The Bank of England confirmed it is going to update its Real-Time Gross Settlement system to potentially interact with blockchain-based forms.
Archives for July 23, 2018
The price of bitcoin rallied by over 17 percent week-on-week giving bitcoin hodlers hope that the worst might finally be over for this year.
This week’s price surge was driven by the news that the world’s largest asset manager, BlackRock, may start to invest in bitcoin, as well as the arrival of more positive regulatory news suggesting that the feared crypto-unfriendly global regulation will not be passed.
BlackRock has announced that it is examining “whether BlackRock should invest in bitcoin futures.” Should an institutional investor with pockets as deep as BlackRock start to invest in bitcoin, not only would that immediately boost the digital currency’s price, but it would also likely lead to other institutional investors following suit once bitcoin has received the stamp of approval by BlackRock.
US Federal Reserve Chairman, Jerome Powell, said that he believes that the burgeoning virtual currency ecosystem doesn’t have what it takes to pose a threat to the country’s finance system, which suggests that the Fed will not be lobbying against cryptocurrencies despite their power to disrupt the existing central banking model.
In the altcoin market, several tokens that Coinbase has announced it is considering as additions to its platform continued their positive momentum. Stellar and Cardano, for example, rallied by 37 percent and 20 percent respectively.
Per a Financial News report, New York-based global investment management firm, BlackRock Inc., has established a task force to carry out a feasibility study of the cryptocurrency market and blockchain technology, as part of plans to launch into the nascent cryptospace.
According to closely tied sources, the working group is made up of experts in the traditional finance sector including Terry Simpson, a significant investment manager and multi-asset strategist.
The committee’s primary objective is to “examine whether BlackRock should invest in bitcoin futures,” and also take a sneak peek into what competitors who have already joined the virtual currency revolution are doing and report their findings to top management so that the next line of action could be initiated.
According to a Bloomberg report, US Federal Reserve Chairman, Jerome Powell, firmly believes that the burgeoning virtual currency ecosystem doesn’t have what it takes to pose a threat to the country’s finance system. During testimony before the House Financial Services Committee on July 18, the highly reputed Republican and alumnus of Princeton University made it clear that there are more significant issues on the Fed’s table than blockchain-based digital currencies.
Powell also stated that regulating cryptocurrencies is not in the jurisdiction of the US Federal Reserve as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), along with other regulatory watchdogs present in the state, are providing excellent oversight for the local cryptospace. The US SEC and the CFTC have been quite proactive in their crypto regulatory activities, hammering down many fraudulent initial coin offerings (ICOs) and bitcoin-linked businesses that do not meet their requirements.
Earlier in February, the SEC disclosed that quite many ICO organizers had abandoned their illicit projects because of a simple phone call from regulators. On May 17, 2018, BTCManager reported that the SEC had created a mock ICO, HoweyCoins.com, in a bid to better illustrate to prospective ICO investors what a fraudulent virtual currency-based investment scheme looks like.
The United States Patent and Trademark Office (USPTO) approved a patent filed by MasterCard allowing customers to link cryptocurrencies to fiat accounts through blockchain technology. Reportedly, the new method is aimed to expedite the transaction time of cryptocurrencies. Payment processor, MasterCard, had applied for the patent back in May 2018.
Elaborating its point, those at MasterCard said, “Consumers and merchants that are accustomed to fast transaction times are often either forced to wait a significant amount of time for a blockchain transaction to be conducted or the payee must rely on the payer’s good faith that their transfer will be valid.”
The patent claimed that the majority of people are unaware of how cryptocurrency-based transactions work (minimum amount of time is ten minutes) as opposed to fiat currency-based transactions that happen almost instantly.
MasterCard’s proposed plan intends to offer all the benefits of the decentralized nature of blockchain while at the same time maintaining the highest level of account security. The patent pointed out that while e-wallets are convenient, if the funds are lost, there is no known way to retrieve them, and that the anonymity feature of blockchain can make it impossible for the consumer to prove their ownership of the wallet.
In a blog post published on July 16, 2018, Block.one announced that it successfully managed to secure funding from some private organizations and individuals. The company is best known for its EOS blockchain platform that had its mainnet launch in June 2016.
Among the list of investors are PayPal founder, Peter Thiel, and Chinese cryptocurrency mining company, Bitmain Technologies Ltd. The previous funding round saw the company raise money from Christian Angermayer and Lansdowne Investment Company, among others.
Speaking about Block.one, Jihan Wu stated: “The EOSIO protocol is a great example of blockchain innovation. Its performance and scalability can meet the needs of demanding consumer applications and will pave the way for mainstream blockchain adoption.”
According to a report from the Big Innovation Centre, DAG Global, and Deep Knowledge Analytics, Britain has all the necessary resources, the government support, and the industrial will to lead the cryptocurrency and blockchain movement in the next few years. Britain has been quite progressive in 2018 when it comes to the cryptocurrency industry. Not only are they investing heavily into blockchain technology, but in April 2018, they also launched a cryptocurrency task force and global fintech sandbox to foster fintech development.
Britain, in the last few years, has emerged as a strong international fintech leader as well, particularly in regard to technologies like blockchain and cryptocurrencies. As a significant player in both arenas, crossovers and collaborations are imminent. “The gap between the two worlds of traditional finance and crypto economy remains, but in the coming years we can expect this to lessen and eventually disappear,” said Sean Kiernan, the chief executive of DAG Global.
The report analyzed the sheer number of investments that went into UK blockchain companies in 2017 and 2018. With over $600 million invested into UK’s cryptocurrency and blockchain sector, the report concluded that Britain had great potential to lead the blockchain and cryptocurrency ecosystem over the next few years.
Slowly but steadily, the dark clouds of global regulatory uncertainties are clearing as many governments have started formulating regulations for the digital currency space.
In a major breakthrough for Ukrainian hodlers, the Financial Stability Council – a body made up of officials from regulatory watchdogs including the National Bank of Ukraine, the Ministry of Finance, the National Financial Services Market Commission, the National Securities Commission, and the Deposit Guarantee Fund – has agreed to amenably regulate the local cryptocurrency industry.
According to head of the National Securities and Stock Market Commission (NSSMC), Timur Khromaev, specific categories of cryptocurrencies and tokens will be recognized as financial instruments, and the roles of various regulators in the digital currency space will now be clearly defined.
The official further noted that this latest development lays a solid foundation for greater things to come, saying, “[it] confirms its readiness to work with the Verkhovna Rada of Ukraine and the Kryptonian to form a legislative and regulatory framework,” fostering transparency and cordial relations between stakehodlers in the Ukrainian cryptoverse.
On May 14, 2018, reports emerged that the head of the NSSMC had made his stance concerning the creation of a regulatory framework for the industry. At the time, he stated that the crypto industry is fast becoming a formidable force to reckon with in global “economic and financial relations,” concluding that it only makes sense to regulate bitcoin and other cryptocurrencies as financial instruments.
Even though bitcoin and altcoins have not been officially categorized as legal tender, a vast majority of Ukrainians remain quite enthusiastic about the burgeoning virtual currency ecosystem.
The post Bitcoin Surges 17 Percent to Close Week in mid-7,000s: BTCManager’s Week in Review July 23 appeared first on BTCMANAGER.
Judge Kavanaugh’s nomination has caused a stir in the U.S. media as his confirmation would likely result in a right-wing tilt in the Supreme Court for generations to come — but would his appointment be good or bad for crypto?
Government officials in Xiongan New Area have announced a partnership with Ethereum development studio ConsenSys to develop blockchain initiatives for China’s “dream city.” According to the South China Morning Post, the Xiongan government has signed a memorandum of understanding (MoU) with the U.S.-based ConsenSys to “establish Xiongan as a next-generation smart city and a leading
The post China’s ‘Dream City’ Taps Ethereum Dev. Studio ConsenSys for Blockchain Push appeared first on CCN
The U.S. Supreme Court equates money with freedom of speech. Now, The Financial Services Committee of the U.S. House of Representatives is trying to determine whether or not Bitcoin is money. If so, should Bitcoin also be equated with freedom of speech?
The Debate About Whether Bitcoin is Money Gains Steam
Although there is a lack of consensus, many argue that Bitcoin is money. Early this year, Goldman Sachs issued a report entitled “Bitcoin as Money.” When the report was released, Forbes asked the economists involved in the study whether Bitcoin could succeed as a form of money.
“In theory, yes,” the Goldman economists replied.
According to Forbes, for these economists:
If Bitcoin is capable of facilitating transactions at a low cost or can provide better risk-adjusted returns for portfolios, then it is as good as money.
On the other hand, the courts have struggled to define what Bitcoin is. For instance, New York courts have held that Bitcoin is money. The New York Journal provides several examples in which Bitcoin was considered as such.
One example is The Silk Road Case, United States v. Ulbricht, 31 F. Supp. 3d 540 (S.D.N.Y. 2014), which stated:
The court found that Bitcoin fit within the meaning of a financial transaction involving the movement of funds for purposes of the money laundering statute, 18 U.S.C. §1956, and upheld the indictment.
Another — United States v. Murgio, 209 F. Supp. 3d 698 (S.D.N.Y. 2016), stated:
The court added that funds are generally thought of as money, or often money for a specific purpose.
Freedom of Speech Includes Money
Most importantly, the Supreme Court has equated money with speech. For example, in the case Buckley v. Valeo, 424 U.S. 1 (1976), an annotation reads:
While the government can limit how much individuals contribute to political campaigns, it cannot place limits on campaign expenditures, expenditures by a candidate from personal resources, or independent expenditures by groups supporting the campaign. This is because the Court equated money with speech in this context, so the First Amendment applies.
Free speech is one of the most precious human rights. Freedom of speech and freedom of expression are the pillars of democracy, and they are under the protection of the First Amendment of the Constitution of the United States.
On July 18, 2018, the Monetary Policy and Trade Subcommittee of the House Financial Services Committee met to determine to what extent the U.S. government should consider Bitcoin and other cryptocurrencies as money.
Controlling money is controlling speech. Therefore, if Bitcoin is money, it should not be controlled. In this regard, Alex Lemieux poses the question on The Republican Standard:
As Congress attempts to get a stranglehold on digital currency, people may ask that since money – especially in elections – is noted as a freedom of speech or expression, should cryptocurrency remain unregulated?
Do you agree that, like money, Bitcoin should also be equated with freedom of speech? Let us know in the comments below!
Images courtesy of Shutterstock, Bitcoinist archives.
The post If Money Equals Freedom of Speech, What About Bitcoin? appeared first on Bitcoinist.com.
The United States Commodity Futures Trading Commission (CFTC) has successfully prosecuted a bitcoin fraudster in connection with his criminal bitcoin investment program, which he used to extract hundreds of thousands of dollars from his victims. Announcing the successful case in a press release, the CFTC revealed that on July 9, 2018, Dillon Michael Dean of
The post U.S. Judge Slaps Bitcoin Fraudster with $1.9 Million in Penalties appeared first on CCN
Despite recent market wide appreciation, Ethereum (ETH) is literal unresponsive and trading below $550. Because of this and in line with our previous Ethereum (ETH) technical analysis, we remain neutral. Besides, we remain cautious and aware that any dip below $400 will mean bear trend resumption.
From the News
Interesting developments in the crypto world and as the market matures; chances are we might see more institutional involvement.
Already, by accepting merchandise purchase in crypto, Samsung Stores across the three Baltic States of Lithuania, Latvia and Estonia are directly endorsing cryptocurrencies.
Encouragingly, this could open the door for high stake companies to accept crypto. That would not only improve confidence in the sector but would help steady prices and probably eliminate volatility for which crypto is well known for.
We thought that we’d make using MEW easier for you, so we’ve partnered up with @SimplexCC, which allows you to directly buy ETH without having to go to an Exchange! Once you’re verified, your ETH will show up in your MEW wallet! https://t.co/RlNOPR7LgH
— MyEtherWallet.com (@myetherwallet) July 19, 2018
The reason is simple: at the moment not only can MyEtherWallet account holders easily buy ETH using their credit cards but they can also do so without having to through crypto exchanges.
This is all courtesy of Simplex. Simplex is under EU laws and shall be integrating its proprietary fraud detection technology in MyEtherWallet. This way, not only will the process be seamless but it would be easy for new users who find it hard to navigate through exchanges.
To curb money laundering, users will have to pass through a very simple KYC procedure. Undoubtedly, partnerships like these helps open up crypto investment spurring global adoption in the process.
Ethereum (ETH) Technical Analysis
Beneath the excitement, bulls are trending on egg shells and the weekly chart draws a better picture of that. First, notice that ETH is basically trending within a four week consolidation. Besides, ETH price action is oscillating within week ending June 24 high low, a bearish high volume candlestick.
Overly, this was good for ETH because not only were bears losing steam but prices found support at $400, a round number. In my view and from previous analysis, any ETH break below $400 and Q1 lows at $380 would usher in the next bear wave which might end up driving prices to $150.
As we can see, reversing the last two month losses would be a tall order for buyers. So, as laid out in our Ethereum trade plan, we need to see strong confirmations with prices surging above week ending June 24 highs at $550 before we begin looking for buy opportunities.
Now, regardless of the overall market sentiment, we need to see strong bullish indicators before we tow with Ethereum buyers. Otherwise, this would end up being a painful bull trap for ETH buyers.
After all, from previous Ethereum technical analysis, ETH should trade above $550 before we proceed and buy on dips.
Before then, we shall maintain a neutral stand bearing in mind that any sell pressure below $400 would be inviting for bears. Remember, any break below and bears might drive prices below $350 towards $150.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
The post Ethereum (ETH) Technical Analysis: Ethereum (ETH) Bulls Trending on Egg Shells appeared first on NewsBTC.
Of all the coins under our review, EOS, Litecoin and Tron are technically stable and moving within a tight trade range. EOS for example is yet to add to last week’s gains but is confined within July 20 high lows. Now, despite our bullish stand on Stellar, prices are stalling and once we see gains above 30 cents, our trade plan would be active.
Let’s have a look at these Charts:
EOS Technical Analysis
It’s cool that Novogratz think that EOS will in the coming days process more than 50,000 TPS per second. After all, it’s what many investors are excited about this scalable, smart contracting blockchain platform that is specifically designed to handle enterprise grade dApps.
The tricky question now is when and how the cost of doing business at the platform will diminish to near zero. It’s no doubt a hot subject since while Ethereum transfers the cost of transaction and storage to end users, dApp developers bears the cost in the EOSIO blockchain. Basically what that means is that developers wouldn’t be in a position to rack in huge profits as that would be determined by the community valuation of his/her dApp.
On the charts, EOS prices are still oscillating within a $1 range defined by July 20 high low. Based on our previous analysis, our trade plan remains constant that’s unless we see our entry conditions being met to satisfy our long trades.
Otherwise, cognizant of the fact that sellers are generally in charge, we shall maintain our EOS neutral view until there are signals of momentum shift from bearish to bullish once we see EOS appreciating past $9, our main bull trigger line.
Litecoin (LTC) Technical Analysis
For LTC prices to print $400 as Charlie Lee says, then it must gain five folds if we consider current spot rates. After selling his Litecoins early this year and precipitating a down fall, Charlie has had to contend with criticism with some even losing confidence on the platform all together.
The Litecoin founder has summarily dismissed these claims as hog wash and in a recent tweet, he called on the community to form a foundation to support Litecoin prices which is currently struggling at $85. In his part, he emphasized that the Litecoin Foundation has nothing to do with prices as its objective is to advocate LTC cause to the society.
While Charlie is trying to decouple himself from critics, LTC prices are flat and stuck within an energy sapping micro-consolidation with immediate resistance at $90. So, unless otherwise, we remain bullish expecting gains considering the general upbeat environment in the crypto verse.
However, for execution of longs, we want to see Litecoin prices edging past $90. Thereafter and in line with our Litecoin trade plan, we shall buy on dips with stops at $80 and targets as laid out before.
Stellar Lumens (XLM) Technical Analysis
So far, Stellar Lumens is the top performer adding 27 percent in the last week alone. Even though XLM prices are not advancing like the fast half of last week, we expect further XLM gains and in that case my suggestion is to ramp up at current prices with stops at May lows at around 23 cents.
Alternatively, since we are trading a bullish break out pattern, we can take a wait and see approach as we wait for gains above 30 cents. Ideal first targets, as laid out before, will be at 50 cents.
Tron (TRX) Technical Analysis
Seven days before Tron VM launch and excitement is palpable in Tron streets. The reason might be well beyond this launch and might be solely because of the secret project that Sun teased about earlier this month.
We are a roughly a week away from learning about the #Tron secret project. Let’s hope this endeavor starts with an “Ali” and ends in a “Baba”!#trx $trx #ocn $ocn #Crypto #cryptocurrency #hodl #buythedip #hodlgang #altcoin #altcoins #TRONICS #TRONSR
Don’t be shy, follow me!
— Crypto Kevin (@cryptoskevin) July 22, 2018
Well, this is exciting and plays well in this game of Tron where traders and investors demand nothing less than good price supporting news. Could it be that Tron is partnering with Alibaba? Or are they laying out steps to better leverage on Bit Torrent their latest acquisition.
As far as trading is concerned, we have a clear trading plan. Clearly, the trend is negative and for us to change that narrative then we must see gains above 4 cents, our main resistance line and buy trigger line.
If we don’t see those gains then in line with yesterday’s trade plan, we shall initiate sells once sellers breach 3 cents. Before then, my recommendation is to take a wait and see approach with bullish expectations.
IOTA (IOT) Technical Analysis
Not only do we have a nice triple bottoms at main support, but the fact that IOTA sellers are resilient increases our odds of a break below 90 cents.
Remember, even though the crypto verse is bullish, there are no conclusive moves above key support and resistance lines to warrant buys or sells in the daily chart. As such and just as spelled out in our previous trade plans, we take a neutral stand until after our trade conditions are met.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
The Maltese government continues its bid to attract cryptocurrency investors to Malta, this time by entering into a joint venture with digital asset exchange, OKEx. On July 19, 2018, an official statement on OKEx’s blog confirmed that the exchange has partnered with Malta Stock Exchange Holdings. The Memorandum of Understanding (MoU) between the two parties was signed in Valletta, Malta.
OKEx, one of the largest crypto exchanges by volume on a daily basis, had set its sights on Malta back in April 2018 when it announced plans to expand its business to the crypto-friendly island. According to the MoU signed with the MSX, it has been agreed upon that MSX will offer experience and knowledge in a regulatory compliant stock market, while the OKEx will serve the nation with the infrastructure and security required to launch an efficient digital security-token exchange. The venture will officially be called OKMSX.
BTCManager earlier reported that Malta is attracting crypto investors on a large scale, thanks to its crypto-friendly regulations. Binance, the world’s biggest cryptocurrency exchange in terms of volume, made a statement last week about its intentions to launch a regulated bank in Malta. The bank will be owned by crypto investors, with Binance’s stake being just five percent.
Joint Ventures to Propel Crypto Foward in Malta
In an attempt to further build crypto services in the country, the Malta Stock Exchange (MSX) also announced the launch of MSX PLC, an investment entity that will propel partnerships with premier crypto exchanges worldwide to create more joint ventures.
The joint venture with OKEx is expected to be finalized by the third quarter of 2018, while the platform is speculated to be launched by the first quarter of 2019. Tim Byun, chief risk officer and head of government relations of OKEx, cited the partnership with MSX as a “milestone for the economic development of Malta.” Byun added, “This joint venture marks our confidence in the Maltese government as well as our commitment to providing an efficient, secure, and transparent blockchain trading environment to clients worldwide.”
Malta continues to be a pioneer in creating a favorable environment for the use of blockchain technology. The lack of harsh and restrictive crypto regulations on the island has drawn significant interest from numerous crypto enterprises, some of which have already set up shop in the country.
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The venture capital arm of industrial conglomerate General Electric (GE) is one of the participants in a $12 million Series A fundraising round for Xage, a cybersecurity startup. The firm uses blockchain technology in securely linking industrial Internet of Things (IoT) devices. Other investors in the fundraising round, which is being led by March Capital
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