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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Bitcoin ETF: Firms Team, Reapply, $200,000 Price Targets Wall Street Institutions

Bitcoin ETF: Firms Team, Reapply, $200,000 Price Targets Wall Street Institutions

Van Eck and Solid X have teamed, after both failed previously to gain formal regulatory approval for their respective bitcoin core (BTC) exchange traded fund (ETF) proposals, reapplying to the US Securities and Exchange Commission (SEC) today. They’re proposing a physically backed bitcoin ETF, the Van Eck Solid X Bitcoin Trust, and it just might be poised to break the losing streak of mainstreaming BTC on Wall Street. This time, they’re aiming at institutional investors by pricing it at $200,000 per share.

Also read: Russian Farming Village: Local Crypto, Bitcoin Reserves, No Govt Money

Bitcoin ETF: Firms Team, Reapply, $200,000 Price Targets Wall Street Institutions

Van Eck and Solid X Team for Bitcoin ETF Priced at $200,000

Van Eck CEO Jan van Eck cheered, “I believe that bitcoin has emerged as a legitimate investment option, as a type of ‘digital gold’ that may make sense for investors’ portfolios. The Solid X team has in-depth experience with bitcoin, cryptography, and capital markets. We’re pleased to join with them in supporting the effort to bring a physically-backed bitcoin ETF to market.” The Van Eck Solid X Bitcoin Trust will also offer itself as being insured against bitcoin lost or stolen.

The Wall Street Journal reports, “The firms also set a relatively high per-share price: $200,000. The price tag is designed to aim the product at institutional rather than retail investors.” And in “determining a marketing partner,” Solid X CEO Daniel H. Gallancy underscored, they “looked for a firm with a clear understanding of the potential of bitcoin and the role it can play in an investment portfolio. Van Eck is deeply involved in this space, understands its potential, and has a long track record of successfully opening new avenues for investors to access unique and compelling investment opportunities.”

Bitcoin ETF: Firms Team, Reapply, $200,000 Price Targets Wall Street Institutions

The two have in common being New York-based and the dubious honor of having been shot down by the SEC when they attempted individually to list a bitcoin ETF. The present filing, as of 6 June 2018, will be watched closely by the ecosystem. Jan van Eck expressed optimism at their latest tactic, “We believe that collectively we will build something that may be better than other constructs currently making their way through the regulatory process. A properly constructed physically-backed bitcoin ETF will be designed to provide exposure to the price of bitcoin, and an insurance component will help protect shareholders against the operational risks of sourcing and holding bitcoin.”

Chicago Board Options Exchange (Cboe) and its BZX Equities Exchange is believed to be where such a fund, pending approval, would ultimately be listed. The Cboe market maker was the first to list Bitcoin Futures back in December of last year. Results have been decidedly mixed after ecosystem enthusiasm almost promised BTC would moon in response. Now, some have taken to blaming exchanges such as Cboe and its crosstown rival CME for retarding the BTC spot price, for essentially being Crypto Winter’s catalyst as it were.

Could be the Right Combination at the Right Time

“It is important to communicate with investors about the risks as well as the opportunities, especially for new investment areas, and we have been committed to this effort,” the Van Eck CEO stressed.

Indeed, earlier this year, these pages reported how in a “Staff Letter: Engaging on Fund Innovation and Cryptocurrency-related Holdings of 18 January, signed by newly appointed Director Dalia Blass from the Division of Investment Management, the SEC wrote to the Investment Company Institute and Asset Management Group Securities Industry & Financial Markets Association (SIFMA) about the prospects of bitcoin ETFs.” It was a letter filled with admonitions and warnings and potential confusions. One thing was glaringly clear: any bitcoin ETF going forward must contend with its concerns.

Bitcoin ETF: Firms Team, Reapply, $200,000 Price Targets Wall Street Institutions

Two months ago to almost the day, however, hopeful signs appeared to emerge. Presumably in response to a Cboe open letter plea for action from President and COO Chris Concannon, the SEC seemed to be moving along further than it had previously while it considered two fund candidates from Pro Shares. Comment portion of the process has just wrapped.

The Journal quotes Mr. Gallancy of Solid X as reminding they “never had any intention of giving up.” Neither has the broader crypto investment community, showing how it is not content to just sit back and wait for permission. “Huobi, the Singapore-headquartered cryptocurrency exchange, has decided to create its own ETF style instrument based on its recently launched index of ten digital assets,” News.Bitcoin.com explained. In further anticipation, “Okex, the Chinese-run cryptocurrency exchange based in Hong Kong, has joined the recent trend of trading platforms creating their own ETF-like investment tools for their users. It launched its first exchange traded tracker (ETT) on June 5, which was fully sold out within just three minutes,” we explained recently.

Are Wall Street bitcoin ETFs around the corner? Let us know in the comments. 


Images via the Pixabay.


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

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PR: Tron Mainnet Launched – Young Team Dispelled Rumors with Sweat, Perseverance and Success

Tron Mainnet Launched - Young Team Dispelled Rumors with Sweat, Perseverance and Success

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.

TRX made a hit as the first cryptocurrency whose value exceeded a hundred times of its issuance price in 2018 when the New Year had been only a few days away. In a flash, it squeezed itself into the Top 20 list of cryptos with highest market capitalization. Since then, TRON has recruited a mighty tech team and released a series of iterations. Albeit good news now and then, TRON is never short of controversaries and even rumors.

Yesterday, TRON launched its Mainnet. All rumors were dispelled, and TRON came again under the spotlights.

First, I’ll talk about highlights of the launch, in case you don’t know yet.

TRON Mainnet Launch began as scheduled at GMT+8 of May 31, 2018. Justin Sun, the founder of TRON, announced that TRON Mainnet was officially launched in a TRON T-shirt. Rephrasing the famous line of Neil Armstrong, the first human stepping on the moon, Sun proudly claimed that “Odyssey 2.0 launch is one small step for TRON, one giant leap for blockchain.”

Sun explained in English what TRON had done and would do as such:
1. TRON takes the crown for commits in Q2, totaling more than any other blockchain project in the world;
2. TRON has completed mainnet token migration and shed its identity as an ERC token;
3. With 1.08M tokenholders, TRON is now the #1 token on Ethereum, far ahead of any other cryptocurrency, including Bitcoin and EOS;
4. TRON attracts much more attention than other blockchains on Youtube, Twitter, Weibo, WeChat, Reddit and other online platforms, promising to be the hottest cryptocurrency globally;
5. With a consistent trade volume of between USD 500M – USD 1B, TRON has stabilized in the top 5 of most traded cryptos;
6. More than 100 trading pairs have been activated for international transactions;
7. As the TVM version is scheduled to be launched on July 31, TRON is expected to complete basic infrastructure for a decentralized ecosystem in Q3.

In the end of his speech, Sun urged all TRON users to participate in the June 26 Super Representative Election.

After Sun, Lucien Chen (CTO), Marcus Zhao (director of blockchain R&D), Haoqi Zhao (director of technical operation) and Wendy Yi (product director) gave their speeches about TRON and its plans. TRON’s commitment to community is apparent in its various programs for developers that include TRON Accelerator, hackathons and programming competitions, totaling up to USD 2B in rewards.

As token conversion is the most widely concerned issue among users, TRON has given its official manifesto. As the mainnet is launched, TRX will gain independence, no longer an ERC20 token as it was. There are a number of exchanges where holders can transfer conveniently their TRX into the mainnet at the fixed ratio of 1:1. Users can transact as usual while conversion is being processed.

Available exchanges include Bit-Z, Bittrex, Bitfinex, Bibox, gate.io, Binance, Coinrail, Coinnest, Bitpie, Bixin, RightBTC, DragonEx, Upbit, Bithumb, Liqui, BitKop, OKEX, CoinTiger, Huobi pro and OEX. Watch out for the continually updating list before June 25.

When the migration is completed, all TRX holders are entitled to vote in an election that yields 27 super representatives, or SR, who are somewhat like senior managers in a company. SRs have the access to book-keeping, and their duties include daily maintenance, performance optimization and boosting the ecosystem. By the time that this piece was written, more than 60 individuals or organizations from all over the world had submitted SR applications, among whom were 20+ big names like Node Capital, LinkVC, GENESIS, Next Genius, Antpool, BTCC and Top.one.

As a Java-based DApp platform, TRON is developer-friendly and promises high network performance. Over 20 star-ups have joined for various DApps including cold setup wallets and blockchain explorers for PC, web and mobile devices.

The price of TRX rose by 6%, though only for a short time, during the half hour after the launch began on May 31 (GMT+8) while it had been fluctuating around USD 0.06 on the same day.

As a matter of fact, now that Odyssey 2.0 is technologically available, its full-fledged functioning involves reaching consensus, which in turn requires coordinating the efforts of more than its 1M+ users. From the 1st to the 24th of June, the community developers will be carrying out additional tests on the Mainnet and generating consensus before the first block, also known as the Genesis Block, happens at midnight, June 25 (GMT+8).

As the momentum goes, TRON will have surprises for the blockchain community every month ahead just like the amazing six months before now.

Contact Email Address
trx@tron.network
Supporting Link
https://tron.network/

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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Bitcoin in Brief Tuesday: Exchange ETF Action and Wozniak Wants Bitcoin to Rule World

Bitcoin in Brief Tuesday: Wozniak Wants Bitcoin to Rule the World

In today’s edition of Bitcoin in Brief we feature news about a Dubai-based exchange returning to accept local fiat deposits, another exchange launching an ETF-like product and the response by a popular wallet to a cyber attack. But the big story, without a doubt, is Woz’s undying commitment to the idea of bitcoin.

Also Read: Crypto Point-of-Sale Devices Begin Roll-Out in Indonesia Despite Ban

Apple Co-Founder’s High Hopes for Bitcoin

Steve Wozniak, the genius co-founder of Apple Computers, has once again spoken about his fascination with the tech and principles of bitcoin. “Bitcoin is mathematically defined, there is a certain quantity of bitcoin, there’s a way it’s distributed… and it’s pure and there’s no human running, there’s no company running and it’s just… growing and growing… and surviving, that to me says something that is natural and nature is more important than all our human conventions,” he told CNBC. “Only bitcoin is pure digital gold… and I totally buy into that,” Woz added.

Okex’s New Exchange Traded Tracker (ETT)

Okex, the Chinese-run cryptocurrency exchange based in Hong Kong, has joined the recent trend of trading platforms creating their own ETF-like investment tools for their users. It launched its first exchange traded tracker (ETT) on June 5, which was fully sold out within just three minutes. It includes six coins (BTC, ETH, LTC, BCH, EOS, and OKB) and requires USDT to subscribe. The minimum subscription for the instruments is 100 units.

A couple of days ago, we reported that Huobi, the Singapore-headquartered exchange, has decided to create its own ETF style instrument based on an index of ten assets.

Bitoasis Resumes Dirham Transactions

Bitcoin in Brief Tuesday: Wozniak Wants Bitcoin to Rule the WorldLast month, Dubai-based cryptocurrency exchange Bitoasis enacted a suspension of deposits and withdrawals in UAE dirhams. This Monday, without explaining what was the cause of the issue, the company announced that transactions are reinstated. In a letter to its clients, quoted by Arabian Business, Bitoasis apologized for the inconvenience and said that now “users can deposit and withdraw their funds in AED as usual, without any interruption.”

“In light of the recent inconsistency of service across our payment options, we will be revising and updating the options available to our customers on the platform to ensure continuity of our services,” the Bitoasis statement continued. “We will be notifying our customers with the update on our new payment options soon.”

Myetherwallet Attack Blamed on Russian Hackers, Uneducated Users

Myetherwallet (MEW), the web’s most popular client-side ethereum wallet, has been compromised by a DNS attack on April 24, 2018. Today the team behind the wallet issued a response to the event, further explaining what happened and detailing the steps taken to prevent its reoccurrence.

They say that the attack was carried out by a native Russian speaker, which was able to phish only about $150,000 worth of ether from MEW users. They quote Internet Security experts as explaining that the “financial resources required for such an attack likely exceeds the amount of funds taken.”

The team added that it is a lack of safety education that led some clients to fall for the fraud. “We hope that from this experience, every single person who interacts with cryptocurrencies and the blockchain will understand how important self-education is. In the end, you and only you are responsible for your security.”

What do you think about today’s news? Is bitcoin going to be the world’s single currency in ten years? Share your thoughts in the comments section below. 


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OKEx Latest Industry Giant to Launch Cryptocurrency Index Fund

Crypto trading giant OKEx has become the latest industry giant to launch a cryptocurrency index fund. Announced this week and debuting on Tuesday, the product — called OK06ETT — will allow investors to invest in a basket of six cryptocurrencies through a convenient fund, shares of which will trade on the exchange against other cryptoassets. … Continued

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The Most Popular Crypto Exchanges: What Exchange Should You Use?

popular crypto exchanges

What are the most popular crypto exchanges? Are you missing out on the best?

When it comes to crypto exchanges, there are a lot of options out there. You need to choose the one that works best for you. To do this, you need to know what you want. Do you want to be able to exchange cryptocurrency for fiat currency? Do you want a specific crypto trading pair?

Knowing what you want will help you to choose the right cryptocurrency exchange for your needs. We’ve created a list of some of the most ...

Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges.

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Malta and Cryptocurrency. Why are Crypto Companies Moving to the Island of Malta?

Malta and Cryptocurrency

Benefits for Blockchain and Technology Specialists when relocating to Malta

Malta is positioning itself as a Blockchain hub and is attracting Blockchain and Technology specialists. Binance (an international multi-language cryptocurrency exchange company) has announced its move to Malta permanently placing the country on the Blockchain map for already existing companies as well as newly emerging businesses seeking a crypto-friendly jurisdiction.

Malta has been deemed one of the best countries to open and relocate companies for cryptocurrencies  – as it has very good IT career opportunities, provides sufficient training, has a lovely environment, it is easy to ...

Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges.

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Exchanges Round-Up: Coinbundle Approved for Licensing in PH, MAS to Review Regulations, Okex Suspends Withdrawals

Exchanges Round-Up: Coinbundle Approved for Licensing in PH, MAS to Review Regulations, Okex Suspends Withdrawals

In recent news relating to cryptocurrency exchanges, Coinbundle has received approval for licensing in The Philippines, the Monetary Authority of Singapore has issued a consultation paper regarding its intention to update its regulatory apparatus for cryptocurrency exchanges, and Okex has announced that it has remedied the error that caused it abruptly to suspend withdrawals and fiat trading yesterday.

Also Read: Markets Update: Stormy Weather Continues to Plague Cryptocurrency Traders

Coinbundle Receives Approval for Licensing in The Philippines

Exchanges Round-Up: Coinbundle Approved for Licensing in PH, MAS to Review Exchange Regulations, Okex Suspends WithdrawalsSaad Rizvi, the co-founder and chief executive officer of Coinbundle, recently met with the National Secretary of the Philippines to finalize the exchange’s registration through CEZA, the Cagayan Economic Zone Authority – a special economic zone offering a number of tax incentives to companies operating in the country’s emerging fintech industry.

“This agreement is a huge win for CoinBundle and will enable us to go to market rapidly and help our users to begin saving and investing. We’re also excited to contribute to the fintech ecosystem of the Philippines and create new jobs here,” Mr. Rizvi said.

Coinbundle is one of fifteen fintech, blockchain, and cryptocurrency companies that are set to invest in CEZA, alongside Hachiman Technology Sdn BHD, MX Exchange Ventures, IPE Global PTE, Inc. Superieur Tech Pte. Ltd., CSM, Madison Blockchain Strategy Investment Company Ltd., Asia Pacific Blockchain Association, Pacificnet Strategic Investments Ltd., SuperAngels Ventures Ltd., and ANX International.

CEZA administrator, Raul Lambino, has welcomed the partnerships, stating: “Working with virtual currency companies allows the Philippines to gain momentum in providing an environment that encourages financial innovation and inclusion, while ensuring that the best interests of the country, the financial system, consumers, and investors are adequately protected. This new development aims to drive the economy forward by creating employment opportunities and boosting job growth. The Philippines will be ready to provide cryptocurrency companies operating here with the manpower they need for their businesses.”

Singapore Expected To Ease Exchange Regulations

Exchanges Round-Up: Coinbundle Approved for Licensing in PH, MAS to Review Exchange Regulations, Okex Suspends WithdrawalsThe emergence of new trends in trading platforms and technologies, including those pertaining to decentralized and cryptocurrency exchanges, has prompted the Monetary Authority of Singapore (MAS) to re-evaluate its legislative apparatus governing the regulation of exchanges.

In a consultation paper issued by the financial regulator, MAS states that it has “observed the emergence of new business models in trading platforms, including trading facilities that make use of blockchain technology, or platforms that allow peer-to-peer trading without the involvement of intermediaries. As the current [recognized market operators (RMO)] regime has been in place since 2002, it is timely to review the regulatory framework for market operators to ensure that it continues to meet the demands of the changing landscape.”

The consultation proposes developing a three-tiered RMO regulatory regime for market operators, and “invites comments from all financial institutions and other interested parties.”

Okex Suspends Withdrawals After Users Experience Glitches

Exchanges Round-Up: Coinbundle Approved for Licensing in PH, MAS to Review Exchange Regulations, Okex Suspends WithdrawalsOkex, the third largest cryptocurrency exchange by volume, suspended withdrawal and fiat trading services on the 22nd of May, following reports from users that their accounts had suddenly displayed enormous balances.

Several users posted snapshots displaying balances that had appeared to suddenly accrue balances of more than 15,000 BTC (over $110 million USD), and other users reported that transfers in USDT were not deducting the sent tokens from their balance, however, the transferred funds were successfully received by the recipient. Abnormal cryptocurrency prices were also reported, with BTC suddenly appearing to have abruptly dropped to $6,002, and ETH suddenly jumping up to $736.

Okex posted an announcement stating “Due to a technical error, the account balances of a few of our users are not displayed accurately. Of course, you can rest assured that your funds are safe, secured, and not affected by the recent update. We are currently fixing the issue and have suspended withdrawal service and fiat trading.”

As of this writing, Okex’s most recent announcement states that “Fixing of the database error [is] already completed, but we are currently still verifying the data and records of our users. Withdrawal and fiat trading are estimated to resume at approximately 17:00 May 23 (Hong Kong time). Please rest assured that your funds are safe and secured.”

Do you think that more financial regulators should follow in the steps of the Monetary Authority of Singapore and update their guidelines in consideration of the cryptocurrency revolution? Share your thoughts in the comments section below!


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Cryptocurrency Exchange Huobi Poaches CEO from Major Rival OKEx

Former OKEx CEO Chris Lee has joined rival cryptocurrency exchange Huobi as its vice president of global development, just days after stating that he was leaving his former employer so that he could spend more time with his family. Huobi made the announcement on Monday, explaining in a statement that Lee would help spearhead the

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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.


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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.


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The post Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets appeared first on Bitcoin News.

OKEx Has Surpassed Binance as the Top Crypto Exchange!

top crypto exchange

OKEx has surpassed Binance as the top crypto exchange, listing a 24-hour trading volume of $2.4 billion on CoinMarketCap. Binance currently has a 24-hour trading volume of $2.2 billion. This now makes OKEx the world’s largest cryptocurrency exchange.

That’s not all that’s going on with OKEx though. OKEx’s CEO, Chris Lee, has now resigned. So, the question becomes, why did Lee resign right as the exchange achieved the top crypto exchange status?

According to Bloomberg, Lee left so that he could “start a new life.” He is reportedly spending time with his family, and ...

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OKEx Chief Executive Resigns Amid Cryptocurrency Trading Boom, International Expansion

The chief executive of one the world’s largest cryptocurrency exchanges has called it quits. Chris Lee, the head of OKEx, has resigned from the Hong Kong-based exchange just as it was executing major international expansion plans and was on track to become the most widely-used cryptocurrency trading platform. OKEx did not immediately respond to a … Continued

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Chinese State Media Accuses ICOs and Exchanges of Defying Crackdown

Chinese State Media Accuses ICOs and Exchanges of Defying Crackdown

Chinese state media outlet, Voice of China, has published reports criticizing the efforts of Chinese cryptocurrency exchanges and initial coin offerings (ICOs) to continue operations in spite of the central government’s 2017 crackdown.

Also Read: Markets Update: BTC Resistance at $10,000 Holds, Gains Dwarfed by Alternative Markets

State Media Criticizes Cryptocurrency Exchanges’ Defiance of Crackdown

Chinese State Media Accuses ICOs and Exchanges of Defying CrackdownVoice of China’s reports state that “On September 2017, seven ministries and commissions of the Central Bank issued the ‘Announcement on Preventing the Risk of Issuance of Coinage Offerings’, requiring that any institution not engage in the interaction between legal currency, tokens, and ‘virtual currency’.”

One of the reports states that despite the official ban, companies operating in the cryptocurrency sector sought “to take advantage of the rising tide of rising bitcoin prices,” and alleges that many of China’s cryptocurrency exchange “platforms immediately set up overseas websites and continue to provide digital currency services to mainland users as overseas companies.”

Voice of China Targets Okex

Chinese State Media Accuses ICOs and Exchanges of Defying CrackdownThe Voice of China reports pays considerable attention to Okex, accusing the company of using shell companies to obfuscate its Chinese operations, in addition to offering unlicensed securities.

The report states that “After the national ban was issued, OKCoin transferred all user data and digital currency to the OKEx Exchange, which was established outside China.” Voice of China also quote an Okex customer who believes that the company “is only nominally moving the company overseas, claiming to be headquartered in Belize, and the team is Hong Kong, but in fact, still operates the entire company in Beijing, and the users are almost all Chinese.”

State Media Claims Number of Chinese ICOs Increasing Despite Ban

Chinese State Media Accuses ICOs and Exchanges of Defying CrackdownVoice of China also published a report focusing on initial coin offerings that accuses many Chinese ICOs of operating in clear defiance of the central government’s directives.

The report states that the September document issued by various Chinese government institutions declared the “issuance of tokens is essentially an unauthorized and illegal public financing.” The document accused many ICOs of violating financial laws through “illegally issuing tokens, [the] illegal distribution of securities, and illegal fundraising,” in addition to “Financial fraud, pyramid schemes and other illegal and criminal activities.”

Professor Criticizes “One Size Fits All” Cryptocurrency Regulations

Chinese State Media Accuses ICOs and Exchanges of Defying CrackdownDespite the critical description of ICOs, the report quotes Deng Jianpeng, a professor at The Law School of the Central University for Nationalities who is purported to possess extensive experience in observing and analyzing cryptocurrencies. Mr. Jianpeng advocates for a dynamic, global. and flexible regulatory apparatus that caters to the fostering of innovation, and criticizes “one size fits all” and prohibitive legislative proposals regarding cryptocurrencies.

According to a rough translation, Deng Jianpeng stated: “digital currency has a very typical global character, resulting in a simple prohibition of no effect in the physical space. Therefore, if we think about fine-tuning the regulatory rules, it is absolutely not allowed to do public offerings. Fraud is absolutely necessary to crack down on criminal law, but if it is private equity is also true entrepreneurship. Is it possible to have some special channels, such as approval by a specific agency, to avoid the embarrassing situation of supervision? This thing is worth rethinking.”

Do you think that China will be able to crackdown on the continued operation of cryptocurrency platforms that are based offshore yet target Chinese investors? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Okex


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Exchanges Suspend ERC20 Token Deposits After Discovery of Smart Contract Bug

Okex Suspends ERC20 Token Deposits After Discovery of Smart Contract Bug

Ethereum’s smart contract bugs just keep on coming. Exchanges including Okex, Poloniex, Coinone, and Hitbtc today suspended deposits of ERC20 tokens following the discovery of a batch overflow bug written into the smart contracts governing numerous coins. The news comes in the same week that the ethereum community voted against restoring the lost ether that was locked up in the Parity smart contract bug last year.

Also read: Report Claims 34,000 Ethereum Smart Contracts Are Vulnerable to Bugs

Ethereum Tokens Battle a Nasty Bug

Creating an ethereum token that is free from exploitable bugs is a lot harder than it sounds. Earlier this year researchers claimed to have found 34,000 ethereum smart contracts that are vulnerable to bugs and a blog post authored this week has zeroed in on one in particular: a batch overflow bug that affects ERC20 smart contracts. Its discovery is serious enough to have prompted Okex to announce the suspension of ERC20 token deposits, writing:

We are suspending the deposits of all ERC-20 tokens due to the discovery of a new smart contract bug – “Batchoverflow”. By exploiting the bug, attackers can generate an extremely large amount of tokens, and deposit them into a normal address. This makes many of the ERC-20 tokens vulnerable to price manipulations of the attackers.

Okex added: “To protect public interest, we have decided to suspend the deposits of all ERC-20 tokens until the bug is fixed. Also, we have contacted the affected token teams to conduct investigation and take necessary measures to prevent the attack.” Numerous other exchanges have followed suit.

Okex Suspends ERC20 Token Deposits After Discovery of Smart Contract Bug
The SMT smart contract shows clear signs of exploitation

Squishing Bugs Is a Never-Ending Battle

The possibility of attackers being able to steal, freeze, or duplicate ERC20 tokens is a nightmare scenario for any projects building on the ethereum protocol, as well as for existing tokens, whose teams will now be closely scrutinizing their code for vulnerabilities. One of the tokens affected is Smartmesh (SMT), an ERC20 that is tradeable on Huobi, Gate.io, Hitbtc, and Okex. Its smart contract currently shows signs of blatant exploitation, with a token balance and token value that run to over 30 figures. Hundreds of billions of SMT have been transferred from the Smartmesh smart contract in the past 24 hours.

Okex Suspends ERC20 Token Deposits After Discovery of Smart Contract Bug

The batch overflow blog post published on April 22 also identifies the Beautychain (BEC) token as having fallen prey to the same exploit. Its author writes: “We further run our system to scan and analyze other contracts. Our results show that more than a dozen of ERC20 contracts are also vulnerable to batchoverflow. To demonstrate, we have successfully transacted with one vulnerable contract (that is not tradable in any exchange) as our proof-of-concept exploit.”

While the ERC20 tokens that have been affected by this exploit appear to comprise lesser known coins, the risk the bug presents is not limited to these projects alone. If attackers can create tokens out of thin air, they can then trade these on exchanges for ethereum or bitcoin, which has the potential to affect the price of these assets and to affect confidence in the ethereum ecosystem in particular. With the war for next generation blockchains heating up as competitors such as EOS prepare to launch, smart contract bugs are a burden that ethereum could do without.

Do you think ERC20 bugs can be eradicated altogether, or is there likely to be more vulnerabilities still undiscovered? Let us know in the comments section below.


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