Crypto Markets Attempt Recovery, Bitcoin Circles $6,500 Support

Crypto Markets Attempt Recovery, Bitcoin Circles $6,500 Support

August 10: Crypto markets are tentatively holding gains today, as they stake their recovery from the week’s earlier plummet. On August 8, total market capitalization had shrunk to $219 billion –– its lowest level since mid-November 2017 –– but today has seen that figure peak as high as $233 billion. Market visualization from Coin360 Bitcoin (BTC) is attempting to hold the $6,500 support at press time, trading at around $6,485 and up a fraction of a percent on the day. The leading cryptocurrency has seen a 24-hour high around $6,610, but has been trading jaggedly over trading hours, briefly dipping as low as around $6,332, before spiking upwards to re-attempt $6,500. Weekly losses remain at a weighty 13.8 percent, yet on the month Bitcoin is up around two percent. In an interview with CNBC, head of technical research at Renaissance Macro Research Jeff deGraff said that “game‐over” for Bitcoin is on the cards if BTC/USD break year-to-date support levels. Bitcoin’s 24-hour price chart. Source: Cointelegraph Bitcoin Price Index Ethereum (ETH) is currently trading around $360, losing around one percent on the day to press time. The altcoin’s attempt to break through to a higher price point were concentrated during early hours, spiking as high as $369 before dropping back below the $360 mark. The hours just before press time have seen another push upwards, yet these fleeting gains have failed to hold. Ethereum’s losses on its weekly chart are around a stark 13 percent, with monthly losses just under 18 percent. Ethereum’s 24-hour price chart. Source: Cointelegraph Ethereum Price Index On CoinMarketCap’s listings, the top ten crypto assets by market cap are mainly in the red, seeing losses no greater than six percent. The most bullish performance on the day has come from Stellar (XLM), which is up about 3.2 percent to trade around $0.22 at press time. Stellar’s recovery from mid-week losses has been strong, particularly on the XLM/BTC charts. Stellar’s 7-day price chart. Source: CoinMarketCap At the other extreme, IOTA (MIOTA) is down about 6.5 percent to trade around $0.61 at press time. Earlier this week, the alt decoupled from the wider bearish market to claim short-lived growth before seeing its protracted decline. IOTA’s 7-day price chart. Source: CoinMarketCap Among the top twenty…

Regulated Trader Templum Hosts Security Token Sale for Luxury Resort

Regulated Trader Templum Hosts Security Token Sale for Luxury Resort

Token trading platform Templum Markets has launched a sale of a security token on behalf of a popular Colorado resort. Accredited investors can now indirectly own shares in the St. Regis Aspen Resort by purchasing so-called “Aspen coins” through the regulated broker, the company announced Wednesday. Aspen coins represent shares in the resort through a holding company, according to a press release. In other words, each token is backed by the resort itself, though it is actually owned by a holding company and operated by asset management firm Elevated Returns. Templum will accept U.S. dollars, bitcoin and ethereum in exchange for the tokens during the sale. Vince Molinari, Templum CEO, told CoinDesk that accredited investors can access a private placement sale for the Aspen coins by signing up through the startup’s platform. “Each token grants investors the economic interest equal to one common share of the Aspen Digital, Inc. single asset REIT, inclusive of voting rights and the REIT’s income distributions, he said.” Elevated Returns founder and president Stephane De Baets said in a statement that the coins represent a “transformative way to invest in real estate,” as well as a unique way of storing wealth. He added: “We believe that the real estate tokenization model has tremendous potential in that it brings liquidity and disintermediation to the world’s largest asset class.” St. Regis Resort sign image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Public Firm Becomes First to Launch an ICO in Singapore

Public Firm Becomes First to Launch an ICO in Singapore

An e-commerce platform that recently launched a token sale aimed to raise $50 million has become Singapore’s first public firm to hold an ICO. Y Ventures Group, which went public on the Stock Exchange of Singapore last year, announced a plan for creating a blockchain-based e-commerce system in July and sent the sale of its AORA token live at the end of the same month. According to the firm, the tokens do not represent ownership of equity in the firm and, as such, should not be regarded as securities – a move perhaps aimed to sidestep concerns from market regulators. Notably, the Monetary Authority of Singapore – the country’s de facto central bank – halted one token sale in March as it deemed the tokens securities since, in that case, they did represent equity ownership. Y Ventures may be the first, but it is not the only public firm in the city state looking to venture into the ICO space. Public entertainment company Spackman also said in February that it aims to issue a cryptocurrency called K Coin in an effort to raise funds for its celebrity business. It has not yet made any announcement about a formal launch, however. Aside from directly conducting token sales themselves, some public firms in Singapore are also acquiring or managing projects that deal with ICOs as another route into the cryptocurrency space. In May, for example, real-estate developer Pacific Star Development signed an agreement with a startup called Crowdvilla in May to become its exclusive asset manager. Crowdvilla is now seeking to raise $18 million through an ICO to build a group of shared holiday homes. Taking another route, MC Payment, a blockchain payments firm, acquired a lifestyle startup that raised $2.4 million through an ICO in 2017, and is now setting out to go public via the purchase of an already listed Singaporean firm called Artivision. While Singapore currently has guidelines for ICOs, but no hard and fast rules, a spokesperson for the stock exchange said in a local news report on Friday that public companies must periodically report on their ICO status to ensure stock investors are properly informed. Singapore image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a…

Apocalyptic Predictions About Privacy Coins Are Very Wide of the Mark

Apocalyptic Predictions About Privacy Coins Are Very Wide of the Mark

Op-Ed Bitcoin is a permissionless ledger. In plain English, that means you don’t need to ask anyone’s damn permission to use it. There are no terms and conditions to read, no checkbox to tick, and no forms to sign before you can send or receive bitcoin. But if some people had their way, pseudonymous cryptocurrencies, as well as anonymous coins like monero, would only be used with the government’s permission. These people are wrong. So wrong it hurts. Also read: Illegal Activity No Longer Dominant Use of Bitcoin: DEA Agent Bad Advice is Easy to Come By Ever since bitcoin became officially cool, sometime last year, all its previous haters and ignorers have come out of the woodwork, offering to share their insights. Every day, the editorial inbox at news.Bitcoin.com fills with pitches from bankers, regulators, and financiers eager to dispense soundbites on this new asset class called cryptocurrency – the very same one that we could swear we’ve been covering for years. There’s no shame in being late to crypto; cool points are not awarded for the number of years you’ve been using bitcoin. But it does stick in the craw when johnny-come-latelies try to position themselves as cryptocurrency experts and insist on telling the rest of us what to do with them. One such newcomer is Weiss, an agency founded in 1971 that has since gone on to rate more than 55,000 institutions and investments. It’s new to cryptocurrency though – 2018 new – and it shows. We originally reported on its nonsensical crypto ratings back in January, when it awarded BTC a “C+” – i.e mediocre. It then supplemented this with a review of 93 cryptocurrencies in May, in which BTC scored a “B-”. The agency’s latest pronouncement, on privacy coins, which it urges the public to avoid, might be its most misinformed yet. It’s hard to tell whether Weiss Ratings actually believes the advice it dispenses or is simply shooting for rage clicks. If its strategy is the latter, it’s succeeding; if it’s the former, it should go back to reviewing legacy financial institutions, cos Weiss is hopelessly out of its depth when it comes to crypto. How You Spend Your Privacy Coins is No One Else’s Business A new report by…

India: Government to Consider Allowing Crypto Tokens, But Not Cryptocurrencies

India: Government to Consider Allowing Crypto Tokens, But Not Cryptocurrencies

The Indian government is considering whether to allow crypto tokens to be used in the country, despite its hardline stance on cryptocurrencies, local news outlet DNA India reports August 10. A committee set up by the finance ministry, under the chairmanship of the Department of Economic Affairs (DEA) secretary, is reportedly working on a set of regulations and roadmap to allow certain crypto assets to be used in India. Once the draft proposals are finalized, the legislation will be tabled before the Parliament, according to DNA’s source. DEA secretary Subhash Chandra Garg, who is heading the committee, is quoted by DNA as saying: “The committee is studying the possibility of using cryptocurrencies or crypto technology (distributed ledger technology) for financial transactions and also what kind of regulations are needed for that…[while] the currency is totally banned, the committee is discussing its other usage and how it can be mainstreamed in India.” While emphasizing that DLT technology — of which blockchain is one type — offers “a lot of promise,” Garg reportedly “categorically denied” the future use of cryptocurrencies themselves “in any manner,” including in payment systems. Garg said that the DEA has issued “several advisories” to the public warning people of the risks of cryptocurrencies, which are considered to be “a Ponzi kind of scheme” and not “currencies at all.” Meanwhile, the Reserve Bank of India (RBI) has issued a ban on banks’ dealings with crypto-related businesses and persons, which came into effect July 5. Garg said, however, that he believes the government may “test the waters” when it comes to allowing for crypto tokenization, which — if introduced — would not be able to serve as a substitute for fiat currencies: “One will need to pay physical money to buy a token which could be stored as a code in any basic mobile feature phone. It can even be used for remittances. So, it is easy to implement from technology as well as regulatory point of view. But in case of cryptocurrency, one needs to allow it as a legal tender first.” As part of its efforts, the committee will reportedly include an analysis of what it considers would be the prospects and consequences of the government legalizing cryptocurrencies. Ongoing hearings on RBI’s controversial…

Honeyminer Signs Up 50K Users for Easy Crypto Mining App

Honeyminer Signs Up 50K Users for Easy Crypto Mining App

Honeyminer, the crypto mining app that lets users earn bitcoin with laptops, is fast gaining traction. Revealed exclusively to CoinDesk, the startup’s user base has swelled to almost 50,000 since launching in June. A third of the new customers are located in emerging markets and 5 percent hail from Africa, the company said. In the startup’s Telegram channel, one such user in Kenya responded to a survey saying he is using Honeyminer to acquire his first bitcoin stash. “I’ve had an interest in bitcoin, cryptocurrencies and blockchain but I never quite understood what they meant,” wrote the user, Steven in Nairobi. “I am trying to raise money to buy a more powerful gaming desktop in the future where I can earn an average of $3 – $4 per day. So far I am one happy miner.” Other developing nations with thousands of users flocking to download Honeyminer include India, Indonesia and the Philippines, co-founder Noah Jessop told CoinDesk. He said: “We’ve stumbled into something that was far bigger and more international than we imagined.” This flood of users is proving the mining pool software can work on computers with 1,100 different types of graphics processing unit (GPU) cards, according to Honeyminer co-founder Larry Kom. Honeyminer converts mining rewards from GPU-mineable cryptos such as ether and zcash into bitcoin and then deposits it directly in users’ digital wallets. Kom told CoinDesk the sheer diversity of insights users have provided about GPU mining with various hardware types is invaluable. Jessop said he has also been inspired by the variety of new miners. “I’ve been so struck by people who are trying to get a rig set up,” Jessop said. “We’re coming up on 10,000 folks that are running homemade rigs, or even industrial-type rigs.” Image via Honeyminer The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Today’s Close Could be Pivotal for Bitcoin’s Price

Today’s Close Could be Pivotal for Bitcoin’s Price

Bitcoin’s (BTC) close today will likely decide the short-term trend in prices. The leading cryptocurrency snapped a three-day losing streak on Thursday as the 26 percent sell-off witnessed in the last three weeks was looking overstretched. What’s more important is that BTC traded yesterday within the high and low range of the previous day, indicating the bears have likely run out of steam and the bulls are still reluctant to enter the market at these levels. It seems safe to say that the bitcoin market has become indecisive in the last 24 hours. However, a stronger corrective rally could be seen over the weekend if prices find acceptance above the previous day’s high of $6,628, though it won’t be an easy task. The cryptocurrency is currently trading at $6,350 on Bitfinex – down 4 percent from the highs seen yesterday. Daily chart As seen in the above chart, BTC created an inside-day candle yesterday, signaling indecision among both bulls and the bears. A close (as per UTC) above $6,628 (previous day’s high) would confirm a short-term bear-to-bull trend change. On the other hand, if prices close today below $6,183 (Thursday’s low), then BTC could resume the sell-off toward the June low of $5,755. As of now, this scenario appears more likely as the 5-day and 10-day moving averages (MA) are steeply sloping south, indicating strong bearish pressure. Hourly chart As the above chart shows, BTC has created a bear flag – a bearish continuation pattern – which indicates the sell-off from the high of $7,130 (pole high) would resume if prices take out the flag support (lower end) of $6,240. A bear flag breakdown, if confirmed, would open the doors to $5,240 (target as per the measured height method), although the target looks far-fetched as of now. That said, it could easily yield a drop to the June low of $5,755. The relative strength index (RSI) has breached the rising trendline in favor of the bears. Hence, the probability of BTC witnessing a bear flag breakdown in the next few hours is high. View Thursday’s inside-day candle has neutralized the immediate bearish outlook and indicates indecision in the marketplace. A short-term bull reversal would be confirmed if BTC scales the previous day’s high of $6,628.…

WeChat Eyes Blockchain for Faster Corporate Expense Refunds

WeChat Eyes Blockchain for Faster Corporate Expense Refunds

Tech giant Tencent thinks blockchain can speed up the reimbursement of expenses for company employees, and it’s trialing a feature on its WeChat app to do just that. According to a blog post published on Friday, Tencent has piloted the application at a local restaurant in Shenzhen, China, where a user paid the bill through its existing payments service WeChat Pay. By feeding the payment data over its blockchain platform to the user’s employer, the restaurant and Shenzhen’s local taxation authority, Tencent said delays normally encountered via the standard manual claims process are eliminated. As such, the company hopes its system will eventually find use in streamlining and hastening the expense reimbursement process, while also reducing the prevalence of falsified receipts. Currently, China employs a somewhat complex system whereby merchants issue different payment receipts for individuals and firms. When staff need to be reimbursed for dining expenses, for instance, they must request a receipt for companies listing the exact taxpayer number of their employer. In order to do that, employees need to have the merchant manually type in the taxpayer number on the receipt in every instance. Furthermore, that process is typically followed by additional manual tasks, such as collecting receipts and filing a claim before they can receive a refund. The first batch of merchants to have integrated the system for the trial also include a parking lot at Shenzhen’s Bao’An Stadium, an automobile repair center and a restaurant owned by Tencent. Tackling a related issue in a different project, Tencent has also partnered with the Shenzhen government to battle tax evasion. In China, merchants are required to purchase a number of receipts – known as fapiao – from the authorities to act as advance tax payments prior to any sales. As they issue receipts to customers, merchants must calculate the difference between the prepaid amount and the actual tax arising from sales to provide a basis for the next round of tax payments. However, falsified receipts are common in China as a means of tax evasion. Tencent said that, by putting the issuance process on a traceable blockchain, it would provide tax authorities with a paperless taxation system via which it can track the circulation of receipts. WeChat image via Shutterstock The leader in…

Cryptowhispers: Binance Token Listing Quote – 400 BTC, $2.5 Million

Cryptowhispers: Binance Token Listing Quote – 400 BTC, $2.5 Million

Op-Ed Tantalizing, unconfirmed rumors are bouncing from crypto Twitter, and this time it’s Expanse co-founder Christopher Franko leading the charge. Mr. Franko insists he was quoted 400 bitcoin core (BTC), roughly $2.5 million as of this writing, for a token listing on the exchange Binance. On the cross accusation that he is lying, Mr. Franko further insisted “I literally have nothing to gain from this.”   Also read: 15,000 Twitter Crypto Scam Giveaway Botsm, Reports Duo Security Expanse’s Franko Tweets Binance is Charging Millions for a Token Listing Expanse’s Christopher Franko took to Twitter this week, accusing popular cryptocurrency exchange Binance of quoting 400 BTC, $2.5 million at current prices, for token listings. As Mr. Franko tells it, “Just got a new @binance listing quote. 400 BTC,” he tweeted. Binance is a relatively new international crypto exchange. Created summer of last year, the exchange has been on fire. Its CEO, Changpeng Zhao, is a hotshot figure in the space, appearing on splash pages for a long time, someone everyone wants to know more about. Binance is both an exchange and a token (BNB), which can lessen fees when used in conjunction — one of the first exchanges to use the “ICO model” now all the rage. Rumors have followed it as long as Binance has been in existence, including moving from China to Japan and Taiwan. It is dogged by accusations of false liquidity, especially as it has become one of the most profitable exchanges with well over $1 billion in revenue.   Reaction came fast and furious to the idea of what Mr. Franko considered a form of extortion by Binance. A lot of immediate commentary was of disbelief. Mr. Franko then produced a screenshot of the offending email. Still more commenters cried hacking or rogue employees. Mr. Franko seemed to bristle not only at the expensive quote but by the fact the exchange didn’t respond. He tweeted again, “Ok, @cz_binance if you are being genuine that it really doesnt cost 400 BTC to list @ExpanseOfficial there, then send me a DM with a real quote so we can clear this up. I believe you are probably an honorable person and the people want to know you are who you say you are.” Anti-Binance…

WeChat Eyes Blockchain for Faster Refunds of Company Expenses

WeChat Eyes Blockchain for Faster Refunds of Company Expenses

Tech giant Tencent thinks blockchain can speed up reimbursement of expenses for company employees and it’s trialing a feature on its WeChat app to do just that. According to a blog post published on Friday, Tencent has piloted the application at a local restaurant in Shenzhen, China, where a user paid the bill through its existing payments service WeChat Pay. By feeding the payment data over its blockchain platform to the user’s employer, the restaurant and Shenzhen’s local taxation authority, Tencent said delays normally encountered via the standard manual claims process are eliminated. As such, the company hopes its system will eventually find use in streamlining and hastening the expense reimbursement process, while also reducing the prevalence of falsified receipts. Currently, China employs a somewhat complex system whereby merchants issue different payment receipts for individuals and firms. When staff need to be reimbursed for dining expenses, for instance, they must request a receipt for companies listing the exact taxpayer number of their employer. In order to do that, employees need to have the merchant manually type in the taxpayer number on the receipt in every instance. Furthermore, that process is typically followed by additional manual tasks, such as collecting receipts and filing a claim before they can receive a refund. The first batch of merchants to have integrated the system for the trial also include a parking lot at Shenzhen’s Bao’An Stadium, an automobile repair center and a restaurant owned by Tencent. Tackling a related issue in a different project, Tencent has also partnered with the Shenzhen government to battle tax evasion. In China, merchants are required to purchase a number of receipts – known as fapiao – from the authorities to act as advance tax payments prior to any sales. As they issue receipts to customers, merchants must calculate the difference between the prepaid amount and the actual tax arising from sales to provide a basis for the next round of tax payments. However, falsified receipts are common in China as a means of tax evasion. Tencent said that, by putting the issuance process on a traceable blockchain, it would provide tax authorities with a paperless taxation system via which it can track the circulation of receipts. WeChat image via Shutterstock The leader in blockchain…