600
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Ripple Secures More Banking Partners, XRP Holds Second Spot Over Ethereum

San Francisco based blockchain company Ripple has secured another major banking partner in Asia this week. ASEAN’s fifth largest bank, CIMB Group, as announced that it will join RippleNet in order to utilize the firm’s cross border transfer products. Its XRP token meanwhile has held on to second spot over Ethereum.
RippleNet Expands it Reach
The move will allow the bank to grow its global payments network by joining those already in the Ripple network. According to the announcement CIMB is one of the first banks in Asia to leverage blockchain technology. In a region where micro-payments and remittances drive the bulk of banking transactions the need for more efficiency and cost reduction has never been greater.
According to the World Bank, remittances in the region will grow to $120 billion this year. The Boston Consulting Group added that the global cross border payment volume is an estimated $27 trillion with a further $20 trillion expected to be added in the coming decade. The ASEAN region is responsible for almost 40% of this entire volume.
CIMB already has its own remittance platform called SpeedSend so the partnership with Ripple is designed to enhance that and further improve the speed and costs of cross border payments. CIMB Group chief executive, Tengku Dato’ Sri Zafrul Aziz said;
“We are delighted to be part of RippleNet and look forward to a fruitful partnership with Ripple by leveraging each other’s strengths and capabilities. This innovative blockchain solution will revolutionize international cross-border remittances, and is a testament to CIMB’s ongoing efforts to enhance its digital banking proposition …”
Ripple boss, Brad Garlinghouse, commented “CIMB’s network already spans 15 countries, nearly 800 branches and offers Speedsend — one of the best solutions in the ASEAN region. Now, by integrating Ripple’s blockchain technology, they will enable their customers to send vital funds to family, friends and loved ones more efficiently.”
XRP Holds Second Spot, Accelerates Away From Ethereum
Ripple always maintains that the company and token are not connected but what happens to one will obviously have an effect on the performance of the other so this sentiment can be refuted. Besides, the company still holds a very large slice of the XRP pie. In the aftermath of crypto market’s largest crash of the year, XRP emerged above Ethereum, taking second place in the market cap charts.
When this has happened previously, Ethereum recovers quickly and retakes its spot. This time, however, that recovery has not occurred and XRP has made better gains keeping it above ETH. At the time of writing XRP is up almost 5% on the day whereas Ethereum has only made just over 1%. As a result XRP’s market capitalization has increased to $19.3 billion whereas Ethereum’s is now $18.6, widening the gap since yesterday when they were only $200k apart.
If there is no further momentum for Ethereum it may have to settle for being the world’s third largest cryptocurrency as XRP moves ahead of it.
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