Pantera Capital CEO: Investors ‘Overreacting’ to ETF Delay, Should Focus on Bullish News

Pantera Capital CEO: Investors ‘Overreacting’ to ETF Delay, Should Focus on Bullish News

Pantera Capital CEO Dan Morehead claimed that crypto markets are reflecting some overreaction from investors recently, in comments to CNBC August 8. Speaking in an interview on CNBC’s “Fast Money,” Morehead suggested that investors have exaggerated the importance of the U.S. Securities and Exchange Commission (SEC). recent delay on their decision regarding a Bitcoin (BTC) Exchange-Traded Fund (ETF). As per Morehead, crypto investors should instead focus on more bullish events in the market, such as the announcement of upcoming cryptocurrency project Bakkt by the Intercontinental Exchange (ICE). The ICE, which operates 23 large global exchanges including New York Stock Exchange (NYSE), is set to launch a global ecosystem for digital assets alongside Microsoft and Starbucks. Morehead stressed that Bakkt is “huge news,” arguing that the upcoming project will have a “very profound impact over the next five or 10 years for the markets.” As for the recent ETF postponement, Morehead predicted that a Bitcoin ETF approval will take “quite a long time,” pointing at the nascent stage of crypto adoption. As an example, the hedge fund manager cited the fact that the most recent asset that gained approval from the SEC for ETF certification was copper, a metal that “has been on earth for 10,000 years,” commenting: “The main thing to remember is that bitcoin is very early-stage venture, but has real-time price feed — and that’s a unique thing. People get excited about the price and overreact.” Morehead also mentioned that while the major cryptocurrency has experienced a negative price trend recently, it is still up around 82 percent year over year, noting that “it’s all perspective.” On August 8, the U.S. federal securities regulator postponed its decision on the listing and trading of a Bitcoin ETF application from investment firm VanEck and financial services company SolidX to the end of September. The price of Bitcoin dropped on the news, dipping to as low as $6,211 after touching intraweek high of $7,560, according to Cointelegraph’s Bitcoin price index. Today the crypto markets have bounced back, seeing gains between 1 and 9 percent in across the top twenty coins. Bitcoin is trading just above $6,500 at press time.

After a Catastrophic Week, Crypto Markets Rally Forth Into the Green

After a Catastrophic Week, Crypto Markets Rally Forth Into the Green

August 9: The summer crypto rollercoaster continues, as the market sees a healthy rebound into the green after sustaining major losses yesterday. On August 8  total market capitalization had shrunk to $219 billion –– its lowest level since mid-November 2017. In today’s upward bounce, virtually all of the major cryptocurrencies have posted gains, as data from Coin360 shows. Market visualization from Coin360 Bitcoin (BTC) is trading at a solid $6,500 at press time, up around 3.2 percent on the day. The leading cryptocurrency shot up around $300 within the space of two hours earlier today, from $6,229 to $6,528. Having since slightly corrected downwards, the coin is nonetheless trading $330 higher at press time than its 24-hour low at $6,144. Bitcoin’s weekly losses however remain at a stark 14 percent, with a more modest 3.5 percentage loss on the month. Bitcoin’s 24-hour price chart. Source: Cointelegraph Bitcoin Price Index While today’s sprightly uptick may assuage some edgy crypto nerves, Dogecoin creator Jackson Palmer has been eyeing the recent plummeting markets, which many attributed to U.S. regulators’ announcement August 7 that they would be delaying their decision over whether or not to approve a high-profile BTC exchange-traded-fund (ETF). In a thread of tweets this morning, Palmer pointed to data showing declining daily transaction rates for Bitcoin, Ethereum (ETH) and Ripple (XRP), as well as a downtrend in decentralized application (dApp) usage, as more noteworthy indicators of the “fragility” of the space. More optimistically, Litecoin (LTC) creator Charlie Lee said in a tweet today that he considers the bear market to be “the best time for people to work on adoption.” Ethereum (ETH) is currently trading around $363, up around one percent on the day to press time. The altcoin’s intraday spike closely correlated with that of Bitcoin, as it jumped up from $352 to $367 within two hours. Ethereum’s losses on its weekly chart remain at around 11 percent, with monthly losses pushing 24 percent. Ethereum’s 24-hour price chart. Source: Cointelegraph Ethereum Price Index On CoinMarketCap’s listings, all of the top twenty coins by market cap, except one, are in the green, seeing solid gains within a 1 to 9 percent range. Cardano (ADA) is the strongest performer among the top ten, seeing around 8 percent…

This Cryptocurrency Data Site Lists Coins by Fair Market Value

This Cryptocurrency Data Site Lists Coins by Fair Market Value

Economics When people look at the fiat value of cryptocurrencies they usually observe prices from data sites like Coinmarketcap.com that pull aggregated digital asset spot prices from exchanges all across the world. Now there’s another market capitalization website that people may be interested in, called Coinfairvalue.com, a platform that’s a touch different than the normal data sites because it measures fair values without any implied speculation. Also read: Electron Cash Wallet Now Available for Basic Feature Phones This Website Highlights Cryptocurrencies and Fair Value   Coinmarketcap.com (CMC) and the variety of other price data websites are common places people like to visit to find out the value of their favorite cryptocurrencies. Most websites like this aggregate all the spot prices from exchanges across the world and find the median average. This is why sites like CMC’s prices are different than when an individual observes the feed from a single exchange. Now there’s another site called Coinfairvalue.com (CFV) that lists the top cryptocurrency valuations but instead of using aggregated spot prices it measures fair values based on the current usage of each coin. Basically, the website is based upon the ‘Currencies Fair Value’ model published by Pablompa in 2017, explain the creators of CFV. The Pablompa model assesses compounded fair value by measuring actual real-world use by utilizing publicly available blockchain data. “Our Market Cap differs from Market Caps in other sites because we do not make the artificial distinction between Circulating Supply and Supply,” explains the CFV website. Let’s put it simply: the fact that the founders hold a part of the supply does not make their part of the supply less circulating than a part of the supply held for years by an investor. “Static” supply is reflected in the Velocity of Money. The more “static” supply within the total supply, the smaller the velocity – hence, the higher the tendency to hold savings. The dollar and the euro are included in Coinfairvalue.com’s list. An Entirely Different Look at the Top Cryptocurrencies The CFV data is interesting for many reasons and one of them is because the top two currencies are USD and EUR which is not usually included in other market cap websites. USD has the fair market value (FMV) of $1 per unit…

Binance Offers First Look At Planned Decentralized Crypto Exchange

Binance Offers First Look At Planned Decentralized Crypto Exchange

Cryptocurrency exchange Binance unveiled the platform’s first look at its upcoming decentralized exchange (DEX) on Thursday. Binance, one of the world’s largest cryptocurrency exchanges by trading volume, announced back in March that it plans to launch a new public blockchain for the purposes of developing the Binance Chain, a platform to transfer and trade different crypto assets without a centralized operator. This week, CEO Changpeng Zhao provided the first demonstration of the Binance Decentralized Exchange and the Binance Chain. “Today, I have something really exciting to share with you guys. This will be the first demo for the Binance Decentralized Exchange, the Binance Chain,” Zhao told viewers. Zhao explained that his team of developers is ahead of schedule, saying in the demonstration that “I thought this would happen one to two months later or more but again, the team delivered early.” While the majority of the demo is footage of a command line terminal voiced over by one of the Binance Chain developers, the various activities depicted outline the basics of issuing, listing and trading crypto assets on the decentralized exchange. Zhao insists the product remains in “early stage development,” adding that: “There’s still a ton of work to be done to turn [it] into a final product. The team’s working on it very aggressively. Nevertheless, this is a major milestone for Binance Chain.” Indeed, other competitors to Binance such as cryptocurrency exchange Huobi announced similar plans in June to fund the creation of an open-sourced blockchain protocol aimed at one day evolving into a standalone decentralized exchange. And while there are decentralized exchanges currently in existence in the crypto markets, data by analytics firm Alethio reports that most have varying degrees of centralization built into their model. In fact, sentiment as of late around the security of decentralized exchanges as a whole has taken a hit with one decentralized crypto exchange by the name of Waves being hacked of funds almost immediately after launching from a year-and-half-long beta period. Changpeng Zhao image via YouTube 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…

Ethereum Classic Is Down 30% Since Its Listing on Coinbase

Ethereum Classic Is Down 30% Since Its Listing on Coinbase

The price of ethereum classic (ETC) has depreciated more than 30 percent against the U.S. dollar since its listing on Coinbase. Prior to the August 7th listing date, ETC’s price surged on two recent occasions, the first of which began on June 11th when Coinbase announced its intention to add ethereum classic to its platform. ETC’s price went from $12.19 to $16.40 over the next 48 hours, printing a 34 percent gain.   The next and most dramatic boost began on August 3rd, following another announcement from Coinbase which stated that ETC trading would finally go live on August 7th. From August 3rd to the 7th, the price rose more than 50 percent in U.S. dollar terms, hitting a peak of $21.25, according to data from Bitfinex.  It’s not exactly a surprise when prices rise significantly after news of this nature is released, as investors would regard an asset as undervalued when taking into account the potential for a large cash flow increase that may accompany an exchange listing.  That said, this period of volatility often causes prices to rise to an amount where the asset is no longer considered undervalued, setting the stage for a market sell-off.  Ethereum classic was no exception to this reality. After the recent price high of $21.25, the price has fallen more than 30 percent versus the US dollar and is currently trading at $15. That said, it’s worth noting that the entire cryptocurrency market has been in a major slump as of late, shedding billions of dollars worth of market capitalization value during Wednesday’s trading session.  Ethereum classic emerged in 2016 following the divisive collapse of The DAO, the ethereum-based funding vehicle that failed following a debilitating code exploit. An eventual “fork” of the ethereum blockchain to unwind losses tied to the DAO resulted in two distinct blockchains. Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing. Image via Shutterstock; Graph via TradingView  This article has been updated for clarity.  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. This article…

Attacker Installs Crypto Mining Malware on Over 170,000 Devices

Attacker Installs Crypto Mining Malware on Over 170,000 Devices

More than 170,000 devices in Brazil were targeted in a cryptojacking attack last month. According to a blog post published by security firm Trustwave, a wide-scale cyberattack was launched on MicroTik routers late last month. The effort led to the installation of the Coinhive mining software in a “mass” infection of more than 17,000 devices. Trustwave security researcher Simon Kenin wrote that all of the devices used “the same sitekey,” indicating that one entity reaped the mined tokens from all of the devices. He wrote: “This attack may currently be prevalent in Brazil, but during the final stages of writing this blog, I also noticed other geo-locations being affected as well, so I believe this attack is intended to be on a global scale.” According to a previous post by Trustwave, also co-authored by Kenin, Coinhive gained traction in 2017 as a service that claimed to provide monetizing solutions for websites without using any advertisements. Instead, site owners were to embed JavaScript code that would take hold of the central processing unit (CPU) power of site visitors to mine the cryptocurrency monero. However, mining reportedly ended up costing site visitors up to 99 percent of their CPU processing power, leading to further issues for consumers as their devices generated more heat and used up large amounts of electricity. Trustwave has since released a detection tool to block the mining malware, and as Kenin explains in his most recent post, readers should heed his “warning call” and patch any MikroTik devices “as soon as possible,” emphasizing that the severity of the attacks could reach “hundreds of thousands” of consumers around the globe. Kenin also reports that illicit cryptocurrency mining operations such as these are “a trend we’ve been seeing a lot of over the last three years, as attackers shift from ransomware into the world of miners.” Such sentiments are being echoed by other cybersecurity firms such as Skybox Security which also reported in their 2018 mid-year update that among cybercriminals, crypto mining now accounted for 32 percent of all cyberattacks, with ransomware making up 8 percent. Typing 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…

PR: XULT – the New Cryptocurrency Exchange by Exchangecoin (EXCC)

PR: XULT – the New Cryptocurrency Exchange by Exchangecoin (EXCC)

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. The ExchangeCoin team just announced that they are working on a new cryptocurrency exchange – Xult. When completed they will be able to offer complex services featured on the exchange platform to crypto traders. The new exchange will be powered by their cryptocurrency – EXCC. According to the information gathered from the ExchangeCoin team, during the past 3 months they have been working on the new centralised exchange – Xult. With the crypto exchanger – Xchange.me, a decentralized exchange (which was the primary purpose of founding the EXCC); the team will create a platform which features complex services for crypto traders. The Xult launch is planned for the Q4 2018. It means that the ExchangeCoin (EXCC) will be truly utilitized:– The new decentralized exchange will operate based on EXCC, it will be built on the EXCC blockchain.– The coin will be used for exclusive services and to get privileges on the platform as well.– The EXCC coin will be also used as a trading pair for currencies listed on the platform. It can be recalled that the EXCC blockchain was built as a dedicated solution using the Equihash algorithm, and it was recently made highly secure by implementing the PoW and PoS hybrid consensus. The EXCC CEO, Sylwester Szczepanek in a statement said, “Work on the centralized exchange started a couple of months ago. We kept it secret as the market of exchange services is really competitive, and we want to make sure the project had reached an advanced stage of development before making an announcement. Now it is only a few months left before the launch so we can share this happy news,” he added, “Thanks to the excellent cooperation with both the IT company specializing in centralised exchanges and lean UX agency experienced in crypto solutions, we are going to launch Xult in the market in less than half a year.” Read the whole announcement at the excc.co website >>This is news which confirms the dynamic development achieved…

Crypto Lender SALT Now Available in 35 States

Crypto Lender SALT Now Available in 35 States

News SALT, one of the earliest cryptocurrency-backed lending providers in the space, announced this week it was expanding into 20 more states in the US, bringing its total market penetration to 35, including Washington DC, across America. And while that number is impressive on its own, SALT accomplished this during an extended bear market. Also read:  15,000 Twitter Crypto Scam Giveaway Botsm, Reports Duo Security SALT Crypto Lending in 20 More States This week, cryptocurrency lending outfit SALT announced it was making its services available in 20 more states, bringing the grand total to 35 out of 50 in the United States. The US is geographically very large, and so covering ground on any wider scale is always an obstacle for businesses. That it too has 50 states with 50 different regulations governing a given industry adds to the task immeasurably. Combine all of that with the fact SALT is expanding in a decidedly bear market, and their feat becomes even more impressive.   CEO Bill Sinclair explained, “SALT loans are and will be structured within the laws, regulations, and guidelines provided by each jurisdiction in which the loan is offered. The first borrowers to get loans in the new system were those who previously applied in areas in which we were not approved to lend and were still interested in a SALT loan.” The crypto-lending company also used the announcement to roll out a new financial product, Proof of Access (POA), that they hope will expand “member flexibility.” A blog post detailed, “With the long-awaited introduction of POA, members now have access to more flexibility when it comes to structuring their loans. This gives members the opportunity to tailor their approach in order to meet their individual borrowing needs. Members no longer have to pre-redeem SALT membership units in order to access borrowing limits. They can simply use their SALT membership units to customize the terms of their loan.” Florida, Illinois, Texas, Kansas, Michigan, Wisconsin, Maryland, Connecticut POA essentially gives users the ability to modify loan terms using the firm’s proprietary token. To become a member, at least one SALT token is required, allowing users potential access to adjust interest rates on borrowing. “As blockchain assets continue to grow in abundance and popularity,” Mr.…

US Software Giant Intuit Awarded Patent for Processing Bitcoin Payments via SMS

US Software Giant Intuit Awarded Patent for Processing Bitcoin Payments via SMS

U.S. software company Intuit has been awarded a patent for processing Bitcoin (BTC) payments via text message (SMS), according to a filing published by the U.S. Patent and Trademark Office (USPTO) August 7. The patent, which outlines a system through which users can transfer BTC funds via sending an SMS on their cellphones, was originally filed in 2014, the same year that Intuit’s DIY tax solution QuickBooks partnered with BitPay to create a PayByCoin service for business clients to pay their invoices in BTC. As the patent outlines: “The invention […] includes receiving, by a payment service from a payer mobile device of a payer, a payment text message comprising a payment amount and an identifier of a payee mobile device of a payee, validating the payment text message based at least on a payer balance of a virtual payer account maintained by the payment service for the payer.” Intuit’s patent goes on to describe the interaction between virtual accounts created for the purposes of running the system, as well as different possible approaches to validating transactions. One of these would be “receiving an unanswered voice call within a pre-determined time period” after receiving a text message, which would be matched to to the identifier of the mobile device that is extracted from that message. Another approach would be a password system that would be managed via SMS and the virtual accounts associated with each mobile device identifier. Using cellphones directly to facilitate crypto adoption has been explored for several years, often considered to be the key to bringing financial inclusion through crypto to unbanked populations in countries where access to the internet or expensive computer hardware might limit people’s ability to transact in crypto. Electronics giant HTC has meanwhile recently announced it would introduce a smartphone with a native crypto wallet and support for CryptoKitties, the Ethereum-based decentralized application (DApp) game.The firm is even reportedly planning to to issue a white paper on a project to incorporate crypto mining on cell phones later this year.

Wikipedia Competitor Everipedia’s Blockchain Is Now Live

Wikipedia Competitor Everipedia’s Blockchain Is Now Live

The mainnet for decentralized encyclopedia startup Everipedia is now live. The blockchain-based Wikipedia competitor announced the launch on Thursday, allowing users to earn its IQ tokens for adding or editing articles to the platform. These tokens, in turn, will let users participate and vote on network governance issues. Everipedia’s developers hope that this type of model will ensure that the platform remains fully independent of donations or advertisements. At the same time, the push toward decentralization is aimed at making the platform itself “uncensorable.” While Everipedia was previously accessible by anyone with an internet connection, the mainnet launch means it will now move from a traditional Web hosting service to a blockchain with a new URL. The platform is built on top of the EOS blockchain platform, with Everipedia having moved to the EOS network earlier this year. Everipedia announced that it would initially distribute its IQ tokens through an airdrop after EOS went live. Any user who owned EOS tokens could receive IQ tokens, the startup said at the time. The startup notably boasts Wikipedia co-founder Larry Sanger as its chief information officer, as previously reported by CoinDesk. In a statement, Sanger praised the launch, saying “we are elated to release our minimum viable network which allows users to vote on and create articles in a decentralized manner for the first time.” 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.