- Today’s main news: Coinbase CEO has become a billionaire. Bitcoin crashed. Ripple overtakes Ethereum–again. ShapeShift is under investigation. Nvidia shares tumble. Bitcoin Cash splits, Binance lists both trading pairs. Binance volume down 90% from January. Kik ditches Ethereum for Stellar.
- Today’s main analysis: Why the Bitcoin price is collapsing. Cryptocurrencies are not ready to be real currency (A MUST READ).
- Today’s thought-provoking articles: Litecoin hits new low. XRP versus Ethereum. Litecoin, Ethereum down almost 90% in 2018. Is crypto the future of world economy? Ethereum technicals. China’s crypto paradox.
- Coinbase CEO becomes a billionaire. For the most part, all the top crypto billionaires became billionaires on the backs of traders and investors. Whether investors gained or lost, those who facilitated the trades made tons of money.
- Bitcoin crashed hard. This is the big news of the week. Bitcoin hit the dirt face first and took most of the major altcoins with it. The consensus is the Bitcoin Cash hard fork caused it all.
- Why Bitcoin prices are collapsing. The big takeaway here is that this crash is the third largest of the year, so as big a news this is, it isn’t the biggest news of the year.
- XRP overtakes Ethereum. This has happened several times in the last few months. XRP has become the second largest cryptcurrency by market cap.
- Litecoin hit a new low. Time to buy?
- ShapeShift under investigation. I wonder if that will include Erik Voorhees.
- Nvidia share price takes a hit. To be expected. If the entire market goes down, that will affect crypto mining, which will also affect the hardware involved.
- How much you would have lost if you bought Bitcoin at 2018’s high.
- Bitcoin could re-test $3,000 before going bullish again.
- Major investor says Bitcoin crash is good for crypto.
- Is the Bitcoin, Ripple, Litecoin sell-off different this time?
- Why, and how, to accept Bitcoin at your business.
- Litecoin recognizes CoinGate as fee processor.
- Coinmine releases home crypto miner.
- Lolli secures $2.25 million investment.
- SEC to settle with crypto exchange.
- ICO fraud case ends with guilty plea.
- Why business assets belong on the blockchain.
- Bridging the demand gap for blockchain talent.
- Microsoft launches cloud-based development kit for blockchain.
- Deep dive into Ethereum on Azure.
- Xceltrip accepts BNB for hotel bookings.
- XRP overtakes Ethereum. Nicely illustrated with charts.
- Cryptocurrencies are not ready to be real currency. This is a must-read report on crypto assets from KPMG. A lot of good stuff here.
- Bitcoin Cash forks, Binance lists both trading pairs.
- Litecoin, Ethereum down nearly 90% in 2018. Big drops should be expected after huge climbs.
- Are cryptocurrencies the future of the world’s economy? Let’s hope so.
- Which cryptocurrencies drive innovation?
- Stock exchanges find novel use for blockchain.
- Blockchain for the $40 billion art market.
- Nexo considers integrating xRapid.
- Aerum, Veracity partner to disrupt fintech.
- Ethereum technical analysis. Once Ethereum solves is scalability issues, I believe it will bounce back.
- Binance volume is down 90% since January. Of course. Traders are taking a break.
- Nearly 1% of Ethereum supply is locked in MakerDAO smart contract.
- 8 Ethereum price predictions for 2019.
- New Binance app for mobile phones enables push notifications.
- Binance will list Circle’s USDC stablecoin.
- Binance lists Mithril.
- Young Germans are open to crypto investing.
- France approves ICOs with a twist.
- 75% of Irish would not consider a blockchain career.
- CargoX intros open, neutral blockchain platform for maritime industry.
- Fake mobile crypto wallet apps found on Google Play store.
- Kik ditches Ethereum for Stellar.
- CIMB joins RippleNet.
- Why banning crypto in India won’t be easy.
- Experts discuss pros and cons of digital currencies.
- Thailand to approve ICO portal.
- Malaysian lawmaker urges government to delay ICO launch.
- United States
- Brian Armstrong, CEO Of Cryptocurrency Exchange Coinbase, Becomes A Billionaire (Forbes), Rated: AAA
- Bitcoin Is Crashing — What’s Wrong With the Cryptocurrency Market? (The Motley Fool), Rated: AAA
- Bitcoin Prices Just Hit a New Low. Here’s How Much You Would Have Lost If You Bought at the 2018 Peak (Money), Rated: A
- Why bitcoin prices are staging a fresh collapse (MarketWatch), Rated: AAA
- Bitcoin Break to $ 5,600 is Good For Crypto, Says Major Investor (NewsBTC), Rated: B
- Bitcoin is Likely To Re-test $ 3000 Before Turning Bullish Again (Crypto Potato), Rated: A
- Why — And How — To Accept Bitcoin At Your Business With Minimal Risk (Forbes), Rated: A
- Ripple (XRP) Overtakes Ethereum As Bitcoin’s $ 15 Billion Bloodbath Continues (Forbes), Rated: AAA
- Bitcoin, Ripple And Litecoin Sell-Off: Is It Different This Time Around? (Forbes), Rated: A
- Litecoin Price Analysis: LTC/USD Drops To New 2018 Low Near $ 40 (Ethereum World News), Rated: AAA
- CoinGate Recognized By Litecoin (LTC) Foundation As The Latest Fee Processor (Bitcoin Exchange Guide), Rated: A
- Firm Tied to Cryptocurrency Entrepreneur Faces SEC Investigation (The Wall Street Journal), Rated: AAA
- Cryptocurrency Hangover Weighs on Nvidia (The Wall Street Journal), Rated: AAA
- COINBASE-BACKED STARTUP RELEASES HOME CRYPTOCURRENCY MINER (Bitcoinist), Rated: A
- Big Investors Put $ 2.25 Million Behind Bitcoin Reward Startup Lolli (Forbes), Rated: A
- SEC announces first settlement with a digital currency exchange (Lexology), Rated: A
- First Initial Coin Offering Fraud Case Ends in Guilty Plea (Bloomberg), Rated: A
- Why Your Business Assets Belong on the Blockchain (Entrepreneur), Rated: A
- Bridging the Demand Gap For Blockchain Talent With Education (Forbes), Rated: A
- Microsoft launches cloud-based development kit for blockchain (The Next Web), Rated: A
- Deep Dive into Ethereum on Azure (Channel 9), Rated: B
- Binance Native Tokens are Now Used for Hotel Bookings at Xceltrip (Coingape), Rated: B
- After Yesterday’s Bloodbath, Losses Continue for Major Cryptos, XRP Overtakes Ethereum (CoinTelegraph), Rated: AAA
- Binance has listed both BCH forks as trading pairs. Bitcoin Cash has split! (Chepicap), Rated: AAA
- Litecoin and Ethereum prices are now down nearly 90% in 2018 (The Motley Fool), Rated: AAA
- Are Cryptocurrencies the True Future of the World’s Economy? (Techopedia), Rated: AAA
- Which Cryptocurrencies Are Driving Innovation? GitHub, Reddit Offer Clues (Inverse), Rated: A
- KPMG: Cryptocurrencies (including Bitcoin) are not ready to be real currency (The Next Web), Rated: AAA
- Stock exchanges find novel uses for blockchain (The Economist), Rated: A
- When Forgery Is Unthinkable: Blockchain And The $ 40bn Art Market (Cryptobriefing), Rated: A
- Nexo Considers Integrating xRapid (Cryptovevo), Rated: B
- Blockchain Firms Partner to Disrupt Fintech Industry (Cryptovest), Rated: B
- European Union
- Ethereum [ETH/USD] Technical Analysis: Green flashes predicted amidst bear’s ambush (AMBCrypto), Rated: AAA
- Nearly 1% of the Total Ethereum Supply is Locked in the MakerDAO Smart Contract (CCN), Rated: A
- 8 Ethereum Price Predictions for 2019 (Money Morning), Rated: A
- Binance Volumes Down 90% from January, CZ Still Bullish (Cryptoslate), Rated: AAA
- New Binance App for Mobile Phones Now Enables Live Push Notifications for Crypto Investors (Bitcoin Exchange Guide), Rated: A
- Binance Exchange Will List Circle’s USDC Stablecoin This Week (CoinDesk), Rated: A
- Mithril (MITH) is Listing on Binance (Asia Crypto Today), Rated: B
- New Survey Finds Young Germans Open To Crypto Investment (Use the Bitcoin), Rated: A
- France to allow ICO but with a special twist (Cryptoline News), Rated: A
- 75pc of Irish people would not consider a career in blockchain (Silicon Republic), Rated: A
- CargoX introduces an open and neutral blockchain platform for the maritime industry (FreightWaves), Rated: A
- Fake Mobile Cryptocurrency Wallet Apps Found on Google Play Store (Ethereum World News), Rated: B
- United Kingdom
- BITCOIN PRICE CRASH: CRYPTOCURRENCY LOSES 10 PER CENT OF ITS VALUE IN SUDDEN SELL-OFF (Independent), Rated: AAA
- Digital Assets Lending Exchange Lendingblock Partners with Vo1t on Custody Solution (Crowdfund Insider), Rated: A
- CryptoCurve Opens Wallet Public-Beta with Wanchain, Aion, and Ethereum Functionality (CryptoCurve Email), Rated: B
- The Paradox of Cryptocurrencies in China (CoinTelegraph), Rated: AAA
- Kik messenger ditches Ethereum blockchain adding to ETH woes (FXStreet), Rated: AAA
- Malaysian Lending Giant CIMB Joins Ripple’s Cross-Border Payment Network (CoinTelegraph), Rated: A
- Why it won’t be easy to ban cryptocurrencies in India (Quartz), Rated: A
- International experts discuss pros and cons of digital currencies (Connect to India), Rated: A
- Thailand to Approve First ICO Portal this Month, Others to Follow (Crowdfund Insider), Rated: A
- Malaysian Lawmaker Urges Govt to Delay ICO Launch in Call for Regulation (CCN), Rated: B
- Binance Warns Iranian Traders to Withdraw Crypto Amid Sanctions (CoinDesk), Rated: AAA
Brian Armstrong, CEO Of Cryptocurrency Exchange Coinbase, Becomes A Billionaire (Forbes), Rated: AAA
While more than $600 billion of cryptocurrency wealth has been wiped out in the last several months amid a market meltdown, the man who facilitates a big chunk of the nation’s cryptocurrency trading has become a billionaire.
Bitcoin Is Crashing — What’s Wrong With the Cryptocurrency Market? (The Motley Fool), Rated: AAA
Leading cryptocurrency bitcoin suddenly plunged below $6,000 to its lowest level of 2018, and most other digital assets followed suit.
In fact, all of the top 50 cryptocurrencies by market cap (except for those pegged to the U.S. dollar) are in the red for the past week.
|Cryptocurrency Name (Code)||Price in U.S. Dollars||1-Week Change|
|Bitcoin cash (BCH-USD)||$388.62||(29.1%)|
|Stellar Lumens (XLM-USD)||$0.24||(8.8%)|
|Tether (USDT- USD)||$0.97||(0.9%)|
Why is the cryptocurrency market plunging?
According to several cryptocurrency experts and industry professionals, the decline has to do with a so-called “hard fork” scheduled for today in bitcoin cash.
Bitcoin Prices Just Hit a New Low. Here’s How Much You Would Have Lost If You Bought at the 2018 Peak (Money), Rated: A
But on Thursday morning, Bitcoin prices dropped even lower—to $5,300. That’s a dip of more than 15% in one day and a new low in 2018 for the cryptocurrency.
According to Coinbase.com, Bitcoin was trading at $5,249 just before 10 a.m. ET on Thursday, representing not only its lowest point in 2018, but the lowest Bitcoin prices have been since early October 2017.
Bitcoin’s 2018 high was reached very early in the year: $16,665, as of January 5, according to Coinbase. If you bought Bitcoin then, you’d be down 68% when prices hit $5,300 on Thursday.
Why bitcoin prices are staging a fresh collapse (MarketWatch), Rated: AAA
By the end of the session bitcoin BTCUSD, +1.60% closed down 11.6%, the third-largest decline of 2018, only topped by the 16.5% fall on Jan. 16 and a 15.5% slide on Feb. 5, according to Dow Jones Market Data.
Waning interest in digital currencies
Data from bitcoinity.org shows a steady decline in trading volumes in 2018.
Moreover, as volumes have fallen, one analyst noted that the pace of the decline suggests adoption of digital currencies has stalled. “The speed with which cryptos crashed Wednesday indicate that there is very little fresh money, buying interest in the market and that stops were limited in size,” said Nick Cawley, markets analyst at Daily FX.
Bitcoin Break to $ 5,600 is Good For Crypto, Says Major Investor (NewsBTC), Rated: B
Travis Kling, chief investment officer at Ikigai crypto-assets management firm, said in his tweetthat Bitcoin downtrend should induce more capitulation in down market cap names. As a result, traders could stop speculating on them soon, and put their trust back on Bitcoin.
Bitcoin is Likely To Re-test $ 3000 Before Turning Bullish Again (Crypto Potato), Rated: A
So far, 2018 has been a very bearish year for Bitcoin and the entire crypto market. Bitcoin’s price has dropped 70%, which is a long way down from its peak. The good news is that corrections are part of a long-term positive trend-line. The bad news is that according to some of the analysis we’ve conducted, Bitcoin’s bottom could be a lot lower than what we’ve seen so far. To be specific, the bottom could be around the $2,700 – $3,000 area. The analysis we’ve produced is based on technical analysis data and metrics. It can’t predict substantial fundamental news events.
Bitcoin is in a situation where if the triangle breaks down it might reach a target as low as the long-term log trend-line is located. This is somewhere between $2,700 – $3,000.
Why — And How — To Accept Bitcoin At Your Business With Minimal Risk (Forbes), Rated: A
If your small business caters to technology types, then accepting the currency they prefer could help to win their trust. If you sell internationally and want to offer customers a payment method that isn’t limited by borders, then bitcoin could well be a good option. If you’ve been hit by chargeback fraud or are fed up handing over 3% of your revenues to a credit card company, then bitcoin will let you keep more of your money. If you’re a strong believer in the blockchain and in the power of cryptocurrencies, then accepting payment in the largest digital coin in use would be a clear way of showing your support.
And if you want to increase your bitcoin holdings, then selling your products and services for bitcoin will do the trick.
Other companies, such as Bitpay, provide a bitcoin payment platform but give sellers the option of converting the bitcoins into fiat immediately, protecting the seller against sudden price drops.
Ripple (XRP) Overtakes Ethereum As Bitcoin’s $ 15 Billion Bloodbath Continues (Forbes), Rated: AAA
Ripple, the common name for the XRP digital token, meanwhile overtook ethereum as the world’s second largest cryptocurrency—something it has done a number of times over recent months as ethereum and ripple duke it out for dominance.
Bitcoin, Ripple And Litecoin Sell-Off: Is It Different This Time Around? (Forbes), Rated: A
Bitcoin, Ripple, Litecoin and other cryptocurrencies are selling off again. It’s the fifth time this year, in case someone is counting.
There are a couple of things different this time around. One of them is that the sell-off began after a period of two-month stability rather than after a short spike.
Another thing is that the sell-off broke though the $6,000 and the $5,800-marks, which has been seen a market “bottom” for the digital currency.
XRP Added To Coinbase Custody (Cryptobriefing), Rated: A
XRP is now a supported asset on Coinbase Custody, suggesting institutions are placing more faith in the asset. Coinbase Custody lists XRP as one of the nine supported assets for its service. Although the exchange has not revealed when exactly it added the remittance and settlement token, it came to the sector’s attention in the early hours of the morning.
Litecoin Price Analysis: LTC/USD Drops To New 2018 Low Near $ 40 (Ethereum World News), Rated: AAA
Yesterday, we discussed that litecoin price turned bearish below the $50.00 supportagainst the US dollar. The LTC/USD pair gained bearish momentum and declined below the $48.00 and $45.00 support levels.
Looking at the chart, LTC price was under a lot of pressure as it declined to a new yearly low below $42.00. The price traded close to the $40.00 handle and it is currently well below the 100 hourly simple moving average.
A low was formed at $40.27 and later the price corrected higher. It moved above the $42.00 level and the 23.6% Fib retracement level of the recent slide from the $49.98 high to $40.27 low.
CoinGate Recognized By Litecoin (LTC) Foundation As The Latest Fee Processor (Bitcoin Exchange Guide), Rated: A
On Wednesday, November 14, 2018, its Foundation announced that it had made the decision to formally recognize CoinGate as its primary fee processor.
Firm Tied to Cryptocurrency Entrepreneur Faces SEC Investigation (The Wall Street Journal), Rated: AAA
Securities regulators are investigating a company’s $50 million cryptocurrency sale, an executive with the firm said, and people familiar with the probe said it includes looking at whether a prominent bitcoin entrepreneur broke the law by getting involved with the company’s fundraising.
The entrepreneur, Erik Voorhees, is chief executive of ShapeShift AG, a digital-asset exchange that suspected criminals have used to launder millionsof dollars in allegedly ill-gotten gains, The Wall Street Journal reported earlier this year. Law-enforcement officials in the U.S. and abroad have looked at ShapeShift’s role in processing assets in several criminal cases, people involved in those investigations told the Journal.
Cryptocurrency Hangover Weighs on Nvidia (The Wall Street Journal), Rated: AAA
Nvidia Corp. NVDA 2.64% shares tumbled 18% after the chip maker projected declining revenue for the current quarter—a sharp turnabout from the company’s recent explosive growth—as it works through excess inventory left over from the cryptocurrency boom.
The company reported Thursday that third-quarter profit surged 47% and revenue rose 21%, short of Wall Street’s expectations. Nvidia’s outlook for the fourth quarter fell short, too. Investors pummeled the stock, sending it to $165 after hours from its close at $202.39.
COINBASE-BACKED STARTUP RELEASES HOME CRYPTOCURRENCY MINER (Bitcoinist), Rated: A
Coinmine — a startup ran by computer scientist Farb Nivi and industrial designer Justin Lambert — has taken the challenge to bring cryptocurrency mining to the masses. They’re set to release a new mining device called Coinmine One, which is supposedly easy to use and shouldn’t use up more electricity than a vacuum cleaner.
As they prepare it for the market, its price is set at $799. The device is supposed to use regular GPU chips and it won’t be powerful enough to mine Bitcoin (BTC) $5586.89 -0.48%. However, according to the official website, it will mine four other cryptocurrencies, namely Ethereum Classic (29 Mh/s), Ethereum (29 Mh/s), Zcash (290 sols/s), and Monero (800 h/s).
Big Investors Put $ 2.25 Million Behind Bitcoin Reward Startup Lolli (Forbes), Rated: A
In a recent seed funding round Bitcoin rewards startup, Lolli, amassed $2.25 Million from an impressive array of investors including Bain Capital Ventures and Version One. A number of others, including Forerunner Ventures, 3K VC, SV Angel, FJ Labs, Alex Chung, Gokul Rajaram, and Brian Sugar, also contributed to boosting the unique cryptocurrency business.
SEC announces first settlement with a digital currency exchange (Lexology), Rated: A
On November 8, the SEC announced its first enforcement action settlement with a digital currency platform for allegedly operating as an unregistered…
First Initial Coin Offering Fraud Case Ends in Guilty Plea (Bloomberg), Rated: A
The first fraud prosecution involving initial coin offerings ended in a guilty plea when a New York man admitted lying to about 1,000 investors.
Maksim Zaslavskiy, 39, told a judge he sought to raise money for two ICOs backed by investments in real estate and diamonds that didn’t exist — a scam the U.S. called an “old-fashioned fraud dressed in a new-fashioned label.”
Why Your Business Assets Belong on the Blockchain (Entrepreneur), Rated: A
“Asset” may have a clinical ring to it, but it refers to much of what makes our lives, businesses and stock portfolios go ’round. The deed to your house, the 401(k) you plan to retire on and the antique watch you inherited from your grandfather are all assets; so clearly “assets” are worth the effort it takes to keep them safe and manage them efficiently.
Examples? In 2016, IBM started using a blockchain to track its software and hardware’s complex movement through their development and deployment supply chain. And global services firm Accenture just announced the launch of its own software license blockchain platform. Blockchain asset management also has clear applications in the finance world: One study concluded that if blockchain were implemented in the investment industry, asset managers could save $2.7 billion per year.
Bridging the Demand Gap For Blockchain Talent With Education (Forbes), Rated: A
The growing shortage of blockchain developers is a well-documented concern that has been touted since the elevation of the technology into the mainstream.
Microsoft launches cloud-based development kit for blockchain (The Next Web), Rated: A
Big tech is getting in on blockchain in a big way. Microsoft has launched a cloud-based blockchain development kit powered by Azure.
Deep Dive into Ethereum on Azure (Channel 9), Rated: B
Binance Native Tokens are Now Used for Hotel Bookings at Xceltrip (Coingape), Rated: B
Announced on Twitter today, the native token of Binance, BNB will be used for hotel booking. It says that Xceltrip has 500,00 hotels that accept BNB tokens.
After Yesterday’s Bloodbath, Losses Continue for Major Cryptos, XRP Overtakes Ethereum (CoinTelegraph), Rated: AAA
Bitcoin continues its downward trend today, with its price dipping as low as $5,358. As of press time, the biggest cryptocurrency is down around 4 percent, and is trading at $5,589. In terms of its 7 day outlook, Bitcoin is down almost 14 percent.
In contrast, Ripple has managed to see some gains as of press time. XRP is up 2.2 percent and trading at $0.464 at press time. After seeing its intraday low of $0.43, Ripple has continued to hold a relatively stable support of around $0.45 over the day.
Ethereum, the third top coin by market cap, has dipped below $180 and dropped to as low as $170 earlier today. The altcoin is down around 3.35 percent at press time, and trading at $177.95. Ethereum has seen big losses over the past 7 days, down almost 17 percent.
Binance has listed both BCH forks as trading pairs. Bitcoin Cash has split! (Chepicap), Rated: AAA
While Binance has yet to make an official announcement, it has quietly created a BCHSV trading pair, which seems to indicate that it considers ‘Scenario 2’ to have happened as per its announcement yesterday which preempted the hard fork and the hash wars.
Litecoin and Ethereum prices are now down nearly 90% in 2018 (The Motley Fool), Rated: AAA
Bitcoin has plunged 13% over the last 7 days to sell for US$5,680 this afternoon at a price fractionally above a 52-week low.
However, its ‘forked’ spin off Bitcoin Cash has fared even worse to tumble 27% over the past week in a move many digital currency experts have attributed to another fork in Bitcoin Cash being on the horizon.
Another two of the worst performers have been Litecoin and Ethereum that are down 17% and 15.3% over the last week, so let’s take a look at what might be behind these big falls.
Are Cryptocurrencies the True Future of the World’s Economy? (Techopedia), Rated: AAA
Although some people say that cryptocurrencies represent the true future of the world economy, critics argue that no matter how significant they could be, they will always be confined to an internet phenomenon. The real-time exchange markets are still plagued by many issues that prevent them from truly competing with the traditional ones. Can the blockchain world still avoid the centralization danger by focusing on the agility of smart app-based technologies such as Qtum and cryptocurrency ATMs?
Cryptocurrency ATMs and Banking Barriers
Globally, 69 percent of adults have an account with a financial institution, but this percentage drops significantly in the developing world, meaning that more than one-third of them lack any form of financial access. Digital payments clearly are on the rise, especially since a large number of unbanked people possess a cell phone that can be used to keep a digital wallet. In Sub-Saharan Africa, for example, mobile money account ownership rose from 12 percent to 21 percent.
The Proof-of-Stake (PoS) System and Avoiding the “Tragedy of the Commons”
One of the reasons why critics of the digital currencies claim their future is doomed is the intrinsically limited availability.
The Big Firms Enter the Market – Is the Decentralization Dream Dead Already?
A survey from Thomson Reuters that included over 400 partners found that almost 70 percent of the biggest corporate giants such as Eikon, Goldman Sachs and REDI plan to start trading cryptocurrencies before the end of 2018.
On the other hand, if the highly controversial bitcoin exchange-traded fund (ETF) gets approved by the United States Securities and Exchange Commission (SEC), people could finally to buy into bitcoin without having to deal with dangerous and unstable real-time exchange markets.
Which Cryptocurrencies Are Driving Innovation? GitHub, Reddit Offer Clues (Inverse), Rated: A
Much more important than a given cryptocurrency’s price, many would argue, is what, specifically, the crypto or its network is being used for. Gaming like Ethereum? Sending remittances back home like Dash? Ensuring privacy like Monero? These are all use-cases that are already being tested in the real world.
Instead of having banks verify that money left one account and was received by another, for example, you record these transactions on something like the Blockchain. Instead of having bookies set gaming odds on who’s going to win the World Series, you build an app on Ethereum that can do it with greater accuracy, and therefore fairness. This is what makes CoinDesk’s new data visualization tool, which let’s you visualize the crypto world using metrics like the amount of attention a given project receives from developers, so interesting.
KPMG: Cryptocurrencies (including Bitcoin) are not ready to be real currency (The Next Web), Rated: AAA
‘Big four’ accounting firm KPMG has just asserted that cryptocurrency assets, like Bitcoin $BTC▲1.42%, are simply not ready to be classified as real currencies – and that using Bitcoin as a store of value is a “fool’s errand.”
In a new report, KPMG details the challenges facing the cryptocurrency industry, as it seeks adoption by the world’s largest financial institutions.
Read the full report here.
Stock exchanges find novel uses for blockchain (The Economist), Rated: A
Although stock trades are often made in milliseconds by algorithms, completing them involves co-ordinating payment and delivery among a mess of databases and then reconciling the records. In big financial centres trades take two full days to settle. Some stock exchanges wonder whether blockchain’s distributed, tamper-proof ledgers and immutable and transparent transaction records could speed up and simplify the process.
Exchanges from America and Australia to Switzerland and Singapore are studying the concept. Australia’s stock exchange, the asx, has moved furthest towards using blockchain to replace its main clearing and settlement platform. It has been testing technology from Digital Asset, an American firm, and will go live in mid-2021. And on November 11th sgx, Singapore’s stock exchange, and the Monetary Authority of Singapore (mas), its central bank, announced a prototype using blockchain for delivery, payment and settlement of assets.
When Forgery Is Unthinkable: Blockchain And The $ 40bn Art Market (Cryptobriefing), Rated: A
To the uninitiated, blockchain and art are two different worlds. But just as technologists have learned to be creative in their thinking, so creative thinkers have learned to be tech-savvy in their actions. As anyone who has seen Ocean’s 11 will attest, thieves can be some of the most creative pros in the world.
In the U.K., more than $480 million in artwork is stolen each year. Ninety percent (90%) of museum thefts involve an insider (making criminal prosecution difficult). Nearly 100,000 pieces stolen by the Nazis during World War II are still missing, according to research firm Havocscope.
Tracking these prized items and securing their records creates a chain of custody that documents the sequence of control, ownership and transfer of the pieces. That includes recording an artwork’s history such as timestamps of key events: auctions, prices, shipment and other verified information without necessarily disclosing sensitive info, such as identities of (millionaire or billionaire) owners.
That’s exactly what New York-based Artory is providing for the world’s leading art collectors and auction houses. This week, the blockchain-powered company recorded a $318 million auction in New York on The Artory Registry which stores key information on a digital ledger and issues (anonymous) ownership certificates along with other digital signatures that protect investors, brokers and creators themselves.
Nexo Considers Integrating xRapid (Cryptovevo), Rated: B
Credissimo supported crypto lending platform, Nexo says it’s integrating Ripple’s xRapid, which uses XRP protocol to lower the cost and boost the speed of cross-border payments. This was announced by the co-founder and managing partner of Nexo, Antoni Trenchev.
Blockchain Firms Partner to Disrupt Fintech Industry (Cryptovest), Rated: B
Blockchain infrastructure project Aerum has teamed up with Veracity Protocol, a decentralized infrastructure platform for the lifecycle of physical items (LoT), to disrupt the fintech industry by utilizing a next-generation blockchain for programmable P2P finance.
Ethereum [ETH/USD] Technical Analysis: Green flashes predicted amidst bear’s ambush (AMBCrypto), Rated: AAA
At the time of writing, Ethereum [ETH] was showing a drop of 12.76%, trading at a depressed price of $180.9, with a market cap of $18.59 billion. The total 24-hour trading volume is $3 billion.
In the one-hour timeline of the ETH candlesticks, a steep downtrend has been spotted that extends from $198.3 to $175.2. Multiple supports have been broken as the coin continued to depreciate, with the onset of the crypto-market crash from yesterday.
MKR.tools creator Mike McDonald raised a celebratory alarm on Twitter yesterday morning. According to the Ethereum blockchain, about 1 million ether – or almost 1 percent of the total Ethereum supply – is presently locked in MakerDAO smart contracts.
8 Ethereum Price Predictions for 2019 (Money Morning), Rated: A
It was a rough year for crypto investors, with the price of Ethereum dropping 76% from Jan. 1, 2018, to Nov. 15, 2018. But just like with any bear market, we could see crypto prices rebound in the next year.
The lowest price target on Finder.comfor Ethereum in 2019 is $240. From today’s price (Nov. 15, 2018) price of $176.54, that’s a potential gain of 35.94%.
Here’s Where Ethereum Prices Are Headed in 2019
|Analyst||2019 ETH Price Projection||Potential Return|
Binance Volumes Down 90% from January, CZ Still Bullish (Cryptoslate), Rated: AAA
Despite having watched Binance trade volumes shrink a cool 90 percent since January, CEO Changpeng ‘CZ’ Zhao says his market-leading exchange is firing on all cylinders.
New Binance App for Mobile Phones Now Enables Live Push Notifications for Crypto Investors (Bitcoin Exchange Guide), Rated: A
Binance, the cryptocurrency exchange, has announced that its latest version of Binance App can now receive live push notifications, allowing users to get first-hand news and updates from Binance.
Binance Exchange Will List Circle’s USDC Stablecoin This Week (CoinDesk), Rated: A
Binance, currently the world’s third largest cryptocurrency exchange by bitcoin trading volume, is adding support for Circle’s recently launched stablecoin, USD Coin (USDC), this weekend.
Mithril (MITH) is Listing on Binance (Asia Crypto Today), Rated: B
The official announcement translated from Chinese:
Dear users, Binance will launch Mithril (MITH) at 22:00 (UTC+8) on November 15, 2018, and open the MITH/BTC, MITH/BNB trading market. We invite you to join!
New Survey Finds Young Germans Open To Crypto Investment (Use the Bitcoin), Rated: A
More than half of the respondents, 55 percent claimed to have heard of cryptocurrencies. However, 77 percent of those that had heard of crypto admitted they were not likely to invest in them.
France to allow ICO but with a special twist (Cryptoline News), Rated: A
France is developing a regulatory framework that will need cryptocurrency firms to disclose and let the authorities verify those issuing new coins. The firms will also be required to have a clear plan of how to make refunds in case the project never comes to fruition.
The new rules are set to be released by early 2019 as the French government seeks to flush out cryptocurrency investors, traders, and firms ‘out from the shadows.’
75pc of Irish people would not consider a career in blockchain (Silicon Republic), Rated: A
Would you consider a career in blockchain? Statistically, it’s unlikely you would. At least, that is according to new research published by blockchain professional services firm Wachsman which concludes that as many as 75pc of Irish people would not wade into the industry.
CargoX introduces an open and neutral blockchain platform for the maritime industry (FreightWaves), Rated: A
CargoX, the startup that is pioneering the use of blockchain in processing bill of lading has launched its CargoX Smart B/L platform today, which would be the first open and neutral blockchain platform in the shipping industry for real-world commercial use. FreightWaves spoke with Stefan Kukman, founder and CEO of CargoX, who emphasized the need for building a blockchain platform that stays neutral and open to all stakeholders.
Fake Mobile Cryptocurrency Wallet Apps Found on Google Play Store (Ethereum World News), Rated: B
According to The Next Web, European cybersecurity researcher, Lukas Stefanko, discovered that four fake virtual currency apps claimed to offer wallet services for NEO, MetaMask, and Tether.
A screenshot by Stefanko showed that the fake MetaMask app had over 500 downloads and a 2.8-star rating by 48 reviewers.
BITCOIN PRICE CRASH: CRYPTOCURRENCY LOSES 10 PER CENT OF ITS VALUE IN SUDDEN SELL-OFF (Independent), Rated: AAA
The price of bitcoin has plummeted to its lowest value in more than a year, as the cryptocurrency market took an abrupt downturn following the most sustained period of stability in its history.
More than 10 per cent of bitcoin’s value was wiped away in the space of just a few hours, with other major cryptocurrencies like ethereum and bitcoin cash experiencing similar losses.
Digital Assets Lending Exchange Lendingblock Partners with Vo1t on Custody Solution (Crowdfund Insider), Rated: A
Lendingblock, a lending exchange for digital assets, has partnered with Vo1t to provide a cold storage capability for its institutional lending exchange. According to Lendingblock, Vo1t will provide 24/7 custody while simultaneously providing access to digital assets in under 30 minutes.
CryptoCurve Opens Wallet Public-Beta with Wanchain, Aion, and Ethereum Functionality (CryptoCurve Email), Rated: B
CryptoCurve has announced that the beta version of the Curve Wallet is now available to the general public. The Curve Wallet is a multi-blockchain platform built to simplify crypto asset management for new and experienced investors alike. The Curve Wallet Beta was previously available on a limited basis to CryptoCurve investors and token holders, but this open beta marks the first occasion the core functionality will be released to the public.
The Paradox of Cryptocurrencies in China (CoinTelegraph), Rated: AAA
Next month marks the fifth-anniversary of the People Bank of China (PBoC)’s very first crypto regulatory intervention, with the issuance of its ‘Notice on Precautions Against the Risks of Bitcoin’in Dec. 2013. Over the years, the Chinese authorities have cemented an increasingly hardline stance, as their perception of the financial risks posed by crypto has hardened.
2013-2018: an ideological divide
Over the past five years, the deep ideological rift between the decentralizing ethos of cryptocurrencies and China’s economic and political system has led the authorities to adopt an ever more-adversarial stance. The perception that the cornerstone principles of the crypto revolution — disintermediation and the frictionless circulation of value — will undercut the government’s strict capital controls and economic strategy has translated into a series of attempts to insulate both the financial system and individual investors from the global crypto space.
Kik messenger ditches Ethereum blockchain adding to ETH woes (FXStreet), Rated: AAA
The developers of Kik messenger are going to migrate from Ethereum blockchain to Stellar. Kin Foundation has announced the decision to cease atomic swaps with ETH, thought the exact date has not been set yet. According to the team, the developers are working on the instrument that will allow taking KIN tokens from Ethereum blockchain.
Malaysian Lending Giant CIMB Joins Ripple’s Cross-Border Payment Network (CoinTelegraph), Rated: A
Why it won’t be easy to ban cryptocurrencies in India (Quartz), Rated: A
Plans are afoot in India to ban cryptocurrencies.
If anything, attempts to ban virtual currencies could only fuel money laundering, illegitimate transactions, and tax evasion.
Tough to enact
Currently, there are approximately 10 large cryptoexchanges in India with an estimated user base of nearly 5-6 million.
International experts discuss pros and cons of digital currencies (Connect to India), Rated: A
Leading international and local academics convened in Singapore discussed about how digital currencies will impact monetary policy and financial stability.
Thailand to Approve First ICO Portal this Month, Others to Follow (Crowdfund Insider), Rated: A
The Thailand Securities and Exchange Commission (SEC) is expected to approve the first initial coin offering (ICO) portal at some point this month, according to a report in the Bangkok Post.
Fahmi Fadzil, Lembah Pantai MP and PKP communications director, urged the government to practice caution while going ahead with the launch of Harapan Coin. The lawmaker said there is a need for the central bank and other financial authorities first to regulate the crypto space. Furthermore, there need to be proper guidelines concerning crypto-based political funding which happens to be the main feature of the Harapan Coin project.
Binance Warns Iranian Traders to Withdraw Crypto Amid Sanctions (CoinDesk), Rated: AAA
Binance is advising its remaining users in Iran to withdraw their money as the cryptocurrency exchange seeks to comply with international sanctions.
“If you have an account with Binance and fall into that [sanctions] category, please withdraw your assets from Binance as soon as possible,” reads an email received in recent days by Iranian users, according to several local sources.
Sepehr Mohamadi, chairman of the board of the Blockchain Association of Iran, said emails like this have been trickling in for months, but their numbers recently increased following renewed U.S. sanctions, which activated on November 5.