Daily News Digest Featured News

Monday October 21 2019, Weekly News Digest

Bitcoin prediction model
Source: NewsBTC

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United States

International

European Union

Southeast Asia

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News Summary

United States

Bitcoin (BTC) Price Recovers Above $ 8.2K But Approach Remains Cautious (NewsBTC), Rated: AAA

This past week, we saw mostly bearish moves in bitcoin below the $8,200 support area against the US Dollar. BTC price even settled below $8,000 and the 100 hourly simple moving average. However, the $7,800 area acted as a strong support. As a result, BTC started a decent recovery above the $8,000 resistance area and the 100 hourly SMA. Moreover, there was a break above a contracting triangle with resistance near $8,000 on the hourly chart.

Bitcoin
Source: NewsBTC

Model That Predicted Bitcoin Price Drop to $ 8,000: Bears Are Done (NewsBTC), Rated: AAA

The Bitcoin (BTC) bear trend that brought the cryptocurrency from $14,000 to $7,700 is over… according to a price model anyway.

In early-August, a cryptocurrency investment boutique unveiled a price prediction model that used Facebook’s Prophet machine learning software in Python. BurgerCrypto, as the upstart is called, revealed in their model that they expect Bitcoin to fall to the low-$8,000 region in October.

Bitcoin prediction model
Source: NewsBTC

Why Is Bitcoin Price Going Up? 4 Indicators Suggest a Potential Bottom (Coin Telegraph), Rated: AAA

Bitcoin price (BTC) has continued to fend off support in the $7,800 region for what will be the fifth week running at the end of today.

With the BTC price currently back up over $8,200, several indicators suggest that a potential reversal may be in the cards.

1. Bitcoin price support holds again

After the high of around $8,400 on Monday, Oct. 14, Bitcoin bounced off Bollinger Bands (BB) indicator’s support 5 days out of 7, with the current support sitting around $7,860.

BTW weekly outook

2. Relative Strength Index (RSI) looks oversold

However, the RSI on the daily chart is hinting that Bitcoin might be ready for a bullish reversal after it seemingly bottomed at 30.75 on Oct. 19 and has started to regain an upward trajectory.

3. Bitcoin Moving Average Convergence (MACD)

BTC USD

4. Bitcoin mining profitability approaches yearly low

The prospect of a possible reversal will be welcomed by Bitcoin miners, who have been facing low profitability at levels we haven’t seen since Bitcoin was trading around $3,500 in February of this year.

Facebook Open to Currency-Pegged Stablecoins for Libra (Bloomberg), Rated: AAA

The head of Facebook Inc.’s Libra project said that it could use cryptocurrencies based on national currencies like the dollar, rather than the synthetic one it initially proposed, Reuters reported.

David Marcus, who oversees the Libra initiative for Facebook, told a banking seminar hosted by the Group of 30 in Washington that Facebook is open to looking at alternative approaches for the currency token it uses.

Jamie Dimon says Libra will never happen, and he wishes he could take JPMorgan private (CNN), Rated: A

Jamie Dimon doesn’t think Libra, Facebook’s embattled cryptocurrency project, will ever get off the ground.

“It was a neat idea that will never happen,” the JPMorgan Chase CEO said on Friday at an event organized by the Institute of International Finance, according to a video posted by CNBC.

XRP Is Up 30% On September As Bitcoin Flatlines—Ripple Sees It Going Even Higher (Forbes), Rated: AAA

Now, after falling steadily so far this year, XRP is on the up, adding some 30% to its price since the end of September–and blockchain payments network Ripple, which created the token and owns some 60% of it, is working to see the XRP price climb even higher.

Yesterday, Ripple revealed it sold $66 million worth of XRP in the third quarter of 2019–down 74% from sky-high sales of $251 million in the previous quarter.

XRP
Source: CoinDesk

CRYPTO EXCHANGE POLONIEX TO ‘SPIN OUT’ FROM CIRCLE (Bitcoinist), Rated: AAA

Poloniex, one of the earliest crypto trading platforms that targeted the US market will ‘spin-out’ from Circle. Despite the efforts to build a fully compliant market, Poloniex is shutting its doors for US-based traders from November.

Binance.US Adds FDIC Insurance on USD Deposits (CryptoGlobe), Rated: A

The North American division of leading cryptocurrency exchange Binance has announced Federal Deposit Insurance Corporation (FDIC) coverage for USD deposits.

What Ethereum Taught Us on How NOT to Do DApps (Dash News), Rated: A

Ethereum is known as the first great blockchain platform for decentralized applications (DApps), a pioneer for sure, but which suffered from some very high-profile scaling issues during its heyday, which it now seeks to remedy. As projects like Dash and the upcoming Dash Platform seek to replicate some of this functionality, we would do well to be careful not to repeat some of Ethereum’s past mistakes and hard-learned lessons. This is what we learned to NOT do when designing a DApp platform.

New York District Court Postpones Telegram’s TON Hearing to February 2020 (Crowdfund Insider), Rated: A

The US District Court for the Southern District of New York postponed the hearing regarding the Securities and Exchange Commission’s (SEC) injunction filing against London-based encrypted messaging service provider Telegram.

The hearing has been scheduled to take place on February 18–19, 2020.

17% Claim They Got Into Debt by Buying Bitcoin in 2017 (CryptoPotato), Rated: A

Although not many people like to admit that they have lost money, whether from buying Bitcoin or altcoins, a recent survey revealed some interesting numbers. They can provide a valuable lesson and a reminder to take extra caution when investing in cryptocurrency.

When asked “How much money did you lose in dollars by buying crypto?”, 54% of the 2,000 surveyed said they had lost less than $10,000. 10% reported losing between $10,000 and $50,000, 6% lost between $51,000 and $100,000, while 15% of the participants admitted to having lost more than $100,000.

The second question was perhaps even more interesting, as it sought to find out how many people had gone into debt from buying cryptocurrencies. Interestingly, 17% admitted to having done so.

Millennials Trust Nothing, Except Maybe Crypto (Breakermag), Rated: A

Millennials don’t trust anything. They don’t trust banks. They raise their eyebrows at ads, Wall Street, Congress, and the press. They probably don’t trust you.

But, according to a new survey from investment platform eToro, millennials do trust cryptocurrency as an asset—at least, more than they do the stock market. The survey, commissioned by independent research firm Provoke Insights, asked 1,000 online investors in the U.S., ages 20 through 65, about stock exchanges, cryptocurrency exchanges, and 401(k)s. Forty-three percent of millennial respondents said they trusted cryptocurrency exchanges more than U.S. stock exchanges. Gen X, meanwhile, favored the establishment—77 percent of them would put their faith in stock exchanges over crypto trading hubs.

Bitmain fulfills commitment to Rockdale, Texas, with launch of cryptocurrency mining farm to construct 50MW facility (PR Newswire), Rated: A

Bitmain, the industry-leading fabless manufacturer of computing chips, has launched its 50MW mining farm in Rockdale, Texas, as announced today alongside the Rockdale Municipal Development District (MDD) and DMG.

Traditional Law and Finance Can Adapt to Bitcoin, These Examples Show (Bitcoin.com), Rated: A

These are common problems and they are pretty standard in private law, the legal expert remarks. But imposing the ordinary rules of private law is not an option in the case of cryptocurrencies. That’s because of the irreversibility of blockchain transactions, on the one hand, and the difficulties in establishing the governing law, on the other. Instead of advocating the easy way out by rejecting what doesn’t fit into existing presumptions, Professor Lehmann suggests a workaround.

Blockchain-based Voting Systems are Vulnerable to Attacks and May Provide Low-Quality Data (Crowdfund Insider), Rated: A

Nir Kshetri, a professor of management at the University of North Carolina, says that there are some major issues that must be addressed before blockchain-enabled voting can be carried out in a safe and trustworthy manner.

McAfee Envisions DEX in a World Where Crypto Won’t Be Traded for Fiat (Bitcoin.com), Rated: B

In a recent video posted to Twitter. John McAfee states: “Imagine a world…where fiat currency is diminishing in importance.” Instead of pointing to the adoption of crypto by big money interests, the rogue politician and radical bitcoin proponent talks of a complete flip, where users won’t need to exchange their cryptocurrencies for fiat. Crypto will have become the dominant money. McAfee cites his recently launched decentralized exchange (DEX), mcafeedex.com, and featured stablecoins as evidence this world is coming soon.

International

Huobi Adds Support for TRC20 Tether with offer (CoinGape), Rated: AAA

There’s never a quiet week in TRONland, from where TRON CEO Justin Sun oversees an ever-expanding digital network. When he’s not making announcements about making announcements, the TRON founder is toasting tangible new successes that are slowly cementing the network’s infiltration into every last recess of the cryptosphere. Huobi and Binance’s decision to support TRC20-USDT, aka TRON Tether, is the latest manifestation of this.

Bitcoin Transactions Used to Find Operator of Global Child Exploitation Site (KTLA), Rated: AAA

On Wednesday, the United States’ Department of Justice (DOJ) revealed how it had followed a trail of bitcoin transactions to find the suspected administrator of the site: A 23-year-old South Korean man named Jong Woo Son.

It’s Not Time to Write Libra’s Crypto Obituary Just Yet (CoinDesk), Rated: AAA

Yet Libra obituaries are way too premature. The Libra Association still got 21 of its original 28 member entities to sign onto the currency-management consortium in Geneva last week. And even if Libra doesn’t survive, other, less controversial players than Facebook are hatching their own stablecoin plans. If those fail, well, we’ll always have bitcoin.

Last week, both the Financial Action Task Force and the Bank of International Settlements, pronounced that stablecoins such as Libra pose a major threat to anti-money laundering (AML) efforts, financial stability and monetary competition. Meanwhile, some experts, including former Commodities and Futures Trading Commission chief Gary Gensler, have argued that Libra should be regulated as a security.

The Libra Association has the blessing of Switzerland’s Financial Market Supervisory Authority (FINMA), giving it a respected, regulated home base from which to develop the project.

Ether Price Drop Shakes DAI Stablecoin Peg, Two Collateral Contracts Closed (Coin Telegraph), Rated: AAA

The recent Ether (ETH) price drop showed the reliability and weaknesses of the decentralized stablecoin built by MakerDAO, DAI (DAI), and the decentralized finance (DeFi) ecosystem built on top of it.

Ethereum-collateralized decentralized stablecoin DAI managed to maintain its peg to the United States dollar as ETH lost more than 18% of its value in under two hours — falling from $190 to $155 on Tuesday. As of publishing time, Ethereum holds a price of about $171.

Ethereum price
Source: Coin360

As Bitcoin price nears 50% drop, analyst foresees deeper correction for Ethereum (CryptoSlate), Rated: A

Since achieving $13,920 at the yearly peak, the Bitcoin price is nearing a 50 percent drop and according to a technical analyst, it could mean a larger correction for Ethereum.

Within three months, the Bitcoin price has declined by 43 percent against the U.S. dollar and a dip below the $7,000 level would indicate a 50 percent+ slip for BTC since the 2019 high.

Ethereum, currently ranked #2 by market cap, is up 1.55% over the past 24 hours. ETH has a market cap of $19.01B with a 24 hour volume of $6.78B.

Ethereum
Source: CryptoSlate

Bitcoin.com acquires Japanese cryptocurrency startup O3 Labs (Silicon Angle), Rated: A

Bitcoin.com has acquired O3 Labs Inc., a Japanese startup that offers a range of cryptocurrency services for an undisclosed price. Under the deal, O3’s team and its services will be absorbed into Bitcoin.com.

Earn More Interest on Your Crypto With These Comparison Tools (Bitcoin.com), Rated: A

Competition among crypto lending platforms is heating up. With major exchanges such as Binance throwing their considerable weight behind the movement, incumbent platforms have been sharpening the pencil in a bid to offer their lenders and borrowers a better APR. This week, for instance, Nexo, cut its borrowing rates to as low as 5.9%. Given that many crypto lenders are prone to charge up to 4% in origination fees and 5-13% in liquidation fees, Nexo is confident that its improved offer will entice crypto borrowers shopping around for the best deal.

Loanscan
Source: Bitcoin.com

Just 12 Cryptocurrencies Maintain a Market Valuation of Over $ 1bn (The Merkle), Rated: A

As a result, there are now just over 12 cryptocurrencies, tokens, and assets that have a market cap of over $1bn. That list includes the obvious top currencies, although both Tron and Cardano are on the verge of dropping below this threshold again.

As is usually the case when two currencies are on the verge of dropping below this threshold, there are always projects which are close to surpassing the $1bn level as well. In the case of LEO and Monero, there is still a ways to go, albeit the gap to reaching this threshold is not all that big. Both projects need $150,000 and $23m respectively to make this cut.

Sneakers meet the blockchain in New Balance shoe authenticity pilot (Silicon Angle), Rated: A

Footwear manufacturer New Balance Athletics Inc. announced today the launch of a pilot program to track the authenticity of its newest basketball shoe using a distributed ledger blockchain to provide trust and provenance for every customer.

To provide the blockchain, New Balance teamed up with Input Output Hong Kong to develop the “New Balance Realchain.” The distributed ledger technology platform will be built atop IOHK’s Cardano blockchain.

European Union

Binance Earns More Than $ 20,000 per Day Overcharging on Transaction Fees (Be in Crypto), Rated: AAA

The 0.0005 BTC withdrawal fee is currently around 33 times higher than the average fee required to ensure transactions are mined on the next block.

Bitcoin futures volume rose significantly in 2019, as it raises leverage to 125x (CryptoSlate), Rated: A

Speaking to CryptoSlate in an exclusive interview, Binance Futures Director Aaron Gong said that the Bitcoin futures volume in 2019 increased significantly, expressing confidence in the long term trend of the market.

Earlier this week, on Oct. 18, Binance Futures increased the maximum leverage of BTC/USDT (Tether) to 125x, offering a leverage that is higher than all existing platforms in the cryptocurrency market in the likes of BitMEX and Deribit.

Ethereum (ETH) Could Recover To $ 180, Bitcoin Up 5% (NewsBTC), Rated: AAA

This past week, Ethereum tested the $168 and $170 support levels on two occasions against the US Dollar. However, the bears were not able to gain strength below $168. As a result, there was a short term upside correction above the $172 resistance. More importantly, bitcoin rallied more than 5% and climbed above the key $8,200 resistance area.

Ethereum
Source: NewsBTC

Ethereum Name Service Adds Multicoin Support (Coin Telegraph), Rated: A

Distributed naming system Ethereum Name Service (ENS) has announced the launch of multicoin support as 15 cryptocurrency wallets already plan to utilize the new feature.

According to an official Medium post published on Oct. 17, this will allow crypto enthusiasts to use one ENS name for all of their crypto wallets.

bitFlyer Makes Cryptocurrency Trading Even Easier with Launch of bitFlyer App (BusinessWire), Rated: A

Today, leading cryptocurrency exchange bitFlyer has announced the launch of the bitFlyer app across Europe and the USA. The app, available for free on both iOS and Android, will allow users to buy and sell Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ethereum Classic (ETC), Monacoin (MONA) and Lisk (LSK).

You Can Now Get a Master’s in Blockchain From a School in (Where Else?) Malta (CoinDesk), Rated: A

The University of Malta’s Masters Blockchain and Distributed Ledger Technology began its inaugural semester this October, with around 35 students enrolled in the island nation’s only DLT-specific masters program – one of the few such programs around the world.

United Kingdom

NEXO Tokens Now Trading on Binance DEX (Business Wire), Rated: AAA

Nexo is pleased to announce that it is further enhancing its collaboration with the world’s largest cryptocurrency exchange Binance. As a direct result, the trading of NEXO on Binance DEX starts today, October 18, 2019:

  • The NEXO Token Holders can now enjoy all the benefits which have turned Binance into the industry’s favorite cryptocurrency exchange – liquidity, cutting-edge trading solutions, dedicated focus on security and decentralization.
  • In line with the community-led approaches of Nexo and Binance, the Binance DEX listing brings a number of benefits for the crypto ecosystem. It establishes a direct connection between NEXO and BNB holders, providing them with an efficient exchange mechanism and giving additional utility to both assets.
  • Thе history between Binance and Nexo dates back to July 2018 when Nexo became the first crypto lender to start accepting the BNB Token as collateral for Nexo’s Instant Crypto Credit Lines, a move hugely appreciated by Binance’s CEO CZ.
  • Thousands of BNB holders consistently borrow against their tokens in the most tax-efficient manner, as more and more people understand Nexo’s unique proposition of accessing the value of their crypto holdings without having to sell any on them.

‘No-Deal Brexit Huge Positive for UK Cryptocurrency’ – How Brexit Could Affect the Industry (Bitcoin.com), Rated: A

In the event of no-deal being reached by Oct. 31, Thomas said, “there will be substantial uncertainty within British and EU financial institutions.” However, in terms of whether it will create demand for bitcoin and cryptocurrency in general, “I am not so certain,” he admitted, elaborating:

I would expect to see some upward movement on BTC/GBP markets shortly after the deadline, but since the British pound is a small portion of global crypto volume it may not have a large overall effect on price as some have predicted.

“It will, however, have a positive impact within the British market, but the degree of which this will affect the global cryptocurrency markets is speculative at this time,” he opined.

China

Chinese Students Want Crypto Jobs, 8% Own Cryptocurrencies (Bitcoin.com), Rated: AAA

Unlike authorities, however, the Chinese people have been embracing decentralized currencies with much less hesitation and for obvious reasons – not only the utility they bring but also their censorship resistance. The poll confirms that the young and tech savvy have predominantly positive expectations about the future of the crypto space and are the most eager adopters. Over 8% of Chinese students currently own some cryptocurrency, while another 9% had previously invested in digital assets.

It’s worth noting that almost 27% of the students in the survey indicated they would seek employment in the growing blockchain industry in the future. Media remains the main source of information about the crypto space and nearly 40% of the students describe media reports as influential.

HTC reveals €219 Exodus 1s cryptocurrency phone with… Android Oreo (Android Police), Rated: A

There hasn’t been much news from HTC about new phones this year, besides some budget models. The company did confirm earlier this year that it would develop a new version of its ‘Exodus’ blockchain phone, which was itself a slightly-modified U12+. That new device is finally real, and it’s… something.

Display 5.7″ 720p 18:9 display
SoC Qualcomm Snapdragon 435
RAM 4GB
Storage 64GB with microSD support
Battery Nominal: 3075mAh; Rated: 3000mAh
Cameras 13MP main camera with PDAF, 13MP front camera with LED flash light
Software Android 8.1 Oreo
Headphone jack Yes
Power microUSB
Band support 2G/2.5G:
GSM/GPRS/EDGE/850/900/1800/1900 MHz
3G UMTS:
850/900/1900/2100 (B1/B2/B5/B8); HSDPA 42, HSUPA 5.76
4G LTE:
FDD: Bands 1, 3, 5, 7, 8, 20, 28
TDD: Bands 38, 40, 41
Asia

Telegram’s TON Mainnet Launch Put Off by 6 Months (Asia Crypto Today), Rated: AAA

Telegram, one of the world’s largest instant messaging apps, and the creators behind the Telegram Open Network (TON), has written to GRAM investors who took part in the second round of the March 2018 ICO asking for a postponement of the TON’s mainnet launch.

Japan’s Cryptocurrency Business Association releases new guidance (Brave New Coin), Rated: A

The Japan Cryptocurrency Business Association (JCBA), an organization that fosters the responsible development of the crypto asset industry in Japan, has released new guidance on the regulation of crypto asset management.

The guidance seeks to encourage a crypto asset system that balances user protections with stable market development.

Sitharaman Says Other Nations Agree With India’s Stance On Cryptocurrency (Inc42), Rate: A

Even as India is looking to create a concrete policy on cryptocurrency amid the current ban on trading and possession, finance minister Nirmala Sitharaman said the Indian government has already received several red flags from other nations, which vindicate its stance on virtual currencies.

Malaysia Officially Launches Blockchain Village, Medini (BVAM) (CryptoNewsZ), Rated: A

Khazanah Nasional Berhad, the sovereign capital fund of the Malaysian government, in association with its subsidiary i2M Ventures SDN BHD, today launched a Blockchain Village at Medini (BVAM) to facilitate the development of blockchain ecosystem in Malaysia.

According to managing director of i2M Ventures, Zulfiqar Zainuddin, BVAM intends to develop the blockchain ecosystem in Medini City to offer service providers that include institutions and blockchain start-ups and shareholders, the podium to enhance their technology further and encourage acceptance in the market.

HyperBlocks Plans to Launch Staking-as-a-Service for Fantom Mainnet (CryptoNewsZ), Rated: B

The blockchain venture firm, HyperBlocks specializes in proof-of-stake protocols and now is ready to deliver its SaaS, staking-as-a-service platform for the initial Fantom mainnet. The smart contracts based on DAG dubbed the platform “consensus-as-a-service.” Fantom is a technology firm that specializes in the smart contract stack of Directed Acyclic Graph (DAG) created as a foothold for some high-grade and scalable public infrastructural needs.

Caribbean

Chainlink (LINK) beats the market with 10% of day-to-day gains (FXStreet), Rated: AAA

The LINK price recovered from the recent low of $2.19 to trade at $2.53 by press time.

Chainlink (LINK), now the 15th largest coin with the current market value of $903 million has been outperforming other top altcoins recently. The coin has  been growing since Sunday and gained over 10% of its value in recent 24 hours. At the time of writing, LINK/USD is changing hands at $2.53, off the recent high registered at $2.97 on October 9.

Latin America

Is decentralization the future of social media monetization? (CryptoSlate), Rated: AAA

Two weeks ago, it was announced that IOV Labs, the parent company of smart contract platform RSK, has acquired Latin American social media network, Taringa. With 30 million users, Taringa is the fourth largest social media operator in the region. In the press release accompanying the announcement, IOV Labs alludes to its ambition to introduce a decentralized sharing economy to Taringa via the RSK platform.

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

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Allen Taylor

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