Daily News Digest Featured News

Thursday July 5 2018, Daily News Digest

crypto market caps
Source: Policy Department for Economic, Scientific and Quality of Life Policies

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News Summary

United States

Coinbase to Build Its Own Market Surveillance System (Bitsonline), Rated: AAA

Coinbase has hired a former New York Stock Exchange (NYSE) executive to create a market surveillance system for its platform. The move demonstrates Coinbase’s willingness to regulate itself and be transparent, with tracking systems such as this a rarity in the crypto world.

Ripple hit with third suit for securities law violation (The Next Web), Rated: AAA

Court documents signed last week reveal that Ripple Labs Inc. and its CEO have been served with their third securities fraud lawsuit in as many months.

In this latest suit, dated June 27, a private XRP investor alleges that Ripple Labs Inc. and its CEO Bradley Garlinghouse have conflated their token with its proprietary Ripple technology and even illegally profited from price increases the whole time.

Bitcoin Remains On Hunt for $ 7K Despite Price Pullback (CoinDesk), Rated: AAA

The leading cryptocurrency looked overbought yesterday, as per short-duration indicators, having rallied to $6,681 on Bitfinex on Monday – the highest level since June 22.

Bitcoin
Source: CoinDesk

3 Bullish Signs Return For Bitcoin (Forbes), Rated: A

After testing the 6,000 mark for a couple of weeks, Bitcoin is back big time. The “people’s currency” gained close to 11% over the last seven days, heading to the $7,000 mark.

Is this comeback sustainable?

cryptocurrencies
Source: Forbes

Steem Blockchain Froze For Nine Hours Due To A Series Of Invalid Transactions (Billionaire365), Rated: A

A series of invalid transactions resulted in an error in Steem blockchain, which held the network down for approximately 9 hours, creating restlessness among the users. Nevertheless, the startup informed via its account on the social network Twitter that the bug had been fixed and that the accounts of users and their tokens were not at any time at risk.

CoinText crypto wallet for BCH raises $ 600,000 in seed money (CoinGeek), Rated: A

In February, CoinText announced the launch of its Bitcoin Cash (BCH) wallet that will provide a vehicle for making BCH transactions without the need to be connected to an Internet device. It allows any device—even a simple cell phone or an active SIM card in an SMS-capable device—to send or receive the popular cryptocurrency, providing greater access to continue pushing BCH forward into the retail space. Now, CoinText said it has received over $600,000 in seed funding to help in the platform’s advancement.

Funding was led by Texas-based Yeomans Capital, which has also invested in OpenGarden, tZero and Factom.

Tokenized Securities Are Not Secured By Delaware Blockchain Amendments (Forbes), Rated: A

Tokenizing securities, including shares of stock and bonds, can eliminate friction and create efficiencies in capital markets. But contrary to many assertions, the Delaware Blockchain Amendments (which revised Delaware’s General Corporation Law to authorize the use of distributed ledger technology for the issuance and transfer of shares) do not provide blanket authority for shares of stock of a Delaware corporation to be tokenized.

International

Controversial Ethereum Network Clog Exposed: Chinese Crypto Exchange at Fault (NewsBTC), Rated: AAA

Over the past few days, Ethereum has been seeing an abnormal increase in the cost of transactions. According to Etherscan, miners have been collecting an average of ten times more fees over the past 5 days in comparison with days of ‘normal’ network activity.

Ethereum
Source: Etherscan.io

Gas prices, which normally sit at around 5 Gwei, rose as high as 50 Gwei as users of the Ethereum network desperately tried to bring their transactions to the front of the pending transactions line. As a result, the average Ethereum transaction fee quickly rose from $0.2 to $3.5 within a matter of a short 48 hours, according to Bitinfo.

As users began to investigate this unprecedented rise in fees, they began to realize that there was an abnormal influx of Erc-2o tokens being transferred to a relatively unknown exchange called FCoin.

IS A NEW EXCHANGE TO BLAME FOR ETHEREUM’S NETWORK CONGESTION? (Bitcoinist), Rated: A

According to a fiery Twitter thread posted by Ethereum interface company MyCrypto, the bottleneck is the result of a disgraceful voting system introduced by new Chinese exchange FCoin.

Ethereum gas prices
Source: Bitcoinist

In order to vote for a new coin to be added to the exchange, users must deposit tokens to FCoin — spending at least 85 gwei per gas to ensure that their transactions processes. The coin with the highest number of cumulative deposits at the end of the voting period will be listed on the exchange.

The Only 2 Large Cryptocurrencies That Are Up in 2018 (The Motley Fool), Rated: AAA

The big three in market cap — bitcoin, Ethereum, and Ripple — are down a respective 55%, 40%, and 80%, through June 30, and many of the largest cryptocurrencies (those with a market cap of $1 billion or higher) have followed. Without a well-defined purpose, cryptocurrencies of all sizes have struggled to differentiate themselves from the pack.

Binance Coin: up 70%

Ask anyone even remotely knowledgeable about cryptocurrencies to name what they believe the top-performing coin of the year is, and Binance Coin, the official token of the Binance cryptocurrency exchange, isn’t likely to be selected. Despite flying under the radar, Binance Coin has gained 70% since the year began.

Users who utilize the BNB coin receive discounts on their transaction fees over their first four years as follows:

  • 1st year: 50% discount
  • 2nd year: 25% discount
  • 3rd year: 12.5% discount
  • 4th year: 6.75% discount
  • 5th and subsequent years: no discount

VeChain: up 15%

The only other large virtual token to have advanced in 2018 is little-known VeChain, which is up by 15% year to date.

The 15 Biggest ICOs So Far (Inside Bitcoins), Rated: AAA

ICOs have gained further momentum this year, raising US$13.7 billion through 537 campaigns in the first five months of 2018 alone, according to a new report by PwC and Crypto Valley.

  • EOS – US$4.1 billion
  • Telegram – US$1.7 billion
  • Dragon – US$320 million
  • Huobi Token – US$300 million
  • HDAC – U$258 million

See the rest at the original source.

biggest ICOs
Source: PwC

Zcash, Verge, And Dash To Be Integrated To WordPress And WooCommerce (Smartereum), Rated: A

There appears to be a green light to digital currency adoption in the ecommerce industry, as Zcash (ZEC), Verge (XVG), and Dash (DASH) are said to be integrated to WordPress, WooCommerce, and Easy Digital Downloads. This adoption came to light via MyCryptoCheckout – a digital currency gateway that lets users receive digital currency settlements directly into any wallet they want.

The digital currency gateway attracts a zero percent transaction fees. It also features over forty-five digital currencies including Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH) and many more. Verge (XVG) has been getting a lot of integrations and partnerships lately.

Nebulas Releases “Nebulas Rank Yellow Paper” to Help Users Accurately Assess Blockchain Data (Global Coin Report), Rated: A

At the end of June, Nebulas Research made its Nebulas Rank Yellow Paper public. The document discusses a value ranking mechanism that is used to assess the importance and relevance degree of blockchain members and elements. The algorithm represents an important research achievement for implementing search index ranking and value assessment in a distributed ledger technology (DLT) infrastructure. Nebulas Rank is the first multi-dimensional value ranking instruments created for DLTs. The tool can measure the value of apps and information by taking into account liquidity and propagation of application-based addresses and smart contracts.

Nebulas
Source: Nebulas Yellow Paper

Read the yellow paper in full here.

Three most notable exchange-driven cryptocurrency tokens (Coin Insider), Rated: AAA

BNB

As an ERC-20 token, BNB functions using Ethereum‘s blockchain and is kept to the standard that is held to all tokens on the network. BNB’s main function is as a payment structure for the exchange, whereby users can pay for costs such as trading fees on the platform which, for the first year of the token’s implementation, came with a 50% discount on all trades.

BNB
Source: Coin Insider

Tether

A major criticism of Tether is that the exchange allows margin trading using the coin as collateral, which means that there is a great deal of power that Bitfinex possesses regarding the coin, which is not aligned with the element of decentralization – a factor which the cryptocurrency community holds highly.

Tether
Source: Coin Insider

Huobi Token

Like the Binance Coin, the Huobi Token, is an asset native to its exchange. The coin was launched in February of this year with initial trading commencing in April and the coin has gained a monumental amount of popularity since its release, reaching doubling volume levels within a month of the launch.

Huobi
Source: Coin Insider

Vertex Launches ICO Aftermarket (Bitcoin.com), Rated: A

The concept that Vertex is promoting is quite simple. To avoid misunderstandings in the market on every side, reduce the number of projects that are not viable and discard scams outright, there must be a platform that can perform extreme vetting of these projects before they get funding. Vertex will do exactly that, as it builds on its extreme vetting mechanism to deploy a fully functional ICO aftermarket.

Top 7 Predictions for Crypto Currencies in 2018 (Tecsynt), Rated: A

1. Crypto Regulations and Blacklisting

It began last year and will continue in 2018 – more and more countries, banks and organizations decide to push into a view the stricter regulations for the usage of cryptocurrencies. And it’s worthless to say that some of that regulations aren’t helpful in this highly speculative emerge of ICOs. One of the instruments, in this case, will be blacklisting.

2. To Blockchain or not to Blockchain, that is the question. The answer is – Off-chain

Among other predictions for crypto, 2018 will bring us the off-chain thing – non-blockchain data storing. But it would be on Ethereum and not on Bitcoin platform. There are many reasons for such offchain payment networks, like Lightning, rising firstly on Ethereum.

4. Unicorns, beware of the slaughter

It’s obvious that there is no economically rational reason to justify the existence of 45+ crypto unicorns.

6. The trend of Non-fungible tokens

While non-fungible tokens are individual and the market has an ongoing demand for them. One can use such tokens to sell real estate, law and securities services, financial shares and bonds, art and insurances, play games or collect various items

7. Get used to ICO boom

As we mentioned in the previous paragraph, the era of wild-ICOs-west has begun in 2017. So it’s only reasonable that predictions for crypto in 2018 promise the crazy profitable opportunities for both ICO startups and investors.

European Union

Binance Resumes Suspended Services After ‘Irregular’ SYS Trading Risk Alert (CoinTelegraph), Rated: AAA

Binance has now resumed services after it announced the suspension of all trading and withdrawals Wednesday, July 3.

The temporary suspension was due to an alert over “irregular” Syscoin (SYS) trades “from a number of API users.” Binance subsequently chose to suspend trading, withdrawals and other account functions, as well as to take a series of further measures in order to protect its users.

Syscoin for its part notified the public in a tweet yesterday that its developers were investigating a “possible issue” on the Syscoin blockchain, saying that it itself “asked for exchanges to halt trading while [its team] investigate[d].”

EOS Open for Deposits and Withdrawals on Binance (cryptovest), Rated: A

A couple of weeks after the EOS mainnet launch, Binance deemed the network safe enough to open deposits and withdrawals. This frees up funds for voting, possibly for speculation on RAM prices as well.

EU Report Advises Regulators Not to Ban or Ignore Cryptocurrencies (Bitcoin.com), Rated: AAA

The European Parliament last week published an in-depth analysis entitled “Virtual currencies and central banks monetary policy: challenges ahead.”

The report reads:

Policy makers and regulators should not ignore VCs, nor should they attempt to ban them. Both extreme approaches are incorrect.

crypto market caps
Source: Policy Department for Economic, Scientific and Quality of Life Policies

Read the full report here.

Hold, Hold, Hold Your ETC As Ethereum Classic (ETC) Will Sell Well Above $ 100 By the End of 2018 (Smartereum), Rated: A

Ethereum Classic is on the way to triple digits so if you’re thinking of selling off, don’t. Ethereum Classic has proven to be a rather strong cryptocurrency over the months. The price spike in the wake of the Coinbase listing announcement contributed to reassuring the Ethereum Classic community that the cryptocurrency is a worthy contended. As Coinbase announced that it would be listing Ethereum Classic (ETC), there was an unprecedented positive sentiment in the price and volume of ETC.

Ethereum Classic
Source: Ethereum Classic
United Kingdom

40% companies in Regulatory Sandbox Using Distributed Ledger Technology in UK (Coin Frenzy), Rated: AAA

The Financial Conduct Authority (FCA), UK has revealed the 29 companies that have been successful in applying to the fourth cohort of the regulator’s sandbox, where 40 % are using distributed ledger technologies (DLT) as per an announcement on July 3

Use Blockchain to ‘Rebuild Societal Trust’ and Save £8 Billion, Report Tells UK Gov’t (CoinTelegraph), Rated: A

UK housing minister Eddie Hughes released a report into blockchain July 4, calling on the government to “show leadership” by making the technology and its benefits a priority.

Read the report in full here.

CEO says bitcoin is likely to hit $ 20,000 following price SLUMP (Express), Rated: A

Clem Chambers, CEO of ADVFN, said he thinks  will hit highs of $20,000 again but warned it will “probably” drop in price before rallying.

Slaughterhouse Has Tried Blockchain Technology As A Regulatory Mechanism (Coin Idol), Rated: A

The Food Standards Agency (FSA) has carried out a trial of blockchain implementation in a cattle slaughterhouse that continued lasted two months. It is regarded as the first case of financial technology applied in the food sector.

The DAV Foundation Joins the Mobility Open Blockchain Initiative (MOBI) (Markets Insider), Rated: B

DAV Foundation, the blockchain startup building a decentralised global network for autonomous vehicles, has joined the Mobility Open Blockchain Initiative (MOBI), a peer-to-peer ecosystem to make transportation more affordable, safer and widely available.

China

Xiaomi disavows ICO linked to its name (CoinGeek), Rated: A

Chinese smartphone maker Xiaomi has indicated that it has absolutely no connection nor has it authorised an initial coin offering (ICO) scheme selling a token apparently pegged to the phone maker’s stock price. This is yet another case of a fraudulent ICO which is looking to gain access to financing in a deceitful and underhanded manner—sadly the case with the majority of ICOs these days.

Australia

Australian Crypto Exchange Launching XRP Trading Pairs Because XRP Is a ‘High-Quality’ Digital Currency (CryptoGlobe), Rated: AAA

Independent Reserve, Australia’s first regulated digital currency exchange, is reportedlylaunching XRP trading pairs on 7 July 2018.

Currently, this exchange supports Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and Ether (ETH), but from 7 July 2018, it is adding support for XRP.

Asia

India’s top court upholds central bank ban against cryptocurrencies (The Next Web), Rated: AAA

The Supreme Court of India has shut down appeals for a temporary stay on a ruling that would force financial institutions to cease all cryptocurrency related operations, declared in April.

The move sees any entity regulated by the Reserve Bank of India (RBI) be prohibited from engaging in all services related to cryptocurrencies – such as the buying and selling of virtual currencies. Facilitating transfers of virtual coins is also to be included in the restrictions, as reported by Times of India.

India’s biggest Bitcoin exchange Zebpay bars crypto trading in rupee following RBI diktat (Business Today), Rated: A

In a major fallout of the RBI’s April-5 circular, which banned banks from providing financial services to crypto exchanges operating in India, Zebpay, the country’s biggest digital exchange for trading in Bitcoin and virtual currencies, on Wednesday said it has disabled the rupee deposit and withdrawal options on its mobile app. The latest announcement comes after the company recently urged its customers to withdraw money, saying that “if Zebpay bank accounts are disrupted (after July-5 deadline), rupee deposits and withdrawals will become impossible.”

SEC reveals framework for ICO portals and tokens (Bangkok Post), Rated: A

The Securities and Exchange Commission (SEC) has released a regulatory framework for issuing and selling digital tokens through initial coin offerings (ICOs) along with announcing the ICO portal process,…

MENA

ISRAELI STARTUP LAUNCHES VEGANCOIN, A CRUELTY-FREE CRYPTOCURRENCY (The Jerusalem Post), Rated: A

VeganNation is based on a few main pillars. The first is economy, which includes food, food sharing and commerce.

Vegan e-commerce is another pillar, from clothing to accessories, to cosmetics.

The platform will also be space for content sharing, of media, recipes, news and blogs.

When members join the platform, they will be provided with a “passport” – VeganNation’s digital wallet.

President of Uzbekistan Signs Decree on Blockchain Integration, Tax Exclusions for Crypto (CoinTelegraph), Rated: B

The President of Uzbekistan has signed a decree on the development and integration of blockchain technology, cryptoassets, and crypto mining with the goal of modernizing the state administration system and advancing digital economics in the country. President Shavkat Mirziyoyev signed a decree “On measures for digital economics development in the Republic of Uzbekistan” on July 3.

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

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Allen Taylor

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