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President Trump’s decision to double steel tariffs on Turkey as its government battled a currency collapse marked a departure for the U.S. from how it traditionally handles financial turmoil.
WSJ.com: What’s News Asia
The Turkish lira fell sharply to its lowest level ever on worries about Ankara’s economic stability, sending tremors through Europe and emerging markets amid renewed jousting between the country’s leader and President Trump.
WSJ.com: What’s News Asia
The Turkish lira tumbled, a shock that set off sharp falls in other emerging-market currencies, hit the euro and European banks, and pushed the dollar to a one-year high.
WSJ.com: What’s News Europe
Cryptocurrencies tumbled once again today in value as a great majority of digital assets are seeing losses this Saturday. Since our last markets update the entire digital currency economy shaved another $ 15 billion off the market capitalizations of all 1,600+ cryptocurrencies. Alongside the dreary prices, trade volumes have also been lackluster, leading many individuals to believe there may be more dips to come down the line.
Cryptocurrencies Fall in Value Once Again This Weekend
A bunch of the top digital assets took a hit again today after a bit of consolidation and while other coins nurtured the wounds suffered from the last dip on August 1. During the past four days, the entire market valuation of all the digital currencies in existence has lost $ 15Bn USD. At the moment bitcoin core (BTC) markets are hovering just above the $ 7,000 mark after dropping earlier today from $ 7300 down to $ 6926 very quickly. During the first hour of August 4, bitcoin cash (BCH) values were around $ 731 per BCH, but at the same time all the other cryptocurrency markets dipped, BCH followed suit by dropping down to $ 692. At the moment BCH is hovering around $ 696 per coin. The other currencies in the top five market capitalizations ETH, XRP, and EOS have also seen losses over the last 24-hours between 2-4 percent.
Bitcoin Core (BTC) Market Action
Today bitcoin core markets have lost around 5.4 percent and over the last seven days 14.9 percent in value. Right now the most traded pair with BTC this Saturday is tether (USDT), commanding 51 percent of trades. This is followed by USD (25.8%), JPY (13.2%), EUR (3.6%), and KRW (2.6%). The top five exchanges swapping the most BTC include Bitflyer FX, Binance, Bitfinex, Coinbene, and Okex. Bitcoin core’s entire market valuation at the time of publication is $ 121B, and over the last 24 hours, there’s been $ 4.2B worth of BTC traded. The top cryptocurrencies traded on the peer-to-peer platform Shapeshift is ethereum (ETH) for BTC and the coin’s dominance rating amongst all other market valuations is 47.7 percent.
BTC/USD Technical Indicators
Looking at the hourly and 4-hour BTC/USD charts on Coinbase and Bitstamp shows bulls are trying to push ahead but are failing to surpass heavy resistance. 4-hour RSI levels are showing oversold conditions at press time (24.12) while the MACd looks like it may continue heading southbound. The MA 100 is well above the MA 200 trendline which gives traders another indication that the path towards the least resistance is the downside. Unfortunately for BTC and a large majority of other top performing digital assets, there are many signs the price could go lower if bears continue to break down support levels. Order books show BTC bulls would need to muster up the strength to surpass $ 7,100 through $ 7,300 but even then the upward battle continues. On the backside, there’s massive support holding all the way until $ 6,700 but support after that is still pretty hefty until right around $ 6,300.
Bitcoin Cash (BCH) Market Action
At the moment bitcoin cash (BCH) markets are down 3.9 percent today and over the last seven days 15.8 percent in value. BCH volume has jumped a hair as the cryptocurrency today is capturing the fourth highest trade volume above EOS. The biggest pair swapped with BCH today is tether (USDT) which captures 53.5 percent of bitcoin cash trades. Other currencies that follow include BTC (33.3%), USD (5%), ETH (2.9%), and QC (2.3%). The top trading platforms exchanging the most BCH include Coinex, Okex, Binance, Huobi Pro, and Hitbtc.
BCH/USD Technical Indicators
Looking at BCH/USD charts on Bitstamp and Bitfinex show things have definitely been grim over the last 24-hours. Just like BTC/USD bears are pushing the BCH/USD market as well making certain their presence is here. Most traders have their eyes glued to that 200 moving average (MA) support level as bulls must reject any new lows in order to proceed upward. However much like BTC, the 100 MA is above the 200 MA showing another downside push could easily take place. RSI levels (4-H/ 32.24) are oversold at the moment which means prices could have a slight reversal and the 4-hour MACd is meandering very low at press time. Traders can see that order books show there is heavy resistance for BCH traders all the way until $ 740 which will give bulls a short break until they hit huge resistance just before $ 800. There’s plenty of support for BCH until $ 625 and there is good foundations beneath the sub-$ 600 zone.
The Verdict: Skepticism and Doubt Remains
As our previous markets update confirmed the stormy seas are not over within the world of cryptocurrency markets at the moment. Things have been volatile in crypto-land, to say the least, and there have been a few surprising dips over the last week. The verdict this weekend is even more skepticism and doubt unless there’s a sudden turn around soon. On the bright side, there have been a lot of long contracts stacking up on leverage exchanges, showing some are betting on a reversal alongside the fact there is strong buy support in these regions for most digital assets.
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.”
Images via Shutterstock, Trading View, and Satoshi Pulse.
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The post Markets Update: Bears Claw Billions Off Digital Currency Valuations appeared first on Bitcoin News.
Bitcoin trading in renminbi (RMB) has dropped to less than 1 percent of the global total, the central bank of China announced. The People’s Republic banned yuan-crypto trade last year, prompting the exodus of hundreds of Chinese crypto businesses, including some of the world’s leading trading platforms.
‘Zero-Risk’ Exit for 88 Exchanges, the People’s Bank Says
The trading of Bitcoin with the Chinese national currency, the renminbi (RMB), has fallen to less than 1 percent of the world’s total, the People’s Bank of China (PBC) announced this Friday, quoted by Xinhua. At its peak, the RMB/BTC trade reached more than 90 percent of the volume, the state-controlled news agency noted in its report without detailing the data.
In September, 2017, Beijing authorities imposed a ban on the trading of cryptocurrencies like bitcoin with the Chinese yuan, referring to the presumed financial risk associated with the rapidly expanding crypto market. The measure also prohibited Chinese businesses from conducting crowdfunding campaigns through Initial Coin Offerings (ICOs).
In its announcement, The People’s Bank of China said the country had ensured a “zero-risk exit for 88 virtual currency exchanges and 85 ICO trading platforms,” since last year. Xinhua also quoted a “blockchain analyst” saying that “The timely moves by regulators effectively fended off the impact of sharp ups and downs in virtual currency prices and led the global regulatory trend.” The opinion belongs to Zhang Yifeng from the Zhongchao Credit Card Industry Development Company.
In February this year, reports came out in Hong Kong that advertisements of products and services offered by companies from the crypto industry no longer appear in China’s major search engines and social networks. The absence of sponsored crypto content prompted local media to allege that the ban also censors all crypto-related ads.
Chinese Platforms Expanding Across the Globe
PRC regulators imposed a comprehensive ban on bitcoin trading in September, 2017, when they ordered local exchanges to suspend their operations. The authorities in the People’s Republic also tried to block access to foreign cryptocurrency trading platforms offering services to Chinese residents. The restrictions encompassed the crypto-yuan trade hitting some of the world’s largest trading platforms.
The ban forced exchanges with Chinese roots, like Huobi, OK Coin, and Binance, to halt all trading in the country and seek to relocate to more favorable jurisdictions. The trading platforms founded new entities and opened offices in Hong Kong, Singapore, South Korea, Japan and the United States, which allowed them to continue their activities and even grow significantly.
Huobi, once one of the largest Chinese cryptocurrency exchanges, is now headquartered in Singapore and maintains presence in Hong Kong, the US and Japan, although it recently decided to close the accounts of Japanese residents as a result of compliance issues. The exchange also announced the launch of a trading platform in Australia supporting 10 pairs against the AUD, including bitcoin cash (BCH), with plans to add new cryptos in the future. Huobi confirmed it will open an office in London, too.
In April, the Hong Kong based Okex, the digital asset exchange founded by OK Coin CEO Star Xu, revealed plans to expand its operations to Malta. Its announcement came after in March, Binance, currently the largest crypto exchange by trade volume, shared its intention to move to the island nation. Binance wants to offer EUR and GBP pairs from Malta, which is a member of the European Union. The company is also launching a fiat-crypto trading platform in Uganda.
Do you think Chinese regulators will eventually reverse the ban on crypto trading? Share your expectations in the comments section below.
Images courtesy of Shutterstock, Changpeng Zhao (Twitter).
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The post Bitcoin Trading in Chinese Currency Drops Below 1% of World Total appeared first on Bitcoin News.
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.
The Bitcoin Cash community can now use their BCH to take part in ICOs and Private Sales on QUOINE’s ICO platform. The global fintech company already allows token sale participants to use BTC, ETH and QASH. The addition of BCH adds a new layer of flexibility to participation in the token sales presented by QUOINE.
ICO Mission Control is a safe and secure platform that sits within QUOINE’s QRYPTOS exchange. ICO participants need only sign up and KYC once in order to access the token sales. The ICO Mission Control platform all but eliminates common risks associated with ICOs, such as hacks, scams, phishing and data leaks.
“ICO Mission Control is about bringing ICOs back to the people. The ICO space has been broken for too long. Not only is it extremely complicated and laborious to take part in an ICO, let alone several, but it’s also incredibly risky as scammers lurk around every corner. We do extreme levels of due diligence for all the projects we list on the QUOINE ICO platform and we aim to bring our customers a steady stream of high quality projects,” said QUOINE Head of Operations Seth Melamed.
“When we add a new funding currency, we’re extending an invitation to that community because we want as many people as possible to be able to take part in not just ICOs, but also private sales, on our dedicated platform. With ICO Mission Control we have created a new utility for BCH and opportunities for BCH holders to spend their tokens.”
ICO Mission Control is an end-to-end solution for blockchain projects conducting an ICO with QUOINE. With ICO Mission Control, QUOINE will handle all administrative ICO tasks including AML/KYC, Private Sale, Public ICO, token distribution, OTC conversion to fiat and secondary market listing. QUOINE can also facilitate introductions to large investment funds interested in investing in the crypto space.
Among highlighted projects listed on QUOINE’s ICO platform so far are Vanywhere and FanChain, both of which can be bought using BCH.
Vanywhere is a blockchain-based, skill sharing platform that instantly connects people seeking and offering skills through live, 1-on-1 video, voice and chat. Vanywhere empowers anyone with a marketable skill to capitalize on their knowledge and provide services for which they earn VANY tokens by the minute.
FanChain is a token aimed at sports lovers. The FanChain token is a hybrid fungible/non-fungible cryptocurrency that rewards you for doing what sports fans do best: talking about your favorite team.
New users are welcome to sign up with QRYPTOS and complete KYC in order to get access to ICOs hosted on QUOINE’s platform.
As the first global cryptocurrency company to be regulated by the Japan Financial Services Agency, QUOINE upholds rigorous standards when it comes to security of digital assets and protection of customer data.
This year, QUOINE’s QRYPTOS and QUOINEX exchanges will merge to become LIQUID, an all-new, immersive cryptocurrency platform that will offer top security, enhanced liquidity and multiple fiat pairings, as well as regular quality token sales.
Interested in hosting an ICO with QUOINE or just want some more information? Email firstname.lastname@example.org
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.
The post PR: Quoine’s ICO Platform Adds BCH as Funding Currency appeared first on Bitcoin News.
The gap between the yuan’s value in mainland China and trading hubs like Hong Kong has started to widen, a sign that foreign investors who can access the offshore market could be growing more bearish on the Chinese currency.
WSJ.com: What’s News Asia
The state of North Carolina has pushed the passage of House Bill 86 and some digital currency advocates and firms like Coinbase believe the bill makes the state more friendly towards cryptocurrency businesses. At the moment North Carolina’s House Bill 86 has been presented to Governor Roy Cooper and awaits his signature.
North Carolina House Bill 86 Includes Money Transmission Changes and Licensure Guidelines in Regard to Virtual Currencies Passes Unanimously
On June 14, 2018, North Carolina’s general assembly unanimously ratified House Bill 86 which adds new language to the state’s permissible investments and statutory trust under the Money Transmitters Act. The bill’s final revision includes legal definitions concerning virtual currencies like bitcoin and other tokens. North Carolina’s legislation also requires the licensure of businesses that work with cryptocurrency activities. Furthermore, the state’s Commissioner of Banks Ray Grace can request data from the licensed cryptocurrency firm at any time. North Carolina House Bill 86 states:
If the licensee possesses virtual currency as permissible investments under this Article, the Commissioner may at any time request that the licensee verify, in a manner acceptable to the Commissioner, aggregate virtual currency transmission obligations outstanding and virtual currency held as permissible investments, including virtual currency stored offline.
Coinbase Believes North Carolina’s Bill ‘Helps Cryptocurrency Companies Comply With the Letter of the Law’
Commissioner Grace had also helped write the revised edition which included virtual currency definitions and licensee requirements. The firm Coinbase applauded the passage of House Bill 86 and formally thanked the banking commissioner, representatives Tim Moore, Dan Bishop, Jon Hardister, Bill Rabon, Stephen Ross, Jason Saine, and Jeff Tarte for helping bolster the legislation.
“Passage of House Bill 86 exemplifies how regulators and legislators can work together to foster innovation by either licensing cryptocurrency money transmissions or exempting cryptocurrency from money transmission laws,” the Chief Legal and Compliance Officer at Coinbase, Mike Lempres said last Thursday.
By helping cryptocurrency companies comply with the letter of the law, leaders in both states are paving the way for the economic and social benefits of this new technology to flourish within their communities.
The firm also complimented the state of Wyoming for recently passing its blockchain and cryptocurrency legislation after it had issues with the state prior to the passage of Wyoming’s guidelines. A while ago Coinbase suspended its services to Wyoming residents and the firm said at the time that the state’s Division of Banking made Coinbase operations impractical. As both North Carolina and Wyoming change their money transmissions laws the state’s look like they may see more business operations due to the legislative changes.
What do you think about North Carolina’s House Bill 86? Do you think more states will adapt virtual currencies into their laws? Or do you think these regulations are bad for cryptocurrencies in general? Let us know your thoughts in the comment section below.
Images via Pixabay, Wiki Commons, North Carolina Emblem, Coinbase, and Medium.
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The post North Carolina Banking Bill Passes — Adds Virtual Currency License Requirements appeared first on Bitcoin News.