Bitcoin had been losing value since the turn of 2018 – what is causing this second wind?
The volume of bitcoin, the most dominant cryptocurrency in the global market, has risen by two-fold in the past week, supporting the recent mini bull rally of the crypto market. Last week, CCN noted that the low volume of bitcoin is a concern for the short-term trend of the market. For instance, on July 9,
The post Bitcoin Volume at $6.4 Billion, Up 2x Since Last Week as Crypto Market Surges appeared first on CCN
Crypto land is cooking this morning; top altcoins are Stellar, Cardano, EOS, Zcash, 0x, Icon and Ardor.
Finally it is party time in crypto land, a big bull run has starting and markets are awash with green this morning. Over $20 billion has entered the markets in the past 24 hours pushing total capitalization over $290 billion for the first time in a month.
Bitcoin led the charge with an epic pump of $600 in less than an hour yesterday. That huge green candle combined with a surge in volume by $2 billion has kept BTC above $7,000. It is currently trading at $7,380, up 9.5% on the day and its highest level since June 10. Ethereum also benefited from the rally climbing 5% on the day to $500, its highest level for almost a month.
The altcoins are also racing, many posting double figure gains today. In the top ten Stellar Lumens is surging ahead with a 22.4% climb on the day to $0.285. Over the week XLM has made an impressive 50% from $0.188 this time last Wednesday. Cardano is the second biggest gainer in the top ten with 15.3% on the day to trade at $0.175. The weekly picture sees gains of 35% for ADA from $0.129 this time last week. EOS rounds out the top ten’s double digit altcoins with 11% to $8.82.
Further down the list is Nem with an 11% rise to $0.193 and Zcash charging 14% to $212. 0x has made 12% to trade at $1.25 and Icon is also steaming ahead with a 12.8% jump to $1.66. Four of these top performers in the top twenty coins are those that Coinbase hinted at listing in the future.
Other altcoins with double digit gains at the time of writing include Zilliqa up 11.6%, Bitshares climbing 12.5%, and Steem and Dogecoin jumping 15%. The top performing altcoin of the moment is Ardor which has rocketed 60% to $0.261 on the back of a Binance listing.
— Binance (@binance) July 18, 2018
Over the past 24 hours total market capitalization has jumped just over 8%. This equates to an increase of around $23 billion on the figure which currently stands at just under $294 billion. Trade volume for all cryptos has increased 33% from $15 to $20 billion per day. This is the highest volume seen for almost six weeks has markets climb back to June 10 levels. A break over $300 billion could continue to the next previous plateau at $340 billion and a Bitcoin price of around $8,000.
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
The post Which Altcoins Are Winning in the $20 Billion Crypto Bull Run appeared first on NewsBTC.
Coinbase, the largest US cryptocurrency exchange, walked back its claims from earlier this week that it got approval from the Securities and Exchange Commission (SEC) to list cryptocurrencies deemed as securities.
In June, Coinbase, the largest U.S. cryptocurrency exchange, announced that it’s on track to become the first broker-dealer to offer SEC-regulated cryptocurrency securities. The official announcement said that this “is all being enabled by our acquisition of Keystone Capital Corp., Venovate Marketplace, Inc., and Digital Wealth LLC.” Yet, it also made clear that this move is pending approval from the SEC and the Financial Industry Regulatory Authority (FINRA).
Earlier this week, more than a month after the initial announcement, the cryptocurrency exchange confirmed that it received the green light to move forward with the acquisitions.
Elliot Suthers, a spokesman for the company said in an emailed statement to Bloomberg:
Being approved to take ownership of these licensed entities is one more step toward our ultimate goal of allowing our customers to trade securities tokens on our platform […] There are many more steps and conversations needed with regulators before this journey’s complete.
Coinbase Walks Back
Despite all of the above, Coinbase spokeswoman, Rachael Horwitz, went on record today July 18, to walk back the previous announcement. Horwitz clarified that the San Francisco-based exchange has actually not been officially approved by the regulator, saying:
It is not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process.
“The SEC’s approval is not required for the change of control application,” she added. “Coinbase has discussed aspects of its proposed operations, including the acquisition of the Keystone Entity, on an informal basis with several members of SEC staff.”
It’s noteworthy, that should Coinbase succeed in becoming a fully-registered and regulated broker-dealer, this would drastically widen the range of services that the company could provide.
Earlier this week, the San-Francisco based exchange also revealed that it is “exploring the addition” of five new cryptocurrencies to its platform in the near future, namely ADA, BAT, XLM, Zcash, and 0x.
It’s also important to point out that Coinbase is not the only company seeking to expand its services. Its direct competitor Circle has also announced its plans to seek registration as a brokerage and trading venue with the SEC.
What do you think of the recent controversy surrounding Coinbase broker-dealer license approval? Don’t hesitate to let us know in the comments below!
Images courtesy of Bitcoinist Archives; Pixabay.
The blockchain assets firm has partnered with Custodian Vaults to make the cold storage vault for digital assets.
Multi-billion-dollar Japanese tech conglomerate GMO has launched a new internet banking business that will use blockchain technology for faster and cheaper payments and financial services. In an announcement [PDF] on Tuesday, the GMO Internet Group confirmed the launch of the GMO Aozora Net Bank in partnership with Aozora Bank Group, a joint-initiative that has been
The post Japanese Internet Giant GMO’s New Web Bank Will Use Blockchain for Payments appeared first on CCN
In a recent Tweet the founder of Litecoin made a statement about cryptocurrency acquisitions, quickly triggering discussion within the cryptocurrency community.
Buy Bitcoin Before Altcoins?
The cryptocurrency market is surprisingly tribal, with users often getting attached to their favorite cryptocurrency as if it was their hometown sports team. The issues with ‘crypto tribalism’ have become a topic of discussion with many crypto experts, personalities and even onlookers in the industry.
Edward Snowden, one of the U.S government’s most wanted whistleblowers, warned of tribalism in the cryptocurrency community in a talk at the Blockstack conference.
But in a recent tweet on Tuesday morning, Charlie Lee, the well-known founder of Litecoin, threw tribalism out the window, calling for readers of his message to buy at least one Bitcoin before any altcoin. He wrote:
“There isn’t even enough BTC to go around for EVERY millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first. Once you have 1 BTC, buy all the s***coins you want!”
There will be at most 21 million bitcoins in existence. There isn’t even enough BTC to go around for EVERY millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first.
Once you have 1 BTC, buy all the shitcoins you want! pic.twitter.com/bc3xKKGB0m
— Charlie Lee [LTC] (@SatoshiLite) July 17, 2018
While Bitcoin maximalists, or those who believe Bitcoin should be the only cryptocurrency to succeed, were pleased by this statement, others wondered what value this statement has.
Bitcoin has historically been held as the best cryptocurrency investment, and rightfully so, as Bitcoin was the first cryptocurrency that gained widespread traction.
In a statement earlier this year, Peter Thiel, the former CEO of Paypal and angel investor in Airbnb, LinkedIn, and Yelp, equated Bitcoin to the “online equivalent of gold,” further stating that he is skeptical of most altcoin projects. He stated:
“I would be long bitcoin, and neutral to skeptical of just about everything else at this point with a few possible exceptions. There will be one online equivalent to gold, and the one you’d bet on would be the biggest.”
It is currently unclear whether Thiel’s or Charlie’s statements and opinions about Bitcoin will prove to be true, but onlookers on the industry often portray Bitcoin as the prime example of a successful cryptocurrency and the most consistent crypto-related investment.
Litecoin’s Founder Jokingly Responds To Critics
Many cynics have held Charlie as a controversial figure in the cryptocurrency community. As the cryptocurrency market ran up to all-time highs in December, Charlie announced that was going to sell 100 percent of his Litecoin stake.
He cited reasons of a “conflict of interest,” as he didn’t want to artificially move the price of Litecoin with his statements. He elaborated, writing the following in a Reddit post:
“Whenever I tweet about Litecoin price or even just good or bads news, I get accused of doing it for personal benefit. Some people even think I short LTC! So in a sense, it is conflict of interest for me to hold LTC and tweet about it because I have so much influence.”
Despite only having the best intentions, users lambasted the Litecoin founder for ‘not having skin in the game’ when it comes to his own brainchild.
As a direct result of the most recent tweet and prior sale of his holdings, the Litecoin founder started to receive loads of backlash from seemingly outraged users. But, Charlie began to turn the tables, jokingly responding to some poorly-crafted tweets from his critics.
When a user pointed out that Bitcoin is divisible, misreading the aforementioned tweet entirely, Charlie replied by writing:
“What does 1 satoshi have to do with owning 1 BTC. I’m not saying BTC is not divisible nor am I say one should own a satoshi.”
What does 1 satoshi have to do with owning 1 BTC. I’m not saying BTC is not divisible nor am I say one should own a satoshi.
— Charlie Lee [LTC] (@SatoshiLite) July 17, 2018
In another message, when Charlie was questioned by a confused user about why he could call his own coin a s***coin, he responded with the following tweet:
English and logic is hard for you. It’s ok.
— Charlie Lee [LTC] (@SatoshiLite) July 17, 2018
It has become apparent with these statements that the Litecoin founder is resolute in his opinion that people should buy one Bitcoin before any altcoins.
Image from Shutterstock
The post Charlie Lee’s ‘Own a Bitcoin Before Buying Altcoins’ Comment Sparks Crypto Tribalism appeared first on NewsBTC.
Modern monetary theory is a step toward honesty in budgeting
Transaction or “trade mining” is the latest form of rewards that some minor exchanges have been furnishing on their customers – a form of rebate where a customer earns (mines) the native token of the exchange purely by placing trades.