Daily News Digest Featured News

Monday May 20 2019, Weekly News Digest

Bitcoin gains
Source: CoinTelegraph

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United States

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News Summary

United States

Bitcoin Bounces To $ 8,100, Yet Analysts See Potential For Healthy Pullback (NewsBTC), Rated: AAA

No one expected what Bitcoin (BTC) did in the past 24 hours. According to Messari’s OnChainFX, the leading cryptocurrency is up 9% in the past 24 hours, finding itself at $7,950 after touching $8,100 earlier today. Altcoins have experienced similar gains, with most rising by nearly seven or eight percent.

Meteoric Crypto Recovery: Here’s What Triggered Bitcoin Price Above $ 8,000 (CCN), Rated: A

On May 17, as CCN reported, the bitcoin price briefly plunged to $6,400 by more than 18 percent against the U.S. dollar.

Since dropping to $6,400, in less than two days, the bitcoin price has recovered to $8,000, by more than 25 percent within a 48-hour span.

Dovey Wan on Bitcoin

Data Shows Bitcoin Has Radically Changed (Forbes), Rated: AAA

Bitcoin, which has exploded back into the public consciousness over the last few months due to its surging price and a raft of positive cryptocurrency developments, is still a relatively new technology, just into its tenth year.

The bitcoin price, the biggest driver of bitcoin and cryptocurrency awareness, has gone from pennies per bitcoin 10 years ago to around $8,000 and has thrust crypto into the investment limelight as individuals and institutions scramble to grab a slice of the bitcoin pie.

Bitcoin price
Source: CoinDesk

Bitcoin Suddenly Roars Back (Forbes), Rated: A

Bitcoin, up around 10% over the last 24 hour trading period to touch $8,028 per bitcoin on the U.S. Gemini exchange, has bounced back after a sell-off that seemed to have been triggered by a large volume sale on the Luxembourg-based Bitstamp exchange earlier in the week, causing panic selling.

JPMorgan Says Bitcoin’s Jump Mirrors 2017’s Boom-Bust Pattern (Bloomberg), Rated: A

Bitcoin may have gotten ahead of itself with its recent rally, according to JPMorgan Chase & Co.

The best-known cryptocurrency has surged beyond its “intrinsic value,” mirroring a similar move in 2017 which preceded a slump, wrote strategists including Nikolaos Panigirtzoglou in a note Friday. They came to this conclusion by treating Bitcoin as a commodity and calculating its “cost of production” using inputs such as estimated computational power, electricity expense and hardware energy efficiency.

Barry Silbert: Bitcoin (BTC) Revival Different Than 2017 Bubble (SludgeFeed), Rated: A

Barry Silbert, the CEO of Grayscale Investments, a digital asset management firm founded by Digital Currency Group, is extremely bullish on the current crypto market price action.

In a recent interview with Bloomberg, Silbert revealed that he sees the revival of Bitcoin (BTC), which has brought the leading digital currency from $3,000 to $8,000 in only a matter of months, as far different than the bubble formed by the 2017 bull run.

Bitcoin Whales Move $ 84 Million in Crypto as Market Rallies (The Daily HODL), Rated: A

Bitcoin whales

Could Bitcoin (BTC) Scale Back Even Further?  (Ethereum World News), Rated: A

Bitcoin (BTC) is very cyclical. Over its ten years as a tradable asset, it has followed a set pattern, which can be easily charted. This is why Magic Poop Cannon, an ill-titled analyst, has recently begun to raise red flags, noting that the ongoing rally might be a “huge fake out”. In a recent TradingView post, Magic laid out his thoughts on the matter, postulating why BTC could fall from here, potentially to new lows.

Bitcoin, Litecoin Transactions Now Available on WhatsApp (Ethereum World News), Rated: A

The popular instant messaging platform now allows its users to transfer Bitcoin and Litecoin via a new bot, ahead of Facebook that also eyes WhatsApp audience for the use of its stablecoin.

Fundstrat: Bitcoin (BTC) Moving Back to ,000 Confirms Crypto Winter Is Over (Ethereum World News), Rated: A

Bitcoin Fundstrat
Source: @fundstrat on Twitter

Institutional Investors Account For 60% Of Trading On Coinbase Pro (Invest in Blockchain), Rated: AAA

Coinbase CEO, Brian Armstrong, has revealed that institutional investment accounts for 60% of trading on its professional trading platform, Coinbase Pro. Armstrong was speaking to Fred Wilson, Coinbase investors and co-founder of Union Square Ventures at the Blockchain Week NYC.

Coinbase CEO Talks About Staking, Voting, Margin Trading, Lightning Network, and More (CryptoGlobe), Rated: A

On Thursday (May 16), Brian Armstrong, Co-Founder and CEO of digital asset exchange Coinbase, talked about upcoming near and medium term changes to his firm’s products and services.

Armstrong’s comments came during an Ask Me Anything (AMA) session on YouTube, where he was answering the most popular questions from the crypto community on Twitter.

Ripple (XRP) Price Holds Strong Above

Ripple (XRP) Price Holds Strong Above $0.40 after Minor Drop (Crypto Coin Spy), Rated: AAA

.40 after Minor Drop (Crypto Coin Spy), Rated: AAA

The price of Ripple’s XRP token has managed to hold support above $0.40 today after getting hit back by resistance at $0.43. The asset enjoyed several days of impressive gains early last week and threatened to break above $0.50 at points but retraced to around $0.37 when the market dipped. It has since managed to climb back above the significant $0.40 price level.

Ripple CEO Brad Garlinghouse claims 6% of SWIFT transactions require human intervention (AMBCrypto), Rated: B

Ripple’s CEO Brad Garlinghouse, during a recent session at the Swiss National Bank Conference, claimed that around six percent of SWIFT transactions required human intervention.

Poloniex to disable trading of 9 cryptocurrencies for US-based customers (Crypto Reporter), Rated: A

US crypto exchange Poloniex will disable trading of Ardor (ARDR), Bytecoin (BCN), Decred (DCR), GameCredits (GAME), Gas (GAS), Lisk (LSK), Nxt (NXT), Omni Layer (OMNI), and Augur (REP) for US-based customers.

US customers holding balances in above mentioned assets on Poloniex must finalize all trades and close any positions in these assets prior to May 29, 2019.

How KYC compliance keeps your cryptocurrency protected (Yahoo! Finance), Rated: A

Many of the major exchanges now enforce KYC compliance on their customers, which removes much of the anonymity that cryptocurrency enthusiasts strive for. Those in favour of KYC compliance argue that it ensures customers’ safety, but is this truly the case?

Blockchain Is Gaining Trust In The Enterprise (Forbes), Rated: AAA

These and many other insights are from Deloitte’s 2019 Global Blockchain Survey: Blockchain gets down to business. Based on interviews with 1,386 senior executives in twelve nations (Brazil, Canada, China, Germany, Hong Kong, Israel, Luxembourg, Singapore, Switzerland, United Arab Emirates, United Kingdom, and the United States), 53% of whom say blockchain technology has become a critical priority for their organizations in 2019.

Blockchain
Source: Deloitte

Read the full report here.

Overstock CEO Sells Shares in His Company to Invest in Blockchain Projects (Cryptoglobe), Rated: A

Patrick Byrne, the chief executive officer of Overstock.com (OSTK), has recently lashed out at investors who questioned his sale of 900,000 of his ‘founders shares’ in the company. Justifying his move, he revealed he needed the funds to invest in blockchain projects.

According to Business Insider, Byrne recently sent a letter to shareholders after the company’s stock prices plunged over 21% this week to their lowest since 2012, after he revealed he sold 500,000 of his shares earlier this week.

On Friday, the CEO revealed he sold an additional 400,000 shares, meaning he sold over 15% of his stake in the company.

Lampix: Salvatore Buccellato stepping into CEO role (Lampix Email), Rated: A

Please meet Salvatore Buccellato. Sal has been the Chief Revenue Officer for Lampix since the summer of 2018. Starting June 1st, 2019 he will be stepping into the role of CEO for Lampix.

As outgoing CEO I am really proud to have taken Lampix from an idea/prototype to the successful manufacturing of the Lampix commercial development kits.

I strongly believe that it is good practice for companies to regularly have new CEOs who bring new ideas, new resources and a fresh outside vision to the company. During and after the full transition I will of course remain involved with the company as needed.

Sal brings more than 20+ years of experienceas a CEO of multiple successful startups in technology and finance. He has experience with international markets with extensive business in throughout Asia and Europe.

He will be working closely with our co-founder and CTO Mihai Dumitrescu to achieve the company’s short and long term goals.

Thank you,

George Popescu

Hackers at ETH New York Build Apps Geared Towards Social Change (CoinDesk), Rated: A

If building decentralized financial applications was the motto topic of Ethereal, the ethereum hackathon ETH New York was all about discussing the social impact of such applications.

International

Poll: Traders Would Rather Long Ethereum (ETH) Than Ripple (XRP) (Ethereum World News), Rated: AAA

It’s always a battle for dominance. Bitcoin is the lead commanding 56.9 percent of the total market share while Ethereum (ETH) follows closely at 10.9 percent as Ripple (XRP) trails with a share of 6.82 percent. Because of this, it appears that crypto traders–were they to invest in any liquid altcoin, would over and above everything settle for Ethereum (ETH) over Ripple (XRP).

Coinbase Earn Platform allows users residing in 100 Countries to Earn Crypto (Cryptoground), Rated: A

One of the leading Crypto Platform Coinbase has initiated Coinbase Earn Program for the public in around 100 countries, as per the press release on May 17.

As per the announcement, users will be able to earn their share of $100 million pool of cryptos for finishing instructional tasks and for investing in crypto trading. As per the team, this consists of users from around 100 countries across the globe. In order to learn about crypto, users have to register on Coinbase.com/earn.

Blockchain to Combat Modern Slavery in Supply Chains (Coin Idol), Rated: A

In an effort to fight modern slavery in supply chains, major companies are exploring and experimenting with blockchain and distributed ledger technology (DLT). Ascertaining whether products especially minerals including cobalt, gold, copper, etc., are obtained and produced decently is very hard when it comes to supply chains since it is a complex process.

AmaZix Announces Partnership with Olymp Capital (Finance Fintech), Rated: B

AmaZix partnered with Olymp Capital, one of the earliest Investment Fund Managers dedicated to the Blockchain and Digital Asset class in the European Union (E.U.).

European Union

Cryptocurrency Heist- $ 40 Million Worth Theft At Crypto Exchange Binance (Good Time Nation), Rated: AAA

Bitcoin worth of 40 million dollars was stolen from one of the largest cryptocurrency exchanges in the world – Binance.

Binance announced that the hackers withdrew around 7000 bitcoins on Tuesday in a single transaction which valued to be $40 million. The company described this activity as “Large scale security breach,” and it also has mentioned that hackers had used many techniques which included phishing, viruses and various other attacks which impacted company’s Bitcoin hot wallets only.

Binance Launchpad Coins Fetch Eye-Popping Returns of 620% and 787% (CCN), Rated: A

Meanwhile, Binance Coin (BNB) has been climbing higher, rising approximately 40% since the hack in which 7,000 bitcoins were stolen from the exchange’s BTC hot wallet.

Binance
Source: @cz_binance

Ethereum’s False Sense of Decentralisation: 30% of All Ether Held by 376 People (U.today), Rated: AAA

Ether, the token which runs on the Ethereum Blockchain, is aimed at being more a tool of smart contracts than an investable token, yet it has come to light that there are an accumulation of over 300 people who hold a third of all the Ether.

Ethereum Climbs 10% In Rally (Investing.com), Rated: A

Ethereum was trading at $262.97 by 19:15 (23:15 GMT) on the Investing.com Index on Sunday, up 10.08% on the day. It was the largest one-day percentage gain since May 19.

Bitconnect 2.0 Announces it Will Launch on July 1st 2019 (Crypto Crimson), Rated: A

Bitconnect is famous for being the image we all associate with a scam in the crypto community. After being among the most important cryptocurrencies in the global marketcap, the project collapsed, leading many investors to bankruptcy. However, a recent message on Crypto Twitter shows that Bitconnect refuses to die, announcing that a new version of the platform will be released on July 1st, 2019.

Facebook Unexpectedly Plants Its Flag in Crypto-Friendly Switzerland (CCN), Rated: A

Facebook has reportedly set up a fintech company dubbed Libra Networks in Switzerland. The move clearly correlates with the social media giant’s Project Libra.

According to Reuters, the focus of the fintech is on the blockchain, payments, data analytics, and investing.

IOTA News: IBCS Poland Joins the Tangle Universe (Blockchain Reporter), Rated: B

Poland’s IBCS Group, an organization that provides end-to-end supply chain solutions for goods to increase performance, efficiency, and productivity within the enterprise, has officially joined IOTA’s Tangle Universe Project. This according to a press release issued May 17, 2019.

United Kingdom

Calastone Goes Live With World’s Largest Financial Services Community on Blockchain (Yahoo! Finance), Rated: A

  • Calastone has successfully launched its blockchain-enabled Distributed Market Infrastructure (DMI)
  • The migration sees the largest group of financial services organisations ever to connect and transact on a live distributed ledger
  • The entire global funds network of more than 1,800 customers across 41 countries and territories have been migrated onto the blockchain-based network
  • The DMI enables friction-free trading, stripping out cost, risk and operational inefficiencies
China

HTC EXODUS Integrates Kyber Network For Decentralized Crypto Trading (TechLecTor), Rated: AAA

HTC, a publicly-listed consumer electronics company with more than 20 years of innovation, has integrated Kyber Network’s liquidity protocol into Zion Vault on EXODUS 1, the first native web 3.0 blockchain phone, allowing users to easily swap between cryptocurrencies without leaving the wallet.

Chinese Binance Investor says EOS is Nothing but Scam (Today’s Gazette), Rated: A

A fraud allegation has been raised against Dan Larimer’s EOS blockchain project. Known as CHEN Weixing, the crypto tycoon who is an investor of Binance said a number of crypto fraudsters are making the blockchain industry tough for investors.

Blockchain-Enabled Chinese Yuan Could Increase Governmental Oversight, Investor Argues (CryptoGlobe), Rated: B

While China’s government has attempted to restrict transactions involving cryptocurrencies, the People’s Bank of China (PBoC) has reportedly been conducting research to determine the feasibility of launching a blockchain-based Chinese yuan (CNY) since 2014.

Australia

Cryptopia: Stolen Ethereum transferred to unknown wallet days after exchange confirms liquidation (AMBCrypto), Rated: AAA

The saga of the hacked New Zealand-based cryptocurrency exchange, Cryptopia, doesn’t seem to end. Just a week after the exchange entered the liquidation process, over 30,000 ETH stolen from Cryptopia in January was transferred to an unknown wallet.

Asia

CudoOS Launches, Bringing Smarter Crypto Mining to Rig Operators (Business Standard), Rated: AAA

Miner, the crypto software application, today released the latest version of its (GUI) as a stand-alone (OS) that can be deployed or run directly from an external hard disk. The new CudoOS distribution provides miners with multiple GPU rigs to quickly set up or recover a problematic rig with a ready-to-use USB stick.

Blockchain for Financial Inclusion in Nepal (UNCDF), Rated: A

Nepal receives inward remittances worth USD 7 billion per annum, making it one of the major contributors to the country’s GDP. However, only a handful of financial products and services in the market best reflect the realities and aspirations of migrant workers and remittance recipients. With the objective to deliver data driven remittance-linked financial services, Laxmi Bank and New Street Tech, a blockchain enterprise based in India and Middle East, have announced their partnership with investment and technical support from the UN Capital Development Fund (UNCDF). This partnership is further supported by Al Fardan Exchange, a global money transfer operator based in the UAE to explore the role of technology in achieving the sustainable development goals.

Latin America

Dash More Popular Than Bitcoin and Litecoin in Venezuela (CoinGape), Rated: AAA

Recently, in an interview with Fred Schebesta of Crypto Finder, Ryan noted that,

“Dash is actually used more often at the point-of-sale in Venezuela than Bitcoin and Litecoincombined… We have two-three thousand merchants in Venezuala acception Dash.”

Dash has also been integrated by MasterCard earlier this year to provide feasible crypto-to-fiat payments.

Price Surged by Almost 40% Over the Week

Dash recorded a price surge of 23% on 19th May 2019, as the price broke above resistance levels. The price of Dash at 5: 00 hours UTC on 20th May 2019 is 166.9. It is trading 10.92% higher on a daily scale.

Dash
Source: CoinGape
Africa

Reserve Bank explains plans for a South African digital currency (BusinessTech), Rated: AAA

The South African Reserve Bank (SARB) is currently investigating the possibility of a digital currency backed by the rand, and hopes to experiment with at least three different designs and/or deployment models during 2019.

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

About the author

Allen Taylor

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