Daily News Digest Featured News

Wednesday March 28 2018, Daily News Digest

bitcoin
Source: MarketWatch

News Comments

United States

International

European Union

Asia

China

Other

News Summary

United States

Is Ripple Trendier Than Other Altcoins Like Litecoin? (Global Coin Report), Rated: AAA

Ripple is a relatively new cryptocurrency technology and a digital asset; recently, a new study claimed that other cryptos such as Bitcoin, Litecoin, and Ethereum are trendier than it even though it occupies the 3rd position in the crypto market today. Besides, the study shows that the young age people (18-35 years) are investing more funds in altcoins.

The results of profound insights that were revealed in the study were steered among one thousand American young age groups of between 18-35 years. The research work was done by Forbes’ financial analyst, Panos Mourdoukoutas. Subsequently, Mourdoukoutas said, “Cryptos are the top options to invest your money in”.

In the survey, it was clear that about 9.91 percent of individuals between the age of 18-34 years would more likely invest ten thousand dollars in cryptocurrencies compared to 4.04 percent of other age groups between 35-54 years and 3.08 percent of older age groups between 55 years and above.

Want to know where stocks go next? Watch bitcoin (Yahoo! Finance), Rated: AAA

If you want to know where stocks might be headed next, keep an eye on bitcoin, says Morgan Stanley’s Michael Wilson.

On Tuesday, bitcoin was trading just above $8,000 per coin, down from around $10,500 a month ago and more than 50% below its all-time high of just below $20,000 hit back in mid-December. The S&P 500 was up 0.1% after a 2.7% rally on Monday and is down 0.5% so far this year.

S&P 500

A Technical Lesson In Bitcoin (Forbes), Rated: AAA

This week’s Newsweekheadline, predicting Bitcoin valued at $30,000 by the end of the year, certainly caught my attention, and I wasn’t alone.

The weekly chart shows that prices started off 2017 at $784, but by early March had risen to $1,284. In early June, the price was up to $2,684 (point 1), and after a slight pullback in July, prices accelerated to the upside. As the Index came close to the $5,000 level in September (point 2) the MACD-His was positive and rising.

It stayed positive throughout the $1,400-drop in late September.  As prices continued to rise very sharply, the NYSE Bitcoin Index hit a high of $17,910 on December 18 (point 3).  Just four days later, it had dropped to $11,779.

Bitcoin
Source: Forbes

When a market has a strong rally, one looks for initial support at the 38.2% support level. If it is broken, then the next target is the 50% support level. Bitcoin’s drop to $11,779 was very close to the 38.2% support level at $11,382, which was calculated from the low at $784 to the high at 17,910. The 50% support was at $9,347.

The Bitcoin price rebounded until early January 2018, as the price moved slightly above $16,000 before it again turned lower. The drop on January 17, 2018, took the Index below the prior low (point 4) and the 38.2% support. This confirmed a new downtrend (lower highs and lower lows). The MACD and MACD-His both turned negative at this time (point 5).

The 50% support level was violated in early February and the following rebound failed in early March at $11,454. The Index subsequently moved to new lows.  The key 61.8% support is at $7,326, which also corresponds to the chart support from the July and September lows (line a). The MACD analysis is still clearly negative, with both the MACD and signal line declining sharply. This is a sign that it will take some time before they can turn positive again.

Bitcoin index
Source: Forbes

Bitcoin Slips Further on More Bad News, But 1 Expert Says Investors Are Reading It All Wrong (Inc.), Rated: B

Bitcoin’s month-long slump just seems to keep going, but cryptocurrency true believers see opportunity and brighter days ahead.

If Drake is right and Bitcoin hits $30,000 within nine months, it will be on track to make another big prediction come true: crypto fanatic John McAfee’s bet that Bitcoin will hit $1 million by the end of 2020. 

Are Bitcoin ETFs Back on the Table Again? (Barron’s), Rated: B

Bitcoin exchange-traded funds are dead in the water. At least that was the general sentiment at the InsideETFs conference in January when Dalia Blass, director of the investment management division at the Securities and Exchange Commissionwrote a letter laying out concerns around the cryptocurrency vehicles. Blass invited interested parties to “engage” with the SEC on the key issues of liquidity, valuation, and custody.

On Friday, Cboe Global Markets (CBOE) responded, arguing the case for bitcoin ETFs. “Cboe does not believe [cryptocurrency-related holdings] are so much different as to warrant disparate treatment from other commodity-related funds,” its letter states.

Small Towns Try to Tame the Bitcoin Boom (CityLab), Rated: AAA

By the time Tim Currier, the mayor of Massena, New York, found out that Bitcoin miners had set up shop in his small town, it was too late to stop them.

Massena is a border town of about 10,000 along the St. Lawrence River, which provides residents of the area with a wealth of affordable and reliable hydroelectric power. That cheap juice also lured the cloud mining service Coinmint, which illegally moved into a vacant building in an industrial park in January and plugged in a fleet of computers. They needed Massena’s energy grid—with rates in the lowest ten percent of the country—to power the enormously electricity-intensive computational process involved with creating the popular cryptocurrency Bitcoin.

By some estimates, just one Bitcoin transaction devours 215 kilowatt-hours of electricity, enough to power a home for a week.

The New York Power Authority estimated that monthly bills for the average residential customer in Plattsburgh increased nearly $10 in January; some of the most affected customers paid between $100 and $200 more. Between January and February alone, miners used roughly 10 percent of the city’s total power budget of 104 megawatts per month.

Shares of retailer-turned-cryptocurrency play Overstock.com plunge on share offering (CNBC), Rated: A

Overstock.com’s subsidiary tZero said in late September it would form a joint venture to start a digital coin exchange. The company has also said it has a license for an alternative trading system through another acquisition.

Overstock said that in February the SEC requested “certain documents related to the offering and the tokens in connection with its investigation,” according to an 8-K filing with the commission.

Overstock
Source: CNBC

Initial Coin Offerings: Can Regulators Curb the Risks? (Wharton), Rated: AAA

Such is the attraction of ICOs that the first quarter saw a record 152 offerings hit the market, raising $4.83 billion — already bigger than last year’s tally of $3.9 billion, according to Coinschedule.

Since they are so new, ICOs operate with little, if any, regulatory purview. But that’s about to change.

Also, since these offerings have a global reach because they’re conducted online, they pit government authorities against each other. For example, if a startup is incorporated in the U.S. but its founders and top management team live and work in Hong Kong, which country has jurisdiction over the business?

Global Regulators Coordinate

Despite overlapping jurisdictions, regulators globally are collaborating just like they do on other cross-border issues like money laundering. The key is to find common ground first and then customize for local needs.

Nvidia CEO comments on GPU shortage caused by Ethereum (TechCrunch), Rated: A

There’s currently a shortage of Nvidia GPUs and Nvidia’s CEO pointed to Ethereum distributed ledgers as the cause. Today at Nvidia’s GTC conference he spoke to a group of journalists following his keynote address and addressed the shortage.

“[Cryptocurrency] is not our business,” he said. “Gaming is growing and workstation is growing because of ray tracing.” He noted that Nvidia’s high performance business is also growing and these are the areas he wished Nvidia could allocate units for.

Litecoin Dark Web Adoption Rises as Monero Privacy Flaw is Exposed (NewsBTC), Rated: A

The dark web has been pretty beneficial to different cryptocurrencies. It is how Bitcoin suddenly began gaining traction years ago.

Monero and the Dark Web

In recent months, various dark webmarketplaces have shifted away from Bitcoin. Its growing fees and lack of transparency are a big problem. It seems Monero is gaining a lot of traction as of right now.

Even so, there are some concerns over Monero’s privacy and anonymity as well. Two flaws have been discovered which may make dark web users look for a different cryptocurrency altogether.

Previous timing analysis successfully identified the real coin transaction in 90% of the cases. Even so, there’s still a 45% of distinguishing the real coins from the mixins, which is far too high.

The Rise of Litecoin

15.15% Of polled users seem to indicate LTC has a proper solution in this regard. Surprisingly, it seems Litecoin represents 30% of transactions right now. This is a lot higher than any other non-Bitcoin currency being used on the dark web right now.

11 Common Myths About Blockchain And Cryptocurrency You Shouldn’t Believe (Forbes), Rated: A

Eleven members of Forbes Technology Council discussed and debunked some of the most common misconceptions about these technologies.

1. ‘Blockchain Equals Bitcoin’

2. ‘Blockchain’s Only Application Is Cryptocurrency’

Blockchain and cryptocurrency go together like peanut butter and jelly. They are outstanding together, but they also work brilliantly on their own.

3. ‘Information On Blockchain Activity Isn’t Publicly Available’

One of the common misconceptions in blockchain technology is the fallacy that it is not public.

4. ‘Crypto Transactions Are Anonymous’

Many people are under the false assumption that all Bitcoin and crypto transactions are anonymous.

5. ‘Blockchain Will Change Everything About Business Transactions’

Blockchain often gets positioned as a technology that will change how businesses record and manage transactions. Compared to current methods, it is actually more process intensive, difficult to scale and takes more time to confirm transactions.

The New Crypto Exchange on the Block Launching in 2 Weeks (USACommerce), Rated: A

There is room in the market for better centralized exchanges, but there is also a massive demand right now for decentralized trading platforms that won’t cause so many headaches – which is what the team at ZXChange (ZXC) is about to launch.

The ZXC tokens will work on the network in a similar way that the Binance Coin (BNB) works on the Binance exchange.

ZXChange (ZXC) isn’t a lone wolf project – it is going to be a hard fork from the ZoZoCoin (ZZC), which is a blockchain-based network focused on the real estate sector based in SE Asia and Eastern Europe. According to the ZoZo team, one of the benefits of launching this new, decentralized exchange is twofold: it expands the ZoZo ecosystem at the same time as increasing the number of tokens in the network.

How Miami Became America’s Capital of Cryptocurrency, for Better or Worse (Miami New Times), Rated: A

Thanks to lax state oversight and an influx of foreign cash, Miami has quickly become one of the hottest American cities for crypto — for better or worse. In South Florida, real-estate agents are listing million-dollar condos in Bitcoin, lawyers are establishing new case law, and business owners are installing special ATMs that turn cash into cryptocurrency.

President Of The Atlanta Federal Reserve Declares ‘Crypto Is Not Currency’ (CoinTelegraph), Rated: B

President and CEO of the Federal Reserve Bank of Atlanta Raphael Bostic recently took a negative stance toward cryptocurrency investments at the annual meeting of Hope Global Forums, urging the US public to avoid digital currencies, as Bloomberg reported today, March 27.

International

Crypto market-cap dips below $ 300 billion as doom and gloom continues (MarketWatch), Rated: AAA

The total value of digital currencies fell below $300 billion overnight as more broad-based selling pushed some major digital currencies to multimonth lows.

The fall in bitcoin has wiped out many short- and long-term support levels. In addition, each relief rally has met resistance at key moving averages. The current selloff has bitcoin is nearing a further long-term trendline that, if broken, could leave it vulnerable for to retest the Feb. 6 lower under $6,000.

bitcoin
Source: MarketWatch

Ether the big loser

The big loser among major cryptocurrencies continues to be ether. The smart-contract currency has failed to stabilize and overnight reached its lowest level since Dec. 11. ether is down 6.5% on the day, trading at $458.09. Ether is now down more than 30% year-to-date.

ether cryptocurrencies
Source: MarketWatch and @CharlieBilello on Twitter

Financial Giants to Tie up With Ripple (XRP) in 2018 (Global Coin Report), Rated: AAA

OpenCoin, Ripple’s regulatory body, has mentioned in an interview that it intends to do “for money what the internet did for all other forms of information.” Powered by the open-source C++ application called rippled, Ripple has attracted the attention of many eminent banks in the past. Considering the activities that have taken the market by storm and financial institutes inching towards Ripple (XRP), 2018 looks like a promising year for Ripple.

Japan Welcomes Ripple

A little ahead of the G20 meeting, a meeting where central banks of the affluent countries of the world assemble to discuss global economic stability, Japan arranged a round-table conference with the central banks.

Ripple Waves in China

On the issue of Ripple’s entry into the Chinese financial institutions, SagarSarbhai, Ripple’s Head of Government and Regulatory Relations for the Asia Pacific, has reported, “We’re trying to get some regulatory clarity, we’ve started engaging informally with banks, FIs and payment providers, speaking to regulators and government bodies, trying to educate on what Ripple is and what our vision is.”

Why governments are building their own cryptocurrencies (Raconteur), Rated: AAA

Among countries that are exploring the potential for state-backed cryptocurrencies, Sweden is arguably the front runner.

Equivalent in value to Sweden’s regular kronor, the e-krona is planned as a digital equivalent to the country’s regular currency, which the Riksbank expects to be used in small transactions between consumers, companies and the authorities. However, while Sweden is still very much in the planning stage – the inquiry into the viability of the e-krona is expected to finish in 2019 – Venezuela has already launched its own state-backed e-currency, the petro.

Helsinki-based MONI has been working with the Finnish government for almost three years to make sure that asylum seekers, who often encounter barriers in traditional banking, can get access to the necessary financial services. The platform uses a combination of mobile-first accounts and prepaid Mastercards to provide customers with basic finance, so they can settle bills and receive payments.

central banks blockchain
Source: Raconteur

Your guide to cryptocurrency regulations around the world and where they are headed (CNBC), Rated: AAA

View on bitcoin: Legal tender, depending on the country.

Policy on exchanges: No global regulator exists at the moment.

Japan

View on bitcoin: Legal tender as of last April.

Policy on exchanges: Exchanges are legal if they are registered with the Japanese Financial Services Agency.

United States

View on bitcoin: Not legal tender, according to Financial Crimes Enforcement Network.

Policy on exchanges: Legal, depending on the state.

The U.S. handles the second largest volume of bitcoin, roughly 26 percent, according to Cryptocompare.

The Securities and Exchange Commission has indicated it views digital currency as a security.

The Commodity Futures Trading Commission says bitcoin is a commodity.

The IRS says cryptocurrency is not actually a currency. It defined it in 2014 as property and issued guidance on how it should be taxed.

European Union
View on bitcoin: No EU member state can introduce its own currency, according to European Central Bank President Mario Draghi.

Policy on exchanges: Legal, depending on the country.

About 4 percent of cryptocurrency’s daily volume is done in euros, according to Cryptocompare.

United Kingdom

View on bitcoin: Not legal tender. “Only sterling is legal tender in the UK,” according to Carney (pictured above).

Policy on exchanges: Legal, and need to register with the Financial Conduct Authority. They are required to meet the same anti-money-laundering counter-terrorism standards as other financial institutions, according to the BOE.

South Korea

View on bitcoin: Not legal tender.

Policy on exchanges: Legal but use of anonymous bank accounts for virtual coin trading is prohibited. Need to register with South Korea’s Financial Services Commission.

Trading in South Korea makes up about 4 percent of daily volume of bitcoin. For other cryptocurrency such as XRP, trading in the Korean won commands a premium to U.S. dollars. Asia’s fourth largest economy has become a hub for trading but regulators have given mixed signals.

China

View on bitcoin: Not legal tender.

Policy on exchanges: Illegal.

Trading bitcoin in China is technically illegal.

Singapore 

View on bitcoin: Not legal tender.

Policy on exchanges: Legal, may fall under regulatory purview of the Monetary Authority of Singapore.

The Singapore dollar makes up 0.02 percent of daily global bitcoin trading volume but the country has emerged as a hub for ICOs. Two of the 15 largest coin offerings happened in Singapore, according to aPwC report.

India

View on bitcoin: Not legal tender, reportedly taking steps to outlaw it.

Policy on exchanges: Legal. The Indian government has issued warnings but does not currently regulate exchanges.

The country’s tax department sent notices about cryptocurrency investing to tens of thousands of citizens after a national survey showed more than $3.5 billion worth of transactions have been conducted over a 17-month period.

More Than A Coin: The Rise Of Civic Cryptocurrency (Forbes), Rated: A

While most of the 1,300+ actively traded cryptocurrencies are designed to generate profit, there is an exciting new entrant into the crypto- and alternative currency creation space: cities.

From Bristol to Barcelona, cities around the globe are leading a revolution in the creation of complementary “civic currencies” — some digital, some physical — designed to promote local economic development, foster active citizenship, and invest in sustainability while building a sense of community cohesion.

Lightning Network now has more active nodes than Bitcoin Cash (The Next Web), Rated: A

The Lightning Network might still be in its infancy stages, but it already has more active nodes running than Bitcoin Cash (BCH).

Statistics show that the Lightning Network has taken a slight lead over BCH when it comes to the total number of nodes running on their networks. The data shows there are currently 1,347 Lightning nodes compared to Bitcoin Cash’s 1,286.

This accomplishment is particularly impressive given that Lightning boasted a measly 29 nodes back in mid-January.

Blockchain: the future of flight data management? (Airport Technology), Rated: A

IT technology firm SITA has built a private-permissioned blockchain system called FlightChain, which stores flight information and uses smart contracts to judge potentially conflicting information.

Kevin O’Sullivan (KO): During the trial, British Airways, Geneva Airport, Heathrow and Miami International Airport provided flight data that was merged and stored on the blockchain. During this project, more than two million flight changes were processed by the smart contract and stored on FlightChain.

JB: What is the ‘flight data problem’?

KO: The issue is that there is no single source of the truth about flight data, and the data that does exist is not easily accessed by all parties. While there are many cases of airlines and airports collaborating to share flight data, this data still resides in separate silos. When there are flight delays, this results in differences between passenger apps, airport flight information display systems, and airline and airport agents. It can be hard for passengers and other stakeholders to know what the correct information is.

The 5 Best Litecoin Wallets You Need to Know (Use the Bitcoin), Rated: B

  • Ledger Nano S – The Ledger Nano S is our first pick in our article, and it is important to know that this hardware wallet has gained much popularity across the world today; this is because it is very secure.
  • Trezor – Just like the Ledger Nano S, Trezor also has an intrinsic OLED screen, a backup seed key, and a pin code feature. The backup seed key and the pin code feature enables you to return your funds if anything happens to your hardware device.
  • Exodus – Unlike the Ledger Nano S and Trezor, Exodus is a desktop wallet which offers a powerful user-friendly experience, and it is distinct. This desktop wallet is compatible with eight different cryptos with Litecoin included.
  • Jaxx –  This wallet is a mobile, and a desktop wallet with a powerful user interface with HD. However, Jaxx is compatible with thirteen cryptos, and it also permits clients to retrieve their money with a 12-word backup system. In addition to this, Jaxx has an enticing development community, and the wallet is secured.
  • Electrum-LTC – Electrum is lightweight and can be downloaded very easily. Also, concerning downloading Electrum, you don’t have to download the whole blockchain itself.Furthermore, Electrum is a desktop wallet that also supports 12-word backup and security system. One exciting feature of this desktop wallet is that it has SegWit (which gives you the ability to freeze funds sent to a particular address).

Refugee charity turns to crypto with $ 1M donation from Ethereum’s founder and OmiseGo (TechCrunch), Rated: B

GiveDirectly, a charity that provides no-strings-attached grants to the world’s “extreme poor,” has revealed it has received a $1 million donation from OmiseGo, a fintech startup that held a $25 million ICO last year to develop a decentralized payment network, and Ethereum creator Vitalik Buterin.

This New Widget Will Make Decentralized Exchanges More User-Friendly (CryptoSlate), Rated: B

The developers behind the 0x protocol, a popular decentralized token exchange platform, announced that they are building a widget to facilitate exchange operations through their platform.

European Union

Vitalik Wants You to Pay to Slow Ethereum’s Growth (CoinDesk), Rated: AAA

Buterin’s concept, described in a recent blog post, revolves around so-called “rent fees,” whereby users would be asked to pay to use the network based on how long they’d like their data to remain accessible on the blockchain.

Ethereum falls after rumors of a powerful mining chip surface (TechCrunch), Rated: A

Rumors of a new ASIC mining  rig from Bitmain have driven Ethereum prices well below their one-week high of $585.

According to a CNBC report, analyst Christopher Rolland visited China where he unearthed rumors of a new ASIC chip dedicated to Ethereum mining.

“During our travels through Asia last week, we confirmed that Bitmain has already developed an ASIC [application-specific integrated circuit] for mining Ethereum, and is readying the supply chain for shipments in 2Q18,” analyst Christopher Rolland wrote in a note to clients Monday. “While Bitmain is likely to be the largest ASIC vendor (currently 70-80% of Bitcoin mining ASICs) and the first to market with this product, we have learned of at least three other companies working on Ethereum ASICs, all at various stages of development.”

Denmark’s Biggest Bank Bans Trades In Cryptocurrencies (Forbes), Rated: A

Danske Bank is one of the most innovative banks in the Nordic region, but one innovation it isn’t going to be backing is cryptocurrenciesThe Danish Bank said this week that it would not allow the cryptocurrencies like Bitcoin on its trading platforms and was strongly recommending that customers refrained from investing in them. Danske Bank is also phasing out the options currently available to investors that allow them to buy financial instruments such as derivatives through cryptocurrencies.

ICO Accelerator Iconiq Lab and Blockchain Regtech Leader Coinfirm Partner to Provide AML Compliance to ICOs (Digital Journal), Rated: A

Iconiq Lab, a global initial coin offering (ICO) and token launch accelerator program, announces its partnership with Coinfirm, a leading player in blockchain AML & compliance services. Coinfirm will conduct anti-money laundering checks on behalf of all ICOs coming out of Iconiq Lab.

Ubank Launches Blockchain – Based Platform to Enable Mass Consumer Investment in Cryptocurrency (Bitcoin.com), Rated: A

The team behind the mobile payments app Ubank expands its business and launches a blockchain ecosystem called Ubcoin Market. Its participants would be able to easily sell and buy real goods in exchange for cryptocurrency. The Token Sale is listed and favorably reviewed on foundico.com, icobazaar.com, and other rating platforms.

The first opportunity stems from almost 2 billion digital citizens, many of whom are keenly interested in cryptocurrency but have their path to crypto investment hindered by technological and legal barriers: mining is expensive and changing fiat money to cryptocurrencies is a cumbersome process. The second issue is the one faced by more than 23 million cryptocurrency owners who are not able to easily spend their crypto investments due to restrictions imposed by governmental and financial organizations.

TokenGen – The Ultimate Smart Contract Creator for the Token Economy (NewsBTC), Rated: B

TokenGen, dubbed the ultimate smart contract generator for the token economy, has been released in live demo mode by the Fabric Token team for users to test – https://fabrictoken.io/tokengen-live-demo/.

eCharge: Integrating Cryptocurrencies with Electric Vehicles (NewsBTC), Rated: B

eCharge.work has a successful ongoing token pre-sale, to be followed soon by the main ICO.  With the token sale campaign, the company is working on a blockchain-based platform for easy and economical recharging of electric cars and other battery enabled vehicles.

STK Global Payments Joins The Enterprise Ethereum Alliance (Cision), Rated: B

STK Global Payments, a new platform providing increased liquidity of cryptocurrency through instant payments at point of sale today announced that it has joined the Enterprise Ethereum Alliance (EEA), the world’s largest open source blockchain initiative.

United Kingdom

Bank of England to Test DLT Use in New Settlement System (CoinDesk), Rated: AAA

The Bank of England said Tuesday that it is undertaking a new proof-of-concept to explore the ways its planned real-time gross settlement (RTGS) system could connect with distributed ledger networks.

Specifically, the project’s participants will examine whether “innovative settlement systems,” such as those based on DLT, are able to interact with its proposed ‘renewed’ cloud-based RTGS service. Project participants include payments technology providers Baton Systems and Token, R3 and Clearmatics.

How cryptocurrencies could be more about a lifestyle choice than the death of cash (The Telegraph), Rated: A

The new wave of cryptocurrencies will be used more as a lifestyle choice than a serious threat to sterling in the future, according to one of the UK’s leading experts on monetary theory.

When looking to the future of blockchain and digital currency, the LSE’s Dr Tatiana Cutts says we should, “think things more like American express points, associated with a particular community online and query whether that actually empowers the user or not.”

 

Australia

Beware the latest Binance email phishing scam (Finder), Rated: A

As one of the world’s largest and most popular cryptocurrency exchanges, Binance is under constant attack from bad actors and the Internet is rife with imitators. One of the latest imitations has been arriving in people’s email inboxes.

It claims to let people import ERC20 tokens from Ethereum wallets directly to Binance. It then delivers a link to a phishing site in the form of a big yellow “import tokens now” button, followed by a friendly link to the actual Binance support page to lend it more legitimacy.

Binance email scam
Source: Finder
Asia

Upbit establishes first cryptocurrency index in South Korea (CoinGeek), Rated: AAA

The Upbit Crypto Index (UBCI) will be the first index in South Korea. Upbit plans on offering a total of four indices, with the first three coming online in April. The fourth, its Strategy Index, will be launched at a later date.

The four indices include a Market Index (MI), a Bitcoin Index (BI), a Sector Index (SI) and the Strategy Index (StI). The MI includes the market’s total liquidity weighted by market capitalization. The BI, as the name suggests, will deal strictly in legacy Bitcoin (BTC) trading prices. The SI classifies cryptocurrencies based on their own characteristics and the StI will be a rules-based index that provides a quantitative indicator and tracking yields of investors’ portfolios.

It is now the country’s largest by trading volume and is poised to bring a set of tools online that will help all cryptocurrency investors make better investment decisions.

Kakao Confirms Creation of Blockchain Platform, Denies ICO Rumor (CoinDesk), Rated: AAA

South Korean internet giant Kakao has confirmed it is setting up a new blockchain subsidiary, but quashed rumors of a planned initial coin offering.

In a press conference hosted Tuesday, the operator of South Korea’s largest messenger app, Kakao Talk, said the company has launched a new division to start developing a blockchain-powered platform for completion within the year.

Called Ground X, the subsidiary is also planned to integrate future blockchain-based services with Kakao’s existing internet offerings, according to Kakao’s co-CEOs Joh Su-yong and Yeo Min-soo.

Two-Fifths of South Korean Millennials Keen to Invest in Bitcoin (CCN), Rated: A

South Korea represents Asia’s No. 4 economy with a total population of approximately 51 million. It’s a unique cryptocurrency market and one to be reckoned with, reflecting approximately 12% of global BTC trading, as per Citi analysts, which also noted that bitcoin was “draining retail liquidity away from stocks.”

The regional market has such a  hold on trading that a Ripple cross-border payments trial between Japanese and South Korean banks in December drove the XRP price higher by more than 70% in just 24 hours.

BOK polled more than 2,500 residents and found that more than one-fifth of them, or 21.6%, are hip to cryptocurrencies. If you ask young adults, they are more likely to provide a positive response, with about 29% and 40% of residents in their 20s and 30s, respectively, boasting knowledge of the market. Twenty-somethings were the most opportunistic, with 24.2% expressing a desire to invest compared to 20.1% of 30-somethings.

While only a small percentage of South Korean baby boomers know about bitcoin and altcoins, between 6.8% and 8.3% of residents in their 60s and 70s are supportive of the market.

Vietnam May Soon Emerge As One Of Southeast Asia’s Blockchain Innovation Hubs (Forbes), Rated: A

Looking at financial inclusion alone, only 31% of adults in Vietnam have bank accounts. But smartphone ownership is on the rise, with 40% of the population expected to own these devices by 2021, which means app-based, blockchain financial services could bring the underbanked into the fold.

It’s clear that interest in blockchain technologies is growing rapidly in the country. Earlier this month, more than 2,000 people attended the Blockchain Week conference, a two-day event held in Ho Chi Minh City and organized by Infinity Blockchain Labs.

Cleartax Partners With Zebpay to Help Indian Crypto Investors File Their Taxes Easily (Crypto-News), Rated: A

India’s largest tax filing platform Cleartax and one of country’s largest exchange and wallet company Zebpay are joining hands to help Bitcoin traders file their taxes easily.

Thai startups join Korean peer in digital currency venture (The Nation0), Rated: B

THAI startups Ookbee U and Computerlogy yesterday joined South Korean peer Yellow Digital Marketing Global (YDM) in officially launching a joint-venture company that will initiate a cryptocurrency and help foster the development of the digital economy in Thailand.

The joint venture, Six Network, will offer the digital currency, called SIX, for a use as a utility token.

Eurasia

Eurasian Association Of Blockchain To Sue Social Media Giants For Banning Crypto Ads (CoinTelegraph), Rated: AAA

Cryptocurrency and Blockchain associations in RussiaChina, and South Korea are planning to file a joint lawsuit in May against GoogleTwitterFacebook, and Yandex for not allowing crypto-related advertising, local news outlet TASS reported yesterday, March 27.

China

Gov’t-Owned Entity Launches Blockchain-As-A-Service Platform In China (ETH News), Rated: AAA

At a March 26 FinTech summit hosted by the municipal government of Hangzhou, the China Banknote Blockchain Technology Research Institute announced the rollout of its new blockchain-as-a-service (BaaS) platform, the Blockchain Registry Open Platform (BROP). The Hangzhou-based Institute is a subsidiary of the Chinese Banknote Printing & Minting Corporation, which is run by the People’s Bank of China (PBoC.)

Binance App Launches for iOS & Android Trading (Cointhud), Rated: AAA

The world’s biggest cryptocurrency exchange has finally launched the all-new Binance app with worldwide support.

But now they have finally launched an official app with global support for iOS and Android users.

With support for a number of digital currencies such as Bitcoin, Ripple, Ethereum, IOTA, Tron, and Stellar, many are seeing the Binance app as a new threat to Coinbase.

Bitfinex Refuses to List Venezuelan Petro Digital Currency (NewsBTC), Rated: A

One of the world’s largest cryptocurrency exchanges has issued a statement regarding the recently launched “El Petro” (PTR) – a digital currency supposedly backed by Venezuela’s crude oil reserves. Bitfinex are refusing to list the planet’s first ever state-issued cryptocurrency.

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

About the author

Allen Taylor

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *