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Monday April 22 2019, Weekly News Digest

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News Summary

United States

About 95% of All Bitcoin Trades are Fake and Artificially Created (IndianWeb2), Rated: AAA

Nearly 95% of all reported trading in bitcoin is fake and in fact created artificially by unregulated exchanges, said a new study by Bitwise Asset Management, a San Francisco-based cryptocurrency index fund.

Bitwise, a crypto-asset management firm, analyzed 81 exchanges, finding that 71 of them exhibited patterns that reflected artificial trading volume. Although the exchanges in the study reported a combined $6 billion in daily volume during four days this month, Bitwise determined that only $273 million of it was real.

BITCOIN PRICE VOLATILITY SOARS 200% IN APRIL (Bitcoinist), Rated: AAA

The volatility of bitcoin price has surged nearly 200 percent from a monthly low of 1.26 percent to 3.31 between April 1 and April 2, according to Bitvol.info. Currently, the volatility stands at 3.54 percent.

bitcoin volatility
Source: Bitcoinist

Bitcoin Falls Under $ 5,300 Again as Top Altcoins See Losses (Coin Telegraph), Rated: AAA

Sunday, April 21 — most of the top 20 cryptocurrencies are reporting slight to moderate losses on the day to press time. Bitcoin (BTC) has fallen below the $5,300 mark again, according to data from Coin360.

Bitcoin is down just under 1% on the day, trading at $5,291 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is up over 3.7%.

Bitcoin on CoinMarketCap

Technical Indicator Signals That Bitcoin (BTC) May Be on the Verge of a Bull Run (NewsBTC), Rated: A

At the time of writing Bitcoin is trading down less than 1% at its current price of just below $5,300. BTC is down slightly from its daily highs of $5,360, but did not incur any significant selling volume after nearing $5,400, which has historically proven to be a strong level of resistance for the cryptocurrency.

It now appears that Bitcoin is caught in a newly formed trading range between approximately $5,000 and $5,400, with its support level first being formed when BTC treated $5,000 as a level of strong support on April 11th.

Bitcoin buyer
Source: @ThinkingUSD on Twitter

Bitcoin May Soon See A Golden Cross, But BTC Isn’t In The Clear Just Yet (Ethereum World News), Rated: A

As researcher James Edwards, better known as Proof Of Research/CryptoMedication, explains, the 200-day exponential moving average (EMA) is about to be passed by the 50-day EMA if BTC holds above $5,200 for the following week. Simply put by Edwards, “this is huge.” The reason why he thinks so is that this technical trend often indicates that the bears are losing their grip and that a downturn has ended.

As Proof of Research notes, the last time BTC saw a 50-200 golden cross on its daily chart, the subsequent gain was 6,787%, as seen when Bitcoin rallied from irrelevance to $20,000 in a historical move. Thus, if history repeats itself, the bear market may be over, and a monumental rally may be in store for the asset.

bitcoin golden cross
Source: @ProofofResearch on Twitter

Latest Bitcoin Price Rally Made Mining Profitable: Analyst (NewsBTC), Rated: AAA

The latest bitcoin price rally pushed the cryptocurrency’s price above its average production cost, at least according to Alex Krüger.

The crypto market analyst noted that bitcoin mining difficulty increased substantially following the asset’s so-called bottom formation on December 15, 2018, in $$3,100-3,200 range. That signified that more miners were entering the bitcoin economy despite layoffs and shutdowns taking place across the horizon. Meanwhile, the breakeven cost on the December 15 bottom formation was sitting around $3,150. After deducting mining rig depreciation, the value surged to $3,850 against a $3,200 bitcoin price.

bitcoin kruger
Source: @krugermacro on Twitter

XRP Continues Crushing Into The 6000 SAT Area, First Time in 2019 (CryptoPotato), Rated: AAA

The situation continues to look unsteady for Ripple after the market falls by another 3% over the past 24 hours, as of now, while XRP is dropping back below the $0.32 level. Furthermore, against Bitcoin, XRP has continuously created lower lows throughout 2019 as the market now approaches the 6000 SAT area.

XRP Ripple
Source: CryptoPotato

Ripple (XRP) shoots above $ 0.3300 before coming down to the earth (FXStreet), Rated: A

Ripple’s XRP shot to $0.3329 during Asian hours, however the upside proved to be unsustainable as the coin retraced to $0.3266 by the time of writing. Despite the downside correction, the coin is still nearly 1.5% higher since the beginning for the day. XRP takes the third place int he global cryptocurrency market rating with the current market value of $13.6 billion.

Ripple’s ‘Godfather’ makes an offer to Vitalik that he can’t refuse (AMBCrypto), Rated: A

David Schwartz, the Chief Technology Officer [CTO] of Ripple, chimed in on a thread on Twitter posted by Brian Armstrong, the CEO of Coinbase. Armstrong had posted a tweet about Zoom CEO being denied US Visa eight times. David’s reply came in response to Buterin recalling his Visa being denied. Buterin said:

“Fun fact: I tried to be an intern at Ripple back in the day (mid 2013), but US visa complications having to do with the fact that the company had only existed for 9 months and the minimum was 1 year stopped me.”

One of the XRP enthusiasts asked the ‘Non-giver of Ether’ to join Ripple as an intern now and tagged Schwartz in the tweet. Schwartz responded to Buterin’s Tweet offering him to join Ripple.

Ripple-Backed XRPayments Available On Play And App Store (Invest in Blockchain), Rated: B

A retail app called XRPayments has officially launched on the Google Play and iOS app store. Designed by Ripple-focused startup, XRPL Labs, the app converts any compatible smartphone into a Point-of-Sale (PoS) system for Ripple-focused payments.

Ripple (XRP) listed on the Crypto ATM in New Jersey (FXStreet), Rated: A

XRP users report on crypto ATM in New Jersey that supports XRP transactions. CryptoMedia NewsDesk uploaded a video where a user buy some XRP coins with his debit card and send them to TrustWallet wallet.

The community hailed the move as a game changer and expressed a hope that the option will be added soon to crypto ATMs across the country.

LTC/USD lost 9% in recent three days, more downside in store (FX Street), Rated: A

Litecoin has been sliding for the third day in a row. LTC/USD touched $73.70 low on Sunday before recovering to $76.00 by the time of writing. The 6th largest digital coin with the current market value has lost nearly 9% since Friday, April 19 amid massive sell-off triggered mostly by technical factors.

LTC/USD is supported by $75.00 handle with 61.8% Fibo retracement from the recent upside movement on approach.

LTC USD 4-hour
Source: FX Street

Four Olympic Gold Medals Winner Tennis Player Serena Williams Invests in Coinbase (Coin Telegraph), Rated: A

World famous tennis player Serena Jameka Williams revealed in an Instagram post published on April 17 that in 2014, she launched her investment business Serena Ventures and silently invested in over 30 companies, including major cryptocurrency exchange Coinbase.

Why ATB Coin’s Legal Encounter Sets Precedent in New York for Future Securities Violations (Coin Telegraph), Rated: AAA

If there’s anything to take away from this federal class-action suit, it’s that this new opinion on ATB Coin provides further guidance on when a token might be considered a security under securities law in the United States.

For more than 70 years, U.S. courts have relied upon the “Minimum Contacts” standard established in the 1945 case, Int’l Shoe Co. v. Washington, for determining whether personal jurisdiction exists.

When a defendant moves for dismissal for lack of personal jurisdiction pursuant to Rule 12(b)(2) of the Federal Rules of Civil Procedure (“FRCP”), the plaintiff bears the burden of demonstrating that the court has jurisdiction over the defendant.

An investment contract implies that the transaction is a type of security.

Blockchain Patent Granted to Cybersecurity Company Owned by U.S. Defense Contractor (Coin Telegraph), Rated: A

Documents published by the United States Patent and Trademark Office (USPTO) on April 16 reveal that Texas-based cybersecurity company Forcepoint has been awarded a blockchain-related patent.

Forcepoint is owned by U.S. defense contractor Raytheon and private equity firm Vista Equity Partners, and Crunchbase estimates its yearly revenue to be $600 million.

Financier With Ties to an Oligarch Starts Crypto Derivative Hedge Fund (Bloomberg), Rated: A

Gerald Banks, who has structured derivatives for Merrill Lynch & Co. and managed part of a Russian oligarch’s sprawling empire, is now turning his hand to cryptocurrencies.

Banks, who previously changed his name from Guerman Aliev, is the chief investment officer of a new hedge fund based in Greenwich, Connecticut, that’s focused on digital assets such as Bitcoin. Cipher Technologies Management LP is registered with the Securities and Exchange Commission and the Commodity Futures Trading Commission and primarily trades crypto options and futures contracts, Banks said in an interview.

BOLT Labs raises $ 1.5 million to launch private payment channel (Yahoo! Finance)

BOLT Labs has raised $1.5 million in funding, the company announced in a press release. The seed round was led by Dekrypt Capital, and other investors included the Zcash Foundation, Ripple’s Xpring, Lemniscap, Access Ventures, Kilowatt Capital, and Branson Bollinger.

The company will use the investment to develop a “fast, private, and secure cryptocurrency payment channel network.” The proposed network will be scalable and will integrate with any both other scaling solutions, such as Lightning Network, and cryptocurrency networks. However, Zcash network will be the first to reap the benefits.

Enhanced Online Privacy Concerning Cryptocurrency Is a Right for Everyone (The Currency Analytics), Rated: A

It does not make sense to be using cryptocurrencies without facilitation for privacy.  And it is neither useful to own a cryptocurrency if it is not possible to trade it for something.

IOTA Foundation to Expand Business into North America (Blockchain Reporter), Rated: B

On April 19, 2019, the IOTA Foundation announced through a blog post that it will expand its business operations to the North American market.

International

Over $ 6 Billion Out Of The Cryptocurrency Market As BTC, XRP, LTC, BNB And Other Lose Significantly Against The USD (Smartereum), Rated: AAA

The fall in the price of altcoins and the resilience of the price of Bitcoin cost it to add 3% to its market dominance moving from 52% to 55.5%. At the time of writing, the price of Bitcoin (BTC) was $5,289.75. This means that it is down by 0.92% against the USD.

Bitcoin
Source: Smartereum

Ethereum (ETH) is trading at $168.82. It is down by 2.84% against the USD and down by 1.79% against the price of BTC.

Litecoin is also down significantly against the USD. It is trading at $75.71. This means it is down by 6.66% against the USD and down by 5.74% against the price of BTC.

A few days ago, the Binance Coin (BNB) reached a 52-week high and set its target at $30. The price of Bitcoin moved abovethe $5300 level and many other cryptocurrencies rallied with it.

Where Smart Money VCs Are Betting In Blockchain, Despite ‘Crypto Winter’ (CB Insights), Rated: AAA

Overall, 2018 was still a booming year for smart money into blockchain startups, with the 37 deals representing a 270% increase over the 10 deals seen in 2017.

However, Q1’19 represented the lowest number of smart money investments and funding totals in the last 5 quarters.

Smart Money
Source: CB Insights

To visualize smart money investment, we plotted the deals on a timeline with bubbles corresponding to VC round size. Coinbase‘s $300M Series E is noticably the largest.

Other notable deals include Circle‘s $110M Series E (General Catalyst), Dfinity‘s $102M mega-round (Andreessen Horowitz), and Algorand‘s $62M Series A (USV).

Who’s driving sustained interest?

Smart Money
Source: CB Insights

Top losers: Binance Coin, Litecoin, and Cardano fall by over 6% (AMBCrypto), Rated: AAA

Litecoin [LTC]

At press time, LTC was valued at $75.96 while falling by 6.93% over the past day. Over the past hour, the coin plunged by 4.59% and in the past seven days, noted a fall of 2.56%. ADA reported a market cap of $4.66 billion with a 24-hour trading volume of $2.41 billion.

LTC Litecoin
Source: AMBCrypto

Binance Coin [BNB] 

At the press time, Binance coin was falling by 7.62% over the past day and continued to fall by 0.92% within the past hour. The coin was valued at $22.99, with a market cap of $3.24 billion. Over the past seven days, BNB managed to register a growth of 20.39%, with a 24-hour trading volume of $296 million.

Cardano [ADA]

ADA Cardano
Source: AMBCrypto

Perfomance of privacy-focused cryptocurrencies (Crypto Insider), Rated: AAA

The AltDex privacy coin index lists MoneroZcash, ByteCoin, Verge, and Komodo as the top five privacy coins by market cap. All five cryptocurrencies are designed to enable users to execute anonymous transactions. The privacy coins, however, saw varying degrees of price surges between the 1st and the 21st of April.

Monero (XMR) Price Movements Since April 1st

The cryptocurrency’s price moved from $55.9 on April 1st to a new 2019 high of $72.3 on the 3rd of April. This was followed by a correction to $62.4 on April 4th. The Monero (XMR) price has since bounced back to reach $68.7 at the time of writing. In all, the privacy coin has seen a 22.8% price increase thus far this month.

Monero
Source: CoinMarketCap

Zcash (ZEC) Price Performance

The Zcash price fell by 1.7% in the last 24 hours. This notwithstanding, the cryptocurrency has recorded an 18.7% price increase since April 1st. The chart below shows the rise from $57.9 on 1st April to the $72.7 peak on 8th April. The price has remained within the $65 to $75 range since an April 4th correction to $65.4. Zcash is currently worth $68.74.

Verge (XVG) Experiences More Volatility

verge
Source: CoinMarketCap

Comparing Ethereum and NEO blockchains by the numbers (CryptoSlate), Rated: A

The NEO token has a 100 million supply limit, which is regulated by limited inflation of 50 million developer tokens released over time. Ethereum, on the other hand, has no supply limit.

The NEO project currently has 203 commitsmade by just 32 contributors. Ethereum, on the other hand, has had over a thousand commits to its GitHub code made by over 100 developers.

According to ConsenSys, the Ethereum network has processed a total of over 353 million transactions at the end of 2018. NEO has only had 22 million transactions to date.

With an average of 664,000 transactions per dayEthereum’s transaction volume is 67 times larger than that of NEO’s, which handles an average of 9,800 transactions per day.

While NEO lost over 85 percent of its USD value from Apr. 20th, 2018, ETH’s value decreased by only 70 percent. When looking at the number of coins needed to purchase one BTC, ETH lost half of its value while NEO lost 75 percent of its value relative to bitcoin.

Bitcoin ethereum neo
Source: CryptoSlate

IEO Market Crosses 50 Offerings Globally, 90% of IEO Launches in 2019 (CoinGape), Rated: A

2017 was the year when the world saw the bust in the Initial Coin Offerings (ICO) Market and the world found a new way to raise capital. But with the drop in crypto markets of 2018 saw the ICO’s vanishing from the market. But the advent of 2019 bought a new hope and the world saw a sudden spike in Initial Exchange Offering IEO’s market and the number of IEO’s has soon crossed 50 in no time.

Initial Exchange offerings
Source: CoinGape

Cryptocurrencies Engulfing Global Economy – Four Sectors Which Can Benefit From Digital Tokens (CryptoNewsZ), Rated: A

Here are four such sectors/divisions which can immensely benefit from the use of cryptocurrencies:

  1. E-Commerce
  2. Virtual Gaming
  3. Global money transfers
  4. Travel and Ticketing

EY Blockchain Whiz Quits Crypto, Says Adoption Not in Bitcoin’s Forecast (CCN), Rated: A

The ruthless bitcoin bear market of 2018 has claimed numerous victims, including many crypto startups and executives. The latest is former EY blockchain leader Angus Champion de Crespigny, who’s leaving the industry.

C-Lever: Safe Instant Crypto-Backed Loans via Stablecoins? (Bitcoin Exchange Guide), Rated: A

C-lever is a blockchain-based service platform that aims to provide loans in stable coins backed by liquid crypto assets such as Bitcoin, Ethereum, and others. In the end, users don’t need to sell their cryptocurrency to leverage the market opportunity.

C-Lever Features

  • Transparent rates: the platform has no hidden fees
  • No credit checks: guaranteed approval of loans
  • Flexible period: free early payment
  • Accepts BTC and ETH: more coins are coming soon

Governments Clamp Down On Energy-Hungry Cryptocurrencies (WCAI), Rated: A

This month, the Chinese government proposed a country-wide ban on cryptocurrency mining.

A Montana county now requires new mining operators to offset their electricity use by funding local renewable energy projects as of early April. And areas flush with cheap hydropower in the Pacific Northwest and Quebec have barred new cryptocurrency operations over the past year.

European Union

Vitalik Reveals He Applied For A Ripple Internship (Invest in Blockchain), Rated: AAA

Ethereum co-founder, Vitalik Buterin, has revealed that he once applied for an internship at Ripple far back in 2013, roughly 2 years before Ethereum was officially released.

Vitalik Buterin

Bitcoin SV’s Delisting Isn’t ‘Censorship.’ But It’s Still a Problem (CoinDesk), Rated: A

Is cryptocurrency exchange Binance’s delisting of bitcoin SV a form of censorship?

And if so, doesn’t that make hypocrites out of all the Bitcoin Core supporters and Craig S. Wright haters who cheered the downgrading of the latter’s competing bitcoin project? Are they not applying a double standard by simultaneously arguing for immutable, “censorship-resistant” blockchains?

Blockchain Phone Fail: Start-up Sirin Labs, Lays off 25% of its Staff (CCN), Rated: A

Sirin Labs, founders of the Finney blockchain phone are making 15 of their 60-person team redundant, as crypto winter bites back with sales of its flagship device “less than expected”.

How Brexit can affect Bitcoin price and Binance price in EU (Cryptopolitan), Rated: A

The clock is ticking for the highly disputed exit of Britain from the EU membership, cryptoanalysts are wondering what this means for the future of crypto in the country. Will this decision leave the UK deprived of legislative and regulatory support from the EU?

CryptoMood Sentiment Analysis Tool: AI Bitcoin Market Trading Signals (Bitcoin Exchange Guide), Rated: A

CryptoMood is a sentiment analysis tool aimed at helping traders to make superior trading decisions through the utilization of artificial intelligence and reliable data from over 50,000 sources that can detect trading signals in advance.

Therefore, with the CryptoMood’s Crypto Sentiment Analysis Tools, traders can acquire trading signals for major cryptocurrencies such as BitcoinEthereumLitecoin, Tether, Stellar, and Bitcoin Cash among many others.

China

Blockchain Research Institute Chairman Says Chinese Renminbi Will Become Crypto in 20 Years (Ethereum World News), Rated: AAA

China has been notoriously harsh on the development of cryptocurrency, imposing a ban on investing and trading into digital assets, including Bitcoin. However, the executive chairman for the Blockchain Research Institute believes that in 20 years, Chinese national fait currency will be replaced by a cryptocurrency version.

Chinese are trained to use digital currency since before crypto (Cryptopolitan), Rated: A

Yang responded by stating that the latest statistics show that a mere fifteen percent (15%) of the overall retail payments are carried out in cash.

Australia

Every cryptocurrency can be hacked ‘within several seconds’ (Micky), Rated: A

In the Melbourne suburb of Clayton, the blockchain guru who invented Monero’s privacy protection is developing and testing the first cryptocurrency that’s safe from quantum hackers.

Dr. Joseph Liu, associate professor in the Faculty of Information Technology at Monash University, estimates that within five years Quantum computers will be able to hack every cryptocurrency currently in existence in a matter of seconds.

Top 5 Blockchain & Cryptocurrency-Friendly European Nations (Coin Idol), Rated: B

Innovative technology giant countries such as Malta, Italy, Switzerland, Denmark, and Estonia, are in the top 5 European nations which are friendly to blockchain, Bitcoin and other cryptocurrencies, and have acknowledged the importance of creating a cryptocurrency focused economy.

Position Country Famous Project(s)
1 Malta Binance, OKEx
2 Switzerland Ethereum Foundation. shapeShift, Tezos, Bancor, and Dfinity
3 Italy Industry 4.0, smart city, made in Italy
4 Estonia CoinMetro, crypto capital
5 Denmark ITU research, OpenLedger
Asia

Japanese Cryptocurrency Exchange Zaif to Resume Activity Seven Months After Hack (Coin Telegraph), Rated: AAA

Japanese cryptocurrency exchange Zaif announced that the transfer of the business from Tech Bureau to Fisco Digital Asset Group (FDAG) will become effective on April 22, and that normal activity will resume on the next day. Cointelegraph Japan reported on the developments on April 20.

Japan Launch Digital Currency Without Using Blockchain (CryptoDaily), Rated: A

Japan have released a new coin called J-Coin Pay, which aims to make Japan cashless without the use of cryptocurrency. This news most likely means that crypto Yen will not be around any time soon.

Man Indicted for Stealing 9M USD in DASH from his Roomate (Crypto Crimoson), Rated: A

A new dark episode stains the reputation of crypto as the Israeli justice has just filed an indictment against a man who allegedly stole the funds that a friend of his stored in a crypto wallet synchronized on his personal laptop.

Latin America

New Campaign Would Allow Cryptocurrency Donations To Be Distributed To Venezuelans (NPR), Rated: AAA

How can you distribute humanitarian aid safely and efficiently, especially to places like Venezuela, where physical cargo, such as food aid and medical supplies, are stopped at the border and the national currency, the bolivar, suffers from devaluation and hyperinflation? Steve Hanke, a professor of applied economics at Johns Hopkins University, is leading a new campaign called Airdrop Venezuela. The campaign would allow cryptocurrency donations to be distributed to Venezuelans that they can use to purchase goods.

Chilean Government Introduces New Cryptocurrency and Fintech Regulation Bill to Congress (Coin Telegraph), Rated: A

The Minister of Finance of the Chilean government Felipe Larraín announced the introduction of a bill regulating cryptocurrencies and fintech to Congress, Cointelegraph Spain reported on April 15.

Caribbean

GoChain Partners with 3 Major Companies and it goes Unnoticed (Altcoin Buzz), Rated: AAA

GoChain partnered with DISH Network, Microsoft and Pukkamex, however, it seems to have gone unnoticed. 3 partnerships that provide proof of concept and real-world adoption, yet these achievements received barely any attention.

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

About the author

Allen Taylor

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