Daily News Digest Featured News

Wednesday November 22 2018, Daily News Digest

Coinbase BCH
Source: SludgeFeed

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News Summary

United States

Investors Irate as Coinbase Continues to Freeze Bitcoin Cash Holdings (SludgeFeed), Rated: AAA

Last week, before the Bitcoin Cash (BCHhard fork, San Francisco-based Coinbase announced it would likely support both of the emerging chains after November 15. However, while many other major crypto exchanges, including Binance and Kraken, have pushed forward with the new chains, Coinbase has investor funds still locked as it awaits “stability” in the network.

While this decision was made in an effort to protect investors from volatile price swings and network uncertainty, the overall situation has left users confused and angry as Bitcoin Cash (now the BCHABC chain on most major exchanges), has fallen nearly 40% since the fork.

Coinbase BCH
Source: SludgeFeed

Binance Labs Invests $ 3 Million in US Crypto Trading Desk (CCN), Rated: AAA

In a press release yesterday, Binance Labs revealed that it had made a $3 million investment into Koi Trading, a small sum for the world’s largest cryptocurrency exchange, but a notable one nonetheless.

Ripple Plummets Below

Ripple Plummets Below $0.50; Support Beneath at $0.40 (CoinGape), Rated: AAA

.50; Support Beneath at

Ripple Plummets Below $0.50; Support Beneath at $0.40 (CoinGape), Rated: AAA

.40 (CoinGape), Rated: AAA

Ripple has seen a further price decline totaling -9.32% over the past 24 hours of trading against the USD. The market is presently trading at a price of $0.4463 after undergoing a 13% price decline over the past 7 trading days. However, compared with the rest of the Cryptocurrency market, Ripple has been holding relatively strongly.

Bank of America/Ripple Enter Talks over a Collaboration (Smartereum), Rated: A

According to several reports, speculation has been rife that the BoA (Bank of America) and Ripple have entered negotiations over the possibility of a collaboration in the near future.

Fintech Cryptos Ripple (XRP) and Stellar (XLM) Defy Market Massacre (NewsBTC), Rated: AAA

Markets have been hammered over 15% on the day losing in excess of $20 billion since yesterday but not all digital currencies are suffering the same level of pain.

As a result BCH has crashed almost 45% on the day dropping it to unmatched lows below $200.

On Coinbase, BCH is priced at around $250 at the time of writing which is still down way over 50% on the week.

Stellar
Source: NewsBTC

Ripple’s XRP token has cemented itself as the second largest cryptocurrency in the world. With Bitcoin’s tumble it is closing the gap and has made up $15 billion since yesterday when the two were much further apart.

xrp
Source: NewsBTC

Ripple (XRP) Price Analysis: Triangle Breakdown Looming? (Ethereum World News), Rated: A

Price has been consolidating inside a symmetrical triangle pattern and is now testing support at the .4350 area.

A bounce could still take XRP back up to the triangle top at .5000 and the moving averages suggest that this is possible. After all, the 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, support is more likely to hold than to break.

Ripple
Source: Ethereum World News

DOJ Probes Tether Cryptocurrency; Bitcoin Price Slides To Under $ 4.3K (PYMNTS), Rated: AAA

The U.S. Department of Justice (DOJ) is reportedly looking to see if the atmospheric rise of bitcoin in 2017 was caused, in part, by alleged market manipulation through a particular cryptocurrency known as Tether, Bloomberg reported. According to the news outlet, unnamed sources are investigating a reported web that could encompass Tether and bitcoin, along with the Bitfinex digital currency exchange.

Bitcoin continued its downward slide on Tuesday (Nov. 20), falling under the $4,300 level during the day, Reuters reported.

The Great Cryptocurrency Scam (Forbes), Rated: AAA

When I first wrote about The Great Bitcoin Scam in  December of 2017, Bitcoin was trading at $15,433 after falling from its all-time high of $19,783 a few days earlier. As I write this article, Bitcoin is now trading at $4,359. Very simply, Bitcoin is in deep trouble. There are investigations about price manipulation, and the use of Bitcoin for payments is down 80% according to Reuters.

Take, for example, Bitconnect which was pitched by this guy to enthusiastic investors and at the end of 2018 was worth $450 — it is now worth $0.06 assuming you can find a buyer.

Bitcoin: What Is Behind The Recent Plunge & How Bad Can It Get? (Forbes), Rated: A

The crypto king is being hit hard, and it is under tremendous selling pressure. Today marks the eighth consecutive day of selloff for Bitcoin. It is down nearly 78% from its all-time peak of nearly $20,000 (depending on which exchange you look at).

Year-to-date, the price is down nearly 69.26%. At the time of writing, the price is trading at $4,391. All other major cryptocurrencies are feeling the burn. Ethereum, the second biggest cryptocurrency, has touched $121, a level not seen since May 2017.

bitcoin ethereum ripple
SOURCE: BLOOMBERG, THINKMARKETS,. TWITTER:@NAEEMASLAM23

Floor Found? Bitcoin Price Bounces As Sell-Off Slows (Forbes), Rated: A

Bitcoin has recovered some of its losses in the last couple of hours, adding some $300 to the price of one bitcoin and taking it to $4,700 after 36-hour sell-off that wiped billions from the cryptocurrency market.

The cryptocurrency market suffered another shock decline on Tuesday, as the total market valuation slumped nearly 30 percent over the previous seven days to reach $155 billion. But Michael Ou, founder and CEO of card-sized hardware wallet developer CoolBitX, believes the market will rise again, particularly once various countries interested in anti-money laundering regulations take steps that would help restore investor trust.

“I’m 100 percent confident in saying that once the crypto market is AML [anti-money laundering] complaint, we can see the next all-time high again soon,” Ou tells Inverse. “It’s going to take six months to probably a year for a few pioneer countries to actually put that new AML requirement in place.”

Bitcoin Smart Contract Protocol Rootstock Acquired by Spin-off Project RIF Labs (CoinTelegraph), Rated: A

Bitcoin-based smart contract protocol Rootstock (RSK) is integrating with spin-off project RIF OS to expand its scope of operations, the parties confirmed in twoseparate blog posts Nov. 18.

SEC’s Latest Declaration Creates Legal Minefield for Digital Assets (Nasdaq), Rated: A

On November 16, 2018, the U.S. Securities and Exchange Commission (SEC) issued a public statement clarifying its intent to regulate activities involving the issuance and trading of digital assets. The SEC’s Statement on Digital Asset Securities Issuance and Trading pronounces that three categories of financial services that utilize blockchain or other distributed ledger technologies (DLTs) are within the purview of the SEC and require registration with the SEC unless exempt. This broad, authoritative declaration is not unexpected, as, to date, the SEC has stated that all digital assets – regardless of whether they function as alt coins or utility tokens – are securities at least initially and, thus, subject to its jurisdiction.

Cryptocurrency-related lawsuits are mooning, up 300% from last year (The Next Web), Rated: A

Forty-five lawsuits involving cryptocurrency were filed in the first half of this year, reports blockchain research unit Diar.

That’s triple the amount of all the lawsuits filed last year. This is not the moon we were looking for.

crypto lawsuits

Silvergate Bank Files for IPO to Grow Cryptocurrency Services (xconomy), Rated: A

Silvergate Bank has transformed itself in recent years from a typical business bank to one of the financial institutions of choice for digital currency companies.

Now the cryptocurrency-friendly bank, which is headquartered in La Jolla, CA, is preparing to go public. On Tuesday it set a $50 million price target, according to documents filed with securities regulators.

Russian ICO That Impersonated Bank Hit With Cease-and-Desist (CoinDesk), Rated: A

North Dakota’s securities watchdog has issued a cease-and-desist order against a Russia-based initial coin offering (ICO) that appeared to impersonate Liechtenstein-based Union Bank AG to promote “unregistered and potentially fraudulent securities.”

On Monday, Karen Tyler, commissioner of the North Dakota Securities Department, said that the website of the supposed ICO project – called Union Bank Payment Coin (UBPC) – had “directly copied” elements from the Union Bank website, including style, wording, leadership information and images.

The Wall Street Blockchain Alliance forms Enterprise Solutions Working Group (Accounting Today), Rated: A

The Wall Street Blockchain Alliance, a nonprofit trade association that promotes blockchain adoption across global markets, has formed the Enterprise Solutions Working Group to accelerate blockchain-related policy development and issues around implementing blockchain at the enterprise level.

blockchain spending

Phoenix man faces prison over cryptocurrency scheme (Biz Journals), Rated: B

Federal authorities laid out a case against the former cryptocurrency trader that showed he had misappropriated funds from his employer.

Crypto-mining host Giga Watt files for bankruptcy (iFiberOne), Rated: B

Giga Watt Inc., which opened with fanfare last year as a Douglas County home for lucrative cryptocurrency mining, has filed for bankruptcy.

The company filed Chapter 11 documents Tuesday in Washington’s Eastern District federal court, claiming less than $50,000 in assets with its largest creditors owed nearly $70 million.

Kobe Bryant is talking at TRON’s cryptocurrency event… for some reason (The Next Web), Rated: B

TRON founder and prolific marketeer, Justin Sun, has just pulled a megafamous rabbit out of his hat. None other than Kobe Bryant, one of the greatest basketballers of all time, will attend TRON’s blockchain conference next year, for some reason.

International

Ethereum [ETH] plunges by 15%; XRP glowing green, unaffected by the storm (AMBCrypto), Rated: AAA

While Ethereum [ETH], now the third-largest cryptocurrency has plummetted by more than 15% while XRP is an evident winner, seeing a hike of 0.28%.

At the time of writing, Ether was trading at $138 with a market cap of $14.3 billion. Its total trading volume in the past 24 hours is recorded to be $2.75 billion.

ethereum
Source: CoinMarketCap
xrpgreen
Source: CoinMarketCap

XRP Survives Two Crashes With A $ 4 Billion Lead Ahead Of Ethereum (Ethereum World News), Rated: A

Besides holding fast onto its value, XRP has taken strides to overtake Ethereum to become the second largest cryptocurrency in the market. In fact, the market crash almost looks like a blessing for XRP. The crypto’s daily transaction volume is now well over $1 million. At the time of this writing, XRP is almost $4 billion ahead of Ethereum in terms of market cap. In this sense, XRP seems to be gaining instead of losing the bear war.

Is Tether (USDT) About to rip Litecoin (LTC) Apart? (ZyCrypto), Rated: A

Tether (USDT) the world’s eight largest cryptocurrencies is sitting right behind Litecoin, a token that has sustained a total loss of 5.09% against Tether who lost merely 2.17% today. The token is definitely not taking chances as it overlooks the bearish market while maintaining a circulating supply of over $1.81 billion.

Throughout the month of November, and during the late periods of October, Tether has been stable with a trading price of $0.984348, but on more than one occasion, the token succeeded in breaking its nearest resistance level and has since been navigating between the $0.984348 and $1.00 level.

The SEC has issued its first ever fines for ICO violations (The Next Web), Rated: A

One of the world’s largest cryptocurrency exchanges, Huobi, is setting up a communist party committee.

Chelan County in Washington, US is proposing a new pricing scheme for its energy suppliers that would see cryptocurrency miners charged more for the electricity they use.

Smart Contract Security Has Some Gaping Holes — Here’s How To Plug Them (Invest in Blockchain), Rated: A

As blockchain and crypto both continue to grow, so does the crime around them. It’s clear to see that exchange hacks are becoming more common and more costly, with damage occasionally running into the 9-figure range.

Blockchain smart contracts are finally good for something in the real world (MIT Technology Review), Rated: A

But there’s a problem: before smart contracts can do anything really useful, they need a reliable way to connect with events in the real world—and that has proved impossible so far. This is the so-called “oracle problem,” a technological challenge that is still hampering any chance that blockchain will break out and become a part of our everyday lives.

Until now, perhaps. A startup called Chainlink is combining its software with a trusted hardware system called Town Crier, developed by a leading academic cryptocurrency research group. Together, they might be closer than ever to solving the problem.

Top 7 Bitcoin Security Tips for Beginners (Coindoo), Rated: B

  1. Stay Away from Web Wallets
  2. Keep Your Bitcoin Separate
  3. Store Private Keys Offline
  4. Use of a Type 2 Deterministic Wallet
  5. Use Fragmented Backups
  6. Use Linux on Online and Offline Computers
  7. Use a Hardware Wallet
European Union

Binance to Implement KYC Solutions from Financial Services Giant Refinitiv (Cryptovest), Rated: AAA

Binance, one of the largest crypto markets, signed on Tuesday a partnership with global financial services giant Refinitiv with the aim to implement automated Know Your Customer (KYC) procedures. The cooperation will allow the exchange to follow the existing anti-money laundering (AML) rules that are in force for the fiat world, in a bid to build trust with regulators and financial institutions, Binance chief financial officer (CFO) Wei Zhou explained.

ETH/USD Nosedives Below $ 150 Support (NewsBTC), Rated: AAA

Yesterday, we saw a major decline below $175 in ETH price against the US Dollar. The ETH/USD pair broke the $179 and $175 support levels to start a fresh decline. Later, bitcoin price declined heavily and broke the $5,000 support. It increased bearish pressure on ETH and pushed it below the $165 and $160 support levels. More importantly, there was a break below $150 and the price settled below 100 hourly simple moving average.

A new multi month low was formed at $142 and later the price started consolidating losses.

Ethereum
Source: NewsBTC

Miners and ICO projects are killing Ethereum (FXStreet), Rated: A

Ethereum changing hands at $146.14, which is the lowest level since July 2017. The coin with the market value of $15B slipped from the second place in cryptocurrency rating amid growing bearish sentiments.

ICO projects may also drag the price down as companies are likely to cash out the funds they raised during crowdfunding.

ethereum daily
Source: FXStreet

Fake Trezor Crypto Hardware Wallet Clones are Circulating as Manufacturer Alerts Users (Bitcoin Exchange Guide), Rated: A

Trezor, one of the largest crypto hardware wallet manufacuter in the world at the moment, has issued a warning yesterday, November 19, that it had recently discovered that people were creating and selling fake hardware wallets claiming that they were made by the company.

Argent, a smart crypto wallet app with a banking look, raises $ 4M from Euro VCs (TechCrunch), Rated: A

Argent is a project which recently won the prestigious inaugural user experience prize at Devcon4 by addressing many of these issues.

Argent has now raised a $4 million seed round from some of Europe’s leading investors, including Index Ventures, Creandum,  firstminute, Hummingbird and Atomico Partner Mattias Ljungman.

VANECK’S MVIS DEBUTS FIRST EVER BITCOIN OTC INDEX (Bitcoinist), Rated: A

In a press release November 20, German-based MVIS unveiled its latest digital asset index composed of what it calls “three of the leading providers in OTC liquidity,” namely Circle Trade, Cumberland and Genesis Trading.

United Kingdom

TransferWise Still Not Convinced by Ripple (Cryptonews), Rated: AAA

The UK-based money transfer service TransferWise says they’ll start looking into blockchain-based solutions when more banks start using Ripple – in spite of Ripple scoring significant victories lately by signing up PNC Bank and Santander, among others.

A 10% Ethereum Price Drop is Less Scary Than People May Think (NullTX), Rated: A

Every single time the cryptocurrency markets go through a big correction, there are concerns over when the markets will bounce back. As is the case more often than not, that will heavily depend on what Bitcoin decides to do. As of right now, Bitcoin is stuck in the dirt and only getting pushed down deeper.

Every single time the cryptocurrency markets go through a big correction, there are concerns over when the markets will bounce back. As is the case more often than not, that will heavily depend on what Bitcoin decides to do. As of right now, Bitcoin is stuck in the dirt and only getting pushed down deeper.

ethereum ico data
@lawmaster on Twitter

Whitehall backs move to bring distributed ledger technology to UK ports (The Load Star), Rated: AAA

As part of its ambitions, Digital Catapult has launched DLT field labs, working with businesses, investors and regulators in a range of areas, including ports.

blockchain
Source: Digital Catapult

Read the full report here.

UK Regulator Considers Cryptocurrency Derivatives Ban Due to Market ‘Integrity Issues’ (CoinTelegraph), Rated: A

The U.K.’s finance regulator, the Financial Conduct Authority (FCA), may ban cryptocurrency derivatives such as futures as part of its “most comprehensive response” to the industry, according to a speech published Nov. 20.

WinMiner to List on DX.Exchange after Winning ICO Pitch (Finance Magnates), Rated: B

Last week at the Finance Magnates London Summit, WinMiner was announced as the winner of the DX Exchange Pitch Competition, beating out 11 other remarkable platforms. As a reward, WinMiner’s native token will be listed on DX Exchange, a fully-regulated cryptocurrency exchange that will publicly launch in November. If purchased outright, the listing would have cost $250,000.

China

Dispatch plans to build a faster blockchain network with zero-cost transactions (VentureBeat), Rated: AAA

Data-focused blockchain startup Dispatch has raised a new round of funding from China’s Fenbushi Digital to build speedy decentralized applications with zero transaction costs. The company had raised $12 million previously, and it is now adding another $6 million to the round.

Dispatch has created its Zero Knowledge Analytics and Delegated Asynchronous Proof of Stake (DAPoS) technology so businesses can build fast, secure blockchain solutions with zero transaction costs that are backwards compatible with the Ethereum cryptocurrency network.

Dispatch
Source: Dispatch

China Ramps Up Digital Currency Development (Investopedia), Rated: A

China’s central bank is scaling its efforts to develop a digital equivalent of its fiat currency. According to reports, the country’s Digital Currency Research Institute is hiring cryptography and blockchain experts. The institute has also filed 40 patent applications to set up infrastructure related to disbursement of digital currency. Its latest moves come after Zhou Xiaochuan, the former governor of PBOC, said the development of a digital currency was “inevitable” in April.

Decentralized eSports Platform Plair (PLA) Completes $ 22 Million ICO (SludgeFeed), Rated: A

Plair (PLA), a decentralized gaming platform built on the VeChain (VET) blockchain, has completed its initial coin offering (ICO), raising $22 million after launching its public token sale at the end of October.

Australia

Why the Ripple, Bitcoin Cash, Litecoin and Ethereum prices are getting eviscerated (The Motley Fool), Rated: AAA

While Bitcoin is down 75% in 2018 that’s nothing compared to some of the falls experienced by smaller cryptocurrencies. Take a look at some of the returns below: The Cardano price (ADA) is down 31% over the last week and has lost more than 90% of its value since its December 2017 peak The Monero price is down 30% over the last week and has lost nearly 90% of its value…

Asia

Bank of Thailand Governor: Digital Currency Use Won’t Replace Cash for Three-Five Years (CoinTelegraph), Rated: AAA

The governor of the Bank of Thailand (BoT) has said that it will take three to five years for countries to switch from using cash to using digital currencies. The bank governor’s comments were reported by the Thai News Agency (TNA), a subsidiary of the Thai state-owned public broadcaster, Nov. 17.

NYK developing its own digital currency to pay crew (Splash247), Rated: A

Japan’s Nippon Yusen Kaisha (NYK) will soon introduce its own digital currency to pay its crew, Bloomberg is reporting. The digital currency will be pegged to the US dollar. Details of the new payment project such as whether it will use blockchain or be a cryptocurrency variant remain unknown at this stage.

India to spell out draft cryptocurrency regulations in December (The Next Web), Rated: A

Quartz reports that the Indian government is set to lay out a draft of its regulations for cryptocurrencies next month – clarifying its stance on how these digital assets can be used and traded in the country.

Canada

Blockchain Network Takes on Ethereum ERC20 and Claims it is Faster and Cheaper (CoinTelegraph), Rated: AAA

LindaX says it wants give entrepreneurs an opportunity to sculpt “absolutely unique tokens with exclusive features for designated transactions” – all the while helping them to “navigate the unfamiliar environment of cryptocurrency.” According to its white paper, the startup’s team would be on hand to help fledgling businesses forge connections with exchanges who can list their token, and offer strategies that would enable them to reach new customers and reap the rewards of blockchain technology.

Another emphasis for LindaX is guaranteeing that all of the tokens hosted on its platform are “credible and trustworthy.”

Calgary Dollars 2.0: Get ready for Canada’s first digital municipal currency (The Star), Rated: A

Over the years, Gordon Johansen has piled thousands of Calgary Dollars in to heaps at his house.

Soon, the owner of The Sentry Box, a game and hobby store in Calgary, will be able to cram them all on a phone.

Canadian House Finance Committee Wants Government to Regulate Crypto (Blockonomi), Rated: A

Canada’s House Finance Committee has a word of advice for the Candian government—regulate crypto. This was made known on local news outlet iPolitics report.

Cayman

Blockchain as Foundation of Democracy: a Pipe Dream or Reality? (Globe News Wire), Rated: AAA

Blockchain may soon become a cornerstone of democracy, and this is no joke. Because of its key characteristics – safety, security, transparency and inalterability of recorded data – the distributed ledger technology can ensure the integrity of election systems at all levels, claim the experts of the ICOBox’s International Blockchain Research Center (IBRC).

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

About the author

Allen Taylor

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