Daily News Digest Featured News

Monday August 12 2019, Weekly News Digest

bitcoin and binance research
Source: Binance

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United States

United Kingdom

International

European Union

Asia

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News Summary

United States

Bitcoin Price Posts Best Weekly Close of 2019 as $ 11.5K Now Resistance (Coin Telegraph), Rated: AAA

Bitcoin (BTC) price succeeded in hitting its highest weekly close of 2019 last week, further dispelling fears of a fresh price breakdown.

Data from Coin360 put BTC/USD trading at around $11,360 as of press time on Aug. 12. The largest cryptocurrency finished the week closer to $11,500 on some exchanges, marking its best effort of the year.

Bitcoin Coin360

Bitcoin Outperforms Other Assets, Up 105% Since US-China Trade Dispute (Ethereum World News), Rated: A

There may be good reason for crypto enthusiasts not to worry. According to a report done by Digital Currency Group subsidiary Grayscale Investments, Bitcoin has generated a cumulative return of 104.8%, between May 5th and August 7th.

This amount of growth in such a short time is incredible in stock market standards, with stock market investors often expecting annual returns in the range of 12%.

Bitcoin’s perception has now become reality (Substack), Rated: AAA

Bad news is a cyclical and recurring theme of financial markets, however, this time we are noticing something different. For the first time, several financial analysts and market commentators are referring to Bitcoin as a safe-haven next to the likes of Gold, Fixed Income and the Yen. (video here)

bitcoin and binance research
Source: Binance

BTC is outpacing physical gold by as much as +23.9% in the last 7 days alone and up +42.8% over the course of a year. The spread between XAU and BTC is increasing rapidly by the day.

The new hedge to equity market volatility?

Another interesting correlation we are observing is the relationship between Bitcoin and the VIX. The VIX is the volatility index which derives its price from the ‘implied volatility’ of the S&P500.

bitcoin vix
Source: TradingView

Blockstream Launches Bitcoin Mining-As-A-Service (Seeking Alpha), Rated: AAA

Operating with an energy contract with non-fossil-fuel energy provider Hydro Quebec and in the U.S. state of Georgia, the service may provide enough energy in its present configuration to power up to 100,000 ASIC mining units that could produce 6 exahashes per second processing power, or up to 7.5% of the current network hashrate at full capacity, to secure the Bitcoin network.

Blockstream
Source: Blockchain.com

Bitcoin’s Lightning Network has grown nearly 100% in 2019 (Yahoo! Finance), Rated: A

The new data, presented by crypto analytics firm CoinGecko, shows that network capacity for Bitcoin’s second layer protocol grew by 87% between January 1 to June 30. Meanwhile, its node count increased from 2,298 to 4,576 in the same time period.

The rise in capacity and node count have come at a time which saw bitcoin’s price increase to nearly $13,000 by the end of June, following a slow start to the year.

LTC Gains Strength; $ 100 is Still Miles Away (CryptoNewsZ), Rated: AAA

Over the last 24 hours, Litecoin has shown an approximate 2.5% growth, but it is yet to make a long journey before it reaches 100 USD. The coin has strong fundamentals on its side and it may go as high as 200 USD by the end of 2019. The details of the current statistics are as follows.

Litecoin
Source: TradingView

Litecoin has an advantage over Bitcoin in Segwit adoption (AMBCrypto), Rated: A

So, when Segregated Witness (SegWit) came into the picture, people expected Bitcoin to be among the first to adopt it. However, it was litecoin who implemented the Segwit protocol first in April 2017 even though they did not really need it.

Justin Sun: Tron’s Listing on Major US Exchange Is #1 Priority (Coin Telegraph), Rated: AAA

Tron (TRX) founder Justin Sun has said that getting the cryptocurrency listed on the American version of Binance or Coinbase is his company’s number one priority.

The entrepreneur was responding to tweets from Tron enthusiasts on Aug. 9, with some claiming that investors were concerned that United States citizens will be unable to trade TRX on Binance.

Alarm bells also sounded after TRX was absent from a list of 30 digital assets being explored for the upcoming launch of Binance’s U.S. marketplace.

A Single Spike Pushed XRP Above $ 0.30, Consolidates There (CryptoNewsZ), Rated: AAA

  • Ripple price climbed above $0.30 in the later part of yesterday, currently battling with barriers above $0.3020
  • XRP is above its 5-day SMA of $0.3013, though it still carries a selling pressure
  • Ripple has formed a decent support level near $0.29, the coin has traced a bullish trendline, while it also had a short-term bearish trendline
Ripple
Source: TradingView

Ripple Labs Leading Investment By Blockchain Companies (Inside Bitcoins), Rated: A

According to Brad Garlinghouse, CEO of Ripple, his company is growing strongly and currently they are in a position where they feel they should press their advantage.

The company’s Q2 reports show that $251 million worth of Ripple’s native token, XRP, have been sold. This figure is a 48% increase from the native token sales from the previous quarter.

Binance’s US Subsidiary Is Weighing 30 Different Cryptos For Listing (Click Lancashire), Rated: AAA

Striving to meet the US regulatory requirements, the exchange is now evaluating 30 coins to be listed on its USA -based platform, including bitcoin (BTC), ether (ETH), stablecoins including USDC and PAX, as well as Binance’s own token BNB, per the blog post.

Binance’s bold move to usurp US cryptocurrency exchanges (CryptoSlate), Rated: A

Binance US, an independent entity closely tied to Binance, recently unveiled the list of cryptocurrencies under consideration for its bold U.S. exchange expansion. The move is likely part of an aggressive strategy to crush its largest competitor—Coinbase—at what it does best: regulatory compliance.

Blockchain in Business: What Do Companies’ 10-K Reports Say About DLT? (Coin Telegraph), Rated: A

We extracted 10-K reports from the years 2014 to 2018 that mentioned the terms “blockchain” or “distributed ledger” and counted the number of times a corporation used them. We found very modest results. Of the 36,836 10-K reports in the database spanning five years, only 242 reports — representing a little more than half of a percent — mentioned blockchains or distributed ledgers. Thus, most of corporate America is silent on blockchains in the 10-K reports, suggesting that involvement with blockchain is not yet materially significant enough to alert investors.

blockchain
Source: Coin Telegraph

Among the positive statements about blockchains in 10-K reports:

  • Accenture cited blockchain as one of its core consulting capabilities.
  • FedEx announced it joined the Blockchain in Transportation Alliance.
  • IBM identified blockchain as one of its core technologies, along with analytics, artificial intelligence, security and cloud computing.
  • Mastercard announced investments and patents in blockchain technology.
  • Nasdaq identified blockchain as a high-growth opportunity and mentioned investments in blockchain technologies.
  • Oracle listed blockchain as part of its software as a service (SaaS).
  • Overstock.com mentioned blockchain over 100 times in its most recent 10-K report. Its business is defined as “an online retailer and advancer of blockchain technology.” It launched Medici Ventures to offer “government as service,” which is based on blockchain technology. Many other investments, strategies and intellectual property statements were positively expressed about blockchain, and even suggested that it might divest its retail business to focus on blockchain technology.
distributed ledger
Source: Coin Telegraph

Coinbase Pro to soon start trading of Algorand token (TokenPost), Rated: A

In an online post dated August 10, Coinbase said:

On Wednesday, August 14, transfer ALGO into your Coinbase Pro account ahead of trading. Support for ALGO will be available in Coinbase’s supported jurisdictions, with the exception of New York State. Additional regions may be added at a later date. Per previous launches, transfers will open during business hours, Pacific time.”

Tim Draper hedges $ 250,000 Bitcoin price call (Yahoo! Finance), Rated: A

Billionaire investor Tim Draper once famously said that Bitcoin’s price would reach $250,000 by 2022 and this week he returned to the predictions game, in slightly more cautious mode.

During an interview with Yahoo! Finance, he said: “$250,000 by 2022, and I’m hedging a little, maybe Q1 2023. It may be Q1 2023, but it will be [$250,000] before that.”

NYC-Based Quontic Bank Opens its Doors to Crypto Companies (Finance Magnates), Rated: A

A little-known, NYC-based bank called “Quontic” has become the latest of a handful of US-based financial institutions to have agreed to work with the cryptocurrency sector, according to a recent report from CoinDesk.

The bank, which has just $420 million in assets (JPMorgan,by comparison, has more than $30 trillion), opened a checking account for an unnamed Bitcoin ATM firm–its first crypto client–several weeks ago, and claims to be in contract negotiations to open accounts for another new cryptocurrency company, which was also unnamed.

US Department of Commerce hiring computer scientist with crypto and blockchain experience (Yahoo! Finance), Rated: A

The U.S. Department of Commerce is looking to hire a computer scientist with “specialized” experience in cryptocurrency and blockchain technologies.

According to a job posting on USAJobs, an official government jobs portal, the department’s non-regulatory agency, the National Institute of Standards and Technology (NIST), plans to hire a person with experience in “setting up blockchain test beds and conducting research and analysis of blockchain technologies, crypto ledgers and crypto contracts.”

Blockchain privacy: Who needs anonymous cryptocurrencies and Why? (Our Bitcoin News), Rated: A

Bitcoin has never been a truly confidential cryptocurrency. BTC addresses can be associated with IP addresses and other user information using the analytic services CipherTrace, Chainalysis, and Crystal.

Tech Behemoth IBM Files for a Blockchain-Enabled Web Browser Patent (Coin Telegraph), Rated: A

American technology behemoth IBM has filed with the United States Patent and Trademark Office for a blockchain-enabled web browser patent.

According to a patent application published on Aug. 6, IBM has filed a patent application for a system that stores web browser events on a blockchain. The browser described in the filing collects information during web browsing sessions and transfers it to peers in a peer-to-peer network for on-chain storage of the in-browser events.

SEC reaches settlement with PlexCoin over ICO fraud (Finance Feeds), Rated: A

There has been some development in the action taken by the United States Securities and Exchange Commission (SEC) against fraudulent scheme PlexCorps, aka PlexCoin, and the individuals behind it. According to documents filed with the New York Eastern District Court on August 9, 2019, the SEC says that the parties in the case have reached a settlement.

Wyoming Becoming An Unexpected Blockchain Hub (The Tokenist), Rated: B

Over the past two years, the Wyoming legislature has passed more than a dozen blockchain-related laws to establish a framework for digital assets. A number of crypto-related businesses are also planning to move here.

Arcane Sheets (Product Hunt), Rated: B

Arcane Sheets
Source: Product Hunt

New Jersey Establishes ‘Blockchain Task Force’ (The Tokenist), Rated: B

New Jersey Governor Phil Murphy has just signed into law bill S2297 which establishes the ‘Blockchain Initiative Task Force.’ The group will be responsible for researching and advising the adoption of blockchain on the state and local levels.

United Kingdom

Coinbase UK Dropping Support for Cryptocurrency Zcash (CoinDesk), Rated: AAA

The U.K. arm of Coinbase appears to be dropping support for the privacy-focused cryptocurrency zcash.

According to customers, Coinbase UK is sending letters out warning people that they will need to convert their zcash (ZEC) holding, or remove them to an external wallet, by Aug. 26.

International

Bitcoin Trades Sideways as Major Altcoins Enjoy Sizeable Gains (Coin Telegraph), Rated: AAA

It is a largely green picture across the top-20 cryptocurrencies. While Bitcoin (BTC) has remained flat overall, altcoins have enjoyed some sizeable gains, with some rising over 9% on the day

According to Coin360, prices have risen by almost 3% in the past day to reach $212.29 at press time. ETH has a current market cap of $22.5 billion, compared with $21.9 billion at the time of yesterday’s report. That said, the dominant altcoin is still down 3.19% on what it was a week ago.

Ripple’s XRP has also enjoyed modest gains of about 1.78% over the last 24 hours, hovering between $0.290 and $0.310 throughout the day. The coin is down 4.83% on the week — 9.36% on the month.

Stellar

A blessing in disguise for Bitcoin as Yuan bleeds in U.S-China trade war (Tron Weekly), Rated: AAA

In more than a decade, Chinese Yuan struck the lowest price mark as the tensions between the U.S. and China soars. In the meanwhile, Bitcoin surged up to more than 20% with an increase of more than $500 in price.

In the recent price rise of Bitcoin and fall in the Yuan, crypto analysists are saying that Bitcoin has been more stable than ever — and it is becoming a safe haven for the traders. Although still, no one can surely bet that what’s going to happen next in the crypto market.

What Are Crypto Banks and How Do They Work? (Coin Telegraph), Rated: AAA

Decentralized finance (DeFi) has quickly become a buzzword. By allowing people to connect to new decentralized lending, exchange, savings and other DeFi platforms, blockchain can provide a cryptocurrency alternative to traditional banking services, and those who are comfortable operating in this ecosystem are therefore able to wield their assets with greater fungibility.

Crypto banks are banking institutions that engage in the standard range of money-related activities like deposits and withdrawals, savings, lending and borrowing, and investing in a wider range of instruments and markets. While this also describes a standard bank perfectly, crypto banks have integrated cryptocurrency into these financial functions. They’ve also gained legality in the eyes of local financial watchdogs.

These kinds of crypto banks, such as Bitwala and Spot9, are essentially the skeleton of what will one day be a bridge between the segregated fiat and crypto economies, which is only now beginning to emerge.

Bitcoin to hit $ 15,000 as consensus grows on safe haven status (Yahoo! Finance), Rated: A

The Chinese renminbi fell to under seven to the US dollar on Monday, the lowest in more than a decade, igniting drops in stocks and emerging market currencies and driving a rally in government bonds. Bitcoin jumped 10% as global stocks were rocked by the devaluation of China’s yuan, the trade war with the US intensifying.

Global Instability to Drive Investors to Bitcoin and Crypto Investments (All-Stocks), Rated: A

Amid the US-China trade war and the prospect of a no-deal Brexit, many investors and financial experts believe that Bitcoin(BTC)trade and other cryptocurrencies could be an ideal vehicle in which to park their money. Bitcoin too has witnessed unprecedented growth since the beginning of the year and some crypto analysts believe that Bitcoin could go all out and hit record highs in upcoming months.

IOTA OFFERING $ 5 MILLION IN RESEARCH GRANTS (ICO Examiner), Rated: A

IOTA have opened the window to $5 million in grants for developers and researchers who can contribute to their Coordicide project which involves the elimination of the centralised co-ordinating node, currently run by the IOTA Foundation, from their Tangle distributed ledger technology.

Startups behaving badly (Pitchbook), Rated: A

We’ll start with the lawsuit. It involves Kik, a social media startup that raised $100 million in a 2017 initial coin offering for a token called Kin. In June, the SEC filed suit accusing the Canadian company of conducting an illegal securities offering to help stave off insolvency; this week, Kik volleyed back with a lengthy response accusing the regulator of “repeatedly twist[ing] the facts” in its accusations.

Try out the EurekaX, the Highest-Liquidity Exchange and Get 300 ERK Signup Bonus (Coin Idol), Rated: B

The exchange offers unique benefits such as:

  • Easy Registration: New users can sign up and trade in under 2 minutes.
  • Limitless Trade: There is no limit on the trade volume.
  • Low Fee: The exchange only charges 0.2% of the trade.
  • Liquidity: The highest liquidity of any exchange.
  • Top Security: The exchange employs the latest in security measures to protect user assets.

The exchange is now offering the Eureka Network’s native token, the EurekaCoin (ERK) to new traders. By signing up,100,000 users will receive 300 ERK each. This means that there are 30,000,000 ERK up for grabs. With a total supply of only 150,000,000, this is already a significant factor for scarcity value.

Binance Coin (BNB) Becomes Part Of Cobo Wallet Offerings (Inside Bitcoins), Rated: B

Binance Chain has been integrated on one of the world’s leading crypto wallets in a move that will give holders of Binance Coin access to a range of DApps.

European Union

Ethereum Price Records Over 1% Downtrend Dipping to $ 210 Again (CryptoNewsZ), Rated: AAA

Ethereum has recorded a downtrend of over 1% since yesterday dipping from $214.84 to its current value at $210.85 as noted on August 11, 2019, at 06:35:47 UTC. ETH coin started trading at $211.98 for some time yesterday but then fell drastically to reach as low as $200.49. Since then, it has recorded an uptrend of over 5% rising to its current value and may surge more soon.

Ethereum
Source: TradingView

Majority of Crypto Twitter Believes Ethereum (ETH) Will Surmount $ 1,000 Again (Ethereum World News), Rated: A

Ethereum bulls seem to still be holding onto hope. Analyst Nik Patel recently hosted a poll through his Twitter feed, asking Crypto Twitter if they believe that ETH will ever trade above $1,000 ever again. Interestingly, out of the 4,000-odd respondents, a good majority (70% of eligible answers), claimed that they believe that the cryptocurrency will one day enter the four-digit price range once again.

ethereum
Source: TradingView

Major exchange Binance: Hackers conducted big attack against litecoin holders (Trijo), Rated: A

Binance, one of the world’s largest exchanges for cryptocurrency trading, has concluded that someone tried to conduct a so-called “dusting” attack on users of cryptocurrency litecoin, the platform reveals on Twitter.

UK-based Cryptocurrency Wallet & Exchange Provider PayRue Now Seeking Funds on Seedrs (Crowdfund Insider), Rated: A

PayRue, a European based wallet focusing on exchange, transfer, and storage of cryptocurrencies, is now seeking £100,000 through its equity crowdfunding campaign on Seedrs. PayRue is now offering 1.96% in equity at a £5,005,156 pre-money valuation.

Since its debut, PayRue’s platform has achieved the following:

  • PayRue has grown their user base over 22k registered users and over 4,500 KYC approved users since official launch in March 2019
  • The application is live on iOS, Android and Web app
  • The company has been self-funded so far
  • Regulated in Estonia for Crypto exchange and Digital Wallet services
  • Patent and Trademark PayRue for UK and EU

Why Ethereum Might Not Hit A New All-Time High In 2019 (Zycrypto), Rated: A

In any case, Ethereum began as a revolution, with dApps, smart contracts, and other significant innovations, it was one of the major headlines in the news in Jan 2018 when due to an ICO craze it soared up to an all-time high of about $1433.

Metinvest Executes First Procurement Transaction through Blockchain (Steel Guru), Rated: B

Metinvest, the vertically integrated steel and mining group of companies, is pleased to announce that it has signed its first smart contract on we.trade, a trade finance blockchain platform supported by UniCredit.

China/Hong Kong

Bitmain Accuses Cryptocurrency Project of Impersonation (Coin Telegraph), Rated: AAA

Cryptocurrency mining hardware manufacturer Bitmain has accused a cryptocurrency project of falsely using its name in the promotion of a product dubbed Mangocoin (MNG).

In an Aug. 9 blog post, Bitmain states that it came across a fraudulent use of its brand in the sale of a product dubbed “Bitmain Cloud Miner” and in the promotion of Mangocoin. The fraudsters allegedly masqueraded as Bitmain and promoted the products on their website, application and software.

As Protests In Hong Kong Surge, So Does Demand For Cryptocurrency (Forbes), Rated: AAA

Hong Kong has been engulfed in a series of protests as tensions over its relationship with Mainland China have been inflamed by recent proposed extradition legislation to the Mainland. Protests have continued for a tenth straight weekend and at the arrival hall of the International Airport, a sit-in of protesters dressed in black now greets visitors.

Cryptocurrencies and Bitcoin were built to address several of the most pressing points in the Hong Kong protests, which are at the forefront of what it means to protest against a state equipped with all of the sophisticated technologies of the 21st century and the unrestrained ability to weaponize those capabilities against its citizenry.

China’s Central Bank Readies Launch Of Digital Coin (PYMNTS), Rated: A

The People’s Bank of China (PBoC) said it is now ready to launch its own blockchain-based digital currency after five years of research, CoinTelegraph reported on Sunday (Aug. 11).

The Shenzhen Financial Technology Company is bringing Blockchain to China and the PBoC (Asia Crypto Today), Rated: A

Chinese Fintech hub, the Shenzhen Financial Company, is on the verge of finding a breakthrough for blockchain application in China’s financial system. This comes shortly after the People’s Bank of China (PBoC) announced the development of digital currency research. Notably, Shenzhen Financial is a subsidiary of the Central Bank Digital Money Research Institute.

Australia/New Zealand

Cryptocurrency and super scams on the rise (Financial Review), Rated: AAA

Cryptocurrency and superannuation investment scams are on the rise, with the Australian Competition and Consumer Commission warning it expects Australians to be swindled out of a record $532 million in all kinds of scams by the end of the year.

ASB invests in supply chain tech firm TradeWindow (CIO), Rated: A

TradeWindow says the investment from ASB will fast-track development of its distributed ledger technology (DLT) trade platform.

Asia

Bitcoin Inches Up; China Says Its Cryptocurrency “Is Ready” (Yahoo! Finance), Rated: AAA

Prices of Bitcoin inched up on Monday in Asia. While not a directional driver, the People’s Bank of China (PBOC) said its digital currency “can now be said to be ready.”

Bitcoin inched up 0.1% to $11,409.8 by 12:14 AM ET (04:14 GMT). Ethereum gained 1.1% to $212.66, while XRP traded 1.0% to $0.30274 and Litecoin jumped 2.4% to $88.630.

Govt may not legalise cryptocurrency soon (Deccan Herald), Rated: A

What do you plan to do in case you are an Indian citizen with some bitcoins? Dispose them of? Well, eventually, you may have to, as India may not legalise any private virtual currency, owing to its inherent vulnerabilities that can leave consumers op…

Messaging giant Kakao to launch its own crypto wallet ‘Klip’ later this year (Yahoo! Finance), Rated: A

South Korean messaging giant Kakao is preparing to launch its own cryptocurrency wallet “Klip” later this year.

“Klip has released a teasing site ahead of its release in the second half of the year,” an official from Kakao told News1 Korea on Monday.

RJio to launch blockchain network (The Hindu Business Line), Rated: A

Reliance Jio will install blockchain networks across India over the next year, with tens of thousands of nodes to operational from day one. It is touted to be one of the largest blockchain networks in the world.

Asian Cryptocurrency Services BitKan Announces New Partnership With Bitcoin.com (Crowdfund Insider), Rated: B

BitKan, an Asian-based cryptocurrency services platform, announced on Friday it has joined forces with Bitcoin.com. Founded in 2012, BitKan stated it provides a one-step integrated platform the crypto services, which includes a platform for crypto market data, a crypt wallet, and a crypto community.

MENA

Abu Dhabi’s Mubadala Endorses Cryptocurrencies Through a MidChains Investment (CryptoVibes), Rated: AAA

The Abu Dhabi sovereign wealth fund Mubadala Investment Capital today endorsed cryptocurrencies amidst what it calls ‘challenging marketing conditions.’ According to an official statement earlier this month, the company confirmed that it has invested in a crypto-asset exchange via its ventures arm in MidChains. That exchange is scheduled to launch in late 2019 in Abu Dhabi.

Latin America

Electroneum Launch ETN Airtime Top Up via Claro in Brazil (YouTube), Rated: AAA

Authors:

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George Popescu
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Allen Taylor

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