The volume of blockchain in healthcare market worldwide is forecast to reach more than $1.7 billion by 2026. In a press release published on July 16, consulting services to information technologies firm Acumen Research and Consulting (ARC) has projected that the global blockchain in healthcare market on the global scale will reach over $1.7 billion by 2026, with a compound annual growth rate of 48.1%. Based on geography, America purportedly dominates with the largest share in the global blockchain in healthcare market, wherein the United States is a mature market that hosts the greater adoption of smart technology in manufacturing and healthcare. Europe is ranked second after the U.S. by virtue of strong government support and large healthcare spending. Among the major drivers of blockchain growth in the European healthcare market, ARC points out increasing expenditure on technology and the presence of multinational companies. “However, lack of security is the major factor restraining the growth of the blockchain in healthcare market in Europe,” the release further notes. ARC names Asia Pacific as the region with the fastest growth rate in terms of blockchain deployment in healthcare thanks to the fastest growing economy and associated opportunities. In the region, Japan ostensibly has a mature market, large population, and highly skilled labor, setting it up to become an important blockchain in healthcare market. As reported earlier in July, research and consulting firm Allied Market Research forecast that the global blockchain supply chain market will reach over $9 billion by 2025. Among key driving factors, AMR named the sector’s demand for transparency. Improved security of supply chain transactions blockchain could purportedly ensure.
On June 19, Chaincode developer John Newbery gathered a group of developers to examine a proposed change to bitcoin’s code. Taking place via Internet Relay Chat (IRC), the topic was whether the change, which would help prevent a group of rogue miners from inflating bitcoin’s money supply, is a positive one with limited security risks or adverse impacts. Newbery’s goal, then, is to pass on what he knows about reviewing such code. Was this ‘timewarp attack’ stopper a solid change? “The timewarp exploits this by pushing the difficulty adjustment block way into the future, and then the next block back into the present,” Newbery wrote, explaining the attack vector. But the fact that Newbery is even holding these sessions at all can be seen as a sign of the maturity of bitcoin’s developer community, as this is one example of how project’s top coders have been hard at work making the project more inclusive. The process for reviewing code perhaps hasn’t been discussed so openly and in-depth before. Newbery started the Bitcoin Core Review Club to give coders tips on how to figure out how to review a change and determine if it’s beneficial for the cryptocurrency. Meetings transcripts are now posted on the website every week. That this is possible is because bitcoin’s code is open source, residing on GitHub for anyone with an internet connection to look at – or even change. This process has driven the project from code people once called a “monolithic blob” to software that’s easier for easier for developers to read with less critical bugs. People are constantly trying to improve it, with the lofty end goal of making it a worthy code base for the future of money. So, it’s also possible to be one of the people who contributes to bitcoin’s code. Unlike proprietary code, its code anyone can see and use – what’s known as “open source.” One reason it’s called “programmable money” is that unlike other digital money, anyone in the world with the right knowledge can try to add new code features to the money. One of the ways to learn the codebase is to review and test the code programmers submit, to make sure it actually works, and doesn’t introduce a bug or — an unfortunate reality…
View Bitcoin’s short-term outlook will remain bearish as long as prices remain below $11,080 resistance. A break above that level would invalidate bearish lower-highs setup. The bulls may have a tough time forcing a break above $11,080 amid news of BitMEX exchange facing a regulatory probe and talks of harsher crypto regulation. Prices could drop below $10,000 in the next 24 hours with daily chart indicators continuing to report bearish bias. A weekly close (Sunday, UTC) above $12,000 is needed to revive the bullish view. Bitcoin (BTC) has rallied sharply in the last 24 hours, but the outlook remains bearish with prices holding below key resistance around $11,080. The premier cryptocurrency jumped from $9,200 to $10,400 in just 40 minutes during the U.S. session yesterday, contradicting the case for a drop below $9,097 put forward by multiple rejections at $10,000 in the Asian trading hours. Price rose further to $10,800 at 23:45 UTC, but closed at $10,648, leaving the crucial resistances of $10,759 (monthly opening price) and $10,850 (daily chart resistance) intact, as tweeted by popular analyst Josh Rager. Rager wants to see BTC climb $10,850 before calling bullish revival. While that argument has merit, a much stronger confirmation of the bullish breakout would be a high volume move above $11,080. That would invalidate the bearish lower highs pattern created during the sell-off from $13,200 to $9,049, as seen in the chart below. Bearish lower highs As of writing, BTC is changing hands at $10,330 on Bitstamp, having clocked highs above $10,770 at 08:00 UTC. The cryptocurrency has come under pressure in the last hour or so amid news that the U.S. Commodity Futures Trading Commission (CFTC) is probing BitMEX, which offers trading of cryptocurrencies with up to 100-times leverage and products such as futures and swaps, over whether it allowed Americans to use its platform. The latest CFTC probe could heighten regulation fears that have gripped markets over the last few days, making it difficult for BTC bulls to force a break above $11,070. Technical charts are also calling a break below $10,000. 4-hour and daily charts BTC is feeling the pull of gravity, having faced multiple rejections at the 50-candle MA on the 4-hour chart (above left) in the last 18 hours. With bitcoin’s fall…
Updated (09:35 UTC): Added further details from Bloomberg’s full report. Seychelles-based cryptocurrency exchange BitMEX is reportedly being probed by the U.S. Commodity Futures Trading Commission (CFTC). The news appeared in brief on Bloomberg Terminal soon before press time on Friday. That was soon followed by a report from Bloomberg citing sources who said the regulator is investigating whether the exchange has allowed U.S. traders to use its platform. The CFTC considers cryptocurrencies like bitcoin commodities and has jurisdiction over derivatives such as futures based on cryptos. As such, BitMEX would need to be registered with the agency to allow Americans to trade such products in the U.S. According to its website, BitMEX offers trading of cryptocurrencies with up to 100-times leverage and other products such as futures and swaps. Bloomberg said the CFTC investigation is “ongoing” and may not lead to misconduct allegations. The report adds that the CFTC declined to comment when contacted. Just days ago, noted economist and crypto skeptic Nouriel Roubini attacked BitMEX, saying it “may be openly involved in systematic illegality,” again according to Bloomberg. Roubini argued that, in providing such high leverage, the platform is exposing traders to too much risk. Reportedly citing an anonymous blog, he also allaged that the exchange trades against its own clients and “skirts” anti-money laundering regulations. BitMEX CEO Arthur Hayes has previously said it never trades against clients. Hayes also told Bloomberg this week: “We continue to monitor all legal and regulatory developments around the world and will comply with all applicable laws and regulations; we reject any allegations of criminality, manipulation or unfair treatment of our customers, who are at the center of everything we do.” Image via CoinDesk archives
Someone in South Korea appears to be trying to take advantage of Samsung’s blockchain efforts by nabbing the “Samsung Coin” trademark. According to filings with the Korean Intellectual Property Office (KIPO), an application to register the trademark in both English and Korean was submitted on July 10 by an individual called Kim Nam-jin. The filing was made under categories related to computer programs, such as “downloadable electronic money computer program,” “electronic money card,” “electronic encryption device,” and “IC card with electronic money function.” However, when contacted, a Samsung representative told CoinDesk that the tech giant was not behind the application. “We don’t work this way,” they said. While the trademark application does not specifically state whether it’s related to blockchain or cryptocurrency, the filing follows CoinDesk’s previous report that Samsung is developing its own blockchain using ethereum tech, and may eventually issue its own cryptocurrency, possibly called “Samsung Coin.” In a possible clue as to their motivation for the filing, the same individual has previously tried to lodge trademarks relating to cryptocurrency work by other major technology companies. The KIPO database shows that Kim Nam-jin also filed an application on July 10 seeking to trademark “ThinQ Wallet.” However, on July 2, LG Electronics, also based in South Korea, filed trademark applications both in South Korea and in the U.S. for “ThinQ Wallet.” Based on the LG application details, the wallet would provide a variety of mobile services including “software platform for blockchain” and “mobile electronic wallet for cryptocurrency.” The “Samsung Coin” filing was initially covered by a few news sources that incorrectly indicated Samsung is applying for the trademark. CoinDesk Korea’s Shinjae Yoo assisted with reporting. Seungjai Min, blockchain research team lead at Samsung SDS, via CoinDesk archives
In a daring, if baffling, evening raid thieves allegedly broke into the so-called Bitcoin Embassy on Formans Road in the U.K. city of Birmingham. The thieves attacked at 10pm on July 15, according to the Birmingham Mail. Recorded and posted to Facebook, the daring late-evening attack netted the thieves what looked like, at first, either lengths of receipt tape from a bitcoin ATM – an ATM owned by the decidedly unappetizing Shitcoins Club – or, less likely, an decidedly pessimistic length of toilet paper. The truth, however, is more mundane. Adam Gramowski, CEO of Shitcoins.club, said that the ATM in Birmingham was a smaller model and that they had run it since September, 2018. He said that the thieves were planning to use a cable to pull the ATM from its moorings and out into the street. “It is a two-way machine capable of conducting sales and purchases of four different cryptos: BTC, ETH, LTC and DASH. We sell cryptos for GBP and EUR,” he said. “I can confirm that our Birmingham self-service shop was broken into on July 15. However, the robbers were spotted by our CCTV operator in time and were unable to penetrate our countermeasures. The ATM was not damaged, it will be up and running in no time. Damages to the shop are minimal. Also, the line or rope seen behind the car has nothing to do with the ATM. We do not store Cryptos on the ATM’s hard drive or provide cold storage facilities for our customers. That line was brought by the robbers to facilitate the robbery.” Image from Facebook Birmingham welcomed the first bitcoin ATM in the city in 2017, crowing that “Birmingham gets first Bitcoin ATM – the internet currency used by criminals on ‘dark web’.” The paper then connected the installation of the ATM with the NHS ransomware attack that brought the organization to its knees that same year. Outreach to the “embassy” proved unfruitful and Gramowski said that the ATM was unsupervised. Image via Google Maps
The Jersey arm of Binance has listed the cryptocurrency exchange’s own British pound-backed stablecoin. Binance announced Friday that Binance GBP (BGBP) is being offered on the fiat-to-crypto platform due to trader demand for more stablecoin options. “There has been an overwhelming demand in the market and Binance community for more stablecoin diversification, including a GBP-pegged stablecoin, and listing BGBP is in response to it,” said Binance CFO Wei Zhou. Binance Jersey launched back in January to offer trading in bitcoin and ethereum against the British pound and the euro. Jersey is a British self-governing dependency. The Jersey platform expects to add more cryptocurrencies in the future, while further developing the platform’s technology and customer experience, the exchange said. Binance is also expected to launch more fiat-based stablecoins going forward, and has also started rolling out tokens pegged to cryptocurrencies like bitcoin. Binance image via Shutterstock
Bitcoin’s (BTC) plight in Congress has seen attention focus mainly on naysayers, but this week’s hearing also saw United States politicians accept it was always beyond their control. ‘Governments cannot stop this innovation’ During testimony on July 17, U.S. Congressman Patrick McHenry, who represents North Carolina’s 10th District, told lawmakers directly that attempts to stop Bitcoin were futile. “The world that Satoshi Nakamoto, author of the Bitcoin whitepaper envisioned, and others are building, is an unstoppable force,” he said. McHenry runs in sharp contrast to other Congressmen making the headlines over Bitcoin, with Brad Sherman again gaining the spotlight after making dubious claims about cryptocurrency’s role in crime. Others broadly failed to draw a distinction between Bitcoin and permissioned digital currencies, specifically Facebook’s Libra project, which formed the initial basis for the hearings. For McHenry, however, legislation or not, Bitcoin will prevail. If it were possible to shut it down, he implied, an adversary would have already done so at some point since its 2009 inception. “We should not attempt to deter this innovation; governments cannot stop this innovation, and those that have tried have already failed,” he continued. Nations coming to grips with crypto As Cointelegraph reported, the Congressional hearings came as other states are currently coming to grips with the first incarnation of their regulation of Bitcoin and other decentralized cryptocurrencies. Notably, India this week confirmed it was working on official guidelines after a scandal involving what some accepted as a draft law banning cryptocurrency outright appeared earlier. The fallout of the document, which mandated prison sentences for Bitcoin users, resulted in billionaire investor Tim Draper calling the Indian government “pathetic and corrupt.”
The head of Germany’s central bank Jens Weidmann spoke in favor of Facebook’s Libra during a recent G7 event. Bundesbank head warns against suppressing innovation Weidmann, Bundesbank President and the Governing Council member of the European Central Bank, argued that global regulators should not suppress the project in its infancy, according to an email newsletter in a shared by eToro senior market analyst Mati Greenspan on July 19. According to the letter, Weidmann reportedly supported the Libra project during a recent G7 meeting, arguing that digital currencies such as Libra can be attractive to consumers in case if they deliver what the promise. The head of the Bundesbank urged the global community to allow time to initiatives like this, emphasizing the nascent stage of the Libra’s development and warning against inadvertently suppressing innovative concepts before all the details have been clarified. Previously, Bundesbank’s representative Burkhard Balz claimed that crypto does not pose a threat to financial stability. G7 cannot accept private companies issuing currency Meanwhile, G7 finance ministers have recently warned that digital currencies such as Libra pose risks for the world’s financial system if they are not regulated tightly. During a news conference on July 18, French finance minister Bruno Le Maire reportedly said that G7 “cannot accept private companies issuing their own currencies without democratic control.” Weidmann’s new supporting word for Libra somewhat contradicts with some of his previous remarks about digital currencies. In late May, Weidmann expressed concerns over the potential risks of digital currencies, including destabilization of the financial system. At the time, the official said that easy access to digital currencies could speed up a collapse of lenders, which would fundamentally alter the business model of banks even in a good economic environment.
Bitcoin (BTC) has gained legal recognition by a second Chinese court in a further boost for the cryptocurrency in one of its harshest environments. A watershed for Bitcoin in China According to investor Dovey Wan, who linked to local media coverage, the Hangzhou Internet Court formally described Bitcoin as virtual property on July 18. The second such court to attribute property status to Bitcoin, the ruling came about as part of a dispute between a now-defunct exchange and one of its users who lost funds. For Wan, the case marks a significant watershed for Bitcoin in China, where a blanket ban on trading it has been in place since September 2017. BTC/USD rallied sharply Friday on the back of positive comments from United States lawmakers, but China likely also influenced the return to form. “This case is a major milestone that manifested BITCOIN IS ACTUALLY LEGAL in China,” she wrote on Twitter. ‘It’s virtual property, but not fiat money’ As Cointelegraph reported, China has long formed a curious focus for Bitcoin analysts despite the state-imposed moratorium on using it. As Bitcoin staged a comeback in 2019, evidence began emerging that consumers were finding alternative on-ramps to traditional exchanges, such as purchasing stablecoin Tether (USDT) via over-the-counter deals. According to local English-language news outlet Global Times, China’s central bank, the People’s Bank of China (PBoC) — which imposed the 2017 ban — did not explicitly disagree with the Hangzhou decision. “Indeed, Bitcoin is virtual property, but it’s not fiat money,” a PBoC official with the surname Li told the publication Friday. The comments nonetheless come in stark contrast to the state’s perspective on Facebook’s Libra digital currency project, with officials saying they were concerned and had even begun developing a digital currency of their own.