Privacy Coin Zcash Community to Develop Wrapped Token for Ethereum

Privacy Coin Zcash Community to Develop Wrapped Token for Ethereum

The privacy-focused cryptocurrency Zcash (ZEC) is seeking access to Ethereum’s decentralized finance (DeFi) ecosystem. Zcash’s shielded addresses on the Ethereum network On Oct. 13, Coindesk reported that the topic of interoperability was the theme of the now concluded Devcon 5 developer conference in Osaka, Japan, where a number of smaller cryptocurrency projects displayed interest in accessing Ethereum’s DeFi ecosystem. Summa co-founder, James Prestwich, told the news outlet: “Connecting to other chains doesn’t seem to be an Ethereum developer’s priority, but other chains seem to want to connect to Ethereum.” Developers all over the world have been working on interoperability solutions to enable different networks to interact more efficiently in an attempt to eradicate existing issues in regard to scalability and speed.  In that regard, Josh Swihart, VP of marketing and business development at Electric Coin Company, said that the Zcash community will develop a wrapped ZEC token that can be used on the Ethereum blockchain network, adding: “If you want to do lending, if you want to do DAOs [decentralized autonomous organizations], all of that stuff could be done with Zcash as well … Ultimately, we want Zcash shielded [addresses] to be usable in Ethereum smart contracts.” When asked why decentralized app creators might want shielded address and smart contract options, Zcash Foundation board member Ian Miers said: “You don’t want to be the kid at Chuck E. Cheese where everyone knows you have all the tokens.” Zcash gets delisted on Upbit and OKEx Cointelegraph previously reported that South Korean cryptocurrency exchange Upbit was ceasing trading support for six cryptocurrencies, including Zcash. The exchange clarified that the reason for delisting these six privacy coins is to block the possibility of money laundering and the inflow from external networks. Just days before, OKEx Korea confirmed it would halt trading of Zcash and other privacy- focussed coins. The exchange said that the coins fall foul of new guidelines set out by the intergovernmental body the Financial Action Task Force.

BNB Gains 23% Plus Other Top-5 Cryptos This Week: LINK, HT, XRP, TRX

BNB Gains 23% Plus Other Top-5 Cryptos This Week: LINK, HT, XRP, TRX

The United States Securities and Exchange Commission (SEC) has been in the thick of the action over the past week. First, the SEC rejected the Bitcoin ETF application from Bitwise Asset Management and NYSE Arca. Next, the governing body obtained a temporary restraining order against Telegram and its wholly-owned subsidiary Telegram Open Network (TON) for hosting a securities sale which would culminate with the distribution of Gram (GRM) tokens within the U.S. The SEC claims that the ICO was illegal as Telegram did not register the offering.  While both news events are overwhelmingly negative, the crypto markets have held their own and have not collapsed. This shows that the markets have matured and the market participants are not dumping their holdings in panic, which is a positive sign. The chairman of the United States Commodity Futures Trading Commission (CFTC), however, provided a sigh of relief to crypto investors after its chairman Heath Tarbert said that his view is that “Ether is a commodity.” He also suggested that all forked entities should be treated the same as the original asset.  BKCM founder and CEO Brian Kelly believes that the move by the CFTC provided regulatory clarity which is likely to attract institutional investors who were sitting on the sidelines. Kelly suggested that these investors are now more confident about adding Ether to their “commodity bucket.”  With Bitcoin holding above its recent lows, some altcoins are also beginning to show strength. Let’s see if we find any bullish setups in the top five performers of the past seven days.  LINK/USD Chainlink (Link) has been among the top performers for the past three consecutive weeks. This shows that it is backed by momentum. However, after the stellar rise, can it continue its uptrend or will it succumb to profit booking? The LINK/USD pair recently closed above $2.0531 and this triggered our buy which was suggested in an earlier analysis. Our first target of $2.8498 was achieved last week, which shows that the bulls are not expecting a large fall, hence, are buying at higher levels. Though the bulls pushed the price above $2.8498 during the week, they have not been to sustain the breakout. This shows profit booking by the short-term traders at the resistance level. However, with…

Crypto and Blockchain News From Japan: Oct. 7–13 in Review

Crypto and Blockchain News From Japan: Oct. 7–13 in Review

Japan, the second-largest source of traffic for global crypto exchanges to date, witnessed a number of industry announcements this week as the country hosted the major blockchain event Devcon 5 from Oct. 8 to Oct. 11. Organized on an annual basis by the Ethereum Foundation, the recent Devcon conference featured leading figures in the blockchain and cryptocurrency industries, including Ethereum co-founders Vitalik Buterin and Joseph Lubin. Here is the past week of crypto and blockchain news in review, as originally reported by Cointelegraph Japan. MakerDAO to launch MCD in November On Oct. 9, Rune Christensen, the CEO of the Maker Foundation, announced plans to launch its Multi-Collateral Dai (MCD) on Nov. 18. Speaking at Devcon 5 in Osaka, Christensen noted that MCD will unlock the Dai Savings Rate (DSR), a tool that allows Dai (DAI) stablecoin holders to earn interest on the tokens via smart contracts. Moreover, MCD will also enable new collateral types for Collateralized Debt Positions, according to the report. OneMillionDevs project for Ethereum developers At the same event, Ethereum co-founder and founder of Ethereum-focused development firm ConsenSys Joseph Lubin said that Bitcoin (BTC) and Ether (ETH) are the only two cryptocurrencies that meet all four requirements of a “successful digital currency.” Speaking at Devcon on Oct. 10, Lubin pointed out four major requirements for “successful cryptos” such as fair distribution, token appreciation, sufficient project revenue and regulatory compliance. At the event, Lubin also set a goal to grow the number of developers on the Ethereum blockchain to as high as one million in 2020 by announcing the initiative OneMillionDevs.com. According to Lubin, there are 30 million software developers worldwide, while only a few tens of thousands are blockchain developers, the majority of whom are involved with Ethereum. SBI partners with Z Holdings On Oct. 10, major Japanese financial services firm SBI Holdings announced a partnership with Z Holdings Corporation, which operates Yahoo Japan. The firms have reportedly entered business alliances with a number of affiliated companies in order to develop fintech applications in three major areas: securities, foreign exchange and banking. Z Holdings is reportedly planning to enable clients to open accounts and buy securities through the Yahoo Finance platform. As reported by Cointelegraph Japan, Z Holdings president Kentaro Kawamata denied the…

Crypto Markets Report Mild Gains, While Binance Coin Jumps 7%

Crypto Markets Report Mild Gains, While Binance Coin Jumps 7%

Sunday, Oct. 13 — Bitcoin (BTC) continues to bounce around the $8,400 price mark, while most of the top-20 coins by market capitalization report slight gains. Market visualization. Source: Coin360 Cryptocurrency markets are seeing mild gains, generally within a tight range of 1–2%. Binance Coin (BNB), the number eight coin by market capitalization, is the only top-20 coin that that stands out and is surging more than 7.5%.  Bitcoin has been bouncing between $8,300 and $8,400 for most of the day. The world’s most popular cryptocurrency traded from an intraday low of around $8,330 up to its current trading price near $8,425, showing modest gains of around 1.2% in the past 24 hours.  While BTC trades within a tight range and might be getting ready for a big move, billionaire investor Tim Draper stated that he expects Bitcoin to change how governments operate worldwide. Draper called Bitcoin “the startup currency” and says he believes that BTC will bring the world together: “With Bitcoin, and the decentralization that comes with Bitcoin, geographic borders have become less relevant. No longer are we at the mercy of dictators and toll trolls to grow the world economy. […] In the long-term I believe with regard to business and economics, we are, more than ever, one world.” Bitcoin 24-hour price chart. Source: Coin360 Ether (ETH), meanwhile, has fallen back again and hit its intraday low at $180, while slowly crawling towards its current trading price of $184 per coin at press time.  Ether seven-day price chart. Source: Coin360 Ripple’s XRP is showing positive gains of 3% over the past 24 hours and is trading at about $0.280 per coin at press time. Over a seven-day period, XRP is up by nearly 7%. Cointelegraph recently reported that Ripple fused three of its services into features of its RippleNet offering. A Ripple’s spokesperson explained that now, “instead of buying xCurrent or xVia, customers will connect to RippleNet — on-premises or through the cloud — and instead of buying xRapid, clients will use On-Demand Liquidity.” Ripple seven-day price chart. Source: Coin360 All of the top-20 coins are showing moderate gains in the past 24 hours, with the exception of Chainlink (LINK), which is down nearly 2.5%. As mentioned above, Binance Coin takes the lead with more than…

Bitcoin Price Flatlines at $8.4K as Bollinger Bands Predict Breakout

Bitcoin Price Flatlines at $8.4K as Bollinger Bands Predict Breakout

Bitcoin price (BTC) bulls looked as if they were taking charge last week as BTC/USD rose by over $1,000, albeit momentarily.  Bitcoin rallied throughout the week from a low of $7,760 on Oct. 7 to over $8,800 where it was rejected around the 200 Day Moving Average (MA) on Oct. 11. After this point, 50% of the weekly gains were wiped out in a matter of minutes as it fell back down to the $8,300 range.   As Bitcoin price attempts another recovery, could we start to see altcoins regaining momentum? A look at this week’s charts across the top-3 cryptocurrencies certainly paints a very interesting picture. Weekly Crypto Market Performance. Source: Coin360.com Bitcoin price overview Both BTC/USD runup and rejection towards the 200 Day MA wasn’t exactly unexpected. Using the Moving Average Convergence Divergence (MACD) Bitcoin was showing short term bullish momentum on the daily chart but also still showed signs of bearish divergence on the weekly. BTC/USD 1-day chart. Source: TradingView As can be seen on the daily charts, the blue MACD crossed bullish through the signal line on Oct. 7. The short-lived move, which was anticipated in last week’s analysis, began to lose steam on Oct. 11 as can be seen from the change in the trajectory of the blue line, which typically leads to a reversal a few days later, as highlighted in the chart above. BTC/USD 1-week chart. Source: TradingView The weekly chart for Bitcoin paints a very different picture, however. After printing a seventh dark red candle on the MACD histogram, bulls can only hope that the past week’s activity will bring a pale pink candle, which would indicate that the downward move for the digital asset is drawing to a close.   That being said, the last time BTC had a bearish MACD cross on the weekly it took 12 weeks between Nov. 12 and Feb. 11 to start a recovery. Whereas before that, it took 34 weeks for Bitcoin to start showing signs of a bullish reversal. Bollinger Bands tightening on the daily chart BTC/USD 1-day chart. Source: TradingView Interestingly, the Bollinger Bands (BB) indicator, which serves as dynamic support and resistance, are showing signs of a big move to come soon.  As the Bitcoin price continues to consolidate…

Bitcoin Cash Outshines BTC Retail Spending in Australia by a Wide Margin

Bitcoin Cash Outshines BTC Retail Spending in Australia by a Wide Margin

The BCH-centric web portal Bitcoinbch.com published an in-depth report that shows the aggregate of cryptocurrency expenditure for Australian retail businesses. According to the 10-page document, BCH transactions in the country exceed BTC transactions by a wide margin and BCH is the top digital currency in Australia. Also read: Bitcoin Cast Program Gives Guests a Unique SLP Token In Australia, Bitcoin Cash Is Soundly #1 This week the website Bitcoinbch.com revealed a report that covers cryptocurrency usage in Australia in regard to Australian merchants that support digital currencies for products and services. The research combs through the two payment processors and point-of-sale systems located throughout the country. Sources used in the analysis stem from the underwriting firms Travelbybit (TBB) and Hula (Hockings Underwriting Logistics App). The multi-coin payment processor TBB started operations in 2017 and has around 195 merchants to-date. Hula was launched two months ago and the company has roughly 17 retailers utilizing the underwriting system. “This report captures and analyses the majority of all merchant cryptocurrency payments in Australia for the month of September 2019 by harvesting data from both the underwriting systems,” explains the report’s author and Bitcoinbch.com CEO Hayden Otto. “Cryptocurrency adoption in Australia has taken some interesting turns — Today there is an obvious shift toward a mono-cryptocurrency adoption policy, where merchants have chosen to accept Bitcoin Cash (BCH) only rather than point-of-sale systems supporting a basket of different cryptos,” the report highlights. Otto’s study continues: Further, a large percentage of these merchants have chosen to accept Bitcoin Cash (BCH) in a purely peer-to-peer fashion rather than by way of payment processors. Bitcoin Cash Accounted for 92% of Australia’s Crypto-Based Retail Sales The study of cryptocurrency retail sales in Australia for September 2019 notes that approximately $39,405 was spent across 625 separate transactions. “The vast majority of economic activity occurred on the Bitcoin Cash (BCH) blockchain,” the report mentions. Bitcoinbch.com’s summary says the combination of datasets between TBB and Hula clearly shows that “BCH is by far the preferred choice for Australian users of electronic cash.” BCH sales dominated by 92.45% while Lightning Network had 3.1% and traditional onchain BTC transactions turned out to be 1.9%. Cryptocurrencies like LTC, BSV, and ETH are barely seen on the scope of data with…

Bitcoin Price: Which Countries Have the Biggest Premiums?

Bitcoin Price: Which Countries Have the Biggest Premiums?

Up until early 2018, major cryptocurrency markets the likes of South Korea and Japan demonstrated high premiums for Bitcoin. At the 2017 peak, when the Bitcoin price was trading at around $20,000 in the U.S. spot market, Bitcoin was being traded in South Korea’s cryptocurrency exchange market for around 26,000,000 Korean won, equivalent to about $22,000. This difference is now known as the Kimchi premium. Since then, starting with the introduction of various regulatory frameworks by South Korea to reduce regional premiums that included the prohibition of trading cryptocurrencies with foreigners in the local market, premiums in major markets have declined substantially. Still, due to the lack of supply and the relatively high demand in some markets, Bitcoin is being traded at a premium in certain regions — some higher than most.  Hong Kong’s OTC Bitcoin market: 2% to 4% Following the prohibition of cryptocurrency trading by the People’s Bank of China, local banks in China were ordered not to work with local Bitcoin exchanges to prevent individuals and businesses from trading digital assets. Over time, the government of China also ordered payment processors such as AliPay to stop processing Bitcoin exchange-related transactions, according to report form Chinese blockchain publication 8BTC.  But reportedly, individual investors have continued to invest in Bitcoin after the ban. The imposition of a ban on cryptocurrency trading by China forced investors to move over to neighboring countries like Hong Kong, essentially initiating trades in a peer-to-peer manner. On the over-the-counter (OTC) trading platform of OKEx, for instance, investors can trade Bitcoin using Tether (USDT), a stablecoin backed by the U.S. dollar, and then sell the USDT for the Hong Kong dollar. The premium on Bitcoin emerges when investors exchange USDT that they use to buy or sell Bitcoin for HKD, similar to most peer-to-peer OTC markets. On OKEx, USDT is being traded at around $1.02 to $1.04, which indicates a premium ranging from 2% to 4%. Japan and South Korea: 0.2% Most fiat-to-crypto exchanges in Japan and South Korea more or less follow the price trend of the U.S. spot market for Bitcoin. On Upbit and Bithumb, two of the biggest cryptocurrency exchanges in South Korea, Bitcoin is being traded at 9,900,000 Korean won, equivalent to $8,365. On Coinbase, Gemini…

Coinbase Receives E-Money License From the Central Bank of Ireland

Coinbase Receives E-Money License From the Central Bank of Ireland

Coinbase has secured a new legal foothold in Europe. The San Francisco-based cryptocurrency exchange has received an e-money license from the Bank of Ireland, which it can potentially use to continuing serving its customers across the continent, in case Brexit causes any disruptions. Also Read: Gartner: Corporate Blockchain Won’t Take Off for Another Decade Coinbase Granted an Irish E-Money License Coinbase announced over the weekend that the cryptocurrency exchange has been granted an e-money license by the Central Bank of Ireland. This is the second such European regulatory approval the company has obtained, as in March 2018 it received an e-money license from the U.K.’s Financial Conduct Authority (FCA). When Coinbase opened the Dublin office exactly a year ago, they said the local team would complement the company’s operations in London. Now, being one of just a few companies to receive the Irish e-money license, they can also rely on the new Ireland team to legally serve clients across Europe. This option could be particularity useful if a no-deal Brexit affects the acceptance of the British license by regulators on the continent. Central Bank of Ireland building, Dublin“The approval from the Central Bank of Ireland will now enable us to expand our Irish operation and deliver a better product to customers across some of our fastest-growing markets. It will also allow us to secure passporting for our customers across the EU and EEA,” stated Zeeshan Feroz, the UK CEO of Coinbase. “We are committed to ensuring that our customers have the same safeguarding and security as any regulated financial institution, and the approval of a second European regulatory authority demonstrates our position as the world’s most trusted cryptocurrency platform.” Ireland to Become Next Crypto Industry Hub? Ireland has been very succusful in attracting multinational tech giants such as Apple, Google and Facebook to operate from its jurisdiction by offering them one of the most attractive tax regimes in Europe. The approval of Coinbase by the Irish central bank might be an indication that the country is open to becoming a launchpad for the European market to the digital assets industry as well. The CEO of IDA Ireland, the state sponsored agency responsible for the attraction of foreign direct investment into the country, Martin Shanahan, commented:…

Bitcoin Will End the Reign of ‘Dictators and Toll Trolls,’ Says Tim Draper

Bitcoin Will End the Reign of ‘Dictators and Toll Trolls,’ Says Tim Draper

Billionaire investor Tim Draper has stated that he expects Bitcoin (BTC) — combined with other technologies — to change how governments operate worldwide. In a Medium post published on Oct. 10, Draper calls Bitcoin “the startup currency” and praises its decentralization and borderless nature, saying he believes that BTC will bring the world together: “With Bitcoin, and the decentralization that comes with Bitcoin, geographic borders have become less relevant. No longer are we at the mercy of dictators and toll trolls to grow the world economy. […] In the long-term I believe with regard to business and economics, we are, more than ever, one world.” Bitcoin will end tribalism Draper also accuses those dismissing Bitcoin of clutching to tribalism, and reiterates the belief that “tribalism is dying.” He also compares the attempts to retain power to the roar of a falling king: “Tribalism is dying. And like the dying roar of the king of the jungle, we are hearing political leaders beat their chests as they try to cling to the power they once wielded when the world was still only tribal.” Draper also describes the idea of a global health insurance policy — that is more effective and efficient than current offerings — “where the premiums are in bitcoin and the claims are settled to the letter with smart contracts and monitored by artificial intelligence.” He also explains his vision of a pension that does not depend on the decision of political leaders, but instead “is simply a form of fixed smart contract.” Draper concludes: “Bitcoin brought with it a few fundamental technologies that can accelerate our transformation from a tribal planet to a global one.” As Cointelegraph reported on Sept. 30, billionaire technology investor Mark Cuban, on the other hand, said that he would be happier owning bananas rather than Bitcoin.

‘Hurun China Rich List 2019’ Features 12 Crypto Magnates

‘Hurun China Rich List 2019’ Features 12 Crypto Magnates

“Hurun China Rich List 2019” published by Hurun Report, a research, media and investments firm, features 12 local cryptocurrency magnates. The latest list was published on Oct. 10 and includes co-founders of mining giant Bitmain Micree Zhan and Jihan Wu, founder of major crypto exchange Binance Changpeng Zhao and founder of competing OKCoin — Star Xu. Lastly, Leon Li, founder of cryptocurrency exchange Huobi, is also on the list. Mining hardware producers and crypto exchanges’ CEOs Bitmain’s Zhan — with his net worth of 30 billion Chinese yuan (over $4.2 billion) — has secured for himself the 100th position on the list. Binance’s Changpeng Zhao is ranked 195th thanks to his 18 billion yuan ($2.5 billion) personal wealth. Interestingly, he moved up 35 positions compared to the 2018’s list. Founder of OKEx Star Xu took the 398th spot on the list with 10 billion yuan ($1.4 billion). Huobi’s Li is placed 530th with 7.5 billion Chinese yuan (over $1 billion). Hu Dong, founder of mining ASICs producer Ebang, has reached the 684th place with a net worth of 6 billion Chinese yuan ($0.84 billion). As Cointelegraph reported in September, cryptocurrency exchange Coinbase and Ripple, the blockchain startup behind XRP, have fallen out of the top 10 of this year’s business and employment-oriented service Linkedln’s “The 50 Hottest U.S. Companies to Work For” list.