Turkish Bitcoin Volume Soars as Traders Flee the Lira

Turkish Bitcoin Volume Soars as Traders Flee the Lira

Economics Trading volume on Turkish cryptocurrency exchanges has soared over the last 24 hours as citizens have sought refuge from the weakened lira. Turkey’s national currency has faced a torrid time on a day when President Recep Tayyip Erdogan accused the US of trying to “stab it in the back”. Trade volume on domestic exchange Btcturk is up 350% in the last 24 hours, with BTC capturing 38% of the action. Also read: Crypto Cafe and Coworking Space ‘Hash House’ Established in Xi’an, China Turks Seek a Haven from the Crumbling Lira The Turkish lira (TRY) plunged to record lows against the US dollar today as tensions between the stricken nation and western counterparts ramped up. The embattled President Erdogan sees Turkey’s financial straits as a US-led plot to cripple the country, as opposed to the consequences of an imprudent economic policy that’s lead to rising inflation and spiraling debt accrued in foreign currency, exacerbated by borrowing to fund a construction boom. The Turkish lira hit new lows against the US dollar today While Turkey’s interior ministry has been threatening to take legal action against almost 350 social media accounts deemed to have made “provocative” comments against the lira, cryptocurrency holders have been busy exchanging their TRY for BTC, XRP, and ETH. After bitcoin core and the dollar-pegged tether (USDT), ripple and ether formed the leading trading pairs at Btcturk over the last 24 hours; the site also offers LTC. Turkish Lira is the Third Worst Performing Fiat Currency This Year Only the Venezuelan bolivar and Sudanese pound have performed worse than the Turkish lira, which is down 45% this year. While BTC has lost close to 54% this year, it’s looked a veritable fortress of strength against TRY of late, and with limited options for swapping their lira into a more stable currency, Turkish citizens have flocked to bitcoin. In addition to Btcturk, which has exchanged close to $14 million of BTC in the last 24 hours, regional exchanges Paribu, Koinim, and Koineks have witnessed a major increase in volume this week, as has Localbitcoins.com. Trade volume (in USD) on Btcturk this week Amidst rumors of Turkish banks ending support for customer accounts holding USD, and President Erdogan desperate to quell the flight to the…

EU Lawmaker Wants to Include ICOs in New Crowdfunding Rules

EU Lawmaker Wants to Include ICOs in New Crowdfunding Rules

A draft proposal by the European Parliament’s Committee on Economic and Monetary Affairs suggests creating new regulations for public initial coin offerings (ICOs), according to a document published Friday. Ashley Fox, a Member of the European Parliament (MEP) representing the United Kingdom, wrote a draft report on proposed regulations for Europe’s crowdfunding platform operators and companies. Work on crowdfunding regulations has been ongoing since last year, with a formal proposal from the European Commission (the EU’s executive branch) coming in March with the mandate of developing a framework on “crowd and peer-to-peer finance.” According to Fox’s note accompanying the legislative language for the proposal, the framework provides an opportunity to regulate token sales. “This Regulation gives the opportunity to ICOs that want to prove their legitimacy to comply with the requirements of this regulation. Whilst this regulation may not provide the solution for regulating the ICO market, it takes a much-needed step towards imposing standards and protections in place for what is an excellent funding stream for tech start-ups,” he wrote. The report states that crowdfunding service providers “should be permitted to raise capital through their platforms using certain cryptocurrencies.” However, while ICOs “offer new and innovative ways of funding,” they can also be used to “generate substantial market, fraud and cybersecurity risks to investors.” The proposed regulation appears only to apply to public sales that raise less than 8 million euros, stating: “…crowdfunding service providers that wish to offer an ICO through their platform, should comply with specific additional requirements under this Regulation. However, private placements, ICOs raising in excess of 8,000,000 [euros] or ICOs that do not use a counterparty do not fall within the scope of those requirements.” These new rules would require platforms to create a cap for crowdfunding efforts and follow certain securities laws, according to the document. Fox emphasized the importance of providing some regulatory guidelines for the space, noting that “at present initial coin offerings are operating in an unregulated space and consumers are at risk from fraudulent activity taking place in this market.” While Fox published a draft proposal last week, he also wrote that he “believes that a number of changes should be introduced to improve the proposal,” adding that “this regulation is an opportunity to provide regulation for initial coin offerings.” European Parliament…

Saudi Regulators Warn Against Trading Cryptocurrencies, Citing ‘High Market Risks’

Saudi Regulators Warn Against Trading Cryptocurrencies, Citing ‘High Market Risks’

A governmental committee of the Kingdom of Saudi Arabia has warned the public that trading digital currencies is illegal in the country, according to an Aug. 12 announcement by the Saudi Arabian Monetary Authority (SAMA). The warning was issued by the Standing Committee for Awareness on Dealing in Unauthorized Securities Activities in the Foreign Exchange Markets. The standing committee was established by supreme decree headed by Capital Market Authority (CMA), and contains such ministries as the Ministry of Media, Ministry of Commerce and Investment, SAMA, and the Ministry of Interior. According to the statement, digital currencies are not recognized by the government and no entities are licensed to deal with them. In the warning, the committee notes “high risks” and “negative consequences” associated with virtual currency trading, and urges the public not to fall for so called “get-rich schemes” as they imply “high regulatory, security, and market risks.” The statement does not mention the penalties for those found trading or dealing in cryptocurrencies. Though Saudi Arabia does not recognize cryptocurrencies, the country has embraced the benefits of distributed ledger technology in various fields. Last month, the municipality of Riyadh entered into a partnership with IBM to jointly develop a strategy to streamline government services and transactions using blockchain technology. The move was made in order to improve the quality of municipal services for customers and integrate leading technologies into services as part of the Saudi Vision 2030 program. The Saudi Vision program was originally introduced in 2016 by the Crown Prince Mohammad bin Salman and is devoted to the economic development and diversification of the country’s economy. In addition to prioritizing innovative technologies like blockchain, the program aims to develop such sectors as infrastructure, healthcare, tourism, education, as well as military spending and manufacturing. In February, SAMA and Ripple announced an agreement to provide support for Ripple’s cross-border payments technology to banks in the Kingdom of Saudi Arabia. The two parties created a pilot program to support Saudi banks in using xCurrent, Ripple’s enterprise software solution that enables banks to instantly settle international payments with end-to-end tracking.

Spanish Left-Wing Political Coalition Proposes Subcommittee to Study Blockchain, Crypto

Spanish Left-Wing Political Coalition Proposes Subcommittee to Study Blockchain, Crypto

Spanish left-wing political coalition Unidos Podemos has called on the state to explore and implement the benefits of blockchain technology, local news agency Europa Press reported August 12. Podemos, formed from left wing parties Podemos, United Left, Equo and others has suggested that the Spanish government establish a subcommittee responsible for studying the potential of blockchain technology as well cryptocurrency regulation. Alberto Montero, the deputy of the political alliance, has reportedly registered the request in the lower house, along with a project plan. The blockchain-focused body would bring together public administrations, state authorities and public officials, as well as industry experts. According to a Montero, the initiative aims to explore the “enormous potential” of blockchaint tech in terms of reducing costs of government operations and boosting the level of security for social and economic transactions. In addition, the alliance has suggested addressing regulatory approaches for cryptocurrency use in Spain. According to the report, digital currencies such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) are currently “located in a gray area of ​​regulation.” The coalition also proposes to base policy on the outcomes of the European Union (EU) Blockchain Observatory and Forum, launched by the European Commission in February 2018. Unidos Podemos is not the only political organization that has recently suggested blockchain adoption in the country’s government. Earlier this summer, 133 deputies from the Spanish ruling party, Partido Popular (People’s Party), proposed a bill to use blockchain in the public administration of the country. Recently, two major spanish public institutions, the Spanish Society of Authors and Publishers (SGAE) and the Madrid School of Telecommunications Engineering (ETSIT-UPM) partnered to apply blockchain for digital copyright management. In terms of crypto regulation, the Spanish Congress has reportedly indicated unanimous support for a draft regulatory framework to regulate blockchain technology and cryptocurrencies on May 30, 2018. The draft initiative, proposed by People’s Party, suggests that the state cooperates with National Securities Market Commission (CNMV) and the Bank of Spain to coordinate a common regulatory stance on crypto in the broader European context.

Silk Road Questions Unanswered as Ulbricht Gathers 60K Clemency Signatures

Silk Road Questions Unanswered as Ulbricht Gathers 60K Clemency Signatures

News Ross Ulbricht was sentenced to life in prison back in 2015 for operating the Silk Road marketplace but many people believe he should be set free. The Ulbricht family, aided by his new Twitter account @RealRossU, has managed to gather close to 60,000 signatures in a petition for his clemency. Meanwhile, many questions surrounding the government’s Silk Road investigation and the sale of Ulbricht’s bitcoins. Also read: Coingeek Speaks on Consensus Changes and Next-Gen ASIC Chip The Many Unanswered Silk Road Questions Suppressed by the US Government Ross Ulbricht is serving a life prison sentence for operating the illicit drug marketplace called the Silk Road (SR). Many people believe the entire Ulbricht investigation was an abomination of justice as there are many instances of law enforcement manipulation and government cover-ups throughout the SR investigation and Ulbricht’s trial. Moreover, the family has explained many times that much of the details surrounding the SR investigation and the government’s evidence remains a secret. One example is the public auctions of seized bitcoins back in 2014 that allegedly were taken from Ulbricht’s laptop. Most of the results of the auctions are unknown except for the statements stemming from some of the winners like Tim Draper. Only the auction winners were notified by the US Marshals and the public has no idea about the exact specifics of the auctions, except for what they were told by the media. The bitcoin auction Freedom of Information Act (FOIA) requests have remained unanswered for over 4 years. Because the auction was done by a government agency, specifically the US Marshals Service (USMS), the public has a right to know the exact specifics of these auctions. However, to this day, the USMS has not disclosed the results of the 2014 bitcoin auctions even though there have been multiple FOIA requests for the information. Essentially the Freedom of Information Act (FOIA) says that any US citizen has the right to information and disclosures concerning financial transactions. This includes auctions tied to seized assets the USMS confiscates. In 2014 there were over 20 FOIA requests made to the USMS concerning the bitcoin auctions. According to the FOIA logs for 2014, nearly every request was answered throughout the entire list except for the FOIA requests for information…

Coinbase Index Fund Reduces Annual Fee to ‘Attract Institutional Investors’

Coinbase Index Fund Reduces Annual Fee to ‘Attract Institutional Investors’

Cryptocurrency exchange and wallet service provider Coinbase has announced updates to its Index Fund in a blog post published today, August 13. The U.S.-based platform stated that it will reduce its Index Fund’s annual management fee “for all new and existing investors” from 2 to 1 percent, explaining: “We’re reducing our fee in order to attract investors who are familiar with lower-fee index funds in other asset classes. This will help introduce a new category of institutional investors into the cryptocurrency space.” Today’s announcement also includes news that the Index Fund has been rebalanced to incorporate Ethereum Classic (ETC), following the altcoin’s official listing on Coinbase last week. Coinbase had announced plans to include ETC on its platform as early as mid-June of this year. A month later, Coinbase made a statement that company was considering adding five additional crypto assets to its listings –– Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX). Coinbase first launched its Index Fund in mid-June with four major cryptocurrencies. The fund is open to investments from U.S. resident accredited investors only – those who have a net worth of more than $1 mln or an annual salary of more than $200,000 – who invest between $250,000 and $20 mln.

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, August 13

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, August 13

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. Turkey is facing a crisis as its national currency is plunging. The 10-day volatility of the lira relative to the U.S. dollar has surpassed that of Bitcoin (BTC). President Recep Tayyip Erdogan has been urging the people of Turkey to exchange their dollars and gold for lira, The Guardian reports. However, it appears that the savvy citizens of Turkey are exchanging their lira for Bitcoin, evidenced by an increase in the trade volume across cryptocurrency exchanges in the country, according to Forbes. Though the absolute volumes are still low, the crisis has still shown the importance of cryptocurrencies, which due to their decentralized nature can’t be controlled by governments and central banks. A recent study by Yale economist Aleh Tsyvinski said that an optimal portfolio should park at least 6 percent of its funds in Bitcoin. Although the overall sentiment in the crypto world is still bearish, the market participants continue to favor Bitcoin, which has increased its dominance above the 51 percent mark. So, will Bitcoin give up ground or will it pull the altcoins up with it? What do the charts forecast? Let’s have a look. BTC/USD Bitcoin has been trying to move up for the past two days, but it is facing strong selling pressure close to the $6,500 mark. This points to a probable consolidation between $5,910.65 and $6,500 for the next few days. We will remain positive on the pair for as long as it sustains above the $5,910.65 mark. Bitcoin will gain strength once it sustains above the downtrend line of the descending triangle. Therefore, we retain the buy call made in our previous analysis. Our bullish view will be invalidated if the BTC/USD pair sinks below $5,910. The next support on the downside is $5,450, and below that $5,000. The 50-day SMA has been flat for the past few days, which increases the probability of a consolidation in the near term, whereas the falling 20-day EMA shows that the bulls will…

Ethereum Crashes to 9-Month Price Low Below $300, While Bitcoin Shows Resilience

Ethereum Crashes to 9-Month Price Low Below $300, While Bitcoin Shows Resilience

August 13: Crypto markets have today failed to sustain their short-lived recovery, with Ethereum (ETH) plummeting to a multi-month low below $300 and only a scant few altcoins spared from the widespread losses, as Coin360 data shows. Bitcoin (BTC) is seeing only minor losses on the day. Market visualization from Coin360 Ethereum (ETH) is currently trading at $288, down a stark 9.77 percent on the day. Having traded sideways most of the day to hold close to the $320 mark, the top altcoin saw a vertiginous plummet in the two three hours up to press time. Ethereum’s losses on its daily chart are the most severe among the top ten cryptos on CoinMarketCap’s listings. On the week, the leading altcoin’s losses are over 28 percent, with monthly losses pushing 33 percent. Ethereum is currently trading at an 9-month price low, hitting below the $300 price point last in early November. Ethereum’s 1-year price chart. Source: Cointelegraph Ethereum Price Index Bloomberg analysts today explained the drop in Ethereum’s price being due to “pressure from ICOs cashing out,” pointing out that Ethereum is the “most popular” platform on which blockchain startups build and raise funds. Bitcoin (BTC) on the other hand is down a negligible 1.6 percent on the day, trading at around $6,224 at press time, according to Cointelegraph’s Bitcoin price index. During earlier trading hours today, the asset made a fresh attempt at breaking through the $6,500 resistance, but slid downwards, losing around $200 within 6 hours. While at this granular resolution, Bitcoin’s fluctuations may appear significant, the coin is in fact almost exactly where it was a month ago. Weekly losses however remain at around 9 percent –– just last week on August 7, Bitcoin was trading above the $7,000 mark. Bitcoin’s 1-month price chart. Source: Cointelegraph Bitcoin Price Index Almost all of the other top ten coins on CoinMarketCap’s listings are seeing significant losses between 4 and 8 percent, with the exception of Stellar (XLM), which is up a solid 2.25 percent to trade at $0.23 at press time. Stellar has now virtually closed its losses on its weekly XLM/USD chart. Stellar’s 7-day price chart. Source: CoinMarketCap Among the top twenty coins by market cap, IOTA (MIOTA), ranked 12th, has seen as significant…

Binance Denies 400 BTC Listing Quote; Accuser Responds “You are a F***king Liar”

Binance Denies 400 BTC Listing Quote; Accuser Responds “You are a F***king Liar”

News News.Bitcoin.com feature ‘Cryptowhispers’ reported on what has turned from rumor to an all-out verbal war between two well-known figures in the cryptoverse. It began last week when Christopher Franko, co-founder of the Expanse project, took to Twitter and accused popular exchange Binance of quoting 400 bitcoin to list a token. The exchange’s head, Changpeng Zhao, has since responded rather personally to Mr. Franko, and, well, all hell has broken out. Get some popcorn. Also read: Report: 15,000 Twitter Crypto Scam Giveaway Bots Binance Slams Expanse Co-Founder for Listing Quote Claim “We don’t list shitcoins even if they pay 400 or 4,000 BTC,” the face of Binance, Changpeng Zhao, came out swinging on Twitter. He was responding to a string of tweets by Expanse co-founder Christopher Franko, who insisted Binance quoted him by email a price of 400 bitcoin core (BTC) to list his token. “ETH/NEO/XRP/EOS/XMR/LTC/more listed with no fee,” Mr. Zhao continued, “Question is not ‘how much does Binance charge to list?’ but ‘is my coin good enough?’ It’s not the fee, it’s your project!  Focus on your own project!” Not five minutes later, Mr. Zhao went after Mr. Franko by name, removing any vagueness about his subject matter. “Also, the email Franko showed is a spoofed/scam email, not from Binance. Binance never quote fees in email, and not in BTC. Project owners should be able to spot email spoofing, those who can’t should not issue a coin. The communication process/method tells a lot about a coin,” the Binance head scolded. “You are a Fucking Liar” Mr. Zhao further mused publically how much of what amounts to dissatisfaction with Binance is just sour grapes. “All complaints about listing fee come from projects we did not list, ie, did not charge (did not even ask for a fee). It’s not the fee, it’s the project. Granted, there are many great projects out there we haven’t listed. Working on it,” he ended his Twitter rant. He went on to explain how he’s not involved in listing quotes for Binance. For his part, Mr. Franko of Expanse didn’t take Mr. Zhao’s tweets seriously. “You are a fucking liar. It’s that simple,” he tweeted a few hours later. “Right here,” Mr. Franko noted angrily, while attaching a chart…

Below $300: Ether Price Hits New Low for 2018

Below $300: Ether Price Hits New Low for 2018

Ether, the world’s second-largest cryptocurrency by market capitalization, fell to its lowest price of 2018 on Monday. At 16:50 UTC during Monday’s trading session, the cryptocurrency fell below $300 dollars for the first time since November 12, 2017, according to CoinDesk’s Ethereum Price Index (EPI).  ETH was last seen trading at an average price of $289.16, marking a roughly 9.6 percent decline since the day’s open. At press time, ETH is the biggest loser among the top 10 cryptocurrencies by market capitalization and is reporting a 7-day loss of 28.33 percent, according to data from CoinMarketCap. Its individual market capitalization also fell by more than $10 billion within that period. ETH has now effectively erased 100 percent of its year-on-year growth and is down 78% from its all-time high of $1,337. According to CoinDesk price data, ether was trading at $289.96 exactly one year ago The cryptocurrency is one of a number of networks to see declining values during the Monday session. Well-known cryptos including EOS, bitcoin cash and cardano have all seen 24-hour losses in excess of 5 percent. The total market capitalization of all cryptocurrencies is down nearly $15 billion from its daily high of $219.4 billion and is currently sitting at just above $205 billion, CoinMarketCap data shows. Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st, and AMP at the time of writing. Join 10,000+ traders who come to us to be their eyes on the charts, providing all that’s hot and not in the crypto markets. 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.