Despite NYSE’s ‘Biggest News of the Year’ for Bitcoin, Crypto Markets Plummet in a Blink

Despite NYSE’s ‘Biggest News of the Year’ for Bitcoin, Crypto Markets Plummet in a Blink

Crypto markets have taken a vertiginous plunge today, August 4, with Bitcoin (BTC) losing almost $500 in the six hours before press time to dip below $7,000, and all of the top ten cryptocurrencies by market cap in the red, as data from Coin360 shows. Market visualization from Coin360 Bitcoin (BTC) is trading around $7,028 to press time, having lost almost $500 on the day to plummet to a price point not seen since July 17. The leading cryptocurrency has seen an intra-day low of $6980, with some crypto analysts today noting that $6,800 has become its short-term critical support level. Bitcoin’s price percentage loss on the day is near 7 percent, with a weekly loss of about 15 percent and monthly gains squeezed to just 5 percent. Bitcoin’s 7-day price chart. Source: Cointelegraph Bitcoin Price Index Ethereum (ETH) has seen a markedly less pronounced drop on its daily chart, losing just over 2 percent over a 24-hour period to press time to trade around $404. The altcoin’s fortunes have been shaky much of the week, having seen jagged losses since July 29, when the asset was still trading as high as $470. On the week, Ethereum is down over 13 percent, with monthly losses at nearly 15 percent. Ethereum’s 7-day price chart. Source: Cointelegraph Ethereum Price Index On CoinMarketCap’s listings, none of the top ten cryptocurrencies are in the green to press time. Taking an even heftier hit than Bitcoin, Stellar (XLM) and IOTA (MIOTA) have seen losses of as high as around 9 and 10 percent respectively on the day. To press time, Stellar is trading around $0.24 and IOTA around $0.84. Among the top twenty coins by market cap, Ethereum Classic (ETC) is the major outlier, up almost 9 percent over the 24-hour period to trade at about $16 to press time. The altcoin’s solid gains kicked off late August 3, probably due to news of the asset’s imminent listing on major U.S. crypto exchange and wallet service provider Coinbase as of August 7. Since its spike, the coin has traded sideways most of today, seemingly immunized from the major losses in the wider crypto markets. Ethereum Classic’s 24-hour price chart. Source: CoinMarketCap Total market capitalization of all cryptocurrencies has plunged down…

BCH Roundup: More Developments, 687K Transactions, and Rebirth Parties

BCH Roundup: More Developments, 687K Transactions, and Rebirth Parties

News Bitcoin Cash proponents are celebrating the year anniversary of ‘Bitcoin Independence Day’ on August 1st and now into the weekend. Over the past week, quite a few bitcoiners have noticed there’s been a lot of developments, announcements, and commemorative parties within the BCH space. Also read: High Times Becomes the First IPO to Accept Cryptocurrencies Bitcoin Cash Fans Celebrate the August 1 Anniversary Into the Weekend There have been over 63,000 blocks mined since the blockchain split on August 1, 2017, and Bitcoin Cash fans have been observing the anniversary over the past few days with parties all around the world. At the moment, one bitcoin cash (BCH) is trading for $734 and the cryptocurrency holds the fifth highest trading volume amongst all 1600+ digital currencies that exist. On August 3, BCH transaction fees are around $0.002 USD while BTC fees are around $0.14 per transaction, in other words – around 6,900 percent cheaper. Meanwhile, there’s been a lot of developments happening within the bitcoin cash ecosystem and a new Street Fighter style video has been published which reveals the new BCH logo. Check out the Street Fighting Bitcoin Cash video below.   Bitcoin Unlimited Ports Double Spend Relaying Protocol from Bitcoin XT   One recent announcement that’s buzzing around the community is the double spend relaying protocol ported from Bitcoin XT has now been implemented into the Bitcoin Unlimited (BU) client. BU’s lead developer Andrew Stone merged the relay code — a protocol that’s aimed at improving the efficiency of zero-confirmation transactions. Just recently, news.Bitcoin.com reported on Bitcoin Unlimited merging Graphene, a block propagation protocol, into the codebase on July 25. Pixelwallet Allows Bitcoin Cash Users to Send a BCH Transaction Encrypted in an Image File A unique application called Pixelwallet has been released into the wild and bitcoin cash fans can now send a BCH transaction encrypted in an image file. The Android application’s creators say the platform is a first of its kind, and Pixelwallet is currently running on BCH testnet. Essentially, users enter an amount to send (with testnet BCH), select an image which can also have a password attached to the file, and after that, they can then send the image by email, Telegram, and other online messengers. GMO Group…

Bank of Thailand Allows Banks to Open Subsidiaries for Crypto Dealings

Bank of Thailand Allows Banks to Open Subsidiaries for Crypto Dealings

The Bank of Thailand (BoT) has recently allowed local banks to set up subsidiaries for dealing with cryptocurrencies, local Thai source Blognone reported August 3. According to a regulatory announcement published by the BoT on August 1, Thai banks can now issue digital tokens, provide crypto brokerage services, run crypto-related businesses, and invest in cryptocurrencies through subsidiaries. However, the recent announcement has reaffirmed that all banks and other financial institutions are still banned from direct dealing with cryptocurrencies. While banks are now allowed to establish crypto-dealing branches, those branches are prohibited from offering crypto-related services to its customers and the public, and can only interact with other businesses that are approved by Thailand’s Securities and Exchange Commission (Thai SEC) and the Office of Insurance Commission (OIC). Blognone writes that the subsidiaries are also prohibited from offering crypto-related services to individuals. The subsidiaries are allowed to provide investment resources to customers unless they want to invest in digital assets that aim to develop “financial innovation,” or to expand the quality of financial services, in which case they can use the BoT Regulatory Sandbox, Blognone also notes. Earlier this year, the BoT released a circular that prohibited banking institutions in Thailand from investing and trading in crypto as well as taking part in establishing crypto exchanges, which are reportedly legal to operate in the country with registration. Thailand’s central bank also required banks not to advise individuals on crypto investments or trading, and banned customers from using credit cards for crypto purchases. In May, the Thai government had issued a regulatory framework that defines cryptocurrencies as “digital assets and digital tokens,” and puts them under regulation of the Thai SEC. In early June, the BoT revealed that it is considering providing a “new way of conducting interbank settlement” by using a central bank-issued digital currency (CBDC). According to the bank, the adoption of its own cryptocurrency would cut the costs of transactions, as well reduce the transaction and validation time “due to less intermediation process needed compared to the current systems.” Earlier in July, the Thai government enacted regulations for Initial Coin Offerings (ICO), having become one of the first jurisdictions in the world to allow ICOs to operate in a fully-regulated environment.

Coinbase Custody is Eyeing Some Extremely Odd Altcoins

Coinbase Custody is Eyeing Some Extremely Odd Altcoins

Altcoins As is now customary for the company, Coinbase has released a list of the latest assets it’s considering. The latest batch are being mooted for its institutional platform, Coinbase Custody, and thus are for storage only at this time, though future trading cannot be discounted. The list of altcoins it’s considering is as eclectic as it is incongruous. While some selections make sense, others have left observers scratching their heads. Also read: NYSE Owner: Bitcoin Should Be in Retirement Funds, Credit Cards, Retail Stores Coinbase Prepares to Unleash a Plague of Assets Coinbase, which has traditionally added new cryptocurrencies at a rate of one a year, has been on something of a splurge lately. In addition to ethereum classic (ETC), which is scheduled to start trading in around a week on its retail exchange, there’s a handful of other assets it’s likely to list in the near future such as ADA, BAT, and ZRX. Yesterday it was the turn of its institutional arm, Coinbase Custody, to unveil a shortlist of possible new tokens. Only in this case, it was more of a long list, containing no less than 34 coins. Scanning the list of coins that are candidates for custodial inclusion provides an insight into the thinking of CEO Brian Armstrong and his team, for like it or not, Coinbase exerts huge sway over the industry. It may be slow to list new coins, but when it does belatedly get its act together, the markets react swiftly to the news. ETC is up 15% in the past 24 hours ahead of its Coinbase listing, while the likes of Tezos, which is on the Coinbase Custody shortlist, is up by 20%. Even in a bear market, Coinbase has the power to move markets. The complete list of coins being considered by Coinbase Custody Half of Coinbase Custody’s Shortlisted Assets Make Little Sense Like any shortlist, the selection of coins that might make the grade at Coinbase Custody is open to debate. The company is naturally entitled to list whatever it likes, but from a business perspective, there are some odd choices. Furthermore, given that low market cap altcoins are more synonymous with retail investors than institutional, it’s hard to imagine why Coinbase Custody is interested in…

NYSE Owner: Bitcoin (BTC) Should Be in Retirement Funds, Credit Cards, Retail Stores

NYSE Owner: Bitcoin (BTC) Should Be in Retirement Funds, Credit Cards, Retail Stores

News Intercontinental Exchange (ICE), owner of arguably the most important stock exchange in the world, the New York Stock Exchange (NYSE), is introducing a new company, Bakkt. The idea is to weave bitcoin core (BTC) into 401(k)s, credit cards, and retail. The project is getting a lot of hype due in large measure to two very powerful backers: Microsoft and Starbucks. Is this the mainstreaming ecosystem enthusiasts have been urging? Also read: Bitcoiners Hope to Have a Friend in Top US Regulator Jay Clayton NYSE Wants BTC in 401(k)s, Credit Cards, Retail Stores ICE’s digital assets head, turned CEO of the new project Bakkt, Kelly Loeffler, explained in a company blog, “Formed by Intercontinental Exchange — an operator of global exchanges, clearing houses, data and listings services — Bakkt will work with companies that include BCG, Starbucks, Microsoft and others, to create an open ecosystem that supports growing needs in the ~$270 billion digital asset marketplace.” ICE quietly owns and operates two dozen regulated markets and exchanges, from the United States and Canada to Europe. It also holds clearing houses in the Netherlands, Singapore, greater Europe, the US, and Canada as well. It has revenues well in excess of $5.5 billion. It’s also the parent company for the NYSE, an exchange with great prestige among traditional finance: the NYSE is 226 years old, and is easily the globe’s biggest exchange by market cap, some $21.3 trillion as of last summer. Ms. Loeffler told Fortune how for over a year ICE built Bakkt in secrecy. The company name is a twist on asset backed securities, Bakkt, which by design is to engender trust. And trust is everything in the legacy marketplace, but it has a decidedly different meaning in the cryptocurrency world. Trust on Wall Street usually means regulations, and lots of them. Indeed, by late Fall this year, Bakkt hopes to have a fully federally regulated space for all things BTC. Fortune notes how “ICE aims to transform Bitcoin [Core] into a trusted global currency with broad usage.” That’s an interesting admission for enthusiasts wondering what Wall Street is ultimately up to with this enormous announcement and marketing/public relations campaign. Trust in the Bitcoin Core ecosystem is established through mathematics, voluntary adoption, by completely bypassing third party fragility, frictions,…

South Korean Crypto Exchange Bithumb to Reopen Withdrawals, Deposits for Nine Cryptos

South Korean Crypto Exchange Bithumb to Reopen Withdrawals, Deposits for Nine Cryptos

South Korea’s leading virtual currency exchange Bithumb is set to reopen withdrawals and deposits today, according to an official announcement August 4.   The world’s twelfth largest cryptocurrency exchange by trade volume noted that the time for resuming withdrawals and deposits has been moved from August 4 at 11 a.m. [Korea Standard Time] to 7 p.m. [KST]. In a separate post, Bithumb stated that it is first reopening the withdrawal and deposit services for nine altcoins, adding that it has been slightly delayed in order “to provide a more stable service environment.” At the end of June, hackers stole around a reported $30 million in crypto from Bithumb, prompting the exchange to temporarily suspend all deposits and payments. Bithumb later amended that the hackers had stolen less than their previous estimation — around $17 million — due to the “ongoing participation, support, and cooperation of the cryptocurrency exchanges and cryptocurrencies foundations across the world.” According to data from CoinMarketCap, Bithumb is ranked twelfth amongst exchanges by adjusted trade volume, with a 24-hour trade volume around $125 million by press time.

The Daily: Cars and Pizzas for Crypto in Russia, Crypto Valley in South Korea

The Daily: Cars and Pizzas for Crypto in Russia, Crypto Valley in South Korea

The Daily The wide adoption of cryptocurrencies in Russia has been put on hold after the State Duma postponed the final reading of three crypto bills for its fall session. Nevertheless, Russian companies are already planning to introduce crypto payments as soon as the regulations are in place. Among them, a major car dealer and an international pizza chain. Also in The Daily, the governor of Jeju has received support from Bitcoin.com for his efforts to create a Crypto Valley on the island. And while the South Korean province hopes to become a crypto and blockchain hub in Asia, major European banks have decided to base their blockchain initiative in Dublin.    Also read: Hackers in High Demand, China Hires Cryptographer Avtospetscenter and Papa John’s Prepare for Crypto Payments With Russian parliamentarians taking vacation without keeping Putin’s July deadline for adopting comprehensive regulations for the country’s crypto space, Russian companies are left with only one option – to plan for crypto adoption after lawmakers officially recognize cryptocurrencies this fall. Two major businesses have announced their readiness to take advantage of crypto payments once they are legalized by authorities in Moscow. One of Russia’s major car dealers, Avtospetscenter (ASC), has admitted it intends to start selling automobiles for digital money. “We are thinking of selling cars for cryptocurrency. The idea is under development. If there are no obstacles in the legislation, ASC will start selling cars and providing crypto services by 2020 – 2021,” Andrey Turkin, general manager of ASC’s subsidiary Audi Center Taganka, said quoted by Bits Media. Soon, Russians will probably be able to order pizza with bitcoin as well. “Cryptocurrency has every chance of being directly applied in our business. I think, in the future, you’ll be able to buy our pizzas with bitcoin. We have the solutions ready, but for now we are just waiting for the right moment to start it all,” Christopher Wynne, Papa John’s President for Russia, CIS and Poland, revealed in an interview with TASS. Governor of Jeju With Bitcoin.com Wallet Won Hee-ryong, the governor of Jeju in South Korea, has presented some ambitious plans for his province and they involve cryptocurrency adoption with the help of Bitcoin.com and Bitcoin Cash (BCH). Won wants to turn Jeju Island…

Crypto Mining Firm Argo Blockchain Listed on London Stock Exchange, Raises $32 Million

Crypto Mining Firm Argo Blockchain Listed on London Stock Exchange, Raises $32 Million

Mining firm Argo Blockchain PLC has reportedly become the first crypto company to join the London Stock Exchange (LSE), raising around $32 million for a total valuation of about $61 million, The Telegraph reports August 3. London-based Argo offers customers to the ability to mine four cryptocurrencies — Bitcoin Gold (BTG), Ethereum (ETH), Ethereum Classic (ETC), and Zcash — through their own computers or mobile devices for a monthly subscription fee. The service provides immediate access to the firm’s mining rigs and enables direct deposits of all mined coins to the users’ digital wallets. According to an initial admission document from the LSE, a total of 156,250,000 ordinary shares that represent 53.2 percent of the firm’s issued share capital on admission have been placed at 16 pence per share, valuing Argo at a market capitalization of 47 million pounds (around $61 million). The report notes that the company has raised 25 million pounds (around $32 million), with registered shareholders including Miton Capital, Henderson Global Investors, and Jupiter Asset Management, the Telegraph writes. Jonathan Bixby, a co-founder of Argo, told The Telegraph that Argo’s mining subscription system was developed to “ take the pain and heartache out of participating in the biggest new technology breakthrough since the launch of the internet.” Founded in late 2017, Argo aims to build an international data center management business for assisting in crypto mining as a service (MaaS), which would be available to anyone in the world, the company’s LSE document states. The platform initially launched on June 11, 2018, and all of the subscription packages are currently sold out, according to Argo’s website. Argo’s initial admission notes that the company will be able to both add and remove cryptocurrencies from its offerings in the future. Earlier this week, the world’s second largest Bitcoin (BTC) mining hardware supplier Canaan Creative introduced the “first ever” BTC mining television set with a processing power of 2.8 trillion hashes per second. And on Monday, unnamed sources revealed that crypto mining hardware giant Bitmain is reportedly planning to conduct an overseas initial private offering (IPO) “very soon,” after earning about $1 billion in net profit in the first quarter of 2018.

PR: BodyOne Blockchain Ecological Network Energizes the Fitness Industry

PR: BodyOne Blockchain Ecological Network Energizes the Fitness Industry

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. No one can defeat me as I am the one in full of oriental power”. – the classic and domineering lines in The Legend of the Swordsman – reappeared in Beijing City – the east of the world. Bin Li, who is known as a godfather of fitness club in China, InterValue, which is a leading block chain technology company with the world’s first practical Blockchain 4.0 project capable of supporting large-scale applications and DHZ, which is a professional and scaled equipment manufacturer, have combined and posted a big good message in the field of global blockchain fitness: BadyOne, the first blockchain fitness ecological network, has been launched in Beijing City, China. Meantime, the first blockchain spinning cycles equipped with BobyOne intelligent chips have also been put into mass production. BodyOne has taken a key cross-century step in the fitness industry. As the first block chain fitness ecological network, BodyOne can realize the resources integration, data integration and data value in the fitness industry by use of block chain technology. Its playing method is initiative in the industry. “Exercising is mining and Token holders can share the profit” is the core for the application of its fitness scenes. Starting from the blockchain spinning cycles equipped with intelligent chips, BodyOne can collect the data via smart contract and data model, convert the calories burned in the users’ workout into Tokens directly, upload the data and realize the transaction value so as to create a valuable delivery and trading system in the intelligent fitness industry. The sun rises from the east. Li Bin – the founder of BodyOne Foundation – has lots of oriental philosophical thoughts and is honored by the industry as “Father of Chinese Commercial Fitness”. Having been engaged in the fitness industry for 20 years, he knows well how lazy a person can be and how difficult it is for a person to combat his human nature. So how can he solve the problem? The answer is block chain.…

NYSE Owner: Bitcoin Should Be in Retirement Funds, Credit Cards, Retail Stores

NYSE Owner: Bitcoin Should Be in Retirement Funds, Credit Cards, Retail Stores

News Intercontinental Exchange (ICE), owner of arguably the most important stock exchange in the world, the New York Stock Exchange (NYSE), is introducing a new company, Bakkt. The idea is to weave bitcoin into 401(k)s, credit cards, and retail. The project is getting a lot of hype due in large measure to two very powerful backers: Microsoft and Starbucks. Is this the mainstreaming ecosystem enthusiasts have been urging? Also read: Bitcoiners Hope to Have a Friend in Top US Regulator Jay Clayton NYSE Wants Bitcoin in 401(k)s, Credit Cards, Retail Stores ICE’s digital assets head, turned CEO of the new project Bakkt, Kelly Loeffler, explained in a company blog, “Formed by Intercontinental Exchange — an operator of global exchanges, clearing houses, data and listings services — Bakkt will work with companies that include BCG, Starbucks, Microsoft and others, to create an open ecosystem that supports growing needs in the ~$270 billion digital asset marketplace.” ICE quietly owns and operates two dozen regulated markets and exchanges, from the United States and Canada to Europe. It also holds clearing houses in the Netherlands, Singapore, greater Europe, the US, and Canada as well. It has revenues well in excess of $5.5 billion. It’s also the parent company for the NYSE, an exchange with great prestige among traditional finance: the NYSE is 226 years old, and is easily the globe’s biggest exchange by market cap, some $21.3 trillion as of last summer. Ms. Loeffler told Fortune how for over a year ICE built Bakkt in secrecy. The company name is a twist on asset backed securities, Bakkt, which by design is to engender trust. And trust is everything in the legacy marketplace, but it has a decidedly different meaning in the cryptocurrency world. Trust on Wall Street usually means regulations, and lots of them. Indeed, by late Fall this year, Bakkt hopes to have a fully federally regulated space for all things bitcoin. Fortune notes how “ICE aims to transform Bitcoin into a trusted global currency with broad usage.” That’s an interesting admission for enthusiasts wondering what Wall Street is ultimately up to with this enormous announcement and marketing/public relations campaign. Trust in the Bitcoin ecosystem is established through mathematics, voluntary adoption, by completely bypassing third party fragility, frictions, and gatekeepers for which…