Ripple, Monero, NEM See Solid Growth Amid Calm, Mostly Green Markets

Monday, Nov. 12: crypto markets are seeing a wave of stability, with most major assets seeing low-level fluctuations both red and green, with just a few exceptions, as data from Coin360 shows.

Market visualization. Source: Coin360

Bitcoin (BTC) is up around 0.85 percent, trading around $6,354 at press time. After a period of protracted stability, the top coin saw a recent spate of downwards momentum and has been trading beneath $6,400 for the past several days. After an intra-week low of $6,307 yesterday, Nov. 11, Bitcoin has stemmed its losses and pushed back above the $6,350 mark.

On the week, the top cryptocurrency is just a little down from the start of its weekly chart, in the red by a slight 0.4 percent. On the month, Bitcoin is up around one percent.

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

The market’s leading altcoin Ethereum (ETH) has also seen a fractional gain, up around three quarters of a percent to trade at $210 at press time. Correlating with Bitcoin, the altcoin saw an intra-week peak at around $220 Nov. 7, declining in the following days to trade as low as $207 Nov. 11 before recovering ground today.

On the week, the asset is just under one percent in the green, but monthly growth is a healthy 8.5 percent.

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

Ripple (XRP) has outstripped all of the top ten coins on CoinMarketCap, sealing almost six percent growth to trade at around $0.53 at press time. While still below its weekly peak at over $0.55 Nov. 6, Ripple saw a strong surge during the hours before press time, having traded sideways at a lower price point around $0.51 in recent days.

On the week, Ripple’s growth is now a solid 5.2 percent, with monthly gains at 25.6 percent.

Ripple 7-day price chart. Source: Cointelegraph Ripple Price Index

Most of the remaining top ten coins on CoinMarketCap are in the green, seeing growth capped below a two percent range, with the exception of anonymity-oriented altcoin Monero (XMR), which has seen solid a 3.35 percent gain to trade at around $107.03.

After a period of heated controversies ahead of its forthcoming hard fork Nov. 15, Bitcoin Cash (BCH) has tipped slightly into the red, down around 0.8 percent to trade at $527.74 at press time.

Mati Greenspan, an eToro senior analyst, has today pointed out on Twitter that despite “all this drama in BCH [Bitcoin Cash] and still Google searches aren’t even coming close to BTC [Bitcoin]. Tell me again, which is the real Bitcoin?”

Greenspan provided a screenshot of Google Trend analytics for the past 30 days, which show that Bitcoin — sometimes dubbed Bitcoin Core — continues to significantly outflank Bitcoin Cash in terms of Internet searches.

Comparison of Bitcoin (BTC) and Bitcoin Cash (BCH) Google searches over the past 30 days. Source: Google Trends

The top twenty coins by market cap are seeing more mixed red and green, with the 15th highest-ranked crypto NEM (XEM) a significant outlier, up 16.3 percent to trade at about $0.108 at press time. NEM saw a sudden, steep uptick during earlier trading hours to peak at $0.114, before correcting just slightly downwards ahead of press time.

NEM 24-hour price chart. Source: CoinMarketCap

Altcoins DASH (DASH) and IOTA (MIOTA) have both seen above-average growth over a 24 hour period, up 3.3 and 4.5 percent at $165.07 and $0.50 respectively.

Tezos (XTZ) and privacy-focused altcoin ZCash (ZEC), ranked 18th and 19th largest by market cap, are each down just a little over 2 percent on the day, trading at about $1.29 and $127.44 respectively.

Total market capitalization of all cryptocurrencies is around $212.9 billion as of press time, down from an intra-week high of around $220.7 billion Nov. 7.

7-day chart of the total market capitalization of all cryptocurrencies: Souce: CoinMarketCap

Today, Japanese IT giant GMO Internet published its third quarter (3Q) report, revealing a “historical performance” of its crypto-related business segments despite “the harsh external environment.”

Meanwhile in China, a new blockchain alliance has been formed by the Guangzhou City Blockchain Industry Association, the Hong Kong Blockchain Industry Association, and the Macau University Innovation Center to collaborate on four new finance-oriented blockchain platforms.

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Crypto Markets See Ongoing Mild Losses, Bitcoin Trades Below $6,400

 

Friday, Nov. 9: crypto markets are continuing to see downward momentum, with virtually all of the major cryptocurrencies at least mildly in the red, as data from Coin360 shows.

Market visualization by Coin360

Bitcoin (BTC) is down just over 1 percent, trading around $6,340 at press time. After a period of protracted stability, the top coin has seen a short-lived burst of price action of late, growing Nov.7 to break above the $6,500 mark.

Bitcoin has since corrected downard to trade close to the start of its weekly chart, where it is seeing virtually no price percentage change to press time. On the month, Bitcoin is down a mild 3.6 percent.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Bitcoin pioneer Jeff Garzik – reportedly the “third-biggest contributor” to Bitcoin’s code and one of Bitcoin creator Satoshi Nakamoto’s key collaborators – gave an interview today in which he reflected that:

“[Bitcoin] hasn’t evolved in the direction of high-volume payments, which is something we thought about in the very early days: getting merchants to accept Bitcoins. But on the store-of-value side it’s unquestionably a success.”  

The market’s largest altcoin Ethereum (ETH) has also sustained a fractional loss, down just over percent to trade at $211. Correlating with Bitcoin, the altcoin saw an intra-week spike at around $220 Nov. 7, and has since jaggedly shed value down to its current price point.

Nonetheless, on the week, the asset remains a strong 6 percent in the green, with monthly losses at around 7.2 percent.

Ethereum 7-day price chart

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

Most of the remaining top ten coins on CoinMarketCap are in the red, although remaining within a 1-4 percent range.

Bitcoin Cash (BCH) has taken the heftiest hit among the top ten, down just under 4 percent to trade around $567, as controversies ahead of its forthcoming hard fork – scheduled for Nov. 15 – continue to divide the community.

Another top ten alt shaken by larger-than-average losses is Cardano (ADA), down 3.19 percent at $0.074.

Altcoins Ripple (XRP) and Stellar (XLM) are the only top ten coins in the green by press time, both up under 1 percent over the past 24 hours.

The top twenty coins by market cap are likewise almost unanimously red, with the exception of the 19th largest crypto, privacy-focused alt Zcash (ZEC), which is pushing 3.5 percent growth to trade at around $133.

For the remaining coins, losses are capped below 4 percent, with Vechain (VEC) and DASH (DASH) each on the higher end, down 3.9 and 3.47 percent respectively.

Total market capitalization of all cryptocurrencies is around $212.5 billion as of press time, down from an intra-week high of around $220.7 billion Nov. 7, but above the $207-210 billion levels it held throughout much of the past month.  

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

In other major crypto news of the day, ConsenSys-backed blockchain startup Kaleido and Amazon Web Services (AWS) have launched a full-stack platform that helps enterprises implement blockchain solutions without starting from scratch. The platform, dubbed Kaleido Marketplace, reportedly “eliminates 80 percent of the custom code” needed to build a given blockchain project.

In Asia, Thailand’s securities regulator is set to clear “at least one” Initial Coin Offering (ICO) “portal” to operate legally this month, with officials saying that ICOs themselves “might” start being approved as soon as December.

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Crypto Markets See Visible Drop Off as Major Coins Are in The Red

Wednesday, Nov. 8: most cryptocurrencies have seen a drop-off today, with the most visible losses seen by Bitcoin Cash (BCH) and Ripple (XRP), as data from Coin360 shows. As of press time, the markers are seeing mixed signals, mostly staying in the red.

Market visualization from Coin360

While in the beginning of the week Bitcoin (BTC) was mostly in the green, up almost to 2 percent on the day Monday, Nov. 5, today the major coin is hovering around zero, mostly staying in the red and trading around $6,450 as of press time.

Bitcoin 7-day price chart. Source: CoinMarketCap Bitcoin Price Index

Ethereum (ETH) is also about 2 percent down on the day, being traded slightly over $213 as of press time. The coin is seeing some stability after it has regained its second spot, bypassing Ripple (XRP) by market capitalization.

Ethereum 7-day price chart. Source: CoinMarketCap Ethereum Price Index

Ripple (XRP), in its turn, is currently trading at $0.50, dropping as much as 5.6 percent over the day as of press time. As per its weekly charts, the currency has seen its peak on Tuesday, Nov. 6, when the coin temporarily overtook Ethereum as the second largest altcoin.

Ripple 7-day price chart. Source: CoinMarketCap Ripple Price Index

Total market capitalization of all cryptocurrencies is around $215 billion at the press-time, falling from $219 billion over the last 24 hours. According to daily trading volume, it has also dropped in comparison to yesterday, Nov. 7, hovering around $13.5 billion as of press time.

Weekly total market capitalization chart. Source: CoinMarketCap

18 of the 20 major cryptocurrencies are in the red, with Bitcoin Cash (BCH), Ripple (XRP) and NEM (XEM) seeing the biggest drops in last 24 hours according to CoinMarketCap. BCH has lost a distinctive 4.8 percent after almost a week-long growth following its upcoming hard fork, which is backed by major crypto exchange Binance. As of press time, the coin was traded at around $589.

Dash (DASH) is the only crypto to see a slight growth among top 20 coins, up to 1 percent on the day and trading at around $167 as of press time.

Meanwhile, today, Nov. 8, two countries in Asia have called for clearer crypto regulation. The Deputy Prime Minister of Thailand, Wissanu Krea-ngam, urged to lawmakers to amend the existing legal framework for crypto — set in May 2018 — to meet the development of the technology, warning about possible dangers for consumers. In the meantime, South Korea’s lawyers have lobbied the local government to speed up its work and expedite a legal framework for cryptocurrencies as well.

Yesterday, Nov. 7, crypto Twitter saw an extensive discussion in response to William Shatner’s positive tweet about Ethereum (ETH) co-founder Vitalik Buterin.

The Canadian actor, most known for his role of captain James T. Kirk in Star Trek, posted a thumbs-up emoji tagging Buterin for his 2.5 million followers. Shatner was then drawn into a debate over the ETH network’s decentralization, showing familiarity with ERC standards in his rebuttal to “crypto troll[s].”

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Crypto Markets See Stirrings of Volatility as Major Coins Tip Into Red

Monday, Oct. 29: Crypto markets are seeing the first momentum in a while after a period of marked stability: virtually all of the major cryptocurrencies are in the red today, with some seeing losses of between a 4-6 percent range, as Coin360 data shows.

Market visualization by Coin360

Bitcoin (BTC) is trading at $6,352 at press time, seeing an almost 2 percent loss on the day according to CoinMarketCap. Having traded sideways throughout the week, the top coin today saw a vertiginous price drop, plummeting from its $6,480 trading range down to around $6,350 in the couple of hours before press time.

Earlier this month, Bitcoin had achieved a 17-month low volatility rate, recording its highest level of stability since mid-2017: the trend had continued over recent weeks, excepting one short-lived spike on Oct. 15.

Volatility and the lack thereof had become a staple on crypto twitter, with prominent crypto commentators quick to underscore Bitcoin’s new quasi-stablecoin status. Senior market analyst Mati Greenspan from eToro joked on Oct. 24: “Hey stock jocks!!! Tell me again how Bitcoin isn’t a stable store of wealth due to extreme volatility…”

As the market returns to its “normal” momentum, Adamant Capital founder Tuur Demeester has today quipped on Twitter, “is there a way to go long Bitcoin volatility? I would if I could.”

On the week, the crypto is now around 2.7 percent in the red: monthly losses are at around 3.4 percent.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

Having seen similarly stable trading patterns, Ethereum (ETH) has today also been jolted by negative momentum, sliding steeply down 3 percent on the day to trade around $198, according to CoinMarketCap. Over the past week, the leading altcoin has also been trading sideways, showing only marginally more fluctuations than Bitcoin over the same time frame.

This brings Ethereum to a 3.8 percent loss on its weekly chart; monthly losses are a much starker 14.8 percent.

Ethereum 7-day price chart

Ethereum 7-day price chart. Source: CoinMarketCap

All of the remaining top ten coins on CoinMarketCap are in the red, except for stablecoin Tether (USDT), which is trading stably again.

The hardest hit top-ten performer is seventh largest coin Litecoin (BCH), down 5.2 percent on the day to trade around $49.22 by press time. EOS (EOS) is down 4.2 percent at $5.17, roughly on par with Bitcoin Cash (BCH), down 4.25 percent at $419.22.

In the context of the top twenty coins, the market picture is similarly bleak, with all assets seeing losses of within a 1-5 percent range. Anonymity-oriented alt Monero (XMR) is the least scathed, losing 1.1 percent over a 24 hour period to trade at around $101.43.

TRON (TRX) is down 4.9 percent at $0.022, IOTA (MIOTA) is down 4.23 percent at $0.456, with Ethereum Classic (ETC) pushing a 4.85 percent loss at $9.12.

Total market capitalization of all cryptocurrencies has slid to around $203.6 billion as of press time. Since its interweek peak at $211.1 billion Oct. 24., the market had held around or just below the $210 billion mark for much of the week before today’s tumble.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

In crypto news today, major European cryptocurrency exchange Bitstamp has been acquired by Belgium-based investment firm NXMH. NXMH is a subsidiary of South Korean-based media giant NXC Corp., which bought a 65.19 percent stake in South Korean crypto exchange Korbit last year.

Meanwhile, the operator of Japanese crypto exchange Coincheck, which suffered an industry record-breaking hack this January, has revealed the exchange saw a 66 percent decline in revenue for Q3 2018.

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Markets See Red Following BTC ETF Rejections, News of Anti-Crypto Measures in China

Thursday, August 23: virtually all of the top 100 cryptocurrencies are in the red today, with average losses of between 1 and 4 percent among the top 10 largest coins by market cap, as Coin360 data shows.

Yesterday evening’s news of the U.S. Securities and Exchange Commission’s (SEC) disapproval orders for 9 different Bitcoin exchange-traded fund (ETF) proposals from 3 applicants — which intersected with emerging reports of toughened anti-crypto measures in China — has apparently reversed yesterday’s short-lived market upswing.

Pointedly, multiple crypto commentators had attributed the markets’ evanescent green to bulls exploiting a maintenance window on leveraged crypto trading platform BitMEX to force a spike. Many had also argued that the negative announcements from the SEC had been widely expected, and were contributing to the alleged market action.

Market visualization from Coin360

Bitcoin (BTC) is trading at around $6,452 at press time, down around 1 percent on the day, according to Cointelegraph’s Bitcoin price index.

The top coin had been range bound around $6,400-6,500 for most of the week before sharply spiking August 22 and continuing to circle the $6,700 mark for most of that day. Breaking news from the U.S. and China then saw Bitcoin take a steep price hit, although the coin has since recovered back to hold its week-long levels.

Bitcoin’s 7-day price chart

Bitcoin’s 7-day price chart. Source: Cointelegraph Bitcoin Price Index

On the week, Bitcoin is up 0.8 percent, with its monthly losses at around 16.5 percent.

Ethereum (ETH) is trading around $274 at press time, dropping around 2 percent on the day.

While its losses have correlated with Bitcoin’s sharp descent, the leading altcoin has not since recovered to reclaim the earlier trading levels from its weekly chart, although it had notably been losing its hold on the $300 price point as of August 20. Ethereum is currently down 5.6 percent on the week; on the month, losses are at almost 40 percent.

Ethereum’s 7-day price chart

Ethereum’s 7-day price chart. Source: Cointelegraph Ethereum Price Index

Among the top ten coins by market cap, Stellar (XLM), Bitcoin Cash (BCH), Cardano (ADA) and Ripple (XRP) are all seeing losses of around 2-4 percent on the day.

Among the top twenty, NEO’s losses are somewhat heftier, pushing 4 percent to trade around $17.12, after taking a tumble earlier today to as low as around $16.18.

IOTA’s 24-hour price chart

IOTA’s 24-hour price chart. Source: CoinMarketCap

Ethereum Classic (ETC) is down 2.7 percent to trade at $12.40 at press time.

As ETC’s chart agains shows, the market-wide tumble aligns closely by time frame across all of the major crypto assets:

Ethereum Classic’s 24-hour price chart

Ethereum Classic’s 24-hour price chart. Source: CoinMarketCap

Total market capitalization of all cryptocurrencies is around $208.5 billion at press time, down almost $13 billion from yesterday’s high of $221.4 billion.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Today’s $13 billion market cap squeeze is similar the sharp market tumble that came in response to July’s news that another Bitcoin ETF proposal — this time submitted by the Winklevoss twins’ — had also been rejected by the SEC, which then saw a dizzying $12 billion wiped from total market capitalization.

The parallels extend beyond market response, as the regulator had in all of its disapproval orders reiterated its qualms over inadequate “resistance to price manipulation” and vulnerability to fraudulent practices in the insufficiently sized Bitcoin derivatives markets.

China, meanwhile, has this week moved to prohibit all commercial venues from hosting any crypto-related events in Beijing’s Chaoyang district, as well as targeting communication channels or “loopholes” through which Chinese investors can gain exposure to Initial Coin Offerings (ICO) and crypto trading.

As reported August 21, China’s leading social media platform WeChat has permanently blocked a number of crypto and blockchain related accounts that were suspected of publishing crypto “hype” in violation of regulations introduced earlier this month. New measures are also reportedly underway to toughen the “clean-up” of third party crypto payment channels, including those used by over the counter (OTC) platforms.

Away from the negative onslaught from the U.S. and China, crypto analysts have today suggested that Segwit adoption is on the rise for Bitcoin transactions, as the top crypto continues to trade within a relatively stable price range. EToro Senior Market Analyst Mati Greenspan today tweeted:

“Price stability is great for network development!! Here we can see the adoption rate of the Segwit solution skyrocketing shortly after the number of transactions fell. Not sure when the next #bitcoin bull run will be but I’m quite confident we’ll be ready for it.”

Bitcoin Segwit Adoption, January 2016-July 2018

Bitcoin Segwit Adoption, January 2016-July 2018. Source: Woobull charts

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Fatfish Internet Group: Markets Could ‘Accept’ Bitcoin ETF Within ‘Couple Of Months’

Global markets will be “ready to accept” a Bitcoin (BTC) exchange-traded fund (ETF) in as soon as a “couple of months,” Fatfish Internet Group CEO Kin-Wai Lau told CNBC on July 29.

Speaking to CNBC’s dedicated cryptocurrency segment, the Coin Rush, Lau expressed a firm belief in Bitcoin’s current price rally, explaining,

“It’s a very strong wave; it’s driven by institutional demand, it’s driven by adoption. [There’s]  lots of interest this time around — trading volume is several times higher than during the lows.”

Bitcoin continues to trade above $8,000 after briefly dipping to around $7,700 late last week. Despite the Winklevoss twins’ ETF receiving a second rejection on July 26, prices bounced back above $8100 shortly afterwards, reinforcing users’ belief in the robustness of Bitcoin’s return to form.

Lau noted that the bounce back is “generally very positive for early adopters and people who have interest in the sector.”

As Cointelegraph previously reported, multiple ETF applications are due for review by the U.S. Securities and Exchange Commission (SEC), which has already postponed making a decision about an offering from Direxion until mid September.

After the agency rejected the Winklevoss’ ETF petition, SEC Commissioner Hester M. Peirce published a statement of official dissent, arguing that the SEC had overstepped its “limited role.”

Lau told CNBC that he foresees a potential shift in the regulatory atmosphere in the near future:

“I think we’re not far away; I think probably just a couple of months away from being ready for the market to generally accept an ETF.”

Fatfish caused a stir earlier this year when it announced it was entering the cryptocurrency mining market on the back of higher prices. In January, the company invested $1 million for a 51 percent stake in Singapore startup APAC Mining.

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Secret Plots, Google Bans, and Augur Assassination Markets: This Week in Crypto


Make sure you check out our previous edition here, now let’s go over what happened in crypto this week. Also, make sure you subscribe for this week’s edition of The CCN Podcast on iTunes or wherever you get your podcasts.

Price Watch:

  • Bitcoin increased nearly 9% this week after a non-trivial gain of 18% last week. The price was all over the place this week, increasing by nearly 5% overnight to the $7,700 level. Other coins, including the recently launched Augur, suffered as bitcoin’s price continued to rise. The prices further rose on Tuesday to nearly $8,300 as altcoins continued to get pounded. The price surge didn’t last long falling back to the $8,100 level. It looked like the price wouldn’t recover as volume flattened, but recovered on Wednesday to hit the critical support level of $8,500. The price took a hit on Friday dropping down to $7,900 after the Winklevii’s ETF  was rejected by the SEC but ultimately recovered above the $8,000 mark heading into the weekend.
  • Ethereum is down 0.58% after a modest 5% gain last week. Ethereum is representative of lots of altcoins that have made modest gains or big losses. Towards the end of the week, ethereum and other altcoins rebounded as volume exploded.
  • Coin Market Capitalization is up 5% this week: The coin market cap soared pass the critical $300 billion mark this week, hitting a 2-month high. The price increases come as a discussion around a bitcoin ETF has picked up. There has also been additional optimism due to some big steps that were taken by institutional investors over the past several weeks. The price finished just below the $300 billion mark at $294 billion.

Startups:

  • GE Invests in Blockchain Cybersecurity Startup-Xage, which raised $12 million in a round led by March Capital Partners with GE Ventures, City Light Capital, and NexStar Partners, creates a distributed network of devices which are capable of authenticating each machine’s digital fingerprint.
  • Binance to Launch Operations in South Korea – Binance, the world’s largest cryptocurrency exchange by trading volume, is reportedly planning to enter South Korea.  According to a Business Korea report, Binance is already in the process of hiring executives in South Korea for these expansion plans. The move will not come without challenges, though, and Binance will be facing tough domestic competition.
  • Hong Kong Startup to Sell Majority Stake to Invest in Cryptocurrency – Ketch’up Bike, a top-five bike sharing company in Hong Kong that oversees more than 1,000 bicycles, has sold a majority stake in itself for $1 million to purchase two cryptocurrency tokens called JPAY and CyClean. The decision was met with criticism by many both in and outside of crypto.
  • Uber Co-Founder Launches Commission Free Trading Platform – An Uber co-founder and an E*Trade veteran have teamed up to launch commission-free cryptocurrency trading service that, if successful, could see the firm challenge Coinbase, Robinhood, and a growing number of other competitors to become the venue of choice for retail investors.

Enterprise:

  • Nasdaq Plots to Legitimize Cryptocurrency in Secret Meeting – As first reported by Bloomberg, the closed-door meeting in Chicago was attended by representatives from about half a dozen companies, including cryptocurrency exchange Gemini — whose co-founders, Cameron and Tyler Winklevoss, were behind the latest failed bid to create a bitcoin ETF. An unnamed source with knowledge of the meeting said that the participants discussed the implications of future cryptocurrency regulations and what industry firms can do to bolster the reputation of bitcoin and other crypto assets.
  • Google Temporarily Removes MetaMask from Chrome Extension Store – Google abruptly removed Dapp browser extension MetaMask from the Chrome Extension store without any explanation.
  • Google Bans Cryptocurrency Mining Apps from Play Store – After banning cryptocurrency mining extensions from its Chrome Store earlier this the year, Google has now barred apps on its Play Store that engage in similar activity. The updated guidelines read: “We don’t allow apps that mine cryptocurrency on devices. We permit apps that remotely manage the mining of cryptocurrency”.
  • Korean Telecom Giant Launches Commercial Blockchain – KT Corp, the second largest telecom provider in South Korea, has launched a commercial blockchain. The blockchain touts the ability to handle 2,500 transactions per second and will reportedly reach 100,000 transactions per second by the end of next year. The blockchain network is aimed at addressing ” security and transaction issues by making the current networks more secure and trusted”.
  • Google Cloud Launches Blockchain Toolkit for App Developers-Google will now provide a software development kit (SDK) to developers working on Google Cloud, enabling them to test and build blockchain applications without having to code the entire platform themselves.

Government:

  • SEC Delays Ruling on Five Bitcoin ETF Applications-The Securities and Exchange Commission (SEC) has announced in a statement that it will delay its ruling on whether or not to give approval to a rule change relating to five bitcoin ETF applications filed by fund provider Direxion. The ruling has been pushed to September.
  • Winklevoss ETF Rejected (Again) – Bitcoin’s price declined significantly following the release of public SEC documents stating that the agency had denied an application filed by Cameron and Tyler Winklevoss, prolific bitcoin investors and founders of cryptocurrency exchange Gemini, to launch an exchange-traded fund (ETF) product that tracks the price of bitcoin .The denial marks the second time that the SEC had thwarted a Winklevoss-led attempt to create a bitcoin ETF. SEC Commissioner Peirce has publicly stated she thinks the rejection was the wrong decision.
  • ‘CFTC Does Not Regulate Retail Crypto Markets’ – The United States Commodity Futures Trading Commission (CFTC) Chairman has stated that the agency’s primary remit is not to exercise regulatory jurisdiction over cryptocurrency trading markets and other cash markets but to deal with fraud and compliance in large futures markets. He also cited a “four-year knowledge gap” due to budgeting issues.
  • Chinese ‘Dream City’ Partners with ConsenSys – 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.”  This is not the first time cities have shown an interest in blockchain with Dubai also looking to integrate the technology.
  • China to Shutdown Bitcoin Mining in Autonomous Region – Xinjiang Uyghur, an autonomous region in northwest China, has warned local Bitcoin mining enterprises to close their operations before Aug. 30, 2018. Despite China’s efforts to neuter mining operations in the country, farms have continued to survive. For instance, Sichuan, a province in China which was once known as the country’s bitcoin mining capital, was recently hit by floods. Upon close inspection, it was discovered that some of the BTC mining farms were destroyed taking out a portion of bitcoin’s hash rate. The report stated that, as a result of the flood, many miners were planning to move to Xianjiang to continue their mining operations. With this new report, their future is somewhat up in the air.

Crime:

  • Etherscan Thwarts Hacking Attempt-Ethereum block explorer Etherscan has thwarted an apparent hacking attempt in which the would-be attacker attempted to use the comment section to serve up malicious code. The commenter appears to have been able to circumvent Disqus’ XSS protection.
  • KICKICO Loses $8 Million After Smart Contract Breach – KICKICO, an initial coin offering (ICO) project launched on top of the Ethereum blockchain protocol, was hacked on July 27, losing more than 70 million KICK worth $7.7 million. Unlike most ICO attacks, the hackers were able to gain direct access to the smart contract of the KICKICO blockchain network by obtaining the private key of the KickCoin smart contract.
  • Murder-For-Hire Charges Against Ulbricht Dropped – A U.S. Attorney has filed a motion to dismiss pending murder-for-hire charges against Ross Ulbricht, known as “Dread Pirate Roberts,” who is serving a life sentence following his conviction for his role in the Silk Road marketplace which facilitated the sale of illegal drugs.
  • Assassination Markets Appear on Prediction Platform Augur – Augur, the decentralized platform that launched just weeks ago, already has bets on whether Donald Trump will be killed by the end of 2018. The markets are concerning because a user can bet on a 100% chance, carry out the assassination and take 100% of the pool. More concerning is police officers and secret service members can technically bet on the site. Markets also exist for whether Betty White, Jeff Bezos, Warren Buffet, and John Mcain would survive the year. This type of betting is colloquially referred to as an “assassination market” (even if being “killed” isn’t explicitly stated) because of how they align incentives.

  • BitFunder Founder Pleads Guilty to Securities Fraud – The founder and operator of BitFunder and WeExchange has plead guilty to charges of fraud. The SEC is alleging that Montroll failed to disclose a 2013 hack that led to the theft of 6,000 bitcoins from customer’s funds from WeExchange. Montroll attempted to conceal the hack altogether by transferring some of his own bitcoin to hide the losses while soliciting more customers by pretending to run a successful operation, according to SEC charges filed at the time.

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Crypto Markets Surpasses $300 Billion; Did ETF Cause Bitcoin to Rally?


The valuation of the crypto market has surpassed the $300 billion mark, as bitcoin recovered to $8,200 and small cryptocurrencies experienced a spike in value over the past 48 hours.

Slight Decline in Momentum

On July 25, at its peak, the price of bitcoin achieved $8,500, as its volume skyrocketed from $3 billion to $6 billion within merely hours. Since then, bitcoin has declined slightly by less than 4 percent and stabilized in the $8,200 region.

As of July 26, the daily trading volume of bitcoin remains below $5 billion, down nearly $1.3 billion since its monthly peak on Wednesday. The volume of the entire cryptocurrency market has dropped by over $4 billion, from $18 billion to $14 billion.

Stability in the $300 billion could be beneficial for the mid-term growth of the crypto market, as in April, when the price of bitcoin spiked from $6,900 to $10,000 without minor corrections, BTC endured a major drop by the end of May, sending its value down to the $6,000 region once again.

While the majority of tokens tend to perform well during a sideways market in periods in which the price of major digital assets such as bitcoin and ether remain stable, some tokens have recorded large losses over the past 24 hours.

GXChain, MOAC, IOST, and Bitcoin Private recorded losses in the range of 5 to 20 percent against the US dollar.

Demand From Public Market is Increasing

Cryptocurrency researcher BambouClub reported on July 25 that the price of the Bitcoin Investment Trust (GBTC), a publicly tradable bitcoin instrument listed on the US stock market that is overseen by Grayscale Investment, a subsidiary of Digital Currency Group, was 48 percent higher than the current price of bitcoin.

Throughout this week, BambouClub said that bitcoin was being traded in the public market via GBTC at a value of $12,273.

Carpe Noctom, a prominent cryptocurrency analyst, emphasized that the GBTC premium and the demand for bitcoin in the US public market has significantly risen due to speculation around the approval of a bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC) in September.

“GBTC premium over spot may be the prediction market for the upcoming ETF decision,” Noctom said, echoing the stance of BambouClub.

Throughout the past week, many investors and analysts have attributed the rise in the price of BTC and other major digital assets to the entrance of institutional investors through Coinbase Custody and the increasing anticipation towards the approval of a bitcoin ETF by the end of 2018.

However, the only way retail traders in the public market can invest in the bitcoin market as of current is through GBTC and cryptocurrency exchanges, suggesting that the hype around bitcoin ETFs may have intensified within the cryptocurrency sector.

Based on the past decision of the SEC, it is more likely that the SEC will delay the approval of any bitcoin ETF until early 2019, as Brian Kelly noted, and possibly plan the launch of a bitcoin ETF by Cboe in February.

Featured image from Shutterstock.

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