Daily News Digest Featured News

Monday August 5 2019, Weekly News Digest

crypto-staking tokens
Source: Indx Capital

News Comments

United States

International

European Union

China

Other

News Summary

United States

Coinbase Custody to hold Grayscale Investments’ $ 2.7B digital assets (Tokenpost), Rated: AAA

Grayscale Investments, which claims to be the largest digital asset manager in the world, has selected Coinbase Custody to be the new custodian for its digital asset holdings.

Bitcoin Jumps Above $ 11,000 (Bloomberg), Rated: AAA

Bitcoin climbed above the $11,000 level for the first time since mid-July and led gains among the biggest cryptocurrencies, as risk assets across Asia and Europe tumbled on escalating trade-war tensions.

The largest cryptocurrency surged as much as 14% from Friday’s close and traded at $11,749 at 6:14 a.m. in New York, according to consolidated Bloomberg pricing. The Bloomberg Galaxy Crypto Index tracking a basket of cryptocurrencies jumped 7.8%, as rival digital coins including Ether and Litecoin also rallied.

Bitcoin over $11K
Source: Bloomberg, Bitstamp

Bitcoin Nears $ 11,000 Mark While Altcoins See Mixed Results (Coin Telegraph), Rated: AAA

Bitcoin (BTC) has continued to gain momentum today, with its price nearing the $11,000 mark. The top 20 cryptos by market capitalization are seeing mixed results on the day, with most gains and losses around or under 2%.

Bitcoin price
Source: Coin 360

Here’s The Case For A $ 100,000 Bitcoin Price By The End Of 2021 (Forbes), Rated: A

Pompliano has predicted that the Bitcoin price will reach $100,000 by the end of 2021, and he was recently asked to explain his point of view during an interview with CNN’s Julia Chatterley.

Originally, 50 Bitcoin were created every ten minutes. Next year, the number of new Bitcoin created in each new block will drop from 12.5 to 6.25.

Pantera CEO Dan Morehead has said there’s a “good shot” the Bitcoin price will hit $42,000 by the end of 2019, and the data used as the basis for his prediction is even more bullish than Pompliano’s $100,000 price point.

THE STATE OF BITCOIN (Delphi Digital), Rated: AAA

The purpose of this chart is to illustrate the underlying movement of specific bitcoins through previous market cycles using UTXO (unspent transaction output) data. This concept was previously posited by Unchained Capital in their Hodl Waves Analysis piece. We expand on this analysis to identify when selling pressures will likely wane to forecast the timing of upcoming market cycles*.
Methodology: The black line represents the price of BTC on a logarithmic scale and thegreen line shows the percent of bitcoin UTXO’s that have not been used in a transaction in at least a year. We will refer to this line simply as the “UTXO line”. The boxes sectioning off portions of the UTXO line begin with times where it grows significantly and end after said rapid growth tapers off in that cycle. In order for a coin to move into the 1 Year+ UTXO band, it must be untouched for at least one year. We section off the corresponding box on the price chart that indicates the price at which they were last moved to provide timing context. The trend here clearly shows the rapid growth in the UTXO line corresponding with boom and bust cycles. As we saw at the end of 2017, continued price appreciation leads to a rapid influx of new users/additional money into bitcoin, often deep into a rally, subsequently followed by a significant price collapse. In other words, these individuals became the “bag holders” of their time.
Bitcoin
Source: Unchained Capital
Read the full report here.

Multiple Metrics Make the Bullish Case for Bitcoin (Coin Telegraph), Rated: A

Over the past week investors’ short-term sentiments about Bitcoin’s prospects appear to have improved. While last week’s market update made the case for why top investors and analysts are overwhelmingly bullish on Bitcoin’s predicted long-term price action, the fall from $13,800 to $9,100 did shake retail investors confidence for the short term.

Investors will have noticed that Bitcoin formed a double bottom around $9,100 and some believe that the expectation that Bitcoin will drop to $7,500–$8,500 will be a non-event as larger hands will front run a trend reversal from $9,000.

Bitcoin metrics
Source: Coin Telegraph

As Bitcoin reversed from the $9,100 double bottom, the daily RSI also leapt out of the descending wedge and back above 50 which has served as a reliable oversold bounce point since the rally from $4,000 began.

Bitcoin RSI
Source: Coin Telegraph

Bitcoin’s Computing Power Sets Record as Over 100K New Miners Go Online (Yahoo! Financ), Rated: A

According to data from mining services operator BTC.com, the average bitcoin mining hash rate over the last two weeks has reached 71.43 quintillion hashes per second (EH/s), up from 64.49EH/s on July 23. The threshold was breached as bitcoin adjusted its mining difficulty at block height 586,672 on Monday 2:52 UTC – that is a 6.94EH/s, or 10.78 percent jump since mid July.

Entering The Ethereum (Delphi Digital), Rated: AAA

The price of ETH has declined after each of the last five hard forks, falling nearly 19%, on average, over the following 30 days. The largest price drop came after the Homestead fork in March 2016 when ETH fell over 35% from $12.50 to $8 by mid-April. The most recent hard fork prior to last week’s, Byzantium, resulted in a significantly smaller 30-day loss (<1%), which may be attributed to (i) the reduction in block rewards (5 ETH to 3) and (ii) the hysteria surrounding crypto assets in Q4 2017. It’s also important to note the average block time dropped from ~25 to 15 seconds as a result of the difficulty bomb delay, so less ETH was distributed more often.

The performance of ETH was generally in line with its historical average heading into the Constantinople & St. Petersburg hard fork, rising nearly 30% in the 30 days preceding it. Interestingly, ETH’s post-fork performance started to track its historical average, falling 6% through Monday, but has since rebounded to similar levels just before the fork. On average, ETH declined roughly 8% in the week following past hard forks. One of the most notable changes implemented last week was the reduction in block rewards from 3 ETH to 2 ETH. However, the block time has fallen back to ~15 seconds because of the delay in the difficulty bomb. It’s important to note we have a very limited sample size of prior hard forks and each occurrence has its own nuances.

Average ETH Performance
Source: Etherchain

Read the full report here.

Litecoin Halving: All You Need to Know Before the Day (Coin Telegraph), Rated: AAA

With just one day to go until Litecoin’s (LTC) next halving event, Cointelegraph sets out all you need to know about the cryptocurrency’s reduction in block rewards. In spite of their reputation for creating price hikes, the lead up to the halving has witnessed a 25 percent decline in valuation over the last month.

Litecoin halving
Source: Google Trends

Private transactions are coming to Litecoin but need extra funding (Yahoo! Finance), Rated: A

The Litecoin foundation is looking to step up development of private transactions on the Litecoin network. To do so, it has posted a Litecoin wallet address for donations specifically to this cause. So far, the address has received 2.5 litecoin, worth $240.

Apple Card will not allow purchase of cryptocurrencies (ComputerWorld), Rated: AAA

The Apple credit card being launched with Goldman Sachs will not allow the purchase of cryptocurrencies with the card, according to a customer agreement posted to Goldman’s website on Friday.

Blow To Bitcoin As iPhone-Maker Apple Reveals Sudden Swerve (Forbes), Rated: A

Bitcoin and cryptocurrencies have been rallying hard so far this year, largely due to interest in crypto from some of the world’s biggest technology companies, including social media giant FacebookiPhone-maker Apple, and micro-blogging platform Twitter.

The price of ETH has declined after each of the last five hard forks, falling nearly 19%, on average, over the following 30 days. The largest price drop came after the Homestead fork in March 2016 when ETH fell over 35% from $12.50 to $8 by mid-April. The most recent hard fork prior to last week’s, Byzantium, resulted in a significantly smaller 30-day loss (<1%), which may be attributed to (i) the reduction in block rewards (5 ETH to 3) and (ii) the hysteria surrounding crypto assets in Q4 2017. It’s also important to note the average block time dropped from ~25 to 15 seconds as a result of the difficulty bomb delay, so less ETH was distributed more often.

The performance of ETH was generally in line with its historical average heading into the Constantinople & St. Petersburg hard fork, rising nearly 30% in the 30 days preceding it. Interestingly, ETH’s post-fork performance started to track its historical average, falling 6% through Monday, but has since rebounded to similar levels just before the fork. On average, ETH declined roughly 8% in the week following past hard forks. One of the most notable changes implemented last week was the reduction in block rewards from 3 ETH to 2 ETH. However, the block time has fallen back to ~15 seconds because of the delay in the difficulty bomb. It’s important to note we have a very limited sample size of prior hard forks and each occurrence has its own nuances.

Average ETH Performance
Source: Etherchain

Read the full report here.

Cash App Powered by Square, Inc. Doubles Bitcoin Revenue (Tron Weekly), Rated: A

Cash App powered by the payment company Square, Inc. announced that their revenue for the Q2 2019 was doubled with an amount of $125 million in BTC’s. Before, the company’s revenue for Q1 was around $65.5 million in Bitcoin.

Walmart Patenting a Stablecoin

Walmart has presented an application for a digital currency patent that should be similar to Libra. The filing proposes that the coin would provide financial services for those with limited ingress to the banking services.

Kraken Acquires Interchange

One of the biggest crypto exchanges, Kraken attained Interchange as per an announcement made on 31st July. This is one of the latest efforts made by Kraken to gain the institutional advantage in the industry.

MoneyGram starts using Ripple’s xRapid (FXStreet), Rated: A

The second-largest money transfer platform in the world, MoneyGram, is now using the xRapid solution developed by California-based Fintech startup Ripple to make cross-border payments. This was announced by MoneyGram CEO Alex Holmes in a corporate call devoted to the financial results of the second quarter.

Holmes confirmed that the fintech-startup also acquired MoneyGram shares at $4.10 per share even as they traded at $1.45. He did not disclose the exact amount of investment, but the media reported about $30 million and an obligation to purchase shares for another $20 million as needed.

Ripple- Partnered with The University of Tokyo and Kyoto University to promote blockchain development (Our Bitcoin News), Rated: B

On July 29, Ripple’s University Blockchain Research Initiative (UBRI), which was established to provide financial and technical resources to universities, acquired new partners, including Kyoto University and the University of Tokyo. They announced on their official blog that they had expanded their international status to Japan.

Tron holder holding 3 million TRX tokens switches to Ripple (Tron Weekly), Rated: A

One of a Tron’s holder Alex Beadi in a tweet mentioned that it’s time to say goodbye to TRX. After holding the TRX tokens for almost two years, the holder seems to have enough of Tron.

The holder was holding 3 million TRX coins and 10 million BTT coins.

Justin Sun Announces Tron {TRX} Scalability Solution (Our Bitcoin News), Rated: A

Justin Sun has just announced the release of Sun Network on August 10th. Version 1.0 of Sun Network, according to Sun, is one of Tron’s 100X scalability solutions. It will allow decentralised applications (dApp) developers to use the code and build a side chain on the Tron blockchain to build their own dApp chain (DAppChain).

FACEBOOK, LIBRA & THE THRILLING RISE OF THE BRANDED CRYPTOCURRENCY (CCN), Rated: A

Meanwhile, Facebook did exactly what you would expect it to. If the whitepaper prepared by Marcus and his team, stretching to a good 100 pages, filled with numerous sensible proposals about how Facebook should not be in power (my italics) wasn’t enough to appease Congress and the public, Marcus’ considerate and calm responses should have been. “You will not have to trust Facebook,” he told the Senate Banking Committee, “because it’s only one of the 28 current and potentially 100 or more Libra Association members, and it won’t have special privileges.”

Executive Interview Series: Ryan Taylor, Dash Core Group CEO (Seeking Alpha), Rated: A

Dash is one of the largest cryptocurrencies in circulation, ranking roughly #15 as of the beginning of August 2019 with a total market capitalization in circulation of approximately $964 million at a price of about $107 per Dash unit. At its height during the late 2017/early 2018 crypto-bubble it reached a price of just about $1,600 per Dash, resulting in a market capitalization of about $12.41 billion. Year-to-date Dash has gone from about $79 a Dash to about $180 a unit in June 2019 before falling to its current levels.

Solana secures $ 20m for lightning fast platform to take on Ripple and Ethereum (Yahoo! Finance), Rated: A

The race to become the highest throughput blockchain has another contender. San-Francisco-based Solana announced it had raised $20 million in funding today, led by crypto investors Multicoin Capital. Later this year, the project is on track to launch what it’s calling the “world’s first web-scale blockchain”—a platform as scalable as the Internet, it says.

Solana, according to the team’s press release, will have a transaction processing speed (TPS) of 50,000—which puts it on a par with Ripple’s claim.

Top 3 Great Blockchain Companies That Could Improve Their Marketing (MusicSnake), Rated: A

This article is a subjective vision of Silicon Valley-based media and marketing entrepreneurs, Fred King of Global Marketing, and Ivan Kv of KV Marketing. The information is based on independent research and subjective analysis.

Meet The Michael Jordan of Algorithmic Cryptocurrency Trading (Asia One), Rated: A

Zima Digital Assets – a premier cryptocurrency fund – has been revealed as one of the fastest growing crypto investment funds in the world. Co-Founder and CEO John Caruso nicknamed “Kryp+0 K!ng” and has been revered as one of the top cryptocurrency traders amongst high profile investors on Wall Street. Some argue that he is the world’s greatest cryptocurrency trader of all time, because of his ability to time markets, spot trends and sort data/key pieces of information for trades- the Kry+0 K!ng is now drawing attention from major Wall Street Fund Managers as a prodigy.

Mastercard is eyeing the crypto wallet space, according to new job ads (The Block Crypto), Rated: A

Mastercard is looking to fill three senior-level positions to lead efforts in cryptocurrency, focusing on payments and wallets solutions, according to the company’s job board.

Brave users face forced KYC on external BAT withdrawals (Cryptopolitan), Rated: A

Brave Browser recently announced that it will require to Know Your Customer (KYC) verification from users who wish to transfer or withdraw their Basic Attention Tokens (BAT).

IRS Letters Confirm That Trading Cryptos Is a Taxable Event (Bitcoin.com), Rated: A

When the IRS announced that it was sending 10,000 letters to American taxpayers who own or have once owned cryptocurrencies, the digital currency community seemed shocked. That said, many crypto proponents, lawyers, and tax accountants expected the action after the IRS told the public in May that updated tax guidelines concerning cryptocurrencies would be made available soon. Then, in mid-June, IRS agent Gary Alford, a man who helped take down the Silk Road marketplace, told the press that the IRS is ahead of the curve when it comes to understanding how digital currencies work and Americans who dodge capital gains won’t get away with it for long.

The SEC Coins a New Term (Crowdfund Insider), Rated: A

The industry, in particular, has been hungry for guidance from the Securities and Exchange Commission (the “SEC”) on when a digital asset constitutes a security that falls under SEC regulation. Guidance finally came on April 3, 2019, when the SEC’s Strategic Hub for Innovation and Financial Technology (“FinHub”) published Staff Guidance entitled Framework for ‘Investment Contract’ Analysis of Digital Assets (“Digital Asset Framework”).

If a digital asset is a security, then the issuer must either register its offer and sale with the SEC or conduct the offering under one of the exemptions from registration available under U.S. securities laws and regulations. Moreover, trading of digital assets must take place on SEC-regulated exchanges or trading systems if the assets are securities.

Texas Orders Crypto Mining Firm to Give Back Investors’ Money (Coindoo), Rated: B

Crypto mining form AWS Mining was ordered by The Texas Securities Commissioner to give back the money they made on mining contracts to Texan investors.

You Can Win $ 100,000 For Developing A Faster Blockchain Algorithm (Fossbytes), Rated: B

VDF Alliance, a collection of non-profit and corporate collaborators, is offering $100,000 to invent hardware or develop software to create a faster blockchain algorithm. The challenge revolves around a VDF.

You can read more about the rules of the competition here.

The competition began on August 1 and participants can submit their entries until December 30, 2019. In round 1 of the competition, the VDF with the lowest latency will get $3000 for improving the code by one nanosecond. Each subsequent nanosecond improvement can fetch you $3000. The base latency of the algorithm has been set at 50 nanoseconds.

VDF
Source: Fossbytes
International

Ethereum Price (ETH) Breaks $ 225, Bitcoin Rallies 8% To $ 11,600 (NewsBTC), Rated: AAA

In the past few sessions, there were bullish moves in Ethereum price above $220 against the US Dollar. The ETH/USD pair formed a swing low near the $216 level and recently started a strong upward move. The pair climbed above the key $220 resistance level to start an uptrend. More importantly, bitcoin price rallied above $11,200 (as discussed in the weekly forecast).

Ethereum
Source: NewsBTC

Top-5 Crypto Performers: XTZ, LINK, BTC, BCH, XMR (Coin Telegraph), Rated: AAA

Tezos (XTZ) is the best performer of the past seven days with a massive jump of over 40%.

Tezos
Source: Coin Telegraph

The LINK/USD pair has found support at the 61.8% Fibonacci retracement levels of $2.0175 for three successive weeks. This makes it an important level to watch on the downside.

Bitcoin (BTC) has gained in double digits in the past seven days. The past week saw a flare-up of trade war between China and the U.S. and a rate cut by the U.S. Federal Reserve. Peter Tchir, former Executive Director at Deutsche Bank, said that Bitcoin acts as a lead indicator to hidden geopolitical tensions.

BTC
Source: Coin Telegraph

Monero (XMR) rounded up the list with gains of just over 8%.

Millions in Crypto Is Crossing the Russia-China Border Daily. There, Tether Is King (CoinDesk), Rated: AAA

The cash-counting machines were softly buzzing in an office with floor-to-ceiling windows overlooking Moscow’s landmarks.

“Hear that sound?” asked the head of an over-the-counter (OTC) cryptocurrency trading desk — let’s call him ‘Oleg’ — who requested his real name and company be withheld. “You can hear it 24/7 in here.”

Business is brisk thanks to a constant flow of Chinese merchants who come in daily with heavy bags of cash. Oleg said his OTC desk sells about $3 million worth of crypto every day. Most of it usually goes to China. But what’s perhaps most surprising is which crypto.

Tether
Source: CoinDesk and Coinbase

Top Staking Projects of the Crypto World Today (Coin Telegraph), Rated: AAA

INDX, the Tokenized Masternode Investment Fund, has calculated the top-10 proof-of-stake (PoSblockchains based on the expected yield of their tokens. The company did this by quantifying the volatility, volume, liquidity, risk and integrity. The tokens appear in order, from one to 10, based on the expected yield, as predicted by INDX’s proprietary algorithm.

crypto-staking tokens
Source: Indx Capital

Bitfinex CFO talks about the USDT hearing: the US government just wants to share a piece of it, but they have no way for us. (The Block Beats), Rated: A

BlockBeats news, recently, DragonEx Dragon CIO Joanne Long met with Bitfinex and USDT founder and CFO Giancarlo. During the talks, Giancarlo said that the US government is eyeing the USDT only because our business is too big. They want to take a share of the benefits, but they have no way.

Chinese translation: 

区块律动BlockBeats消息,近日,DragonEx龙网CIO Joanne Long与 Bitfinex 和 USDT 创始人兼 CFO Giancarlo 见面。在会谈中 Giancarlo 表示,美国政府盯上 USDT 只是因为我们的业务做太大,他们想在利益上分一杯羹,但又拿我们毫无办法。

Crypto mobile wallet AlphaWallet receives $ 1.2 million seed funding (CryptoNinjas), Rated: A

AlphaWallet
Source: CryptoNinjas

Crypto-Lending Service Celsius Network Celebrates $ 2 Billion in Cryptocurrency Loans (All-Stocks), Rated: A

Celsius Network has become the largest crypto-lending company as it completed over $2 billion in digital coin loans with more than $300 million in digital coin deposits in its first year of operation, the company announced.

How 10+ Blockchain Platforms Pay You to Post (Bitcoin.com), Rated: A

Coming on scene as a pioneer in July 2016, Ned Scott and blockchain developer Dan Larimer’s Steemit boasted to be a first of its kind blockchain-based social media platform, allowing users to earn rewards via Steem for posting, curating, and commenting. Many users compared the site’s style to a kind of “crypto Reddit.”

Steemit
Source: Bitcoin.com

Comparative List of Popular Crypto Social Media

Decentralized, incentivized blockchain and crypto-based social media offer alternatives to popular platforms like Twitter, Reddit, Youtube, Instagram, Facebook, Medium, Linkedin, and Patreon. Here is a list of some of the most popular sites:

Bitchute: P2P, web torrent video sharing platform. Monetization available via Bitbacker, Coinpayments and others. Main user interests: politics/activism. Alexa ranking: 4,024. Similar to: Youtube.

4 Ways to Earn Crypto That You Might Not Have Tried Yet (CoinCodex), Rated: A

  1. Social network activity is about to follow the latest fashion trends.
  2. In 2019, people think about their health more than ever.
  3. Crypto faucets got a new life.
  4. Game of cryptos and timeless micro-tasks.
European Union

Binance’s total monthly volume of 42.1 billion USD ensures exchange’s dominance (AMBCrypto), Rated: AAA

Digital asset data provider, CryptoCompare recently launched a crypto exchange guideline which aimed at ranking exchanges. The latest report from CryptoCompare revealed an array of exchange volume rankings in various categories.

As per the report, Binance, the largest cryptocurrency exchange topped the “Crypto to Crypto Exchanges by Average Daily Volume” list with an average daily volume of 1.6 billion USD and a monthly volume of 42.1 billion USD in June. The report also indicated that the total monthly volume of  Binance was up by 12.7% since May.

Binance
Source: AMBCrypto

ETHEREUM PRICE ANALYSIS: ETH COULD SURPASS $ 300 THIS WEEK (Bitcoinist), Rated: AAA

On the 4 Hour chart for ETH/USD, we can see the period of consolidation that has taken place over the last 2-3weeks forming an asymmetrical triangle as mentioned in my previous ETH analysis, which has recently been broken to the upside. I will be watching closely over the coming days to see if price action can break above $235 where the 200 EMA is currently sitting. In order for a sustainable uptrend to form price levels must cross the 200 EMA and hold above it.

ETH USD
Source: Bitcoinist.com

Malta Based Exchange OKEx Launches Data Analytics Platform (BTCWires), Rated: A

OKEx, a Malta-based digital asset exchange, according to reports, has recently launched a platform which will provide comprehensive data insights platform that covers trading trends for derivatives. As per the press release, the platform will reportedly allow users of the exchange to see real-time data for nine major tokens, on the exchange’s futures and perpetual swap markets and this list obviously includes the top cryptocurrencies like BTC, ETH, and XRP.

Volvo Is Using Blockchain to Source Conflict-Free Cobalt for Its Cars (Coin Telegraph), Rated: A

Automaker Volvo Cars, owned by Chinese automotive group Geely, has produced electric cars with cobalt mapped on a blockchain, Reuters reports on Aug. 2.

EU AWARDING 5 MILLION EUROS TO BLOCKCHAINS FOR SOCIAL GOOD (ICO Examiner), Rated: A

The European Union (EU) Research and Innovation program known as Horizon 2020 is running a contest, ending on 3 September, to find projects using Distributed Ledger Technologies (DLT) that incorporate “blockchains for social good.” Five awards, each of 1 million Euros, will be made to the teams who can provide decentralised models capable of meeting local and/or global sustainability challenges and, as a result, initiate positive social change.

Aximetria Obtains Swiss Financial Intermediary License Recognized by FINMA (Fintech Finance), Rated: B

Aximetria, a crypto-centric personal finance app of the future, announces that it has been awarded the Swiss Financial Services Standards Association (VQF) license, officially recognized by Switzerland’s Financial Market Supervisory Authority (FINMA). This organization is primarily responsible for the supervision of Anti-Money-Laundering (AML) regulations, with the acceptance as a member underlining Aximetria’s commitment to compliance, reinforcing the company’s seriousness regarding the highest requirements of financial regulation. With a Swiss financial intermediary license, Aximetria is able to definitively state that its product is fully compliant with Switzerland’s anti-money laundering laws, which were crafted to stop cyber criminals from laundering fiat and crypto-currencies via trading platforms and online digital wallets.

United Kingdom

$ 500,000 Cryptocurrency Giveaway to Launch Temtum Partnership with Roobet (NewsBTC), Rated: A

Leading online casino and innovator of fair gaming, Roobet, has integrated new cryptocurrency temtum into its offering. This latest innovation brings the next generation of blockchain technology to Roobet’s players, in a partnership which makes TEM available to all gamers on the platform and dawns a new era for online gambling.

temtum (TEM) currency will now be accepted across the site on all games, enabling Roobet players the option to transact in the cryptocurrency. temtum is the ideal currency in which to place bets due to its streamlined processing and speed, which has no transaction fees and has seen a stable rise in value since its launch on the 17th July.

China

People’s Bank Of China Ramps Up Crypto Development (PYMNTS), Rated: AAA

China’s central bank, the People’s Bank of China (PBoC), announced that it has accelerated the development of its own cryptocurrency, reported Cointelegraph on Sunday (Aug. 4).

Bank of China releases infographic to raise bitcoin awareness (Technode), Rated: AAA

Bank of China (BoC), one of the country’s big four state-run commercial lenders, published an explanatory infographic about bitcoin, including how it works and why its price is volatile, on its website in another signal that the central government’s opinion on the virtual currency is thawing.

china bitcoin
Source: Technode

NEO3 development takes priority in July 2019 monthly report (NEO News Today), Rated: A

Development of NEO’s next iteration, NEO3, has seen increased focus after the deployment of the neo-cli v2.10.2 upgrade in June. Developers from NGD Shanghai and the global community continue to collaborate on GitHub, with much of the work led by NEO co-founder Erik Zhang, community developer Shargon of Red4Sec, and the Coelho brothers, Igor and Vitor, of NEO Research.

Cryptocurrency in China: Over the Counter, Under the Table (CoinDesk), Rated: A

There remains a great deal of confusion surrounding the legal status of cryptocurrency in China.

Between headlines like “China Bans Bitcoin”, “China Bans Crypto Exchanges?”, and “China Bans Bitcoin Mining,” it’s no surprise that most people are unclear on where China stands on cryptocurrency and whether that has any real bearing on how its citizens behave.

We hope to demystify this and offer some insight into the legal status of cryptocurrency and related matters.

GSR Appoints Xin Song as Advisor for Expansion into Mainland China (Business Wire), Rated: B

GSR, one of the world’s oldest and largest cryptocurrency trading firms, has announced the appointment of Xin Song as a specialist advisor to oversee expansion into Mainland China. With this move, GSR, which already has a presence on 3 continents and employs a staff of over 30 financial specialists and traders, will be focusing expansion efforts on institutional counterparties in China that have a need for advanced cryptocurrency products and services.

APAC

ASX issues cryptocurrency guidance in response to shady behaviours (Finder.com.au), Rated: AAA

ASX has seen an increase in cryptocurrency-related activity from listed entities in the last year, it says. These activities run across the full gamut of related services, from ICOs and other token issuing to broader blockchain tech development, investing and marketing to mining, market-making and the operation of exchanges.

The growing interest has prompted ASX to issue a new compliance update, which outlines exactly how various cryptocurrency-related activities may impact a business’s obligations to ASX. It also highlights some of the behaviour it has seen from some crypto companies so far, which goes a long way towards explaining why this additional guidance was necessary.

Bangladesh to Use IT Fund to Bankroll Blockchain Education for Graduates (Coin Telegraph), Rated: A

The Bangladesh government will use money from its $208 million IT project fund to send graduates for blockchain training in Japan and India.

Bangladesh authorities plan to send 100 new IT graduates abroad to boost expertise in the fields of distributed ledger technology, artificial intelligence, machine learning and cyber security, Bangladesh’s English-language newspaper The Daily Star reports Aug. 4.

UnionBank launches own cryptocurrency (Philstar Global), Rated: A

Aboitiz-led Union Bank of the Philippines launched a stablecoin dubbed PHX and became the first bank in the country to conduct transactions using the blockchain technology.

UnionBank senior vice president and head of the fintech business group Arvie de Vera said the PHX transactions were implemented on the i2i platform that connects the listed bank to rural banks.

MENA

Iran’s government recognises cryptocurrency mining with caveat (Aljazeera), Rated: AAA

After months of debate and speculation, Iran’s government has officially recognised cryptocurrency mining as an industry.

Crypto miners run powerful “farms” of computer gear that compete within a global, decentralised computer network to verify transactions made with cryptocurrencies such as bitcoin.

Canada

Tether launches on Blockstream’s Liquid just in time for NYAG court hearing (Decrypt), Rated: AAA

Bitcoin development firm Blockstream has launched a new version of the stablecoin Tether (USDT) on its nascent “Liquid Network,” a “sidechain” protocol designed to link together exchanges.

“Liquid” tethers will be better and faster and more secure, according to Blockstream CSO Samson Mow, who over the weekend described critical reports on Tether as “clickbait hit pieces masquerading as impartial investigative reporting.”

Haseeb Awan (Yale Financial Markets Certificate 16), Co-founder of BitAccess Bitcoin ATM (The Politic), Rated: A

Mr. Awan is the founder of Efani Inc., where he’s worked for almost four years enabling small and medium-sized enterprises to ensure their currency risks through blockchain technology, as well as one of four co-founder of the BitAccess Bitcoin ATM. During his tenure at Efani, he’s raised over $100 million from more than 50 institutional investors and 40 thousand individual contributors. He’s grown the contribution base to 30 countries, acquired 200 thousand paid users, and established partnerships with a dozen Fortune 1000 companies. He’s been included among the top 100 most influential people globally in FinTech, won multiple international awards, written for multiple international publications, and frequently spoken at international conferences and government committees. Mr. Awan is an alumnus of Y-Combinator and Next Founder, and he received an online Financial Markets Certificate from Yale University.

Africa

OnyxPay, the Decentralized Kenyan Exchange, Goes Live! (BitcoinKE.io), Rated: AAA

OnyxPay, the decentralized Kenyan exchange went live on 1st August 2019.

OnyxCoin, a stable African utility coin created by Kwakoo Group, the company behind OnyxPay, will be exchangeable on OnyxPay where users can be able buy and sell the coin.

How Much Bitcoin Is Really Being Traded in Zimbabwe? (Cryptonews), Rated: A

On the world’s largest peer-to-peer bitcoin trading platform, LocalBitcoins, there are five offers for bitcoin in Zimbabwe, at the time of writing, with a total supply of less than USD 30,000 (excluding the off-market bid that no one will trade on). Interestingly, one seller is willing to part with bitcoin in exchange for the newly re-introduced Zimbabwean dollar (ZWL). One Zimbabwean dollar is worth around USD 10 if you believe official rates.

On the bid side, there are five traders who are willing to purchase a combined total of almost USD 250,000. One buyer is willing to buy up to ZWL 100,000 worth of bitcoin (BTC).

Eurasia

Meet the ICO Pumper Who Makes His Living Manipulating Crypto Markets (CoinDesk), Rated: AAA

How do you get into the business of market manipulation? It’s easy if you try.

Alexey Andryunin, a 20-year old college student from Moscow, became a sensation after he quite openly told CoinDesk how his company was helping little-known token projects get traction via inflated trading volumes.

He spoke with CoinDesk about the business of market manipulation and explained why he believes the current market rules make manipulation inevitable.

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

About the author

Allen Taylor

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