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Archives for June 23, 2018
Nano, the cryptocurrency focused on instant and feeless transactions, has had a recurring problem with unexpected technical errors. The recent release of the official Nano wallet was no exception, as developers found a bug that threatened the security of user’s funds.
Nano Team: “ELY MOVE YOUR FUNDS TO ANOTHER WALLEIMMEDIATT”
June 21st came with the release of the long-awaited Nano wallet, with prices rising by over 10% within 24 hours. The Nano wallet quickly skyrocketed to the front pages of app stores, with the app achieving the ‘trending’ status on the Google Play store. The Android wallet quickly garnered over 10,000 downloads, with users expecting similar numbers on other platforms.
However, just five hours after the official announcement, developers found a security flaw in the code of the Android version of the wallet. The Nano team took to Twitter, issuing a vital message to let users know about the issue.
*ATTENTION* ANYONE WHO GENERATED A SEED USING THE ANDROID WALLET, IMMEDIATELY MOVE YOUR FUNDS TO ANOTHER WALLET DERIVED FROM A DIFFERENT SEED. *ATTENTION*
— Nano (@nano) June 21, 2018
The Nano team made it clear that the bug only affected the Android wallet, advising users to move funds stored on their Android device to a secure wallet. The original version of the wallet had issues generating unique and truly random seeds, with the Nano team calling the specific problem “Wallet Seed Migration.”
Troy Retzer, chief of communications at Nano, reassured users in a Reddit post, affirming:
“Please still move funds off the android wallet. (An) Update is coming that will force users to change seeds using correct cryptography.”
By the next morning, the team had fixed the problem, issuing an update to the Google Play store. Despite the quick patch efforts, developers found another bug in the updated version, issuing a tweet yesterday morning.
The tweet stated:
“Work On Android is temporarily disabled while we fix a bug.”
Users attributed the word “work” to the proof-of-work (POW) system which Nano uses to compute blocks. For those who are unaware, Nano transactions are ‘mined’ by the wallet user, as small amounts of computing power become allocated to the wallet. This means that this “temporary” pause on the wallet’s work system forcefully shutdown any outgoing transactions made on Android devices.
Although details are scarce on how the team is addressing the issue, it can be assumed that they are doing everything in their power to reverse these issues.
2018: Has It Been A Rough Year For Nano?
Nano hasn’t had the best time over the past few months, with the $195 million BitGrail hack becoming a major headline all across the crypto industry. At the time BitGrail was one of the only exchanges supporting Nano, despite the cryptocurrency temporarily achieving the elusive ‘top 20’ on CoinMarketCap.
Due to the fact that there was essential only one Nano exchange, a single hacker, or hacker team, managed to steal large amounts of the cryptocurrency from a single source. As the cryptocurrency market quickly developed, users quickly pushed the hack to the back of their minds.
However, Nano users have still experienced issues with exchanges, acknowledging that there were severe withdrawal issues on Binance. Over the course of the past 3 months, users reported that Binance’s Nano withdrawals were often non-responsive. Some community members chalked up these issues to updates in Nano’s code. Binance has since reopened Nano withdrawals, with many Nano traders it stays this way.
Although the first 6 months have not been all too promising for the cryptocurrency project, many hope for the success of this fee-less, near instant, and easy-to-use cryptocurrency.
Featured Image from
The post Official: Nano Wallet Experiences Multiple Security Scares appeared first on NewsBTC.
Bitcoin is below $6k and altcoins getting hit harder – EOS, Litecoin, Cardano and Ontology all suffering heavily.
Following another week of heavy losses crypto markets have broken below $250 billion and are poised to head further south. Many speculate that Bitcoin will go down to around $5,000 where it will find support before heading back upwards again. The bottom line is that speculation is all this really is and nobody truly knows how low this bearish market will take us. BTC is currently 3% lower than yesterday’s value trading at just below the critical level of $6k at $5,960 at the time of writing. Ethereum has declined 3.6% on the day to trade at $455, altcoins predictably have suffered heavier losses. Nearly all of them are in the red this Sunday morning but a couple of them have slowed in their downward slide.
In the top ten EOS once again has taken the biggest hit, plunging a further 13.6% on the day according to Coinmarketcap. The bottom seems to be falling out of EOS which has been long hyped as the next big thing and an ‘Ethereum killer’. At the moment it is getting killed itself, trading at $7.40 down 38% on the week from $12 this time last weekend.
Litecoin is also having a really bad time at the moment, down another 9.3% on the day to $77, its lowest level since late November when LTC began its meteoric rise. Cardano is suffering a 9% loss on the day, trading at $0.128 from over $0.14 this time yesterday. ADA has lost 22% over the past week and has the third highest decline in the top ten.
VeChain is another altcoin in pain at the moment, with a 9% fall on the day to $2.58. OmiseGO has dropped below $8 for the first time since April 1, down 8.3% on the day to $7.60. Ontology is also getting hammered with a 13.8% decline on the day. ONT is currently trading at $4.52, down almost 50% from its levels at the beginning of June. Decred and Zilliqa are in a bad place at the moment, both down over 12% on the day.
There is only a handful of altcoins that have not lost ground or are slightly up on the day and these include Dragonchain up 5.4%, Enigma 3.6% higher, Smartcash trading 3.2% higher on the day and Lisk and Monero which are at the same level as yesterday.
Total crypto market capitalization has fallen a further 4.7% today, hemorrhaging $12 billion in 24 hours. Current levels are around $245 billion which is the lowest point of the year so far, matching the big dip on April 1. A fall further could see losses extended as Bitcoin heads back towards $5k.
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.
The post EOS Getting Beat Up as Crypto Markets Fall to New 2018 Low appeared first on NewsBTC.
- ETH price is under pressure and it could decline further below $448 in the near term against the US Dollar.
- There is a significant bearish trend line formed with resistance near $510 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is likely to extend its decline as long as the price is below the $510 level.
Ethereum price is declining versus the US Dollar and Bitcoin. ETH/USD remains at a risk of more losses below the $460 and $450 levels.
Ethereum Price Resistance
This past week, there was a sharp downside move initiated in ETH price from the $545 resistance against the US Dollar. The price tumbled and broke many key supports such as $520, $500 and $475. There was also a complete test of the last swing low near $448 and the price settled below the 100 simple moving average (4-hours). A low was formed at $449.08 before the price started consolidating losses.
It traded a few points above the 23.6% fib retracement level of the last decline from the $548 high to $449 low. However, the upside move was capped by the $484 level, which was a support zone previously. On the upside, above $484, the next hurdle is near $495. It coincides with the 50% fib retracement level of the last decline from the $548 high to $449 low. More importantly, there is a significant bearish trend line formed with resistance near $510 on the 4-hours chart of ETH/USD. Therefore, if the price moves higher, it is likely to face sellers near the $484 and $495 levels.
The above chart indicates that the price is in a downtrend below $500. It may perhaps continue to move down and it could even break the $449 low. The next support below $449 is around the $410 level.
4-hours MACD – The MACD is slowly reducing the bearish slope.
4-hours RSI – The RSI is currently well below the 40 level.
Major Support Level – $449
Major Resistance Level – $495
The post Ethereum Price Weekly Analysis: ETH/USD Back in Downtrend appeared first on NewsBTC.
As the price of Bitcoin struggles to stay above $6000, the eyes of the cryptocurrency world remain firmly fixed on the market leader.
‘There is Nothing Preventing $2500 from Being the Bottom’
Various analysts and experts have weighed in on Bitcoin’s current woes, providing their opinions on what the future holds for the first and foremost cryptocurrency.
One such expert is Luis Carranza, the founder of London Fintech Week, who told Express.co.uk that — despite reaching yearly lows — there are still plenty of reasons to remain bullish in the long term. He stated:
Crypto is unpredictable. There are massive spikes and drops. $4500 could be the bottom, but there is nothing preventing $2500 from being the bottom. Likewise, as crypto becomes more mainstream the price tends to rise. Even if the price drops to $1000 there’s nothing preventing another surge to $14,000.
For Carranza, the cryptocurrency market’s current woes are mostly the result of necessary growing pains as the industry matures from stupid money to more intelligent money. He noted:
The challenges for 2018 all involve regulation and the market maturing; with larger sums, crypto is becoming a grown-up game.
Don’t ‘Bet Your House on This Investment’
Gavin Pannu, MSTA, Market Analyst and Trading Mentor at London Academy of Trading (LAT), agrees that regulation is ultimately the key to sparking another bull run in the broader cryptocurrency market. He stated:
Central Bankers have been quiet during the cryptocurrency bull-run, and have been doing their due diligence with research and white papers carried out by regulators and experts in the field and the market is anticipating an optimistic view from Central Banks. Regulating cryptocurrency would ease investors’ concerns.
Regarding whether or not Bitcoin is searching for a bottom — the question on everyone’s mind — Pannu is less confident, explaining:
Bitcoin volatility is now at its lowest level from a year ago, but a comparison of a bubble-like asset, which had a significant rise compared to the aftermath of a large correction, does not necessarily mean this is the bottom. Cryptocurrencies are still an emerging asset class which requires important steps to be taken for it to become mainstream, and begin the next move higher. This has become a concern for investors with the price of Bitcoin over a one month period losing 19.88 percent in value. It is important to consider investing with good risk management and, as they say, not to bet your house on this investment.
At the time of this writing, Bitcoin is currently trading at $5,955.19 — with all signs pointing to a continued downward trend.
What are your thoughts on the price of Bitcoin? Do you think it will fall down to $2,500? Let us know in the comments below!
Images courtesy of Shutterstock, CoinMarketCap.com.
The post Bitcoin Could Easily Bottom at $2500, Claims Analyst appeared first on Bitcoinist.com.
- Bitcoin cash price broke many supports and traded below $800 against the US Dollar.
- There is a crucial bearish trend line in place with resistance near $820 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
- The pair is likely to continue its decline as long as it is below $850 and $900 resistance levels.
Bitcoin cash price declined heavily below $900 against the US Dollar. BCH/USD may perhaps accelerate declines towards the $700 level in the near term.
Bitcoin Cash Price Decline
This past week, there was a major bearish reaction from the $910 resistance zone in bitcoin cash price against the US Dollar. The price started a major downside move and dropped below the $850 and $800 support levels. The decline was such that the price even broke the $750 support zone. A low was formed near $721 and the price is now trading well below the 100 simple moving average (4-hours).
At the moment, the price is correcting higher and is trading near $740-750. The 23.6% Fib retracement level of the last decline from the $928 high to $721 low is acting as a resistance. On the upside, there are many hurdles for buyers around the $820 level. The stated level was a support earlier, and now it coincides with the 50% Fib retracement level of the last decline from the $928 high to $721 low. Moreover, there is a crucial bearish trend line in place with resistance near $820 on the 4-hours chart of the BCH/USD pair.
Looking at the chart, the price may face a lot of barriers near $820. On the downside, the recent low of $721 is a short-term support. A break below this could push the price towards the $700 handle.
Looking at the technical indicators:
4-hours MACD – The MACD for BCH/USD is slowly reducing its bearish slope.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 30 level.
Major Support Level – $700
Major Resistance Level – $820
The post Bitcoin Cash Price Weekly Analysis: BCH/USD Extending Losses appeared first on NewsBTC.
Digital Insurance Group DIG (former Knip) just entered into a multi-year collaboration agreement with Zurich Insurance Group, adding another blue chip name to its customer list. The financing round complementing the commercial agreement amounts to EUR 15m and was led by Zurich Insurance Group and Finch Capital.
DIG will use its technology to support Zurich Insurance in developing innovative and mobile solutions, constantly optimized by deep customer data analytics The proceeds of the funding round will be used to further drive the global growth of the company.
Digital Insurance Group is a next generation technology partner to insurers, banks and brokers. Its data-driven insurance platform enables its customers to roll out fully customized mobile-first insurance experiences at record speed.
Ingo Weber, CEO and co-founder of DIG says:
“We are thrilled to support Zurich Insurance on a global scale and to bring new digital solutions to Zurich and its customers in a fast way.”
Featured image via Pixabay
Business Insider reported that Thomas Moser, a key member of management at the National Swiss Bank, believes that governments have lost interest in state-issued crypto or digital currencies.
Thomas Moser: “Enthusiasm Has Slowed” For National Crypto
While at a cryptocurrency conference in Zug, Switzerland, the representative of the bank gave a Business Insider journalist an inside look at government sentiment regarding the current cryptocurrency market.
Thomas Moser, an alternate member of the Swiss National Bank’s governing board, believes that national governments are now hesitant to issue national digital currencies.
“In the beginning, there was a lot of interest and enthusiasm about issuing their own national cryptocurrency but I think, in the meantime, that enthusiasm has slowed again because of the implications it would have for financial stability.”
The implications of a state-issued crypto or digital currency, set on replacing traditional fiat currencies, would be large. Traditionalists fear that the implementation of these new e-currencies would require a total system overhaul, fundamentally changing systems which were created decades ago.
Moser acknowledged these worries, stating, “it to some extent makes sense to have an electronic version of the banknote but the implications are quite big.” Also adding that “the advantages are relatively small but the unknown risks are potentially large.”
Moser recognized that these national cryptocurrencies if implemented, would directly interfere with the operation of banks, and would forever alter the management of the financial world. To the surprise of some, the representative of the government-run Swiss National Bank still noted:
“The Swiss National Bank officially is basically neutral towards cryptocurrencies. We are not worried, we don’t mind.”
Blockchain But No Cryptocurrencies?
Government-issued cryptocurrencies were the talk of the town just a few months ago, with Venezuela releasing the “Petro“, a cryptocurrency reportedly built to mirror Venezuela’s crude oil supply. This unexpected move took the mainstream media by storm, sparking interest in the minds of other political bodies all across the world. Since the start of the year, the cryptocurrency market has lost over 70% of its value, with members of traditional systems realizing the immense volatility issues which have continually plagued the industry.
Despite a lack of national cryptocurrency interest, certain governments have still begun to accept blockchain technology, with some governmental organization experimenting with the implementation of blockchain protocols as improvements on old systems.
Take the example of the implementation of the Ethereum blockchain into the Canadian National Research Council‘s grant and funding system. In January, Canada’s NRC decided to test blockchain technologies as a way to express the benefits of the transparency of a public ledger, encoding the council’s financial transactions onto to the Ethereum blockchain.
A release made by the NRC stated:
“These are early days yet, but the experiment is expected to provide constructive insight into the potential for blockchain technology and how it may be used for more open and transparent function of public programs.”
The post Swiss National Bank is Skeptical of National State-Issued Crypto appeared first on NewsBTC.
Stock brokerage Robinhood launched no-fee cryptocurrency trading in February 2018 and intends to operate cryptocurrency trading as a breakeven business.
Robinhood created its commission-free stock brokerage in 2013, providing major competition to existing fee-based trading platforms. Instead of making money from commission fees on stock and cryptocurrency trades, the company takes its profits from interest earned on cash balances, margin lending, and its premium services.
Free Cryptocurrency Trading
When Robinhood first announced at the end of January 2018 that it would be launching zero-fee cryptocurrency trading, reactions within the crypto and financial communities were swift. Within just four days of the announcement, more than one million people had signed up for early access to the Robinhood Crypto app. In the days following the app’s official launch in February, growing interest and excitement sparked a flood of new customers – as many as 200,000 per day.
With such a massive influx of new users eager to trade cryptocurrencies, it would be tempting for any exchange to update their policy and charge at least a nominal trade fee, but Robinhood is sticking to its guns.
Vlad Tenev, Robinhood founder and co-CEO told Fortune:
We don’t intend to make very much money on it at all for the foreseeable future.
Tenev’s comment reinforces a similar statement made in the company’s announcement back in January in which he explained some of the reasoning behind the decision:
The value of Robinhood Crypto is in growing our customer base and better serving our existing customers.
Aiming for Breakeven
In an episode of Balancing the Ledger, Tenev explains that Robinhood is operating its cryptocurrency trading arm as a breakeven business. It is a move reminiscent of Square offering its users zero-fee Bitcoin trading through its Cash app earlier this year. In fact, Square recently announced that it made just $223,000 more on Bitcoin sales than it originally paid for the coins in Q1 2018.
So why aim for breaking even? As Tenev and his co-CEO, Baiju Bhatt, explain, they view cryptocurrencies as an entry point onto their platform for new traders. The theory is that new traders will come to the platform initially for cryptocurrency trading, but then expand their interests to the other more traditional assets on which Robinhood reaps higher margins.
Building an Ecosystem
With a current valuation of around $5.6 billion, Robinhood is the second most valuable private fintech company in the world with over 4 million customers trading stocks, ETFs, and cryptocurrencies.
Speaking about the decision to introduce cryptocurrency trading, Tenev explained:
The thinking behind that is what we’re really doing is building an ecosystem. Right now, the products are investing products, so crypto slots in very nicely alongside the 10,000 plus other instruments that people can trade.
Financial Services Customers Are Getting Ripped Off
Tenev believes commission fees are outdated, especially considering the lower costs of operation of modern online exchanges and brokers. Robinhood’s approach is to use technology and automation to reduce costs for customers and it aims to eventually compete with Bank of America across all financial products.
I think it doesn’t stop with just investing products. Customers are getting ripped off across the board in financial services.
Robinhood is planning to add more cryptocurrencies to its existing trading of Bitcoin and Ethereum but is wary of regulatory uncertainty. It will also assess new coins thoroughly.
Do you agree with Tenev? Are traditional financial service providers ripping customers off? Let us know in the comments below.
Images courtesy of Robinhood, AdobeStock
The post Robinhood CEO: No Plans to Make Money on Cryptocurrency Trading for ‘Forseeable Future’ appeared first on Bitcoinist.com.
Negotiations are underway for Stellar to purchase Chain, a blockchain tech startup, for $500 million worth of Stellar Lumens (XLM).
Stellar Eyeing to Scoop Chain Engineering Talent
San Francisco-based blockchain company, Chain, built a platform called Sequence. Sequence is described by Chain as a “ledger-as-a-service that enables organizations to securely track and transfer balances in a token format.” A tool like Sequence could make software development more accessible for development teams as they could focus on scaling their products rather than on maintaining ledger infrastructures.
Stellar’s motivation for the acquisition of Chain remains unknown, but the purchase could be driven by Stellar’s immediate need for top-notch blockchain developers. Since there are few of those around, it is not uncommon for tech platforms to buy a firm to either integrate a firm’s existing technology or get the firm’s developers working on their projects. Tron is one example of a company who used this strategy to further their development.
As reported on Fortune, if the deal actualizes, Stellar would use their cryptocurrency, the XLM, to purchase Chain. Chain, which has reportedly sourced over $43 million in funds in the past from fintech bigwigs like VISA, Nasdaq, and Citi Ventures, seems pleased with the deal.
Stellar’s Growth and Outlook
Significant effort has been made to keep Stellar afloat. Jed McCaleb, who previously participated in the Ripple project, created Stellar Lumens (XLM) in 2014. The cryptocurrency made its way from the bottom to become the seventh biggest cryptocurrency by market value, with a circulating supply of 18 billion tokens.
There have been several reports recently of Stellar partnering with various high-profile companies. In May, IBM announced they would issue a cryptocurrency token on the Stellar network. Kik, a chat messaging app, was also reported to have plans to issue their cryptocurrency, dubbed Kin, on the Stellar network.
The recent plunge of prices in the cryptocurrency market has not, however, spared Stellar Lumens (XLM). The price of the XLM cryptocurrency has dropped from a peak of $0.85 to its current price of $0.22, with no signs of a changing trend.
Chain’s plans for the $500 million XLM could further affect the value of XLM. If they trade it for fiat, it could affect the dollar value of the XLM tokens on the cryptocurrency exchanges. However, cashing it out in small batches would not result in any major price swings.
Will the use of XLM token for the deal reflect on the trading market? Let us know your views in the comments section.
The post Stellar in Negotiations to Purchase Chain for $500 Million XLM appeared first on BTCMANAGER.