50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

Fifty traders who use Indian crypto exchange Instashift have shared their thoughts on the current crypto environment in India. Most of them said that they “hodl” and would continue to invest in crypto despite regulatory uncertainty.

Also read: RBI Argues Supreme Court Should Not Interfere With Its Crypto Decision

Most Respondents Are Hodlers

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in IndiaA survey was conducted in the first week of October by Indian cryptocurrency exchange Instashift exclusively for news.Bitcoin.com. Launched in March, Instashift offers the buying and selling of over 80 cryptocurrencies.

Fifty active traders in India participated. The goal of the survey was to find out what they think about various crypto-related issues including their investment concerns, the crypto banking ban by the Reserve Bank of India (RBI), and whether they will keep investing in crypto despite regulatory uncertainty.

Among the 50 traders who responded, 43 said that they hodl while seven revealed that they invest short-term.

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

Furthermore, 40 traders believe bitcoin is a safe haven against rupee inflation while 10 traders disagree.

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

Crypto Investing Despite RBI Ban

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in IndiaIndia is currently drafting crypto regulations which were supposed to be ready in September but have been delayed. Meanwhile, RBI, the country’s central bank, has banned financial institutions under its jurisdiction from providing services to crypto businesses. A number of petitions have been filed against the ban. The country’s supreme court has been trying to hear them since Sept. 11, but the hearing has continually been postponed.

The banking ban by the central bank has adversely impacted some exchanges. One of the country’s largest crypto trading platforms, Zebpay, recently shut down its exchange operations due to the banking problem.

Despite the ban, 32 Instashift traders said that they would continue to invest in crypto even if the RBI intensifies its crackdown such as freezing crypto accounts. Another 12 traders noted that they are also likely to continue trading while six respondents said they would discontinue crypto trading.

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

In addition, 36 traders believe that the Indian government will amend existing laws to accommodate cryptocurrencies. Ten respondents believe that the regulators will remove restrictions on crypto. However, only four traders believe that crypto will be legalized and regulated in India.

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

Preferred Cash-Out Methods

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in IndiaA number of crypto exchanges in India have come up with their own solutions to the RBI ban. Some have introduced exchange-escrowed peer-to-peer trading services, which they claim have gained much popularity.

Respondents were asked about their preferred methods of cashing out cryptocurrencies into rupees. Forty-eight traders said they prefer to cash out using peer-to-peer sites. Five traders prefer to use local cash deals, four prefer to use gift cards and online deals, and four others prefer to cash out using prepaid crypto Visa and Mastercard services.

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

On Sunday, another cash-out method was introduced by one of India’s largest crypto exchanges, Unocoin. The company has launched crypto ATMs to bypass the RBI ban and allow its users to deposit and withdraw rupees. This option was announced after the Instashift survey had concluded, so it was not included in the survey.

As for where to keep their funds, 24 traders prefer to keep them in BTC, 14 prefer altcoins, and 12 specifically prefer stablecoins. Recently, an increasing number of crypto exchanges in India have started listing stablecoins such as tether (USDT) and trueusd (TUSD).

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

Future Prospects of Crypto Ecosystem in India

Amid the banking ban, 35 respondents believe that the fear of regulatory uncertainty is the biggest hurdle stopping the Indian crypto economy from flourishing. Twenty-six traders believe that the lack of banking support is the biggest challenge. Twenty-five traders put the lack of understanding of the crypto industry as the most important factor, while 18 traders attributed the lack of liquidity in the market as the top reason.

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

Despite all the hurdles, 41 traders said that they are long-term investors and will continue to invest in crypto. Seventeen traders admitted that they are apprehensive but expect the government to eventually create a positive environment for cryptocurrencies. However, four respondents are entertaining the idea of exiting the crypto space altogether.

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

What do you think of the current crypto environment in India? Let us know in the comments section below.


Images courtesy of Shutterstock and Instashift.


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

The post 50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India appeared first on Bitcoin News.

The Daily: Coinbase Launches Bundles, Coinswitch Supports Trading Without Account

The Daily: Coinbase Launches Bundles, Coinswitch Supports Trading Without Account

Crypto exchange Coinbase will present its clients with the option to buy bundles of multiple cryptocurrencies and access useful information about leading digital coins. Also in The Daily on Friday, users of exchange aggregator Coinswitch can now take advantage of the best rates across multiple platforms without the need to create an account, Neo launches bug bounty program, and Bitmain sells Decred miner.  

Also read: Around the World on 1 BTC and the Plausibly Deniable Brainwallet

Coinbase Offers Info on Leading Cryptos, Launches Coinbase Bundle

The Daily: Coinbase Launches Bundles, Coinswitch Supports Trading Without AccountThis week, US-based crypto trading platform Coinbase, known for its conservative approach to adding new coins, shared plans to increase the number of its offerings, as news.Bitcoin.com reported. Now the company has announced it’s launching Coinbase Bundle, a basket of cryptocurrencies investors will be able to acquire for as little as $25. Customers will have the opportunity to buy, sell and transfer the cryptos that will be stored in individual wallets. The Bundle, designed to provide fast and easy exposure to the crypto market, will be available to verified Coinbase users in the United States and Europe within a few weeks.

The San Francisco-headquartered exchange has also recently announced it will offer its customers detailed information about the 50 leading cryptocurrencies by market capitalization. The service will feature descriptions of the coins, links to their white papers and project websites, historical trading data, and the current marketcap, The Verge reported. The platform will also provide a comprehensive introduction to digital assets in its educational section known as Coinbase Learn, after admitting that “What is cryptocurrency?” is still the most common question asked by potential clients.

Coinswitch Users Trade on Multiple Exchanges Without Accounts

The Daily: Coinbase Launches Bundles, Coinswitch Supports Trading Without AccountA new aggregation tool offers investors the opportunity to trade cryptocurrencies on a number of leading platforms including Changelly, Idex, Hitbtc and Kucoin, and they don’t even need to create an account. With Coinswitch, traders are able to find the best exchange rates, which is an automated process, before they commit to a crypto-to-crypto transaction. The service is non-custodial and holders of the digital assets will only have to provide the addresses of the respective wallets to start trading their coins.

The interface also allows users to create a customized crypto exchange by adding a trading widget to their websites with zero code required, Sludgefeed reported. These platforms will be earning up to 50 percent of the revenues from all trades conducted via Coinswitch which also offers a referral program rewarding participants with another 25 percent paid in bitcoin core (BTC). Its developers claim that more than 100 sites have already integrated the service. According to the report, the project has the backing of some serious venture capital investors such as Sequoia.

Neo Announces Bug Bounty Program

The Daily: Coinbase Launches Bundles, Coinswitch Supports Trading Without AccountBlockchain project Neo, which like Ethereum offers a platform for smart contacts and coin offerings, has recently launched a Vulnerability Bounty Program (VBP). In an announcement posted on Medium and shared on Twitter, the team has invited security experts from different sectors to join the initiative and take part in the development of the Neo ecosystem.

All eligible reports will be investigated and the base bounty amounts will depend on the severity of the issues. Detecting a critical bug – one that can lead to substantial asset losses – will be rewarded with up to $10,000 USD. Neo is ready to pay up to $5,000 for finding vulnerabilities that can cause network failures and up to $2,000 for bugs leading to a single node failure. The bounty for the discovery of low risks can go below $500. The rewards will be distributed in the equivalent amount of NEO, the platform’s native coin.

Bitmain Starts Shipping New Decred Miner

The Daily: Coinbase Launches Bundles, Coinswitch Supports Trading Without AccountBitmain, the Chinese mining hardware producer, has announced the launch of its Antminer DR3 designed to process transactions for the Decred cryptocurrency. Decred (DCR), which is based on a hybrid Proof-of-Work (PoW) and Proof-of-Stake (PoS) blockchain consensus protocol, is currently ranking 30th by market cap, with a capitalization of over $333 million at the time of writing.

The new device mines DCR with a hashrate of 7.8 TH/s and power consumption of a little over 1,400 watts, the mining giant tweeted. The Antminer DR3 can already be ordered on Bitmain’s website and it’s currently sold for $673. The company will start shipping the miners from the first batch on October 8 for fully paid orders and on a first-paid-first-ship basis.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.


Images courtesy of Shutterstock, Bitmain.


Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today.

The post The Daily: Coinbase Launches Bundles, Coinswitch Supports Trading Without Account appeared first on Bitcoin News.

Russian Law Won’t Mention ‘Cryptocurrency’, Russians Won’t Stop Trading

Russian Law Won’t Mention ‘Cryptocurrency’, Russians Won’t Stop Trading

Russia is preparing for the long-awaited legislation tailored to regulate its crypto space. According to the latest reports from Moscow, the term “cryptocurrency” has been taken out of the legal texts. Nevertheless, Russians have no reasons to doubt the existence of the decentralized electronic cash. They have many options to get involved in cryptocurrency, regardless of what the law says about it.

Also read: Iran to Allow Mining Hardware Imports, Cyprus Creates Fintech Hub

Report: Revamped Law on Digital Assets Drops ‘Cryptocurrency’

The Russian crypto regulatory framework has been delayed for months. In May, three bills were filed in the State Duma, the lower house of parliament, and were scheduled for adoption in July, as ordered by President Putin himself. However, deputies found it hard to synchronize and compile the drafts into a single legislation – after the first reading this spring, they postponed the second reading and the final voting for the fall session.

The revised law “On digital financial assets” will be presented for public discussions in October and hopefully adopted by the end of the year. The word cryptocurrency has created a lot of headaches for Russian lawmakers. They’ve been trying to come up with legal definitions for a number of new terms associated with the fintech industry without contradicting the current law which regards the ruble as the only legal tender and bans all money surrogates. It turns out they have decided to get rid of “cryptocurrency” altogether, according to Izvestia – the outlet claims to have seen the latest version of the draft.

Russian Law Won’t Mention ‘Cryptocurrency’, Russians Won’t Stop Trading

Another significant update concerns crypto mining. Initially, the law defined the activity as the process of creating cryptocurrency. Now Izvestia writes that the document describes it as the issuance of tokens for the purpose of attracting capital investments – a definition that better suits ICOs in fact. In any case, tokens will represent property rights and ownership stakes. Registered local and foreign companies and private individuals will be allowed to issue digital coins, provided they are secured with other assets.

It’s also worth noting that an alternative bill has been proposed by an industry organization uniting some of the largest business enterprises in the country. Unlike the state-sponsored law, this draft authored by the Russian Union of Industrialists and Entrepreneurs (RUIE) stipulates granting a special status to cryptocurrencies.

The Dogs Bark but the Caravan Moves On

Russian Law Won’t Mention ‘Cryptocurrency’, Russians Won’t Stop TradingIt’s highly unlikely that the Russians will suddenly stop buying, selling and using cryptocurrency, just because the term does not appear in the legal lexicon of their deputies. A great number of trading platforms offer them the opportunity to enter the crypto ecosystem. Payment processors and banks continue to work with exchanges and exchangers, despite the legal uncertainty at the present moment and the upcoming ambiguous legislation.

Local crypto media listed some of the most popular platforms in Russia – Exmo, Livecoin, Yobit, Hitbtc, C-cex, and Spectrocoin. Another article rated the platforms according to their trading volume – Binance, Exmo, Livecoin, Yobit, Hitbtc, Poloniex, and others. Some of them, like the UK-based Exmo, support crypto-ruble trades and are popular not only in the Russian Federation, but also in the former Soviet space, including Ukraine where it is one of the three leading exchanges, along with Kuna and BTC Trade UA.

Russian Law Won’t Mention ‘Cryptocurrency’, Russians Won’t Stop TradingThere are plenty of options to trade and no law is going to take them away from Russian citizens who want to get involved in cryptocurrency. A third post published recently detailed how crypto enthusiasts in Russia can exchange coins with rubles and get their money sent to their bank accounts, crypto and fiat wallets. A plethora of platforms process both crypto-to-crypto and crypto-to-fiat transactions, whether members of the State Duma realize that or not.

A useful service called Best Change offers Russians the opportunity to get the most favorable exchange rate for their currency, digital or fiat. Just pick a pair – BCH or BTC to a Qiwi rubles wallet, Yandex Money to Ethereum, or a number of other combinations with bank transfers and card payments – and the website will spit back dozens of verified online exchangers supporting the desired transaction. Traders can check the digital reserves of each platform, use statistical market data, and even get email notifications when someone is ready to meet their price.

Do you think the future of cryptocurrencies depends on the regulations adopted by governments? Tell us in the comments section below.


Images courtesy of Shutterstock, Best Change.


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Russian Law Won’t Mention ‘Cryptocurrency’, Russians Won’t Stop Trading appeared first on Bitcoin News.

Bithumb and Coinone Terminating Fiat Withdrawals for Unverified Crypto Traders

Bithumb and Coinone Terminating Fiat Withdrawals for Unverified Crypto Traders

Two major South Korean cryptocurrency exchanges have announced that they will no longer allow unverified users to make withdrawals in Korean won. Starting next month, users of Bithumb and Coinone must have verified real-name accounts in order to deposit and withdraw the fiat currency.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Bithumb Goes All Real-Name

Bithumb and Coinone Terminating Fiat Withdrawals for Unverified Crypto TradersBithumb, the largest crypto exchange by trading volume in South Korea, announced on Friday, Sept. 14, that it will terminate fiat withdrawal service for all users without verified real-name accounts.

The service will end on Oct. 1 for corporate members and on Oct. 15 for individual members. Bithumb says the move is to comply with the government’s anti-money laundering policy.

However, the exchange clarified that this announcement only affects fiat withdrawals, emphasizing:

Cryptocurrency transactions and withdrawals can be used normally.

Bithumb and Coinone Terminating Fiat Withdrawals for Unverified Crypto TradersThe South Korean government introduced the real-name system for crypto exchanges at the end of January. Members of an exchange using this system can convert their accounts to real-name ones at the bank that provides the conversion service to the exchange.

So far, banks have only been offering this service to the country’s top four exchanges – Bithumb, Upbit, Coinone, and Korbit. Nonghyup Bank provides this service to Bithumb and Coinone.

Despite efforts by the government, banks, and exchanges, local media recently reported that only about 40-50 percent of accounts at the four exchanges have been converted to date. News.Bitcoin.com reported last week that banks have been pressuring crypto exchanges to take measures to ensure conversion in order to reduce the risk of money laundering.

Coinone Makes Similar Move

Bithumb and Coinone Terminating Fiat Withdrawals for Unverified Crypto TradersSouth Korea’s third-largest crypto exchange, Coinone, also made a similar announcement on Friday.

The exchange explained that “Nonghyup Bank requested Coinone to limit the withdrawal of Korean currency” for members who have not verified their accounts by a certain date “pursuant to the Act on Reporting and Utilization of Specific Financial Transaction Information.” Coinone elaborated that effective Oct. 15:

In order to comply with the government policy related to virtual currency transactions, we will limit the withdrawal of persons who have not completed the real name verification.

Bithumb and Coinone Terminating Fiat Withdrawals for Unverified Crypto TradersAfter Oct. 15, users who do not have real-name accounts will be “unable to deposit and withdraw in Korean currency,” Coinone wrote. The exchange is asking users to make withdrawals before that date if they do not plan to convert to real-name accounts by then.

“When you authenticate real-name verified accounts, you can deposit and withdraw in Korean currency,” Coinone described. Like Bithumb, the exchange reiterated that the notice does not affect crypto trading, deposits, or withdrawals. Both exchanges have also confirmed that corporations, minors, and foreigners are not eligible for real-name conversion.

At the time of this writing, Upbit and Korbit, which do not use Nonghyup Bank, have not announced that they will stop providing Korean won withdrawal service to unverified users.

What do you think of Bithumb and Coinone disallowing fiat withdrawals for users without real-name accounts? Let us know in the comments section below.


Images courtesy of Shutterstock, Bithumb, and Coinone.


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

The post Bithumb and Coinone Terminating Fiat Withdrawals for Unverified Crypto Traders appeared first on Bitcoin News.

Markets Update: Short Term Recovery – Is a Bullish Reversal in Sight?

Markets Update: Short Term Recovery - Is a Bullish Reversal in Sight?

Cryptocurrency prices are back on the mend after a great majority of digital assets plunged last week losing 10-20 percent or more in value. Since then, the digital currency economy has regained some strength bouncing back from a low of US$186 billion to $205 billion on Saturday, September 15.

Also read: Test Driving the Money Button — Simple Enough for a 9-Year Old

Crypto-Markets See Some Gains After Some Slashed Prices Last Week — But Is It Enough for a Recovery Rally?

Last week, as BTC/USD and ETH/USD short positions (bets against the cryptocurrency’s price) stacked up reaching all-time highs, many traders were unsure of the outcome. Then, throughout much of the week, a good portion of digital assets except bitcoin core (BTC) lost significant value, bringing BTC market dominance close to 60 percent. However, 48 hours later cryptocurrencies like ethereum (ETH) rebounded in value and spiked 20 percent, bitcoin cash jumped over 15 percent and BTC prices saw a minimal 5 percent lift. This has led to BTC’s market dominance among 1900+ coins down to 55 percent. All of the consecutive rises in value pushed the entire crypto-economy up over $19 billion leading to today’s overall $205 billion dollar market valuation. The top ten cryptocurrencies are seeing gains between 1-9 percent with ETH and LTC leading the pack today. 

Markets Update: Short Term Recovery - Is a Bullish Reversal in Sight?
Top ten crypto-market caps on Saturday, September 15, 2018.

There’s a bit more optimism this week as there’s been plenty of positive news within the cryptocurrency ecosystem. Overstock.com revealed recently that customers will soon be able to purchase digital assets through its portfolio company Bitsy. Abra added native bitcoin cash (BCH) support this week to their multi-currency wallet. Meanwhile, Bitgo has received regulatory approval to begin offering custodial services for institutional digital currency investors.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) this Saturday is trading for an average spot price of around $458 per BCH. The decentralized cryptocurrency has an overall market capitalization of around $7.9 billion and 24-hour trade volume is $280 million. According to Satoshi Pulse statistics, the top five exchanges swapping the most BCH this weekend include Lbank, Coinex, Okex, Huobi-pro, and Hitbtc. The top currency pairs traded for bitcoin cash this weekend include USDT (46.5%), BTC (32.7%), ETH (10.1%), USD (5.6%), and QC (2.2%). Bitcoin cash markets hold the sixth highest trade volumes today below litecoin (LTC) and just above dash (DASH) volumes.

BCH/USD Technical Indicators

Looking at the 4-hour and daily charts for BCH/USD on Bitfinex shows BCH dropped about 22 percent since the first week of September. But over the last 48 hours BCH bulls have managed to recover over 15 percent of those losses. On the 4-hour chart, the two Simple Moving Averages (SMA) have recently cross paths with the 200SMA above the 100SMA trendline. This indicates the path towards the least resistance is still the downside. However, the daily Relative Strength Index (RSI) is meandering around 37.4 indicating bears are likely growing exhausted trying to hammer these markets. BCH bulls need to close out today and tomorrow’s trading sessions with some higher highs in order for them to reverse the current trends. Looking at order books shows there are large buy walls between the current vantage point and $550. On the back side, if bearish sentiment regains strength, then there are solid foundations from here until $388.

Bitcoin Core (BTC) Market Action

Bitcoin core (BTC) is trading for $6,555 per coin today and the entire market valuation is around $113 billion. Similarly to BCH trade volume, BTC’s global trade volume is much lower than usual this weekend at $3.52 billion swapped over the last 24 hours. The top trading platforms today exchanging the most BTC include Bitflyer, Binance, Bitmart, Coinex, and Idax. BTC’s volume by currency shows tether (USDT) holds 58 percent of today’s market trades. This is followed by USD (20%), JPY (10.2%), KRW (3.4%), EUR (2.7%), and BCH (2%).

BTC/USD Technical Indicators

The BTC/USD daily and 4-hour charts on Coinbase Pro and Bitstamp indicate bears are showing signs of tiring out. BTC/USD charts are similar to BCH/USD with some slight differences this weekend. For instance, the 100SMA is above the 200SMA trendline showing the path towards the least resistance may be towards the upside. However, the two SMAs look as though they may cross hairs in the short term indicating a different outlook. The daily RSI (47.6) shows the bulls and bears are parting ways and a trend reversal could be in the cards. Order books show there’s some heavy resistance from here until $6,900 and another pitstop around $7,100-7,200 range. Looking behind us we can see some foundational support between now until the $5,900-5,700 and bears will be stopped there for what looks like a while.

The Verdict: Cryptocurrency Markets Need to Close the Weekend With Some Daily Highs

Positivity in the news is a bit better but in order to see a significant bullish trend reversal crypto-markets need users, traders, and demand from emerging markets. As mentioned above, crypto-bulls need to tread past some higher highs and close out the day’s trading sessions on a good note. But as we’ve seen in the past there’s been plenty of bull traps this year, making traders leery of betting on a trend reversal. The next few days will determine if digital asset markets can recover or drop below the bottoms they’ve held for the past nine months.

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

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


Images via Shutterstock, Trading View, and Satoshi Pulse.


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

The post Markets Update: Short Term Recovery – Is a Bullish Reversal in Sight? appeared first on Bitcoin News.

Cash to Crypto Trade Blooming in Moscow, Reports Say

Cash to Crypto Trade Blooming in Moscow, Reports Say

Buying cryptocurrency in Russia these days increasingly means parting with fiat cash, be it Russian rubles or American dollars. According to numbers quoted by local media, the 24-hour market turnover, just in Moscow, reaches a staggering $50 million dollars on peak days. Some say the cash-crypto trade resembles the wild-wild-east street forex of the 90s, while others claim that if it’s not prohibited then it’s allowed.      

Also read: Ukrainians Advised to Pay 19.5% Tax on Crypto Incomes

Multi-Million Cash Market for Crypto in the Capital

Last year’s skyrocketing prices have tremendously increased the popularity of cryptocurrencies around the world and Russia is no exception. The 2017 all-time highs drew a lot of attention and investment creating a multi-million dollar cryptocurrency market in Moscow which is still blooming. A big part of it involves cash transactions and as there are no dedicated regulations in the country yet, this type of crypto trading is neither legal nor illegal. According to estimates quoted by the local press, the daily crypto turnover in the capital alone is between $10 and $20 million USD but it sometimes peaks at $50 million.

Cash to Crypto Trade Blooming in Moscow, Reports SayA number of currency exchange shops and individual traders in Moscow are offering the service of fast and anonymous purchases and sales of cryptocurrency with rubles and dollars. An investigation by leading Russian business edition Vedomosti has found that the situation resembles that of the notorious 90s when forex deals were sealed right in the street. Now anyone can go to an office with a bag of cash, change it to crypto without identifying themselves or proving the origin of the funds. Isn’t it the same with fiat-to-fiat exchange?

According to Roman Zaguba, a representative of the UK-based crypto bank Wirex, most of these exchangers dwell on peer-to-peer platforms like Localbitcoins. Because of the lack of relevant laws, online trading platforms are also entirely outside of the legal field. The draft legislation that was voted on first reading in May and was supposed to be adopted in July has been delayed. The texts of the initial three bills have been synchronized and the revamped law “On digital financial assets” will be presented for public discussions in October before it’s reviewed again in the State Duma and hopefully adopted by the end of the year. Quoted by BFM, Zaguba added that the legal document contains definitions such as “exchange operators” and he believes the term applies to cryptocurrency exchanges that will be allowed to trade digital coins with fiat money.

A Third of the Turnover Comes From Chinese Merchants

Cash to Crypto Trade Blooming in Moscow, Reports SayIn its report, Vedomosti writes that cryptocurrencies like bitcoin core (BTC) and ethereum (ETH), currently with the largest market capitalization, are popular with Russian traders. Their circulation, exchange with fiat currencies and use in payments for goods and services are neither allowed nor officially banned. At the same time, the paper notes, they remain largely invisible for the central bank, the tax authority and the customs service. According to Aleksei Karpenko, senior partner at the law firm Forward Legal, Russian citizens have the right to buy cryptocurrency as property. This would only be illegal if the cash comes from proceeds obtained through criminal means. Laundering such money would be a crime, but the lawyer says this has nothing to do with cryptocurrency itself. “There is a common rule – if specific transactions are not prohibited, then they are allowed. This is a matter of agreement between a buyer and a seller,” Karpenko explains.

As part of the investigation, Vedomosti journalist Alena Sukharevskaya visited the office of one of the companies offering exchange services on the market in the Moscow International Business Center, also known as the Moscow City. Denis Polohin, founder of the Berkut Corporation, told her the number of deals worth over $100,000 had increased in the last couple of years. About 50% of the deals are sealed with investors that want to participate in initial coin offerings (ICOs), 10% of his clients are traders and 10% dealers. Another Moscow City-headquartered company, the International Cryptocurrency Center, which trades digital assets in partnership with the Estonian firm Aridika Asset Management, said it had between 10 and 15 customers every day.

Cash to Crypto Trade Blooming in Moscow, Reports SayThe publication also claims that 30% of the turnover registered by Moscow exchangers comes from merchants operating in the city’s major wholesale markets such as Moskva, Sadovod, and Food City. Earlier this year, Russian media reported that most of them are Chinese nationals who use cryptocurrency for cross-border payments for the goods they import from the People’s Republic. Vedomosti has estimated the exchange shops make around $400,000 daily from an average commission of 1.5 – 2% on top of Bitfinex and Binance rates.

What is your opinion about the cash-crypto trade? Share your thoughts on the subject in the comments section below.


Images courtesy of Shutterstock.


Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post Cash to Crypto Trade Blooming in Moscow, Reports Say appeared first on Bitcoin News.

Russian Industry Association Launching Crypto Certification Program

Russian Industry Association Launching Crypto Certification Program

The Russian crypto industry association is launching a crypto certification program. Applicants will be evaluated and issued a certificate showing their competency level which can be verified on the association’s website. Training will be offered to those that do not score the required number of points.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Crypto Certification Program

Russian Industry Association Launching Crypto Certification ProgramThe Russian Association of Cryptoindustry and Blockchain (Racib) unveiled on Wednesday, September 5, the details of its upcoming voluntary crypto certification program.

Formerly known as the Russian Association of Cryptocurrency and Blockchain, Racib announced its name change to the Russian Association of Cryptoindustry and Blockchain on September 6, keeping its acronym unchanged.

Russian Industry Association Launching Crypto Certification ProgramOn September 4, the association approved the concept of crypto trader certification, proposed by its vice president, Andrei Grachev. He revealed that the program will be launched “in the coming month,” RBC reported, adding that the association started developing the criteria for this system in May and the program is now ready to launch.

The certification system will be based on several criteria, the news outlet conveyed, noting that assessments will be made in areas such as “reporting, workflow, customer service, remuneration, risk sharing and profit sharing.” The publication further elaborated:

The competence evaluation will be conducted according to the following criteria: knowledge of technical analysis, knowledge of fundamental analysis, knowledge of semantic analysis, knowledge of risk management, knowledge of money management, skills of drawing up of trading strategy, trading planning skills, margin trading skills, [and] self-control skills.

Program Details

Russian Industry Association Launching Crypto Certification ProgramThe association says “both traders and funds can take part” in this program, the news outlet explained. By traders, Grachev referred to those trading professionally for clients. He noted that the certification “will not be free, because if a person is going to professionally handle this activity and manage other people’s money, he must have some [of his] own capital.”

“There will be several levels” such as basic and professional for “when a person has certain experience and business level,” he told RBC.

“Applicants will receive a certificate confirming the level of their competence. Each registered document has a unique number that can be checked on the organization’s website in the corresponding section,” the publication detailed, adding:

In the event that a trader or fund [manager] can not score the required number of points, he will be offered to undergo training for additional knowledge at the Racib center.

The association has also been keeping a registry of whitelisted crypto companies since July.

What do you think of this crypto certification program? Let us know in the comments section below.


Images courtesy of Shutterstock and Racib.


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

The post Russian Industry Association Launching Crypto Certification Program appeared first on Bitcoin News.

The Daily: Coinbase Explores Crypto ETF, Changelly Verifies Monero Traders

The Daily: Coinbase Explores Crypto ETF, Changelly Verifies Monero Traders

US exchange Coinbase is reportedly exploring possibilities to create a cryptocurrency ETF and we’ve covered the details in The Daily. Also, Bittrex announces fiat pairs for cardano and zcash, Changelly admits requesting KYC documents from clients trading privacy coins like XMR, and Monero developers find another bug.

Also read: EU Urged for Common Crypto Rules, EEU Ready for Common Crypto

Coinbase Looking to Create Crypto ETF

Cryptocurrency exchange Coinbase, a leading US trading platform, has been exploring the development of a crypto-related exchange traded product. The San Francisco-headquartered company has held talks with representatives of the assets manager Blackrock, Business Insider reported quoting knowledgeable sources. The Wall Street giant has extensive expertise in launching similar products and has set up a blockchain working group, despite previous statements it’s not interested in crypto.

Earlier this year, Coinbase launched an index fund of cryptocurrencies aimed at accredited investors. An exchange traded fund (ETF) tied to cryptocurrency, which is likely to track multiple digital coins, would be targeted at and could facilitate the entrance of more mainstream, retail investors into the crypto market. If the company’s plans are confirmed, the California-based exchange will join a number of businesses from the space trying to launch crypto ETFs. The list already includes Gemini, Bitwise and Vaneck.

Regulators have so far rejected a number of proposals. Last month, the U.S. Securities and Exchange Commission (SEC) issued three decisions denying nine Bitcoin ETFs. A day after rejecting the proposed rule changes, however, the Commission initiated a review of all related decisions noting that the rejection orders from August 22 are stayed, as news.Bitcoin.com previously reported.

Bittrex Announces Fiat Pairs for Cardano and Zcash

The Daily: Coinbase Explores Crypto ETF, Changelly Verifies Monero TradersAnother US-based exchange, Bittrex, has recently launched fiat trading pairs with two altcoins, cardano (ADA) and zcash (ZEC). Eligible Bittrex accounts, created before September 4, are enabled for trading, the platform announced on Twitter this week. New users will have to submit a request to add USD trading to their accounts after passing KYC procedures. “Cardano (ADA) and zcash (ZEC) have been added to USD (fiat) markets,” according to the post conveying the information about the launch. The crypto trading platform is compliant with the requirements for carrying out fiat transactions since March.

Changelly Confirms KYC for XMR Traders

The Daily: Coinbase Explores Crypto ETF, Changelly Verifies Monero TradersA number of Monero (XMR) traders have recently taken to social media and crypto forums to complain that crypto exchange Changelly freezes digital assets requesting KYC (know your customer) verification. According to this tweet, for example, the platform asks for KYC documents after users have already sent the funds and refuses to refund them if they “are not up to par.” Clients trading privacy coins have expressed disappointment with the company’s policies claiming they’ve been effectively robbed after being automatically classified as high-risk users for trying to buy monero via Changelly.

The Prague-based exchange is considered one of the main alternatives to Shapeshift, a leading crypto-to-crypto trading platform which recently announced KYC requirements for its customers. A spokesperson for Changelly has admitted the service can withhold suspicious transactions and hold clients’ funds until they provide the requested information. Quoted by The Next Web, the representative explained:

To all Monero community, our risk management system doesn’t mark all transactions out of the blue… Monero is the crypto that hides sender and recipient thus making transactions untraceable. This is a reason why big amounts of other currency got to be checked before converted to XMR.

The spokesperson also noted that “We have no mistrust of and prejudice towards users trading XMR. The matter relates to a Know-Your-Customer procedure that we had to implement due to the increased number of money laundering cases via our service.” All funds are released and their owners are white-listed once cleared by Changelly’s security department. However, the exchange has admitted that the cryptocurrency is kept for an undisclosed period of time when a customer refuses to provide the required data.

New Monero Wallet Bug Discovered

The Daily: Coinbase Explores Crypto ETF, Changelly Verifies Monero TradersDevelopers of the privacy-oriented altcoin monero have discovered a vulnerability which exposes its wallet software’s accounting functions to cyber-attacks. According to a report released on September 5, the bug is related to the system of encoding transactions with public keys. The flaw in the wallet software allows hackers to access the user’s account, including transaction data. Currently, the extent of the possible damages is unknown and there is no information as to whether the programmers have managed to fix the problem. Other bugs in the Monero network were discovered earlier last month.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.


Images courtesy of Shutterstock.


Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post The Daily: Coinbase Explores Crypto ETF, Changelly Verifies Monero Traders appeared first on Bitcoin News.

Markets Update: Shorts Continue to Rise as Bearish Sentiment Ensues

Markets Update: Shorts Continue to Rise as Bearish Sentiment Ensues

Cryptocurrency markets have lost considerable value since our last markets update three days ago. The entire digital currency economy of roughly 1900+ assets has lost $35 billion since then, and a great majority of cryptocurrencies over the last 24 hours are in the red seeing significant losses.

Also Read: New Information Heightens Satoshi Nakamoto Mystery

Crypto-Markets Drop Significantly

Just when cryptocurrency fans thought things were getting better and many digital assets started slowly moving back up, digital asset prices plunged during the early morning trading sessions on September 5. For example, bitcoin core (BTC) values slipped from the $7,400 range at 5 am EDT, to the $6,900 area until 5:30 pm. Then again BTC prices slid another leg down to a low of $6250 around 11 pm, but values have since increased back to the $6,400-6,500 area. Bitcoin cash (BCH) markets on September 5, from 12-to-5 am were seeing BCH prices coast along at $630 per coin, but dipped to $560 at 7 am. Following this, BCH dived even further as prices had dropped below the $500 zone and the price right now at the time of publication is $517 per BCH.

Markets Update: Shorts Continue to Rise as Bearish Sentiment Ensues

The top cryptocurrencies have followed a similar path and most digital assets are down between 8-14 percent in just one day. Some virtual currency markets are down as low as 20 percent over the last seven days. Ethereum (ETH) markets on Bitfinex had a serious flash sale as 60,000 ETH were dumped during yesterday morning’s early trading sessions. A half an hour later another 70,000 ETH were exchanged on the trading platform. This decline has pushed the price of ETH down 20 percent as it now hovers at around $225 per coin. No one is quite sure what happened yesterday, and some suspect an ethereum-based ICO might have cashed out. Then there are the curious losses BCH, BTC, and all the other coins that suffered too. Some skeptics blamed the Goldman Sachs decision to put off its cryptocurrency trading desk, which seemed a bit outlandish to most traders.

Bitcoin Cash (BCH) Market Action

As we mentioned above, the price of bitcoin cash is trading at $517 per BCH, and markets are seeing some buying action after the oversold conditions set in. BCH markets are down 8.6 percent over the last 24-hours and 2.9 percent over the last week. The market valuation right now is $8.8 billion and trading markets have been swapping around $528 million over the last day. The top exchanges swapping the most BCH include Lbank, Okex, Coinex, Binance, and Bitforex. The biggest currency pair today traded for bitcoin cash is tether (USDT) with 43 percent of the BCH market share. This is followed by BTC (27.5%), USD (13.1%), ETH (9%), and QC (2.2%). Bitcoin cash is the fifth largest cryptocurrency by trade volume today above litecoin (LTC) and below eos.

Markets Update: Shorts Continue to Rise as Bearish Sentiment Ensues

Bitcoin Core (BTC) Market Action

Bitcoin Core (BTC) prices are hovering around $6,494 per coin at the time of publication with a market valuation of around $112.4 billion. 24-hour trade volume is about $6.24 billion on September 6, and digital asset volumes across the board have all seen an increase. Bitcoin core is the top cryptocurrency by volume over the last day, and BTC is down 7.4 percent over the last 24 hours. The top trading platforms with the most BTC volume include Bitflyer, Bitfinex, Binance, Bitmart, and Coinbase Pro. The dominant pair traded with BTC is tether (USDT) which captures 42 percent of trades. The following top four pairs with BTC include USD (33%), JPY (11.4%), EUR (5.3%), and KRW (2.8%).

Markets Update: Shorts Continue to Rise as Bearish Sentiment Ensues

The Verdict: Uncertainty Stings With All Eyes on Short Positions and the Silk Road Stash

Since our last report, we discussed the rise of BTC/USD shorts stacking up and coming close to the August high of 40,000 shorts. Well, since bullish signals never came to fruition, shorts have continued to rise exponentially and there are now BTC/USD 38,700+ short positions today. Ethereum shorts are reaching all-time highs as well, and even at a $225 price per ETH bears are betting heavily against the cryptocurrency.

Markets Update: Shorts Continue to Rise as Bearish Sentiment Ensues

The verdict today is of course far less positive than our last market’s update three days ago, and traders are much more skeptical. On social media, telegram channels, and Reddit forums most traders do not believe this dump had anything to do with some silly decision Goldman Sachs made. Further, many traders are wondering about the Silk Road coins that have been on the move and if they will be exchanged on the market like the last ETH flash sale.

Coincidentally, traditional currency markets, specifically the USD is showing a lot of strength against a wide variety of nation state-issued currencies. Moreover, most commodities like precious metals and oil markets have been incredibly bearish over the last 30-days. But over the last 24 hours, the USD strength has grown softer and spot gold and cryptocurrency markets could rebound in the short term.

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

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


Images via Shutterstock, Trading View, and Satoshi Pulse.


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

 

The post Markets Update: Shorts Continue to Rise as Bearish Sentiment Ensues appeared first on Bitcoin News.

Markets Update: While Cryptocurrency Traders See Gains, Shorts Stack Up

Markets Update: While Cryptocurrency Traders See Gains, Shorts Stack Up

Cryptocurrency markets have shown some strength over the last seven days as many digital assets are up between 3 to 40 percent. At the time of publication, the entire digital currency market capitalization of all 1600+ cryptocurrencies is around $239B USD. The markets look far more optimistic than a few weeks ago but short contracts on Bitfinex order books for BTC/USD future markets in particular is nearing its all-time high once again.    

Also Read: New Information Heightens Satoshi Nakamoto Mystery

Cryptocurrency Markets See Some Gains This Week

Many people are wondering when the cryptocurrency bear market of 2018 will end. Some believe the tides are already changing while others believe it will continue to be a grueling year of dipping markets. There are still Wall Street bigwigs who think BTC will reach $20K by the year’s end and folks like Fundstrat’s Tom Lee remind us of these predictions every week. Meanwhile, this week a variety of digital assets have seen much larger gains than BTC’s 7.7 percent weekly rise, as some rose above 15 to 40 percent over the last seven days. For instance, bitcoin cash (BCH) spiked 17.8 percent during the last week, eos jumped 24 percent, and dash saw a 40 percent jump.

Markets Update: While Cryptocurrency Traders See Gains - Shorts Stack Up

Bitcoin Core (BTC) Market Action

Right now BTC is hovering around $7,274 in value and is up 0.15 percent over the last 24 hours. BTC’s market valuation today is about $125.3B and $3.9B in trades have been swapped over the last day. The top five exchanges trading the most BTC are Bitflyer (69%), Binance (5.7%), Bitfinex (3.9%), Bitmart (3.3%), and Coinbene (2.9%). Right now there is lots of tether (USDT) being swapped with BTC as BTC/USDT pairs are around 59 percent today. This is followed by USD (16.8%), JPY (12.2%), KRW (3.2%), and EUR (2.9%).

Markets Update: While Cryptocurrency Traders See Gains - Shorts Stack Up

BTC/USD Technical Indicators

At the time of writing, BTC/USD 4-hour charts show some interesting activity. The two Simple Moving Averages (SMA) have recently crossed hairs with the SMA 100 above the longer-term 200 SMA. This indicates the path towards the least resistance is the upside and prices may see some more upward pushes. However, the Relative Strength Index (RSI) is hovering around 64.3 showing some bullish exhaustion and overbought markets. Order books indicate that buyers need to surpass $7,500 and another pitstop at $7,850 to gain higher ground. On the backside, if bears gather more strength then there’s lots of foundational support between the current vantage point and $6,500.

Markets Update: While Cryptocurrency Traders See Gains - Shorts Stack Up

Bitcoin Cash (BCH) Market Action

Currently, bitcoin cash prices are around $626 per coin and BCH has a market valuation of around $10.8B. Over the last 24 hours, BCH markets have seen around $399M in global trade volume. The top trading platforms swapping the most BCH include Lbank 16.47%, Coinex 13.65%, Okex 13.29%, Binance 10%, and Huobi 8.55%. The top currencies paired with BCH today include tether (USDT 46%), BTC (26.7%), ETH (12.4%), USD (8%), and QC (2.4%).      

Markets Update: While Cryptocurrency Traders See Gains - Shorts Stack Up

BCH/USD Technical Indicators

Looking at the 4-hour BCH/USD chart on Bitfinex and Bitstamp shows some differences between the BTC/USD chart. For instance, the two SMA trend lines show the longer-term 200 SMA is well above the 100 showing the least resistance is toward the downside. The RSI oscillator for BCH/USD charts is meandering around 62 which indicates some uncertainty after some expected pull back. Looking at order books towards the upside shows from now until $680 there is heavy resistance. Towards the downside, strong support can be seen between now and $610, and at $550.

Markets Update: While Cryptocurrency Traders See Gains - Shorts Stack Up

The Verdict: Enthusiasts Seem Positive, But Traders Are Betting Against BTC as Shorts Near Last August’s ATH

Cryptocurrency proponents seem optimistic the bearish trend will end soon, based on the sentiment to be observed on social media, Telegram trading chat groups, and forums. However looking at future markets on Bitfinex, Bitmex and others show people are betting heavily against BTC’s price going up. BTC/USD short contracts on Bitfinex are slowly approaching the all-time high (ATH) that took place on August 21.

Markets Update: While Cryptocurrency Traders See Gains - Shorts Stack Up

There was a small short squeeze that took place the following day but the squeeze was short-lived. Right now there are 33,408 shorts on the exchange and only 25,974 long positions. Again, either two things could happen: either the shorts bring the price down and bears get their way or lots of short positions will be squeezed which is what happened last April.

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

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


Images via Shutterstock, Trading View, and Satoshi Pulse.


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

The post Markets Update: While Cryptocurrency Traders See Gains, Shorts Stack Up appeared first on Bitcoin News.

Markets Update: Cryptocurrencies See Some Small Gains This Weekend

Markets Update: Cryptocurrencies See Some Small Gains This Weekend

Over the past few days, a good portion of cryptocurrency assets have been increasing in value. In fact, this Saturday, August 25, 19 out of the top 20 digital assets have seen gains in the past 24 hours. Today the total market capitalization of the entire crypto-economy is around $219B USD with about $10.88B in daily trade volume. Most cryptocurrencies this weekend are up in value between 2-6 percent during this morning’s trading sessions.

Also Read: $1.1 Million Landmark Crypto Fraud Case Establishes CFTC Jurisdiction

Cryptocurrency Markets See Some Slight Upswing

This weekend cryptocurrencies are seeing some slight jumps in value after roughly 8 full days of consolidation and sideways action. For instance, for most of the week BTC/USD prices hovered around the $6400 region but four days ago spiked really quickly to $6900 squeezing out a bunch of shorts. However, the squeeze was short-lived and did not last long as BTC/USD prices dipped back down to the $6400 zone again. Bitcoin cash (BCH) markets did the same thing touching a high of $567 on August 21 but reverted back to the $530 range.

The Top Digital Assets

The top trading volumes today belong to bitcoin core (BTC), tether (USDT), ethereum (ETH), EOS, and bitcoin cash (BCH). At the moment, BTC/USD values are hovering around $6749 per coin with $3.93B worth of daily trade volumes. BTC/USD is up around 3 percent this Saturday. Ethereum commands the second largest market valuation and ETH market prices are up 2.2 percent this weekend. One ETH is trading for $281 per coin at the time of publication. Ripple (XRP) prices are doing better today and are up 2.6 percent as one XRP’s spot price is averaging around $0.32 per coin. Lastly, EOS values have gained 2.84 percent today as each coin is worth about $5.06 across global exchanges.

Markets Update: Cryptocurrencies See Some Small Gains This Weekend
The top cryptocurrency markets on August 25, 2018.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) markets are up 2.3 percent and each BCH is trading for $536 per coin. At press time BCH has around $293M in 24-hour global trade volume swapped on worldwide trading platforms. The top exchanges swapping the most BCH today include Binance ($44.92M), Okex ($40.75M), Coinex ($40.13M), Huobi Pro ($33.86M), and Hitbtc ($30.86M). The top currency pairs today swapped with BCH include tether (USDT 49.8%), bitcoin core (BTC 39.3%), USD (4.3%), KRW (2.1%), and QC (1.7%). Ethereum (ETH) captures about 1.54 percent of daily BCH trades this Saturday.

Markets Update: Cryptocurrencies See Some Small Gains This Weekend
BCH/USD is up 2.3% on Saturday, August 25, 2018.

BCH/USD Technical Indicators

Looking at BCH/USD 4-hour charts on Bitfinex and Bitstamp shows the two Simple Moving Averages (SMA 100 & 200) have a decent gap with the longer term 200 SMA above the 100 SMA trendline. This indicates presently the path towards the least resistance is still towards the downside. The Relative Strength Index (RSI) is meandering around 50 at the moment showing consolidation and indecisiveness amongst traders. MACd has been heading northbound during the early morning BCH/USD trading sessions and shows room for improvement. Looking at order books indicates BCH bulls have some strong resistance up until $575. They will catch a short breather before being stopped again at $590-640 per BCH. On the backside, if bears gain control of markets then there are some solid foundations from the current vantage point up until $490 and then some beefier support around $475.

Markets Update: Cryptocurrencies See Some Small Gains This Weekend
BCH/USD charts Bitfinex, August 25, 2018.

The Verdict: Positivity Increases but Skepticism Remains

Right now traders seem to have some increased optimism because markets are showing some slight gains over the past two days. Smart traders understand that betting on the eight months of bear markets ending is still not the greatest wager right now, and most remain cautious. A lot more bullish signals must be confirmed before a great majority of traders start betting long again. Until then people will remain skeptical of all the market action after the last eight months of bull traps and dead cat bounces.

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

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


Images via Shutterstock, Trading View, and Satoshi Pulse.


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

The post Markets Update: Cryptocurrencies See Some Small Gains This Weekend appeared first on Bitcoin News.

Markets Update: Crypto Prices Consolidate After Failing to Surpass Resistance

Markets Update: Crypto Prices Consolidate After Failing to Surpass Resistance

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

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

Up Moves, Down Moves, and Eight Months of Corrections

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

Markets Update: Crypto Prices Consolidate After Failing to Surpass Resistance

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

Bitcoin Cash (BCH) Market Action

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

Markets Update: Crypto Prices Consolidate After Failing to Surpass Resistance

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

Bitcoin Core (BTC) Market Action

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

Markets Update: Crypto Prices Consolidate After Failing to Surpass Resistance

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

The Verdict: Uncertain Predictions

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

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

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


Images via Shutterstock, Trading View, and Satoshi Pulse.


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

 

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

Report: Mood About Crypto Markets Changes Two Months After Trends

Report: Mood About Crypto Markets Changes Two Months After Trends

It takes about two months for the public sentiment to adjust to new trends in the cryptocurrency markets. That’s according to a recently published report whose authors have examined the changes in the opinions of thousands of active followers of crypto markets over a period of nine months. They found that the collective mood can be bullish long after a downward trend has started.

 Also read: Boerse Stuttgart to Host Crypto Trading and Coin Offerings

Optimistic Mood Persists Despite Decline in Prices

Report: Mood About Crypto Markets Changes Two Months After TrendsInvestors, traders and market watchers need two months to adjust to new long-term trends in the cryptocurrency markets, a study conducted by the fintech company Cindicator has revealed. For example, one of the key findings is that in January and February of this year the collective mood was still bullish and most participants were forecasting growth, despite a clear downward trend. Sentiments changed in March after the total capitalization had already fallen below $300 billion during the previous month.

The “Collective Crypto Mood Swings” report is based on data from over 111,000 users of Cindicator’s mobile and web applications that allow them to make daily forecasts about a range of digital and traditional assets. They are asked almost 200 questions every month about the likelihood of certain events and are granted points for correct predictions but lose points in case of incorrect answers. At the end of each month, the “analysts” are rewarded in ETH if they have earned at least 1 point. The survey covers the nine-month period between September 2017 and May 2018.

The company also claims that 5,000 traders and investors are using indicators created by combining collective forecasts based on the opinions of these subscribers who come from more than 135 countries and are active followers of crypto markets from different age groups and backgrounds. Their inputs are enhanced by AI using machine learning algorithms and a neural network to produce predictions with high accuracy.

Report: Mood About Crypto Markets Changes Two Months After Trends

According to the authors, the expectations regarding crypto markets change similarly to those about other asset classes. It took investors 60 to 100 days on average to adapt to a new long-term trend in the markets of the different assets they were asked about. The researchers also found that the higher volatility leads to greater mood swings. They’ve provided an example with ethereum, noting the strongly polarized public view of the cryptocurrency in March when the price of ETH in US dollars dropped by more than 50%.

Bullish on BTC and ETH Months After the Peak

Cindicator reports that in the studied period the median opinions remained positive for both bitcoin core (BTC) and ethereum (ETH). More fluctuations were registered in the case of ethereum, while the median mood for bitcoin core remained consistent, despite the significant market ups and downs between September and May.

Report: Mood About Crypto Markets Changes Two Months After Trends

The analysis of the forecasts shows that the public was highly optimistic about the future of bitcoin (BTC) for two months after the leading cryptocurrency reached its peak of almost $20,000 in December, 2017. Then the distribution of opinions became more balanced in March, long after the four-month decline had started.

The situation with ethereum looks pretty similar. The polled subscribers were highly optimistic in February after the USD price of ETH peaked at $1,400 in January. In both cases, opinions were most positive during the months with the highest volatility: December, January and February. According to the report, this is likely due to expectations of mean reversion after the big drops.

Report: Mood About Crypto Markets Changes Two Months After Trends
Changes in opinions and prices.

The data for May, the last month covered in the study, shows that optimism for ethereum had returned to the levels recorded in February, while the mood about bitcoin core remained subtle as the price of BTC dropped to the low $7,000s. Ether markets were again volatile while the volatility of the bitcoin core markets dropped to its lowest level since September. Cindicator analysts have interpreted that as an indication of the new perceived norm – the range between $7,000 and $8,000.

What are your expectations about the future of crypto markets? Tell us in the comments section below.


Images courtesy of Shutterstock.


Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today.

The post Report: Mood About Crypto Markets Changes Two Months After Trends appeared first on Bitcoin News.

US Court Seizes 81 BTC, Sends Bitcoin Trader to Jail for 41 Months for Money Laundering

US Court Seizes 81 BTC, Sends Bitcoin Trader to Jail for 41 Months for Money Laundering

A U.S. district judge has ordered a bitcoin trader to forfeit 81 bitcoins and sentenced him to 41 months in prison for money laundering. Thomas Mario Costanzo, also known as Morpheus Titania, sold bitcoins to undercover federal agents pretending to be drug dealers, according to the Department of Justice.

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

41 Months in Prison

US Court Seizes 81 BTC, Sends Bitcoin Trader to Jail for 41 Months for Money LaunderingThe U.S. Department of Justice (DOJ) announced Wednesday, August 1, that District Judge G. Murray Snow has sentenced a bitcoin trader to 41 months in prison.

Thomas Mario Costanzo, also known as Morpheus Titania, has been sentenced to “41 months’ imprisonment, with credit for time served since his arrest in April 2017,” the notice reads. “Costanzo was found guilty by a federal jury on March 28, 2018, of money laundering.”

The 54-year-old Arizona resident advertised on Localbitcoins, a peer-to-peer bitcoin exchange website, “that he was willing to engage in cash transactions up to $50,000,” the DOJ described, stating:

When undercover federal agents approached Costanzo and told him that they were drug dealers, Costanzo provided them with bitcoin and told them it was a great way to limit their exposure to law enforcement.

81 Bitcoins Forfeited

US Court Seizes 81 BTC, Sends Bitcoin Trader to Jail for 41 Months for Money LaunderingThe jury learned at trial that, over the two-year period, “Costanzo took $164,700 in cash…from the agents,” according to the DOJ’s statement.

The agents claimed that Costanzo then “exchanged it for bitcoin in order to conceal and disguise the nature, location, source, ownership, and control of the drug proceeds.” The Justice Department further noted that “the evidence at trial also showed that Costanzo used bitcoin to purchase drugs from others and that he provided bitcoin to individuals who were buying drugs via the internet,” elaborating:

At the sentencing hearing Judge Snow also ruled on the forfeiture of the 80.94512167 bitcoins provided by Costanzo to the undercover agent.

The agency elaborated, “The current value of the forfeited bitcoins is more than $600,000,” adding that “Costanzo had previously claimed an interest in 49.99363132 of the seized bitcoins, and his interest was forfeited at the sentencing hearing.”

Third Party Under Investigation

In addition, the US government separately investigated Dr. Peter Steinmetz for engaging in an unlicensed bitcoin trading business. He supplied more than 30 BTC to Costanzo.

The agency agreed not to prosecute Steinmetz “for his prior bitcoin trading activity,” as he agrees “that going forward, and for the next two years, he will only purchase or sell virtual currency on exchanges registered with the Financial Crimes Enforcement Network, also known as Fincen.” The Justice Department clarified:

Dr. Peter Steinmetz has agreed to forfeit the remaining 30.95149035 bitcoins, and to also forfeit an additional $54,000 in U.S. currency.

What do you think of the U.S. judge sentencing this bitcoin trader to 41 months in prison and taking his bitcoins? Let us know in the comments section below.


Images courtesy of Shutterstock and the DOJ.


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

The post US Court Seizes 81 BTC, Sends Bitcoin Trader to Jail for 41 Months for Money Laundering appeared first on Bitcoin News.

Markets Update: Cryptocurrency Price Trends Turn from Bullish to Bearish

Markets Update: Cryptocurrency Price Trends Turn from Bullish to Bearish

On Tuesday, July 31 a great majority of cryptocurrency prices dropped in value with many coins losing anywhere between 3-10 percent during the last 24-hours. Currently, with the sudden cryptocurrency market turbulence, bears have taken control of the exhausted bulls. In one intra-day of trading, the entire cryptocurrency market capitalization of all 1,600+ coins ($270Bn USD) has lost roughly $25Bn in value.

Also Read: Bitcoin Cash Fans Celebrate Independence Day One Year Later

Digital Asset Prices Turn Bearish as the Entire Cryptocurrency Economy Loses $25 Billion USD

Markets Update: Cryptocurrency Price Trends Turn from Bullish to BearishBearish sentiment is starting to haunt cryptocurrency markets once again as many digital assets saw prices tumble today. Bitcoin Core (BTC) prices dropped to a low of $7,503 on July 31 as the currency’s trade volume had started to drift a bit lower after the price hovered around $8,125 the day prior. A large portion of other cryptocurrency markets followed suit with BTC as the top ten virtual currencies are seeing losses across the board of course except for tether (USDT).

Ethereum (ETH) continues to hold the second highest market valuation with a market capitalization that’s around $42.28Bn. One ETH is being traded for $418 and the market is down 7.6 percent today. ETH markets are followed by ripple (XRP) which is down 2.8 percent over the last 24-hours as one XRP is trading for $0.42 cents. Lastly, the fifth highest market capitalization held by EOS is also down 6.6 percent and the currency is trading at $7.13 per coin.

Markets Update: Cryptocurrency Price Trends Turn from Bullish to Bearish

Bitcoin Cash Market Action

This Tuesday bitcoin cash (BCH) markets are seeing losses as well as BCH is down 8 percent over the last 24-hours. Bitcoin cash markets are also down 13.2 percent for the last seven days. One BCH is trading for $741, and the decentralized cryptocurrency has a market valuation of around $12.8Bn. The last 24 hours show BCH trade volumes are around $432Mn at the time of publication. The top exchanges swapping the most BCH today include Coinex ($106.53Mn), Huobi Pro ($69.38Mn), Okex ($64.81Mn), Binance ($46.80Mn) and Hitbtc ($34.79Mn).

Markets Update: Cryptocurrency Price Trends Turn from Bullish to Bearish

The top currency traded with BCH on July 31 is tether (USDT) with 55.2 percent of swaps. This is followed by BTC (28.5%), USD (7.6%), QC (2.8), ETH (2.4%) and the KRW (1.2%). Bitcoin cash holds the fifth highest volume over the past 24-hours among all 1,600+ other cryptocurrencies.

Markets Update: Cryptocurrency Price Trends Turn from Bullish to Bearish

BCH/USD Technical Indicators

Looking at the daily and 4-hour charts on Bitfinex and Bitstamp shows bears have grabbed the reins and still have a good portion of control. RSI levels are screaming oversold conditions (33), while the MACd has swooped down to -85. The SMA 100 is far higher now above the longer-term 200 SMA trendline which means BCH bulls may lose a bit more grip over the short term. Many traders can see looking at charts that the price was rolling sideways for close to three days and many were convinced of a bull flag after the inverse head & shoulders. But just before the dip sell orders on popular exchanges worldwide began stacking up. Looking at order books from the current vantage point BCH bulls have some high walls up until $775 but if they can manage to break that resistance we could return to previous levels. On the back side there’s solid support between now and $710 but unfortunately, books are thinner until $650.

Markets Update: Cryptocurrency Price Trends Turn from Bullish to Bearish   The Verdict: Flat Volumes and Bearish Sentiment Brings Market Skepticism

Overall skeptics and bearish cheerleaders are hoping for some stronger dips and they just may get them. Volumes across the board for many cryptocurrencies has been getting flatter as each day passes. Traders and enthusiasts are now unsure the upcoming ETF decision will pull prices up until then for two reasons: One the Winklevoss Twins fund was denied again, putting a black cloud over positive vibes toward the Cboe ETF, and secondly everyone is unsure exactly when the Securities and Exchange Commission (SEC) will make their ultimate decision. This week the current market sentiment, and our price verdict, point to far more skepticism and shade towards bullish prices returning soon.

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

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


Images via Shutterstock, Trading View, and Satoshi Pulse.


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

The post Markets Update: Cryptocurrency Price Trends Turn from Bullish to Bearish appeared first on Bitcoin News.

Huobi Informs Users on Decision to Launch P2P Trading in India

Huobi Informs Users on Decision to Launch P2P Trading in India

Following several announcements of plans for global expansion, this week crypto exchange Huobi has reportedly informed Indian users of its intentions to present them with a P2P platform that allows trading in Indian rupee. The email notice published by local media promises zero transaction fees for exchanging BTC, ETH, and USDT.

Also read: 3 Million Brits Invested in Crypto via Exchanges, Few Sought Advice

Reports: Huobi to Launch P2P Platform for Indians

Cryptocurrency exchange Huobi has announced in an email to Indian users its decision to offer peer-to-peer trading services in their country, local crypto media reported. The notice states that they will be entitled to zero transaction fees for trades in bitcoin core (BTC), ethereum (ETH), and tether (USDT). Users will be able to buy and sell these cryptocurrencies with support for transactions in Indian rupees (INR), according to a copy of the correspondence published by Crypto News, India.

The exchange says that “[…] we do think it’s time that we provide a solution of buying/selling digital assets with INR for all Indian users: Huobi OTC – a proprietary peer-to-peer (P2P) platform that allow[s] users and merchants to trade digital assets with your local currencies.” The crypto company also notes that “every registered Indian user of Huobi can log in to https://otc.huobi.com to trade digital assets with INR.” Customers are also advised to transfer to Huobi Global if they want to trade more cryptocurrencies with high liquidity.

Huobi Informs Users on Decision to Launch P2P Trading in India

The announcement was made after Huobi recently sent a questionnaire to its Indian users. In another email, the exchange also invited them to become “Global Merchants”. The message read, “After becoming a global merchant of Huobi OTC, you will be entitled to: post-fiat-to-token advertisements to gain more earnings during “Buy & Sell” processes; enjoy zero transaction fee and obtain 24/7 customer support.”

The launch of the Indian P2P platform has yet to be officially announced by Huobi with a release expected on its social media channels. However, the authenticity of the emailed message has been confirmed already by a spokesperson reached by Crypto News: “For OTC supports INR currency. Yes. It’s legit,” the representative is quoted as saying.

Peer-To-Peer Trading Expands After Ban, Before Regulation

Huobi’s announcement comes in difficult times for the Indian crypto community. In recent months, Indian companies and individuals working with cryptocurrencies had to deal with a bank crackdown that followed a ban imposed by the Reserve Bank of India, the country’s central bank. The measure came into force on July 5, after the Supreme Court upheld it in a hearing on July 3, when it did not grant a stay before the compliance deadline, and then in another one on the 20th, when it did not overturn the ban. The final hearing on the matter was scheduled for September 11.

In April, the RBI ordered regulated financial institutions to quit providing services to entities and citizens dealing in cryptocurrency. The restrictions have since forced Indian crypto exchanges to suspend fiat transactions and offer crypto-to-crypto trading options. Comprehensive regulatory guidelines are expected in September, as news.Bitcoin.com reported earlier this week. A draft has been prepared already and consultations are underway to finalize the framework.

Huobi Informs Users on Decision to Launch P2P Trading in India

Until the important decisions are made this fall, P2P platforms are offering a viable option for Indian traders who want to exchange cryptos with rupees. Cryptocurrency exchanges, Koinex and Wazirx, are already offering peer-to-peer trading services.

If Huobi fulfills its promise to Indian users, the launch of its P2P platform will become the latest in a series of moves aimed at expanding its global reach. Huobi’s plans include Europe, Asia, America, and Australia. In June, the Singapore-based exchange confirmed its intentions to open an office in London. In early July, the third largest crypto trading platform launched a platform in Australia with 10 pairs against the AUD. Huobi is also eyeing opportunities in Toronto, San Francisco, and São Paulo.

Do you trade cryptocurrencies on P2P exchanges? Share your thoughts on the subject in the comments section below.


Images courtesy of Shutterstock.


Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today.

The post Huobi Informs Users on Decision to Launch P2P Trading in India appeared first on Bitcoin News.

Fed Chairman on Crypto: “Not Real Currencies; Lack Intrinsic Value”

Fed chairman on crypto

Yesterday, bulls charged the crypto market, which caused Bitcoin to add $9B to its market capitalization in less than thirty minutes. But the Fed chairman on crypto is swinging the opposite way.

Today, we’ve seen a few bears emerge from the forest. Specifically, the head of the Federal Reserve spoke on cryptocurrencies today, providing comments that indicate he is bearish on virtual currencies. 

Fed Chairman on Crypto: A Risky Investment 

On Wednesday, Jerome Powell, the head of the Federal Reserve, which is the US’s central banking system, spoke with members of Congress. During the ...

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

All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.

Markets Update: Bitcoin Bulls Charge Forward

Markets Update: Bitcoin Bulls Charge Forward

Cryptocurrencies are seeing some good gains over the past two days after market capitalizations lost billions last weekend. Over the last six days, the entire digital asset economy has seen an increase of around $15Bn and now averages around $268Bn on Monday, July 16. Digital currency proponents are hopeful the past six months of bearish market sentiment is over and brighter days may be ahead.

Also read: Bitcoin ABC Developers Publish Bitcoin Cash Upgrade Timeline 

Bullish Optimism Creeps Into the Cryptocurrency Market Sentiment, With a Possibility of Brighter Days Ahead

Markets Update: Bitcoin Bulls Charge ForwardDigital asset traders and enthusiasts are optimistic cryptocurrency markets may reverse their downward trend over the next few weeks leading up to the Cboe ETF decision. Last weekend markets were seeing losses across the board as the top cryptocurrency values had dropped 5-25 percent fairly quickly. But since then over the course of the week, digital currency prices have gathered steam and regained at least 2/3rds of last week’s losses. Overall trade volume is about $12.8Bn and has been relatively weak over the past few months but has seen a slight increase today.

Bitcoin Core (BTC) Market Action

The current bitcoin core (BTC) spot price right now is around $6,687 per BTC at the time of publication. BTC 24-hour trade volume is about $4.4Bn over the last day and the cryptocurrency has a $114.5Bn market valuation. The top exchanges swapping the most bitcoin core today include Bitflyer (1.8Bn), Fcoin ($325Mn), Coinbene ($281Mn), Binance ($196Mn), and Bigone ($187Mn). On July 16, the most traded currency exchanged for BTC is the Japanese yen capturing 49 percent of the intraday’s trades. This is followed by tether (USDT 33%), USD (10.2%), EUR (2.4%), and the KRW (1.8%). Out of the 1600+ digital bitcoin core’s market dominance is about 42 percent.

Markets Update: Bitcoin Bulls Charge Forward

BTC/USD Technical Indicators

Looking at the 4-hour BTC/USD charts on Bitstamp and Coinbase shows bulls are pushing markets forward attempting to challenge the $6,800-7,000 resistance. Around 1 pm EDT relative strength index (RSI) levels show overbought conditions at 76. The two Simple Moving Averages (SMA) have crossed hairs recently and the 100 SMA is above the 200 SMA. This indicates the path of least resistance is towards the upside. MACd is heading northbound and shows more upswing could be in the cards today. Looking at order books shows BTC bulls need to crack the $6,800-7,000 territory and after that is smoother seas up until $7,200. On the backside, if bears took the reigns again there is plenty of support down to $5600 for quite some time.

Markets Update: Bitcoin Bulls Charge Forward

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) market action shows the price is around $800 per coin this Monday. The decentralized cryptocurrency’s overall market capitalization is about $13.77Bn and daily trade volume has increased to about $494Mn. BCH holds the fifth highest trade volumes today out of the top cryptocurrencies and is the fourth largest market cap. The top trading platforms exchanging the most BCH today include Bigone ($58Mn), Okex ($56Mn), Binance ($48Mn), Coinex ($48Mn), and Hitbtc ($41Mn). The top currency pairs traded with bitcoin cash today include tether (USDT 47%), BTC (28%), USD (12%), KRW (3.5%), ETH (2.7%). 

Markets Update: Bitcoin Bulls Charge Forward

BCH/USD Technical Indicators.

BCH/USD 4-hour and 30-minute charts look very similar to BTC/USD charts today and are performing similarly. However, the two SMAs are different with the 200 SMA above the 100 SMA indicating the path towards least resistance is the downside. Similarly to BTC/USD, RSI levels are about 79 right now showing overbought conditions. MACd looks like it could bump up more but might head southbound over the next hour. Looking at order books shows some very large walls between the current vantage point and $840. If BCH bulls can move past the $860 area then things may improve even more. On the backside charts show from now up until $650 there is strong support. 

Markets Update: Bitcoin Bulls Charge Forward

The Verdict: Traders Seem Positive and Hope for More Green Candles

The verdict this time around is far more positive as markets have improved a great deal this week. Most of the top cryptocurrencies have seen around 5 percent in gains over the past 24-hours but coins such as LTC, IOTA, and NEO have made notable increases. As mentioned above, a lot of traders think markets might continue to climb as the ETF decision approaches. The possible outcome of this upcoming decision may have blown a breath of fresh air into the cryptocurrency economy. 

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.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


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

The post Markets Update: Bitcoin Bulls Charge Forward appeared first on Bitcoin News.

ATO to Target Crypto Traders Using International Data Agreements

ATO to Target Crypto Traders Using International Data Agreements

Australia’s financial press is expecting that the Australian Taxation Office (ATO) will take a hard stance on cryptocurrency investors this tax season, with the ATO recently vowing to leverage international data-matching agreements in order to track the taxation obligations of Australian cryptocurrency traders.

Also Read: The Weekly: Coinbase Custody Opens, Malta Adopts Crypto Law, Bittrex Invades Europe

ATO to Leverage International Data-Matching Agreements to Target Crypto Traders

ATO to Target Crypto Traders Using International Data AgreementsThe Australian Tax Office has announced that it will leverage data sharing agreements made between Australia and other nations to determine the tax obligations of Australian cryptocurrency investors.

“We’re alert to the potential compliance risks that arise from cryptocurrencies but we’re not really alarmed about them,” ATO acting deputy commissioner Martin Jacobs told Australian Financial Review.

“Where people attempt to deliberately avoid these obligations we will attempt to take action. We have a range of existing powers that are designed to address unexplained wealth and conspicuous consumption that may arise through profits derived through cryptocurrency investment,” Mr. Jacobs added.

Mr. Jacobs also emphasized that changes to anti-money laundering rules mandating that Australian crypto exchanges identify wallet holders “will enable data exchanges to collect cryptocurrency trading information, which we’ll be able to access and use in our engagement activities.”

Many Traders May be Unaware of Tax Obligations

ATO to Target Crypto Traders Using International Data AgreementsPaul Drum of accounting firm CPA Australia has speculated many Australian cryptocurrency users may not be fully aware of their tax obligations, stating “We’re at the pointy end of a financial year of seismic profits and if people were thinking they could fly under the radar, I’ve got bad news. […] People wrongly believe they’re getting a windfall gain that isn’t taxed. That could be a costly mistake.”

Mr. Drum also warned that many cryptocurrency traders are not aware of the tax event triggered by each “disposal” of virtual currency holdings, emphasizing that cryptocurrency-to-cryptocurrency trades require that traders declare any profits generated. “Even if you traded your ripples for bitcoin, you have to figure out whether you made a profit on the trade,” he said.

ATO Criticized Over Opaque Tax Guidance for Cryptocurrency Users

ATO to Target Crypto Traders Using International Data AgreementsAustralian Financial Review recently spoke to Adam Dimac of legal firm Hall and Wilcox, who are currently representing “Max” – an Australian lawyer who is currently in a dispute with the ATO regarding how his $7 million in cryptocurrency holdings should be taxed.

Mr. Dimac emphasized the lack of clarity surrounding the ATO’s regulations, stating “There are a lot of technical issues for which there is just no guidance at all. One example is initial coin offerings. From a tax point of view, there’s basically no guidance on how they are treated. It’s really new ground.”

Max’s lawyers are seeking to argue the personal use exemption. However, Mr. Dimac concedes that the team is “hearing it’s going to be hard to argue the personal use exemption. There are individuals who can genuinely say ‘yeah, I went into this out of intellectual curiosity and as a hobby. I’m a Millennial and this is how I think, I like to challenge the status quo. Five years later, it’s become $10 million.’ But nobody quite knows how the ATO is going to view it because everyone’s circumstances are different. And even then, the ATO is developing their thinking over time as they come to consider different scenarios and new cryptos come into the market.”

Laura Spencer of Sladen Legal also believes that the ATO has failed to provide sufficient guidance regarding the tax obligations of cryptocurrency investors, stating that “The insufficient guidelines and absence of case law in this area of tax leaves early adopters of cryptocurrencies in great uncertainty. As the treatment of cryptocurrencies will play an even greater role in the future, we await further comments from the commissioner.”

What is your response to the ATO’s decision to leverage international data-sharing agreements to target crypto investors? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post ATO to Target Crypto Traders Using International Data Agreements appeared first on Bitcoin News.

Huobi Exchange Suspends Services for Japanese Residents

Huobi Exchange Suspends Services for Japanese Residents

Crypto exchange Huobi notified its Japanese customers via e-mail on Wednesday that it will be closing accounts of users who are residents of Japan. According to Huobi, their decision came up as a result of compliance issues with the Japanese law.

Also read: Huobi Creates Its Own Cryptocurrency Exchange-Traded Fund (ETF)

No Japanese Traders on Huobi

Huobi Pro reportedly plans to remove the Japanese page from its website as of July 2, and stop providing trading services to Japanese residents. Although the announcement is not yet visible on the official company homepage, further details are expected to appear in the coming hours, a Telegram administrator for Huobi said.

Huobi Exchange Suspends Services for Japanese Residents
Huobi stops crypto trade for Japanese residents

On its disclaimer page, Huobi states that the company deals with electronic assets through the internet and telecommunication network, complying with the laws of each country when conducting business activities. Huobi Global Limited is a company registered and established in the Republic of Seychelles, under its relevant laws.

Huobi also notes that it is not registered as a virtual currency exchange business under the “funds settlement law of Japan.” Therefore, it does not conduct any virtual currency exchange business in the country. The company finally points out that it respects the Japanese law and has not solicited any persons who reside in Japan (individuals or corporations).

Over the past few months, the Japanese Financial Services Agency (FSA) kept imposing new sanctions on cryptocurrency exchanges, towards which some Japanese traders have expressed their frustration. Nevertheless, they also believe that government rules and crypto regulations will benefit the local crypto industry in the long run.

“It’s really problematic that the FSA doesn’t give us the heads-up before announcing business improvement orders for instance that lead to a temporary halt of business [of the company which was issued the business improvement order]. It messes up everything, suddenly,” said Mas Hihara, a Japanese blockchain technologist, ICO adviser and entrepreneur.

In China, despite authorities officially banning virtual currencies from trading in renminbi (CNY), it is rumored in the industry that the Chinese government is still showing interest in the virtual currency. According to some reports, there is a chance that Beijing would actually invalidate the ban on virtual currency trading.

What do you think of Huobi halting trading services for Japanese residents? Let us know in the comments section below.


Images via Shutterstock.


Why not keep track of the price with one of Bitcoin.com’s widget services.

The post Huobi Exchange Suspends Services for Japanese Residents appeared first on Bitcoin News.