Daily News Digest Featured News

Monday June 24 2019, Weekly News Digest

Kaspersky cryptocurrencies
Source: The Asian

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United States

International

European Union

APAC

OTHER

News Summary

United States

Bitcoin soars above $ 11,000 for the first time in 15 months — now up 170% for the year (CNBC), Rated: AAA

The digital coin hit an intraday high of $11,307.69 around 5:30 a.m. HK/SIN Monday, according to Coindesk’s Bitcoin Price Index, which takes into account the price of the cryptocurrency across various exchanges. That’s the highest level since March 5, 2018. Bitcoin had pared some of those gains and was trading at around $10,624.10 at 10:05 a.m. HK/SIN Monday.

4 Big Reasons Bitcoin’s Price Will Probably Not Stop at $ 20K This Time (Yahoo! Finance), Rated: AAA

Bitcoin broke through into the mainstream in late 2017. At the time, its historic surge to nearly $20,000 was driven mainly by retail investors. This time, however, the public is still largely on the sidelines, according to Google Trends.

Bitcoin $20,000
Source: Coin360.com

Network fundamentals better than ever

As Cointelegraph reported on Friday, hash rate hit a new all-time high at over 65,000,000 TH/s.

BTC hash rate
Source: blockchain.com

Backtesting a Sentiment Analysis Strategy for Bitcoin (Hacker Noon), Rated: A

Creating algorithms to trade Bitcoin is hard, and finding good data that is independent of the price but still correlated with the market is even harder. Sentiment data could be the answer, but it’s often hard to use for algorithmic trading, and rarely provides more than an unsophisticated positive or negative signal.

Getting data from the Augmento API is just as easy. For Twitter activity about Bitcoin for the same period:

Augmento

Bitcoin Prices Could Make Paying Taxes in Bitcoin Even More Attractive (Coin Telegraph), Rated: A

If you owe $10,000 in taxes, you could pay the $10,000 in U.S. dollars. If you pay with $10,000 worth of bitcoin, as long as the crypto is worth $10,000 when you pay, you’re home free, right? Not really. You need to consider the sale you just made.

The transfer of the crypto to the tax man is a sale, and that could mean more taxes for the year of the payment. If you bought the crypto for $10,000 the day you pay your taxes, there’s no gain. But suppose you bought the crypto a year ago for $1,000 and it’s worth $10,000 when you use it to pay taxes? That’s right, you have a $9,000 gain.

What’s Behind Facebook’s Digital Currency And Why Spotify Is Interested (Forbes), Rated: AAA

This week, tech giant, Facebook, released a whitepaper – an informational vision document typically reserved for startups, along with an announcement of Libra, a “stable” digital currency the company hopes to bring to life in 2020.

With founding members strategically assembled from all sectors – payments, technology and marketplaces, telecommunications, blockchain, nonprofit, and venture capital, each were required to invest at least $10M into operating Libra – a seemingly moderate investment for access to Facebook’s 2.3 billion monthly active users.

Ripple (XRP) Follows Bitcoin (BTC) Surge Trend To Reach The $ 0.50 Mark (CryptoNewsZ), Rated: AAA

As on June 23, 2019 at 09:46:37 UTC, BTC is trading at $10,588.94 and XRP is trading at $0.47 and both coins are rising upwards. In the last 5 days, while XRP showed an uptrend of over 11% rising from $0.42 to its current value, BTC coin surged by 16% rising from $9109.77 to its current value. XRP also reached as high as $0.50 in the same time period while BTC peaked as high as $11,157.

XRP BTC

XRP/USD stays under pressure after a sharp sell-off on Monday FXStreet), Rated: A

XRP/USD hit the area above $0.50 during the weekend; however, the coin failed to hold the ground and retreated to $0.4650 by the time of writing. Notably, XRP has lost 4.7% since this time on Sunday, and 2% since the beginning of Monday trading.

Ripple’s market value has settled at $19.4 billion, while the trading volumes settled at $2.1 billion, which is twice as much as usually.

Ripple CEO: “I will send a case of champagne to Libra boss David Marcus.” (Asia Crypto Today), Rated: A

In an interview at Fortune’s Brainstorm event, Brad Garlinghouse insisted that the Libra white paper has already proven fruitful for his company’s xCurrent banking payment software and associated XRP cryptocurrency, as banks are now more interested than ever.

Litecoin (LTC) Spending Avenues Increase, Bulls Gifted With Another Entry (NewsBTC), Rated: AAA

At $8.4 billion, LTC’s market cap is around its all-time highs.

Trading at $135, LTC is up two spots to fourth with a market cap of $8.4 billion but down 4.4 percent in the last day.

Litecoin
Source: NewsBTC

Litecoin (LTC) Gives Sudden Shock by Losing in 1 Day (CryptoNewsZ), Rated: A

Litecoin (LTC) is one of the most valuable coins in the conventional market due to its high market cap and increasing interest of investors. But contrary to the movement of Bitcoin (BTC), Litecoin is falling since yesterday. In the last 24 hours, the coin has shown a consistent fall. The first fall was noticed around 06:44 UTC yesterday and the coin lost 1.69% of its value in 4 hours and 15 minutes. The coin encountered its second significant fall between 20:27 UTC and 21:56 UTC. This fall cost the coin 2.04%. And the last big fall was of 3.11%, which happened over 2 hours and 19 minutes. In total, the coin lost 7.59 USD in the previous 22 hours.

This Crypto Gained 466% Since Jan 2019 and it’s Not Bitcoin (BlockPublisher), Rated: B

Fourth largest market cap cryptocurrency, Litecoin has successfully outperformed, in addition to bitcoin, Ethereum and ripple as well. With the market cap of more than $8.7 billion, Litecoin has risen more than 466% since the start of 2019.

Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis (Yahoo! Finance), Rated: A

Bitcoin Cash ABC fell by 1.67% on Sunday. Partially reversing a 9.93% bounce from Saturday, Bitcoin Cash ABC ended the week up 11.22% to $474.45.

Bitcoin Cash

Litecoin Stumbles

Litecoin slid by 3.34% on Sunday. Reversing a 1.6% gain from Saturday, Litecoin ended the week down 0.25% at $136.66.

Litecoin

Ripple’s XRP back at sub-$0.46 Levels

Ripple’s XRP fell by 1.5% on Sunday. Partially reversing a 7.15% rally from Saturday, Ripple’s XRP ended the week up 9.9% to $0.47086.

Ripple

Ripple’s CEO Just Made A Sudden ‘Turnaround’ On Bitcoin (Forbes), Rated: A

“I don’t think that there will be one crypto to rule them all,” Garlinghouse said, speaking at the Fortune Brainstorm Finance 2019 conference. “I own bitcoin and am long bitcoin.”

Binance DEX welcomes its first stablecoin—StableUSD (Cryptoslate), Rated: A

Seattle-based Stably had its flagship StableUSD listed on Binance DEX as a native BEP2 crypto-asset—USDSB.

The addition opens up opportunities for on-chain trading on the DEX, providing traders with an additional tool for hedging against volatility or redeeming their crypto for fiat. A stablecoin on Binance DEX also opens up a host of algorithmic and automated trading strategies.

Bitcoin Millionaire John McAfee Makes Cuba His Presidential HQ (CCN), Rated: A

Bitcoin millionaire John McAfee, who’s still running for U.S. president despite being a fugitive for tax evasion, has selected Havana, Cuba, as his campaign headquarters.

Cryptocurrency Scammer Dubbed ‘Coyote of Wall Street’ Pleads Guilty (Yahoo! Finance), Rated: A

A scammer that called himself the “coyote of Wall Street” has admitted to telling clients he would invest their money in cryptocurrency only to keep it for himself. Patrick McDonnell, a 46-year-old from Staten Island in New York, pleaded guilty to one count of wire fraud on Friday.

The Friday case claimed that McDonnell took investor money for himself and spent at least $194,000. He took over $164,000 from the man at the center of the Friday case, telling the investor the stake had risen to $274,000.

Bakkt hires former Google consultant as pressures to release crypto product increase (Tokenpost), Rated: A

The pressure for Bakkt – the cryptocurrency initiative meant to make the trading and investment using bitcoin easier – to release a crypto product is increasing. The project did receive funding worth $182 million to develop and produce a wallet for digital assets called Bakkt Pay. To help it do so, the firm has hired a former consultant for Google in order to assist in the rollout of the product.

This information about the new hire reportedly comes from an insider with knowledge of the situation, The Block reports, with the latest addition to the team being Chris Peterson.

Permissionless vs. Permissioned Blockchains – An Argument Worth Having? (Crypto Briefing), Rated: A

The permissioned vs permissionless argument has divided the blockchain sector, and those divisions can often get heated. Is there room for both?

RECENT ATTACK THROUGH FIREFOX WAS DIRECTED AGAINST COINBASE EMPLOYEES (Cryptobit), Rated: A

The Coinbase Security team and Google security researcher Samuel D. Gross discovered a vulnerability in the popular Mozilla Firefox browser, which can be used to launch a type mixing attack using JavaScript objects.

“On Monday, Coinbase detected and blocked an attempt by attackers to access the Firefox system and target Coinbase employees”, – Philip Martin Twitter, member of Coinbase security team.

Verified Organic, Treum launch Ethereum blockchain solution for organic hemp production (Yahoo! Finance), Rated: A

Verified Organic has kicked off the first phase of a project that tracks organic hemp production for Integrated CBD from seed to sale, using the Ethereum blockchain. This has launched in partnership with Treum, (formerly Viant.io), a supply chain platform backed by ConsenSys.

Blocksyte And Caroli Are First To Announce Blockchain Traceability In Extra Virgin Olive Oil Supply Chain (PR Newswire), Rated: A

Blocksyte, a SaaS-based blockchain supply chain application company focused on the food industry supply chain, and Caroli, the award-winning producer of high-quality, extra virgin olive oil, today announced the successful introduction of end-to-end blockchain traceability into the olive oil supply chain.  Blocksyte’s SaaS-based application has been used to track Caroli’s olive oil shipment between Italy and the United States, monitoring real-time location, temperature, humidity, and light exposure, to ensure that the olive oil was handled under optimal conditions throughout its entire journey.

Davidson seeks to update U.S. law on cryptocurrencies (Dayton Daily News), Rated: A

U.S. Rep. Warren Davidson, R-Troy, is spearheading an effort to bring U.S. law up to speed with rapid developments and use of digital currencies like bitcoin and other cryptocurrencies.

Davidson said there is no real legal definition for cryptocurrencies in the U.S. and said that creating one will help the economy and be good for Ohio.

International

Facebook’s Libra cryptocurrency ‘poses risks to global banking’ (The Guardian), Rated: AAA

Facebook’s plan to operate its own digital currency poses risks to the international banking system that should trigger a speedy response from global policymakers, according to the organisation that represents the world’s central banks.

Zuckerberg’s new cryptocurrency is absolutely terrifying (New York Post), Rated: A

Just when it seems Facebook can’t get more sinister, more Orwellian or more mercenary, it does — announcing its own branded global cryptocurrency.

Facebook’s Libra Isn’t a “Cryptocurrency” (Counterpunch), Rated: A

A new currency with no built-in respect for political borders, and with a preexisting global user base of 2.4 billion Facebook users in nearly every country on Earth, could seriously disrupt the control those institutions exercise over our finances and our lives.

Bitcoin Falls Under $ 10,700 as Top Cryptos See Mixed Movements (Coin Telegraph), Rated: AAA

Bitcoin is currently down over 4.65% on the day, trading around $10,644 at press time, according to Coin360. Looking at its weekly chart, the coin is up over 16%.

Bitcoin

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at over $32.8 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $19.9 billion at press time.

ETH

Top 5 Crypto Performers: NEO, XMR, BTC, BNB, ETH (Coin Telegraph), Rated: AAA

NEO/USD

Neo (NEO) was the best performer among major cryptocurrencies in the past seven days. The official Twitter page reported a fake website misleading token holders on the pretext of NEO 3.0 token swap. Can the digital currency pick up momentum and play catch up with other altcoins? Let us find out.

NEO

XMR/USD

Monero (XMR) was the second-best performer in the past seven days as it rallied about 20%.

XMR USD

BTC/USD

Within two weeks, the BTC/USD pair skyrocketed from $7,513.79 to $11,165.69. That is a rally of 48.60% within a short span of time. The 20-week EMA is sloping up and the RSI is in overbought territory, which suggests that the bulls have the upper hand.

BTC USD 1

BNB/USD 

BNB

ETH/USD

The ETH/USD pair is knocking on the doors of the overhead resistance at $322.06. The moving averages are close to completing a bullish crossover and the RSI is near the overbought level, which indicates a trend change.

A breakout and close above $322.06 can propel the price to $480 as there are no major resistance levels in between.

ETH USD

Central Banks Are Using Blockchain To Stabilize The Global Financial System (Forbes), Rated: A

One of the most underrated implications of the Great Recession in 2008 was how it showed the stark weaknesses and strengths of an integrated global economy and spurred policy innovations to break out of the silo of nation-by-nation monetary policy. One of the most direct mechanisms for this was the rise of currency swaps: open lines where central banks agree to swap their domestic currencies between each other to help alleviate financial problems in foreign jurisdictions that increasingly affected globalized domestic currencies.

Binance Coin (BNB) Is Rocketing, But Is It A Good Investment Choice? (Asia Crypto Today), Rated: A

Notable, since mid-Dec, the coin has soared 7.5X, testing lows of $5 before rocketing to $39 at the time of writing. Launched in 2017, BNB was created to help the exchange in paying startup expenses like hiring new developers, marketing, and bolstering the security of the exchange servers. In the ICO stage, the token raised $15 million. Eventually, users began using the coin to pain for transactions fees on the platform.

Just one-in-ten per cent understand how cryptocurrencies work (The Asian), Rated: AAA

New Kaspersky’s survey has discovered that a lack of understanding and trust is holding consumers back from using cryptocurrencies. The Kaspersky’s report, ‘Uncharted territory: why consumers are still wary about adopting cryptocurrency, reveals that whilst 29 per cent of people have some knowledge of cryptocurrencies and there is a demand among many to Use the technology, just one-in-ten (10 per cent ) fully comprehend how they work.

Kaspersky cryptocurrencies
Source: The Asian

Decentralized social media – the good, the bad – and the potentially ugly (Brave New Coin), Rated: A

Steemit and Minds have emerged as the two most popular decentralized social platforms, each with over one million registered users. Both platforms can be referred to as incentivized social media networks as they reward users in cryptocurrency for contributing to their networks.

Steemit has almost 1.2 million registered users with around half a million active users that discuss a wide range of topics such as news, sport, politics, and technology but with the bulk of discussions focused on cryptocurrency as the user base largely comes from this community. After strong early momentum, in 2019, the platform has struggled to retain user interest.

Today, the Ethereum-based Minds has 1.25 million registered users of which a little over 100,000 are active on the platform.

This week it emerged that Block.One paid $30 million for the Voice.com domain.

Telegram’s Proof of Stake-based TON Network to Compete with Cosmos, Polkadot (CryptoGlobe), Rated: A

According to Cointelegraph’s analysis, the TON platform will most likely compete with both Cosmos and Polkadot when it comes to market share and when onboarding new users and development teams.

Microsoft and Ethereum Foundation Swell the Hyperledger Ranks Amid Growing Cross-Industry Blockchain Collaboration (Coin Telegraph), Rated: B

United States tech giant Microsoft and the Ethereum Foundation are among the latest companies to join the ranks of the Hyperledgergreenhouse hosted by the Linux Foundation. Many notable names in the tech and wider business fields today are developing enterprise-grade solutions based on the expanding set of tools built on Hyperledger.

European Union

Ethereum surpasses $ 300 mark, best performance in 10 months (Tokenpost), Rated: AAA

The cryptocurrency just hit the $300 mark, which is its best figure in over 10 months.

As of writing, Ethereum is trading at $303.96, which is a drop from the day’s high of $315.48. The fact that it was able to surpass the $300 mark is a good sign of the crypto market doing well. This also puts the crypto coin’s market cap at $32.40 billion. This allows Ethereum to retain its position as the second largest digital currency in the market.

Ethereum Climbs Above 305.56 Level, Up 3% (Yahoo! Finance), Rated: A

Ethereum rose above the $305.56 threshold on Monday. Ethereum was trading at 305.56 by 21:15 (01:15 GMT) on the Investing.com Index, up 3.06% on the day. It was the largest one-day percentage gain since June 18.

The move upwards pushed Ethereum’s market cap up to $32.36B, or 10.08% of the total cryptocurrency market cap. At its highest, Ethereum’s market cap was $135.58B.

Ethereum had traded in a range of $297.90 to $308.51 in the previous twenty-four hours.

Why Ethereum’s Privacy Matters and What’s Being Built to Support It (CoinDesk), Rated: A

Privacy for a public blockchain network is a bit of an oxymoron, given that, by nature of the technology’s design, data must be shared and widely distributed on the network in order to be considered valid. What’s more, for a high-profile public blockchain network like ethereum, several blockchain analytics websites and data scraping services exist to proliferate this data beyond just the users of the network.

A ‘Friendly’ Ethereum Fork to Be Released for Testing and Research Purposes (CryptoGlobe), Rated: A

James Hancock, the Project Team Lead at EthSignals, an organization focused on providing “tools and sources of high-quality information” to assist in the growth of Ethereum’s (ETH) ecosystem, has revealed that he intends to conduct a “friendly fork” of the world’s largest smart contract platform.

Binance Coin (BNB) Trading Up 15.4% Over Last Week (Mayfield Recorder), Rated: AAA

Binance Coin (CURRENCY:BNB) traded down 1.7% against the US dollar during the 1 day period ending at 18:00 PM Eastern on June 23rd. Binance Coin has a total market capitalization of $5.29 billion and approximately $377.15 million worth of Binance Coin was traded on exchanges in the last day. In the last week, Binance Coin has traded up 15.4% against the US dollar. One Binance Coin token can now be bought for approximately $37.48 or 0.00339769 BTC on major cryptocurrency exchanges including EtherDelta (ForkDelta), Gate.io, LBank and FCoin.

Binance’s Bitcoin-Pegged Token: Is BTCB Really Necessary? (Crypto Briefing), Rated: A

Binance announced a new asset-backed token last week. Known as BTCB, it is backed by a reserve fund of Bitcoin (BTC) and will enable users to exchange the coin’s value on the Binance ecosystem.

Seems slightly crazy right? Maybe not.

Rent contracts will all have to be registered on the blockchain, Prime Minister says (Malta Today), Rated: A

Every rental contract for property drawn up in Malta will have to be registered on the blockchain, ensuring its security, the Prime Minister said.

China

Facebook’s Libra global cryptocurrency – how will China react? (SCMP), Rated: AAA

Facebook’s plans to launch a cryptocurrency could usher in a new type of “currency competition” and force China to rethink how it deals with the realities of the digital world, analysts said.

Australia

Australian crypto investors pay tax way bigger than the funds they own (Chepicap), Rated: AAA

The Australia Taxation Office’s crypto tax regulation has made crypto investors pay taxes in a way higher amount than the amount of the investment itself.

APAC

Facebook Won’t Launch Its Cryptocurrency Wallet in Its Biggest Market (The Motley Fool), Rated: AAA

Facebook declared that Libra could solve payment issues for the 1.7 billion people who still didn’t have bank accounts worldwide, and the transfers would be faster and cheaper than bank-to-bank transfers.

However, roadblocks for Facebook’s global ambitions have already appeared. Facebook won’t launch Calibra in U.S.-sanctioned countries, countries where Facebook doesn’t have a presence, and countries that ban or regulate cryptocurrencies.

Why India matters to Facebook

India, which is set to overtake China as the world’s most populous country within the next decade, is one of Facebook’s fastest-growing markets in terms of daily active users (DAUs). During last quarter’s conference call, CFO Dave Wehner said Facebook’s DAUs rose 8% annually to 1.56 billion, “led by growth in India, Indonesia, and the Philippines.” Jefferies estimates that India is Facebook’s largest market, with 310 million users, and that figure could surge to 440 million by 2023.

All about Libra, the new digital currency (Business Mirror), Rated: A

Libra is being compared to bitcoin and to PayPal, but the difference is that the rules are not that strict. A PayPal account, for example, needs to be linked to a bank account. With Libra, all you need is a mobile phone and Internet connection. Plus, transactions done using Libra will be way cheaper than other means outside the banking and credit-card systems.

Bitcoin climbs above US$ 11,000 as memories of popped bubble fade (Free Malaysia Today), Rated: A

Bitcoin traded above US$11,000 for the first time in 15 months, recouping more than half of the parabolic increase that captured the attention of mainstream investors before the cryptocurrency bubble burst last year.

Bitcoin surged as high as US$11,251.21 on Monday, a 13% gain from late Friday that put it at the highest levels since March 2018. It was at US$10,815 as of 7.10am in Hong Kong.

Eurasia

Russia’s Ministry of Finance hints at allowing cryptocurrency trading (Tokenpost), Rated: AAA

Russia is reportedly considering permitting cryptocurrency trading, although a final decision is yet to be made, Deputy Minister of Finance Alexi Moiseyev revealed on Friday as per a report by Interfax.

A Blockchain System for Azerbaijan’s Digital Economy (Yahoo! Finance), Rated: A

Earlier in May, a high-ranking official for the Central Bank of Azerbaijan (CBA), speaking at the Fintex summit in Baku, mentioned the forthcoming implementation of a “blockchain system and artificial intelligence in the banking sector.” How are these disparate elements supposed to work together, and what is the scope of these blockchain-based solutions’ intended uses?

MENA

Two Israelis Arrested for Phishing Fraud, Bitfinex Hack (Finance Magnates), Rated: AAA

Two brothers from Jerusalem, Israel, were arrested by the cyber unit of the Israeli Police a few days ago for stealing cryptocurrency through a phishing scheme.

According to a publication from today (Sunday) on the Israeli news outlet Ynet, the two managed to net $100 million.

Africa

Will SA’s Reserve Bank give Facebook’s digital currency the nod? (BusinessDay), Rated: AAA

The Bank is looking into policies and regulations for cryptocurrencies

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

About the author

Allen Taylor

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