Daily News Digest Featured News

Monday June 3 2019, Weekly News Digest

Bitcoin price

News Comments

United States

International

European Union

China

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News Summary

United States

Coinbase President Steps Down, New One Revealed (Chainbits), Rated: AAA

The president and chief operating officer of crypto exchange Coinbase has decided to leave the company. This is the latest major exit from the San Francisco-based firm. Here is everything about it in a nutshell.

Coinbase makes EOS cryptocurrency announcement (Yahoo! Finance), Rated: A

Coinbase has added EOS cryptocurrency support for its retail customers.

In a blog post, it says that the option will be available on Coinbase.com and in its Android and iOS apps. “EOS will be available for customers in most jurisdictions, but not initially for residents of the United Kingdom or the state of New York. Additional jurisdictions may be added at a later date,” the post notes.

Coinbase: Now earn worth EOS for learning about EOSIO (Koinalert), Rated: B

Starting today, Coinbase offers its customers in 100 countries opportunities to earn $10 worth of EOS by learning about EOS and EOS Protocols. This provides mutual benefits for both the team by spreading it’s reach among potential users, and the customers by making them invest for free in the EOS market.

Brian Armstrong considers margin trading as Binance makes it real (Crypto Line News), Rated: A

Currently, Binance is offering margin trading on its custodial exchange as they’re revamping the user experience and interface on the platform. Unfortunately, the feature won’t be available to all Binance customers, notably those in the United States.

Towards the last days of May, the vice president of business at Coinbase, Emilie Choi, told The Block that they are considering margin trading which will be “a next big step…especially on the active trader side.”

Coinbase Executive Confirms Company Has No Activity Within the Decentralized Exchange Arena (Bitcoin Exchange Guide), Rated: B

According to a recent interview published by The Block Crypto, it seems that Coinbase is not following Binance’s move. Emilie Choi, the company’s vice president for Business, Data and International, was interviewed by the crypto media outlet and affirmed that there are no current plans to invest in this area.

Facebook Holds Talks With CFTC Over GlobalCoin Cryptocurrency (CoinDesk), Rated: AAA

Facebook has started a discussion with the U.S. Commodity and Futures Trading Commission (CFTC) over the social media giant’s crypto stablecoin initiative.

According to a report from the Financial Times on Sunday, the CFTC chairman Christopher Giancarlo said the agency held “very early stages of conversations” with Facebook. The goal was to better understand if the firm’s crypto stablecoin could potentially fall under the CFTC’s regulatory remit.

Bitcoin’s Overnight Crash Doesn’t Stop Experts From Remaining Macro Bullish (Coin Telegraph), Rated: AAA

On May 30, overnight, the valuation of the crypto market dropped by $19 billion as the price of bitcoin (BTC) briefly dropped from $9,000 to $8,000 — a staggering 11% within a few hours on exchanges like Bitstamp. The drop of bitcoin to $8,000 was not visible on charts of market data providers like CoinMarketCap because the movement occurred in a short time frame.

Bitcoin price

Bitcoin (BTC) Can Still be Censored But There Is A Way Out (Ethereum World News), Rated: A

Bitcoin’s real innovation lies in its decentralized structure. The digital currency has no central management, central point of failure, or centralized store of information. Yet this disruptive technology’s operations are very dependent on centralized features such as computer systems.

Bitcoin Tweet

Bitcoin May Soon Set Fresh Year-To-Date Highs (NewsBTC), Rated: A

Now, Bitcoin is only a stone’s throw away from setting fresh year-to-date highs, and one analyst is quick to note that it may soon surge past the important resistance level around $9,000, assuming it is able to continue climbing past $8,800.

Josh Rager, a popular cryptocurrency analyst on Twitter, discussed the importance of a break above the $8,800 region in a recent tweet, noting that BTC may soon surge into the mid-$9,000 region.

BTC Bitcoin
Source: Josh_Rager on Twitter

Bitcoin (BTC) Bulls Near Exhaustion, Investors Should Be Wary (NewsBTC), Rated: A

On Sunday morning, Bitcoin (BTC) shot up by some 3%, with the asset breaking past a short-term resistance level. Despite this occurrence, which most analysts see as a signal that the ball is clearly in the bulls’ court, there have been some that are still wary of an impending correction.

Bitcoin Set to Crash (Inside.com), Rated: A

My prediction is that there is a 70% chance bitcoin will crash and become worth $500 or less over the next couple of years, with a 30% chance it will trade at the current price or more. I could even see a small chance that it goes $100,000 in the next couple of years.

Bitcoiners Seem to Prefer HODLing to Spending According to Latest Research (CryptoGlobe), Rated: A

Data provided by New York-based blockchain research firm Chainlysis has shown that in the first four months of this year, only 1.3% of economic transactions on the Bitcoin blockchain came from merchants, suggesting users are holding onto their coins.

Bitcoin SV highest gainer in May; started from the bottom but still got a long way to go (AMB Crypto), Rated: AAA

According to a recent report by analytics firm Longhash, Bitcoin SV saw its price climb by a mammoth 247 percent climbing from the 15th spot to currently occupying the 8th position on the ladder. From rock bottom to peak, the price of the coin ranged from a low of $53.22 to $250, marking over 360 percent rise if the extremes are looked at.

Bitcoin SV
Source: BitInfoCharts

Ripple Unlocks 1 Billion XRP From Escrow Wallet To Fund its Operations (Bitcoin Exchange Guide), Rated: AAA

Ripple, one of the most popular companies in the cryptocurrency space, have unlocked 1 billion XRP coins from their escrow accounts. The information was released by Whale Alert on Twitter on May 31st. Ripple controls over 50% of the XRP supply and releases funds every single month to the market aiming at funding its operations.

Watch out Ripple XRP is likely to soar higher in June 2019 (Cryptopolitan), Rated: A

Regardless of the correction, it experienced last month, XRP is estimated to ascend in June. With this correction, the value of XRP did not dive below the main bulls support level of zero point four dollars ($0.4) price spot, viewed as a momentous region for the expansion of resource.

Presently, XRP is traded off at zero point four three dollars ($0.43) with a market cap of eighteen point three billion dollars ($18.3 B).

EOS blockchain accounts for over 60% of all blockchain transaction; holds over 48% of daily active blockchain users (AMB Crypto), Rated: A

EOS exhibited massive rally during the market recovery along with other cryptocurrencies posting gains of 22.12% over the week.

Larimer claimed that the EOS public blockchain currently constituted more than 60% of the entire blockchain transactions.

The CTO further said that EOS holds for over 48% of the daily active blockchain users.

EOS
Source: AMB Crypto

Litecoin convention in Las Vegas at the end of October, price gets minor bump (Our Bitcoin News), Rated: A

The Cosmopolitan at Las Vegas will be hosting the Second Annual Litecoin Summit. This will take place on October 28, and 29th this year. The Litecoin Foundation has released info regarding this.

The 2019 Litecoin Summit Announces its ‘World Leading’ Lineup (Litecoin), Rated: B

The Summit is coming back bigger than ever this year and will be hosting ‘the world’s leading innovators’, ‘most influential names’ and will once more be emceed by Naomi Brockwell.

The lineup includes Litecoin creator and Managing Director of the Foundation, Charlie Lee, who is joined by fellow returning directors Franklyn Richards and Xinxi Wang.

  • Legendary bitcoin bull, Tim Draper
  • Co-founder of Morgan Creek Capital, Anthony Pompliano
  • Senior market analyst at eToro, Mati Greenspan
  • 2/4 of the Magical crypto crew, Samson Mow and Whale Panda
  • Brain Hoffman, CEO Open Bazzar
  • Trey Griffith, founder of Sparkswap
  • Camarena the lightning lead at Bitrefill
  • Caitlin Long of the Wyoming Blockchain Coalition
  • Eric Brown, CEO Aliant Payments
  • Chris Kline, COO Bitcoin IRA
  • Justin Wu, Founder Coinstate

Joining the leading innovators are Sporting celebrities which the Foundation have recently partnered with including:

  • Apolo Ohno, 8 times Olympic medalist
  • Ben Askren, professional MMA fighter at the UFC
  • Landon Cassill, professional Nascar driver
  • Tyler Adkinson, formerly of the LA dodgers turned hedge fund manager
  • CJ Sapong, football player for Chicago Fire

5 Crypto Assets With Major Pump-Worthy Catalysts in Q3 (CCN), Rated: A

1. ZCASH (ZEC) – YCASH ‘FRIENDLY’ HARDFORK

The stated aim of Ycash developers is to reinforce the concept of mining on commodity hardware. Free coins are on the way for holders of Zcash in what has been termed the Ycash “friendly fork.”

2. GOLEM (GNT) – GRAPHENE RELEASE

Golem launched in 2016 with aims to become a decentralized ecosystem for cloud-computing on the blockchain.

3. LITECOIN (LTC) – CRYPTO BLOCK REWARD HALVING

In early August the Litecoin block reward will be reduced from 25 to 12.5 LTC. Known in internet headline terms as “the halvening,” this event has historically been a catalyst for price pumps.

4. 0X (ZRX) – V3.0 UPGRADE

0x (ZRX) is a protocol for running decentralized crypto exchanges on the Ethereum blockchain.

5. NEM (XEM) – LAUNCH OF PROOF-OF-STAKE+ CONSENSUS ALGORITHM

Part of the upcoming Catapult upgrade, NEM recently surged by 55% overnight in coincidence with the first official update.

Why DAI Is A Different Kind Of Stablecoin (Crypto Briefing), Rated: AAA

Most traders group Dai together with Tether (USDT) or TrueUSD (TUSD), dollar-backed tokens that provide shelters from the volatile prices of most other digital assets.

The key distinction is that Dai is backed by Ether (ETH)tokens, rather than actual US dollars.

Filling your digital wallet: Using cryptocurrency to benefit your business (Bankless Times), Rated: A

There’s no getting around it, cryptocurrency is changing the face of business as we know it. From the perspective of any business that’s been going for some time, it could appear to be a passing thing, but with the rise of bitcoin and the technology being developed to accommodate this, it’s a bandwagon that we are foolish not to jump on. But while there are numerous risks associated with any business, from outsourcing certain processes to embracing technology that may prove to be a fad, cryptocurrency needs to be a part of any business infrastructure. Why is this, and how can we get it on board?

How to Get Your Girlfriend Interested in Cryptocurrency (CCN), Rated: A

Forget the debate about whether we need more women in blockchain. This article isn’t about that. Follow these steps to get your girlfriend interested in cryptocurrency for your self-interest.

Bumble Bee Foods Uses Blockchain To Track Tuna (Crypto Briefing), Rated: A

The next time you eat a tuna sandwich, think about where it came from. You might enjoy your lunch a bit more if you knew it was sustainably harvested, with the help of blockchain technology.

Aiding this possibility is SAP, a cloud-based blockchain platform, and Bumble Bee Foods, a shelf-stable seafood company based in North America. Bumble Bee is using SAP’s services to track the journey of yellowfin tuna from an Indonesian fishing village to a nearby port city processing plant before finally reaching grocery stores in the US.

State Farm and USAA test out blockchain solution (Yahoo! Finance), Rated: A

Insurance companies State Farm and USAA are working on a project that tests how blockchain technology can improve the speed of the auto claims subrogation process.

Salesforce Introduces CRM Blockchain Platform For Selected Clients (BlockchainNews), Rated: A

Salesforce is rolling out a new product called Salesforce Blockchain –  a low-code platform that enables organizations to share verified, distributed data sets across a trusted network of partners and third parties.

Most Of The Ethereum Decentralized Apps Were Not Used Efficiently, Says Paul Brody (CryptoNewsZ), Rated: A

Ernst and Young’s, Principal and Global Innovation Leader, Blockchain Technology, Paul Brody Stated that on the Ethereum network,83% Dapps (decentralized applications) are not being utilized productively. During a meeting at Fintech Forum facilitated by the United States SEC (Securities and Exchange Commission’s) at Big Four review firm EY, Brody talked about the advances in the blockchain and the issues blockchain technology faces today, and the digital asset sectors as well.

Kik announces #DefendCrypto (CoinGape), Rated: A

This week, Kik, the messaging app, launched an initiative escalating its regulatory struggle against the U.S. Securities Exchange Commission (SEC). The new initiative called the DefendCrypto.org is a coordinated crowdfund campaign centered around fighting the SEC in court to push back against tokens like kin being considered securities in the U.S.

R3 Founder: Blockchain Technology a “Perfect Fit” for Derivatives and Smart Contracts Shares (Bitcoin Exchange Guide), Rated: A

“There has been work going on around derivatives in the industry […] One of the other challenges for any implementation is coming to a standard representation of a derivative contract or smart contract.”

Blockchain Market Leader ShelterZoom Adds Three High-Level Advisors (RISMedia), Rated: B

David Rosenbaum is a principal at Citrin Cooperman and a practice leader of the firm’s Technology and Risk Advisory Consulting group.

Andrew I. Pedvis, CFA, is a senior member of the Genesis Block advisory group.

Mr. Satoshi Okada has served as Alibaba Group vice president and also on the board of directors of Alibaba.com Japan since May 2007.

International

Binance DEX to Block Users From 29 Countries, Including the U.S. (CryptoGlobe), Rated: AAA

Binance’s decentralized cryptocurrency exchange is reportedly set to start blocking users from the United States and 28 other countries in July of this year, presumably over regulatory concerns over the tokens that can be listed on the platform. This means they won’t be able to trade via Binance.org.

Binance and Cred Partner to Bring Decentralized Financial Services and LBA to Binance Chain (Financial Post), Rated: A

Binance, the world’s largest cryptocurrency exchange by trading volume and developer of proprietary blockchain Binance Chain, and Cred, the platform for crypto lending and borrowing, today announced an agreement to work together to spur the decentralization of finance. As part of the agreement, Cred will migrate a portion of its ERC20 LBA tokens to Binance Chain and will become the official lending and borrowing platform for the DeFi ecosystem. As both an investor and partner in Cred, Binance will also look for opportunities to leverage and support Cred’s industry-leading services within the Binance ecosystem.

Top 5 Crypto Performers: BSV, TRX, ATOM, MIOTA, ETC, NEXO (Yahoo! Finance), Rated: AAA

The United States generates 24.5% of the total traffic directed to cryptocurrency exchanges globally, with 10% to Japan in second place and 6.5% to South Korea in third.

BSV/USD

Bitcoin sv (BSV) was the best performer once again as it ended with gains of over 100% in the past seven days.

Bitcoin SV

TRX/USD

Tron (TRX) had slipped out of the top 10 rankings on CoinMarketCap during the week.

Tron

NEXO/USDT*

Nexo (NEXO) claims to be the world’s first instant crypto credit line provider. The firm is present in more than 200 jurisdictions and offers loans in over 45 fiat currencies. Having processed $500 million for more than 200,000 Nexo users, the company will soon launcha Nexo Card, starting with Europe. The card will allow its clients to use the credit limit to buy anything, similar to any other card but with better terms.

ATOM/USD

Atom

National Bank of Belarus could invest in $ 637M seaport project in Vietnam via Relex crypto model (AMB Crypto), Rated: A

The cryptocurrency ecosystem received a major validation in terms of adoption as it was announced that Relex, an investment platform which uses virtual assets, was “endorsed” by a massive $637 million seaport development project.

Global banks mint digital coin for fast cross-border transfers (Asian Review), Rated: A

Major banks in Japan, the U.S. and Europe are developing a blockchain-based digital coin that can be used to instantly settle overseas money transfers instantly, lowering transaction costs by cutting out intermediaries.

The project will be run by Fnality International, a company recently established in London with about 50 million pounds ($63.1 million) in capital from 14 participating banks, including Japan’s MUFG Bank and Sumitomo Mitsui Banking Corp.; UBS, Credit Suisse and Barclays of Europe; and U.S.-based State Street. The Japanese banks are believed to have contributed several hundred million yen each.

New Ethereum Blockchain project with EY (Crypto Line News), Rated: A

There has been a new project that has started with the well known financial company Ernst & Young’s. The company has entered an experimental phase in order to start on its private-transaction project using the Ethereum blockchain for development.

6 Factors to Help You Create a Popular Blockchain Business (CoinIdol), Rated: A

Out of more than 80,000 blockchain projects, only 8% to 10% survived, and this survival rate of the projects paints a bad picture for those interested in setting up their own individual startups using distributed ledger technology or blockchain.

In Summary

  • Find a knowledgeable founder with enduring interest in the project which is to be enhanced by using DLT or blockchain.
  • Get an outstanding idea which is certainly worth trillion and encounter the actual market sting/pain.
  • Get a skilled team of blockchain or DLT engineers who has industrialized along with the fruition of this particular technology and has an adequate level of expertise in creating long-lasting solutions.
  • Make sure you get a lot of friends having other blockchain-related projects. Befriend anybody that can see advantages of your technology. Remember to give much and take less.
  • Work hard with your team to win awards for excellence beyond technology — receive awards for your project model, for the attention you and the team put into forming the idea and providing real value to users.
  • Always encircle the critics, create a reputation for meticulousness.
  • Don’t stop innovating.
  • Provide security and be a significant model for other startups.
  • An entrepreneur who wants to start up a successful blockchain-related business, should also research, learn and find out the following useful stuff: fundamentals of blockchain technology; basics of prosperous blockchain-related businesses; gathering capital for your blockchain startup/project/business/venture; how to create tokens, token economies and tokenomics; problem that you are aiming at resolving using blockchain; ways you will make money from the project; the best and easy way of growing your community; mounting the blockchain value scheme; how to team-up with development partners; appreciating the challenges of digital currency and banking; and developments in blockchain industry.

The Third Generation of Transaction Models by everiToken (NewsBTC), Rated: A

According to the latest statistics[1], the total market value of assets managed on blockchains, including the full spectrum of coins, tokens, and digital currencies, is about $276 billion.

On everiToken’s platform, each token has an identity that enables the implementation of specific rollbacks and governance that make 51% attacks unprofitable.

LocalEthereum temporarily removes fees to buy or sell Ethereum via cash (AMB Crypto), Rated: A

LocalEthereum, based in Australia, published a blog explaining how they had dropped the charging fees for buying and selling Ethereum.

Recently, LocalBitcoins.com, a Helinski-based Bitcoin exchange, stopped servicing Iran residents, while the Central Bank in India issued a circular preventing banks from entertaining users buying crypto.

Unbank Yourself: Celsius Network Reveals The Listing Of CEL Token On Liquid Exchange (Oracle Times), Rated: B

The Celsius Network just revealed their token CEL will be listed on Liquid, a trading platform that links fiat and crypto.

European Union

Analyst Prep For Ethereum Rally As ETH’s Technicals Flip Bullish (Ethereum World News), Rated: AAA

The popular cryptocurrency has underperformed Bitcoin, rallying by 100% year-to-date compared to Bitcoin’s 130%, but some are sure that ETH has upside potential.

Case in point, Ethereum’s one-day chart is about to see its 100 exponential moving average (EMA) and 100 simple moving average (SMA) cross over. As per a tweet from Brave New Coin’s Josh Olszewicz, the last time the asset saw a bullish cross in these two levels, what followed was a rally from single digits to $1,400 during the zany bull run of 2017. While it is unlikely that Ethereum will ever see such an explosion again, the impending moving average cross should be counted as bullish.

Ethereum
Source: @NebraskanGooner on Twitter

Chainlink launches network on Ethereum, Honeywell to use blockchain in used aircraft market (Blockmanity), Rated: A

Chainlink, the interoperability focused company, has announced the launch of its network on the Ethereum blockchain. The news was announced on the company’s official blog post on 30th May, 2019.

Block.One Launches Twitter Competitor Called ‘Voice’ (Be In Crypto), Rated: A

Block.one, the startup behind the EOS blockchain, has just released a Twitter-like platform. The social media application is currently open for beta-access sign-ups.

China

How Chinese hackers turned 50,000 servers into cryptocurrency miners (The Daily Dot), Rated: AAA

From February to May, a group of Chinese hackers silently managed to breach tens of thousands of servers across the world to mine cryptocurrency, cybersecurity firm Guardicore Labs has found.

At one point, the attackers had installed cryptomining malware on some 50,000 servers belonging to organizations working in the health care, telecommunications, media, and IT sectors. Cryptominers are a strand of malware that hijack the resources of infected machines to solve complicated mathematical problems and collect cryptocurrency rewards.

Japan Officially Approves Amendment Bill, To Bring Changes In Two Laws Governing Cryptocurrencies (CryptoNewsZ), Rated: A

Japan has officially approved a new amendment bill on Friday, which will allow lawmakers to amend two laws related to crypto assets in the country. The bill was prepared by Japan’s Financial Services Agency (FSA) and has now been passed by both the houses of the Japanese Parliament.

NEO Hopeful To Widen Its Adoption As It Gets Support On Crypto.com (CryptoNewsZ), Rated: B

One such influential platform is Crypto.com, which has been involved in the sale and purchase of cryptocurrencies and their conversion into fiat currencies for quite some time now. The platform has a long list of cryptocurrencies it supports in terms of transfer and exchange, and now it has announced the addition of NEO cryptocurrency to its existing list of supported cryptocurrencies. This inclusion also means that NEO gets the support of the “MCO Visa” card which will convert NEO into fiat currency instantly and can be used all over the places where the visa card is accepted for the payment.

Australia

ASIC Updates Guidance for ICO, Crypto-Asset Issuers (Regulation Asia), Rated: AAA

The guidance tells issuers how to determine whether an ICO or crypto-asset is considered a financial product, and which Australian laws would apply.

Asia

Analysts Say This Is a Great Time to Invest in IOTA (MIOTA), Here’s Why (Smartereum), Rated: AAA

IOTA (MIOTA) is one of those digital currencies that have seen very positive movements over the past couple of weeks. IOTA (MIOTA) is a Tangle-based digital currency, it is also known as the IoT cryptocurrency.

MIOTA

Iota Foundation Announces Impeding Removal of the Coordinator, Platform to Become Fully Decentralized (CryptoNews), Rated: A

The Iota Foundation has announced that it will soon remove the Coordinator, a security related addition to the platform protocol. This move will be the most significant development to-date on Iota’s roadmap. If successful, it could transform the entire blockchain space.

Africa

How technology could help rural South Africa turn sunshine into income (MENAFN), Rated: AAA

In South Africa 15.6% of the households are not connected toan electricity supply . This is unlikely to change in the near future with centralised power production because it requires major investments to extend power lines to remote communities. For these communities, having their own decentralised grid solutions holds tremendous economic potential.

Rwandan Central Bank Issues Warning Against “Pyramid Schemes, Network Marketing Programs and Scam Coins” (Crowdfund Insider), Rated: A

John Rwangombwa, Governor National Bank of Rwanda (BNR), has issued a notice alerting Rwandan citizens, “to the existence of investments scam(s)…operating in Rwanda (through locally-registered businesses or from abroad through online platforms).”

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

About the author

Allen Taylor

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