Daily News Digest Featured News

Wednesday September 4 2019, Weekly News Digest

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United States

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News Summary

United States

Bitcoin’s Total Share of Crypto Market Now Highest Since March 2017 (CoinDesk), Rated: AAA

Bitcoin (BTC) is flashing green at press time, while its share of the cryptocurrency market has reached at 30-month highs above 70 percent.

As of writing, the cryptocurrency is trading at $10,350 on Bitstamp – up 6 percent on a 24-hour basis – after hitting an eight-day high of $10,506 earlier today. At that level, BTC was up 12.7 percent from the one-month low of $9,320 hit on Aug. 29.

bitcoin
Source: TradingView

Bitcoin dominance exceeds 70% for the first time since March 2017 — but that doesn’t mean shit (The Next Web), Rated: AAA

The thing is, market dominance and market capitalizations are far from perfect metrics. While they do provide an easy and quick overview of a particular cryptocurrency and its related market, they do nothing to represent liquidity.

For instance, one may be able to sell 100 Dogecoins for the current market price of $0.002580, but selling 1,000,000 Dogecoins for that amount would be a lot more difficult.

There are alternatives to market caps that make more sense

One interesting solution is research firm Messari’s ‘liquid market cap,’ which excludes stablecoins from the total cryptocurrency market capitalization, and makes other considerations, like accounting for the notorious “Tether premium.”

market cap

Will China Take Bitcoin To $ 20,000? (Forbes), Rated: A

So I did nothing with my bitcoin and this happens:

bitcoin surge
Source: ADVFN

If we are in for a trade war of attrition, bitcoin will be above £20,000 by Christmas or sooner.

Bitcoin’s Narrowing Trading Range Seen Suggesting a Push Higher (Bloomberg), Rated: A

The largest digital asset is trading in a narrow range between its 50- and 100-day moving averages, with the former acting as a ceiling. A break above that key level, around $10,714, could suggest more gains ahead.

bitcoin trading range
Source: Bloomberg

Prices recovered over the weekend, with Bitcoin gaining 11% since Friday and rival coins, including Litecoin and Ether gaining more than 5% each. Diehards got another dose of good news on Tuesday after VanEck Securities Corp. and SolidX Management LLC said they plan to issue shares in an ETF-like product to qualified institutional buyers.

Satoshi Should Win Nobel Peace Prize for Bitcoin (Coin Telegraph), Rated: A

In a tweet posted on Sept. 3, Pompliano wrote:

“Satoshi should win the Nobel Peace Prize. We finally have a currency that can assume global reserve status without anyone having to engage in violence.”

PNC Bank launches on Ripple’s cross-border payments network (Banking Dive), Rated: AAA

  • PNC Bank launched on Ripple’s blockchain payments platform RippleNet on Thursday, becoming the first U.S. bank to process cross border payments on the network.

Ripple Transfers 500 Million From Its Escrow Wallet (Coin Telegraph), Rated: A

Fintech startup Ripple transferred 500 million XRP tokens from its escrow wallet on Sept. 3, according to data from Whale Alert, a live tracker for cryptocurrency transactions.

Ripple Hires Token Taxonomy Act Legislative Lead, Ron Hammond (Coinfomania), Rated: B

Ron Hammond who formerly worked with crypto-friendly U.S lawmaker, Warren Davidson revealed Tuesday that he has joined Ripple as the company’s new Manager of Government Relations.

Blockchain And Crypto Deals Are Down Sharply In 2019 (Crunchbase), Rated: AAA

Altogether, investors have put an estimated $3.38 billion to work in initial coin offerings and private funding rounds for companies in 2019, according to Crunchbase data.* At this pace, annual investment portends to be a fraction of the 2018 investment total of $12.86 billion.

blockchain and cryptocurrency

Bitcoin.com Launches Crypto Exchange with ‘Negative’ Trading Fee (Finance Magnates), Rated: AAA

After publicizing its plans last month, Roger Ver-led Bitcoin.com today launched its much anticipated digital asset trading platform.

To lure the traders in the new platform, the exchange is offering a number of promotional offers for the next three months, including a “negative” 0.3 percent trading fees, meaning traders will earn money for the execution of each trades on the platform. This will be valid until a trader reaches a cumulative trade worth $1 million.

Cryptocurrency in Focus: Litecoin ‘Halves’ Some Struggles (The Street), Rated: A

Due to increased scarcity caused by Halving, large price swings have historically been associated with these events. But LTC price action has been relatively muted, as the Halving has likely been priced in by traders collecting LTC in advance of the reward cut. Fundamentals declined around the event, as development and use both slumped in the preceding days.

litecoin
Source: The Street

Litecoin at War: What’s Behind Charlie Lee’s Crusade Against Dash? (Cryptobriefing), Rated: A

This week, Litecoin creator Charlie Lee tweeted another round of criticism against Dash, claiming that the coin has become a highly centralized project. This is just the latest potshot in Lee’s long-running feud against Dash, which seems to have become his favorite target. Lee has even called Dash “trash” and “a scam in the past.

Venture-Capital Stalwart Battles Washington’s Crypto Crackdown (WSJ), Rated: A

Venture-capital firm Andreessen Horowitz, known for early investments in innovative companies such as Facebook Inc., is putting up a fight against Washington’s cryptocurrency crackdown.

Baton raises $ 12m for blockchain-inspired b2b solution (Fintech Futures), Rated: A

California-based bank-to-bank paytech, Baton Systems has secured $12 million in its latest Series A funding round, led by Trinity Ventures with participation from Alsop Louie and Commerce Ventures.

Steemit Is Now Fully Operational Again After Chain Halted Due To Bug (Coin Telegraph), Rated: A

According to a blog post from Sept. 3, Steemit is now fully operational again, as are all Steem applications leveraging their API. The chain halted over the weekend due to a bug in the curations reward curve, which was apparently unrelated to the previous halt or the so-called delegation bug.

Wouldn’t It Be Great If People Could Vote on the Blockchain? (Wired), Rated: A

A: From Moscow to Denver, election officials and startups have embraced the idea of voting on the blockchain as a way to make mobile voting safer. Perhaps soon the whole US will jump on board! Democratic presidential candidate Andrew Yang has added blockchain voting to his official campaign platform. “It is 100 percent technically possible to have fraud-proof voting on our mobile phones today using the blockchain,” he writes, a proposal sure to excite his technophilic followers.

Crypto exchange OKCoin pledges $ 10 million to Bitcoin developers (decrypt), Rated: A

San Francisco-based crypto exchange OKCoin has pledged to donate 1,000 bitcoin into a community ‘voting-based’ development fund for the Bitcoin, Bitcoin Cash and Bitcoin SV projects.

Franklin Templeton plans mutual fund tokenized on Stellar blockchain (Ledger Insights), Rated: A

On Tuesday investment firm Franklin Templeton made a preliminary SEC filing to start a blockchain-based mutual fund for government securities.

FIN Advises US Congress To Govern Cryptocurrencies Under Bank Secrecy Act (CryptoNewsZ), Rated: B

The leading strategic advisory firm, Financial Integrity Network or FIN, has released an advisory recommendation for U.S. Congress concerning the regulatory measures of the cryptocurrency sector.

Connecticut Police Arrest $ 15,000 Digital Currency thief (Crypto News Bytes), Rated: A

Connecticut police have a $15,000 digital currency thief in custody. In a bizarre and surprising tale of crypto theft, the mobile phone digital currency thief got caught after he mistakenly sent an apology email to a detective who was covering the investigation.

Finally, the newest version of Firefox blocks cryptocurrency miners by default (PC Gamer), Rated: A

Hey, good news folks, we’ve successfully landed on the moon! Oh, and Firefox now blocks those pesky cryptocurrency miners that can steal precious resources, by default.

Facebook hires lobbyist to help navigate Libra cryptocurrency (Politico), Rated: B

Facebook hired John Collins, a partner at FS Vector, to lobby on blockchain policy, according to a disclosure.

— Collins, who previously served as head of policy for digital currency exchange Coinbase, joins a growing crop of lobbyists and lawyers representing Facebook on Libra issues, including the Sternhell Group, Cypress Group and law firm Davis Polk, which will help handle regulatory concerns.

International

Binance acquires crypto futures exchange JEX (Yahoo! Finance), Rated: AAA

Crypto exchange giant Binance has acquired JEX, a crypto exchange for futures and derivative trading, it announced in a blog post on Monday. JEX is known for its leverage trading, offering up to 100x on trades, and competes alongside rival bitcoin futures exchange Deribit and BitMEX.

As part of its partnership with Binance, the Seychelles-based company will be rebranded as Binance JEX.

Binance Crypto Lending Program expansion – a bad idea for traders (FX Street), Rated: A

Binance is one of the latest entries in launching its crypto lending platform on August 28. In the first phase, it began with a short period fixed return on Binance (BNB), USDT (Tether) and Ethereum Classic (ETC). It provides an annual return of 15%, 10%, and 7% respectively, beginning with a 14-Day fixed period. Binance starts with about $30 million in crypto-lending. Moreover, the annual interest offered is higher than the return from banks.

How Crypto Is Disrupting the Financial Ecosystem (Fortunly), Rated: AAA

crypto blockchain finance

Ethereum Classic Partners With Blockchain Developer and Media DApp (Coin Telegraph), Rated: A

Ethereum Classic Labs, a core Ethereum Classic development and accelerator organization, announced partnerships with social media dApp iZbreaker and blockchain infrastructure developer Second State.

PlusToken Scam Could Be Much Larger than $ 2.9 Billion (Finance Magnates), Rated: A

Now, it seems that 2019 will also be remembered as the year of the uncovering of PlusToken, a cryptocurrency ponzi scheme that allegedly took roughly $2.9 billion from investors–so far, it’s been identified as the largest ponzi scheme in crypto history, and the story is still unwinding.

European Union

Binance Launches $ 216,000 Futures Trading Contest on Testnet Platforms (Investing.com), Rated: AAA

Binance has launched two futures testnet platforms — inviting users to participate in a 10,000 Binance Coin (BNB) trading competition.

The major crypto exchange has launched two futures trading platforms named Futures A and Futures B in testing mode, allowing Binance customers to participate in a simulated trading competition, Binance announced on its website on Sept. 2.

Coinbase Exchange Might Transfer Euro Accounts Due to Brexit (Coin Idol), Rated: AAA

The California based cryptocurrency exchange Coinbase might move all digital asset accounts belonging to European users to another reliable and accredited entity operating within the EU in the event of a no-deal Brexit.

Ethereum price rises, but falls against Bitcoin (Yahoo! Finance), Rated: AAA

Ethereum (ETH) is up over 5 percent in the last 24 hours but has been falling in value against Bitcoin, which rallied over nine percent in the same period to reclaim a five-figure valuation. Ethereum on the other hand, is currently worth $180.

The second-biggest cryptocurrency hit a high today of $183, after it broke above its $175 resistance yesterday–its price had been flat since the downturn in crypto markets that started on August 28.

How Ethereum Has Become The IBM Standard Of Our Era (NewsBTC), Rated: AAA

To draw comparison partner at New York based VC firm Placeholder, Joel Monegro, looked back at the beginnings of the computer industry in the 1960s and 70s. IBM was the leader of the pack despite it having a number of competitors which poured funds into developing superior technology.

Ethereum could be compared to this since it is currently the world’s dominant smart contract platform despite having a number of competitors offering faster and more scalable solutions with better consensus models. At the current stage of the crypto industry those include EOS, Cardano, Tron, NEO, Ethereum Classic, and a number of others.

Ethereum has grown to a $20 billion network in its five years of existence with millions of users and thousands of developers working in a thriving ecosystem.

ethereum nodes
Source: NewsBTC

Binance Coin & Ethereum Daily Tech Analysis (Yahoo! Financ), Rated: A

Binance Coin rallied by 6.27% on Monday. Following on from a 2.23% gain from Sunday, Binance Coin ended the day at $22.87.

Binance Coin
Source: TradingView

Ethereum

Ethereum rose by 4.37% on Monday. Reversing a 0.35% fall from Sunday, Ethereum ended the day at $178.8.

At the time of writing, Ethereum was down by 0.39% to $178.10. A mixed start to the day saw Ethereum rise to an early morning high $179.5 before easing to a low $177.23.

Ethereum
Source: TradingView

Ethereum Name Service launches auction for shorter, “simpler” blockchain domains (Decrypt), Rated: A

Over the weekend, the Ethereum Name Service launched an auction for short .eth domain names on the OpenSea decentralized marketplace. All three to six-character-long domain names that were not among the 194 approved during the reservation period that closed in mid-August are now up for grabs, and can be bid upon using ETH cryptocurrency.

IOTA Partners with Jaguar Land Rover for Tracing the car energy with Distributed Ledger Technology (CryptoNewsZ), Rated: A

Recently, IOTA has reported its collaboration with Automobile manufacturer Jaguar Land Rover and French energy research and development center, Engie Lab Crigen for a PoC (proof-of-concept) which demonstrates tracing the car energy with DLT (Distributed ledger technology). Their objective is to show people both the source and utilization of a Jaguar I-Pace’s energy through the Trondheim Powerhouse.

‘Big 4’ Auditor PwC’s Luxembourg Office to Accept Crypto Payments (CoinDesk), Rated: A

“Big Four” auditing firm PwC’s Luxembourg branch will accept cryptocurrency payments from clients starting next month.

Dutch central bank to regulate crypto firms, orders them to register (KFGO), Rated: A

The Dutch central bank announced on Tuesday it would begin regulating companies that offer crypto-currency services beginning on Jan. 10 and said they must register to remain in business.

United Kingdom

Top crypto wallet provider Blockchain said to be raising $ 50M venture capital fund to invest in startups (The Block), Rated: AAA

Blockchain.com, the largest cryptocurrency wallet provider claiming to have more than 40 million users, is raising a $50 million venture capital fund to invest in startups.

Ex-Coinbase Data Manager Elliptic Raises $ 23 Million (Finance Magnates), Rated: A

Crypto risk management firm Elliptic on Wednesday announced that it has closed a $23 million Series B funding round and will bolster its presence with the high demand for its services in global markets.

This start-up lets cryptocurrency firms know when terrorists are trying to raise money (CNBC), Rated: A

Based in London, Elliptic sells blockchain analytics tools to some of the world’s largest cryptocurrency platforms — including Binance and Circle — as well as banks. The company’s software is used to investigate criminal activity on bitcoin’s digital ledger and monitor transactions to prevent money laundering.

The company recently learned that the Al-Qassam Brigades, the military wing of Hamas, used a donation website that generated a different bitcoin wallet address for each person that visited. That made it harder to track the funds and see where they were sent.

Travala announces token buyback program and Binance Chain migration (NEO News Today), Rated: A

Travala has announced that it plans to migrate its AVA token to the Binance Chain and begin a token buyback and burn program.

Travala intends to reduce the circulating supply of its AVA token from 61,571,086 to 40,000,000, a reduction of 35%. Each quarter, Travala will purchase AVA tokens off the open market based on 20% of its net revenue. The buyback and burn will begin in January 2020, however, it will be backdated to July 2019 to “kickstart the process,” meaning the first burn will take into account revenue earned between July 1st and December 31st.

Chainalysis’ Exec Talks On Crypto Wallet Blocking & BTC Price (CryptoDaily), Rated: A

Unless you had multiple transactions — in both directions — with the identified address, it would be surprising for an exchange to block your account as a whole. Everyone recognizes that someone could send Bitcoin to another without the recipient “agreeing” to deal with that person. 

British tax agency demands customer information from exchanges including Coinbase (The Block), Rated: B

British tax agency HM Revenue & Customs (HMRC) is demanding customer and transaction information from cryptocurrency exchanges Coinbase, eToro, and CEX.IO, according to a Coindesk report.

China/Hong Kong

Bitfinex rolls out 100x Bitcoin and Ethereum leverage trading (Yahoo! Finance), Rated: AAA

Bitfinex has flipped the switch on a feature that allows traders to speculate on the price of Bitcoin and Ethereum against Tether up to 100x leverage.

Prior to the rollout of its two new derivative contracts, traders could only trade on the Hong Kong-headquartered exchange up to a maximum of 3.3x leverage.

Here’s what Telegram’s cryptocurrency may mean for Hong Kong protests (SCMP), Rated: AAA

Telegram, the most widely used app for the city’s protesters to organise and disseminate information, is moving to provide additional layers of anonymity to its users – from a new security setting that would effectively conceal their mobile phone numbers to the launch of its own cryptocurrency.

The app’s new digital coin, called the Gram, will be released within the next two months, The New York Times reported last week, citing three investors who spoke on condition of anonymity because they had signed non-disclosure agreements with Telegram. This cryptocurrency can be stored in a Gram digital wallet, which will be made available by Telegram to its more than 200 million users worldwide.

HTC, Alibaba Join M Investment in Blockchain Property Rights Startup (Coin Telegraph), Rated: A

Blockchain digital property rights startup Bitmark has secured $3 million in a funding round led by Taiwanese electronics giant HTC.

Bitmark will use the investment to expand its sales and marketing efforts, according to a news release published on Sept. 3.

China’s digital currency may be world’s first (XinhuaNet), Rated: A

The CBDC, a new form of money issued digitally by the central bank and serves as legal tender, is backed by the reserves of valuable assets that commercial institutions deposit in the central bank.

The to-be-unveiled currency could be put into electronic wallets to support direct and peer-to-peer transactions. The “wallet” could be an app on a smartphone, but the final design has not yet been settled, the newspaper reported, citing Mu Changchun, deputy director of the central bank’s payments department.

Australia

Security Matters Files a Patent for Cannabis Based Blockchain (LearnBonds), Rated: AAA

Security Matters is bringing blockchain technology to the cannabis industry. It recently filed a patent for a distributed ledger network for cannabis supply-chain.

Australian’s progressive crypto plan (My Business), Rated: A

Two of Australia’s largest banks, Westpac and ANZ both allow the purchase of cryptocurrency with an account or credit card. They announced that customers can purchase Bitcoin and other digital currencies or accept them as a form of payment, so long as the transaction complies with the legislation. However, the largest bank in Australia, Commonwealth Bank of Australia (CBA) stopped digital currency purchases via credit card back in 2018. It does still allow them to be bought and sold via their account or debit card.

Asia

Huobi-Backed Whole Network Launches Low-Cost Blockchain Phone (CoinDesk), Rated: AAA

Huobi Global announced Tuesday the launch of the “Acute Angle” blockchain phone for $515. The Acute Angle is made by Whole Network, a startup that Huobi invested in. Also announced today, Whole Network’s NODE token will be listed on Huobi Prime. Running against competitors like Sirin Labs’ $1,000 “Finney” phone, the Whole Network device can be purchased with Huobi’s native token, HT, for roughly half the price.

Based on Android’s operating system, Acute Angle is currently available in China with a Q4 2019 launch planned for Southeast Asia. Dates for the U.S. and European rollout have not yet been given.

Kakao Announced the Extending Listing of Its Cryptocurrency on Two Exchanges (CryptoNewsZ), Rated: A

South Korean IT company Kakao plans to formulate ways to foster the trading of its virtual currency Klay on the Chinese exchange for cryptocurrencies. But the firm might not be able to enlist it locally.

Indian firm Tech Mahindra builds enterprise financial management blockchain (Silicon Angle), Rated: A

New Delhi-based digital transformation services firm Tech Mahindra Ltd. and financial technology services company Adjoint Inc. announced a joint project Monday to build a distributed ledger blockchain financial and insurance management solution for enterprise users.

Manny Pacquiao Is Launching His Own Crypto (Morning Brew), Rated: A

After singing for over 2,000 fans at a concert Sunday, boxer Manny Pacquiao announced “pac,” the world’s first celebrity cryptocurrency. It’s Pacquiao’s latest play to capitalize on his achievements in the ring.

Pac will be listed on Singapore’s Global Crypto Offering Exchange (GCOX), whose investors include ex-Liverpool footballer Michael Owen and Sheikh Khaled bin Zayed al-Nahyan of Abu Dhabi.

WORBLI and StrongBlock Unite to Bring Simplified DLT Access to the Masses (WFMJ), Rated: B

World Blockchain Initiative and StrongBlock have entered into a partnership to work on mutually beneficial distributed ledger projects as part of an ongoing agreement to help promote the use and adoption of the WORBLI network and other EOSIO blockchain networks.

Canada

Ethereum Co-Founder Anthony Di Iorio Steps Down as Decentral CEO (CoinDesk), Rated: AAA

Billionaire and crypto industry veteran Anthony Di Iorio, founder of the Jaxx wallet-maker Decentral, retired this week to focus on “philanthropic initiatives,” he told CoinDesk.

The ethereum co-founder will continue funding Decentral and approving budgets as chairman of the board. Meanwhile, former product manager Maggie Xu, Di Iorio’s girlfriend of two years, will take the helm as the company’s new CEO.

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

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Allen Taylor

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