Daily News Digest Featured News

Tuesday November 12 2019, Weekly News Digest

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United States

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News Summary

United States

Coinbase and Tezos: Start Staking and Get Rewards (Altcoin Buzz), Rated: AAA

On November 6, Coinbase announced it will enable ordinary users to receive rewards for storing cryptocurrencies on their site. The first asset on the list is Tezos (XTZ). The yield will be 5% yearly.

Coinbase Report Shows Dollar-Cost Averaging Into Bitcoin (BTC) Is a Good Strategy (SludgeFeed), Rated: AAA

In the report, Coinbase laid out 11 quantitative indicators that depict the growth of the Bitcoin network, as well as its overall adoption, utility, and performance as an investment vehicle.

bitcoin dollar cost averaging
Source: Coinbase

Bitcoin Price Faces Drop to $ 8.5K After Consecutive Weekly Losses (CoinDesk), Rated: AAA

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Bitcoin
Source: CoinDesk

Bitcoin Will Reach $ 1M, Overtake Gold By 2028: Industry Veteran (Yahoo! Finance), Rated: A

Bitcoin will overtake gold in terms of market capitalization by 2028 and be worth over $1 million, one of the cryptocurrency’s earliest proponents Bobby Lee suggested in a series of tweets.

Bitcoin Could Fall to $ 900, Claims Analyst (Be In Crypto), Rated: A

Bitcoin $900
Source: @cryptodude999 on Twitter

This is a long-term prediction — suggesting that the Bitcoin price will fall between $900-$1400, the heights of the 2013 upward move.

Bitcoin Price Returns to $ 8.7K as Resistance Becomes New Bull Support (Coin Telegraph), Rated: AAA

At press time, the pair had just said a new three-day low of $8,695, subsequently bouncing slightly higher towards $8,800. Bitcoin has languished around that price since Nov. 8, having previously fallen from a range between $9,000 and $9,500.

Bitcoin $8.7K
Source: Coin360

One cryptocurrency investor reportedly lost $ 24 million worth of bitcoin in a SIM swap attack (Markets Insider), Rated: A

One crypto investor lost bitcoin worth as much as $24 million after falling victim to a new kind of hack known as SIM swapping, The Wall Street Journal reported.

New York condo sells for $ 15M in Bitcoin (The Next Web), Rated: B

5. A real estate mogul in the US has sold a condominium in New York for $15.3 million in Bitcoin, according to industry magazine The Real Deal.

U.S. can’t let criminals get the upper hand by using China’s coming cryptocurrency (MarketWatch), Rated: AAA

Facebook CEO Mark Zuckerberg was at least half right when he recently told the United States Congress that there is no U.S. monopoly on regulation of next-generation payments technology.

You may not like Facebook’s FB, +0.15%  proposed Libra (pseudo) cryptocurrency, Zuckerberg implied, but a state-run Chinese digital currency with global ambitions is perhaps just a few months away, and you would probably like that even less.

DAI Surpassed 100 Million Coins Issued (Cryptovest), Rated: AAA

Maker DAO has grown the popularity of its DAI stablecoin, even before the issuance of multi-collateral DAI. The current asset, which from November 18 will be known as SAI, has surpassed 100 million coins issued.

A Crypto Content Manifesto (ConsenSys), Rated: A

In the cryptosphere, the state of content is especially precarious. Instant liquidity has signaled huge opportunity for both shillers and scammers alike. Most of the projects in the blockchain graveyard didn’t suffer smart contract or wallet breaches, but content breaches: fake websites, fake white papers, redirected DNS, spearphishing emails.

Yet we are all still bound to Web2––its ranking algorithms, its content mods, its ad-driven attention economy, its cloud services. The irony: Web3 evangelists need Web2 to get our message out there.

Co-founder of Ethereum says hopefully we can interoperate with China’s digital currency (FXStreet), Rated: B

The co-founder of Ethereum and founder of Consensys, Joseph Lubin, said that he hopes China’s Central Bank Digital Currency (CBDC) will allow for interoperability with public permissionless blockchains, including the likes of Ethereum.

Ripple (XRP) Price Remains At Risk Of More Losses (NewsBTC), Rated: AAA

In the past few hours, there was an increase in selling on ripple below the $0.2840 resistance area against the US Dollar. XRP/USD mostly followed a bearish path below $0.2800 and the 100 hourly simple moving average.

Ripple
Source: NewsBTC

Ripple Reports Surge in XRP Transactions (The Daily HODL), Rated: A

The company says the number of transactions moving through its cross-border payments product called On-Demand Liquidity (ODL) has increased seven-fold since the first quarter of this year.

Litecoin Price Analysis – Mining profitability near all-time lows (Brave New Coin), Rated: AAA

The Litecoin (LTC) spot price increased nearly 550% from December to June, but has fallen 55% from the June high, and remains down 83% from the record high set in December 2017. The market cap currently stands at US$4.08 billion with US$1.25 million in exchange-traded volume over the past 24 hours.

Litecoin
Source: Brave New Coin

Over the past year, there have been a cumulative 17 commits to the main GitHub repo, litecoin-project/litecoin (shown below), with no commits in the past 90 days. Compared to previous years, 2019 has seen a marked reduction in dev activity. However, Litecoin.com announced that Litecoin Core 0.18.1 has entered the final testing stage last month.

Litecoin
Source: Github – litecoin-project/litecoin

Gemini Selects Sovos for 1099 Tax Information Reporting Needs (Markets Insider), Rated: A

Global tax software leader Sovos today announced that Gemini, the cryptocurrency exchange and custodian co-founded by Cameron and Tyler Winklevoss, has selected Sovos for its tax information reporting needs. The Sovos Tax Information Reporting solution will automate Gemini’s 1099 forms and filings, reducing potential errors and delivering automatic regulatory updates in the everchanging cryptocurrency compliance landscape.

Top Crypto Data Tracker Wants to Combat Fake Trading Volumes (Bloomberg), Rated: A

CoinMarketCap’s Liquidity metric went live Tuesday, and will serve as the default barometer for ranking currency pairs and exchanges on the website, it said in a statement.

Bakkt Rolls Out ‘Critical’ Bitcoin Custody After NY Gives Green Light (Coin Telegraph), Rated: A

In a blog post on Nov. 11, Bakkt said it had received the go-ahead from the New York Department of Financial Services (NYDFS) to offer custody services to any institution. Previously, the option was only available for those trading its Bitcoin futures.

Alan Greenspan says there’s ‘no point’ for central banks to issue digital currency (CNBC), Rated: A

Former U.S. Federal Reserve Chairman Alan Greenspan said Tuesday that there is no need for central banks to issue digital currency.

Power Transition CTO Discusses How His Company’s Hedera Hashgraph-based Platform Uses Energy More Efficiently (Crowdfund Insider), Rated: A

A newly developed decentralized application (dApp), called Power Transition, based on Hedera Hashgraph (a DLT-based platform that claims to be “faster, fairer, and more secure” than existing blockchain networks), implements a microgrid management platform in order to use energy in a more efficient manner.

Power Transition has reportedly been designed to fundamentally transform how energy is consumed, managed, and traded by government agencies, businesses, and individual users.

China could launch its own digital currency in the next 2-3 months, predicts investor (CNBC), Rated: A

China could start rolling out its digital currency as early as the next two to three months, predicted the managing partner of an investment firm backed by Foxconn Technology Group.

Michael Novogratz Warns China’s Digital Currency Revolution Might Undermine U.S. Reserve Status (CCN), Rated: A

Billionaire Michael Novogratz has warned that the United States’ reserve status is likely to be undermined by China’s blockchain and cryptocurrency revolution. In the forewarning, he underscores that China is already ahead in some areas such as fintech, and the United States is merely playing catch-up.

The IRS Confirms a new Wave of Cryptocurrency Audits is Coming (The Merkle), Rated: A

Tax agencies around the globe continue to crack down on cryptocurrency users. A new joint report by the IRS and other agencies confirm there are new tools being deployed to identify tax evaders, cybercriminals, and other culprits. 

For some time now, the Joint Chiefs of Global Tax Enforcement have been working together.

Can Cryptocurrency Create a New Niche in Music Streaming? (Coin Telegraph), Rated: A

One only needs to look at the events of the last year to see that competition in the industry is growing exponentially. Industry leader Spotify is just one example of how competition has forced companies to pursue new users with a vengeance.

How Blockchain and IoT Are Opening New Capabilities in the Construction Industry (IOT For All), Rated: A

IoT is enabling the digitalization of assets and processes in the construction industry at a fast pace. Construction projects are generally complex and involve a lot of regulations and standards.

Congress Cuts Blockchain Technology Survey Out Of Export Finance Agency Act Of 2019 (Forbes), Rated: B

The issue of blockchain technology has been fairly nonpartisan on Capitol Hill – until recently. The importance of determining policy on cryptocurrency in the House Financial Services Committee became high when Facebook’s Project Libra appeared to threaten the power of the U.S. dollar. In D.C., when an issue becomes “conflated”, it means that two ideas have been combined into one. When Chairwoman Maxine Waters (D-CA) stated, during the SEC Oversight hearing, about the Libra cryptocurrency, she then asked what the SEC was doing about the whole “blockchain phenomenon”.

Panel to Launch Blockchain Working Group for the Film Industry (Variety), Rated: B

A group of film executives and tech industry entrepreneurs are to establish a working group seeking to plan how blockchain technology should be applied to the creative industries.

The call will be made at the American Film Market on Tuesday in Santa Monica by Manuel Badel from Badel Media and Patrice Poujol from The Lumiere Project.

International

CoinMarketCap Now Provides Crypto Investors With Data on Liquidity (Coin Telegraph), Rated: AAA

The announcement comes from The Capital, CoinMarketCap’s inaugural conference in Singapore on Nov. 12, and the tool is now live on the company’s site. The new metric will reportedly incorporate data from 3000 crypto assets.

Bitcoin and major altcoins consolidate losses (FXStreet), Rated: AAA

Bitcoin and all major altcoins have recovered from the recent losses; hohttps://blockchaintimes.news/?p=12929&preview=true#heading-58https://blockchaintimes.news/?p=12929&preview=true#heading-58https://blockchaintimes.news/?p=12929&preview=true#heading-58https://blockchaintimes.news/?p=12929&preview=true#heading-58wever, the majority of coins are still in the red zone on a day-to-day basis. The total cryptocurrency market capitalization dipped to $240 billion from $245 the day before; the worth of the digital asset of $68 billion change hands daily on average. Bitcoin’s market share dropped to 66.1%.

BTC USD
Source: FXStreet

Ethereum, the second-largest digital asset with the current market capitalization of $20.5 billion, is changing hands at $186.10, down about 1 % since this time on Monday. Looking technically, ETH/USD has recovered from the recent low of $183.96 and may extend the upside towards $186.70 (SMA200 1-hour chart) and $187.00.

ETH USD
Source: FXStreet

Blockchain progress through the lens of Binance’s $ 180MM profit and Greensill’s $ 1.5B SoftBank raise (Future of Finance), Rated: AAA

I have been thinking about blockchain use-cases, adoption curves, and jumping the chasm for Web3 software. Let’s start with the easy stuff. Binance is killing it. Since 2017, they have out-executed crypto exchanges, decentralized exchanges, fintech broker/dealers, and everyone else trying to get day traders to day trade. As I understand, this was accomplished through a combination of multi-level marketing, extremely quick technology builds, some of the lowest pricing in the industry, and regulatory arbitrage. The crypto trader market is now 60% owned by Binance, and Binance is being a fast mover to capitalize on this advantage. They are throwing off massive amounts of cash — $1 billion to date — and reinvesting that in the business. The difference between subsisting on venture financing and being cashflow positive is the difference between being underwater on your mortage and owning your home outright.

crypto exchanges

On the User Base of Decentralized Exchanges (Medium), Rated: AAA

Dex.watch is currently monitoring 17 DEXes. How many of the traders are solely active on one platform? How many use multiple DEXes? Below you can see a chart showing the number of addresses that were trading on 1 or more platforms. We collected the data on October 17 — on that day, our database contained 6,634,760 trades and 214,391 unique traders across 17 DEXes.

We further excluded 76,034 small traders who only had 2 or less than 2 trades in their history. The distribution of the rest of the traders in the dataset is below:

DEX
Source: Dex.watch

OasisDex has the largest number of different contract accounts in its diagonal element (1091), these exclusively interact with OasisDex. The second highest is EtherDelta, having 114 contracts solely trading on its platform.

But the number is taken directly from the blockchain and shows that there have been 119,910 unique addresses that exclusively appear on IDEX and never use any other DEX for trading tokens. The second position is Etherdelta with 39,591.

DEX traders
Source: Dex.watch

Ripple’s Repeated Citing of 6% Error Rate on SWFT is False, Researcher Claims (Crowdfund Insider), Rated: A

Martin Walker, director of banking and finance at the Center for Evidence-Based Management, says Ripple officials’ repeated claims that SWIFT has a a 6% error rate are false.

“In May 2019, Brad Garlinghouse, CEO of a San Francisco based (but Delaware registered) fintech firm called Ripple Labs gave a presentation to the 9th High-Level Conference on the International Monetary System,” Walker writes in a blog post for the London School of Economics.

EOS Blockchain Congested: EIDOS Airdrop 95% of Transfers (Coin Telegraph), Rated: A

The EOS blockchain is congested by the EIDOS token airdrop, cryptocurrency exchange Coinbase reports on Nov. 9.

Bithumb Global Launches Native Token for Exchange Ecosystem (CoinDesk), Rated: A

Bithumb Global has launched a native coin for Bithumb Chain, the exchange’s custom blockchain.

Launched under the “BT” ticker, Bithumb Coin will work as a medium of exchange for the ecosystem, the company told CoinDesk in a statement Tuesday. The Bithumb Chain itself is expected to launch sometime in the first quarter of 2020.

New Wirex Visa Card Offers Users Cryptocurrency Rewards (CryptoGlobe), Rated: A

A new Visa card launched by borderless payment platform Wirex rewards users with 1.5% back in bitcoin on all in-store purchases, allowing users to earn crypto rewards for using it.

According to a press release shared with CryptoGlobe, Wirex announced its new Visa Travelcard at the Singapore FinTech Festival. The card supports more than 150 currencies and processes cryptocurrency exchanges to fiat currency before transacting on the visa network.

How to Turn a $ 17 Million ICO Into $ 104 Million: The Cosmos Story (CoinDesk), Rated: A

The Interchain Foundation (ICF) raised $17 million in April 2017 to shepherd the development of the Cosmos network, a system for making blockchains talk to each other.

Following the sale of its ATOM token, the ICF funded a cast of supporting players, like Agoric Systems Operating Company (which the ICF invested in for traditional equity) and Tendermint, to build the underpinnings of the project’s interoperable aspirations: the Inter-Blockchain Communication (IBC) protocol.

Volvo Adopts Oracle’s Blockchain for Its Supply Chain — Here’s Why (Coin Telegraph), Rated: A

Volvo Cars announced last week that it is using Oracle’s blockchain platform to trace cobalt, one of the main components in electric car batteries. Following the unveiling of the company’s first fully electric car, the XC40 Recharge, Volvo has come up with a new business strategy that includes introducing an electric vehicle every year through 2025.

DeFi: What it Is and Isn’t (Part 1) (Medium), Rated: A

In a functioning decentralized financial system, internet connection would be the only prerequisite to accessing financial services, rather than geography or circumstance. A reduction in the centralization of those that control and own the infrastructure underpinning financial markets would increase transparency, decrease costs, and reduce the opportunity for censorship and / or manipulation. The global “unbanked” (both individuals and enterprises) would gain access to financial services. DeFi would not only facilitate markets for illiquid financial products that already exist but would also allow for the creation of new financial products and markets that don’t yet existThe ability to more effectively arbitrage, borrow, hedge, and access liquidity would spur more institutions to join the movement without restricting the usage of these products and markets exclusively to them.

Paxful surpasses 3 million crypto wallets milestone (IT News Africa), Rated: A

Paxful, a peer-to-peer bitcoin marketplace, announced on Monday, 11 November 2019, a major growth milestone – it now services 3 million wallets with more than 800,000 being added in the last 12 months, predominantly in the USA, Nigeria, and Ghana. They’ve also seen 15 million trades cross the platform during the past year, a 65% increase versus the previous time period.

UPS ships U.S. beef to Japan, traces movement via blockchain (Freight Waves), Rated: A

There have been a steady stream of blockchain-based pilot projects within the supply chain landscape. Today, UPS announced a collaboration with agri-tech solutions provider HerdX of the successful delivery of a blockchain-verified beef shipment from a U.S. farm to Japan. UPS heralded this to be a significant step forward in quality assurance and traceability in the beef industry, which incidentally was also the first time HerdX shipped beef on the back of a blockchain network.

European Union

Binance adds support for euro (Yahoo! Finance), Rated: AAA

Cryptocurrency exchange Binance has added support for euro (EUR) for its direct fiat-to-crypto trading facility, according to an announcement Friday.

Binance DEX Hard Fork Countdown Begins (Coinpedia), Rated: A

As the year is about to end, yet another exchange is going through a hard fork. Binance Exchange has just now tweeted regarding their upcoming Heisenberg hard fork. The hard fork is scheduled at block height 49,721,000, around November 15th, 2019 at 5:00 AM (UTC).

Ethereum Still on Track for Move to $ 260 as Network Activity Spikes (NewsBTC), Rated: AAA

At the time of writing, Ethereum is trading down nominally at its current price of $187, which marks a slight retrace from its daily highs of over $190 that were set yesterday alongside Bitcoin’s surge to $9,300 – which proved to be short-lived as BTC has since retraced to $8,700.

Ethereum
Source: @econoar on Twitter

As for where this underlying fundamental bullishness could send ETH’s price, one popular cryptocurrency analyst believes that Ethereum is currently on track to visit $260 next.

Cardano prepares for Shelley era with incentivised testnet release (Yahoo! Finance), Rated: A

Cardano’s long-awaited Shelley era is rapidly approaching, with the company now launching an incentivised testnet which will reward ADA holders for delegating their stake.

Æternity Blockchain Launches Integrated Naming System for Registering Readable Names to Any Blockchain Entity on the Decentralized Web (Martech Series), Rated: A

æternity, a next-generation, open-source blockchain for building decentralized applications, announced the launch of .chain, the official Æternity Naming System (AENS) which enables æternity app (æpp) users to register any blockchain entity, including account keys and wallet addresses, smart contracts, oracles, state channels and hashes, as human-readable names, creating an efficient and secure naming system for the decentralized web.

French Central Bank Job Posting Reveals Digital Currency Program (CoinDesk), Rated: A

The central bank of France, Banque de France, is seeking a blockchain analyst who will help the bank define a program for implementing digital currency.

In a job opening posted on October 16th and listed under the Financial Stability and Operations branch of the bank, the bank called for an analyst with experience in crypto-economics, game theory and public or private blockchain. The bank is also hiring a development engineer to study the application of blockchain to key banking functions. Banque de France declined to comment.

Jean-Claude Trichet Says He is Doubtful That Cryptocurrencies Will Ever Become Future of Money! (CryptoNewsZ), Rated: A

Jean-Claude Trichet, the European Central Bank’s previous president, stated that he is having doubts that cryptocurrencies can forever become the future of currency. By stating these comments, he becomes the recent monetary authority to throw negative comments about the disruptive technology that disorganize the worldwide national banks from their currency control.

C++ creator hates that Bitcoin was written in the language he made (The Next Web), Rated: A

In a recent podcast interview, Stroustrup took a moment to explain how he felt about programmers using C++ for such wide variety of applications.

Blockchain History Museum Opens in Hamburg to Celebrate Distributed Ledger Technology (Bitcoin Exchange Guide), Rated: B

The Museum of Blockchain has opened in Hamburg, Germany. The museum is not permanent, but a pop-up museum, which was launched by Algorand and World chess. The museum will be open until November 17, 2019. Those who visit the museum will be able to view blockchain history, which if one considers blockchain to relate to cryptographic beginnings, begins around 1900 BC. Visitors can also download a crypto wallet to make purchases at the museum’s store.

ECB’s Benoit Coeure to Lead Central Banking Digital Currency Initiative (CoinDesk), Rated: B

Benoit Coeure, outgoing member of the executive board of the European Central Bank (ECB), is to lead a new global effort by central banks to research the benefits of fintech such as digital currencies.

United Kingdom

A Chinese digital currency is the real threat, not Facebook’s Libra (The Guardian), Rated: AAA

The Facebook chief executive, Mark Zuckerberg, was at least half right when he recently told Congress that there was no US monopoly on regulation of next-generation payments technology. You may not like Facebook’s proposed Libra (pseudo) cryptocurrency, Zuckerberg implied, but a state-run Chinese digital currency with global ambitions is perhaps just a few months away, and you will probably like that even less.

Craig Wright’s nChain Granted Patent for Blockchain-Enforced Smart Contracts (Be In Crypto), Rated: A

The patent specification is freely available on Google Patents and consists of a 60-page document that describes the invention for which a patent is sought and demonstrates some of the applications for which the invention can be used, among other things. The patent was filed in February 2017 and was granted earlier today (November 11, 2019).

China

China’s state blockchain financing pilot grows to 19 provinces (Decrypt), Rate: AAA

By the end of October, the platform had processed 6,370 transactions, and issued $6.8 billion in loans to a clientele of over 1,262 companies, most of which are small and medium-sized, GlobalTimes reported.

NEO Is Leading the Pack of Chinese Crypto Coins (Be In Crypto), Rated: A

NEO, a smart contract platform that has often been referred to as the “Chinese Ethereum” saw a roughly 22 percent increase on October 25. This likely came as a result of the endorsement of blockchain by the Chinese government.

The Chinese Ministry of Industry and Information Technology will Establish a Blockchain and DLT Standards Committee (Crowdfund Insider), Rated: B

On November 6th, the Ministry of Industry and Information Technology (MIIT) said, at a conference co-hosted with CBIRC, government departments should provide policy guidance in the initial development of the IoT and blockchain industry. Thus, the MIIT suggested to set up a Blockchain and DLT Standards Committee, promoting the establishment of related standards in China and enhancing communication with international organizations like ISO and ITU. 

Asia

India’s Blockchain Coffee Platform Onboards 30,000 Farmers (Be In Crypto), Rated: AAA

The Indian government’s blockchain platform for tracking coffee has seen significant adoption. Over 30,000 coffee farmers have signed up just a few months after the launch.

Canada

Canadian Blockchain Firm Launches USD-Pegged Stablecoin CUSD (Coin Telegraph), Rated: AAA

Canadian blockchain research firm Blockchain Venture Capital Inc. (BVCI) has officially launched a United States dollar-pegged stablecoin, the CUSD, according to a press release published on Nov. 11.

MENA

Moshe Hogeg’s BlockTV Considers ICO to Raise $ 6M (Cryptovibes), Rated: AAA

Moshe Hogeg is considered to be a controversial blockchain entrepreneur. The Israeli businessman owns a media venture, BlockTV, which reported that it is planning to get $6 million through an initial coin offering (ICO).

Tunisia first country to launch a central bank digital currency (FXStreet), Rated: A

Tunisia has announced the launch of its digital currency, the ‘E-dinar.’ It marks the first country to launch a central bank digital currency (CBDC).

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

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Allen Taylor

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