Binance to Transfer BUSD Across Blockchains on Syscoin-Ethereum Bridge

Binance to Transfer BUSD Across Blockchains on Syscoin-Ethereum Bridge

The bridge integration will make the stablecoin available on the Syscoin blockchain for the first time.

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Major cryptocurrency exchange Binance plans to use a bridge between the Syscoin and Ethereum blockchains to move its Binance USD (BUSD) stablecoin between them.

The bridge developed by the Syscoin Foundation will allow BUSD holders to move their tokens between the Ethereum and Syscoin blockchains. This will also make the stablecoin available on the Syscoin blockchain for the first time. 

Binance said, “Users can take advantage of Syscoin’s fast, scalable and low-cost transactions while also preserving the ability to leverage Ethereum’s smart contract functionality. Also help provide more use cases for BUSD holding users.”

Relief from Ethereum’s increasing fees

Growth in the use of decentralized financial services and stablecoins have caused Ethereum transaction fees to surge to a two-year high. Yesterday, Ethereum co-founder Vitalik Buterin commented on the ongoing problem and warned that rising transaction fees could undermine the security of the network.

Jagdeep Sidhu, Syscoin co-founder and lead core developer, said that he believes stablecoins will increasingly be used as a quick way to transfer value across blockchains. Interestingly, Buterin pointed out this very use case in late May, stating:

“In the specific case of issuer-backed stablecoins there’s lots of things that could be done but aren’t, eg. every stablecoin could be an instant cross-chain bridge!”

Looking to the future, Sidhu said that Syscoin is also “exploring opportunities to integrate with other blockchains” and specific discussions on the matter are already underway:

“Ethereum was an obvious first choice due to its nature as a proven smart contract platform and the pressing need for the benefits Syscoin can provide its network, including scalability. Future integrations will be carefully chosen according to the utility value they add to the ecosystem and how they can benefit adopters such as Binance.”


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The bridge integration will make the stablecoin available on the Syscoin blockchain for the first time.

Hackers Are Using Supercomputers to Mine Crypto

Hackers Are Using Supercomputers to Mine Crypto

Hackers attacking supercomputers across Europe, trying to get their hands on the crypto hot commodity

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Hackers have attacked multiple supercomputers across Europe this week with the intention of mining cryptocurrency. Clusters of supercomputers have been forced to shut down in order to investigate the intrusions, according to a ZDNet news report on May 16.

These security incidents were reported in the UK, Germany, and Switzerland. Additionally, another possible attack occurred in a high-performance computer center in Spain, according to the report.

College campuses are the main victims

Most of the attacks appear to have targeted universities. University of Edinburgh,which runs the ARCHER supercomputer, reported the first incident on Monday.

Then, major universities’ high-performance computing clusters in the state of Baden-Württemberg, Germany also announced that they were attacked on Monday with similar security incidents, and had to be shut down.

More attacks happened in institutions in other parts of Germany, Spain, and Switzerland later in the week. Clusters in the Leibniz Computing Center, or LRZ, an institute under the Bavarian Academy of Sciences, the Julich Research Center in the town of Julich, Germany, the Faculty of Physics at the Ludwig-Maximilians University in Munich, Germany, and the Swiss Center of Scientific Computations, or CSCS, in Zurich, Switzerland were all counted amongst the victims.

SSH logins are compromised and the goal is to mine crypto

The malware samples released by the Computer Security Incident Response Team were reviewed by a US-based cyber-security firm, says the news. The Computer Security Incident Response Team, or CSIRT, is a pan-European organization that coordinates research on supercomputers across Europe.

The cyber-security company said the attackers appear to have stolen university members’ SSH credentials in Canada, China, and Poland in order to gain access to the supercomputer clusters. Secure Shell, or SSH, is a cryptographic network protocol for operating network services securely over an unsecured network.

Chris Doman, Co-Founder of Cado Security explained that:

“Once attackers gained access to a supercomputing node, they appear to have used an exploit for the CVE-2019-15666 vulnerability to gain root access and then deployed an application that mined the Monero (XMR) cryptocurrency.”

As Cointelegraph reported previously, university campuses were ranked the second biggest miners of digital currency across industry.


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Hackers attacking supercomputers across Europe, trying to get their hands on the crypto hot commodity

Crypto Bank Pioneer Wants Greater Transparency Across the Industry

Crypto Bank Pioneer Wants Greater Transparency Across the Industry

The Wall Street veteran warns that the rise of stablecoins is distributing ‘IOUs’ throughout the digital asset sector

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Wall Street veteran and blockchain pioneer Caitlin Long delivered a presentation during Virtual Blockchain Week urging the crypto sector to be wary of the large number of IOUs underpinning stablecoins and third-party custodied assets.

Cointelegraph spoke to Long to discuss her recommendations and concerns for the industry, why crypto users must retain control over their private keys, and why she believes Bitcoin (BTC) is a safe-haven asset despite the violent March crash.

Greater disclosure is needed to bolster confidence in crypto

Long said, “In the crypto sector there is really very little disclosure about how much indebtedness the various exchanges and custodians have provided,” urging the crypto community “not to recreate the same thing that happened in the traditional financial industry.” 

Long emphasized that crypto users are unable to tell if the industry’s service providers are solvent, stating, “We don’t know that they’ve taken on debt, but we don’t know that they have it because nobody is disclosing anything.”

Long urges cryptocurrency exchanges and firms to publish proofs of reserves, stating that “the last time we actually saw some of the exchanges really doing proofs of reserves [was] in 2014.”

Alternatively, Long advocated for greater use of auditing firms, adding, “That’s the easiest way for the industry to prove that it actually does deserve our business and our trust.”

Too many IOUs underpin the crypto sector

Caitlin asserted that there is a concerning amount of ‘IOUs’ underpinning key segments of the crypto ecosystem.

She noted that, while analysts estimate that about 25% OF Bitcoin and Ether (ETH) are held in third-party custody and 75% are self-custodied, the entire stablecoin sector is built on the basis of IOUs, stating:

“Really, this industry is not as self-custodied as you might think when you pull back the hood. And that’s why it really is important as an industry to step up and start disclosing whether the exchanges and custodians are actually solvent.”

Long also urged crypto users to retain control over their private keys stating:

“If you own your crypto assets outright, you should control your keys […] I believe Bitcoin is a safe-haven asset precisely because it’s nobody’s IOU.”

‘Bitcoin is a safe-haven asset’

Long stated that her belief in Bitcoin as a safe-haven asset was not shaken by Bitcoin’s violent March crash amid the global liquidity crisis, stating: “What we saw is it behaved exactly as gold behaved in 2008.” 

“Initially, it corrected by a lot because, in an environment where everybody is just indiscriminately selling everything, Bitcoin trades 24/7 and is easy to sell — it’s a liquid market.” 

“Just because it didn’t behave as a safe haven asset on the worst day of trading does not mean that it’s not a safe haven asset,” she stated, adding, “I wasn’t discouraged by that at all because I’d seen it before.”


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The Wall Street veteran warns that the rise of stablecoins is distributing ‘IOUs’ throughout the digital asset sector

Report: Middle East and Africa’s Blockchain Spending to Surge 400% by 2023

Report: Middle East and Africa’s Blockchain Spending to Surge 400% by 2023

Governments across the Middle East and Africa to increase blockchain spending by 400% in four years, a new IDC report says

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As global blockchain adoption is accelerating, countries in the Middle East and Africa (MEA) are forecasted to massively increase their spending on the tech in the next few years.

According to a new report by United States-based market research firm International Data Corporation (IDC), governments across MEA will see a 400% surge in their investment to blockchain-based solutions in four years.

MEA to increase blockchain spending from $21 million in 2019 to $105 million by 2023

Issued on Feb. 12, the IDC report outlines that blockchain tech is increasingly growing its share in digital transformation initiatives in the MEA region. Specifically, MEA countries are predicted to increase its blockchain spending from $21 million in 2019 to as much as $105 million by 2023, with a compound annual growth rate of nearly 50%.

According to the report, the authorities in the MEA region are actively developing blockchain-enabled solutions to reduce fraud, increase security and improve public administration.

Jyoti Lalchandani, vice president and regional managing director at the IDC’s division for the Middle East, Turkey, and Africa, emphasized that governments in the MEA region are facing a challenge to learn a whole new set of technologies like blockchain. Lalchandani also noted that many governmental structures are not prepared for digital transformation:

„Governments across the region are under mounting pressure to become both more efficient and more effective. However, this is proving to be a troublesome task as many government organizations are simply not prepared for digital redesign. Whether it’s finding ways to integrate 5G, AI, and blockchain or protect against intrusions on digital trust, government agencies have a whole new set of IT skills to learn.”

Blockchain’s share in total digital transformation spending is small

Despite blockchain being increasingly explored in MEA countries, blockchain spending still accounts for a small part of the total digital transformation initiatives. According to the IDC, MEA countries spent a combined $12.8 billion in 2019 on digital transformation as a whole, and is expected to cross the $15 billion mark by 2023.

The IDC has been continuously updating blockchain spending predictions as the sector develops. The research company had previously predicted that global blockchain spending would amount to nearly $3 billion in 2019, with a 89% surge from 2018. The IDC also forecasted that this figure would hit almost $16 billion in 2023. 

While the MEA region is expected to see a significant surge in its blockchain spending, other regions like Asia/Pacific excluding Japan (APEJ) are projected to spend far more than $105 million in the coming years. According to another IDC prediction, the APEJ will be spending as much as $2.4 billion on blockchain by 2022.


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Governments across the Middle East and Africa to increase blockchain spending by 400% in four years, a new IDC report says

Introducing the Cointelegraph Top 100

Introducing the Cointelegraph Top 100

Cointelegraph’s Top 100 is here! Featuring fintech innovators and leaders across industries. Who will be on our first ever #CointelegraphTop100?

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Surveying the landscape as the most widely read publication covering cryptocurrency and blockchain, Cointelegraph’s editors had the ambitious idea to put together a list of the most influential people in this hectic, hype-filled, world-changing, weird industry that we all cover. After weeks of heated debate — will politicians be at the forefront of the crypto space in 2020? should we have more developers or business leaders on the list? which Winklevoss twin is more influential?  — we’re thrilled to present you with the first ever Cointelegraph Top 100, our list of the most influential people in crypto and blockchain. 

This is a decidedly community-oriented list and ranking. It’s not focused on who brought crypto to the mainstream, but rather who has been active in building this space that we love. Our guiding questions have been: 

  • Who have been the most important people to the crypto and blockchain community in 2019?

  • Who do we expect will be the most important to the development of this industry in 2020?

It’s also entirely subjective, decided upon by Cointelegraph’s editors. Someone’s inclusion or ranking also doesn’t necessarily mean they are our favorite people, that we endorse them, or that we agree with everything they say. But we acknowledge their importance to the community and to this future that we are all building together.

Follow along and debate the list on social media over the course of this week with the hashtag #CTtop100. Stay updated as the list continues to be unveiled. Share on your own social media pages if we happen to discuss someone important to your world of crypto. Don’t be afraid to give us feedback on how YOU think the list should go.


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Cointelegraph’s Top 100 is here! Featuring fintech innovators and leaders across industries. Who will be on our first ever #CointelegraphTop100?

Web 3.0 Initiatives Can Drive Crypto Adoption Across the Globe

Web 3.0 Initiatives Can Drive Crypto Adoption Across the Globe

Opera is joining other companies to use existing traditional networks to encourage crypto adoption

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In October, web browser developer Opera Software AS launched added support for in-browser transactions with Bitcoin (BTC) and Tron (TRX). This follows the company’s initial launch of an in-browser Ether (ETH) wallet in 2018. The latest announcement is part of the company’s grander plan to make the “Web 3.0” easier to access for the average consumer.

Opera, based in Norway, is the first major browser to develop and integrate a native crypto wallet, which also supports direct transactions. The company started testing the in-browser payment feature in July through a beta version of the Opera for Android browser.

Opera’s move fits into a larger narrative of companies integrating cryptocurrency into existing systems and networks that people already use. Brave Software Inc., another web browser developer, had first incorporated wallet technology into its browser to allow web users to earn cryptocurrency for performing or permitting certain actions that they already do with traditional browsers without earning anything. Other platforms looking to implement similar Web 3.0 features are also active.

A first step?

Cryptocurrencies are still more popular in the developed world than in developing markets, where most of the world’s financially excluded people live. Opera’s moves to enable Web 3.0 can potentially bring cryptocurrency to several financially excluded people. 

That’s thanks to the browser’s popularity in the developing world, especially Africa. Opera browsers are popular for their data-saving features. The company claimed that data savings in its products helped users in Africa save nearly $100 million in 2018.

Therefore, making crypto wallets easily accessible to this group of consumers could be a big step toward using cryptocurrencies to offer financial services to the unbanked and underbanked. In addition to Bitcoin, Ether and Tron, the Opera crypto wallet also supports ERC-20 and TRC-10 tokens. Multiple decentralized financial, or DeFi, products are already being built using certain ERC tokens.

Opera’s push to expand access to Web 3.0 could also impact the burgeoning betting industry in Africa. The combined size of the gambling market in Kenya, Nigeria and South Africa was worth an estimated $37 billion in 2018.

When asked on how Opera’s latest developments could potentially help onboard new crypto users through gambling, Tron founder and CEO Justin Sun told Cointelegraph that Wink, a decentralized application built on the Tron blockchain is working now with seamless integration. 

“Users can simply use the Opera browser to play Wink by logging onto Wink.org without using any 3rd party wallets. We expect to see more TRON DApps integrated within Opera in the future, in similar fashion.”

According to Opera, 350 million people use its browsers globally — nearly 120 million of those are in Africa. It’s worth noting, however, that Opera’s crypto wallet is only available on the “Opera browser with free VPN” application on Android and the “Opera Touch” browser on iOS. 

There isn’t any data to tell what portion of the 350 million users use Opera Mini. Still, this means that the crypto wallet is available to fewer than 350 million users. If Opera Mini has the largest user base, then the number of people who can use the Opera crypto wallet could be significantly lower. Opera didn’t respond to a request for comment regarding this.

Incorporation into an existing network is becoming a trend

Opera isn’t the first company to have integrated functionalities for cryptocurrencies into an existing network to foster quicker adoption, as the Brave browser is another web-surfing tool spearheading the crypto charge. 

Brave was the first to reimagine using browsers as a tool to foster crypto adoption through its privacy-focused Brave browser. The browser gives internet users power over their data by blocking tracking services and ads. 

Instead, Brave allows users to earn native Basic Attention Token (BAT) when they view advertisements. Users can also use the BAT to reward platforms and content creators of their liking. The browser recently reached 9 million active monthly users.

As Opera appears to be targeting the user base that cares about cost-saving for crypto adoption, Brave’s target is the privacy-loving customers.

In August, Brave went beyond its native wallet that only supports its rewards programs to integrate an Ether wallet that supports ETH as well as most Ethereum tokens and collectibles. Unlike its Brave Rewards system, the Ether wallet doesn’t require users to take part in Know Your Customer procedure and can interact with DApps. 

The browser also allows users to connect a hardware wallet in addition to other layers of protection, according to Brian Bondy, Brave’s chief technology officer and co-founder, who told Cointelegraph: 

“Our Crypto Wallets feature can be used with hardware wallets (Ledger, Trezor) for users who would like the added security. Additionally, our Crypto Wallet is based on an extension and the background page for that extension has its own process and address space.”

Brave has made it clear, however, that its wallet is targeted at “people who already have a working understanding of cryptocurrency generally.” Still, Brave appears interested in using the existing browser network to further the adoption of blockchain and cryptocurrency.

“We’re excited to continue pushing the envelope when it comes to support for cryptocurrency and other blockchain applications on the web platform,” Brave said in its announcement of its crypto wallet.

IOV Labs, RSK and social media

Beyond browsers, different companies are tapping into existing networks and systems to promote the use of cryptocurrencies. In September, Argentina-based IOV Labs acquired Spanish-oriented social media platform Taringa, which has 30 million users. 

IOV Labs, which powers the RSK Bitcoin smart contact platform, sees an opportunity in tapping into data from the social network to build, test and distribute decentralized products based on its smart contract platform and its native RIF token. In the end, it hopes to bring wider adoption to Bitcoin. IOV Labs CEO Diego Gutiérrez Zaldívar told Cointelegraph that:

“Latin America, a market already in need of financial services as half of the population is unbanked. The values inherent in the development of Bitcoin, blockchain and Taringa are one and the same, empowering individuals by giving them a voice and the economic tools they need to thrive.”

IOV Labs plans to incentivize Taringa users to participate meaningfully in the communities hosted on the social network by rewarding them with RIF tokens. Zaldívar added that:

“We know blockchain technology can meet the existing needs of these users far more effectively than existing systems, by protecting user privacy, and sharing the economic value and reputation users create with their interactions.”

Alternative app store Aptoide

In 2017, Aptoide started developing AppCoins, an open-source and distributed protocol for app stores based on the Ethereum blockchain. It raised over $16.8 million in an initial coin offering for AppCoins’ development. For Aptoide, which claimed to have more than 200 million users, integrating a blockchain-based system was a natural step, owing to its community-oriented approach to app distribution.

Aptoide’s chief operating officer and creator, Álvaro Pinto, told Cointelegraph that Aptoide has been a community-driven app store since inception. With Aptoide, users can create their own list of apps, which can be shared with family, friends and colleagues to foster deeper app engagement.

Part of Aptoide’s aim is to make in-app payment simpler in emerging markets, where it has the majority of its users. In these countries, it can be difficult for users to make in-app purchases because one can only buy them using a credit card, PayPal and gift cards as Pinto explained:

“We have this huge amount of people using smartphones, but if you look into the number, the number of users doing in-app purchases and buying digital goods in the app stores is very limited.” 

However, Pinto is adamant that the problem isn’t affordability. He believes that many people can afford to make 50-cent purchases, but the process for making such purchases is difficult. Pinto added:

“We’re starting to see the common user having their first experience with blockchain, and that was part of the idea — to take blockchain to the average user and to all this gigantic user base of Android.”


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Opera is joining other companies to use existing traditional networks to encourage crypto adoption

Opera-Backed Fintech OPay Seals $120M Investment to Grow Across Africa

Opera-Backed Fintech OPay Seals $120M Investment to Grow Across Africa

Nigerian fintech Opay — founded by crypto-supporting web browser Opera — has raised $120 million in series B funding to scale its payments solution across Africa

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Lagos-headquartered fintech Opay has sealed $120 million in a series B financing round from a host of high-profile Chinese investors.

Founded in 2018 by web browser developer Opera, OPay — which focuses on developing digital payments solutions to promote financial inclusion — had previously raised $50 million in June of this year, according to what Opera’s spokesperson told Cointelegraph. 

Opay to extend payments solution across Africa

According to a Nov. 18 report from TechCrunch, Opera’s OPay reportedly intends to use the new Series B $120 million round to scale and extend its digital payments solution beyond Nigeria to Kenya, Ghana and South Africa. 

The round reportedly included big-name venture capital investors Sequoia China and Softbank Asia, IDG Capital, alongside Meituan-Dianping, GaoRong, Source Code Capital, BAI, Redpoint and GSR Ventures.

Since its Series A $50 million round, OPay’s business in Nigeria has grown to 140,000 active agents and hit $10 million in daily transaction volume, according to TechCrunch.

Opera backing

Norway-based, Chinese-majority owned software developer Opera is both highly active in the cryptocurrency sphere and in the African consumer market. Its eponymous web browser is the second most widely used on the African continent, after Google’s Chrome, according to 2018-2019 data from Statcounter.com

The company actively pursues web 3.0 development and progressively integrated crypto wallet and payments-functionality into its mobile and desktop products in recent years.

“Web 3.0” is a term that was initially coined to refer to efforts to develop a semantic internet, and is increasingly used to refer to the evolution of a more intelligent, open and distributed web, which could integrate the use of blockchain, decentralized computing and cryptocurrencies.

Fintech and blockchain investment on the continent

As TechCrunch notes, Africa-based startups — including OPay, PalmPay and Lori Systems — have secured a combined total of $240 million from 15 different Chinese investors in a matter of months. 

In terms of the increasingly vibrant fintech and cross-border payments space, Nigeria-based Interswitch recently hit unicorn status following an equity investment from Visa and plans to go public in the future.

As Cointelegraph has reported, blockchain is gaining increasing traction in Nigeria, with lawmakers spearheading a statutory framework for crypto and blockchain regulation and private sector blockchain schemes for areas such as transportation infrastructure recently launching in the country.


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Nigerian fintech Opay — founded by crypto-supporting web browser Opera — has raised $120 million in series B funding to scale its payments solution across Africa

All 7-Eleven Stores Across the Philippines Now Sell Bitcoin

All 7-Eleven Stores Across the Philippines Now Sell Bitcoin

Crypto investment app Abra starts selling cryptocurrency for cash in all 7-Eleven stores across the Philippines with a new partnership with payment processor ECPay

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Cryptocurrency investment app Abra starts selling crypto for cash in all 7-Eleven stores across the Philippines with a new partnership with payment processor ECPay.

Crypto in 6,000 outlets in the Philippines

Abra announced on Sept. 18 that the partnership will bring crypto to 6,000 retail outlets across the Philippines, including all 7-Eleven stores. The company says that the aim of the partnership is to make acquiring cryptocurrency easier:

“Using new digital tools that open up financial access shouldn’t be hard. And they shouldn’t be complicated. Moving cash to crypto and other digital assets should be simple and fast. That’s why we are really excited to announce our new partnership.”

How to buy Bitcoin at 7-Eleven

As a result of the collaboration with ECPay, consumers in the Philippines will be able to find Abra listed under the “Bills Payment” option at any CLIQQ ECPay financial services kiosk or in the dedicated mobile app. They can then deposit the money into their Abra wallet. The minimum deposit is PHP 500 ($9.59) and the daily limit is PHP 100,000 ($1,917).

After confirming the transaction details, printing the receipt and completing the transaction with the cashier, the funds should be accredited within 1-2 business days, (except for weekends and holidays).

As Cointelegraph reported in May, Bitcoin ATM operator Coinme has expanded its Bitcoin (BTC) purchasing options for United States residents to cover 21 states by partnering with coin kiosk operator Coinstar.


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Crypto investment app Abra starts selling cryptocurrency for cash in all 7-Eleven stores across the Philippines with a new partnership with payment processor ECPay

Arbitrage Trading in Crypto, Explained

Arbitrage Trading in Crypto, Explained

There are big differences in Bitcoin prices across platforms, and arbitrage is a technique that can help traders capitalize on this #CT_sponsored

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2.

Yes — it’s the same concept, but with different assets at play.

There are countless exchanges around the world now offering consumers the chance to purchase crypto. But here’s the thing: There can be significant differences in the prices on offer for digital currencies such as Bitcoin (BTC).

Such inefficiencies normally arise in regions where crypto is in high demand. One of the most oft-quoted examples is the “Kimchi Premium.” Here, local traders in South Korea ended up paying more for Bitcoin in terms of USD than they would have done in the United States, Europe and even other parts of Asia.

Zimbabwe is an African nation ravaged by hyperinflation — meaning that everyday essentials such as food and fuel can become substantially more expensive in a matter of days, even hours. There have even been examples in the past in which locals have been forced to carry entire backpacks of Zimbabwean dollars to buy groceries. In 2017, Bitcoin prices on one local exchange were almost double the prices quoted on international platforms — in part because of how affected consumers couldn’t access exchanges outside of the country.

Bitcoin has also been trading at a premium in Hong Kong amid ongoing political unrest. Back in August, traders were paying 2% more per coin than elsewhere. That same month, there was a 4% premium in Argentina as the peso plummeted following a shocking election result.

Even when extreme economic and political conditions are removed from the equation, the differences in prices between exchanges can create conditions ripe for arbitrage.


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There are big differences in Bitcoin prices across platforms, and arbitrage is a technique that can help traders capitalize on this #CT_sponsored

MouseBelt Launches Blockchain Initiative Across Three UC Campuses

MouseBelt Launches Blockchain Initiative Across Three UC Campuses

Blockchain accelerator MouseBelt announces new funding for more classes and research in crypto at three UC universities

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Blockchain accelerator MouseBelt has launched a blockchain education initiative at three UC universities.

Blockchain education at U.S. universities

In a press release shared with Cointelegraph on Aug. 22, Mousebelt announced an initiative with UC Davis, UC Los Angeles and UC Santa Barbara to support blockchain-focused education, research, and entrepreneurship. Per the release, the firm will provide an initial donation to be divided between the three campuses.

Mousebelt plans to invest $500,000 for student projects and raise another $500,000 to fund researchers directly, supporting up to five early-stage companies with up to $100,000 in investment through an UC Blockchain Entrepreneurship program. Ashlie Meredith, Program Director at MouseBelt University, commented on the development:

“We aim to help these universities become a driving force for innovation in the blockchain space, as well as provide students and researchers with the opportunity for both theoretical and industry experience.”

More resources for researchers

The initiative also aims to connect researchers with industry insiders to work on alternate cryptographics, quantum computing resistant cryptography, distributed systems research for blockchains, blockchain peer-to-peer networks and proofs-of-concept for general business use cases. Furthermore, MouseBelt also announced plans to fund a second UCLA blockchain engineering course.

Lastly, MouseBelt also claimed that it will try to identify outstanding startup founders on campus and provide a unique educational experience exclusively for early-stage companies from these campuses and mentor up to five startups on technical, academic, and business best practices.

As Cointelegraph reported at the end of July, cryptocurrency firm Ripple partnered with Kyoto University and the University of Tokyo as part of its University Blockchain Research Initiative, which is similarly aimed at expanding educational opportunities in the field.


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Blockchain accelerator MouseBelt announces new funding for more classes and research in crypto at three UC universities

Ripple Launches Office in Brazil, Targets Further Expansion Across Latin America

Ripple Launches Office in Brazil, Targets Further Expansion Across Latin America

Ripple will launch an office in Brazil, targeting further expansion across Latin America

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Ripple, the firm behind third-biggest crypto by market cap XRP, has launched a Brazilian office with the aim to expand across Latin America, Cointelegraph Brazil reports on June 10.

According to the report, the official announcement will be made at CIAB Febraban, a major fintech and banking event that will place in São Paulo from June 11 to June 13.

The new office will be reportedly led by Luiz Antonio Sacco, former CEO at the Brazilian subsidiary of The Warranty Group, a global warranty solution provider.

Having joined Ripple in March 2019, Sacco stated that the company intends to bring more clients to its payment network RippleNet, targeting not only Brazil but also the rest of the South American continent. To date, Ripple’s payment solution has already been adopted by three clients in Brazil, including financial firms such as Santander Brasil, BeeTech Global and Banco Rendimento, the report notes.

Apart from enabling major payment benefits, Ripple is also planning to launch educational and training programs in collaboration with major universities in Brazil, including the University of São Paulo and Fundação Getúlio Vargas. Sacco noted that investment in education will play a key role in promoting blockchain technology, while the research in the field is expected to expand career opportunities in the region.

As previously reported, Ripple’s payment network, RippleNet, exceeded 200 global customers earlier in 2019, with the five clients — JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank — using XRP in cross-border payments.

Recently, Ripple revealed plans to enable a higher degree of accuracy for reporting XRP volumes and sales, following a recent Bitwise report that claims that 95% of bitcoin (BTC) trading volume is fake.

On June 3, Cointelegraph reported on Brazilian state-owned bank Brazil’s National Bank for Economic and Social Development (BNDES) funding a documentary film through its own ether-based stablecoin, BNDES token.


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Ripple will launch an office in Brazil, targeting further expansion across Latin America

New Platform Enables Trades Across 200 Tools and Runs Educational Crypto Show

New Platform Enables Trades Across 200 Tools and Runs Educational Crypto Show

A cross-market platform enables users to trade crypto, forex and other financial instruments — and even features a YouTube crypto series hosted by clowns #SPONSORED

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A cross-market platform called LH-Crypto says its service gives traders the opportunity to transact across a plethora of cryptocurrencies and 200 other financial instruments — including forex on fiat currencies, precious metals, shares and commodities.

Its beta version also enables users to participate in margin trading — a feature that it says helps distinguish its ecosystem from crypto exchanges. Not without risks, margin trading via LH-Crypto means members can make deals using sums 100 times larger than their account balance.

Traders can receive funds in cryptocurrencies or fiat — and if they top up their account using traditional currencies, this cash can be automatically converted into the crypto asset of their choosing.

LH-Crypto offers MetaTrader 5 for free in three different ways. In addition to desktop software for crypto trading that can run on Windows and Linux operating systems, a web-based terminal enables users to trade on the browser of their choosing — Google Chrome, Mozilla Firefox, Safari, Opera and Edge among them. Finally, a mobile-based trading platform geared toward professionals is available for iOS and Android users.

Four tiers of membership

In an attempt to appeal to crypto traders of varying experience levels and budgets, the team at LH-Crypto has devised four tiers of membership.

For those who want to put their strategies to the test in a simulated environment, Demo accounts enable traders to play with a fictitious deposit of 50,000 euros (about $57,000).

LH-CRYPTO is available here

There are three tiers for real trades — Start, Standard and Pro — with minimum deposits of 10 euros, 500 euros and 10,000 euros respectively. The extent of the leverage available for crypto and forex trades, along with maximum daily withdrawals, depend on the account type.

LH-Crypto’s website is also home to a forum where like-minded traders can discuss issues surrounding cryptocurrencies, exchanges, forex and the company itself. The company bills this facility as a place where professionals can “chat, ask for advice and help improve the platform” for all.

Keeping crypto traders updated

As well as offering its community regular updates on the new features being added to its platform, LH-Crypto’s website acts as a hub for news on cryptocurrencies and the global economy, giving traders intelligence to help them make informed decisions. An economic timetable also provides times and dates for upcoming data announcements on manufacturing scores, inflation, unemployment, exports, consumer confidence and trade balances for countries around the world — all of which are key indicators when it comes to foreign exchange markets.

In an attempt to capture the imagination of those who are navigating the crypto world for the first time, the company also offers quirky introductions to the likes of Ethereum, Bitcoin, crypto wallets and slang through a YouTube series called CryptoClowns. The series features two clowns known as Monero and Crypsy — and many of these clips have amassed more than 100,000 views. In-depth analysis videos — offering trading forecasts and comprehensive discussion of market movements — are also available via a separate YouTube channel.

LH-Crypto says that its project officially launched in 2018 after a successful initial coin offering. According to its website, more than 12,000 people across 50 countries were involved in the fundraiser.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.


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A cross-market platform enables users to trade crypto, forex and other financial instruments — and even features a YouTube crypto series hosted by clowns #SPONSORED

Data: US Traders Most Active Across Major Crypto Exchanges

Data: US Traders Most Active Across Major Crypto Exchanges

DataLight presents new data that shows that U.S. traders are the most active across major crypto exchange markets worldwide

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New data shows that United States traders are the most active across major crypto exchanges, according to a Feb. 4 tweet from data analytics firm DataLight.

The U.S. has the highest distribution of traders — 60 percent — on major crypto exchange and wallet Coinbase, while on Binance, Bittrex and Poloniex, U.S. traders make up 24, 27 and 28 percent of total crypto traders respectively.

American traders are less represented on Hong Kong-based crypto exchange Bitfinex, at 10 percent of traders on the exchange, while German traders make up 13 percent.

Earlier this year, Bittrex launched an over-the-counter (OTC) trading desk that offers around 200 crypto assets. OTC trading has become extremely popular among institutional investors looking to trade in large volumes, as previously reported by Cointelegraph.

Since the beginning of the year, trading records have been reporting lower numbers, according to a previous article by Cointelegraph. Coinbase was experiencing lows that they have not been seen since 2017, with the Bitcoin (BTC)/US Dollar (USD) market at allegedly around $1 billion in January.

Geographical Distribution of Crypto Traders

Geographical Distribution of Crypto Traders. Source: DataLight

Earlier this year, Bittrex entered into the over-the-counter (OTC) market, which offered around 200 crypto assets to investors on their platform. OTC trading which has become extremely popular among institutional investors looking to trade in large volumes as previously reported by Cointelegraph.

Since the beginning of the year, trading records have been reporting lower numbers according to a previous report by Cointelegraph. Coinbase was experiencing lows that they have not been seen since 2017, with the Bitcoin (BTC) and US Dollar (USD) at allegedly around $1 billion.


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DataLight presents new data that shows that U.S. traders are the most active across major crypto exchange markets worldwide

From the UK to Malaysia: How Countries Have Been Classifying Crypto Across the World

From the UK to Malaysia: How Countries Have Been Classifying Crypto Across the World

The U.K. might roll out a definitive regulatory framework for crypto by summer 2019. It is time to reassess how other crypto markets have been defining digital assets

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On Jan. 23, the United Kingdom’s Financial Conduct Authority’s (FCA), the domestic financial regulator, released a 50-page-long consultation paper dubbed “Guidance on Cryptoassets.”

As the U.K. seems to be moving closer toward rolling out a definitive regulatory framework, it is time to reassess how other crypto markets, specifically the major ones, are dealing with cryptocurrencies on the juridical level.

“Guidance on Cryptoassets,” reviewed: How the U.K. is going to deal with virtual currencies

Given the tone of the new FCA paper, the U.K. government seems to be leaning toward a rather neutral approach for cryptocurrencies.

The primary goal of the document is to provide more regulatory clarity for crypto market participants. Specifically, the FCA aims to help them understand whether their digital assets of choice are within the regulatory perimeter, what regulations apply to their business and whether they need to be authorized with the agency.

In the paper, the regulator outlines various possible definitions of crypto assets and currently applicable U.K. laws. Specifically, the agency notes that crypto assets could be considered “Specified Investments” under the state’s Regulated Activities Order (RAO) or “Financial Instruments” regulated by the Markets in Financial Instruments Directive II. The regulatory body also mentions that such assets could be subject to E-Money Regulations or Payment Services Regulations.

The FCA’s consultation paper then breaks down cryptocurrencies into three potential categories: exchange tokens, security tokens and utility tokens.

Thus, as per the agency, exchange tokens are those “not issued or backed by any central authority and are intended and designed to be used as a means of exchange.” The FCA cited the example of Bitcoin (BTC) and Litecoin (LTC) in the context of that particular type of digital asset, adding that exchange tokens are usually decentralized. Consequently, the regulator adds, such tokens can be used for the buying and selling of goods and services without the need for conventional intermediaries, such as banks.

Security tokens, in turn, are assets that “are the same as or akin to traditional instruments like shares, debentures or units in a collective investment scheme.” The FCA adds that such tokens likely fall under RAO and are hence “within the perimeter” of the watchdog’s purview. The FCA avoided mentioning specific examples of such security tokens, but nonetheless outlined a more abstract example:

“Firm CD, incorporated in the UK, has created a social trading platform, called the CD Platform, for users to easily exchange fiat currencies for exchange tokens. The firm issues ‘CD Tokens’ which are exchanged for fiat funds and these tokens are used to purchase other exchange tokens.”

In this scenario, the FCA writes, CD Tokens might be categorized as security tokens, as they “confer on the holder a right of ownership of the CD Platform.”

Finally, coins referred to as utility tokens are those that give users access to a product, but do not grant the same rights as security tokens — and hence are not covered by the regulatory regime, unless they can be classified as e-money by definition.

The FCA cites data previously obtained by the U.K. Cryptoassets Taskforce, noting that the country accommodates less than 15 crypto spot exchanges. Combined, they appear to have a daily trading volume of about $200 million — accounting for approximately 1 percent of the daily global trade in cryptocurrencies. Moreover, there are 56 projects in the U.K. that have held initial coin offerings (ICOs), which is less than 5 percent of projects globally. That implies that the domestic crypto market is still relatively small.

However, despite the modest size of the U.K.’s crypto industry, the local regulators have been intensifying their scrutiny: In December last year, the FCA revealed that it is investigating 18 companies over cryptocurrency use, while the U.K. tax collection service issued its first detailed tax legislation for private cryptocurrency holders. As for the FCA consultation paper, the agency is asking the public to weight in on the document and submit comments before April 5. The finalized version of the document will reportedly be presented by summer 2019.

Therefore, the U.K. might soon join the list of countries that employ a definite regulatory approach toward cryptocurrencies. Some of those players, along with the ways in which they define digital assets, will be discussed below.

Japan

Status of cryptocurrencies: legally-accepted means of payment

Japan is one of the world’s largest markets for cryptocurrencies. According to the data collected by the Financial Services Agency (FSA), the chief domestic financial regulator, the country has about 3.5 million crypto traders who conduct annual transactions to the amount of more than $97 billion. The majority of them are reportedly businessmen around the age of 30. Moreover, domestic reports show that around 14 percent оf country’s young male workforce has invested in cryptocurrencies.

Given the significant size of the Japanese crypto market, the FSA has been notably active there. As a result of its politics, the domestic market has gained the reputation of being one of the most compliant and regulation-oriented.

Also, Japan is one of the first countries to legally recognize Bitcoin. Thus, since May 2016, the cryptocurrency, along with other altcoins, can be used as a legally accepted means of payment in the country. However, cryptocurrencies are still not defined as legal tender in Japan. In April 2017, the local Payment Services Act came into force: The document confirmed cryptocurrencies’ role as a form of payment and outlined further regulatory measures of local crypto exchanges and ICOs.

In December 2018, the FSA decided to place Bitcoin and other cryptocurrencies under a single category dubbed “crypto-assets,” according to reports from local media. The government was allegedly worried that, because cryptocurrencies were called “virtual currencies,” traders were mislead into thinking that they were purchasing legal tender recognized by the government.

China

Status of cryptocurrencies: not recognized, banned for trading

China used to be an extremely significant player in the crypto market, hosting a substantial share of Bitcoin miners (in 2017, it was estimated that 50 to 70 percent of Bitcoin mining took place in the country) and Bitcoin trading volume. However, since the government’s major crackdown on local exchanges and ICOs in September 2017, both figures have been significantly downplayed. Nevertheless, China has not abandoned crypto altogether and moved on to become a strictly blockchain power.

Thus, since the wave of regulatory repression took place, people in China can hold cryptocurrencies, but cannot legally exchange them for fiat money. According to the local government, domestic regulators do not recognize cryptocurrencies as legal tender or as a tool for retail payments, and the Chinese banking system is not accepting any cryptocurrencies.

United States

Status of cryptocurrencies: varied, depends on the agency

In the U.S. Congress holds supreme power over federal regulatory agencies, such as the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), discharging them to comply with the laws it issues.

However, Congress has remained silent on the matter of regulating and defining cryptocurrencies. Meanwhile, different regulatory agencies have taken the matter into their hands, with each regulatory body defining cryptocurrencies in its own way.

The SEC, the body that oversees securities transactions, mostly considers crypto as securities. According to the 70-year-old Howey Test, which the SEC applies to determine the purview of its jurisdiction, a security involves the investment of money in a common enterprise, in which the investor expects profits primarily from others‘ efforts. Nonetheless, the SEC has ruled that Ethereum (ETH) and Bitcoin are not securities, meaning that the assets’ ICOs won’t be reassessed by the regulator, which has been shutting down “unregistered securities” during its sweeping probe.

The CFTC, the agency that controls commodity derivatives transactions, claims that tokens are commodities. Basically, in their view, Bitcoin is closer to gold than to conventional currencies or securities, as it is not backed by the government and does not have a liability attached to it.

The Financial Crimes Enforcement Network (FinCen), the bureau that has full authority for Know Your Customer (KYC) and Anti-Money Laundering (AML) matters, considers tokens to be money. In their view, ICO sales are subject to the money transmitter rules under the Bank Secrecy Act, and are therefore required to register with the government, collect information about their customers, and report any suspicious financial activities.

The Internal Revenue Service (IRS), in turn, believes that cryptocurrencies are not currencies, but properties, meaning that when cryptocurrencies are sold for a profit, a capital gains tax will be levied.

However, the complex supervisory situation in the U.S. might change in the future. In late December 2018, two congressmen introduced a bipartisan bill titled “Token Taxonomy Act,” aiming to prevent over-regulation in the domestic cryptocurrency space. Specifically, the paper offers more clarity in regard to ICO registration and taxation policy.

Germany

Status of cryptocurrencies: private money

Cryptocurrencies are not legal tender in Germany, but they have been recognized as “private money” by the German Finance Ministry since 2013. Consequently, any profit made through trading, mining or exchanging Bitcoin or altcoins is subject to a capital gains tax. However, according the German Income Tax Act, if the assets (cryptos) are held for more than one year, they become tax exempt.

Crypto seems to be relatively popular among young people in Germany. According to a November poll conducted by the German Consumer Centers of Hesse and Saxony, more than a quarter of Germans aged 18 to 29 are interested in buying digital assets.

Meanwhile, the German Federal Financial Supervisory Authority (BaFin) has been maintaining a rather aggressive stance toward ICOs, reporting on unauthorized offerings and warning private investors to “keep away from such things.” The agency has also called for international regulations in the sector.

Switzerland

Status of cryptocurrencies: properties

Home to the famous Crypto Valley located in Zug, Switzerland is renowned for its friendly approach toward crypto-related technologies. Just recently, major global Bitcoin wallet Xapo announced it will relocate key business operations from Hong Kong to Switzerland, citing “opaque jurisdiction.”

In Switzerland, cryptocurrencies constitute properties. According to a 2014 report issued by Federal Council, the Swiss government classifies cryptocurrency as “virtual currencies,” or, more specifically, as „digital representation of a value which can be traded on the Internet but not accepted as legal tender anywhere.”

South Korea

Status of cryptocurrencies: not defined yet

South Korea has been spearheading the crypto industry since the 2017 investor boom. Specifically, in July 2017, the local exchange market was processing over 14 percent of global Bitcoin trades, being the third-largest market after the U.S. and Japan. Soon, the South Korean crypto industry was hit with a Chinese-like blanket ban on ICOs, performed by the local financial regulator, which was lifted later in May 2018. Meanwhile, the country has been advancing on the fintech field, steadily becoming an international blockchain hub.

While there’s been a lot regulatory uncertainty along the way, it might not be the case in the near future. In late December, as many as six bills to regulate the crypto industry were introduced by local lawmakers. Specifically, the proposed legislation aims to establish more protection for private investors and deal with the lack of “definition for virtual currencies and regulations for virtual currency transactions in the current law,” among other things.

Malta

Status of cryptocurrencies: digital medium of exchange, unit of account, store of value

Malta is famously called the blockchain island, where several foreign cryptocurrency exchanges, including OKex, Binance and BitBay have set up their operations due to the development of a crypto-friendly space.

In July 2018, the local parliament approved and enacted three bills on distributed ledger technology (DLT): the Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act and the Virtual Financial Asset Act.

Announcing the changes on Twitter, Silvio Schembri, the junior minister for financial services, digital economy and innovation within the Office of the Prime Minister of Malta, claimed that the country became “the first world jurisdiction to provide legal certainty to this space.”

As per the Virtual Financial Asset Act, cryptocurrencies are officially referred to as virtual financial assets (VFA), possibly to avoid the stigma that might be attached to the word “cryptocurrencies”: For instance, ICOs have been named initial VFA offerings, while crypto exchanges have become VFA exchanges.

More specifically, VFA stands for „any form of digital medium recordation that is used as a digital medium of exchange, unit of account, or store of value,“ which is, however, „not electronic money, a financial instrument, or a virtual token.“ The use of virtual tokens is allowed only on “the DLT platform on which it was issued,” while the redemption for funds is available only “on such platform directly by the issuer of such DLT asset.”

Malaysia

Status of cryptocurrencies: securities

Recently, Malaysia became one of the latest countries to roll out regulatory policy in regard to crypto. Starting from Jan. 15, cryptocurrencies are now classified as securities there, which means they are under the purview of the Malaysian Securities Commission. Crypto exchanges or ICOs that continue to operate without the watchdog’s approval could face a 10-year jail sentence and up to $2.4 million in fines.

Nevertheless, the changes came in with a silver lining: According to Finance Minister Lim Guan Eng, the Malaysian government sees the potential of cryptocurrencies and blockchain to boost the domestic economy:

“The Ministry of Finance views digital assets, as well as its underlying blockchain technologies, as having the potential to bring about innovation in both old and new industries. In particular, we believe digital assets have a role to play as an alternative fundraising avenue for entrepreneurs and new businesses, and an alternate asset class for investors.”

Singapore

Status of cryptocurrencies: not legal tender, unregulated

Singapore is a booming market for crypto: Close to the end of 2018, both South Korea’s largest crypto exchange, Upbit, and major Chinese player Binance announced their expansion into the local market.

Meanwhile, in November, the Monetary Authority of Singapore (MAS) broadened the existing regulatory regime to bring certain cryptocurrencies under its jurisdiction. Thus, the central bank introduced a mandatory licensing regime for payment service providers, which are now required to apply for one of three licenses based on the nature and scale of their crypto activities.

Previously, however, the MAS stressed that cryptocurrencies are not legal tender in Singapore, and that the agency does not regulate them.

Italy

Status of cryptocurrencies: not yet regulated

On Jan. 23, an Italian Senate committee approved an amendment on the blockchain industry in what seems to be the first regulatory move of this kind for the country, putting Italy on the map of blockchain-oriented countries.

The amendment, dubbed “Decreto semplificazioni,” provides basic industry terms, such as distributed ledger technology (DLT)-based technologies and smart contract definitions, according to the document that has been published on the Senate’s website.

The document also states that a blockchain-powered digital data record will enable a legal validation of documents at the time of registration.

The decree now requires further approval from the Italian parliament — one from the Chamber of Deputies and another from the Senate of the Republic.

As for cryptocurrencies per se, there is no established regulation in Italy, yet. Nevertheless, the country’s Treasury Department of the Ministry of Economy and Finance had been working on a bill that aims to classify the use of crypto in Italy. Interestingly, the decree was specifically set to define how and when “service providers related to the use of digital currency” should report their activities to the government, which implies regulation on the tougher side.


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The U.K. might roll out a definitive regulatory framework for crypto by summer 2019. It is time to reassess how other crypto markets have been defining digital assets

Crypto Markets Stabilize With Scant Price Action Across the Board

Crypto Markets Stabilize With Scant Price Action Across the Board

Crypto markets are stable, with most top ten coins seeing mild losses over the 24 hours to press time

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Thursday, Jan. 17: crypto markets are stable, with major coins seeing negligible price change over the 24 hours to press time. Most of the top ten cryptocurrencies seeing only mild losses, capped within a 2-3 percent range. Almost half the coins in the top ten-twenty range have tipped slightly into green, as data from Coin360 shows.

Market visualization

Market visualization by Coin360

After an intraweek tumble to ~$3,550 Jan. 13, Bitcoin (BTC) is down a mild 0.9 percent on the day to press time, slipping from a 24-hour high of $3,685 to its current price point around $3,630.

On the week, Bitcoin is down 5 percent; monthly gains are at a solid 10.5 percent, according to CoinMarketCap.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

Ripple (XRP), which has recently regained its rank as largest altcoin by market cap, is down fractionally more, shedding 1.4 percent on the day to trade at ~$0.33 to press time. Ripple’s market share is currently $13.5 billion — as compared with Ethereum (ETH)’s $12.7 billion.

After a volatile and jagged week, Ripple is about 5 percent in the red on its 7-day chart, with monthly gains nonetheless at a solid 13 percent.

Ripple 7-day price chart

Ripple 7-day price chart. Source: CoinMarketCap

The second largest altcoin, Ethereum (ETH), is down a slightly less mild 2 percent on the day, and is trading at ~$122 to press time. The alt has correlated closely with Bitcoin’s trading patterns, seeing an intraweek low of ~$116 Jan. 13, and recovery to ~$131 Jan. 15.

On the week, Ethereum is down a hefty 9.6 percent, but monthly gains are at an impressive 41 percent.

Ethereum 1-month price chart

Ethereum 1-month price chart. Source: CoinMarketCap

The remaining top ten coins on CoinMarketCap are all in the red, but losses are capped at 2-3 percent. Seeing the most volatility is Litecoin (LTC), down 2.86 percent at $31 to press time, and recently-forked Bitcoin SV (BSV), which is down 1.83 percent at $77. Bitcoin Cash (BCH), too, is down 1.6 percent at about $128.

The remaining coins in the top twenty by market cap are seeing more scatterings of green, capped at 2 percent, with the highest losses capped under 4 percent.

Among alts seeing some growth are Cardano (ADA), up 1.9 percent on the day at ~$0.05, privacy-focused alt Monero (XMR), up 0.75 percent and NEM (XEM), up 2.06 percent.

Seeing the most losses are altcoin IOTA (MIOTA), which is down 3.7 percent, followed by NEO (NEO) with 2.8 percent losses on the day to press time.

Total market capitalization of all cryptocurrencies is around $121.4 billion as of press time, down around 5 percent from one week ago, Jan. 10.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

In crypto regulatory news, a bill exempting companies that provide non-custodial crypto services from certain state money transmitting laws has been re-submitted to the United States Congress.

In Australia, meanwhile, the World Wildlife Fund-Australia (WWF-Australia) has just announced the launch of a supply chain tool that uses blockchain to allow businesses and consumers to track food items.


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Crypto markets are stable, with most top ten coins seeing mild losses over the 24 hours to press time

On Bitcoin’s 10th Birthday, Crypto Markets See Corrections Across the Board

On Bitcoin’s 10th Birthday, Crypto Markets See Corrections Across the Board

On Bitcoin’s tenth birthday, crypto markets have dipped into the red, with most of the top twenty coins seeing losses capped below 6 percent

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Thursday, Jan. 3 — after some positive inklings of growth earlier this week, crypto markets have today dipped back into the red, with most of the top twenty cryptocurrencies by market cap seeing losses capped below 6 percent, as data from CoinMarketCap shows.

TRON (TRX) is one of the only outliers among the top coins and the strongest top twenty performer on the day, up just 1 percent. The market is evidently responding positively to news that stalwart peer-to-peer torrent client BitTorrent has launched a TRON-based native token for its users — the company’s first major move to tokenize its content sharing ecosystem, roughly six months after it was acquired by TRON in July 2018.

As of press time, TRX is ranked 10th largest cryptocurrency by market cap, and is trading at around $0.02, according to CoinMarketCap data.

Ten years after its “genesis block” was mined, Bitcoin (BTC) has seen a mild loss of just below 2 percent over the 24 hours to press time, and is currently trading at $3,830. The past week has been a volatile one, with Bitcoin making several attempts to break back above the $4,000 price point, but sustaining losses multiple times — having seen a low of close to $3,600 near the start of its 7-day chart.

Nonetheless, jagged trading patterns have brought Bitcoin up on the week — the top coin has seen 3.5 percent growth since Dec. 27. On the month, Bitcoin has seen even less change, down about 1.5 percent.

Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index

Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index

Ethereum (ETH) — which this week reclaimed its former ranking as largest altcoin by market cap — is down close to 3 percent on the day and is trading at $148 to press time. With a market cap of $15.4 billion, the asset is widening its margin ahead of second-largest altcoin by market cap Ripple (XRP), which has a market cap of $14.6 billion to press time, according to CoinMarketCap data.

Despite today’s losses, Ethereum remains a bullish 23 percent in the green on its weekly chart — and has seen even higher over 37 percent growth on the month.
Ethereum 7-day price chart. Source: Cointelegraph’s Ethereum Price Index

Ethereum 7-day price chart. Source: Cointelegraph’s Ethereum Price Index

Ripple (XRP)’s losses have been slightly heavier, with the asset down just over 4 percent on the day to trade around $0.358. XRP has seen little change on the week, up just 1.4 percent. On the month, the coin is up 2.4 percent.

Ripple 7-day price chart. Source: Cointelegraph’s Ripple Price Index

Ripple 7-day price chart. Source: Cointelegraph’s Ripple Price Index

Among the remaining top ten coins on CoinMarketCap, EOS (EOS) is the heaviest 24-hour loser — down 6.26 percent on the day at $2.67. Recently forked Bitcoin SV (BSV) is also down a heavier 4.7 percent to press time — at $88.44. Litecoin (LTC) and Bitcoin Cash (BCH) are both seeing about 3 percent daily losses as of press time.

In the context of the top twenty coins, weaker performers are seeing 5-6 percent losses — such as privacy-focused alts Zcash (ZEC) and Monero (XMR), as well as Ethereum Classic (ETC).

Total market capitalization of all cryptocurrencies is at around $130.1 billion as of press time — shrinking by around $2.5 billion as compared with earlier trading hours today.

7-day chart of total market capitalization of all cryptocurrencies. Source: CoinMarketCap

7-day chart of total market capitalization of all cryptocurrencies. Source: CoinMarketCap

Today Cointelegraph reported that Estonian digital trading platform DX Exchange will begin offering tokenized stocks from major companies via the Ethereum blockchain next week.

Earlier this week, digital assets platform Bakkt — created by the operator of the New York Stock Exchange (NYSE) — announced the completion of its first funding round, raising $182.5 million from 12 partners and investors.


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On Bitcoin’s tenth birthday, crypto markets have dipped into the red, with most of the top twenty coins seeing losses capped below 6 percent

Crypto Markets Teeter on New Year’s Eve, With Mostly Losses Across the Board

Crypto Markets Teeter on New Year’s Eve, With Mostly Losses Across the Board

On the cusp of the new year, most of the top 20 coins by market cap are solidly in the red, with losses capped below 6 percent

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Monday, Dec. 31 — on the cusp of the new year, all but one of the top 20 cryptocurrencies by market cap are in the red, as data from Coin360 shows. Losses among the larger cryptos are tempered, with most losing 2-3 percent, and losses capped at 6 percent.

Market visualization by Coin360

Market visualization by Coin360

Bitcoin (BTC) has seen a mild loss of around 2 percent over the 24 hours to press time, currently trading at $3,816. The closing week of 2018 has been a volatile one, with Bitcoin breaking above $4,200 Dec. 24, before sustaining several days of losses to trade close to the $3,600 mark Dec. 28. Throughout much of the week, the coin has mostly traded sideways in the $3,800-$4,000 range.

After the week’s shaky performance, Bitcoin is now 6 percent down on its 7-day chart: losses on the month are around 11 percent. On the year, Bitcoin is down 72 percent — having traded around $13,400 on Dec. 31, 2017.

Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index

Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index

Ripple (XRP) —  the second largest crypto by market cap — is down a similarly mild 2 percent on the day, and is trading at around $0.36 to press time. The asset’s 7-day trading pattern has been closely correlated with that of Bitcoin’s — peaking at as high as $0.44 Dec. 24, and reaching an intra-week low of $0.34 on Dec. 28.

Ripple’s typical trading range over much of the week has been $0.36-$0.38; today’s renewed losses have brought the asset to just shy of 2 percent lower than its value at the start of its 7-day chart. Monthly losses are at a fairly mild 4.5 percent. On the year, Ripple is down close to 85 percent.

Ripple 7-day price chart. Source: Cointelegraph’s Ripple Price Index

Ripple 7-day price chart. Source: Cointelegraph’s Ripple Price Index

Ethereum (ETH) — ranked third by market cap — is down under 1 percent on the day and trading at $138 at press time. Following an intra-week high of over $156 Dec. 24, the altcoin has dipped below $115 on Dec. 28, but saw a second flush of positive momentum over subsequent days — inching back close to $150 on Dec. 29.

Ethereum is around 10 percent in the red on its 7-day chart as of press time. The coin has seen growth on the month, with a 23 percent gain. On the year, Ethereum is down close to 82 percent.

Ethereum 7-day price chart. Source: Cointelegraph’s Ethereum Price Index

Ethereum 7-day price chart. Source: Cointelegraph’s Ethereum Price Index

Among the remaining top twenty coins on CoinMarketCap, NEM (XEM) has sustained the highest losses on the day — down close to 6 percent at press time. EOS (EOS) and recently forked Bitcoin SV (BSV) are both down around 3 percent on the day to press time. Litecoin (LTC) is also pushing a 3 percent loss as of press time, while Cardano (ADA) is seeing almost 4 percent daily losses.

An outlier among the top twenty is Binance crypto exchange’s native token Binance Coin (BNB) — the only top coin in the green as of press time — which is up 3.46 percent to trade at $6.15.

Total market capitalization of all cryptocurrencies is at around $127.7 billion as of press time, down from an intraweek high of over $146.3 billion on Dec. 24. As compared with one year ago, total crypto market cap is down about 78 percent.

1-year chart of total market capitalization of all cryptocurrencies. Source: CoinMarketCap


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On the cusp of the new year, most of the top 20 coins by market cap are solidly in the red, with losses capped below 6 percent

Markets Take Renewed Downturn, Cryptos Hit By Strong Losses Across The Board

Markets Take Renewed Downturn, Cryptos Hit By Strong Losses Across The Board

Markets have taken a renewed plunge, with virtually all of the top 100 cryptocurrencies in the red and many high market cap coins losing between 5 and 12 percent

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Friday, Dec. 28 — markets have taken a renewed plunge, with virtually all of the top 100 cryptocurrencies in the red and many high market cap alts seeing losses of between 5 and 12 percent, as data from Coin360 shows.

Market visualization

Market visualization by Coin360

Fourth-largest cryptocurrency Bitcoin Cash (BCH) has led the downturn, seeing a steep 12.15 percent loss on the day to trade at $126. Today marks a low-point on the alt’s 7-day chart, at the start of which it was trading over $220.

Bitcoin Cash 7-day price chart

Bitcoin Cash 7-day price chart. Source: Cointelegraph’s Bitcoin Cash Price Index

Bitcoin (BTC) has seen a more moderate loss of around 4 percent on the day, and is trading at $3,605 to press time. Having hit intra-week levels as high as around $4,230 on Dec. 23, the top coin’s renewed downturn have all but reversed recent gains and Bitcoin is back trading close to its value mid-December.

Bitcoin’s losses remain a mild 2.4 percent on the week and 3.6 percent on the month.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index.

Second-largest crypto by market cap Ripple (XRP) is down over 5 percent on the day, according to Cointelegraph’s Ripple Price Index. Notwithstanding an intraweek spike to $0.45 on Dec. 23, Ripple has mostly been trading range bound between $0.35 – $0.39. The alt has today come close to the price point it held on Dec. 21 — weekly losses are at a mild 1 percent; on the month, the Ripple is down over 4 percent.

Ripple 7-day price chart

Ripple 7-day price chart. Source: Cointelegraph’s Ripple Price Index.

Ethereum (ETH), ranked third by market cap, is down over 7 percent and trading at $115 at press time. Following intra-week highs of over $150, the alt has virtually come full circle on the week, reversing recent growth.

Ethereum’s 7-day price chart

Ethereum’s 7-day price chart. Source: Cointelegraph’s Ethereum Price Index

Among the top ten coins on CoinMarketCap, Bitcoin SV (BSV) has shed close to 11 percent on the day to trade at $83.20. EOS (EOS), Stellar (XLM) and Litecoin (LTC) have all shed 6-7 percent on the day.

Among the top twenty, Ethereum Classic (ETC) and Nem (XEM) are down the most, shedding 8.3 and 9.2 percent at $4.82 and $0.06 respectively.  Dash (DASH), Cardano (ADA) and Tron (TRX) are all down over 7 percent — the strongest 24-hour performer is IOTA (MIOTA), which is down a milder 3.8 percent on the day at $0.31.

Total market capitalization of all cryptocurrencies is at around $120.4 billion as of press time — down from an intraweek high of over $146.5 billion on Dec. 24.

7-day chart of total market capitalization of all cryptocurrencies

7-day chart of total market capitalization of all cryptocurrencies from CoinMarketCap


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Markets have taken a renewed plunge, with virtually all of the top 100 cryptocurrencies in the red and many high market cap coins losing between 5 and 12 percent

Markets Remain Checkered After Christmas With Red and Green Across the Board

Markets Remain Checkered After Christmas With Red and Green Across the Board

Markets are tentatively recovering after hefty losses hit all major cryptocurrencies yesterday on Xmas day, with BTC stemming further losses and some alts seeing strong growth

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Friday, Dec. 26 — crypto markets are tentatively recovering after hefty losses hit all major cryptocurrencies yesterday on Christmas Day. All of the top 10 coins by market cap are seeing mild losses or gains of within a three percent range both red and green, as data from Coin360 shows.

Market visualization by Coin360

Market visualization by Coin360

Bitcoin (BTC) has seen negligible price change over the 24 hours before press time, and is currently trading around $3,804. After a steep price dip yesterday, the coin is stemming further losses and is holding at a price change close to the start of its weekly chart. Overall on the week, Bitcoin has veered between as high as over $4,236 on Dec. 23, to today’s lower price point.

Bitcoin’s swings have resulted in an around 7 percent gain on the week; on the month, the coin is a mild 1.3 percent in the red.
Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index.

Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index.

Second-largest crypto by market cap Ripple (XRP) has continued to shed some value, after having shouldered double-digit losses yesterday. The asset is trading at $0.37, down just over 2 percent on the day, according to Cointelegraph’s Ripple Price Index. Notwithstanding an intraweek spike to $0.45 on Dec. 23, Ripple has mostly been trading range bound between $0.35 – $0.39. On the week, the alt has come full circle to the same price point; monthly losses are about 2.4 percent.
Ripple 7-day price chart. Source: Cointelegraph’s Ripple Price Index.

Ripple 7-day price chart. Source: Cointelegraph’s Ripple Price Index.

Ethereum (ETH) — ranked third by market cap — has inched up a sliver of a percentage point over the past 24 hours, and is currently trading at $127. Despite a bearish performance yesterday as the wider market crash, Ethereum remains a bullish 35 percent in the green on its weekly chart, and is comfortably in green on the month, up by around 14 percent.

Ethereum’s 7-day price chart. Source: Cointelegraph’s Ethereum Price Index

Ethereum’s 7-day price chart. Source: Cointelegraph’s Ethereum Price Index

The CEO of major Hong Kong-based cryptocurrency trading platform BitMEX Arthur Hayes told Cointelegraph Japan today he believes initial coin offerings (ICO) will return within 18 months and Ethereum will see an aggressive rebound to soon test $200.

Fourth-largest cryptocurrency Bitcoin Cash (BCH) has sealed stronger 24-hour gains, and is currently close to 4 percent up on the day at $170. Having seen large growth this week, the coin is up by around 93 percent up on its weekly chart — and down by around 12.3 percent on the month.

Among the top ten coins on CoinMarketCap, EOS (EOS) is another strong performer, seeing 3.8 percent growth at $2.56. Tron (TRX) is also up a solid 3.5 percent at $0.02, while Litecoin (LTC) is down by around 2 percent at $29.98.

Among the top twenty, Ethereum Classic (ETC) has outstripped all other assets in terms of 24-hour growth, up about 12 percent at $5.14. Milder gains have been seen by NEO (NEO), up 2.5 percent at $7.49 and Cardano (ADA), up 2.48 percent at $0.04. Privacy-focused altcoins Monero (XMR) and ZCash (ZEC) are down 0.5 and 1.1 percent, at $48.41 and $59.96 at press time.

Total market capitalization of all cryptocurrencies is at $128.1 billion as of press time — down from an intraweek high of over $146.5 billion on Dec. 24. It nonetheless remains significantly higher than a low of $114.9 billion at the start of the 7-day chart on Dec. 18.
7-day chart of total market capitalization of all cryptocurrencies from CoinMarketCap

7-day chart of total market capitalization of all cryptocurrencies from CoinMarketCap

In news for the Asian crypto markets today, Japan’s Mizuho Financial Group has revealed plans to introduce a digital currency to be used for remittances and payments this coming March.

Meanwhile, the Asia fintech and crypto leader of audit firm PwC Hong Kong has predicted that many institutional players will enter the crypto industry in 2019, citing increasing regulatory clarity as a key factor.


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Markets are tentatively recovering after hefty losses hit all major cryptocurrencies yesterday on Xmas day, with BTC stemming further losses and some alts seeing strong growth

Bitcoin Above $4,000 Again as Top Cryptocurrencies See Gains Across the Board

Bitcoin Above $4,000 Again as Top Cryptocurrencies See Gains Across the Board

Bitcoin is above the $4,000 price point again, and all of the top 20 cryptocurrencies are seeing moderate to high gains

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Sunday, Dec. 23 — all of the top 20 cryptocurrencies are seeing moderate gains, with Bitcoin’s (BTC) price going above $4,000 again, according to CoinMarketCap data.

Market visualization

Market visualization from Coin360

At press time, Bitcoin is up nearly four percent on the day, trading at $4,050. Looking at its weekly chart, the current price is lower than the Friday’s high of almost $4,200; but the cryptocurrency is still trading significantly up from $3,294 — the point at which it started this week.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

Ripple (XRP) — the second largest cryptocurrency by market capitalization — has gained over five percent on the day, trading at $0.374 as of press time.

On the weekly chart, the current price is significantly higher than $0.292, the price at which XRP started the week. However, the current price is slightly lower than the high of $0.389 reached on Wednesday.

Ripple 7-day price chart

Ripple 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) remains the third largest cryptocurrency by market cap, seeing a 15 percent value increase over the last 24 hours. At press time, ETH is trading at $128, having started the day at $111 and hitting an intra-day high of $133.

On the weekly chart, the current price is notably higher than $87, which was the value of ETH on Monday.

Ethereum 7-day chart

Ethereum 7-day chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, some are reporting more significant growth rates. Namely, NEO has gained 12 percent, and EOS is also up nearly 12 percent. Cardano (ADA), Litecoin (LTC), IOTA and Ethereum Classic (ETC) are all up almost 10 percent.

The combined market capitalization of all cryptocurrencies has surged to over $135 billion at press time. This places the current market cap near its weekly high of over $137 billion, after having started the week at just $104 billion.

As Cointelegraph reported recently, co-founder of Ethereum, Joseph Lubin, declared on Twitter that he is “calling the cryptobottom of 2018.” He further added that from his perspective “the future looks very bright.”

Earlier this week, two United States congressmen introduced a bipartisan bill titled “Token Taxonomy Act,” which proposes to exempt crypto assets from being considered securities.


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Bitcoin is above the $4,000 price point again, and all of the top 20 cryptocurrencies are seeing moderate to high gains