Daily News Digest Featured News

Thursday August 2 2018, Daily News Digest

Monthly bitcoin price movements
Source: CoinDesk

News Comments

United States

International

European Union

United Kingdom

Other

News Summary

United States

Square has made $ 37 million supporting Bitcoin trading (ZDNet), Rated: AAA

The payments company posted a Q2 net loss of $6 million, or a penny a share, compared to a net loss of $16 million, or four cents a share, a year earlier.

Transaction-based revenue was $625 million, up 30 percent year over year. Square also noted that made $37 million by supporting Bitcoin trading on its Cash App during the second quarter.

Bitcoin, Ethereum, Ripple: Bears got tired, but bull are still skeptical (FX Street), Rated: AAA

BTCUSD virtually bumped into a strong confluence zone at the price level of $7,630. The indicators that create this critical confluence and listed from lowest to the highest price level, among others:

Fibonacci 38.2% one-month, SMA 50-15m, 15 min low, 1-hour low, the SMA 10-1-hour, the Bolinger Band 15m-Middle, the SMA 5-1h, and the SMA 100-daily.

BTC confluence
Source: FXStreet

The second digital coin by market capitalization is changing hands $420, down 2.6% since the beginning of the day.

The 4 hours low, the daily S2 Pivot Point level Support 1, the Bolinger Band 15m-Lower,  the Simple Moving Average 50-15m and the last month low. If this area gives way, ETH/USD will extend the decline towards $411, where the support is created by the Pivot Point one-day Support 2, and the Pivot Point one-week Support 3.

ETH confluence
Source: FXStreet

Ripple is a star today, The third largest coin by market value gained 2.5% on a daily basis and touched $0.4600 handle during European hours. Currently, XRP/USD is changing hands at $0.4454.

XRP Confluence
Source: FXStreet

Bitcoin’s Price Snaps Longest Monthly Losing Streak Since 2016 (CoinDesk), Rated: AAA

Bitcoin’s price posted gains in the first month of the third quarter, snapping the longest losing streak it’s seen in nearly two years.

At first instance, the rally seen in July may appear corrective in nature as BTC was looking oversold at the end of Q2, courtesy of a 58 percent drop in the first six months of the year.

However, a detailed look at crypto market metrics reveals the July rally had substance.

Monthly bitcoin price movements
Source: CoinDesk
  • The BTC dominance rate rose to a seven-month high of 48.3 percent on July 31 and was last seen hovering at 47.8 percent.
Bitcoin market cap
Source: CoinDesk

A total collapse in bitcoin is a real possibility, says Nobel Prize–winning economist Krugman (MarketWatch), Rated: A

Bitcoin evangelists tout digital currencies as revolutionary, a technology that could reshape the global monetary system. Pioneered because of a lack of faith in traditional banking, cryptocurrencies will become the new global currency, gold for a millennial age, some devotees argue.

However, the Nobel Prize–winning economist Paul Krugman says that this feverish enthusiasm is ill-informed and that a full-scale collapse of bitcoin BTCUSD, +0.38% is a real possibility, arguing that cryptocurrencies aren’t solving any problems in the current monetary system, which already boasts seamless and low-cost transactions.

At What Level Do Institutional Buyers Join The Bitcoin Rally? (Forbes), Rated: A

Bitcoin bulls are losing control again and the bitcoin price is back where the rally took off. The rally started on July 13, when the price formed a low of 6081 and there were some serious concerns that the price could break below the $6,000 mark. The bitcoin price started to consolidate from July 19 to July 23 and traded in a range of $7,236 to $7,780. It was on July 25 that the bitcoin price reached a high of $8,480, making investors confident about the possibility of touching $10,000. However, the price retraced from this level and we are back in the consolidation range mentioned above.

Madonna and Bill Clinton Are Cooperating with the Project Ripple (The Coin Shark), Rated: B

Ripple has recently been attracting public attention a lot, and some of the high-rank celebrities were no exception. Firstly, the Swell conference organized by Ripple will have a very special speaker – the US 42nd President Bill Clinton.

Another “ambassador” of Ripple will be the legendary pop star Madonna. The singer is leading a well-known charity campaign in Africa, called Malawi, created for helping African children in need. The Ripple gladly joined to support this cause.

Litecoin Price ‘Massively Discounted’: Cryptocurrency Analyst (CCN), Rated: AAA

Writing in an eight-page report published on Tuesday, eToro senior market analyst Mati Greenspan argues that the litecoin price is trading at a “massive discount to what it should be worth.”

On the technical side, he notes the importance of Litecoin, a Proof-of-Work (PoW) blockchain, being the dominant coin mined using the scrypt algorithm. As long as this remains the case, Litecoin will remain highly-resistant to 51 percent attacks since there is not enough surplus hashpower to mount an assault on its network.

Litecoin
Source: Bitfinex and CCN

Tron (TRX) Launches TronWallet Application For Android (Ethereum World News), Rated: A

TronWallet application for the Android system has been announced by TRON Foundation via the twitter page. The app is already on Google Play, while for iOS it is coming later on.

Alphabot adds performance data for more than 1,600 cryptocurrencies (Futures Mag), Rated: A

AlphaBot, a company that combines portfolio construction and execution, professional networking, cloud computing and data management all in one place, announced it has added performance data and analysis tools enabling investors for the first time to compare, portfolio build, and compile reports on more than 1,600 cryptocurrencies and tokens.

Why I Left a World-Class Hedge Fund for Crypto Investing (Fortune), Rated: AAA

As I continued in my crypto self-study, I started running across these revolutionary concepts, and they were stacking up one right after the other:

  • Trustless and permissionless: Available to anyone in the world with a smartphone and Internet access.
  • Cryptoeconomics: Combining cryptography, game theory, network effects, computer science, and economic incentives into a refreshingly pure incentive framework.
  • Open source software and hard forks: Anyone can “copy + paste” the code behind a blockchain, change some aspect, and try to create better tech.
  • The fat protocol thesis: The TCP/IP protocol, which serves as the foundational networking layer of the Internet, created trillions of dollars of value, but captured essentially none of it. All that value leaked to the “fat” application layer on top.
  • Incentivizing network effect: Speculators can bet on the future, potential utility of a technology. That investment can propel the tech through a bootstrapping phase toward mass adoption.
  • Superlinear growth: Moore’s Law + Metcalfe’s Law + open-source software + worldwide instant information dissemination, all wrapped in an economic incentive structure? That’s the formula for a boom the likes of which the world has never seen.

I spent hundreds of hours down that rabbit hole. When I came up for air, I was certain this technology would kick off a revolution. Now I’m convinced it will be woven into the fabric of our everyday lives—to the point where we won’t even notice it’s there anymore. Like the Internet itself.

Northern Trust Is Helping Hedge Funds Invest in Cryptocurrencies (CoinDesk), Rated: A

U.S.-based custody bank Northern Trust is helping traditional “mainstream” hedge funds expand into cryptocurrencies, Forbes reported Tuesday.

Northern Trust’s president, Pete Cherecwich, told the news organization that the financial services firm is working with three hedge funds – whose names he declined to provide – to add cryptocurrency investments to their portfolios.

Hedera Hashgraph Raises $ 100 Million to Further Develop Public Distributed Ledger Network and Dapp Ecosystem (AsiaOne), Rated: A

Hedera Hashgraph, a next-generation distributed public ledger organization, announced today that it has raised $100 million from institutional and high net worth individual investors to further the development and use of the Hedera public distributed ledger platform and network. Hedera plans to launch the network and start giving early access to some partners within the next month, with numerous distributed applications already being developed for the platform.

CoinList: Origin Protocol Raises $ 6.6 Million. Million was Funded in Just 5 Minutes (Crowdfund Insider), Rated: A

CoinList has booked another speedy initial coin offering (or initial token offering) as Origin Protocol easily raised $6.6 million. Origin shares that $2 million of that came in under five minutes – a testament to investor demand.

Bounty for hacking the ‘unhackable’ Bitfi wallet jumps from $ 100K to $ 250K (CSO Online), Rated: A

I DARE YOU! That’s what the term “unhackable” screams at some, raising hackles and having them accept that challenge because there is no such thing as unhackable to a determined attacker.

John McAfee disagrees with that and first offered $100,000 bounty for hacking the Bitfi wallet. Following the claims by security researchers that the hardware cyptocurrency wallet wasn’t unhackable, McAfee upped the bounty to $250,000.

Blockchain, Once Seen as a Corporate Cure-All, Suffers Slowdown (Data Center Knowledge), Rated: A

Corporate America’s love affair with all things blockchain may be cooling.

A number of software projects based on the distributed ledger technology will be wound down this year, according to Forrester Research Inc. And some companies pushing ahead with pilot tests are scaling back their ambitions and timelines. In 90 percent of cases, the experiments will never become part of a company’s operations, the firm estimates.

Wikipedia Has ‘Zero Interest’ in an ICO, Says Jimmy Wales (CoinDesk), Rated: A

Wikipedia founder Jimmy Wales has said the not-for-profit online encyclopedia platform will “never” hold an ICO or issue its own cryptocurrency.

CoinFund Is In The Heart Of The Blockchain Revolution (Forbes), Rated: A

There is a vibrant blockchain community in New York and in particular in Brooklyn. I took a small road trip to Brooklyn a little while ago to find out more about New York’s epicenter of the “blockchain revolution.” I visited with Jake Brukhman, the cofounder of CoinFund, (Aleksandr Bulkin is the other cofounder and a partner in the firm) and Alex Felix, a partner in CoinFund and its CIO. CoinFund is a privately held cryptoasset investment fund and blockchain research and advisory firm. CoinFund’s fourth partner is Oleg Golubov. Check out their blog here.

Boston Man Accused of Stealing $ 2M in Cryptocurrency (NECN), Rated: A

A college student from Boston was arrested last month after allegedly stealing at least $2 million in cryptocurrency and hacking phones owned by tech executives, according to prosecutors in California.

Joel Ortiz, 20, of Allston was ordered held on $1 million bail following his arraignment on 28 counts of grand theft, computer hacking and identity theft in the wake of his July 12 arrest.

He allegedly had $250,000 in cryptocurrency when he was arrested at Los Angeles International Airport on his way to Europe.

Nashville real estate snatched up by cryptocurrency and crowdfunded ventures (Tennessean), Rated: A

California cryptocurrency firm Property Coin bought the property earlier this year and will devote sale profits to boosting the value of its brand of digital cash.

Atlanta-based Groundfloor, another online fix-and-flip venture, is also bullish on the Nashville market. The company wants to invest $1 million in Nashville real estate immediately as it expands nationwide. It’s offering loans for local partners to flip homes while accepting online investments in its renovated houses as low as $10.

A 2020 USA Presidential Candidate Is Accepting Cryptocurrency Donations (Blokt), Rated: A

It is not new for US political figures to accept payments in cryptocurrencies. However, a new name in the list is Andrew Yang, a second-generation Chinese American and a Democrat bidding his place in the US presidential elections of 2020. According to some report, it was announced that Yang’s campaign would start accepting payments in digital currencies, including Bitcoin, Ethereum, and tokens designed on ERC20 standards. The maximum value of a single donation in digital currencies is $2,500.

US Treasury Releases Fintech Report, Discusses Issues Relevant to Cryptocurrency (NewsBTC), Rated: A

The report, which is titled “A Financial System That Creates Economic Opportunities: Nonbank Financials, Fintech, and Innovation” was drafted under Treasury Secretary Steve Mnuchin and addressed to President Donald Trump.  The report does not directly provide any recommendations or conclusions on cryptocurrencies, but the technologies are mentioned.

Denver-Based Healthcare ICO Issued Cease and Desist for Offering Securities (Bitcoin.com), Rated: B

Colorado Securities Commissioner, Gerald Rome, has issued a cease and desist order to Florida based Linda Healthcare Corporation and its founder, Arturo Devesa, halting the company’s initial coin offering (ICO) due to the token sale being deemed an offering of an unregistered security. The cease and desist is a reaffirmation of a previous ruling made in July by administrative Judge, Matthew Norwood.

N Carolina won’t allow candidates to accept cryptocurrencies (The News Tribune), Rated: B

Candidates for political office in North Carolina will not be allowed to accept campaign donation in Bitcoin or other cryptocurrencies.

International

Do Cryptocurrencies Affect the Global Market? (Investor Ideas), Rated: AAA

To the surprise of investing legends like Warren Buffet, crypto assets suddenly toppled other markets and established themselves as the new golden geese. Currently, there are countless crypto millionaires and billionaires who believe that this nascent asset class will change the way financial markets work.

Traditional markets are seeking help from cryptocurrencies

As the crypto craze spread its wings, many small stores and several blue-chip companies have decided to alter their business model by incorporating cryptocurrencies. Take Longfin, for instance; when it absorbed Ziddu.com (a blockchain solution) and announced that it would be offering blockchain-based services, its stock increased 2000%.

Impact on global ventures

Inarguably, cryptocurrencies have streamlined how some financial markets work, controlled inflation and provided one of the few reliable ways to hedge against risk. Many investors have added them to their investment portfolios as a way to diversify.

Digibyte (DGB) Coinbase petition now has 10,000 signatures – Is a listing coming soon? (Crypto Globalist), Rated: A

The Digibyte (DGB) community understands the influence that Coinbase has in the market, and are currently pushing for it to get listed. The community is doing so through an online petition, and so far 10,000 people have already signed up in petitioning Coinbase to list Digibyte.  At the pace that people are signing up. At this rate, the petition will hit 15,000 people in a few days. So what are the chances of Coinbase listing DGB?

Litecoin gets adopted by first ever Blockchain-based phone, Skrill, and eGifter (Global Coin Report), Rated: A

Litecoinis one of the largest cryptocurrencies in the crypto sphere; it ranks No.7 by market capitalization. At the time of writing, Litecoinis traded at $77.52 per coin; with a market capitalization of $4.4 billion. Nevertheless, the CEO of Litecoin, Charlie Lee, has boldly emphasized that all hands are on deck to make sure the value of Litecoinattains a price mark of USD 400 through mass adoption.

Skrill is a wallet that supports various fiat currencies worldwide, and on the 25thof July, the wallet declaredit now supports the trade of different cryptocurrencies including Litecoin on its platform.

On the other hand, eGifter which is one of the most prominent gift card companies online recently adopted Litecointo boost its sales.

Blockchain Platform to Allow Users to Trade Gold for Virtual Currencies (CoinTelegraph), Rated: A

The platform, known as the Digital Gold Exchange (DGE for short,) says it has the goal of establishing a place where users can securely store their assets and trade with others “quickly, safely, and without intermediary intervention.”

Overstock Subsidiary Partners With Zambian Gov’t on Blockchain Land Registry (CoinTelegraph), Rated: A

Zambia has signed a Memorandum of Understanding (MoU) with the blockchainland registry subsidiary of American retail giant Overstock, the company revealed in a press release July 31.

Under the agreement, Overstock’s Medici Land Governance (MLG) will work with the Zambian government on overhauling land ownership, allowing rural landowners to legitimize their estates and gain access to the financial world.

NEO Partners with CertiK to Boost Smart Contract Security (cryptovest), Rated: B

Blockchain platform NEO has joined forces with security audit firm CertiK to implement its “formal verification framework” to smart contracts in the platform’s ecosystem, NEO said in a Medium post.

European Union

Binance completes acquisition of Ethereum Trust Wallet (FXStreet), Rated: AAA

In line with that, the largest cryptocurrency exchange in the world, Binance announced on its website today that it has completed the acquisition of an Ethereum wallet referred to as Trust Wallet. CryptoDaily describes the wallet as “an open source and decentralized wallet built to support the storage of Ethereum, ERC20, ERC223 and ERC721 tokens.”

Binance (BNB/BTC) Technical Analysis – New Uptrend Forming? (Live Bitcoin News), Rated: A

If buyers join in, price could make its way up to the top of the channel around 0.00195. The 100 SMA is above the longer-term 200 SMA after all, so the path of least resistance is still to the upside. Also, the moving averages are in near the channel bottom to add to its strength as a floor.

Binance coin
Source: Live Bitcoin News

Binance Info App Launches Beta For Real Time Crypto Market Prices to Rival CoinMarketCap.com (Bitcoin Exchange Guide), Rated: B

Crypto and asset exchange Binance announced that it had released its first version of the Binance Info Beta App for mobile devices and those who are interested can download it for free here.

Before the ‘Bomb’ Hits: Why the Race Is on to Alter Ethereum’s Economics (CoinDesk), Rated: AAA

At press time, a total of six ethereum improvement proposals (EIPs) have emerged, each hoping to alter the project’s code ahead of an upcoming software update (scheduled for October).

Driving the debate is ethereum’s so-called “difficulty bomb,” a piece of code locked into the $45 billion platform that makes it so a steadily increasing amount of computing power is needed to mine its blocks and unlock its rewards. As designed, the code would eventually push the blockchain into an “ice age,” where no further blocks can be formed – that is, if left untouched.

ethereum
Source: CoinDesk

Bitcoin mining poses threat to Paris climate-change accord, study finds (MarketWatch), Rated: AAA

In a study published in Energy Research & Social Science, John Truby, associate professor of law and director of the Center for Law & Development at Qatar University, said the Paris Agreement is under threat due to the growing energy consumption of mining cryptocurrencies.

bitcoin mining
Source: MarketWatch

Ethereum Founder, Vitalik Buterin: ‘We’re at the Tail End of a Crypto Bubble (CryptoSlate), Rated: A

Ethereum founder Vitalik Buterin is undoubtedly an industry leader and blockchain pioneer. Following a multi-month downtrend, Buterin took to Twitter to share his outlook on the current cryptocurrency market conditions.

Vitalik Buterin crypto bubble
Source: CryptoSlate

Why Regulating Cryptocurrencies As Securities Would Stifle Growth (Forbes), Rated: A

Imagine if GDPR had been introduced in America in the early 1990s. Would the internet we know today have ever taken off? Or would the interminable barrage of click-and-consent forms we are about to face here in Europe have stymied the creation and growth of the tech titans that have improved our social lives, brought us a myriad of products and services and placed the sum of human knowledge at our fingertips?

United Kingdom

UK Coinbase users can now invest in Bitcoin with their pounds (BCFocus), Rated: AAA

Coinbase, the popular San Francisco-based cryptocurrency exchange announced on Wednesday that the users can now buy Bitcoin and other cryptocurrencies with the British Pound. Until now, Coinbasecustomers had to maintain their fiat funds in euros instead of pound sterling.

Study Finds Many Willing to Accept Salary in Cryptocurrency, But is it Wise? (Blockonomi), Rated: AAA

According to a recent study by Sage, an increasing number of people are willing to accept cryptocurrency for either some or all of their salary. But is it really possible to live in this day and age with crypto as your only source of income?

There is a vibrant blockchain community in New York and in particular in Brooklyn. I took a small road trip to Brooklyn a little while ago to find out more about New York’s epicenter of the “blockchain revolution.” I visited with Jake Brukhman, the cofounder of CoinFund, (Aleksandr Bulkin is the other cofounder and a partner in the firm) and Alex Felix, a partner in CoinFund and its CIO. CoinFund is a privately held cryptoasset investment fund and blockchain research and advisory firm. CoinFund’s fourth partner is Oleg Golubov. Check out their blog here.

Sage cryptocurrency salary
Source: Sage.com

Promax7 Ethereum (ETH) Cryptocurrency Miner Launches with $ 24,360 Price Tag (Bitcoin Exchange Guide), Rated: A

Promax7 has launched a mining rig capable of mining multiple cryptocurrencies, including Ethereum, ZCash, Monero, Zencash, Ravencoin, and Seraph.

The company’s flagship miner, the Promax 7 7.2, retails for around $25,000. The company claims to have already received over 98,000 orders for the 7.2, and their second batch of units recently sold out.

Jamie Selway joins Blockchain to beef up institutional business (Financial Times), Rated: B

James “Jamie” Selway, a well-known figure in the US equity market, will join Blockchain, a cryptocurrency wallet provider, as part of its plan to move into trading and custodial platforms for digital currencies and securities.

UK Member of Parliament Resigns as Blockchain Startup Advisor (CoinDesk), Rated: B

A UK Member of Parliament (MP) has resigned from the advisory board of a cryptocurrency project after it was revealed that he was secretly getting paid for his services, the Financial Times reported Wednesday.

China/Hong Kong

CRYPTO.com Welcomes Litecoin to the MCO Cryptocurrency Platform (PR Newswire), Rated: AAA

CRYPTO.com, the pioneering payments and cryptocurrency platform formerly known as Monaco, announced today that Litecoin (LTC) has been added to its MCO Wallet App, joining the four original cryptocurrencies on the platform – bitcoin (BTC), ether (ETH), Binance Coin (BNB), and CRYPTO.com’s MCO. All can be purchased, exchanged, and sent securely within the app.

Asia

Inlock launches blockchain-powered lending for cryptocurrency holders (VentureBeat), Rated: AAA

Inlock today announced the global launch of its platform that matches licensed lenders with borrowers. Basically, Inlock pairs those with cryptocurrency holdings with those who want to borrow. In fact, Inlock lets licensed lenders compete for borrowers.

Borrowers choose the most competitive offers from lenders, which gives them the opportunity to avoid selling their cryptocurrency to finance a temporary liquidity problem. Excluding any interest payments, Inlock users pay every cost associated with borrowing and lending in ILK tokens. Because the platform’s usage costs are not deducted from collateral, borrowers can preserve the full value of their cryptocurrency upon repaying the loan.

Japanese Public Company Offering Loans Secured by BTC, BCH, ETH (Bitcoin.com), Rated: A

A Japanese company listed on the Tokyo Stock Exchange is offering loans secured by three cryptocurrencies: BTC, BCH, and ETH. Clients can borrow up to 300 million yen (~$2.7 million) at varying interest rates. The company has also established a subsidiary overseas for its crypto business.

Korean Shipwreck ICO Under Investigation for Possible Fraud (CCN), Rated: A

A South Korean treasure-hunting company called Shinil Group recently made headlines across the world once they announced an ICO after making the big discovery of a sunken Russiani battleship carrying gold worth $130 billion.

Team members from the company posted a YouTube video on July 16th showing how they were able to allegedly find wreckage of the Dmitrii Donsoki, a Russian cruiser scuttled in 1905 after seeing combat in the Russo-Japanese War. The wreckage was found close to the island of Ulleungdo.

The ship is believed to be full of 5,500 boxes of gold bars and 200 tons of golden coins, with a total value of around $130 billion dollars.

THAILAND’S LARGEST MOVIE THEATER CHAIN SET TO ACCEPT CRYPTOCURRENCIES (Bitcoinist), Rated: A

Major Cineplex Group, the largest movie theater chain in Thailand, is set to begin accepting cryptocurrencies as a means of payment for different services — like the purchase of movie tickets and popcorn. 

Canada

Coinsquare Launches XRP Support Prior To Global Expansion (Ethereum World News), Rated: AAA

Coinsquare, one of the foremost cryptocurrency platforms in Canada, has just revealed support for the trading of XRP.

Africa

Quidax launches largest digital currency exchange in Nigeria (Business Day), Rated: AAA

Quidax, a European-based firm, is launching its digital assets exchange platform that offers Nigerian investors the opportunity to buy and sell about six cryptocurrencies.

Quidax which was established in 2016 will initially allow users trade digital currencies like Ripple, Litecoin, Bitcoin, Ethereum, Bitcoin Gold, and Bitcoin Cash before expanding the offerings to twenty.

Latin America

5,000 Merchants in Chile Now Accept Payments in Bitcoin (BTC) and Two Other Digital Currencies (Smartereum), Rated: AAA

Flow – a payment service platform based in Chile – recently announced a collaboration with digital currency trading platform – Cryptomkt, which enables clients to pay for everyday services and goods with Bitcoin (BTC), Stellar Lumens, and Ethereum (ETH) at more than five thousand merchants.

Dash Venezuela Documentary Showcases the Cryptocurrency Revolution in Latin America (Dash Force News), Rated: A

A new brief documentary showcases the incredible rise of Dash in Venezuela amidst its economic crisis.

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

About the author

Allen Taylor

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *