Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

Cryptocurrency markets are steadily coasting along after suffering from some volatile low swings last week. Over the past 24 hours, most cryptocurrencies are still in the red nurturing losses between 1-3 percent, and a few are in the green by a few percentages. At the time of publication, the price of bitcoin cash (BCH) is hovering around $850 per coin. Meanwhile, bitcoin core values are meandering just above the $6,500 region.

Also read: William Shatner Joins Bitcoin Mining Project, Admits He Doesn’t Quite Get It

SEC Announcement Adds Second Wind Into the Cryptocurrency Market Sails

Since last week’s ‘Bloody Sunday’ cryptocurrency market have seen some slight recovery but not by much. Markets were dropping pretty low up until the U.S. Securities and Exchange Commission (SEC) revealed cryptocurrencies that are decentralized are not securities. After the SEC’s head of the Division of Corporate Finance, William Hinman, made these statements digital asset markets saw a small rally and this push has kept markets from drawing lower, at least for a short period of time. The overall market valuation for all 1600+ cryptocurrencies is currently worth around $280Bn USD and 24-hour trade volume for the entire lot of digital currencies is $10.8Bn.

BCH Market Action

Bitcoin cash markets have steadily held above the $840 – $855 region over the past few hours with around $303Mn in 24-hour trade volume. Just like before last week’s dump, trade volume is pretty flat and action has simmered down over the past day. The top exchanges swapping the most BCH today are Okex, Exx, Hitbtc, and Bitz. Bitcoin core (BTC) currently represents 48.8 percent of the trades swapped with BCH today. This is followed by tether (USDT 28.8%), USD (13%), KRW (4%) and ETH (2%). As of this writing, one BCH is equivalent to 0.1309 BTC, and bitcoin cash is the fifth highest trade volume.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

BCH/USD Technical Indicators

The daily and 4-hour charts on Bitfinex show that BCH bulls have some resistance ahead in order for the markets to progress upwards. The two Simple Moving Averages (SMA) on the 4-hour BCH/USD chart show the short-term 100 SMA is above the long-term 200 trendline.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

The two SMAs recently crossed hairs and this indicates a move to the upside could be in the cards. Both the Relative Strength Index (RSI) oscillator (54) and the MACd show deep consolidation and a touch of uncertainty. Looking at order books shows BCH bulls have some solid resistance past the $870 mark and some more between $900 – $950. On the backside, stronger foundations have been built up over the past few days and BCH bears will see some pit stops around $825 and $775.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

BTC Market Action

As mentioned above, bitcoin core markets have been hovering just above the $6,500 territory for most of today’s trading sessions. Trade volume over the past 24 hours for BTC is around $3.1Bn and the overall market capitalization today is $111Bn. The top five exchanges by BTC trade volume on June 16 are Bitfinex, Coinbase, Bitstamp, Kraken, and Neraex. The Japanese yen today is dominating BTC trades today by over 71 percent. This is followed by tether (USDT 14.3%), USD (9.1%), KRW (1.6%), and the EUR (1.3%). Currently, BTC dominance amongst all the other markets is 39.9 percent.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

BTC/USD Technical Indicators

4-hour and daily charts for GDAX and Bitstamp’s BTC/USD markets show quite a bit of consolidation as well. We can see from this chart that the two SMAs have also crossed paths with the 100 SMA just above the 200 SMA trendline. This indicates the path of least resistance will be towards the upside, but much like the BCH/USD 4-hour chart the gap is small, and the two could easily cross again.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

RSI levels are the same as well (52) and the MACd looks to be heading southbound soon. The current resistance zone for BTC bulls is between $6650 and $6775 (20 and 50 MA) at press time. On the back side, bears will meet resistance between 6400 and 6200 and significant foundational buy support beyond that. If things were to go into the sub-$6K region, the $5K region will likely hold for a very long time. However, at any time between this vantage point and that theoretical region, we could see a strong impulse leg upward.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

The Top Cryptocurrency Markets

On Saturday, June 16 the second highest valued market held by ethereum (ETH) is up 1.7 percent and one ETH is averaging around $500. Ethereum values over the last seven days are down 14 percent. Ripple XRP markets are down 0.4 percent over the last 24-hours and down 18 percent during the course of the week. One XRP is trading for $0.53 cents per token. The fifth largest market, EOS, is up 0.12 percent and down 23 percent over the last seven days. The EOS token is trading for $10.67 and the currency holds the fourth highest trade volumes today.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

The Verdict: Skepticism Remains Strong

The verdict this weekend still leans towards the bearish side taking into consideration the current charts, but mostly, market volumes have been considerably low. The SEC news helped add some positivity to an otherwise extremely gloomy week as far as markets were concerned. Traders are likely to remain skeptical for the time being until some bullish signals appear. The good news is markets have found support once again but where it will take us from here is hard to say.

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

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


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PR: trade.io Announces Massive Airdrop Campaign

trade.io Announces Massive Airdrop Campaign

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.

trade.io has announced the upcoming launch of an unprecedented ongoing airdrop campaign, which will enrich the portfolio of existing Trade Token (TIO) holders with potentially hundreds of different Alt Coins.

With this campaign, any TIO holder is automatically qualified to benefit from ongoing token airdrops from high potential ICOs. Such ICOs have undergone an extensive vetting process by the experienced trade.io consulting team for AML processes, technical viability and longevity, and as a result have been verified as high potential projects by the company.

trade.io targets to airdrop as many as 2 million tokens (sometimes more) per verified ICO, specifically to its TIO holders and to its loyal community. Clients who have already passed the strict trade.io vetting processes and who are in line to distribute their Alt Coins to the trade.io network include: TV-TWO, ICO Watchdog, INGOT Coin, DarcMatter, ZeroEdge. Another 50 ICOs are already in discussions to join the trade.io ICO consulting pipeline. This could potentially make 100 million coins available for airdrop to TIO holders within the coming months.

How does the airdrop work*:
Community members who join in trade.io’s telegram groups plus the ICO client’s telegram group will automatically be airdropped a pre-set percentage of tokens.

Existing TIO Holders who actively participate into the ICO of the client via the upcoming trade.io airdrop web page will be eligible to receive a significant number of additional Alt Coins. The top raffle allocation is USD 100,000.

trade.io will take a snapshot of all wallets holding TIO – anybody holding over 2,500 TIOs will be eligible to receive an additional airdrop. This will be an ongoing process for any ICO launched on the trade.io platform.

TIO holders who participate in the ICO via the trade.io link will be eligible to receive additional bonuses over and above what the client ICO is offering.

To register to be informed about upcoming airdrops, visit https://airdrops.trade.io
CEO of trade.io Jim Preissler commented: “We are constantly looking for ways to add value to the experience of our loyal community and TIO holders. We feel that an ongoing airdrop of this enormity is the perfect way to both thank our community for their loyalty plus to assist new high potential ICOs in accessing our informed and ambitious community.”

The Company’s vision is to continually onboard quality ICOs, which will bring a stream of high potential Alt Coins to TIO holders on an ongoing basis. With this, any hodler of the TIO token will automatically inherit high quality coins. This will help TIO holders to diversify – as well as to increase – the size of their portfolio.

He continued “This airdrop is a win-win situation for all company stakeholders. The Alt Coins from our upcoming ICOs will also be airdropped into our liquidity pool, which will benefit all of its participants.”

The Trade Token is currently available to purchase on the following exchanges: OKEX, Bancor, GateIO, TIDEX, KuCOIN, HitBTC, IDEX. The trade.io exchange is scheduled to launch within the coming weeks.

* Any percentages stipulated and / or airdrop terms & conditions will be issued by the company upon final launch of the airdrop program in due course. All announcements will be made on our official telegram channel https://t.me/TradeToken

About trade.io
trade.io is a next generation financial institution based on blockchain technology, and providing the ultimate in security and transparency via its flagship product the trade.io exchange as well as its highly sought after ICO Consulting Services and Angel Investment Program. trade.io successfully completed its ICO in January 2018 and raised over 31 million USD from loyal participants and community members who want greater transparency in the financial markets.

Read more: https://trade.io
Contact: marketing@trade.io

Contact Email Address
marketing@trade.io
Supporting Link
htpps://airdrops.trade.io

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

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HitBTC Suspends Japanese Users, Plans to Launch Regulated Crypto Exchange

Citing the need to comply with local regulations, Hong Kong-based cryptocurrency exchange HitBTC has suspended its operations in Japan and has outlined a plan to launch a regulated subsidiary in the coming months. Hong Kong-based HitBTC, the world’s seventh-largest cryptocurrency exchange by trading volume, says the precautionary measure to ‘temporarily’ suspended services to Japanese residents

The post HitBTC Suspends Japanese Users, Plans to Launch Regulated Crypto Exchange appeared first on CCN

Cryptocurrency Exchange Hitbtc Suspends Services in Japan

Cryptocurrency Exchange Hitbtc Suspends Services in Japan

Hitbtc has suspended its services for Japanese residents to avoid any trouble with the country’s financial regulator since it is not authorized to operate in Japan. Users with Japanese IP addresses will be asked to provide their residency information within the exchange’s know-your-customer (KYC) procedure to prove they are not residents of Japan.

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

Suspending Services in Japan

Cryptocurrency Exchange Hitbtc Suspends Services in JapanHitbtc, the world’s eighth largest crypto exchange according to Coinmarketcap, has announced a service suspension for Japanese residents.

On its website, the Hong Kong-based exchange added a new section called Service Restriction to the Legal Information page of its Terms of Service. “You shall not use our services and immediately cease using those if you are a resident or become a resident at any time of the state or region where Hitbtc is not authorized to act,” the exchange wrote, adding:

For the avoidance of any doubt and in accordance with the Japan Payment Services Act, Hitbtc has temporarily suspended providing virtual (crypto) currency exchange services to residents of Japan.

Cryptocurrency Exchange Hitbtc Suspends Services in JapanThe exchange elaborated, “In case our technology detects that you use our services from an IP address registered in Japan, or any other services registered in Japan, you would be asked to confirm that you are not a resident of Japan by providing information on your residency within KYC procedure.”

The exchange subsequently posted a notice on its website on Sunday confirming the suspension, reiterating that it “will apply only to those living in the country.”

Hit Solution Ltd provides access to crypto assets exchange platform under the registered trademark Hitbtc. Since 2013, the platform “has been providing markets for bitcoin, ethereum, litecoin, dogecoin, monero, USDT, and more than 300 cryptocurrencies in total,” its website details. The exchange’s 24-hour trading volume at the time of this writing is $281,395,577.

Avoiding Trouble with the Regulator

The Japanese Payment Services Act that Hitbtc refers to went into effect in April last year, legalizing cryptocurrency as a means of payments.

Cryptocurrency Exchange Hitbtc Suspends Services in JapanHowever, it also mandates any crypto exchanges operating in the country to register with the country’s financial authority, the Financial Services Agency (FSA). So far, 16 crypto exchanges have been granted a license to operate and the same number were allowed to operate while their applications are pending. Out of the latter 16, the FSA recently revealed that 8 have indicated that they are withdrawing their applications.

The agency has also warned some exchanges that have been operating in Japan without a license. Among them was Binance, the exchange whose 24-hour trading volume often tops the list of the world’s largest. On May 23, the agency sent a letter to Binance and its representative, CEO Changpeng Zhao, warning them about operating in Japan without a license. In April, crypto exchange Kraken announced its withdrawal from the Japanese market, citing high costs to comply with the FSA rules, which became stricter following the hack of Coincheck in January.

In Sunday’s announcement, Hitbtc revealed that it has been working with a Japanese law firm with the aim “to get Hitbtc through the local subsidiary setup and licensing procedure to resume its services” for Japanese residents, adding:

The company is actively hiring for the local office and exploring M&A opportunities to expedite the launch of the Japanese operations in Q3 2018.

What do you think of Hitbtc’s strategy in Japan? Let us know in the comments section below.


Images courtesy of Shutterstock, FSA, and Hitbtc.


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Markets Update: Digital Assets Show Recovery After the Past Three Days of Dips

Digital asset markets are doing some healing during the past 24-hours of trading after touching some lows the day prior. At the moment the entire cryptocurrency market capitalization of all 1,600+ tokens is around $377Bn with around $16Bn worth of 24-hour trade volume. Bitcoin Core (BTC) markets are up 2.3 percent averaging $8,314 per coin while Bitcoin Cash (BCH) prices are up 1.5 percent at around $1,180 per BCH.

Also read: “Stablecoin” Trueusd Pumps After Binance Listing

The Week-Long ‘Consensus Pump’ Never Came to Fruition

The mid-May ‘blockchain week’ Consensus pump never materialized last week even though there was plenty of positive cryptocurrency news. During the course of the week, most digital assets in the top 500 lost a good portion of gains. This weekend is a different story as a bunch of markets are seeing some recovery from the dips. Bitcoin Cash markets are up 2.3 percent averaging roughly $1,188 per BCH at the time of publication. The decentralized currency’s 24-hour trade volume has dropped considerably to $683Mn which doesn’t give traders hope for a bigger weekend push. The top five exchanges swapping the most BCH today include Okex, Huobi, Hitbtc, Lbank, and EXX. BTC pairs with BCH has increased significantly as BTC represents 41 percent of today’s BCH trades. This is followed by tether (USDT 30%), USD (13%), KRW (11%), and the Euro (1.2%).

Markets Update: Digital Assets Show Recovery After the Past Three Days of Dips
BCH/USD prices on May 19, 2018.

BCH/USD Technical Indicators

Looking at the BCH/USD four-hour charts on both Bitstamp and Bitfinex shows bulls need to muster up more strength to break upper resistance. The two Simple Moving Averages (SMA) still have a gap with the 100 SMA above the 200 SMA indicating a good path to the upside. However even though there is a gap it looks as though the two trend lines may cross hairs shortly. RSI oscillator levels point towards an oversold region at 38, and the MACd indicates there will be improvement shortly as well. Looking at the order books towards the upside shows bulls have gigantic sell walls to eat through between the current vantage point and $1,250. On the back side if the BCH bears remain in power there are still some solid foundations between now and $1,130. Traders are looking out for some deeper consolidation before the next breakout as positions currently look like musical chairs at the moment.

Markets Update: Digital Assets Show Recovery After the Past Three Days of Dips
BCH/USD prices on May 19, 2018, Bitfinex $1,880 per BCH.

The Top Digital Currencies See Some Recovery

Overall most cryptocurrencies today are in the green and nurturing the market wounds from the past 72-hours. Bitcoin Core (BTC) prices are doing decent rebounding today at $8,318 per coin but trade volumes are also low at $5Bn. Ethereum (ETH) the second highest valued market cap is doing very well as markets are up 4.3 percent. One ETH is trading at $708 during Saturdays mid-afternoon trading sessions. Ripple (XRP) prices are up 2.1 percent as each XRP trades at $0.68 cents. Lastly, the fifth position held by EOS is doing the best out of the top five contenders as EOS prices are up 5.6 percent — a single EOS today trades for $13.13 per token.

Markets Update: Digital Assets Show Recovery After the Past Three Days of Dips

The Verdict: Bullish Optimism Wanes

Optimism is there among cryptocurrency traders and enthusiasts but people are becoming skeptical of the positivity and those predicting bullish pumps. Of course, while the dips take place traders are finding shelter in Tether, and True USD while they wait out the storm. For now, there’s a whole lot of consolidation happening until traders decide when the next big move happens which could go either way at this vantage point.

Where do you see the price of BCH and other cryptocurrencies headed from here? Let us know in the comments 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.


Want to create your own secure cold storage paper wallet? Check our tools section.

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Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets

Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets

Cryptocurrency markets are losing some gains today, as most digital assets are down between 3-15 percent during this morning’s trading sessions on May 16, 2018. The overall cryptocurrency market cap has shaved a few billion in losses since our last markets update, leading to the valuation of all 1,600 cryptocurrencies hovering around $374Bn today. During the last 24-hours Bitcoin Cash (BCH) value has dropped 10.4 percent and prices are around $1,258 per BCH. Bitcoin Core (BTC) prices have also dipped, but by only 5.6 percent with one BTC priced at $8,234 at the time of publication.

Also read: Circle Raises $110Mn With Plans to Launch USD-Backed Coin

BCH Markets Down 20% This Week

At least three-quarters of the entire cryptocurrency ecosystem has lost value today as many coins are seeing losses this Wednesday. Total 24-hour trade volume for today’s trading session is around $22.6B worth of exchanges. Bitcoin Cash markets have lost a bit of value since yesterday as the network experienced an upgrade which increased its block size to 32MB. BCH trade volume is thinner than the week prior as only $1Bn has been traded during the last day. The top five exchanges swapping the most BCH during today’s trading sessions are Okex, Bitfinex, Huobi, Upbit, and Hitbtc. Both the South Korean won and tether (USDT) BCH trading pairs have seen exponential volumes but BTC still dominates pairs by 34 percent. The BCH/BTC pair is followed by tether (USDT 25.4%), USD (22%), KRW (14%), and the EUR (1.4%).

Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets
BCH/USD market action on May 16, 2018, according to Satoshi Pulse.

BCH/USD Technical Indicators

Looking at the four-hour BCH/USD chart on Bitfinex the price is seeing some deep triangular consolidation at the moment. The MACd is on the rise after the initial dip took place and show more improvement could be in the cards. RSI levels show the oscillator is around 38 right now, showing oversold conditions seem imminent. Looking at the two Simple Moving Averages indicates the path to resistance to the upside still looks obtainable as the short term 100 SMA rides above the longer term 200 SMA trend line. Looking at order books on the upside, BCH bulls need to muster up the strength to break past $1,330-1,355 in order to make headway northbound. On the flipside, if the dips continue there are some solid foundations between the current vantage point and $1,210.

Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets
Bitfinex — BCH/USD May 16, 2018, at 10 am EDT.

A Brief Glimpse at Overall Cryptocurrency Market Action

The entire cryptocurrency ecosystem is seeing pretty decent losses today even though there’s been loads of good news coming from the industry this week. The number one cryptocurrency market cap held by Bitcoin Core (BTC) is wavering just below the $8,400 region with $7Bn in trade volume over the past 24-hours. Ethereum (ETH) markets has seen some dippage as well, as prices have lost 4 percent today. One ETH is hovering just above $700 USD at the time of publication. Ripple (XRP) markets are seeing heavier losses around 6.3 percent as one XRP is $0.69 cents today. Lastly, the fifth highest capitalization has been a contested position for a while now as many coins have been filling this area over the past year. EOS has held the number five spot for a few weeks now but its markets are down 11.7 percent today as one EOS is averaging $12 per coin.

Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets
The top ten cryptocurrencies today according to Satoshi Pulse.

The Verdict: Mid-May Market Action is Lackluster but Positivity Remains

So far, the mid-May bull run lots of enthusiasts were hoping for has been nothing but a fizzle this week. Many believed cryptocurrencies would begin to see larger gains after the Consensus conference in New York started but that forecast never came to fruition, at least not yet. The only coins that are doing well today are a few miscellaneous tokens and stablecoins like tether (USD, and TrueUSD showing traders are likely using these ‘stable’ currencies as shelter from the current storm). Optimism and positivity among traders on social media and trader groups on Telegram still seems bright, even though markets have shaved some decent gains over the past 72-hours.

Where do you see the price of BCH and other cryptocurrencies headed from here? Let us know in the comments 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.


Want to create your own secure cold storage paper wallet? Check our tools section.

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Public Company’s ICO Paves the Way for Other Token Sales in Thailand

Public Company's ICO Paves the Way for Other Token Sales in Thailand

The first initial coin offering (ICO) by a publicly traded company in Thailand has begun trading on a couple of local exchanges. Meanwhile, the regulators are still drafting the legal framework for cryptocurrencies and token sales.

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

First Public Company to Launch ICO

The launch of an ICO by a publicly traded company has paved the way for other token sales in Thailand.

Public Company's ICO Paves the Way for Other Token Sales in ThailandJay Mart Plc’s subsidiary, J Ventures Limited, launched its ICO called Jfin Coin last week. Jay Mart Plc operates in the wholesale and retail sectors for mobile phones and technology accessories and is listed on the Stock Exchange of Thailand (SET).

The pre-sale of Jfin Coin was held on February 14 at the rate of 6.60 baht (~US$0.21) per token, which was sold out. Its ICO debuted on local cryptocurrency exchange Coin Asset at 6.45 baht, but quickly tanked 57.09% to roughly 3 baht before regaining some of its losses. It is currently trading at 3.94 baht (~$0.12).

Public Company's ICO Paves the Way for Other Token Sales in Thailand

Initially, J Ventures was going to trade the tokens on a much larger crypto exchange in the country, the Thai Digital Asset Exchange (TDAX). However, the company switched to Coin Asset, which has much lower liquidity, according to the Bangkok Post.

Jfin Coin also started trading this week on another local platform, Cash2coins. J Ventures CEO Thanawat Lertwattanarak told the news outlet that the company plans to list Jfin Coin on Hong Kong’s Hitbtc as well as South Korea’s Upbit in the near future. His statement came prior to Upbit being investigated by the Korean authorities for alleged fraud.

Other ICOs Follow

The Thai government is currently drafting the regulatory framework for cryptocurrencies and ICOs. However, some companies are not waiting for the legal framework to be introduced.

Public Company's ICO Paves the Way for Other Token Sales in ThailandFollowing Jfin Coin, Zmine Holdings Limited is also planning a token sale. CEO and co-founder Kasem Pativitvatana said the company expects to raise at least 180 million baht (~$5.6 million) through the issuance of 100 million ZMN tokens in order to expand its crypto mining business which began in 2014, Prachachat Turakij reported.

The pre-sale of ZMN tokens began last week. MGR Online reported that 2 million tokens were sold on the first day for approximately 3.5 million baht (~$109,825).

Recently, “the Finance Ministry took steps to put the brakes on the Initial Coin offering (ICO) bandwagon by threatening to hit the emerging ICO market with value-added tax and capital gain tax,” the Nation Multimedia described, adding:

Under the proposed new laws, the [Thai] Securities and Exchange Commission (SEC) would be responsible for regulating the ICO market, covering securities and other kinds of digital tokens. One key feature of a related new law covers the electronic-KYC (know your customers) requirement aimed at preventing money launderers and other criminals from taking advantage of the new funding channel.

Do you think the Thai government will let ICOs flourish? Let us know in the comments section below.


Images courtesy of Shutterstock, Coin Asset, J Ventures, and Zmine.


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Binance’s Coin Listing Policy Raises Questions

Binance’s Coin Listing Policy Raises Questions

As the world’s largest exchange, Binance commands huge amounts of power. It can charge whatever it likes for a listing in the knowledge that altcoin projects will still cough up in return for the liquidity and legitimacy that a Binance listing brings. With great power comes great responsibility however, and some of the exchange’s new additions have a chequered past.

Also read: How to Shuffle Your BCH Coins Like a Boss

Binance Swallows Up Bytecoin

As one of the oldest and least fashionable cryptocurrencies on the market, bytecoin was an unexpected addition to Binance. The exchange is more accustomed to listing the latest “must-have” tokens such as Wanchain, but appears willing to add any coin if the price is right. The addition of bytecoin (BCN), as well as other recent listings, has had some traders scratching their heads. BCN is a controversial coin due to an allegedly huge pre-mine when it launched in 2014. It then effectively disappeared off the radar before resurfacing last year.

Binance’s Coin Listing Policy Raises Questions

Until its appearance on Binance on May 8, bytecoin was only available on the unfashionable Stocks.Exchange, Hitbtc, and Poloniex. As much as 82% of the coin’s supply is believed to be in the hands of one entity, or a handful of entities at best, and it is also alleged to be susceptible to an infinite inflation bug that allows coins to be created out of thin air. This latter flaw may have now been fixed, but tellingly Onchainfx still lists BCN as a scamcoin alongside the likes of Bitconnect.

Binance, Bytecoin, and the Big Pump

Regardless of bytecoin’s murky past, its present is just as dubious. Every coin that is listed on Binance can expect an instant pump, but BCN’s was significantly higher than usual – and its fall equally spectacular. The coin rose by 270% in three hours before plummeting, leaving its daily gains at “just” 71%. Coin comparison site Coincodex called foul play as massive price discrepancies for BCN appeared between Binance and Poloniex. In a blog post, Coincodex wrote:

Who in the world was buying BCN at a price which was 10 times higher than elsewhere? Perhaps there were some unwitting traders who didn’t want to miss out on a token that was going vertical and bought before checking prices on other exchanges, but it seems very unlikely that BCN trading activity on Binance today was entirely organic.

Shortly after being listed on Binance, the bytecoin network stopped confirming transactions, prompting Poloniex to halt BCN withdrawals. According to Bytecoin, this was due to the network experiencing “unusually high load”, likely a consequence of BCN holders rushing to transfer their coins to Binance to catch the pump. Binance later issued its own update, advising users to “Please be cautious of high price volatility and trade with caution.”

Binance’s Coin Listing Policy Raises Questions

It is Binance’s prerogative to list whatever coins it likes, and it is not responsible for the prices that traders choose to pump coins to. Given the murky nature of bytecoin’s past, however, coupled with concerns over who owns the bulk of the circulating supply, it is hard to see how the community benefits from BCN being added to Binance. For so long as the exchange dominates the market, altcoins will clamor to be listed and traders will compete to catch the pump, regardless of the coin’s fundamentals.

Do you think bytecoin is a scamcoin, or is it a legitimate cryptocurrency? Let us know in the comments section below.


Images courtesy of Shutterstock, and Twitter.


Need to calculate your bitcoin holdings? Check our tools section.

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Forking Today: Bittrex’ Stance on Bitcoin Private Angers Zclassic Bagholders

Bittrex’ Silence Over Bitcoin Private Angers Zclassic Bagholders

In less than six hours, zclassic will fork to create bitcoin private, a new privacy-oriented coin that uses zk-snarks to obfuscate transactions. Holders of bitcoin and zclassic will both be eligible to receive bitcoin private (BTCP) on a 1:1 basis. There’s just one problem: 93% of all zlcassic (ZCL) is on Bittrex exchange, which until today had neglected to pass comment on whether it would support the fork. As the price of ZCL has dropped sharply, bagholders have expressed their anger at Bittrex’ slowness to act.

Also read: Bitcoin Private Fork Aiming to Make Bitcoin More Anonymous

Bitcoin Private Angers the Public

Bittrex Is Now Grouping Token Deposits to a Single Ethereum AddressBitcoin private has been a long time coming, with the fork of zclassic announced back in December of last year. Since then, traders have been steadily accumulating ZCL, causing its price to rise from $4 in early December to a high of almost $200. Everyone knew that ZCL would dump hard, but few expected it to do so before the fork. In the last 48 hours that’s what’s happened though, as the coin has plunged to a low of $73, a drop of 50% in less than a week.

It had been widely assumed – or at least hoped – that Bittrex would support the fork. Given that 93% of the trading volume comes from the U.S. exchange, it has the power to largely make or break the launch of bitcoin private. As ZCL bagholders have vented their frustrations, other traders have crowed about selling the coin days ago, leading to acrimony. The fork is scheduled to take place on February 28 around 5pm UTC.

The exchange finally broke its silence just hours before the fork was due to occur. In a statement, it wrote: “Bittrex will NOT be supporting the market for Bitcoin Private but due to issues with the Zclassic wallet, we will offer Zclassic holders on Bittrex partial support through claiming and withdrawing BTCP…Bittrex will suspend the Zclassic market approximately 15 minutes before the snapshot time and perform an on-exchange snapshot of ZCL balances. The market will re-open after 5pm UTC once the on-exchange snapshot is complete.”

The exchange probably won’t be listing BTCP as a tradable coin, it seems, and it certainly won’t be issuing bitcoin private on a 1:1 basis to BTC holders. While ZCL holders were relieved to learn this news, for some traders the announcement was a case of too little, too late.

Bittrex’ Silence Over Bitcoin Private Angers Zclassic Bagholders

A Good Idea Badly Executed?

The arguments for and against bitcoin private have been rehashed enough times. Given zclassic’s reliance on Bittrex for trading volume, it seems odd that Rhett Creighton and his team wouldn’t attempt to come to some sort of informal agreement with the exchange in advance. Without Bittrex’ promise of participation, the whole affair was bound to create bad blood and get the launch of bitcoin private off to a controversial start. Nevertheless, there has been nothing preventing traders from withdrawing their zclassic to a wallet or sending it to an exchange that has promised to support the fork in advance, such as Cryptopia.

Bittrex’ Silence Over Bitcoin Private Angers Zclassic Bagholders

Historically, Bittrex has been reluctant to support bitcoin forks, with bitcoin gold the last to be listed on the exchange. Other exchanges, including Hitbtc and Kucoin, have announced that they will issue BTCP to BTC holders, but Bittrex – which isn’t exactly famed for its communication – remained silent right up until the last possible moment, before finally caving to public pressure. While zclassic holders are entitled to feel aggrieved at Bittrex’ lack of action, exchanges are not obligated to dispense forked coins like free candies.

For those who truly believe in bitcoin private, the price of zclassic in the run-up to the fork is largely irrelevant. All that matters is that they move their ZCL to a supporting wallet or exchange, sit tight, and let the fork take its course. For traders, simply chasing the pump, going all-in on a coin that was already up 5,000% in three months was always going to be a risky move.

Do you think Bittrex have declared its support for BTCP sooner? Let us know in the comments section below.


Images courtesy of Shutterstock, and Coincodex.


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The post Forking Today: Bittrex’ Stance on Bitcoin Private Angers Zclassic Bagholders appeared first on Bitcoin News.

PR: B2Expand Launches Its Ethereum-Based Game Asset Store

B2expand Ethereum-Based Game Asset Store

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.

Gaming startup B2Expand has launched the beta version of its game store. The shop is the first in the video gaming space to leverage blockchain — best known as the underlying technology of Bitcoin and other cryptocurrencies.

The shop’s launch comes three months after B2Expand published its first game, Beyond the Void (BTV) — a space Multiplayer (1v1 initially) Online Battle Arena (MOBA) game. At the time of the shop launch, over 10,000 gamers had played BTV’s beta release.

B2Expand’s head of communication and marketing, Manon Burgel, explains that players can buy newly created game assets through the store, such as skins and avatars. They will also be able to use it as an exchange platform where they trade assets among themselves. Manon:

“The store is one of the critical features we are building in our wider blockchain-based gaming ecosystem, which will foster true ownership of players’ gaming assets.”

B2Expand has christened their ecosystem Nexarium. They have indicated that it will include the store, native games like Beyond the Void, partner games that use the Nexium token, and game assets.

The blockchain technology behind Nexium

The Nexarium ecosystem uses the blockchain at two levels. In November 2016, B2Expand raised over US$300,000 through an ICO to support the development of Beyond the Void and the necessary infrastructure for Nexarium. An ICO – Initial Coin Offering – is a capital-raising event where a startup creates tokens and sells them to the public.

In its ICO, B2Expand created 100 million Nexium tokens on the Ethereum blockchain and sold over 28 million to the public. Those that were not sold were burned (destroyed).
The Nexium is an ERC20 token, which means it complies with Ethereum’s blockchain standard and can be managed using Ethereum’s infrastructure. Manon:

“While you can create a Nexium wallet with tools built-in on the Beyond the Void platform and link it to the game store account, you have the option of using Ethereum wallets. In particular, Nexiums can be received, stored and sent using the Metamask, Mist and Toshi wallets.”

With the launch of the store, the token takes on the critical role of currency for players to trade game assets. The token makes micropayments across international borders easier and gives users a single coin to use, instead of working with multiple fiat currencies and payment providers.

Gamers and investors who didn’t get an opportunity to acquire tokens during the ICO can purchase them on exchanges such as Bittrex, Poloniex, HitBTC, Openledger and Etherdelta.

Game assets on the blockchain

The second way B2Expand uses the blockchain is in making true asset ownership possible. In the Nexarium ecosystem, cosmetic assets like skins and avatars will reside and be managed on the blockchain, making them 100% portable and independent of the gaming platform.

Players can gather assets in-game and opt to keep and use them, or sell them to other players as Ethereum-based entities, through Nexarium or independent second-hand shops.
B2Expand Game Designer Remi Burgel believes that, once more gaming platforms adopt blockchain, cross-gaming trading will become part of the player experience, with gamers moving common assets across platforms. Remi:

“For example, a player could move their unique mothership from Beyond the Void to any other space-based game.”

Remi does warn that, being in beta, the shop could still have glitches. The development team expects to have all significant bugs fixed before general release and Remi anticipates that any remaining issues will not significantly affect the overall player experience.

In November 2017, B2Expand was included in a startup accelerator program organized by video game publisher Ubisoft in conjunction with Station F, one of world’s largest business incubators. B2Expand gained access to 15 experts to help implement their business plan, observe regulatory requirements, create appropriate designs and proceed with technical development.

Contact Email Address
manon.burgel@b2expand.com
Supporting Link
https://www.beyond-the-void.net/wiki/b2expand/

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

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