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Markets Update: Crypto Prices Consolidate After Failing to Surpass Resistance

August 19, 2018 |

Markets Update: Crypto Prices Consolidate After Failing to Surpass Resistance

Cryptocurrency prices have seen some recovery after our last markets update four days ago when a large majority of digital assets lost quite a bit of value. Since then, and more so over the last 48 hours, the entire crypto-economy capitalization ($ 216B) has gained roughly $ 20B. The action yesterday was more bullish as most of the top digital assets were up between 6-20 percent but have since lost some of those gains during this weekend’s trading sessions.

Also read: Testing the Newly Transformed Non-Custodial Coinbase Wallet

Up Moves, Down Moves, and Eight Months of Corrections

Last week was pretty bad for most of the top digital asset markets, except we mentioned during our last markets update that bitcoin core (BTC) spot market prices took the least of the blows downward. Then a little less than 48 hours ago and mostly yesterday cryptocurrency markets picked up again with BTC touching a high of $ 6,615 on Bitstamp. But on Friday, August 17 most digital asset markets besides BTC reaped a lot more gains as a good portion of the top markets saw 10-20 percent spikes.

Markets Update: Crypto Prices Consolidate After Failing to Surpass Resistance

The biggest gainers were ripple (XRP), monero (XMR), and stellar (XLM) as the values of each currency are up between 2-5 percent over the last seven days. Top digital currency trade volumes today are held by BTC, USDT, ETH, EOS, XRP, and BCH. There’s been about $ 14B USD worth of trade volume swapped among all 1600+ virtual currencies.  

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) markets are down today 4.3 percent while the past seven days show BCH is also down 2.2 percent. At the time of writing, BCH/USD markets are valued at $ 560 per coin with an overall market valuation of around $ 9.68B today. The top five exchanges swapping the most BCH this weekend are Okex, Coinex, Binance, Hitbtc, and Bitfinex.

Markets Update: Crypto Prices Consolidate After Failing to Surpass Resistance

Market volume is fairly decent, but weaker with $ 420M USD worth of BCH traded over the last 24 hours. Right now the top currency paired with bitcoin cash on exchanges is tether (USDT) which captures 49.2 percent of all trades. This is followed by BTC (27.5%), USD (10.5%), ZB (3.44%), QC (3.16%), and the KRW (2.15%).

Bitcoin Core (BTC) Market Action

Bitcoin core (BTC) prices are up about 1 percent over the last seven days worth of trading sessions but are down 1.9 percent today. At press time the average price for BTC is around $ 6,430 per coin and BTC’s market capitalization is $ 110B. The top exchanges today trading the most BTC include Bitflyer, Binance, Coinbene, Bitfinex, and Okex.

Markets Update: Crypto Prices Consolidate After Failing to Surpass Resistance

As mentioned above, BTC captures the top volume position with around $ 4B in 24-hour trade volume which is much weaker than the $ 5.5B traded four days ago. The top pairs trading with BTC involve the following currencies tether (USDT 59.1%), USD (19.6%), JPY (11.5%), EUR (2.9%), KRW (2.3%) and bitcoin cash (BCH 1.7%).

The Verdict: Uncertain Predictions

At the moment, even with prices showing some upswing, and some traders believing cryptocurrencies will enter a bullish trend, most traders still seem pessimistic. It’s difficult to see digital assets rise with dwindling trade volumes. Furthermore, a lot of confidence has been shot over the last eight months of false bull flags and many psychological price levels degrading. Some believe there is a noticeable support zone and prices may still move sideways and test these zones again. Other, more optimistic traders think the path of least resistance is towards the upside and markets are entering a bearish-to-bullish trend. Much of these short-term theories will likely be confirmed within the next 48 hours.

Where do you see the price of BTC, BCH and other coins headed from here? Let us know in the comment section below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


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The post Markets Update: Crypto Prices Consolidate After Failing to Surpass Resistance appeared first on Bitcoin News.

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Korean Government: 11 out of 21 Crypto Exchanges Complete Security Measures

August 18, 2018 |

Korean Government: 11 out of 21 Crypto Exchanges Complete Security Measures

The South Korean government has announced the outcome of its inspection of 21 cryptocurrency exchanges. While a number of exchanges have completed implementing both short-term and wallet management measures, many security vulnerabilities remain at most exchanges.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

21 Exchanges Inspected

Korean Government: 11 out of 21 Crypto Exchanges Complete Security MeasuresSouth Korea’s government has announced the result of its mid-term review of 21 cryptocurrency exchanges. The inspection was conducted in June and July by the Korea Internet and Security Agency (KISA) and the Korean Ministry of Science and Technology.

KISA security experts visited each exchange to check on the 85 items identified during its previous crypto exchange inspection, conducted between January and March. They focused on 17 items which needed immediate implementation; six were short-term measures and 11 concerned crypto wallet management.

Korean Government: 11 out of 21 Crypto Exchanges Complete Security Measures“Intermediate checks were carried out in such a way as to confirm whether improvements had been made, focusing on the 17 security items recommended for quick action,” the government explained. These items include dedicated security and management staff, a password management system, crypto deposit and withdrawal controls, and a system to monitor wallets for abnormalities.

The agencies revealed that 11 out of 21 exchanges have completed the short-term measures. In addition, eight of them have also improved their wallet management systems. The eight are Upbit, Bithumb, Korbit, Coinnest, Coinlink, Coinone, Coinplug, and Huobi Korea, local media detailed. The government reiterated:

In the management of virtual currency wallets, most of the vulnerabilities in the business have not yet been improved.

Furthermore, twelve companies have been found to have insufficient security procedures to prevent data leakage and loss of funds from their cold wallets. Ten companies have inadequate systems to monitor hot wallets for suspicious activities. In addition, at least ten businesses lack wallet backup and recovery measures.

Further Inspections Planned

The final check on the implementation of recommended measures will be carried out next month, the agencies noted, adding that any new crypto exchanges will also be inspected.

Korean Government: 11 out of 21 Crypto Exchanges Complete Security Measures“Because of the weak security of virtual currency exchanges, we should be careful in investing,” Kim Jong-sam, a spokesperson for the Ministry of Information and Communication, commented. “We will continue to check virtual currency exchanges to improve security.”

Referencing the hack of Coinrail and Bithumb in June, KISA described that “the leakage of virtual currency due to the hacking of recent dealers has directly led to the damage of users,” adding that after checking 85 security items, “there are many dealers with low security.”

Emphasizing that they have been asking crypto exchanges to “improve security levels by completing the recommendations for improvement,” the agencies revealed:

We plan to support the improvement of the security level of the dealers through continuous inspection of the dealers.

What do you think of the Korean government’s review? Let us know in the comments section below.


Images courtesy of Shutterstock and Kisa.


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Wendy McElroy: The Jiu-Jitsu of Crypto – Personal Freedom vs Social Change

August 18, 2018 |

The Jiu-Jitsu of Crypto - Personal Freedom vs Social Change

The Satoshi Revolution: A Revolution of Rising Expectations
Section 4: State Versus Society
Chapter 9, Part 7
The Jiu-Jitsu of Crypto: Personal Freedom vs Social Change.

It is often assumed that power derives from violence and can be controlled only by greater violence. Actually, power derives from sources in the society which may be restricted or severed by withdrawal of cooperation by the populace. The political power of governments may in fact be very fragile. Even the power of dictators may be destroyed by withdrawal of the human assistance which made the regime possible.

–Gene Sharp, The Politics of Nonviolent Action

Cryptocurrencies withdraw assistance from the state’s engine of power: the financial system. But they do more. They create a parallel payment and monetary system that draws upon the state’s own energy to defeat it.

The Japanese martial art of jiu-jitsu is a method of defeating an armed opponent in close combat, even though the defender is unarmed. The attacker’s force and power are used against him. The defender never directly confronts the attacker with opposing force. Jiu-jitsu is an art of self-defense in which the attacker is not the opponent; his movements are.

Bitcoin defeats the central banking system even though crypto has no force of law or standing military with which to directly confront the attacking banks. Instead, crypto feeds off the backlash of discontent created within society by the corruption of the financial system. Crypto’s strength as a freedom tool lies in its role as a parallel system, which revolutionizes payment and monetary systems to eliminate the state and banks as trusted third parties. It recognizes these parties as armed opponents in close combat. In short, crypto uses the arrogance of the central banking system to good advantage by attracting the rebellious and disillusioned within society to engage in financial self-defense.

This current strategy of jiu-jitsu confronts two obstacles, however.

One is the state. Or, rather, it is users and institutions who view crypto as a type of new fiat, not as a vehicle for freedom. They view exchanges as a new type of traditional bank that is geared to handle an innovative specie, in much the same manner as credit card companies handle a different type of transaction. These users want state involvement because it brings “respectability” and the safety they believe a trusted third party can provide. To them, those who prattle on about freedom are irritants or troublemakers who hinder the true future of crypto.

The second obstacle to a jiu-jitsu strategy is an alternate manner of addressing the state: confrontation. This strategy has its time and place-generally as a last option-but it is in conflict with the self-defense tactic of waiting for an opponent’s movement and drawing upon it for strength. Direct confrontation relinquishes the jiu-jitsu advantage. Julian Assange and Satoshi Nakamoto clashed about their attitudes toward bitcoin when Assange flaunted the crypto as a donation method to the otherwise financially embargoed Wikileaks. Theirs was a clash of strategies for freedom: confrontation versus low-profile growth. Assange crowed, “Bring it on!” to government officials; Satoshi recoiled because the prominent bravado endangered the quiet paradigm that was replacing the dominant one by exploiting the latter’s weaknesses.

A fist of defiance thrust into the air is emotionally satisfying, to be sure, and it may be appropriate in some circumstances. But those who want crypto to become a part of daily life should ask: is the goal to be free, or is it to vent? Is it to construct a different society, or is it to rail against the current one? There can be real tension between these goals. Crypto is not big enough or powerful enough to win in a face-to-face conflict with the state, especially if the battleground and weapons are of the state’s choosing. The state excels at brute confrontation. Crypto’s advantages differ: it is fast on its feet; it is incredibly inventive; and, it draws on the state’s weaknesses as well as on its power.  By commandeering the animosity and corruptions that banking creates, a David and Goliath scenario plays out in which a diminutive but nimble challenger defeats a lumbering giant.


What Strategy is Optimal? Personal Freedom vs Social Change

The “best” strategy-if only one exists-depends on the goal being pursued.

Those who view crypto as an investment or as a paternal twin of fiat will embrace the state. Those who view crypto as a path to personal freedom will avoid the state whenever possible. The situation becomes more complex if the goal of social change is added to the mix. Although personal freedom and social change are intimately-related concepts, they are also separable. Those who seek social change may well engage in the high-profile rebellion that can be anathema to personal freedom.

Personal Freedom. Bitcoin was designed to free individuals. Its emphasis on privacy and pseudonymity allows people to navigate the financial world with unprecedented autonomy. Governments may loudly announce that they can crack transactions wide open, but they are scrambling, with no clear idea of how to handle mixers, tumblers and the other privacy innovations. Crypto advances more quickly than repression can, and governments—like bullies—are often loudest when they are impotent. If governments could kill the independence of crypto, they would have done so already. As it is, they fall back upon a standard method of enforcement: intimidation. The next step is open violence, the last resort of the state, which prefers to operate as though consent were present. Open violence means social control has failed, and no other alternative is available.

Social Change. Traditionally, social change involves an entirely different dynamic than personal freedom. The reform-minded individual does not seek privacy or avoid the state because the established strategies of social reform require visibility and confrontation. Public speeches, protest marches, petitions, guerrilla theater, editorials, sit-ins, boycotts, buycotts, pamphlets and books, civil disobedience…these strategies aim at raising a social issue to such prominence that it can’t be ignored but must be addressed.

Catching the state’s attention is dangerous. Its first reaction to an effective challenge is usually repression. That’s why those who engage in nonviolent action often go through training on how not to react to a backlash-how not to react to police attacks, for example. Social reform can be a dangerous business.

Cryptocurrencies have a valuable edge over traditional social-change approaches.  Instead of being convinced to confront and resist the state by raised their political awareness, people use crypto out of rational self-interest; they avoid the state for the same reason. Traditionally, social reform seeks to change the hearts and minds of people, one by one, until there are enough people to create a tipping point at which society itself is altered. Crypto seeks to change people’s perceived self-interest, one by one; self-interest is a far more prevalent and accessible motivation than social consciousness. (The preceding statement is cynical only to those who hold a negative view of self-interest.) When a sufficient number of people prefer crypto over banks, and crypto over fiat, then society will have changed…without violence, without martyrdom, and without courting danger.

How many individuals must be “converted” before a society is reformed? No one knows. But the success of freedom or of repression does not seem to require large numbers. The Christian anarchist Leo Tolstoy observed,

“A commercial company enslaved a nation comprising two hundred millions. Tell this to a man free from superstition and he will fail to grasp what these words mean. What does it mean that thirty thousand men…have subdued two million…? Do not the figures make it clear that it is not the English who have enslaved the Indians, but the Indians who have enslaved themselves?”

Equally, many revolutions have been led by a handful of believers who tapped into strong emotional currents of the people, such as the hatred of corruption and a desire for a better life.

A tipping point is not a measurable dynamic. This may be especially true of crypto because so much of the activity and so many of the people are low profile.  Typically, activists look over their shoulders and notice that a significant change has occurred. Then they say to themselves, “That was it—three months ago.” Radicals have debated what the “tipping-point” is for centuries. Ninetenth-century individualist anarchists in America believed that laws became unenforceable if ten percent of the people refused to obey them; that is, the laws became “dead letter,” which is just as effective as repealing them. An entire system can also become unenforceable.

At that point, of course, the topic is no longer social change. The topic is revolution.

[To be continued next week.]

Reprints of this article should credit bitcoin.com and include a link back to the original links to all previous chapters


Wendy McElroy has agreed to ”live-publish” her new book The Satoshi Revolution exclusively with Bitcoin.com. Every Saturday you’ll find another installment in a series of posts planned to conclude after about 18 months. Altogether they’ll make up her new book ”The Satoshi Revolution”. Read it here first.

The post Wendy McElroy: The Jiu-Jitsu of Crypto – Personal Freedom vs Social Change appeared first on Bitcoin News.

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Pantera Capital Already Raises Over $70 Million for Its Third Crypto Fund

August 16, 2018 |

Pantera Capital Already Raises Over $  70 Million for Its Third Crypto Fund

Pantera Capital, one of the largest US-based institutional holders of cryptocurrencies, has already raised more than $ 70 million for its third crypto fund. And the first investment by Pantera Venture Fund III went to Intercontinental Exchange’s Bakkt.

Also Read: The Daily: McAfee’s “Unhackable” Wallet Is Doomed, Coinbase Wants to Be Your ID

$ 175 Million Crypto Venture Fund

Pantera Capital Already Raises Over $  70 Million for Its Third Crypto FundPantera Capital, a Menlo Park, California based cryptocurrency investment fund, is reportedly looking to raise up to $ 175 million for its third venture fund. This will make Pantera Venture Fund III much bigger than its predecessors, which were closed at just $ 25 million and $ 13 million respectively.

And SEC filings show the firm already got $ 71,445,000 in capital commitments from ninety investors. Pantera partner Paul Veradittakit told Techcrunch that this figure is just a “first close,” and explained that the much larger target amount is a “function of how fast the space is moving, the talent coming in, the opportunities, and the sizing of rounds. With more interesting later-stage investments [on our radar], too, we want to be flexible and able to move with the market.”

Bullish on Bakkt

The company also revealed that on its blog that, Pantera Venture Fund III’s first investment “could result in one of the most important developments in blockchain history.” The fund is one of the founding investors in Bakkt,Pantera Capital Already Raises Over $  70 Million for Its Third Crypto Fund the recently-announced subsidiary of the parent of the New York Stock Exchange — Intercontinental Exchange (NYSE: ICE).

Pantera Capital wrote: “The potential ripple effect of Bakkt’s success could reverberate across the Blockchain ecosystem by expediting commercial use and widespread institutional adoption. This is the first of several exciting projects the Pantera investment team has identified for Venture Fund III. In alignment with our Venture Funds I and II investment strategies, Bakkt, as well as the two other projects in our pipeline, reflect a continued focus on infrastructure.”

Last month it was reported that Pantera Capital has generated a more than 10,000% lifetime return since launching in 2013. Its past portfolio includes many exchanges such as Bitstamp, Bitoasis, Bitpagos, Bitpesa, Coins.ph, Coinsuper, Koinex, Korbit, Paradex, and Ripio.

Is this a sign that investors are expecting a strong market recovery? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

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PR: Vaultbank Partners with Kingdom Trust for Qualified Custodial Services for Crypto Assets

August 16, 2018 |

Vaultbank Partners with Kingdom Trust for Qualified Custodial Services for Crypto Assets

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Vaultbank has partnered with Kingdom Trust to provide a qualified custodial solution for digital assets. Vaultbank has built a digital asset platform allowing for the tokenization of real assets and financial instruments. The Kingdom Trust-Vaultbank partnership allows our customers to have institutional grade custody and reporting.

Kingdom Trust brings its expertise in custodial services to the Vaultbank platform with end-to-end capability to secure digital currencies with the highest levels of transparency, accountability and compliance.

Matt Jennings, Kingdom Trust’s Chief Executive Officer states, “Kingdom Trust’s relationship with Vaultbank will catapult our custody platform for digital assets giving investors access to regulated qualified custody solutions for digital currencies and tokenized securities thru one streamlined platform.”
The Vaultbank Platform is currently in beta testing, and a tiered global rollout is scheduled to begin in the third quarter of 2018. Prospective users are invited to join the waitlist on Vaultbank’s homepage at www.vaultbank.io.

Aaron Travis, Vaultbank’s Chief Operating Officer states, “By partnering with Kingdom Trust we have created a cryptocurrency exchange with a secure, compliant, and innovative custody solution that will safeguard our user’s assets and further distinguish Vaultbank and Kingdom Trust as leaders in building a regulatory compliant ecosystem for tokenizing securities.”

Vaultbank has been working with regulatory agencies and other governmental bodies to acquire necessary licenses and comply with strict requirements in jurisdictions all over the world.

ABOUT VAULTBANK

Vaultbank is a FinTech company innovating the convergence of two worlds – traditional investments and digital assets. Vaultbank utilizes blockchain technology to create, issue and trade financial instruments through a single platform. By providing the next generation suite of financial services, Vaultbank will allow for the buying, selling, and spending of cryptocurrencies, tokenized securities, and traditional equities on web-based and mobile platforms.

For more information visit: https://vaultbank.io

The Vaultbank Platform

The Vaultbank Platform intends to be one of the first platforms to compliantly facilitate the global trading of both utility and security tokens. Vaultbank has been working with regulatory agencies and other governmental bodies to acquire necessary licenses and comply with strict KYC/AML, FATCA and accreditation requirements in jurisdictions all over the world.

The VB Token

Vaultbank intends to generate profits and distribute dividends to VB Token holders. The VB Tokens represent partial ownership stakes in Vaultbank and its VB Fund and are backed by non-voting shares of Vaultbank held in equitable trust.

The Vaultbank Board of Directors

The Vaultbank Board of Directors includes former BlackRock CIO Ken Kroner, Founder Austin Trombley, former Third Point Capital Partner Keri Findley, former MasterCard Head of Digital Commerce (MEA) Aaron Oliver, and Gyft co-founder CJ MacDonald.

MEDIA CONTACT: John Nahas, john.nahas@vaultbank.io , +1-818-438-9707

Disclaimer: Vaultbank refers to a group of companies that includes Vaultbanc Ltd., a Singapore public company limited by shares, and certain of its affiliates. This press release is neither an offer to sell nor a solicitation of an offer to buy any securities in the United States or elsewhere. Some of the statements in this press release may constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include those relating to our expectations, estimates and intentions regarding our business and our industry, and are generally identified by the words “expects,” “intends,” “anticipates,” believes,” “plans,” “will be” and similar expressions. Readers are cautioned that forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond our control. Other than as required by law, Vaultbank does not undertake any obligation to update or revise any forward-looking statements. Vaultbank is not a bank as defined under the Banking Act of 1933 or any other applicable law in the United States, Singapore or elsewhere.

Contact Email Address
alina.jais@vaultbank.io

Supporting Link
https://vaultbank.io/

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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‘Crypto’ Thriller Starring Kurt Russell in Post-Production – Producers Share Details

August 16, 2018 |

‘Crypto’ Thriller Starring Kurt Russell in Post-Production - Producers Share Details

Crypto, an upcoming cryptocurrency-themed movie starring Kurt Russell and Alexis Bledel, is currently in post-production. The producers share their thoughts, confirming that the “overall message of the movie is positive” despite it being a thriller centered on crime and corruption.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

‘Crypto’ Thriller Coming Soon

The upcoming thriller movie called “Crypto” starring Kurt Russell, Alexis Bledel, Luke Hemsworth, and Beau Knapp is in post-production. News.Bitcoin.com first reported about this movie in June.

‘Crypto’ Thriller Starring Kurt Russell in Post-Production - Producers Share Details
Kurt Russell.

In an interview with Inverse, producers Jordan Yale Levine and Jordan Beckerman of Yale Productions revealed that neither of them “considers themselves to be experts in actual real-life cryptocurrency.”

“Both of us have dabbled,” Yale Levine was quoted saying. “I don’t know if either of us would consider ourselves expert. It was really our writers who fleshed out the topic and dove into the research. They were the ones who really became experts to make sure the film was authentic.”

The news outlet elaborated that “Crypto may not be as satisfying for die-hard cryptocurrency enthusiasts,” noting:

It doesn’t particularly focus on any particular coin…[But] the overall message of the movie is positive, even if [it] does focus on crime, corruption, and cryptocurrency.

Expected to be released next year, the movie “tells a classic crime thriller set against the backdrop of shady cryptocurrency dealings,” the publication described.

Emphasizing that he and Beckerman “hope that cryptocurrency is here to stay,” Yale Levine further commented:

We hope it [cryptocurrency] lasts for a long time…That’s one of the reasons why we wanted to do the film. We’re not into fads. We hope it stays around for a long time.

The Cast, Movie, and Filming Location

The producers told the publication that “Beau Napp was the first to sign on, thanks to a connection with one of the writers on Crypto…Next was Kurt Russell…As for Bledel, the Gilmore Girls actress is represented by the same agency as her two male co-stars, so the entire thing just fell into place.”

‘Crypto’ Thriller Starring Kurt Russell in Post-Production - Producers Share DetailsBeckerman detailed, “Bledel has won Emmys. Kurt Russell is a legend. I think it’s just a really strong cast that came on board.”

According to the Hollywood Reporter, Crypto is about a young money laundering agent (Knapp) living in a remote New York hometown. While his father (Russell) and brother (Hemswroth) struggle to maintain their family farm, the agent is “tasked with investigating a tangled web of corruption and fraud” involving cryptocurrency.

Yale Levine added, “Crypto was filmed 95 percent upstate…but we did shoot a couple of days in NYC.”

What do you think of this Crypto movie? Let us know in the comments section below.


Images courtesy of Shutterstock.


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Amateur Crypto Investors Caused the Burst, Japanese Expert Says

August 16, 2018 |

Amateur Crypto Investors Caused the Burst, Japanese Expert Says

Strengthening regulations will increase crypto investors’ protection, and the amateur speculation bubble will end, says Masayuki Tashiro, representative director of Fiscalo Digital Asset Group and market analyst, who handles a crypto business in Japan. The real value of cryptocurrency will be questioned after we leave the bubble, the expert says.

Also read: Japanese Association Seeks Authority to Enforce Self-Regulation on Crypto Exchanges

Is the Cryptocurrency Market Heading to Maturity?

Amateur Crypto Investors Caused the Burst, Japanese Expert SaysThe overall excitement and confusion around cryptocurrency in Japan is over as regulations had been strengthened. In many ways the environment surrounding Bitcoin has changed dramatically this year. Last December, the highest value for 1 BTC was 2.5 million yen (22,500$ ), then in January it dropped by more than half, at 700,000 yen (6,300$ ), when on January 26th, 58 billion yen (520 million$ ) worth of cryptocurrency Nem (NEM) went missing from Coincheck, a local exchange.

“The overheating feeling around cryptocurrency that went on until the beginning of the year was just a bubble,” Masayuki Tashiro said. Right after the Coincheck heist, Japan’s Financial Security Agency (FSA) took immediate measures in February and raided the company and other crypto exchanges to find out what was going on. Then six companies including the major registrants received heavy administrative sanctions in June. BTC price then fell to 600,000 yen (5,400$ ). Currently the price of one BTC is about 800,000 yen (7,200$ ), but it is a situation that is changing around all the time, the market analyst pointed out.

Real Value of Crypto Will Show After the Bubble Is Over

The real value of crypto will show after the bubble is over, the expert says. As the Coincheck management apologized during a press conference in Tokyo last January for failing to keep the cryptocurrency, its overall price dropped dramatically and the trend to regulate cryptocurrency accelerated drastically. “Futures traders in the US launching the BTC futures trading market last December also influenced the situation a lot. And those futures hedge funders entered the market as a tide, all at once, that influenced the bubble to burst too,” Tashiro explained, “the more the price falls, the more people tend to sell. And the biggest factor for the bubble bursting is the actions taken by beginners who don’t have the experience of investing in crypto,” he added.

Amateur Crypto Investors Caused the Burst, Japanese Expert Says

“To begin with, there aren’t any investment measures with crypto such as PER (Price Earnings Ratio) and PBR (Price Book-value Ratio) as we see with stocks, so people shouldn’t touch upon it if they don’t understand it. Without any solid understanding, newbies shouldn’t have gotten involved in crypto,” Tashiro explained. Japan’s crypto industry has established a self regulatory association called the Japan Cryptocurrency Exchange Association in April, which is prospecting to set up self-regulatory rules by October. Rules and regulations around crypto have been strengthened globally, and the overall crypto boom seems to have dissipated.

Crypto Is Still a Remarkable Market

“Strengthening the rules is a good move,” the analyst said, “people will be able to invest with peace in their mind as the poor quality crypto vendors will exit and a strong anti-money laundering system will be put in place internally within each exchange,” Tashiro says. “Furthermore, last year BTC price rose by more than 40% twice,” he explained, “this is the same figure as the Nikkei average during the Lehman shock. In the near future, although we might not reach that high, we can still expect a rise in the range of 800,000 yen (7,200$ ). Although the price range at the moment is around 30,000 to 40,000 yen (270 to 360$ ), a rise always occurs, that’s why [crypto] is still a remarkable market.” Regarding future market trends, “personally I am bullish,” Tashiro said, “and by the time the outline of the regulations will come together in October, those investors who will feel safer will come back. I hope things won’t get as overheated as last year, but I believe BTC can win back the value of 1 million yen (9,020$ ) in range,” he believes.

The bubble which attracted or was caused by amateur investors is over, and the reinforcement of regulation is a rather securing outcome from the perspective of investors’ protection in the cryptocurrency market. From this Japanese expert’s point of view, it seems that there is still room for earning in crypto.

What do you think of this Japanese analyst’s expectations? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Amateur Crypto Investors Caused the Burst, Japanese Expert Says appeared first on Bitcoin News.

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Only Seven Crypto Firms Authorized to Legally Operate in Thailand

August 16, 2018 |

Only Seven Crypto Firms Authorized to Legally Operate in Thailand

The Thai Securities and Exchange Commission (SEC) has announced the names of seven cryptocurrency firms that have been authorized to legally operate in the country. Five of them are crypto exchanges; two are cryptocurrency dealers.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Seven Crypto Firms Authorized

Only Seven Crypto Firms Authorized to Legally Operate in ThailandThe Thai SEC has announced the names of the cryptocurrency firms that have been authorized to operate in the country while their applications are being reviewed by the regulators. Seven firms, consisting of five crypto exchanges and two dealers, have been granted temporary approval to operate until their applications are either approved or denied.

Crypto exchanges that have been authorized are Bitcoin Co. Ltd. (BX), Bitkub Online Co. Ltd., Cash2coins Co. Ltd., Satang Corporation (Tdax), and Coin Asset. The two approved dealers are Coins TH Co. Ltd. and Digital Coin Limited (Thai WM).

Only Seven Crypto Firms Authorized to Legally Operate in ThailandRecently, Coin Asset unveiled a crypto ATM that can handle six cryptocurrencies and multiple fiat currencies. Coins TH was launched in 2014 by Filipino remittance company Coins.ph.

Mr. Rapee Sucharitakul, Secretary-General of the Thai SEC, explained that cryptocurrency investing carries high risks. The Commission urges anyone being approached to invest in cryptocurrencies or crypto projects to first check whether those companies have been approved to legally operate in the country.

Why Seven? Two More Being Reviewed

Thailand’s crypto and initial coin offering (ICO) regulations went into effect on May 14. The Thai SEC, the main regulator of the country’s crypto industry, started accepting applications for licenses to operate crypto businesses in the country last month. News.Bitcoin.com reported last week that about 20 exchanges, 50 ICO projects, and five ICO portals have indicated interest in applying with the SEC.

Only Seven Crypto Firms Authorized to Legally Operate in ThailandCryptocurrency firms that were operating in the country prior to May 14 could apply for a temporary license while their actual applications are being reviewed by the regulators. They had 90 days, until August 14, to apply.

On August 15 the SEC revealed that the seven companies above have applied and been granted temporary approval to operate until the regulators have either approved or rejected their applications.

In addition, the SEC is currently verifying two more crypto firms that claim to be in business prior to the enforcement of the regulations.

Other than the nine companies mentioned above, all other firms seeking to operate a crypto business in Thailand must obtain approval from the ministry of finance and the SEC before commencing a crypto business.

What do you think of the Thai SEC granting temporary approval to seven crypto firms while reviewing their applications? Let us know in the comments section below.


Images courtesy of Shutterstock and Thai SEC.


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Playboy Sues Wallet Developer for Failing to Integrate Crypto Across Its Platforms

August 15, 2018 |

Playboy Sues Wallet Developer for Failing to Integrate Crypto Across Its Platforms

Playboy is reportedly suing a Canadian cryptocurrency firm for allegedly failing to integrate a “wallet that would support a range of cryptocurrencies across the company’s online media, digital and casual gaming businesses.” Playboy.tv was supposed to be the first of the company’s platforms to feature the new crypto wallet and payment options.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Playboy Sues Canadian Crypto Company

Playboy Sues Wallet Developer for Failing to Integrate Crypto Across Its PlatformsPlayboy Enterprises Inc., the parent company of the Playboy magazine empire founded by Hugh Hefner, is suing a cryptocurrency firm listed on the Canadian Securities Exchange (CSE) “on allegations of fraud and breach of contract,” the LA Times reported Monday.

In the lawsuit filed in Los Angeles, Playboy claims that Global Blockchain Technologies (CSE: BLOC) “failed to live up to an agreement to integrate blockchain technology into Playboy’s online media channels,” the publication elaborated. The Beverly Hills-based company is seeking unspecified compensatory and punitive damages.

Global Blockchain Technologies, on the other hand, dismissed the suit as a “normal dispute” between two firms, calling the fraud allegation “frivolous.” In a statement to the news outlet, the Vancouver-based company wrote, “Global believes it has a strong defense to the action and will be vigorously defending same.”

Playboy’s Crypto Integration Plan

The two companies made an agreement in March, according to the lawsuit. At that time, Playboy announced:

The company is developing an online payment wallet that will support a number of cryptocurrencies across the company’s online media, digital and casual gaming businesses.

Playboy Sues Wallet Developer for Failing to Integrate Crypto Across Its Platforms“Playboy.tv will be the first of the company’s media platforms to feature the new digital wallet,” the company wrote, adding that it “will enable the online platform to accept vice industry token (VIT), among other leading cryptocurrency tokens, for access to the brand’s exclusive content.” The crypto wallet is expected to be “available before the end of the year,” Playboy confirmed at the time. Playboy.tv currently advertises over 80 TV shows and over 2,000 episodes.

Launched in April, VIT aims to be a payment medium for the adult, gambling, and cannabis industries. Its market cap quickly rose to a high of $ 7 million after launch but has been falling steadily to just above $ 1 million today, with each token currently worth two-thirds of a penny at the time of this writing.

Playboy Sues Wallet Developer for Failing to Integrate Crypto Across Its PlatformsGlobal Blockchain Technologies made a separate announcement in May that it was “building a cryptocurrency wallet for Playboy that can hold VIT” to be integrated into “the Playboy.tv web media portal.” The company also confirmed at the time that “the integration of VIT into Playboy.tv and the wallet is set to be launched before the end of 2018.”

However, in the lawsuit filed, the LA Times reported:

Playboy said GBT [Global Blockchain Technologies] hasn’t made good on the deal and also failed to pay the $ 4 million it promised as part of the agreement.

What do you think of Playboy suing Global Blockchain Technologies? Do you think Playboy will find another way to integrate crypto? Let us know in the comments section below.


Images courtesy of Shutterstock, Global Blockchain Technologies, and Playboy.


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The Daily: Stoners Drop Crypto From IPO, Binance Launches Academy

August 15, 2018 |

The Daily: Stoners Drop Crypto From IPO, Binance Launches Academy

In today’s edition of Bitcoin in Brief we cover stories about the stoners’ magazine High Times which dropped cryptocurrencies from its IPO, Binance launching its own academy, an institutional investors program by Kucoin and the Cash App expanding its crypto buying service across America.

Also Read: An ICO Venture Is Trying to Take Over a Tokyo Stock Exchange Listed Company

Stoners Drop Crypto From IPO

The popular cannabis culture publication High Times recently announced that it is holding an initial public offering (IPO) and that it will be the first regulated A+ stock willing to accept cryptocurrencies such as BTC and ETH. However, according to a filing with the Securities and Exchange Commission (SEC) that was just an honest mistake. The announcement was “distributed in error as the Company will not be accepting bitcoin as payment for shares. As provided in the Company’s subscription agreement related to the offering, the Company will only be accepting check, credit card, ACH or wire transfer as payment for subscription to shares,” High Times now claims. While it would have been fair to assume another company might have gotten cold feet due to the current bear market, or that it was somehow intimidated by the regulators behind the scenes, in this case it is indeed possible that whoever wrote that original announcement was just stoned out of their mind at the time.

Binance Launches Academy

The Daily: Stoners Drop Crypto From IPO, Binance Launches AcademyPopular cryptocurrency exchange Binance has announced it is launching a brand new educational resource portal in an open beta. Binance Academy is defined as an open access learning hub supported by the venue’s team. “Our aim is to provide a one-stop-shop for blockchain and crypto learning resources, open to anyone and for the benefit of all,” they explain. Current topics include Blockchain, Coins & Tokens, Binance, Security, and Trading, and many more are said to be in the pipeline. Binance says it will be adding more and more learning resources to the Academy week after week, the plans for this are said to be ready but they also look to adapt based on community feedback and submissions.

Kucoin Institutional Investor Program

Kucoin, the Singapore-based cryptocurrency exchange, has recently announced a new program meant to encourage institutional investors to participate more actively in trading activities. The Institutional Investor Program is designed for those that participate in quantitative trading, high-frequency trading, etc. All institutions that successfully qualify for the program will receive significant trading fee discounts of 20% to 80%.

The exchange also recently responded to media reports that its central office in Hong Kong is empty. The team explained that: “In fact, KuCoin’s public address in Hong Kong is merely a mailing address of one of KuCoin’s many subsidiary companies. KuCoin Headquarters is in Singapore. KuCoin has always been a global firm, with over 300 employees and four major offices in China, the Philippines, Singapore, and Thailand.”

Cash App Expands Crypto Service Across America

The Daily: Stoners Drop Crypto From IPO, Binance Launches AcademyCash App, the BTC buying and selling service by the payment processing firm Square, has announced on social media that the feature is now available for American users in all fifty states. Back in November, 2017 this functionality was only available to select individuals for experimentation. But by February there were only four states left where residents were not able to access the crypto service on Square’s Cash App due to harsher cryptocurrency regulations, which included Hawaii, New York, Wyoming, and Georgia.

Square Inc (NYSE:SQ), has recently reported its Q2 2018 financial results, revealing that $ 37 million of crypto sales revenue helped the company accelerate its growth during the period.

What do you think about today’s news tidbits? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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