Daily News Digest Featured News

Tuesday July 24 2018, Daily News Digest

Bitcoin
Source: Forbes

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United States

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United States

Bitcoin Just Hit $ 8,000 — Here’s What’s Pushing It Up (Forbes), Rated: AAA

The bitcoin price has today climbed above the $8,000 mark for the first time since mid-May — leading many to predict a return to the bull run that last year powered bitcoin to almost $20,000.

The latest boost for bitcoin comes after a week that saw it add almost 20% to its price on the back of news that established financial giants are looking to get in on bitcoin and cryptocurrencies, and a raft of positive regulatory news around the world.

Bitcoin
Source: Forbes

Bitcoin Has Risen More Than 33% In A Month (Forbes), Rated: A

Bitcoin prices have climbed sharply over the last month, increasing by more than one-third after hitting a 2018 low in June.

Bitcoin Revival Has Enthusiasts Leaving Rival Coins In The Dust (Bloomberg), Rated: AAA

Bitcoin put more distance between itself and smaller rivals such as Ethereum and Ripple on Monday by rallying as much as 5.8 percent, building on its biggest weekly gain in months.

The largest digital token pared some of its advance, but was still trading 4.7 percent higher at $7,693 as of 11:13 a.m. in New York, according to composite prices compiled by Bloomberg, poised for the highest close in two months. Bitcoin surged 19 percent last week, the biggest jump since December.

Bitcoin vs. altcoins
Source: Bloomberg

The DVAN Buying/Selling Trend Line, a divergence analysis that measures market pressure, is signaling the strongest buying trend since May. The last time this trend flashed bullish, back in mid-April, Bitcoin gained as much as 23 percent before the rally cooled.

DVAN trends on Bitcoin
Source: Bloomberg

The Next Big Bitcoin Price Boost Could Be Just Around The Corner (Forbes), Rated: A

It’s been a great couple of weeks for the bitcoin price, with the world’s largest cryptocurrency adding almost 20% to its value in just the last seven days and taking its market capitalisation to $131 billion.

Now the next big bitcoin price boost could come as soon as next month, potentially powering bitcoin above the $10,000 mark and beyond (despite a worrying warning over bitcoin’s future from the European Union last week).

Crypto Exchange Coinbase Tells a Fib, Forms a PAC (24/7 Wall St.), Rated: AAA

Last Monday, cryptocurrency exchange Coinbase told Bloomberg News that both the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) had approved the company’s proposed purchase of three securities broker-dealers. That was not the case, as Coinbase admitted Wednesday.

On Friday, Politico reported that Coinbase had notified the Federal Election Commission (FEC) that it plans to form a political action committee (PAC). The company did not respond to a request for comment. PACs are created for the sole purpose of raising money to spend on U.S. elections.

GOOGLE, FACEBOOK AD BAN REVERSAL FUELS COINBASE ACQUISITION RUMORS (Bitcoinist), Rated: A

A mock-up Facebook ad from CEO Brian Armstrong posted on Twitter July 20 confirmed the U-turn for Facebook, which originally hit the headlines late June.

In the meantime, Google has followed suit, social media users uploading screenshots of Coinbase featuring in Google Ads once more.

For Coinbase meanwhile, its advertising debut has renewed speculation over a potential acquisition by Facebook, which Bitcoinist reported on in June.

Crypto’s most popular wallet service is getting a mobile app for secure login (TechCrunch), Rated: AAA

MyEtherWallet, the mostpopular crypto wallet service on the internet, is finally getting a mobile app as it bids to increase security for its users.

Today the company introduced MEW Connect, an iOS app that allows users to access their wallet through MyEtherWallet but without the need to type their private key. There are already solutions that allow them — such as hardware keys from Trezorand Ledger — but MEW Connect is offering the benefits for free.

Cryptocurrency bigwigs invade the Fortune ’40 Under 40′ list (The Next Web), Rated: AAA

Fortune has released its annual 40 Under 40 ranking which celebrates the most influential entrepreneurs under the age of (you guessed it) 40. The latest edition features several founders and executives from the cryptocurrency and blockchain space.

While not strictly a blockchain entrepreneur, it is worth pointing out that Telegram CEO Pavel Durov has also made it to the 40 Under 40 list. Considering Telegram raised $1.7 billion in an initial coin offering ICO last year, this makes for a total of five cryptocurrency influencers on the list.

Founder of Ethereum, Vitalik Buterin and founder of Coinbase, Brian Armstrong, continue to feature on the list having both been members of this “club” since 2016. In addition to Buterin and Armstrong, Fortune has also granted a spot to Robinhoodfounders Vlad Tenev and Baiju Bhatt, both of whom are making their debut on the list.

Judge Taps the Brakes on State Court Tezos Suit (The Recorder), Rated: A

San Francisco Superior Court Judge Harold Kahn granted a motion to stay discovery brought by  California-based Dynamic Ledger Solutions, a company started by the husband and wife behind Tezos, Arthur and Kathleen Breitman. But Kahn said at a hearing Monday that the plaintiff could ask to lift the stay as the case is coordinated with another state court suit filed in San Mateo Superior Court.

Riot Blockchain (NASDAQ:RIOT) Announces Mining Pool Private Beta (Blockchain Stocks), Rated: A

Riot Blockchain, Inc. (NASDAQ: RIOT) (the “Company”) announces the beta development of its own private Bitcoin Mining Pool. Mining pools are groups of miners that work as a team and contribute their hashing power to solving computations that secure the blockchain. By pooling resources, miners increase the odds and consistency of receiving block rewards, which are the fees collected as part of Bitcoin’s “proof of work” security model.

Google Expands Blockchain Push With Digital Asset Tie-Up (Fortune), Rated: A

Google is increasingly betting that blockchain technology, which creates a permanent ledger across multiple computers, will be key to competing with Amazon and Microsoft in cloud services. To that end, Google and the New York-based startup Digital Asset announced a partnership on Monday to bring blockchain to Google Cloud.

The crux of the partnership involves Digital Asset providing Google access to a software development kit (SDK) that will let the company’s developers experiment with a smart contract programming language known as DAML.

Xage secures $ 12 million Series A for IoT security solution on blockchain (TechCrunch), Rated: A

Xage (pronounced Zage), a blockchain security startup based in Silicon Valley, announced a $12 million Series A investment today led by March Capital Partners. GE Ventures, City Light Capital and NexStar Partners also participated.

How to know if, when and how to pursue blockchain projects (TechTarget), Rated: A

There is no shortage of blockchain platforms out there; the numbers now run in the dozens. As for enumerating potential blockchain projects, it may be easier to list the blockchain use cases companies are currently not exploring. Moreover, although blockchain’s approach to verifying and sharing data is novel, many of the technologies used in blockchain projects have been around for a long time, said Martha Bennett, a CIO analyst at Forrester Research who’s been researching blockchain since 2014.

US Chamber Demands Crypto, ICO Regulation (PYMNTS), Rated: B

The U.S. Chamber of Commerce is demanding clearer regulations for cryptocurrencies and any activities related to them, including initial coin offerings (ICOs).

International

Tron ERC20 [TRX] token can now be deposited on Binance for conversion (AMBCrypto), Rated: AAA

On 23rd July, Justin Sun, the founder of Tron [TRX], made an official announcement on his Twitter post regarding the deposit of ERC20 TRX tokens on Binance.

It is said that Binance will automatically convert the ERC20 tokens to TRX20 tokens. Token holders are required to send their ERC20 TRX tokens to the previous Ethereum [ETH] platform deposit address.

Wanchain’s Bridge to the Ethereum Blockchain Is Now Open (CoinDesk), Rated: AAA

On Monday, the Beijing- and Austin-based startup Wanchain announced the live release of its protocol’s version 2.0, which allows for decentralized transactions between its blockchain and ethereum using a form of atomic swap.

Bitstamp vs. Kraken vs. Coinbase- Choose the Best Crypto Exchange (CryptoComes), Rated: AAA

When it comes to American exchanges, Kraken and Coinbase are the two obvious leaders on the market. They are currently situated neck-to-neck on the CoinMarketCap list (the 12th and the 13th places respectively).

Another highly reputable European exchange is called Bitstamp. As of now, Bitstamp trails behind the aforementioned two exchanges sitting at the 19th position with an average trading volume that is about to cross a $99 mln mark.

Bitstamp vs. Kraken vs. Coinbase: Supported assets 

The Gemini vs Coinbase vs Kraken debate is impossible without reviewing the variety of supported assets. The same is true if one replaces Gemini by the aforementioned Luxembourg-based exchange Bitstamp.

Kraken offers a fairly big amount of altcoins for a fiat-to-crypto exchange. As of June 2018, the company features 16 currencies, but promises to add as many as 1,600 coins.

Kraken
Source: CryptoComes

The winner: Kraken

Bitstamp vs. Kraken vs. Coinbase: Security issues

Security was clearly one of Bitstamp weak points in the past. The exchange tarnished its reputation after an infamous hack that happened back in 2015. This major security breach resulted in more than 19,000 Bitcoins being stolen from the exchange.

Kraken has a perfect reputation because of a high emphasis on security since the very inception of this exchange.

Coinbase also enjoys a high standing when it comes to security. The exchange is fully compatible with AML laws and other types of regulations

The winner: Coinbase.

Bitstamp vs. Kraken vs. Coinbase: Fees

Bitstamp Kraken Coinbase fees
Source: CryptoComes

Coinbase-Backed ‘Gods Unchained’ Card Game Launches on Ethereum Network (Unhashed), Rated: A

Coinbase has been in the news a great deal lately, largely due to its attempted expansion into Wall Street. Today, however, Coinbase is making headlines for a lighter reason: the exchange has partnered with Fuel Games to launch the first competitive E-Sports game on the Ethereum Network.

Gods Unchained is a new free-to-play fantasy card game, which came into development after a reportedly significant investment from Coinbase.

EOS, Litecoin, Stellar Lumens, Tron, IOTA Technical Analysis (NewsBTC), Rated: AAA

It’s cool that Novogratz think that EOS will in the coming days process more than 50,000 TPS per second.

The tricky question now is when and how the cost of doing business at the platform will diminish to near zero.

EOS
Source: NewsBTC

For LTC prices to print $400 as Charlie Lee says, then it must gain five folds if we consider current spot rates.

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.

Litecoin
Source: NewsBTC

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.

Tron
Source: NewsBTC

BLOCKCHAIN: 6 GREAT NON-CRYPTOCURRENCY USES (AdAge), Rated: A

1. Smart contracts

Companies like Slock.it use smart contracts to automate payments for renting electric vehicle charging stations, while Fizzy tracks flight delays and automatically refunds passengers when flights take off more than 2 hours late.

2. Tokenization of content

Tokenizing content allowed messaging app Kik to have a “reverse ICO (initial coin offering)” (in which the company decentralized itself by selling tokens, like stocks, to interested investors) to raise $100 million and continue to grow its platform. Simple Token empowers companies to easily create branded tokens without having to worry about regulatory issues or creating an ICO.

3. Eliminating counterfeit products

The world’s largest diamond producer, De Beers, is working with blockchain technology to create an immutable and permanent digital record for every registered diamond—and cut down on conflict (“blood”) diamonds.

4. Supply chain improvement

The world’s largest shipping company, Maersk, uses blockchain to monitor its cargo ships, while British Airways uses blockchain to ensure the information it shares on its site, in its apps, and on airport displays is up-to-date and correct.

5. Digital twins

Deloitte uses digital twins to “detect physical issues sooner, predict outcomes more accurately, and build better products,” while GE uses digital twins to optimize its wind farms, leading to an increase of up to 20% in annual energy production.

6. Encrypted messaging

There are quite a few organizations working on blockchain-powered encrypted messaging platforms, including Matrix, Crypviser, and ADAMANT.

Over 500 Million USD Stolen from Crypto Wallets (PRWeb), Rated: A

In the first quarter of 2018 the estimated loss of stolen crypto assets reached 542 million USD, according to calculations of US Federal Trade Comission. [1] The estimated value of loss from hacks and scams for period 2011-2018 amounted to over 2 billion USD. Number of cryptocurrency thefts resulting from fraudulent activities are increasing from year to year, as cryptocurrency market does.

When Smart Contracts Go Wrong; How to Ensure Your ICO Smart Contract is Secure & Reliable (NewsBTC), Rated: A

There are more than 1500 dApps on the Ethereum network, using smart contracts for a spectrum of applications. However, smart contracts are code-based and mistakes, if any, can have disastrous consequences. In this article, we look at some of the biggest smart contract failures and their causes.

Bitcoin Hits 2-Month High as G20 Ministers See No Urgency to Further Regulate Cryptocurrencies (Fortune), Rated: B

Over the weekend, G20 finance ministers met in Argentina, and cryptocurrency was one of the subjects under discussion. In the resulting communiqué, the G20 said cryptocurrencies do not “pose a global financial stability risk” at the moment, but it was important to remain vigilant.

Crypto Enthusiasts Tweet With Delight at Mastercard Outage (Payments Journal), Rated: B

A recent coindesk article reported that on July 12, MasterCard suffered a global outage. What was particularly interesting was not necessarily the outage itself but cryptocurrencies enthusiasts’ reaction to the outage. As pointed out by coindesk, many enthusiasts voiced their reaction on Twitter.

Supporters of specific cryptocurrencies also came out to heckle the payments giant, including supporters of XRP and the technology developed by distributed ledger startup Ripple, and those backing the cryptocurrency Dash.” 

Most of the tweets focused on the perceived benefits of cryptocurrency and blockchain.

European Union

Binance and Neufund to Build First Decentralized Stock Exchange (CryptoSlate), Rated: AAA

In a joint venture to build the world’s first decentralized stock exchange, Binancepartnered with Neufund and MSX — the recently launched subsidiary of the Malta Stock Exchange.

United Kingdom

4New lands $ 30 million to turn waste into cryptocurrency (VentureBeat), Rated: AAA

4New has designed a process that utilizes anaerobic digestion technology to convert regular household waste and feedstock into electricity. This energy is currently sold to the U.K. National Grid.

With a vision of being an eco-friendly blockchain ecosystem powered by waste to provide energy for power plants, 4New has announced a $30 million private equity institutional investment round from Mirach Capital. This is Mirach Capital’s first investment following the announcement of its $200 million crypto-fund late last year.

UK Law Commission Publishes White Paper on Smart Contract Legislative Effort (Crypto-News), Rated: A

Smart contracts have often been praised for their accuracy, transparency, speed, security, trust and efficiency, yet mass-adoption is slowed down due to legal uncertainty. Now, reports indicate that the U.K. Law Commission is working on a research project that would bring legal clarity to the smart contract market. The agency published a white paper, outlining their progress so far.

Read the report in full here.

China

Chinese Region to Shut Down ‘Illegal’ Bitcoin Miners By September (CoinDesk), Rated: AAA

China’s Xinjiang Uyghur autonomous region is set to eliminate “illegal” bitcoin mining operations by the end of August, a government agency has confirmed to CoinDesk.

Pharma Scandal Prompts Calls to Put Vaccine Data on a Blockchain (CoinDesk), Rated: A

A scandal around the fraudulent actions of a vaccine manufacturer in China has sparking a heated debate over the last week – and now the Chinese cryptocurrency community is suggesting blockchain as a potential solution.

The uproar followed a report from China’s State Drug Administration, which, based on a tip-off, launched an investigation of the company – Changsheng Biotechnology – and found that it had falsified aspects of its rabies vaccine production data.

Chinese City of Nanjing Launches $ 1.5 Billion Fund for Local Blockchain Projects (CoinTelegraph), Rated: A

Nanjing, the capital of China‘s Jiangsu province, has launched a 10 billion yuan ($1.48 billion) investment fund for blockchain development, ZDNet reports July 23.

Australia

RMIT to provide students with blockchain-based digital credential platform (ZDNet), Rated: A

The Royal Melbourne Institute of Technology (RMIT), in partnership with digital credentialing platform Credly, has launched a new initiative that will see students receive blockchain-enabled digital credentials.

According to RMIT, the initiative will give students the option to publish data about skills and capabilities to blockchain. It will also allow for the sharing to social networks, including LinkedIn.

Asia

World’s Largest Cryptocurrency Exchange About to Enter S. Korean Market (Business Korea), Rated: AAA

Binance, the world’s largest cryptocurrency exchange, is about to enter South Korea.

Binance CEO Changpeng Zhao attended the Blockchain Partners Summit in Seoul on July 21 to 22. During his keynote speech, he stressed the importance of the South Korean market, saying that his company would enrich its community in the market.

South Korean Financial Services Commission Announces Cryptocurrency Division (Crypto Disrupt), Rated: A

News has emerged of a “major organizational reshuffle” by South Korea’s Financial Services Commission that will see a new cryptocurrency division created to oversee the crypto sector.

An $ 8 Million Airdrop Ran Out of Tokens – What’s Next Is Anyone’s Guess (CoinDesk), Rated: A

In early July, the developers behind U Network, a blockchain publishing protocol valued at around $8 million, abruptly announced that it had run out of its reserve of UUU crypto tokens, and that it planned to buy back some of the supply it distributed to early investors through its airdrop in February.

At the start of the project, U Network established a 10 billion UUU cap on its token supply (worth approximately $15.6 million), setting aside 40 percent of its total tokens (about $6.2 million) for the founding team and future development.

Canada

Alleged ICO Fraudster Forced to Surrender $ 3.7M in Bitcoin in Quebec Courtroom (Crowdfund Insider), Rated: AAA

A man accused of using a digital token offering to defraud investors had his computers brought before him in a Quebec courtroom earlier this month and was forced by the presiding judge to hand over 420 bitcoins, Radio Canada reports.

Dominic Lacroix planned his “Plexcoin” ICO (initial coin offering) fundraise last summer but, according to Motherboard, was ordered by the Quebec regulator, Autorité des marchés financiers, to suspend the project.

Latin America

Avast Cybersecurity Study Shows Brazilians Crypto Investment Interest is Rising (Bitcoin Exchange Guide), Rated: AAA

According to a study by Cybersecurity Company Avast, about 30% of Brazilians are interested in owning cryptocurrencies. Others of those who don’t own cryptocurrencies are planning to invest in this lucrative platform of exchange. During this study, a total of 1900 Brazilians were interviewed randomly. 84.36% of them admitted that they were familiar with cryptocurrencies and how they operated. The study, however, involved randomly chosen subjects selected from different social strata.

The country where workers can legally get paid in cryptocurrencies (Crypto News Reviews), Rated: A

Bit by bit, cryptocurrencies are taking on the work of traditional finance around the world. And in Costa Rica, it’s now legal for workers to get their wages – or at least part of them – in cryptocurrency.

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

About the author

Allen Taylor

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