Crypto markets are seeing minor losses across the board, as low volatility and low price momentum continue
Bitcoin volatility hits record low in the range of $6,300 to $6,800 for two months, which could lead to a major short-term rally
An established fintech company is launching an AI-driven trading platform for crypto that aims to “ignore hype and avoid boom and bust cycles” #SPONSORED
Markets have taken a stronger upturn, even as onlookers have been pointing to a period of uncharacteristically stable price action in the crypto sphere
To kick-start the new week, we bring you news of bitcoin hitting a record low — for volatility, not price. There’s also been an altcoin breakout ahead of an impending Coinbase listing, a new metric for ranking cryptocurrencies and an obligatory new stablecoin story. It’s all covered in Monday’s edition of The Daily.
Bitcoin Goes Nowhere
For the past two weeks, bitcoin core (BTC) has done precisely nothing price-wise, adhering closely to $6,600 territory. While behind the scenes there’s been plenty of development work going on, in the markets there’s been little cause for cheer or for gloom. So stable has BTC been, with its volatility hitting a 17-month low, that jokes have been circulating of bitcoin now constituting the world’s most decentralized stablecoin. Some have speculated that the lack of action is evidence of bitcoin maturing as an asset class.
“This is a maturing market, so volatility should continue to decline,” observed Bloomberg Intelligence commodity strategist Mike McGlone. “When you have a new market, it will be highly volatile until it establishes itself. There are more participants, more derivatives, more ways of trading, hedging and arbitraging.” It’s too early to tell whether this interpretation is correct or whether BTC is simply taking a breather before sprinting to its next support level.
0x Climbs on Presumed Coinbase Listing
While BTC has remained stable, the same cannot be said of altcoins. 0x (ZRX) has been one of the best performers over the last 24 hours, up 12% after rumors of a Coinbase listing resurfaced. It’s been all but confirmed for months that the Ethereum-based relaying and governance token would be added to Coinbase at some stage, but screenshots showing 0x appearing on the site’s transactional reports section have convinced speculators that a listing is imminent.
PwC Teams Up With Cred to Launch Latest Stablecoin
News of another stablecoin is not news in itself, for such events have become daily occurrences in the crypto space. The entity behind the latest dollar-pegged token is of interest, however. Pricewaterhouse Coopers (PwC) is the world’s second-largest professional services firms, and ranked as a Big Four auditor, right behind Deloitte. It has collaborated with crypto-lending platform Cred to launch a new USD stablecoin.
“We are excited to work with Cred to help increase industry awareness regarding how the asset-backed digital token ecosystem can be secured and scaled on behalf of participants,” said PwC’s Grainne McNamara. “PwC’s commitment to the crypto community at large sends a very strong message to retail investors, mainstream financial services providers and the crypto enthusiasts that the world is moving toward decentralization, transparency and accountability in a system that will evolve beyond the need for trusted intermediaries,” added Cred co-founder Dan Schatt.
Liquidity Is the New Market Cap
Crypto enthusiasts have started talking about a new site that ranks cryptocurrencies by their liquidity rather than their total circulating supply. Coinmarketbook.cc examines the support levels for cryptocurrencies based on the percentage of their market cap that is set in buy orders on exchanges. It records BTC as being way out in front, with 1,417% of buy orders, based on the top 10 exchanges, followed by ether (ETH) at 23%. Thereafter, the next highest in-demand cryptocurrency has just 3% of buy orders set. Ripple (XRP), in comparison, appears way down the list, with just 0.21% liquidity. With the bulk of all ripples under lock and key at Ripple HQ, that’s not such a surprise.
What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.
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The post The Daily: Bitcoin’s Low Volatility and High Liquidity, PwC Backs Stablecoin appeared first on Bitcoin News.
Crypto markets are seeing little price movement, with almost all top 20 coins fluctuating less than 1% on the day
FT releases special report on financial markets, outlining crypto as one of the “biggest changes” globally over the past 10 years
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A new smart banking ecosystem is aiming to improve the uptake of crypto by eliminating the risk that businesses and individuals will lose access to their funds #SPONSORED
Castle Island Ventures partner and cofounder of Coinmetrics.io, Nic Carter, has had quite enough. Made crazy by mainstream media misunderstanding, ignorance, and downright falsehoods regarding cryptocurrencies, he took to Medium, making the case for why Bitcoin is not dead, again.
“Bitcoin is Still a Total Disaster”
“I’m fed up with journalists who are either ignorant or unwilling to learn about cryptocurrency,” Mr. Carter began, “holding forth on its perceived weaknesses. However, there isn’t enough time in the day to rebut all of their nonsense, so I have to be selective.”
Nic Carter, partner at Castle Island Ventures, and cofounder of Coinmetrics.io, is obviously tired of journalists and their respective employers failing to understand cryptocurrency basics. The last straw, bringing his anger to a public boil, was a recent article written for The Washington Post’s Wonkblog Perspective, “Bitcoin is still a total disaster,” by Matt O’Brien. It attempts to make the case Bitcoin doesn’t work on any level, to any practical effect.
As Mr. Carter explains, Mr. O’Brien’s Wonkblog piece “relies on mistaken assumptions to paint a misleading picture of the world.” He takes the rant apart, claim by claim, beginning with whether or not bitcoin is a currency. This is a bone of contention within the community itself, so it should be noted Mr. Carter is referencing bitcoin core (BTC) and not bitcoin cash (BCH) in his arguments against the rant by Mr. O’Brien (though BTC and BCH carry similarities).
Mr. O’Brien’s first claim, first sentence really, is BTC’s lack of price stability, and thus this fact discounts it as a currency. Interestingly, and for reasons cited just above, Mr. Carter almost concedes the point, “This assumes that Bitcoin is a currency, and that the definition of currency is normative (‘x should do y’) as opposed to descriptive (‘things of type x have the qualities y and z’). I’d classify Bitcoin the protocol as a complete monetary system, and bitcoin the unit of value as a commodity money, which has the potential to become a gold-like reserve currency. Commodities fluctuate — that’s what they do.” Maybe BTC is more than one thing, seems to be Mr. Carter’s nuanced stance.
Journalists Do Not Understand Decentralization
Another assertion in the Washington Post rant had to do with volatility being baked-in to Bitcoin. Mr. Carter describes that accusation as “an odd rewrite of history, or more charitably, a very strange interpretation of bitcoin’s purpose. The impossible trinity tells that it’s impossible to have free capital flow, sovereign monetary policy, and a fixed exchange rate all at the same time. Bitcoin was designed with sovereign monetary policy and a free flow of capital. No one underwrites or backs Bitcoin, so it cannot be pegged to a real-world basket of goods. That’s the same with gold. Both have emergent monetary premia. This can’t be planned for — it just so happened that way. Needless to say, Satoshi didn’t design Bitcoin to be unstable, he wanted to solve the problem of double spends with digital cash such that it didn’t rely on a single validator. Its volatility is an emergent property, not a design objective.”
Mr. O’Brien also attempts to use BTC being decentralized as a bug rather than a feature. He writes in the Washington Post that “the only way to [validate transactions in such a scheme] would be for every member of that network to keep a record of every bitcoin transaction there had ever been — that way they knew who had bitcoin to spend — which would require a lot of computing power,” emphasis his.
“This is a common misconception,” Mr. Carter answers, bent on correction. “PoW and mining ensures that the network deterministically converges to a shared history, without any subjectivity or off-chain coordination. The fact that the minted units have value means that miners are incentivized to behave appropriately in the short and medium term. And the fact that those units are worth $x means that miners will pay anything up to $x to obtain them. This is the source of the large quantities of computing power allocated to the network — the combination of efficient mining hardware and large amounts of value at stake.” Furthermore, the Post journalist confuses running nodes with mining, and with miners. Maintaining the ledger, as it were, is a bandwidth issue, a storage issue, and has nothing to do with mining.
The remainder of Nic Carter’s takedown of the Post reads similarly, and is worth a look. He tackles the issue of price manipulation by castigating, “Plain old manipulation? You really mean to tell me you think a $100b network was manipulated into existence?” As for its falling prey to the wealth effect, Mr. Carter counters with empirical data leading to how Bitcoin “is unique among monetary assets because it offers properties not instantiated by gold or the USD. There’s a reason people choose Bitcoin.” He also isn’t afraid to get financially technical, but ultimately finds, “The problem with this article is that the pundit in question has settled on a narrative — Bitcoin is a poor economic system — and then searched for various data points that confirm his view. Bitcoin is volatile, yes. It is an emerging commodity-money that is becoming financialized and growing from a small tribe of enthusiasts to a global user base. Of course it’s volatile. Growth is not linear. Only ‘fragilistas’ demand it to be so.”
Does Bitcoin need defending to the popular press? Let us know in the comments section below.
Images via Pixabay.
The post Bitcoin Not Dead, Again: Washington Post Gets Schooled appeared first on Bitcoin News.
Turkish lira versus Bitcoin volatility becomes major talking point, as interest in the cryptocurrency increases in Turkey
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The emergence of cryptocurrency has opened new vistas for the fintech industry. However, issues of high transaction fees, delays in completing coin transfers, as well as wild price swings continue to plague the emerging cryptocurrency landscape. Nexty is a blockchain platform that promises instant transfers at zero fees and smart staking & smart holding program to hedge against the volatility of cryptocurrencies.
Although blockchain and cryptocurrency has been regarded as one of the future revolutions, there still exist certain issues namely significantly high transaction fees as well as long waiting time for the completion of transactions.
While these fee values do not necessarily represent a major issue for transfers involving larger amounts, they are a major limitation for daily commerce and payments. Transfers of such nature typically do not go beyond a few dollars at a time.
Nexty, a blockchain startup, believes it now has the solution to this and other problems faced by digital currencies currently on the market. It boasts zero transaction fees, which immediately makes it the superior choice for daily use. Furthermore, Nexty transfers can be completed and confirmed within a few seconds. The Bitcoin network, on the other hand, can take as long as an hour to verify that a payment has indeed been made.
Nexty also addresses the issue of price fluctuation with a feature named Smart Staking that automatically regulates supply and demand to maintain a stable price. The platform will effectively incentivize its users to either sell, buy or hold Nexty tokens (NTY) depending on current market conditions. Nexty has set aside a total pool of 5.4 billions NTY to be used for this purpose alone.
When the pool is eventually depleted, Nexty plans to introduce a feature called Smart Holding in order to reward holders of NTY tokens. The program is open to anyone holding at least 1,000,000 NTY tokens in a single wallet and is willing to lock in their balance over a three month period. Individuals that decide to participate will be rewarded with a range of benefits, including the ability to vote, receive discounts and gain access to certain luxury services. They will also receive airdrop tokens from ICOs hosted on the Nexty platform over a period of 12 months. The development team believes these benefits will encourage users to stay within the ecosystem.
NTY tokens can currently be purchased on IDAX and Coinbene cryptocurrency exchange. Nexty has also released initial versions of its mobile wallets for Android and iOS.
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The volume of Bitcoin used for commerce fell from a high of $411 million last September to a low of $60 million in May 2018
A joint report by Imperial College and eToro exchange says that crypto could replace traditional money within a decade
The current market performance has many people questioning what is going on, wondering why Bitcoin and others have hit yet another slump this year. Experts share their
Cryptocurrency markets are suffering from deep losses today, on June 10, 2018, as most digital assets are seeing 24-hour declines between 9 and 25 percent. The number one position, held by Bitcoin Core (BTC), dropped more than a $1,000 just a few hours ago, from $7,600 to $6,600, but prices have rebounded back to $6,787 per BTC. The fourth highest valued market, held by Bitcoin Cash (BCH), dropped around $225 in value after hovering around $1,150 for a while. The currency is now averaging $933 per BCH. It’s safe to say market participants are shaken and many are curious about why the market keeps sliding.
Crypto Markets Take a Jab to the Gut This Weekend
A dump took place today that hit markets below the belt, as most cryptocurrencies lost significant values. Last week, towards the beginning of the weekend, markets were pretty stable and consolidating tightly into a triangular formation. Then, on Saturday, the United States Commodity Futures Trading Commission (CFTC) and the U.S. Justice Department revealed they had subpoenaed four major exchanges while looking into their cryptocurrency price manipulation investigation. Just before that moment on June 9, just like last time when U.S. regulators initially announced the manipulation probe, markets slid about 1-hour before the announcement. Today’s drop was harder to put the blame on as it could have been an after effect from yesterday’s announcement, the fact that market volumes are extremely thin, or some blamed it on the small exchange from South Korea Coinrail being hacked this weekend for $40Mn worth of ICO tokens.
BTC Market Action
On Sunday, June 10, Bitcoin Core (BTC) markets are down 9.8 percent and over the past seven days, BTC markets are under by 11 percent. This means most of the losses have taken place this weekend as BTC volatility was fairly nonexistent at the beginning of the week. Right now BTC’s overall market capitalization is around $115Bn with a dominance level of around 38 percent. Trade volume is super weak and this is why a lot of traders are skeptical these days because 24-hour volumes today were around $4Bn, but since the last drop volumes jumped to $5.5Bn over the past hour. The top exchanges today swapping the most BTC are Bitfinex, Binance, Okex, Huobi, and GDAX. The Japanese yen is dominating BTC currency pairs big time commanding more than 60 percent of BTC trades at the time of publication. This is followed by the USD (19.2%) tether (USDT 13.5%), EUR (2.7%), and the KRW (2.2%). Of course, there was a significant drop in South Korean won-BTC pair action today.
BTC/USD Technical Indicators
Looking at the charts shows BTC bulls had mustered up some strength to push above the $6800 zone but the fight was a real struggle. 4-hour charts show the two Simple Moving Averages (SMA) have a good sized gap between them with the 200 SMA well above the 100 SMA trendline. This means bearish sentiment may continue during the short term and markets are very close to a triple bottom. After the last push the MACd is heading downwards and RSI levels are very low too (15.78) indicating oversold conditions. Daily Bollinger Bands (B-bands) are seeing a significant coil and buyers below the current vantage point are itching for lower prices. Looking at order books shows bears will see pit stops around $6,400 and the triple bottom $5,900 region. If bulls can heal right now, after that intense beating, then they need to overcome big walls around $7,300 and 7,800 to at least catch some fresh air from the onslaught.
BCH Market Action
After a few solid weeks of BTC being the dominant pair with Bitcoin Cash (BCH), today tether USDT has taken the lead at 31.77 percent. This is followed by BTC (31.5%), USD (21.9%), KRW (9.1%), and the EUR (1.9%). Bitcoin Cash has lost around 16.4 percent over the last 24-hours and 19 percent over the last seven days. This Sunday, the total market capitalization for BCH is around $15.9Bn with about $693Mn in 24-hour trade volume. The top trading platforms exchanging the most Bitcoin Cash today include Okex, Binance, Huobi, Bitfinex, and Lbank. The losses in BCH values have been very much correlated with BTC market tumbles but prices have still remained around 0.14 BTC per BCH.
BCH/USD Technical Indicators
Looking at BCH charts on Bitfinex shows similar indicators, as the two Simple Moving Averages have a decent gap like BTC with the 100 SMA below the long-term 200 SMA. Again, this indicates the path of least resistance will be towards the downside. RSI levels show oversold conditions (30) and the MACd is sliding southbound as well at the time of writing. Daily B-bands are also extremely tight, showing a massive consolidation period taking place. Looking at order books indicates that bears will have a hard fight until 910 and then another pit stop at $860. If things go lower than that, markets are going to look ugly all around. BCH bulls need to recharge and bust past $985 but buyers will also be deterred around $1,020, as sell orders are piling up around that region.
The Top Cryptocurrency Markets
Overall, the top cryptocurrencies are down, except for ‘stablecoins’ like tether and the various others allegedly pegged to the USD. The second largest market valuation today belongs to Ethereum (ETH) but its markets are down 13.9 percent. One ETH is trading for $517 and the currency is the most swapped coin on Shapeshift today, but traded for BTC. The third largest market, Ripple (XRP), is down 13.8 percent and one XRP is trading for $0.57 cents per token. Lastly, the fifth highest valued market commanded by EOS is down significantly at 21 percent this Sunday. At the moment, EOS is trading around $11.25 per coin and holds the fourth largest trade volume over the last 24-hours.
The Verdict: Skepticism and the Search for That Confounded Bottom
You can probably guess what our market verdict is today without reading the sub-title above, as things are looking bearish and everyone knows this fact. Because markets keep sliding, then recovering, then sliding downwards, even more, has caused enthusiasts and traders to be skeptical of any bullish signals. Most traders are looking curiously for ‘the bottom’ and when that time will be, so right now many are just playing musical chairs looking for the right positions.
Where do you see the price of BCH, BTC, and other coins headed from here? Let us know in the comments below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
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The South Korean government is mulling over how to cash out the cryptocurrency it recently confiscated. While the most likely option is to auction the coins off using the government-owned auction platform, various concerns have been raised.
Cashing Out BTC
The South Korean government is contemplating how to best cash out its recently-acquired cryptocurrency. As part of a criminal case, the government has seized 191.32333418 BTC belonging to “Ahn,” the convicted operator of a porn site. The country’s Supreme Court recently judged that cryptocurrency is a property that the government can confiscate.
“The prosecutor is facing a decision of how to dispose of the BTC and give the proceeds to the treasury,” Yonhap reported, elaborating:
The most likely option would be auctioning off through the asset disposal system of the Korea Asset Management Corporation (KAMCO), ‘Onbid’.
KAMCO is South Korea’s government-owned asset management company that manages Onbid, a system which facilitates the online trading of property owned by public-sector entities. The platform has been used to sell other items confiscated by the government such as securities. “Securities auctions have been actively conducted on Onbid,” Etoday noted.
BTC’s Price Fluctuation Is a Problem
According to Yonhap, “the prosecutor’s biggest concern is the price fluctuation of bitcoin.” The price of BTC reached over 25 million won on January 7 but has now dropped to 8.3 million won, according to data from Bithumb, one of the largest crypto exchanges in the country.
“Onbid sets the date of public announcement, the date of public sale, and the lowest price. However, because of price volatility, the [price of] bitcoin may be larger between the announcement date and the bid date,” the news outlet described. “For example, if prosecutors set a minimum price of 8.3 million won on the 8th and receive a bid on the 13th, if the price of 1 bitcoin surges to 10 million won on the 13th, it becomes a ‘lottery auction’.”
An official of the legal department was quoted by the Seoul Newspaper as saying:
Unlike artwork, bitcoin has a daily market price…and the auction price can be changed in seconds.
Citing that “if the prosecution seizes foreign currencies, it will sell them to a foreign exchange bank…as if it were paid in the national currency,” therefore, the seized BTC could be similarly sold “directly to the market instead of an auction.” The prosecutor is now studying how to process the confiscated BTC.
Potential Conflict With Crypto Regulations
In addition, “It is also pointed out that it is not appropriate for the prosecutor to sell [BTC] to the market without the government’s position on virtual currencies being fixed.” Since the ruling of the Supreme Court, the country’s top financial regulator, the Financial Services Agency (FSC), has confirmed that its view on cryptocurrency remains unchanged, crypto is not a financial asset, and there is no change in the regulations.
A KAMCO official commented that “Even if the bidding is conducted…there is no problem with the regulation,” the news outlet elaborated and quoted an official at the prosecution, emphasizing:
The first case is important, because [more] virtual currencies will be forfeited in the future.
What do you think the Korean government should do with the seized coins? Let us know in the comments section below.
Images courtesy of Shutterstock, Bithumb, and the Korean FSC.
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A study has found that despite their volatility, cryptocurrencies do not endanger the financial system and the economy of Russia, as the risks are offset by the highly concentrated ownership of digital assets. Crypto fluctuations are not believed to affect consumption either. Russian residents have controlled cryptocurrency worth between $7.5 and $14 billion in the first quarter of this year, according to estimates published in the report.
Coins Compared to Commodities, Less Volatile than Some
The volatility of cryptocurrency rates is comparable to the price dynamics of foods, considered some of the most volatile commodities. Prices of products like meat, milk, and sugar can actually be much more volatile, according to a new study quoted by Russian media. It concludes that cryptocurrencies are not a threat to Russia’s financial stability.
Crypto volatility can affect the Russian economy much like the depreciation of the ruble, which leads to revaluation of the debt denominated in foreign currency, increased cost of borrowing, inflation expectations, and counterparty risks. The authors have calculated that crypto market fluctuations can increase the interest rate on domestic borrowings by about 1%, but that’s only if the share of virtual currencies in the structure of corporate debt reaches 4 trillion rubles, or at least 6% of the total.
According to the Russian Analytical Credit Rating Agency (ACRA), the high volatility of cryptocurrencies can potentially create risks for the country’s financial stability, but these are balanced by the high concentration of ownership of the digital assets. ACRA estimates that the market value of the cryptocurrency attributable to the Russian economy or controlled by Russian residents has been between $7.5 and 14 billion in the first quarter of 2018. That’s only 1-2% of the M2 money supply in Russia. The global ratio is even lower at 0.5%.
The study is based on statistics measuring the Russian share of the global economy and money supply, as well as data about the structure of the turnover registered on crypto exchanges. The researchers note that it is still quite difficult to accurately estimate the share of cryptocurrencies against the money supply in the country, as the assessment is limited by the opacity of the cryptocurrency markets, the anonymity of crypto users and the use of cryptocurrency in cross-border settlements.
The authors point out that a number of factors can influence the volume of cryptocurrency owned by the residents of a given country. These include the level of development of financial markets and venture investing, the central bank’s policies, the stability of the national fiat currency, the inflation dynamics, and the rigidity of government regulations. They believe that the increase of market capitalization of cryptocurrencies, their acceptance as unit of account, the introduction of liberal regulations for ICOs and crypto payments can stimulate growth in the sector.
Consumption Not Affected by Crypto Fluctuations
The experts at ACRA see very little chance of crypto volatility affecting consumption in Russia. They claim consumption will decrease only by about 1% if cryptocurrency price shocks cause a 6% drop in the volume of liquid savings. In current prices, this corresponds to approximately 1.5 trillion rubles. “However, due to the huge distortion in the distribution of crypto assets, their volatility is not reflected in consumer spending,” notes the report, quoted by Kommersant.
The analysts also say that if the use of cryptocurrency increases in Russia, the Central Bank can employ the same monetary policy instruments it currently applies in regards to foreign currencies. In case crypto markets remain opaque, digital currencies can be treated like foreign cash, and if the bank is successful in tracing crypto transactions, digital coins can be regarded as electronic foreign currency funds.
The Central Bank of Russia has previously opposed the legalization of cryptocurrencies as legal tender and unit of account. The legislation currently under review in Russia’s parliament can change that to a certain extent. It has been reported that some texts allow the use of tokens and coins in settlements, although, unlike the ruble, cryptos will not be considered a mandatory means of payment in the country.
Of the three drafts approved on first reading by the State Duma, the bill “On Digital Rights” deals with crypto payments. The other two, “On Digital Financial Assets” and “On Attracting Investments Using Investment Platforms”, aim to regulate initial coin offerings (ICOs), crypto mining and taxation. The proposed legislation describes cryptocurrencies and tokens as electronic property created with cryptographic tools.
Do you think price volatility hampers the wider adoption of cryptocurrencies? Tell us in the comments section below.
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Bitcoin’s price seems low, but many traders are unfazed by its movements, while some see manipulation