After amassing more than $1 billion in investment, the VeChain blockchain is officially operational, marking the latest milestone for the project.
Archives for June 29, 2018
The big pump has happened, altcoins with double digit gains include Bitcoin Cash, Neo, Ethereum Classic, and Ontology
The bounce was expected however the magnitude of it is a very positive sign. Markets have been plummeting for weeks, and are still very low, however the rebound was far bigger than the previous one indicating that this could be the reversal everybody has been waiting for.
Bitcoin pumped $500 in about three hours which gives it a 9% gain on the day. Trading just below $5,900 this time yesterday it has now jumped back to the previous resistance level of just over $6,400. The rest of the altcoins naturally followed their master back up, with Ethereum jumping 7% to $450. Levels are still very low and may resume bearish momentum but the big pump is welcome news this Saturday morning.
The biggest movements at the moment can be seen in Bitcoin Cash rocketing 14% from $650 this time yesterday to $755 at the time of writing. Litecoin has bounced 10% back over $80 again, and Stellar has also seen a 10% gain to a touch under $0.20. Cardano, which has taken a bigger beating lately, is up 12.7% on the day to trade at $0.133.
Also getting abused lately has been Neo but it too has made a small recovery by 11.6% to just over $31 at the moment. Ethereum Classic is enjoying a 12.5% climb this morning to $16.30 and Ontology has risen over 14% to $5.44. Most of the other altcoins are up between 8-10% as they follow Bitcoin’s lead. In the top 30 0x is showing the biggest gains at the current time pumping 22.5% to trade at $0.73. In the total top 100 payments provider TenX has the largest gain on the day with a whopping 67% surge to $0.88.
It may be too early to get excited about this, which may turn out to be just another small correction before further losses. Total crypto market capitalization has jumped back over $250 billion with an 8% climb on the day. This equates to just over $19 billion going back into crypto markets in the past 6 hours to put them at the $255 billion level. Trade volume has climbed from $11 to $14 billion but is still relatively low. The markets are back at the same level they were this time last Saturday but over the past month are still down 23%.
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 A Big Bounce as $20 Billion Pours Back into Crypto Markets appeared first on NewsBTC.
The world of crypto has been developing quite fast lately, and investors are increasingly interested in this budding new market. They include several Indian technology investors who have joined forces to launch B1T Capital, a dedicated crypto fund, in the United States.
Lack of Regulatory Framework
Restrictive cryptocurrency regulations in India influenced the decision to launch B1T Capital in the United States. “Almost all the investors and the capital in this pool (B1T Capital) are Indian, except maybe a few. It is registered in the US due to favorable regulations,” Utsav Somani, managing partner of B1T Capital, told Inc24.
Somani also said that around 500 new crypto funds are expected worldwide in 2018 but that none of them are from India. He stated:
“B1T Capital is a step towards changing that. India is the most emerging market geography that projects will need access to at some point in their maturity curve and (they can get that) by partnering with us. We aim to open up India’s crypto ecosystem for them.’’
The Story Behind the B1T Capital Fund
B1T Capital was established in 2018 in Salt Lake City, Utah. The company plans to fund around 25 projects in the next few years, with investment amounts anywhere between $75K and $150K.
The company will focus investments on presale projects, particularly and exclusively on presales of web 3.0 infrastructure layer projects. As such, their first investment is in Orchid.com, a startup dedicated to the re-establishment of an unrestricted and open Internet.
As a result of problems surrounding many ICOs last year, B1T Capital will not be delegating any funds to ICOs. Issues like falsified whitepapers and exit scams indicate a lack of regulation and governance in the ICO sphere that translates to unwanted risk for the company. As Somani stated:
“Since evaluating blockchain-based projects requires an entirely new level of expertise, B1T Capital is going to target projects that have experienced sectorial investors like the large crypto funds (Polychain, Metastable, A16Z Crypto, etc.).”
In addition to his positions at AngelList and B1T Capital Fund, Utsav Somani is also a board member at test prep company Testbook, software company Betaout, and CoinDCX.
The post Indian Tech Investors Team Up to Establish Crypto Fund in the US appeared first on BTCMANAGER.
Poland’s cryptocurrency industry lobby group the Polish Bitcoin Association (PBA) confirmed it has complained to regulators about banks’ denial of services to businesses June 27.
Banks ‘Aim To Remove Virtual Currency’
In a statement sent to the Office of Competition and Consumer Protection (OCCP), the PBA cites financial institutions closing and denying bank accounts as proof they “clearly aim at removing virtual currency entities from the market.”
Poland continues its chequered history regarding cryptocurrency, which still lacks official laws but faces a de facto ban on ICOs.
The government has sought to change the situation, various media outlets note, but its position appears to jar with that of the country’s banking sector.
The PBA claims a total of fifteen institutions refused an account to 52 cryptocurrency-related businesses, and closed the accounts of a further 25.
Of these, mBank, Poland’s fourth-largest banking group, refused nine accounts and closed three.
Wczoraj złożyliśmy pismo do UOKiK dot. utrudniania przez banki zakładania kont bankowych podmiotom kryptowalutowym, a tym samym utrudniania im prowadzenia działalności gospodarczej. pic.twitter.com/8MXGB5rfyM
— Polskie Stow Bitcoin (@Bitcoin_org_pl) June 27, 2018
Poland The Black Sheep
“…The effects of the banks’ actions described clearly aim at removing virtual currency entities from the market, despite the fact that such activities are legal and conducted with dignity,” the complaint states.
In view of the above, action by the regulators is necessary, and this notice and its requests are fully substantiated.
Last month saw local cryptocurrency exchange operator BitBay suspend all activity in Poland and relocate to Malta, copying a move by industry heavyweight Binance in March. Its motive also appeared to be banking difficulties.
The situation differs increasingly from neighboring Lithuania, where a concerted effort to formalize the cryptocurrency and ICO sector has been underway this year.
As Bitcoinist reported this week however, the country’s progressive stance on crypto is not without its problems.
Banking sources have expressed concerns about Russian capital entering the local economy, something which is undesirable, a central bank board member said.
Lithuania released formal ICO guidelines in June, the government announcing the “brave new” cryptocurrency economy was “here to stay.”
What do you think about Poland’s banks’ stance on cryptocurrency businesses? Let us know in the comments section below!
Images courtesy of Shutterstock
The post Poland Bitcoin Community Files Complaint Against Bank Account ‘Denials’ appeared first on Bitcoinist.com.
Switzerland-based #MetaHash, a decentralized real-time application that utilizes a MultiPOS consensus algorithm to process near-instantaneous payments, has launched its ICO on June 29, 2018.
Touted as a “lighting-fast” protocol, #MetaHash can process over 60,000 transactions per second – a statistic unrivalled by many of the currently-available cryptocurrencies.
The company has developed its native blockchain protocol, called #TraceChain, which makes up one quarter of the components that ultimately build a “simple, synergistic entity.”
#MetaHash tested its protocol for over three months in 2018, with conclusions explicitly confirming a confirmation time of three seconds per transaction. More than 500 billion transactional results were analyzed.
For transactions, the company uses a previously unheard “forging” process instead of “mining,” which has in recent times been criticized for its high-energy usage and slow, expensive confirmation process.
Forging does not require expensive computing hardware to maintain the #TraceChain, instead generating consensus by deriving value from #MetaHash’s native cryptocurrency (#MHC), that can be used for renting a cloud-based web service or any other physical server that contributes the required computing power.
As the company migrates to a MainNet in August 2018, early node adopters will be handsomely rewarded for contributing to the network. Additionally, as the amount of forgers increases, the forging rewards will proportionally increase.
In terms of staking rewards, the company stated:
“50 percent of all rewards of forging are distributed among #MHC owners, 40 percent are granted to nodes’ owners and the remaining 10 percent are used to reward #MetaGate browser’s active users.”
The #MHC token is currently available for $0.0391, and can be purchased with both Bitcoin and Ether. A total of 920 million coins will be distributed during the coin offering, and the hard cap is set at $36 million.
Coin holders can also entrust their voting rights to their own nodes, or may give their voting right to a trusted node operator and get a share of the commission. This way, large numbers of votes are concentrated at nodes that the community trusts, making attacks on the system more difficult.
To get #MetaHashCoins, all interested parties can visit the #MetaHash official web-site: metahash.org/#ico
#MetaHash is a blockchain-based digital asset exchange network and decentralized real-time application platform. The versatile network utilizes artificial intelligence (AI) to synchronize cross-continental nodes to create an optimal map of the network, based on latency rates.
The technology then redistributes the data accordingly, harnessing the full power of the entire network, enabling unprecedented processing speeds capable of five billion transactions per day, at no more than three seconds for approval of each transaction.
The platform, based on its unique #TraceChain protocol, offers unparalleled speed, security and decentralization at the lowest price per transaction in the history of blockchain.
Signaling the future of the distributed web, #MetaHash is among the pioneers of blockchain interoperability, allowing networks to interact and integrate with each other.
The post Near-Instantaneous Cryptocurrency #MetaHash Launches ICO, Can Process Over 60,000 Transactions per Second appeared first on BTCMANAGER.
QBT, a daughter company of Russia’s largest electronic payments system Qiwi, announced it will launch the country’s first ever cryptocurrency investment bank.
Russia’s First Cryptocurrency Investment Bank
The new company — which will operate under the brand-name HASH — will be registered in Russia, reports Russian news outlet Kommersant.
The project will be based on the classical investment bank model but will operate on global cryptocurrency markets. Head of QBT, Yakov Barinksyi, explained:
We will help companies go through the fundraising stage. It will be classic monetization: we will receive our commission after we help the company attract investment.
Barinskyi added that QBT — which was launched in March 2017 — will act as a technological subcontractor, while HASH will be responsible for developing the projects’ financial structure, such as determining token parameters, use-cases, and applications.
In other words, QBT will help companies raise capital through the increasingly popular Initial Coin Offering (ICO) model similar to established services like ICO Box and Draglet. However, it will provide its ICO-as-a-package service in accordance with Russian regulations — which are currently in development.
QBT says that it already has three ICOs on deck.
Banks are ‘Cautiously Optimistic’
The next step will see HASH attracting international capital funds specializing in cryptocurrencies. Barinskyi added that the project is already working with dozens of global crypto investment funds — the largest of which manages around $100 million USD.
Additionally, a subdivision of HASH will also be launched, which will be responsible for the sale of digital tokens. As such, it will be required to obtain a license, which it will apply for next year.
In whole, major players from the traditional investment banking industry received the QBT project with cautious optimism. Russia’s second-largest bank, VTB, for example, believes that interest in cryptocurrency markets will increase proportionally with the development of the accompanying legal framework currently in the works.
VTB representatives echoed Russia’s president Vladimir Putin in its support of blockchain technology, which it considers “well-suited for traditional corporate banking businesses as well as for investment banks.”
Meanwhile, Qiwi Group CEO and its biggest stakeholder, Sergey Solonin, already confirmed his participation in the HASH project as a strategic investor.
Qiwi is a global electronic payments company founded in Moscow and headquartered in Cyprus. As of 2017, it had a net revenue of $229 million USD and 20.1 million active accounts.
Will HASH be the future of investment banking or is it just a marketing stunt? Share your thoughts below!
Images courtesy of Shutterstock.
The post Russia’s Biggest Payments System Qiwi to Open Crypto-Investment Bank appeared first on Bitcoinist.com.
On the 30th of June major networks Vechain and Ontology will shift from existing as sub-tokens, operating as smart-contracts on parent networks, to their own proprietary networks.
The world’s leading finance companies are struggling with a decision on whether to venture into the mysterious newly-emerged virtual assets market or to stay away from it.
The leadership of Goldman Sachs Group Inc., one of the largest investment banks in the United States, is also exploring the future of cryptocurrency trades in connection with this financial giant.
Optimism in Goldman Sachs
Goldman Sachs Chief Executive Officer Lloyd Blankfein struck an optimistic note on June 19, saying he does not rule out bitcoin having a future, despite not owning any bitcoin himself.
At the same time, Goldman Sachs president and Chief Operating Officer David Solomon told Bloomberg TV in China that the finance giant is exploring possibilities of expanding crypto trading activities beyond the publicly-traded derivatives.
“We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too,” Solomon said.
Asked about virtual currencies, Solomon said his company has to “evolve its business and adapt to the environment.”
Blankfein, speaking at The Economic Club of New York event, said that a long time ago the world transgressed from gold to fiat currencies that we use today. Similarly, he doesn’t see why virtual currencies might not have their place in the financial world in the future.
Blankfein told CNBC:
“If you could go through that fiat currency where they say this is worth what it’s worth because I, the government, says it is, why couldn’t you have a consensus currency? …And so it’s not for me, I don’t do it, I own no bitcoin. Goldman Sachs as far as I know… has no bitcoin, but if it does work out, I could give you the historical path why that could have happened.”
Approach like JP Morgan is Arrogant
Goldman Sachs is just one of the largest finance companies that have lately preoccupied themselves with the $284 billion crypto market for currencies such as bitcoin, ether, XRP, etc. and the opportunities or threats this market might have in store for their businesses.
While the Goldman Sachs management seems to be optimistic, there are plenty of those who are, to put it mildly, skeptical about the future of the crypto market. Those include JP Morgan CEO Jamie Dimon, who called cryptocurrency a “fraud.”
Blankfein, on the other hand, sees such an approach as arrogant and based on fear of the unknown.
“I’m not in this school of saying because it’s uncomfortable with me, because it’s unfamiliar, this can’t happen, that’s too arrogant,” the banker said.
Earlier, Goldman Sachs took a step toward virtual assets market by starting their crypto trading desk and hiring Justin Schmidt as the first head of crypto markets in their securities department.
Some, like blockchain venture capitalist Spencer Bogart, believe other large banks might follow suit.
“Most of these banks have heard about the numbers or seen the numbers that companies like Coinbase and Binance are putting up. There’s a real risk that some of those companies could overtake some of Wall Street’s biggest banks if they don’t get in the market,” Bogart told CNBC in May 2018.
The post Goldman Sachs Management Optimistic about Future of Cryptocurrency Trading appeared first on BTCMANAGER.
According to a report published by Kaspersky Lab, a global cybersecurity company, there has been a significant shift from ransomware-related attacks to crypto-mining malware. The report claims that this type of attack — known as cryptojacking — has become a more profitable prospect for hackers and is the reason for the decline in ransomware attacks.
The post Cybercriminals Are Moving from Ransomware to Cryptojacking: Kaspersky Lab appeared first on CCN
During market lows, cryptocurrency enthusiasts have long urged each other to ‘hodl,’ which as many of us know is a word that came from typo for ‘hold,’ or ‘hold on for dear life.’ According to new data relating to Coinbase, faith in that principle may be waning.
To Hodl, or Not to Hodl
When the price of Bitcoin rallied more than 30% in April, some cryptocurrency investors decided it was time to get out, rather than ‘hodl’ for a market surge. Looking back, it’s been more than six months since Bitcoin reached all-time highs at roughly $20,000 in December. Since then, the subsequent 70% crash and sustained bear market in the cryptosphere has tested the patience of investors, especially those who bought in amid the frenzy towards the end of 2017.
According to new reports from Chime, a San Francisco-based bank startup that offers free credit and debit accounts, customers at the largest cryptocurrency exchange in the U.S., Coinbase, withdrew more from the company than they deposited in April.
Since December, withdrawals from Coinbase have been increasing relative to deposits. However, April was the first and only month in which the money flowing out of Coinbase actually exceeded the money flowing in, Chime’s data shows.
During that month, investors took 37% more money out of Coinbase than they put in, withdrawing $1.37 for every dollar deposited. In relation, deposits to Coinbase outweighed redemptions in May, but it was only by a 10% margin, or $1.10 for every dollar withdrawn.
Worth pointing out is that Chime’s analysis is based on the behavior of roughly 500,000 active customers, most of whom are between ages 25 and 35.
The numbers, therefore, likely don’t fully reflect the activity of Coinbase’s more than 20 million users. The issue is that Coinbase also caters to institutional investors, a demographic that is likely not represented among Chime customers. Coinbase declined to comment with Fortune, who outlined the findings.
Despite this potential misrepresentation, the findings do show that there is some sort of trend. Some would say the data highlights a negative sentiment among this subset of investors.
What’s particularly strange is that in April cryptocurrency prices were actually rising, so it was not related to panic selling that can occur during a market plunge. This could be a sign that investors have turned pessimistic in their outlook for Bitcoin and their lack of confidence in the coin’s recovery.
The pattern also reflects a recent class of ‘rookie’ cryptocurrency investors who are out for quick profits, and who are not used to the volatility of cryptocurrencies.
“You have a kind of washing out of momentum investors…investors who were not really taking a longterm point of view,” said Chad Cascarilla, cofounder and CEO of Paxos, an institutional trading firm that also operates Bitcoin exchange itBit.
CEO of Coinbase, Brian Armstrong, seemed to acknowledge this pattern in a tweet last week. He said that the prolonged downturn had made some investors give up on cryptocurrencies, but added that that wasn’t necessarily a bad thing, saying that the shift served to get ‘rid of the people who are in it for the wrong reasons.’
Chime’s CEO, Chris Britt, also spoke on the findings. He noted that this money flow patterns simply illustrates that investors’ market timing is poor:
“Unfortunately, it’s human nature that investors often buy at the highest prices and sell at lower prices,” Britt said. “While we can’t predict the future value of Bitcoin, I suspect we may look back at the current prices a few years from now and see that these lower prices were a great time to buy.”
Featured image from Shutterstock.
The post April Saw Coinbase Customers Taking Out 37% More Money Than They Put In appeared first on NewsBTC.