Bitcoin has been able to find some stability after rapidly surging back above the critical $8,000 level earlier this week, signaling that BTC’s bulls are not yet ready to surrender to its bears, which means that further gains could be imminent.Although the possibility of further gains remains strong, some analysts are apt to note that Bitcoin does appear to be forming a notorious head & shoulders formation that may favor the crypto’s bears.Bitcoin Breaks Above $8,000, But Faces Resistance at $8,200 At the time of writing, Bitcoin is trading up slightly at its current price of $8,170, up from weekly lows of just above $7,500 which were set last week.Over a one-month period, it is clear that Bitcoin is currently in a period of consolidation, as it has been oscillating between $7,000 and $9,000, mostly finding itself in the middle of this wide trading range.Although BTC’s latest move up certainly appears to be bullish and has led many analysts to believe that a move up towards $9,000 is imminent, it may be slightly too early to celebrate, as the crypto may be in the process of confirming a bearish head & shoulders pattern.Cred, a popular cryptocurrency analyst on Twitter, spoke about this technical formation in a recent tweet, noting that it is still slightly too early to label this formation as confirmed.“$BTC Looks like a H&S top. Yes, it’s not ‘confirmed’ until neckline breaks. Inexperienced traders still trade patterns too early. If neckline resistance breaks, a bunch of early shorts will be offside & I expect trend continuation. Personally not rebuying $7.6k if breakdown,” he explained while referencing the below chart.$BTCLooks like a H&S top. Yes, it’s not ‘confirmed’ until neckline breaks. Inexperienced traders still trade patterns too early.If neckline resistance breaks, a bunch of early shorts will be offside & I expect trend continuation.Personally not rebuying $7.6k if breakdown. pic.twitter.com/zT8iqZ0cD1— Cred (@CryptoCred) June 13, 2019Analyst: Head & Shoulders Formation May Not Matter Although the confirmation of this pattern could lead to a sharp price drop for BTC, it is important to note that not all analysts agree of the long-term importance of this type of technical formation.The Wolf Of All Streets, another popular analyst on Twitter, recently explained that even if Bitcoin does form this type of technical formation, it may actually be a “fakeout,” similar to that seen in the Dow Jones Industrial Average over the past couple of months.“To everyone shorting $BTC because they think that a Head & Shoulders MAY form, here is a much clearer H&S that recently completed on the Dow Jones ($DJI). Fake out of the century. So even if you DO get your hideous and not really valid H&S, you may have this to look forward to,” he said, referencing the below chart.To everyone shorting $BTC because they think that a Head & Shoulders MAY form, here is a much clearer H&S that recently completed on the Dow Jones ($DJI). Fake out of the century. So even if you DO get your hideous and not really valid H&S, you may have this to look forward to. pic.twitter.com/BEwV4SQyvo— The Wolf Of All Streets (@scottmelker) June 13, 2019Although it remains unclear as to whether or not BTC will actually end up forming this type of technical formation, it is important for traders to understand that it may not have a long-term impact on the cryptocurrency’s upwards momentum.Featured image from Shutterstock.
The much anticipated Bakkt platform looks like it is finally ready to launch this July. Those behind the project and many in the wider crypto asset space are hoping that the institutional-grade offering will encourage investors with the deepest pockets to enter the Bitcoin market.Bakkt plans to appeal to the wealthiest class of investor by providing many of the same features that financial institutions are used to. Amongst other things, these include regulated price discovery, custody, and strict enforcement of existing financial regulations.Bakkt to Begin Testing its Regulated Bitcoin Products This JulyBakkt has been a hot topic of Bitcoin and general crypto asset conversations since in was first announced in 2018. The company is owned by the Intercontinental Exchange (ICE) and the fact that they also own the New York Stock Exchange has many folks understandably excited about its launch.The Bakkt platform has already been delayed a number of times. However, given the scope of what it seeks to achieve and the fact that it will be the first Bitcoin service of its kind on earth, it is hardly surprising that those behind it want to be sure they have overcome all technical and regulatory hurdles before launching it on the world.In a press release issued earlier today from the company via its Medium account, Bakkt finally announced the official start of official testing of the platform. Somewhat amusingly, the date chosen to launch is just two days after Apollo 11’s 50th anniversary on July 22 this year – or, the day that man first went to the moon.@Bakkt may be a “moonshot bet” but the market structure problems we’re solving are real. User testing starts July 22nd – learn more here:https://t.co/AwJ6OgBdn5— Adam White (@WhiteAdamL) June 13, 2019In the release, Bakkt highlights the significance of the date:“Bakkt may be a form of moonshot, but it’s grounded in an earthbound endeavor to support the future of finance and the adoption of blockchain technology. In its own way, Bakkt’s efforts to help institutions launch safely into this market is the right stuff for the future.”As explicitly mentioned, Bakkt is hoping that its efforts to create a regulated trading venue, custody solution, and price discovery method will help to make the Bitcoin market more appealing to an institutional class of investor.According to the release, the launch should help create a “new standard for accessing crypto markets.” The firm believes that the market is currently being held back from reaching its full potential because of regulatory uncertainty and limitations in the existing market infrastructure.By bringing a fully regulated product to market, Bakkt is hoping to increase trading volumes, liquidity, and price transparency across the market. This would bring the market more in line with established ones such as that of crude oil.The release also outlines how Bakkt aims to bring these potential benefits to the Bitcoin and crypto asset market. Amongst other measures aimed at appealing to institutions and traditional money managers, there is a large focus on true price discovery, KYC and AML regulation compliance, as well as full external auditing of its products.Many analysts of digital currencies have previously stated that they also feel the current state of the markets is holding back Bitcoin. Bakkt appears to be making the right moves to address this and by doing so could well draw those with the deepest pockets into the market in a way they would have been reluctant to do before. Related Reading: 50% of Institutional Investors Consider Crypto Worthy of Being Added to Their Portfolios, Claims SurveyFeatured Image from Shutterstock.
By CCN Markets: Less than 5% of crypto developers are women, according to an informal analysis of the 100 most popular blockchain projects submitted to GitHub, Microsoft‘s code-sharing site. The results are not scientific considering it assumed a coder’s gender based solely on their user name. Moreover, there was no verification of whether the user was actually male or female.
However, the results are not surprising considering the tech industry has historically been male-dominated.
Analyst: 95% of Crypto Developers Are Men
Journalist Corin Faife posted his analysis on Medium. Faife found that only 4.6% of “female” names were used for the various blockchain projects. He then used that criterion to draw conclusions about the massive gender divide in the crypto industry.
“I scraped data on 1,026,804 code commits across 100 projects. Of these, 691,134 were made by developers with male-identified names, and only 47,678 were made by people with female-identified names.”
“In total, GitHub users with female names account for less than 5% of the commits to the top 100 cryptocurrency projects — 4.64% to be exact.”
2017 Study Found Similar Gender Divide
Faife’s findings mirrored the results of a larger, more-formal survey conducted by GitHub in 2017. That study found that out of 5,500 open-source developers, a whopping 95% of contributors were male .
Naturally, there’s a debate about why there are so few female coders in crypto. Some argue that it’s because women are being discriminated against.
Others say it’s more subtle in that women find the male-oriented tech industry uninviting. According to GitHub’s research:
“Women are more likely than men to encounter language or content that makes them feel unwelcome (25% vs. 15%) as well as stereotyping (12% vs. 2%) and unsolicited sexual advances (6% vs. 3%).”
Crypto Industry Is Also Male-Dominated
The crypto industry is also largely male. And as digital currencies like bitcoin become more mainstream, more women are entering the field.
According to a Google Analytics survey, men comprise 91% of the bitcoin community, while women make up just 9.9%.
Economists: Women Are More Risk-Averse
So why are there fewer women in the crypto universe? Anna Dreber, an economics professor at the Stockholm School of Economics, says men are more willing to take bigger risks, and studies appear to confirm this theory.
According to one study cited by the Financial Times, there’s a 64% chance that a random man is willing to take more risks than a random woman.
Similarly, a 2016 study presented at the Australasian Finance and Banking Conference indicates that women take far fewer risks (both with their own money and with others’ cash).
Duncan Stewart, the research director of Deloitte Canada’s technology unit, believes more women will enter the crypto-sphere if digital currencies prove they’re not flashes in the pan. “If that happens, women will show up to the party,” Stewart told the CBC. “Late, in this case, but they will show up.”
Visa, Mastercard, PayPal and Uber are all backing Facebook’s new cryptocurrency, according to a new report.
The Wall Street Journal reported Thursday that the social media giant has signed on more than a dozen backers for its GlobalCoin cryptocurrency, a stablecoin that has been developed in secrecy for more than six months. Each of the new backers will invest roughly $10 million in the project as part of a governing consortium for the cryptocurrency.
Stripe, Booking.com and MercadoLibre are part of the project, according to the Journal, though the report does not specify what their roles are.
Facebook announced it was launching GlobalCoin last December, though the company indicated that it was looking at cryptocurrency as far back as the end of 2017. The crypto is expected to be a stablecoin that will operate within the company’s messaging infrastructure – WhatsApp, Instagram and Facebook Messenger.
However, Facebook has been tight-lipped about what exactly GlobalCoin will be do, though the BBC suggested that Facebook may look to retailers, allowing its users to purchase discounted goods using the cryptocurrency. The cryptocurrency would be used to transfer value directly from Facebook to the retailer, cutting out credit card companies in the middle, which BBC suggests would help the retailers’ profits.
GlobalCoin is now expected to be unveiled on June 18.
Facebook image via Shutterstock
Binance, one of the world’s leading cryptocurrency exchanges by trading volume, has been making wave after wave across the crypto industry in recent weeks. The Malta-based trading platform known for its exotic altcoin offering has saw its native crypto token soar, launched a DEX, debuted their Binance Launchpad platform for the much hyped IEO tokens, offered a taste of the margin trading to come, and much more.In their latest news, that many say is “huge” for the Changpeng Zhao-led firm, and could help the company shed any lingering risk due to mounting regulatory concerns in the United States over cryptocurrency exchanges. The move would see the platform partnering with a FinCEN-registered company to roll out “Binance US,” exclusively for customers based in the United States.Binance US “Significantly” Reduces Risk of US Regulator Intervention for Booming Crypto BrandIn a surprise move, Binance has announced a partnership with a mysterious company called BAM Trading Services to bring a version of its crypto exchange to US shores. Reports claim that BAM Trading Services would handle operations, while Binance supplies the wallet and technology – as well as the positive reputation its built in the crypto community.Related Reading | Will Bitcoin Margin Trading Help Binance and Coinbase Survive Big Banks Entering Crypto?No firm timeline was given for the launch of the platform, but it will be fully compliant with US laws from the start, according to Binance CEO Changpeng Zhao. He also says the move “will bring the security, speed, and liquidity of Binance.com to North America.”Users in the United States may find themselves confused by the news, as Binance is currently freely accessible by US residents. However, this has all along exposed the exchange to much risk due to regulators in the US starting to tighten up their grasp over the emerging market. Binance offers a variety of unique altcoins, some of which could very well be considered securities under US law – something that could eventually land the exchange in the hot seat. Even its own native BNB crypto token could be viewed as such until clearer guidelines are developed.By opening up a US-based exchange, the risk of heavy-handed regulators overstepping their bounds is minimized. This version of the crypto trading platform can be sans assets that make lawmakers uncomfortable, and have tighter communication with important government branches focused on protecting investors, or preventing money laundering.Wow this is *huge* news. Significantly reduces US regulatory risk for Binance in my opinion.Disclosure: Multicoin owns BNB tokenshttps://t.co/zmLSXojTVG— Tushar Jain (@TusharJain_) June 13, 2019Multicoin Capital Managing Partner Tushar Jain agrees, saying that this “huge” news “substantially” lowers their risk.Related Reading | Crypto Chronology: Watch the Rise and Dominance of Binance UnfoldWhile details of the US-based platform haven’t been revealed, the crypto exchange will likely remain shrouded in mystery for a while longer, until CZ and Binance are ready to pull back the curtain on their latest venture. Given how well their most recent ventures have performed, Binance US will likely be yet another major win for the clear crypto market leader.Featured image from Shutterstock
Rhode Island issued a request for proposals aimed at exploring the viability of blockchain technology to improve state operations. This comes on the heels the state relaxing certain security laws for blockchain businesses.
Is the second-most dense state by population looking to become a hub for the crypto industry?
Director of the Department of Business Regulation Liz Tanner said in a statement she believes blockchain represents the modernization of government and would enable bureaucratic efficiency in the state. She also said Rhode Island’s initiatives were inspired by the adoption of blockchain by overseas governments.
The request for proposals is not looking for specific answers to specific problems, but is keeping an open mind to the possibilities of the emerging technology. A memo following the RFP states, “Suggested areas of application… include antifraud, contracts, medical marijuana, records, notarization, registration and licensing, investigative evidence control and more.”
Brenna McCabe, director of public affairs for the Department of Administration in Rhode Island, told Government Technology that this long list of possible applications is meant to entice more bidders, all of whom are required to submit two proofs of concept for blockchain application.
McCabe said state officials did not want to stifle the ingenuity of the industry by limiting the scope of the RFP.
It’s only after the state receives proposals that they can conceive of what the technology offers. “With proofs of concept, [Rhode Island] can gain a better understanding of the maturity of blockchain technologies and platforms, as well as potential sustainability in state government operations,” the memo stated.
The proposals will be reviewed by a technical evaluation committee composed of staff from various state agencies. “The initial contract period is estimated to begin Aug. 13 for a time period determined by the winning bid(s),” according to the RFP.
Anticipated problems will stem from laws, regulations and licensing structures that would require changes to allow for blockchain use, said McCabe. Though state leaders will have a better idea of what needs to be tweaked once proposals are reviewed.
Rhode Island Capitol image via Shutterstock
Bitcoin (BTC) and the aggregated cryptocurrency markets have been able to find some stability after their upwards surge yesterday, which may be a bullish sign that points to the possibility that further gains are imminent in the near-future.Additionally, this upwards move has led multiple technical indicators to begin flashing bullish signs, and any bullish movement in the near-future may be bolstered by increasing institutional adoption through platforms like Bakkt – which will be launching testing for its Bitcoin futures product next month.Bitcoin Finds Stability Above $8,000 After Yesterday’s SurgeAt the time of writing, Bitcoin is trading up marginally at its current price of $8,170, up from 24-hour lows of $8,000 that were set late yesterday.In the past couple of days, BTC was able to once again break back into the $8,000 region after facing increased selling pressure that sent it reeling back into the mid-to-upper $7,000 region.The cryptocurrency’s latest upwards surge appears to be bull’s latest attempt to maintain the upwards momentum it has incurred over the past couple of months and may signal that further gains are imminent in the near-future.Recent technical analysis from Fundstrat Global Advisors may confirm this postulation, as Rob Sluymer – a technical strategist at Fundstrat – explained in a recent interview with Bloomberg that Bitcoin’s relative-strength-index momentum has begun to turn bullish, which may lead BTC towards $9,000 before it faces strong resistance.“Another upside attempt appears to be developing for most cryptocurrencies. Increase exposure… We expect Bitcoin to stage another rally from current levels toward next resistance between $8,800-$9,000,” he explained.It is likely that a rising tide will lift all ships, so a Bitcoin price surge that takes it up towards $9,000 will probably lead most major altcoins to likewise surge higher.What Could Help Fuel a BTC Surge?One potential factor that could help lead Bitcoin significantly higher in the near future is the imminent launch of the ICE-backed crypto trading platform Bakkt, which announced in a recent Medium post that they will be initiating user testing for their BTC futures on July 22.“Still, bitcoin price discovery, like a moonshot, requires diligent testing before launch. On July 22, two days after Apollo 11’s 50th anniversary, Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US,” Adam White, the COO at Bakkt, noted.Despite this, some analysts don’t believe that the launch of this institutional-focused platform will help the markets, as its launch may already be priced in.“Bakkt released a date for testing… Yes it’s a step forward but don’t get carried away on this news, it’s not going to move the market price of $BTC,” Josh Rager, a popular crypto analyst on Twitter, explained in a recent tweet.Bakkt released a date for testing…Yes it’s a step forward but don’t get carried away on this news, it’s not going to move the market price of $BTC— Josh Rager 📈 (@Josh_Rager) June 13, 2019As the week continues on and the markets get closer to having yet another entry point for institutional investors, it is likely that investors will gain greater insight into where the markets are heading next.Featured image from Shutterstock.
Being a decentralised project, with no CEO or board members, Bitcoin has always been lacking an official marketing department. However, that has not stopped the world’s first viable digital asset becoming worth billions of dollars.Whereas many other crypto asset companies have dedicated teams to promote their coin or token, Bitcoin must rely on the work of others to do its advertising. Fortunately, it has a lot of help in this department.Those Against Bitcoin Sure Have a Funny Way of Showing it…There is no shortage of proponents of crypto assets who see a bright future for Bitcoin. There are many willing volunteers to take to the air on CNBC or whichever other network covering the space to discuss how a decentralised, truly scarce asset could change the planet for the better. The likes of RT’s Max Keiser, Morgan Creek’s Anthony Pompliano, and Fundstrat’s Tom Lee are always more than willing to espouse the virtues of crypto assets to a mainstream audience.However dedicated, many of those proponents lack the kind of clout that many of the prominent naysayers do. Ask 100 random people in the street if they know more about Warren Buffet, Jamie Dimon, and Joseph Stiglitz than they do about any of the aforementioned crypto analysts. Of course, you might well get one of two respondents already bitten by the Bitcoin bug but on the whole you’ll find that more people are familiar with the big names of established finance than those from digital currency circles.Although these analysts are certainly an asset to the space, their efficacy in publicising Bitcoin is occasionally dwarfed by the same sorts of big names of the legacy system. The latest example of such has come from the Italian Deputy Prime Minister. Yesterday, NewsBTC reported on the proposal by Matteo Salvini to tax the savings held by citizens at banks in safety deposit boxes. Salvini stated that there are thought to be billions of dollars that the people are hoarding away from the government stored in bank vaults.One long-time Italian Bitcoin proponent has praised his nation’s proposal, claiming that the attack on the private savings of citizens is the ultimate advertisement for Bitcoin. Giacamo Zucco took to Twitter to congratulate Italy on its latest Bitcoin marketing efforts:Never been more proud than these last few days of Italy’s role in promoting Bitcoin!!! 😍
This is just one of many tweets of the same kind!
They say that Bitcoin, unlike scamcoin, has not a marketing department. Not true: its marketing department are socialist Nation States!😍 https://t.co/sSe9KgIPbR— Giacomo Zucco [I identify as boat accident victim] (@giacomozucco) June 13, 2019Matteo Salvini isn’t alone in his inadvertent Bitcoin advertising, however. Other members of national governments over the years have publicly stated concerns over Bitcoin that can actually be interpreted as some of the crypto asset’s strongest qualities.The first example of such was actually way back in 2011. Then Senator Charles Schumer called upon the central government to shut down the dark web marketplace, Silk Road. In doing so, he brought a whole lot of unexpected attention to Bitcoin and also helped to publicise the very concept he was so against – buying illegal drugs online.In describing Bitcoin, which very few people outside of cryptography forums, had heard of at the time, Schumer stated:“It’s an online form of money laundering used to disguise the source of money, and to disguise who’s both selling and buying the drug.”More recently still, the perceived threat posed by Bitcoin appears to have escalated in the eyes of at least one member of the US government.Earlier this year, Congressman Brad Sherman advertised Bitcoin to the masses as a potential threat against US global hegemony.He argued that Bitcoin could potentially alter the current global power structure. Sherman stated as follows in front of Congress:“An awful lot of our international power comes from the fact that the dollar is the standard unit of international finance and transactions.“It is the announced purpose of the supporters of cryptocurrency to take that power away from us, to put us in a position where the most significant sanctions we have on Iran, for example, would become irrelevant.”Essentially, Sherman alerted any nations that had not quite worked it out themselves that Bitcoin could indeed help reduce international dependence on the US dollar. This in turn would weaken the US position globally.Evidently, with so many loud voices advertising Bitcoin, the world’s most popular digital currency by market capitalisation is doing just fine without its own designated marketing department. Related Reading: Bitcoin is Needed Now: Macroeconomic Backdrop Adds Value to CryptoFeatured Image from Shutterstock.
Hackers are now accessing wallets containing cryptocurrency stolen from Binance in May. Coinfirm, the company that tracked the original few moves in early May has spotted a massive outflow from the original hoard of wallets created on May 7, 2019.
Coinfirm’s CEO, Grant Blaisdell, wrote:
The attack was conducted using diversified techniques including viruses and phishing. According to Binance, stolen funds constituted approximately 2% of total BTC holdings of the exchange. In order to prevent user’s funds from being affected and guarantee stable work of the platform, Binance used its SAFU fund to cover the loses. The Secure Asset Fund for Users was established on July 14, 2018 and consists of 10% of all trading fees.
According to Coinfirm, the hackers then moved 1,060.64474480 BTC or $6,148,122.40 in a number of hops, shedding value each time. On June 7, 2019, the hacker moved the $6 million from this wallet, called bc1q2r…, to this wallet, bc1q65…, shedding an odd $15.84 dollars into this small wallet. It’s not clear why this small an amount “hopped” out of the wallet.
This pattern of hops and “shedding” suggests either some sort of side payment to other parties or further efforts at laundering the cash using what appears to be a series of calculated moves aimed at scrambling the source of the funds. Given each of these wallets are now being watched carefully by legitimate exchanges it could be quite difficult – but not impossible – to convert these wallets to fiat.
Image via Shutterstock.
Litecoin price has been the talk of the crypto world in recent days, as the cryptocurrency has recently grow significantly in value relative to its Bitcoin older brother, and brought investors over 600% returns before the current pullback. It’s help spark increased interest in the digital asset, which has caused its use as a search term to grow on Google Trends.