BTC Outflow on BitMEX Exceeded Inflow by $73M: TokenAnalyst

BTC Outflow on BitMEX Exceeded Inflow by $73M: TokenAnalyst

Bitcoin (BTC) outflows on major crypto exchange BitMEX have notably exceeded the inflows after the firm was reported to be a subject in a regulatory investigation. Bitcoin outflows on BitMEX exceeded inflows by $73 million Over the past 24 hours, BitMEX saw an outflow of $83 million worth of Bitcoin, while only $12 million came in, London-based blockchain data provider TokenAnalyst reported in a tweet on July 19. 24-hour on-chain Bitcoin flows on major exchanges. Courtesy of: TokenAnalyst Twitter While such a discrepancy appears to be abnormal in comparison with other exchanges, such as Binance, which saw a $54 million outflow alongside an inflow of $58 million, BitMEX exchange has experienced outflow dominance several times before, according to TokenAnalyst. Historic inflow and outflow on BitMEX. Courtesy of: TokenAnalyst Bitcoin outflow dominance on BitMEX is normal due to the amount of Bitcoin held on the platform The spike of Bitcoin outflows came amid recent reports that United States regulator the Commodity Futures Trading Commission (CFTC) launched an investigation of the company. The authority is allegedly probing BitMEX as the United States is one of the countries excluded from using the exchange, which is registered in the Seychelles. While some commentators online considered the recent spike of outflows on BitMEX a sign of panicked leaving, industry Twitter personality WhalePanda said that it is a normal reaction, taking into account the amount of Bitcoin held by BitMEX. He wrote: “It’s more of a reminder for people who don’t actively trade their entire stash to withdraw (some of) it.” BitMEX is the world’s second largest crypto exchange according to reported daily trading volume to date, with its Bitcoin trading amount accounting for $3,2 billion at press time, according to data from CoinMarketCap.

Bitcoin Retakes $11,000 Following Turbulent Week in Crypto

Bitcoin Retakes $11,000 Following Turbulent Week in Crypto

July 20 — Bitcoin (BTC) has retaken the $11,000 price point on the heels of a turbulent week. Charts Courtesy of Coin360.com July 20 — Bitcoin (BTC) has retaken the $11,000 price point on the heels of a turbulent week.  Charts Courtesy of Coin360.com After a bull market at the end of June brought the price of BTC to almost $14,000, the coin had largely been maintaining between $10,000 and $13,000 for most of the past month, briefly cracking $11,000 on July 15 before slipping below the $10,000 price point on July 16. For the past three days, BTC has been in the $10,000 range, but had faltered at the $11,000 resistance until now. Charts Courtesy of Coin360.com The past week has seen some major hurdles for cryptocurrency at large, particularly within the United States. On July 11, President Donald Trump voiced his opposition to cryptocurrencies, particularly BTC and Facebook’s planned Libra, in a series of tweets, saying: “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.”  Trump’s tweets came days before hearings on Facebook’s Libra before the US Senate Banking Committee on Tuesday, July 16 and the House Financial Services Committee Wednesday, July 17. The two hearings left little doubt as to Congress’s attitude toward Libra, which was overwhelmingly negative. Representative Madeleine Dean commented: “It’s tough to trust when the collection, storage and misuse of the information of your customers generated a $5 billion fine.” While Libra’s outlook may be bleak, the significance of the hearings for Bitcoin — with a market cap of $196,266,374,749 as of press time, the largest cryptocurrency — has remained unclear.  Today’s price rally may mean that the storm has passed for BTC.

Coinbase CEO Wants Firm to Move Beyond Trading in Next 5 Years

Coinbase CEO Wants Firm to Move Beyond Trading in Next 5 Years

Brian Armstrong, CEO of major American crypto exchange and wallet service Coinbase,  believes that the firm will be less about trading and more about adoption five years from now. Armstrong wants the firm to connect people in crypto industry  In an AMA session on July 19, Armstrong presented his vision of the company in five years, claiming that he sees Coinbase as not just a crypto trading service provider, but rather a more universal entity driving adoption to crypto. Armstrong pointed out Coinbase’s mission to help grow the global crypto economy by connecting people in the market and expanding crypto community to help people use cryptocurrencies for more than just buying and selling. In this regard, Armstrong cited some recent Coinbase developments, such as incentivized crypto educational program Coinbase Earn, as well as preparations to soon enable crypto lending and margin trading on Coinbase. Armstrong explained: “In five years I hope that we’ll have it even further beyond that. There’ll be thousands of companies that’ll be crypto-first.” Armstrong supports people who left Coinbase to run their own crypto projects As a part of Coinbase’s crypto adoption driver mission, Armstrong has also expressed his positive stance to former Coinbase employees who decided to leave the company to launch a new successful crypto project. Coinbase CEO noted the existing term of Coinbase mafia, recalling roughly ten people who have quit Coinbase to run successful crypto companies. Armstrong appeared to encourage these former employees, claiming that he really wants people to learn from Coinbase and spread their knowledge to bring more adoption. “We‘re just gonna keep doing more and more of that,” Armstrong said, still adding that Coinbase is a multi product company. On July 12, Armstrong said that a recent anti-Bitcoin (BTC) tweet by United States President Donald Trump unlocked another achievement for crypto industry, indicating that crypto industry is independent of global powers and that those powers cannot shut crypto down.

Bitcoin Approaches $11,000 With All Top 20 in Green

Bitcoin Approaches $11,000 With All Top 20 in Green

Saturday, July 20 — crypto markets have seen another upward move, with all top 20 coins by market cap seeing major gains, while Bitcoin (BTC) has approached $11,000 mark again. Market visualization from Coin360 After dipping below the $11,000 threshold on July 14, Bitcoin has approached the price point today, with its intraday high of $10,944, according to data from CoinMarketCap. The biggest cryptocurrency added 3.7% to its price to trade at $10,922 at press time. As Bitcoin has seen significant volatility this week, with its price having dipped below $9,500, the cryptocurrency is down around 3% over the past 7 days at press time. Bitcoin 24-hour price chart. Source: Coin360 Ether (ETH), the second cryptocurrency by market cap, is up over 5% and trading at $232 at press time. The top altcoin is down 13.4% over the past 7 days. Ether 7-day price chart. Source: Coin360 Ripple (XRP), the third top cryptocurrency by market cap, added 6.4% to trade at $0.339, also seeing a notable growth over the past 7 days, adding up to about 2.6%. Ripple 7-day price chart. Source: Coin360 Bitcoin SV (BSV), the ninth top cryptocurrency by market cap, has added over 25% to its value today, seeing the biggest growth among the top 20 coins by market cap. As of press time, total market capitalization amounts to $298 billion after that number dropped below $250 billion earlier this week. Daily trade volume amounts to around $63 billion. The new wave of green on crypto markets follows a recent bullish prediction by managing director and quant strategist at Fundstrat Global Advisors Sam Doctor, who suggested that much-anticipated Bakkt’s Bitcoin futures contracts will launch in Q3 2019. Additionally, India’s Minister of State for Finance Anurag Thakur said yesterday that there is no legislation in India that expressly bans citizens from using cryptocurrencies. Keep track of top crypto markets in real time here

Why You Can’t Bet With Bitcoin at Online Casinos in the US

Why You Can’t Bet With Bitcoin at Online Casinos in the US

Since the dawn of Bitcoin, the cryptocurrency landscape has seen a lot of digital currency gaming websites where users can wager their coins in games like poker, dice, blackjack and slots. Because public blockchains are transparent, the protocols have made online gaming provably fair. However, throughout most states in the U.S., residents cannot participate in online gambling as politicians from the ‘Land of the Free’ stop them from making bets with their own money. Also read: Bitcoin Cash Milestones: Delivered Code, Upgrades and Platform Development Government: Here to Tell You What You Can and Can’t Do With Your Own Money on the Internet Online gaming with bitcoin has been around ever since the digital currency was launched. Back in the early days, players used well known gambling sites such as Satoshidice, Sealswithclubs, and Just-Dice.com. These websites have seen large amounts of players and millions of dollars worth of crypto bets using these platforms. In fact, six years ago today Erik Vorhees sold Satoshidice for 126,315 BTC, which at the time were worth $11.5 million. However, even though there’s a bunch of bitcoin online gaming sites today, most people in the U.S. cannot participate as online casinos block residents. So when a person is inside the country, usually the online gaming site’s server can tell that their IP address stems from within the U.S. Bitcoin.com’s Bitcoin Cash Games offers provably fair gaming for citizens not living in the U.S.For instance, when a visitor from the U.S. visits Bitcoin.com’s Bitcoin Cash Games, they are greeted with a geo-blocking message explaining that they cannot play any of the games with real money. However, visitors from the U.S. can play with test tokens for fun on the BCH gaming casino. “Our servers have detected that you are trying to play from inside the USA,” explains Cashgames.Bitcoin.com. “Unfortunately strangers living in Washington D.C. think that they have the right to tell you what you can and can’t do with your own money on the internet.” The message adds: Because they would likely hurt us if we were to allow you to play on our provably fair site, we’ve had to disable deposits for USA players. Thanks to All the Patriotic Acts GW Bush Pushed Through, Law Enforcement Can Criminalize Anyone…

Fidelity’s Crypto Branch Files for a New York Trust License: Report

Fidelity’s Crypto Branch Files for a New York Trust License: Report

Fidelity’s crypto arm Fidelity Digital Assets Services (FDAS) has applied for a license to operate as a trust in New York State. FDAS has filed an application with the New York Department of Financial Services (NYDFS) for a trust license, crypto media outlet The Block reported on July 20, citing several unnamed sources familiar with the matter. If the license is approved, FDAS will officially be allowed to offer its crypto custodial services in the state of New York, operating as a Limited Purpose Trust Company, the report notes. In the report, lawyer Arthur Long said that the trust license is broader than BitLicense, NYDFS’ typical crypto license, enabling its bearer to operate more financial services such as financial advice. Fidelity has not confirmed the news to The Block as of press time. In April, FDAS hired Christine Sandler, former executive of popular American exchange and wallet service Coinbase, as head of Sales and Marketing. Sandler joined the firm to lead institutional customers service and was reportedly based in New York. In mid-May, Cointelegraph reported that FDAS was working to expand its blockchain engineering team. Recently, Reuters reported that social media giant Facebook applied with the NYDFS to acquire a cryptocurrency business license to operate its planned stablecoin Libra in New York.

DASH, ETH, LINK: Top-3 Crypto Losers of the Week — Price Analysis

DASH, ETH, LINK: Top-3 Crypto Losers of the Week — Price Analysis

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision. Market data is provided by HitBTC. The short-term sentiment in the crypto community is one of uncertainty. Facebook’s Libra project, which was expected to attract millions of people to cryptocurrencies, is likely to face stiff regulatory hurdles. Likewise, various politicians around the world, including United States President Donald Trump are voicing their objections to cryptocurrencies. Now, reports suggest that the U.S. Commodity Futures Trading Commission is investigating whether BitMEX allowed U.S. residents to use its platform to trade. These developments have led to profit-booking in most cryptocurrencies.  Total crypto market capitalization dropped from over $386 billion on June 27 to a low of just under $252 billion on July 17, which is a fall of 34.7%. Though this looks like a deep cut, we believe that it is a healthy correction as it comes after a sharp rally from close to $100 billion mid-December last year to $386 billion.  Corrections are part and parcel of every uptrend. They offer a low-risk entry point to traders who have missed buying in the previous leg of the rally. We consider the current correction a buying opportunity. Therefore, we are starting a new series in which we analyze the charts of the top three losers of the past seven days among major cryptocurrencies. We will highlight the critical levels where the correction could end, and will also point out levels that will indicate a probable change in the trend.  DASH/USD Dash (DASH) rallied from a low of $58.49 on December 15 to a high of $188.5598 on June 26. That is a 222.37% gain in just over six months. The upside was that DASH ascended gradually and never entered a blow-out phase. This indicates that after the correction ends, we can expect bulls to start a new uptrend. In the long term, the current fall will put a higher low in place.  On July 16, the DASH/USD pair plunged below the 61.8% Fibonacci retracement level of the entire rally from the lows. On the plus side, the break was temporary…

Buterin Needs Bitcoin Cash: Scaling Ethereum Before Sharding, Casper

Buterin Needs Bitcoin Cash: Scaling Ethereum Before Sharding, Casper

The Ethereum (ETH) team is actively looking for solutions that may help scale the blockchain network, as reported by Cointelegraph on July 15. Co-founder of Ethereum Vitalik Buterin is now considering third-party blockchains that have lower commission rates for transferring information. According to him, the Bitcoin Cash (BCH) blockchain could cope well with this task. The fact is that BCH has a high data throughput — 53 kilobytes per second (KPS) compared to Ethereum’s eight KPS, which are actively used by applications, Buterin revealed. Scalability issues force the hand Over the years, scalability has been the Achilles’ heel of Ethereum, and the team behind the second-largest cryptocurrency has been making every effort to increase it. In the current realities, the Ethereum blockchain is supposed to handle a maximum of 25 transactions per second (TPS), while the charts show that its throughput for July has not exceeded 11 TPS, and on several occasions in recent days, it has even dropped to around seven TPS. The situation is complicated by a record number of pending transactions per second, which has already exceeded the 600 mark. Meanwhile, somewhat smaller blockchains managed to achieve greater performance. For instance, EOS is able to process 1,200 TPS and Tron can already handle 2,000 TPS. Transactions per second comparison between top cryptos What about Casper? Buterin built a whole roadmap until 2020, which should lead Ethereum to reaching similar indicators of such payment giants as Visa, which processes 24,000 operations per second. The program includes a transition from the proof-of-work (PoW) to the proof-of-stake (PoS) algorithm, network sharding, as well as the introduction of the second-layer solutions: Plasma and Raiden. The PoS consensus algorithm is expected to make transactions cheaper and accelerate the production of new blocks, while Layer 2 solutions are supposed to significantly increase the scalability of Ethereum. The concept of sharding is another innovation that represents a modified network architecture, with the blockchain dividing nodes into smaller independent elements called shards. The latter has its own transaction history log that handles only its own transactions, thus decreasing the loading on the network. In an interview with CoinSpice, Buterin shared the details of two long-term schemes, which, according to him, are now being worked on by the Ethereum team and…

Fundstrat Strategist: Bakkt Futures to Launch in the Current Quarter

Fundstrat Strategist: Bakkt Futures to Launch in the Current Quarter

Managing director and quant strategist at Fundstrat Global Advisors Sam Doctor suggested in a Twitter post published on July 19 that Bakkt’s Bitcoin (BTC) futures contracts will launch this quarter. According to the post, which includes a summary of Fundstrat’s takeaways from the Bakkt Digital Asset Summit held on July 18, the firm’s futures will launch in the current quarter. The launch is set to follow tests announced last month, which are scheduled to start next week. The firm believes that the launch will be a catalyst to accelerate entry of traditional institutional investors. The post notes: “There appears to be a critical mass of adopters ready to come on board on Day 1 of the Bakkt launch, with the sales team gaining traction among brokers, market makers, prop trading desks and liquidity providers.” During the aforementioned event, Commodities Futures Trading Commission (CFTC) commissioner Dawn Stump apparently expressed that no current cryptocurrency could threaten financial stability and that the regulator sees a growing demand for Bitcoin futures from the public. Also during the summit, chief information officer at crypto investment firm Blocktower Ari Paul was reportedly confident that once a killer app or user interface makes cryptocurrency on-ramps safe, reliable and as easy to use as Paypal, retail adoption will be enormous. According to the Fundstrat notes, Paul also said that institutions should not dismiss crypto assets, considering their low correlation with traditional assets and with compound annual growth rates of 200%-300%. He also said that inflation and confiscation resistance of cryptocurrencies are a key value proposition. Pantera Capital CEO Dan Morehead, on the other hand, said that most tokens will fail and a handful of base protocols will survive, but with thousands of decentralized applications built on top of them.  As Cointelegraph reported in May, the Intercontinental Exchange is reportedly taking steps to ensure approval from the United States CFTC for Bakkt.

Top-5 Crypto Tokens Pronounced ‘Dead’ — XEM and BCC Head the List: Report

Top-5 Crypto Tokens Pronounced ‘Dead’ — XEM and BCC Head the List: Report

Update, July 20: This article was updated to clarify the fact that the performance of particular cryptocurrency tokens is under evaluation and not the projects backing them. In 2017, the cost of Bitcoin (BTC) reached almost $20,000, and in December 2018, its rate fell to $3,187 per token. Nevertheless, it is a solid price movement for a currency, which was created from nothing about 10 years ago. Bitcoin still dominates the portfolios of most crypto investors and is by far the most popular cryptocurrency, meaning its price is less prone to drops than the rest of the market. This is also indicated by the CoinMarketCap dominance chart. But what about the rest of the cryptocurrencies that have appeared over the past couple of years? In 2018, CNBC reported that approximately 800 cryptocurrencies, which appeared as a result of initial coin offering (ICO), can now be called “dead,” because they are traded at a price below $0.01. In 2019, this figure continued to increase. Resources that specialize in “dead” cryptocurrencies have launched, such as Deadcoins and Coinopsy, according to which, in 2018, about 1,000 different cryptocurrencies failed. Many “dead” crypto projects were scams organized as ICOs and some could not stand the pressure of the bearish market in late 2018. That is how Jay Richler, co-founder of Coinopsy, described to Cointelegraph the huge number of failed coins listed in different exchanges:  “Before 2016, most failed due to just making a coin for fun, and then developers just gave up of pulled a small scam or pump-and-dump. After 2016, market got saturated with coins, so exchange listings now cost large amounts of $$$, for example Binance is like 1 million to get listed from memory. So after 2016, it was either well planed scams with funding and marketing or coins that started just didn’t have the funding and direction.This is most but not all.” The Deadcoins’ team responded to Cointelegraph by saying that it is convinced that the main reason for cryptos failing is the lack of utility on their behalf: “Many of the altcoins most probably to fail for many reasons, but the main reason will be the lack of utility and the use case or overlapping with other altcoin or their use case is already…