In today’s edition of Bitcoin in Brief we cover stories about one of the largest inter-dealer brokers in the world exploring the cryptocurrency market, a privacy-focused email service that now accepts several cryptos, a new white label exchange offering and a cloud mining service that abruptly ended BTC contracts.
The Indian government is expected to issue detailed cryptocurrency guidelines by September, a senior official from the country’s Ministry of Finance reportedly said. Consultations with all stakeholders including the central bank have already begun. This announcement is independent of the supreme court’s hearing of petitions relating to crypto regulation in India.
Of all the coins under our review, EOS, Litecoin and Tron are technically stable and moving within a tight trade range. EOS for example is yet to add to last week’s gains but is confined within July 20 high lows. Now, despite our bullish stand on Stellar, prices are stalling and once we see gains above 30 cents,
Bitcoin Price Key Highlights
- Bitcoin price busted through its short-term channel and the top of a longer-term descending triangle.
- Price is now making its way to the area of interest around $8,000 that might make or break the rallies.
- Strong bullish momentum could take it past this former support region,
Government officials in Xiongan New Area have announced a partnership with Ethereum development studio ConsenSys to develop blockchain initiatives for China’s “dream city.”
According to the South China Morning Post, the Xiongan government has signed a memorandum of understanding (MoU) with the U.S.-based ConsenSys to “establish Xiongan as a next-generation smart city and a leading blockchain innovation hub.”
Formally announced in 2017,
Seven Stars Cloud Group, Inc. (SSC), a global fintech firm focused on blockchain and AI-powered digital asset management, has partnered with the China Venture Capital Research Institute (CVCRI), according to a press release published July 23. The partnership will purportedly help SCC extend its to extend its asset digitization services.
The new partnership will enable SSC to create a fully-compliant digital asset ecosystem,
China’s relentless march towards blockchain development is continuing, with reports indicating that a Chinese city will be supplying capital for a $1.5 billion blockchain fund.
China’s Admiration for Blockchain Technologies Continues with the Nanjing Fund
Nanjing, the capital of the Jiangsu province in Eastern China, has just launched a blockchain-centric fund with 10 billion Chinese yuan ($1.48 billion) in funding,
Nanjing, the capital of China’s Jiangsu province, has launched a 10 billion yuan ($1.48 billion) investment fund for blockchain development, ZDNet reports July 23.
Nanjing unveiled the major new fund at the inaugural Industrial Public Chain Summit (IPCS), together with the Zhongguancun Blockchain Industry Alliance –– a Beijing-based alliance of enterprises and government research institutes.
July 23: Following a major upswing that kicked off on July 16, Bitcoin (BTC)’s price performance has diverged from other top cryptocurrencies. As Coin360 data shows, the top coin continues to build on its recent gains, while most major alts are struggling to maintain positive momentum.
Market visualization from Coin360
Bitcoin (BTC) is trading around $7,740,
An asset management firm from Hong Kong is preparing to launch a cryptocurrency custody service. The Fusang Vault, as the service will be called, is the brainchild of the Fusang Investment Office.
Fusang Vault Will Provide Custody Services for High Net-Worth Individuals
The Fusang Vault is expected to be launched in the fourth quarter of 2018.
Financial ministers and central bankers from the G20 states met over the weekend in Argentina to discuss the challenges for the global economy. They reiterated their position that cryptocurrencies do not pose a risk to the financial stability. The officials also called on the Financial Action Task Force to clarify by October how its anti-money laundering standards apply to crypto-assets.
Despite gaining legitimacy in the eyes of many more individuals across the world, cryptocurrencies are still a contested topic within regulatory circles, especially with the regulatory bodies of developed countries.
FSB: Crypto Assets Don’t Pose A Risk To Global Financial Stability
The Financial Stability Board (FSB) recently released a report highlighting cryptocurrencies or “crypto-assets” as the board likes to call them.
Asian asset management firm Fusang Investment Office is set to launch a crypto asset custody service called Fusang Vault in Hong Kong.
The firm, which usually focuses its operations on private family offices in Hong Kong, Singapore and Malaysia, credits heightened interest in cryptocurrencies from high-net-worth individuals and institutional clients for the move.
China’s three major telecoms operators launched a blockchain research group, which has held its first meeting, local media outlet Fintech News reports July 23.
The product of China Mobile, China Unicom and China Telecom, the group involves a total of twenty experts from eight companies including Huawei, Union Mobile, and Financial Technology (UMF).
China’s Xinjiang Uyghur autonomous region is set to eliminate “illegal” bitcoin mining operations by the end of August, a government agency has confirmed to CoinDesk.
Rumors first emerged online over the weekend after the leak of a government notice issued by Xinjiang’s Economic and Information Commission (EIC) indicating the authority was demanding that local utility companies report and shut down illegal bitcoin mining operations.
A scandal around the fraudulent actions of a vaccine manufacturer in China has sparking a heated debate over the last week – and now the Chinese cryptocurrency community is suggesting blockchain as a potential solution.
The uproar followed a report from China’s State Drug Administration, which, based on a tip-off, launched an investigation of the company – Changsheng Biotechnology – and found that it had falsified aspects of its rabies vaccine production data.
The former vice president of North American investment banking at JPMorgan Chase has said that blockchain “may be the key to avoiding the next global financial crisis,” the China Economic Times reports today, July 23.
Pang Huadong, currently an honorary academic advisor of the Asian Blockchain Institute, said that his experience at JPMorgan during the peak of the 2008 financial crash led him to think that blockchain could be the pivotal technology for establishing transparency and trust in the global economic system:
“[When I began to work at JPMorgan in 2007,] 13 people managed [the bank’s] $40+ billion [assets]….
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Nanjing, Jiangsu’s capital, is committed to investing in public blockchain projects and overall token economy. The capital of this Chinese province put together a 10 billion yuan ($1.5 billion) fund in a blockchain investment fund.
A Beijing-based alliance, Zhongguancun Blockchain Industry Alliance, is teaming up with Nanjing City to launch this blockchain investment fund of $1.5 billion.
In a first, India’s central bank has called for the regulation of the domestic cryptocurrency sector during Friday’s hearing at the Supreme Court, weeks after enforcing a banking ban against crypto companies.
Earlier in April, the Reserve Bank of India (RBI) issued a circular that forbade all financial institutions – banks included – from offering services to businesses in the cryptocurrency sector.
Michael J. Casey is the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative.
The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers.
Judging from the most eye-catching headlines from two separate hearings on Capitol Hill Wednesday,
South Korea’s top financial regulator is planning a major organizational restructuring that includes introducing some new crypto policy initiatives. A bureau dedicated to financial innovations that include cryptocurrencies is being set up. In addition, an agreement with Chinese authorities relating to crypto and initial coin offerings has also been reached.
Cryptowhispers explores the wildcatting world of direct denial of service (DDoS) attacks, and why the socially maladjusted tend to flock to that particular vector … especially for coin projects they hate; a popular cryptocurrency trading application executive was involved in a serious car accident on the eve of an anticipated cross promotion at Comic Con;
From the charts, it’s likely that EOS, Litecoin, IOTA and even Tron buyers will continue with their upward trajectory after yesterday’s rejection of lower lows. It’s important to note that this injection of buy momentum happened right at key support lines. Solely because of this and the way our charts are set up, we expect further altcoin gains this week.