News & Feed

After a relatively low start to the month in the crypto market, the total market cap of all cryptocurrencies has again broken $500 bln today, Feb. 17, according to CoinMarketCap. The total market cap is currently around $502 bln at press time.

Bitcoin (BTC) has stayed well above the $10,000 mark, currently trading at about $10,830 and up almost 7 percent over a 24-hour period by press time. Ethereum (ETH) is inching closer to passing the $1000 threshold, trading at $969, up almost 3 percent over a 24-hour period by press time.

Of the top ten coins listed on CoinMarketCap, only Litecoin (LTC) is in the red, down about 3 percent at press time. Earlier week Litecoin saw a surge in price following the announcement of the upcoming launch of a LTC-fiat payment service, and a planned hard fork that Litecoin creator called a “scam”. LTC is currently trading at around $227.

The steady uptick in prices may have prompted by the bullish news that an anonymous trader purchased around 41,000 Bitcoin between Feb. 9 and Feb. 12, worth around $440 mln today, Marketwatch reported. The purchase reportedly brought the BTC address total up to over 96,000 BTC, or little over $1 bln.

Posted By ALFWESH22 On Sun, 18 Feb 2018 01:25:05 +0000 PostPage

The executive director of the Bitcoin Foundation Llew Claasen predicted that the price of Bitcoin will hit $40,000 by the end of 2018, while 90% of all other cryptocurrency projects will fail, Business Insiderreported Feb. 15.

As Claasen stated at the Startup Grind conference which took place Feb. 12-14, this failure will be caused by investors taking too much risk investing in cryptocurrency projects which later turn out to be scams.

Only a month and a half into 2018, five major Initial Coin Offering (ICO) and cryptocurrency scams have already been discovered, including the notorious case of Bitconnect.

Claasen is confident that the cryptocurrency community will learn from these unfortunate occurrences and will be able to prevent them in future, as he told Business Insider. Claasen believes that investors are already being more careful, declaring that “this is a problem the market is good at solving."

As Claasen further explained, Bitcoin will not be gradually growing to the value of $40,000 over the course of 2018. Instead, it will be bouncing for three to six months with the same ups and downs as during the previous three months.

Just this Tuesday, the CEO of Ripple Brad Garlinghouse similarly said that most virtual currencies will likely go to zero, as reported by Business Insider.

Posted By ALFWESH22 On Sat, 17 Feb 2018 18:12:01 +0000 PostPage

Bitcoin prices drop on Friday, as yesterday’s market rally corrects. The BTC to USD rate has retraced to $9,895.91 at the time of writing, after crossing $10,000 yesterday.

Not much has changed in the past 24 hours. There has been no earth-shattering good news nor nerve-racking bad news. We are viewing the sideways swing as the customary price movement in this space.

In the meantime, however, we’re turning our focus to the longer term to predict which way Bitcoin prices will be journeying next. At least one revered market analyst agrees with us that BTC will be heading north.
Famous Venture Capitalist Tim Draper was on Bloomberg two days ago, sharing his thoughts on why Bitcoin will be worth a lot more than what it is today.

For reference, he’s the guy who predicted in 2014 that Bitcoin would hit $10,000 in three years. And it did!
This time, his prediction is way more outlandish, even by our insanely bullish standards. Draper predicts that a major part of today’s fiat currency market will be dominated by cryptocurrencies in the future. He identifies that the world market for fiat currencies is worth $86.0 trillion today.

If we go by his prediction and do some quick math on prices, Bitcoin turns out to be worth more than $100,000.

Draper gives us at least three reasons in his very brief interview why he believes that Bitcoin is the future of currency.
  1. It’s borderless. You could go to any country and use it.
  2. It’s not subject to the whims of a government. The supply is constant and the price is determined by free market demand.
  3. It’s banking the unbanked. You can bypass the traditional banking system, avoid surveillance, and get rid of hefty fees.
As for investment advice, Draper made it loud and clear.
People ask me, ‘Are you going to sell your Bitcoin?’ And I say, ‘Why would I sell the future for the past?’
(Source: “Draper Says the World Needs New Kind of Currency,” Bloomberg, February 14, 2018.)

Analyst Take
Bitcoin has come a long way since its birth in 2009. It has emerged as a popular alternative to fiat currency in certain parts of the world where fiat currency has lost value (take the example of Venezuela or Zimbabwe), or where banks are few and far between (for instance, the remote areas of Africa).

Likewise, in the developed world, governments and regulators are yielding to cryptos. Countries like the U.S., South Korea, and Japan have shown willingness to integrate Bitcoin and other cryptos into their financial systems by setting up regulated markets that may function freely and securely.

Tim Draper is personally invested in Bitcoin so his advice may seem biased. But consider our Bitcoin price forecast to be somewhat of an impartial take on Bitcoin since we have no skin in the game. Based solely on its fundamental growth, we see Bitcoin reaching our BTC target of $15,000 in 2018.

Posted By ALFWESH22 On Fri, 16 Feb 2018 16:30:15 +0000 PostPage

German teenager Erik Finman has an unusual success story.

When was 12 years old, he realized school wasn’t his future. Most of his classmates felt the same, of course, but Finman took action: He made a bet with his parents.

His parents promised that if he became a millionaire before his 18th birthday, he wouldn’t have to go to college.
So Finman took the 1,000 euros from his grandmother meant for his studies and bought bitcoins at a rate of about 10 euros each. He won that bet with his parents by becoming a bitcoin millionaire before he turned 18.

Finman, now 19, has been trading in bitcoin and other cryptocurrencies for seven years.

Our colleagues from Business Insider Germany spoke exclusively with Finman, who explained why you can still become a millionaire with cryptocurrencies over the next 10 years and discussed the crash earlier this month.

Business Insider: Erik, we speak to each other at a time when the prices of cryptocurrencies have plummeted across the board. Was this the start of a crash and perhaps the bursting of a bubble, or just a late correction after the quick gain of recent months?

Erik Finman: I still believe in cryptocurrencies. There are always ups and downs on the way up. Many people have anticipated this decline. It was almost a self-fulfilling prophecy after many experts spoke of a bubble.

For me, the decline is due to a decrease in momentum — after the development of the last few months, it had to happen at some point. It was foreseeable because value continued to rise steadily while many people were not convinced of the rise in prices.

Of course, I didn’t know exactly on which day that setback would come. However, the advance of cryptocurrencies is unstoppable. A single crash does not change that. People will continue to invest in it and become increasingly emotionally connected with digital currencies.

Business Insider: That means that you keep your bitcoins?

Finman: That is true. I remain stuck with my bitcoins — and there are a lot of them.

Business Insider: These are the words of someone who has been investing in cryptocurrencies for seven years and has a lot of relevant experience. But somebody who has only recently entered the currency is likely to become nervous after the recent losses …

Finman: I have met many such people. As interest increased and the price rose, they were attracted and invested their money in it. But the biggest mistake they can make is to get out of the market now and sell their bitcoins just because of a setback.

It is important to know — and especially when you invest a lot of money — that the prices fluctuate greatly. In the past, bitcoin has had these setbacks time and time again, and this is unlikely to change in the future. But bitcoin will probably continue to rise. Maybe it only takes a few weeks; maybe years. Of course, no one knows.

For me, however, it would be the wrong strategy to sell after such a fall in prices, because I believe that there is a real chance that value will rise again to the levels we last saw.

Business Insider: If you are so convinced, does this mean that you see a good chance to buy bitcoins when the price is so low?

Finman: Yes, exactly. But not only me. I have many friends and fans who almost begged for a crash. They asked for a correction and a crash because they wanted to buy but thought the price was too high.

This drop in the price of bitcoin gives them a chance. And now you must have the courage to really get involved. Otherwise, at some point, you look back and think, “If only I had bought after the reset.” So I really guess people are now using the reset to buy.

Business Insider: Not only has bitcoin collapsed, but most other cryptocurrencies have also fallen. Are you still convinced that bitcoin is the best digital currency, or do you also have other favorites?

Finman: Today, bitcoin is the best cryptocurrency for me.

But bitcoin is like Netscape or Myspace. Bitcoin is sort of a pioneer of a new technology, so it’s important that it continues to exist. But the technology is already beginning to be obsolete — to buy a coffee for $2, you have to pay a transaction fee of $30.

These issues need to be addressed at the technology level, by giving a new coin or updating a coin. Add to that the electricity costs for the mining — to mine a bitcoin, you need so much energy, with which you could cover the needs of a house over a whole year.

In addition, most of the miners are located in China, and thus the energy comes from Chinese coal-fired power plants, so bitcoin, meanwhile, contributes to massive environmental pollution. Also this problem can be solved by a new technology or an update of an existing technology.

Bitcoin has been around for a long time, and Myspace or Netscape have been successful for a while. But at some point, better products came on the market — Facebook or Google Chrome, as an example.

Fact is, bitcoin as we know it today will not last forever. The only question is what comes next — either an update that solves the problem, or another coin will prevail.

Business Insider: Technology also has its limits, and cryptocurrency today has a completely different status than a few years ago. Do you think you would be just as easy to win that bet today with your parents?

Finman: If you are smart about cryptocurrency over the next 10 years, many people can build their fortunes even better than before.

The area is still relatively small; the market capitalization is just over half a trillion dollars. I do not want to be misunderstood: This is, of course, a very high amount, but in comparison to other asset classes, it’s small. Therefore, I say if you do not become a millionaire in the next 10 years, then it’s your own fault.

New business models and innovations are still emerging in this area, and therefore, there are many investment opportunities. It’s a new kind of gold fever, or a new kind of Silicon Valley — there are really plenty of opportunities.

Business Insider: That sounds very easy. After all, more and more initial coin offerings are springing up — and there is always the risk of a total loss.

Finman: That is true, and it takes a certain amount of effort to analyze. But this situation will also improve with time — there will be better and more credible ICOs.

But it’s not just about investing in existing things. Everyone is free to start their own business in the field with an idea and earn a lot of money. That’s risky, too, but a bit less risky for me than the pure investment.

But there are already two different ways to get rich in this area: You can start a new business, or invest in existing coins or ideas. You can also count on those who have proven for a while that they can be successful, like Monero. I like this cryptocurrency because it also has a good field of application.

The bottom line is that you should be careful and deal well with the currencies you want to invest in.

Posted By ALFWESH22 On Fri, 16 Feb 2018 11:33:24 +0000 PostPage

After a few days of positive cryptocurrency momentum, it seems the markets may turn bearish as we head into the weekend. Such a  turn of events is anything but surprising, as we have seen some very solid gains all week long. Even though the mood is souring, the Bitcoin Cash price is still making some major gains. With a 10.78% increase over the past 24 hours, it seems things look pretty good.

SOLID BITCOIN CASH PRICE GAINS HAVE ARRIVED
Even though most cryptocurrency enthusiasts and speculators only focus on Bitcoin and Ethereum, the ecosystem is about so much more than just two currencies. While not everyone is convinced Bitcoin Cash is here to stay, it has become evident this altcoin has a more than loyal following. Additionally, we see various service providers and retailers switch from Bitcoin payments toBitcoin Cashin recent months.

All of this is also impacting the Bitcoin Cash price. With the rough start of 218 seemingly behind us, it is time to look toward the future. In the case of the Bitcoin Cash price, the future seems to rest somewhere above a $1,500 valuation. As the Bitcoin Cash price surpassed this $1,5000 threshold a few hours ago, it seems evident the road to $2,000 will be long and hard. It is not impossible to overcome, mind you.

These solid price gains are the direct result of an increase in USD value. Thanks to Bitcoin’s uptrend, theBitcoin Cash price has gained 10.78% in USD value over the past 24 hours. However, BCH also managed to gain on Bitcoin itself, resulting in a 9.19% increase in the BCH/BTC ratio. With Bitcoin Cash back above 0.15 BTC, it will be interesting to see how this trend evolves in the coming weeks. Reaching a new all-time high price will not happen anytime soon, though.

With $849.976m in 24-hour trading volume, the demand to buy BCH seemingly outweighs the desire to sell. All cryptocurrency speculators want to maximize their profits at all times and the current trend indicates we may see a Bitcoin Cash price of $1,750 before the week is over. Even so, this trading volume is a lot lower compared to what we have seen in recent days, as BCH usually generates close to $2bn in volume on a good day. This current price increase seemingly doesn’t impact the volume in a positive manner.

OKEx is the leading exchange when looking at theBCH trading volume. Their lead over Upbit is just $1.3m, though, and these two exchanges will one-up one another throughout most of the day. OKEx is also in third place with their USDT trading pair. The first non-Korean fiat currency pair comes in the form of Bitfinex’s BCH/USD market, followed by the GDAX BCH/USD market. All things considered, things look pretty promising for Bitcoin Cash, even though the momentum can turn bearish at any moment now.

It is unclear what the rest of today and the weekend will bring in terms of the Bitcoin Cash price. With all markets suffering from a bearish fever right now, it is possible Bitcoin Cash will elude the bears’ grasp, for the time being. Assuming that is the case, a Bitcoin Cash price of $1,750 by Sunday afternoon is not entirely impossible. If the markets were to turn bearish, however, the decline may go as deep as $1,325. An interesting weekend lies ahead, that much is rather evident.

Posted By ALFWESH22 On Fri, 16 Feb 2018 11:05:47 +0000 PostPage

After a recent dip down below $7,000, the price of bitcoin has now jumped to over $10,000 again, according to trading figures on Coinbase and Blockchain.info.

The rally comes as top European central bankers, among other high-level members of the world’s monied elite, have recently been publicly expressing skepticism in bitcoin.

Similarly, Charles Munger, the vice-chairman of Warren Buffett’s investment firm Berkshire Hathaway, said Wednesday's that he considered the bitcoin craze to be “totally asinine,” according to The Guardian.

Munger told an annual meeting at the Daily Journal, a Los Angeles newspaper, that he “never considered for one second having anything to do with it. I detested it the moment it was raised. It’s just disgusting. Bitcoin is noxious poison.”

Roughly a week ago, the head of the World Bank even dubbed bitcoin a “Ponzi scheme.”

“In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically Ponzi schemes,” President Jim Yong Kim said, according to Fortune. “It’s still not really clear how it’s going to work.”

Meanwhile, the South Korean government announced Tuesday that it would aim to “prevent illegal acts and uncertainty” with respect to cryptocurrencies.

However, according to a Thursday report by CNBC, Fundstrat Global Advisors believes that the price of one bitcoin should reach $20,000 by summer and $25,000 by the end of the year.

Posted By ALFWESH22 On Thu, 15 Feb 2018 20:29:52 +0000 PostPage

Overnight a good week just got even better for cryptocurrency traders after the top 20 cryptos continued their push higher.

So much so, an additional US$30 billion was added to the market over the last 24 hours. At present the cryptocurrency market has a combined value of US$480 billion according to Coin Market Cap.

The bitcoin (BTC) price has arguably been the star performer through this period. As I predicted yesterday, the crypto giant has smashed through the US$10,000 mark and is up almost 10% to US$10,200 per token. This gives bitcoin a market capitalisation of US$172.1 billion, equating to a 35.7% share of the market.

Ethereum (ETH) is up 2.5% since this time yesterday to US$934 per token. The cryptocurrency now has a market capitalisation of US$91.2 billion.

Popular altcoin Ripple (XRP) has seen its price rise almost 6% over the last 24 hours to US$1.15. Ripple’s market capitalisation has climbed to US$45 billion. The third-largest cryptocurrency was given a boost this week when foreign exchange giant Western Union confirmed that its money transfer business is testing its technology.

The Bitcoin Cash (BCH) price is up 4% over the period to US$1,394, giving the bitcoin spin-off a market capitalisation of US$23.7 billion.

The Litecoin (LTC) price has continued its strong run and is 6% higher over the last 24 hours to US$220.80. Litecoin’s market capitalisation has ballooned to US$12.2 billion ahead of its hard fork plans next week. This hard fork will create Litecoin Cash, a more efficient version of Litecoin designed to attract real world use.

Elsewhere, the Cardano (ADA), Stellar Lumens (XLM), and NEO (NEO) prices have all pushed higher since this time yesterday. Cardano has been the pick of the three altcoins, rising 5% to 40.7 U.S. cents.

Why is the market booming again?
Trader sentiment has been improving greatly thanks to reports that both U.S. and South Korean officials will not ban cryptocurrency exchanges, but rather make them safer. This has gone down well with traders, leading to a high level of fund inflows over the last few days.

But thing can change very quickly in the crypto world, so time will tell how long sentiment remains positive.

So if bitcoin is too risky for you then look at these exciting growth shares with enormous potential.

Posted By ALFWESH22 On Thu, 15 Feb 2018 20:18:08 +0000 PostPage

Bitcoin may be well off its mid-December peak of $19,511, but it will be touching new highs again by July, according to Fundstrat Global Advisors LLC’s Tom Lee.

The world’s largest cryptocurrency tumbled 70 percent from its high on Dec. 18 to the Feb. 6 low, but has since recovered and is trading around the $10,000 level. That, Lee says, follows a pattern: Bitcoin bottoms are “V-shaped.”

Based on an analysis of the 22 corrections of 20 percent or more that the digital coin has seen since 2010, Lee determined that in "bull" periods, Bitcoin takes about 1.7 times the duration of its decline to recover. That time frame implies that it will take 85 days for the cryptocurrency to fully bounce back from its latest plunge, which lasted for 50 days -- meaning it should rise to fresh records by midyear.

Lee said that he’s seen sentiment toward Bitcoin improve in the past few weeks, signaling that crypto investors are still bullish and there is upside for the digital asset.

“This recent 70% decline is severe,” he wrote. “We can see a case for Bitcoin’s resilience here given the sharpness of the recent decline.”

Posted By ALFWESH22 On Thu, 15 Feb 2018 19:49:17 +0000 PostPage

Investor sentiments are reviving as cryptocurrencies blink green for the second day in a row. The Bitcoin price finally managed to breach resistance at $9,000. At the time of writing, the BTC to USD exchange rate was $9,727.64.

Rewind back two days, and it seemed like Bitcoin prices were stuck in a hamster wheel with no way out. What exactly happened in this short time frame to cause a 180-degree turn in investor emotions?
Well, we got at least two significant reassurances from top government officials in Asia and Europe that the plan to ban cryptocurrencies was out the window.

To begin with, an implicit reaffirmation was sent by the South Korean government that a complete cryptocurrency ban is not currently under consideration.

The Minister of the Office for Government Policy Coordination, Hong Nam-ki, was responding to the petition that landed on the president’s desk last month. The petition signed by over 280,000 South Koreans urged the president to reconsider the government’s stance on imposing a complete ban.

A quick reminder; the idea of the ban was floated by the South Korean Minister of Justice, who’s allegedly blamed to have caused the massive crash in crypto prices in January.

But as obvious from Minister Hong’s statements made on Tuesday, the government is more concerned about curtailing illegal activities and fraudulent trades than outrightly banning this emerging investment class.
Moving on, the second optimistic assurance flowed in from Europe, where President of the European Central Bank (ECB) Mario Draghi said that the bank had no plans to ban cryptocurrencies.

To quote Draghi, “Many of you posted questions about whether the ECB is going to ban Bitcoins or it’s going to regulate Bitcoins. I have to say it’s not the ECB’s responsibility to do that.” (Source: “ECB’s Draghi says not his job to regulate Bitcoin,” Reuters, February 13, 2018.)

Europe and South Korea are huge markets for cryptocurrencies. South Korea, in particular, is one of the largest hubs of crypto trading activity. The fact that government officials in these regions have struck a balance on the issue restores our faith in these investments. And, as obvious from yesterday’s price rally, investors view it no differently than we analysts do.

An uptrend is currently building in Bitcoin prices as the BTC to USD rate makes higher highs and higher lows. If prices continue to ascend at this rate, breach another barrier at $10,000, and stay on track in the following weeks, we may enter another bull market.

  

Analyst Take


Regardless of these short-term moves in prices, we continue to focus on the longer term. Our Bitcoin price prediction 2018 is staying strong with a BTC price target of $15,000.

Posted By ALFWESH22 On Thu, 15 Feb 2018 19:29:57 +0000 PostPage

Bitcoin has managed to bounce back in the past few days after declining sharply. In some exchanges, it rose to the $10K hurdle before easing back a little on profit-taking. Recent price action has been somewhat bullish.

As the one hour chart of CMA Bitcoin futures show, it has been putting in a series of higher highs and higher lows on the lower time frames. On the daily, it has shown willingness to hold above the 200-day average. We have seen some volume coming into Bitcoin as it traded around the 200-day average. The 1-hour volume weighted average price (VWAP) is now trending higher. Bitcoin has broken above a key short-term resistance zone in the $9000-$9250 range.

This area has since turned into a bit of support. For as long as price holds above this area then the short-term bias would remain bullish. However, if it goes back below this $9000-$9250 range then one would have to strongly consider the bearish scenario given the recent declines on the higher time frames.

The next area of resistance is between $9800 and $10100. This area was previously support. Further resistance comes in at $10850, followed by $11750.

Posted By ALFWESH22 On Thu, 15 Feb 2018 13:08:02 +0000 PostPage

The popular cryptocurrency Bitcoin was trading at $9,610.39 in India today on CoinDesks’s Bitcoin Price Index (BPI) at the time of reporting. Bitcoin climbed nearly 10 percent, the highest level reached since February 4.


The popular cryptocurrency Bitcoin was trading at $9,610.39 in India today on CoinDesks’s Bitcoin Price Index (BPI) at the time of reporting. Bitcoin climbed nearly 10 percent, the highest level reached since February 4. Bitcoin crossed the psychologically key $9,000 level amid improved sentiment about government regulation in the US.

Bitcoin touched the highs of $8,897.81 yesterday. The popular cryptocurrency that was most purchased cryptocurrency in the second half of the last year is still long way from reaching the high of $19,783 that it touched on December 17 last year. Still, Bitcoin is trading for the year so far. However, not all are optimistic on Bitcoin recovering its highs of the last year considering the trading regulations that various countries are mulling over putting on the cryptocurrency.

Bitcoin is mother of all bubbles and this bubble will burst anytime soon, said Nouriel Roubini some weeks back. The famous economist who had rightly predicted the US housing crash in 2008 has once against said that the digital currency is on its way down as it lacks any fundamental value.

The case of Bitcoin will turn out to similar to Mississippi bubble, tech bubble, and Tulip mania. The Bitcoin received a shot in the arm lately when popular business magazine Forbes came out with a list of Bitocin millionaires. The list was first of its kind brought out by a reputed media organisation. In India too, good amount of investments are parked in the virtual currencies especially Bitcoin.

In the last two months, Bitcoin struggled amid various fears over its regulation especially by South Korean regulators. Back in India even, government, RBI, Sebi and income tax department has issued warnings to the investors parking their money in the digital currencies especially Bitcoin. In Budget 2018, Finance Minister Arun Jaitley had said that cryptocurrency is not a legal tender in India but the government will explore blockchain to usher in the digital economy.

Posted By ALFWESH22 On Thu, 15 Feb 2018 11:28:14 +0000 PostPage

The largest free economic zone in the UAE, with zero percent personal and corporate income tax, has started issuing licenses to firms trading cryptocurrencies. The first license has been issued to a gold trader that has recently started offering cryptocurrency services.

Attracting Crypto Businesses
 
UAE’s Largest Free Economic Zone Issues License to Cryptocurrency Firm  

The Dubai Multi Commodities Centre (DMCC) is a government entity established in 2002 to enhance commodity trade flows through Dubai. DMCC Free Zone is the largest and fastest growing free economic zone in the UAE.

“We perform a range of roles which continue to position Dubai as the preferred destination for global commodities trade and DMCC as the world’s No.1 Free Zone,” offering zero percent personal and corporate income tax, the center’s website states. Today, more than 14,100 multinational corporations and startups call DMCC home, with almost 90,000 people living and working there.

UAE’s Largest Free Economic Zone Issues License to Cryptocurrency Firm 

The Centre has started issuing licenses to allow firms trading in cryptocurrencies to operate from its free zone, Thomson Reuters Zawya reported on Monday.

DMCC’s executive director for commodities, Sanjeev Dutta, told the publication that the Centre is “beginning to facilitate” a market in cryptocurrencies which, he acknowledged, is unregulated. Citing that firms looking to set up in the zone would be considered on a “case-by-case” basis, he elaborated:
To me, what is important is the fact that you are still evaluating it as part of your innovation strategy. You are not saying ‘no’ to something. You are not saying ‘yes’ either, but you are exploring, so you are clearly ahead of the others when the time to make a decision comes.
Cryptocurrencies as Commodities
DMCC is a member of the Global Blockchain Council, which began as a Dubai Smart City project and has 46 member organizations globally today. The Centre’s director of innovation hub, Franco Bosoni, said that a global consensus is emerging which favors classifying cryptocurrencies as commodities, the news outlet detailed and quoted him explaining:
DMCC’s view is that these [cryptocurrencies] meet the test of a commodity. They’re priced based on supply and demand, produced and sold globally at a uniform quality and (are) indistinguishable between products.
Wai Lum Kwok, head of capital markets for Abu Dhabi Global Markets Regulatory Authority, told the publication on Sunday that the regulator is “reviewing and considering the development of a robust, risk-appropriate regulatory framework” for crypto exchanges and intermediaries. Emphasizing that no timeframe has been set, he added:
As we develop our framework, we will also want to check in and have the conversations with, for example, US regulators, Japanese regulators and so on and so forth, so that there is some alignment of approach to avoid any regulatory arbitrage.
First License Issued

 
UAE’s Largest Free Economic Zone Issues License to Cryptocurrency Firm  

The first license for the Free Zone reportedlywent to Regal Assets, a gold trader and storage provider with offices in the US, Canada, and the UAE. The company added cryptocurrencies to its product line at the end of last year, offering brokerage services and an insured, high-security cold storage service for bitcoin, ether, bitcoin cash, ethereum classic, ripple, and dash.

According to Bloomberg, “Dubai gold trader Regal RA DMCC is the first company in the Middle East to get a license to trade cryptocurrencies.” The news outlet quoted DMCC acknowledging in a statement, “The company will offer storage of bitcoin, ethereum and other cryptocurrencies in a vault located in DMCC headquarters in Almas Tower in Dubai.”

DMCC Executive Chairman Ahmed Bin Sulayem was quoted by the publication, “At the heart of DMCC’s long-term strategic growth plan is the use of technology and innovation to disrupt and connect new markets, industries and customers,” adding that “the announcement today embodies this approach.”

Do you think more crypto companies will move to this free economic zone? Let us know in the comments section below.

Posted By ALFWESH22 On Wed, 14 Feb 2018 11:20:27 +0000 PostPage

This past week bitcoin cash (BCH) markets have been suffering from the bearish sentiment plaguing cryptocurrencies across the board. On February 6 the price of BCH reached a low of $740 per coin but has since bounced back to the $950-1,050 region on Bitstamp Tuesday evening.

Bitcoin Cash Markets Begin to See Recovery Ahead
This week bitcoin cash markets took a hit as BCH had lost roughly $588 USD (-39%) in value over the past seven days. At the moment the price has rebounded and is coasting along at just between the $950-1,050 zone after bouncing back much of Wednesday’s trading sessions. BCH trade volume has been averaging roughly $650 million to $1 billion over the past week. Exchanges swapping the most bitcoin cash today include Okex, Bitfinex, Hitbtc, GDAX, and Huobi. Currently, the top currencies traded with bitcoin cash include BTC (57%), USD (21%), tether (USDT 11%), the Korean won (4%), and the euro (2%).

Bitcoin Cash Markets Recover — While Infrastructure Support Increases
On February 7, 2018, the price of bitcoin cash is hovering around $1,020 at the time of publication.
 

New Localbitcoincash Features, Openbazaar Integration, and a Bitcoin Cash SMS Application
 


Bitcoin Cash Markets Recover — While Infrastructure Support Increases

Even though markets were down this past week, the bitcoin cash community got a bunch of infrastructure support and new applications. For instance, everyone in the BCH community is talking about a new app calledCointext which aims to create the ability to send bitcoin cash through text (SMS). According to the creators, all texts are on-chain transactions like the tipping platform Chaintip. However, with the platform being so new, some BCH supporters are skeptical of this project being secure when used via text messages.

Another interesting BCH feature announced this week came from the Localbitcoincash exchange which announced it had added skycoin and smartcash services to the platform. The implementation features no fees to these types of trades, explains the exchange developers. “No fee exchange is exactly what it is, it’s totally free, and you can keep exchanging the different cryptocurrencies supported by our platform, and there are no trading fees involved,” Localbitcoincash reveals on February 7.

Openbazaar integrates bitcoin cash, and zcash this past week.
Just recently the decentralized cryptocurrency infused marketplace Openbazaarintegrated bitcoin cash and zcash into the latest 2.1.0 version.

“This release is the first step towards allowing more options for cryptocurrencies in Openbazaar — It includes native support for nodes using one cryptocurrency at a time, bitcoin, bitcoin cash, or zcash,”explains the Openbazaar developers.

The AcceptBitcoin.Cash website has added an adult section to the portal.
Another addition to the BCH infrastructure is theAcceptBitcoin.Cash website has added an adult section to the portal. The developers of the website believe there is a demand for adult merchants to start accepting bitcoin cash. Further, the team said it has seen over 70 submissions since it implemented a request form, and the team added nearly every single merchant to the site in under three weeks of usage.

BCH Supporters Remain Optimistic
In other news this weeka fake bitcoin cash token was created on the Omni layer chain. According to reports, the Omni chain’s ability to generate asset tokens was used to create a misleading BCH token. BCH supporters think the token was created to cause confusion while adding to the growing list of scammy snapshot forks that have come into existence over the past few months.
Overall the BCH community is in high spirits even with the past few weeks of bearish market sentiment. The protocol continues to get support nearly every day from exchanges, wallets, and merchants. Bitcoin cash markets are also starting to gather steam again alongside the rest of the cryptocurrencies who got hammered this past weekend.

What do you think about BCH market sentiment, support, and added infrastructure this week? Let us know what you think in the comments below.

Posted By ALFWESH22 On Thu, 08 Feb 2018 12:52:45 +0000 PostPage

Jobs and applicants for employment in the cryptocurrency sector have increased substantially in India, despite current attitudes in Delhi towards bitcoin. Significant growth has been registered in the second half of last year, a period of great uncertainty about the crypto future of the country. This month Indian government reaffirmed its commitment to eliminate illicit use of cryptocurrencies. New regulations are expected in March.

Indians Searching “Crypto” on Job Sites
The number of cryptocurrency and blockchain related job postings has increased by 290 percent in the six months to November 2017. The trend was reported by the Indian branch of the global job site Indeed. During the same period, job searches with crypto related keywords also rose – by 52 percent.

Describing it as a promising and exciting new field of work, the Managing Director of Indeed India, Sashi Kumar, noted the sector was still in a very nascent stage. He said that the global market for blockchain related products and services is expected to reach $7.7 billion in 2022, Business Standard reported. The expert believes this is “indicative of even more jobs being created in the future”.

More Crypto Jobs in India, Despite Delhi’s Stance on Bitcoin
 
According to Indeed, India can look forward to a truly digital economy, despite Finance Minister Arun Jaitley’s recent confirmation that cryptocurrencies are not a legal tender in country. His announcement came with the presentation of Budget 2018. The Indian crypto community had hoped for more clarity about taxation of cryptocurrency incomes, profits and transactions. Businesses willing to invest in mining and companies involved in trading have also asked for clear policy guidelines.

The Indian government has responded by forming a special committee expected to propose a regulatory framework after studying cryptocurrencies and their legal implications. New regulations should be presented by the end of March. They are likely to involve anti-money laundering procedures and measures to prevent tax evasion. Cryptocurrency exchanges in the country have already been targeted by financial authorities and institutions in regards to suspected dubious transactions.

According to media reports, 10% of bitcoin transactions in the world take place in India. As of September 2017, there were around 15 million blockchain wallet users worldwide, with 200,000 new accounts added each month, Indeed claims. An estimated 1.5 million of these users are based in India, their report says.
Global Jump in Crypto Jobs
 More Crypto Jobs in India, Despite Delhi’s Stance on Bitcoin
 
The growth on the Indian crypto labor market is not an isolated case but rather part of a global trend.

As news.Bitcoin.com reported, other employment websites have also announced that bitcoin-related jobs are booming. Freelancer.com reported 82 percent growth in the third quarter of 2017. The Australian company maintains a global platform connecting employers and freelancers.

A research by the UK-based freelance marketplace Peopleperhour.com revealed demand for experts in blockchain development, cryptocurrency and ICOs had soared by over 500% last year. According to the British platform, crypto freelancers can ask for as much as £215 per hour for their services. With 40 working hours a week their monthly earnings would exceed the annual return of most employees in the service industry,  Engage Employee reported.
 
Some of those crypto specialists can take an average UK salary with just 25 working hours a month.

Do you think that the growth of crypto-related jobs reflects a long-term positive trend for the whole sector? Share your thoughts in the comments section below!

Posted By ALFWESH22 On Thu, 08 Feb 2018 12:27:07 +0000 PostPage

Forbes, known for its “World’s Billionaires List”, published a list of the richest people in cryptocurrency for the first time, Tuesday Feb. 6.
The goal of publishing such a list, according to Forbes Editor Randall Lane, is to
“[provide] a snapshot of a pivotal moment, part of the transparency needed to pull crypto away from its provenance as the favorite currency of drug dealers and into the adolescence of a legitimate asset class.”
While compiling a list of the world’s traditional billionaires is a relatively straightforward task, calculating the exact amount of wealth of the world’s richest crypto tycoons is more difficult.

Cryptocurrencies are by definition a decentralized, encrypted payment system that began outside of the traditional global financial system. The “newly minted crypto rich,” as described by Forbes staff writer Jeff Kauflin, “live in a strange milieu that blends paranoid secrecy with ostentatious display.”

The Forbes “Richest People in Cryptocurrency” list is broken up into five categories: “idealists, builders, opportunists, infrastructure players and establishment investors.” In order to make the Forbes list, one must have accrued over $350 million.

Instead of static numbers, the net worths of the people on the list are listed in ranges, calculated based on the “estimated holdings of cryptocurrencies (a few provided proof), post-tax profits from trading crypto-assets and stakes in crypto-related businesses.”
Forbes acknowledges that they could have left some people off the list and that their estimates may be “wide of the mark.”
The list contains 19 people. One can click on each member of the list on Forbes’s website in order to see a short bio and an estimated crypto net worth.

Other data was published along with the list, like the average age of crypto’s richest compared to the age of Forbes 400 wealthiest Americans (42 vs. 67), and the average daily price volatility in January 2018 for Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) compared to Apple, Proctor & Gamble, and gold.

When creating the list, Lane spoke with Joe Lubin, the founder of Consensys, about other crypto tycoons’ potential concerns about releasing such data. Lubin, who Lane referred to as the “statesman of cryptocurrency”, said that he and his peers weren’t looking for public attention. Lubin also questioned how Forbes could arrive at any accurate numbers, and brought up the issues of potentially targeting these people for theft. However, Lane adds that Lubin and his “crypto elite” peers did recognize the list’s importance.

Kauflin writes that Forbes,
“firmly believe we made the world a better place by shining a light on the invisible rich. Just as crypto has evolved from the days of the Silk Road drug site and the Mt. Gox digital hijacking, fortunes of this magnitude should never be allowed to lurk in the shadows.”
CryptoWeekly, a cryptocurrency newsletter, released a comparable list of the top 100 most influential people in the crypto community. Their list is factored not by net worth, but by the research and technological contributions a person has made in the world of crypto.

Among those who were left out of Forbes’ richest in crypto rankings, but included in the CryptoWeekly influential list, are important crypto players like Litecoin founder  Charlie Lee, Bitcoin investor Roger Ver, and crypto pioneer Nick Szabo, among others.


Posted By ALFWESH22 On Wed, 07 Feb 2018 21:35:42 +0000 PostPage

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