Crypto Markets See Widespread Wave of Green, Bitcoin Pushes $6,500

Crypto Markets See Widespread Wave of Green, Bitcoin Pushes $6,500

Monday, Nov. 5: crypto markets are seeing a wave of decent growth, with all of the top twenty cryptocurrencies by market cap in the green, as data from Coin360 shows. Market visualization by Coin360 Bitcoin (BTC) is today up close to two percent, trading around $6,400 at press time. Since sustaining mild losses Oct. 29-31, the top coin has in early November been edging close to the $6,400 mark, but failed to break through until today’s solid boost. In a tweet today, crypto commentator Joseph Young underscored the comparatively higher trade volumes for Bitcoin, which are today at around $4.4 billion for the 24-hour period, according to CoinMarketCap (CMC). CMC’s historical data shows a trend of rising BTC trade volumes, which had stagnated towards $3.2-3.6 billion multiple times in October – notwithstanding the market rally Oct. 15, when volumes briefly spiked to almost $7.4 billion. On the week, Bitcoin is now around 2.2 percent in the green, with monthly losses at 3.3 percent. Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index Ethereum (ETH) has been the strongest 24-hour performer among the top ten coins, seeing around 5 percent growth on the day to trade just under $210. Despite seeing lacklustre sideways trading in recent weeks and even some mild losses since it’s rapid price plummet Oct. 10-11, the leading altcoin has seen strong upwards momentum over the past 24 hours. On its weekly chart, Ethereum is an impressive almost 8 percent in the green; on the month, the coin is about the same amount in the red, down 7.7 percent. Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index The remaining top twenty coins on CoinMarketCap are all in the green, mostly within a 1-3 percent range. After Ethereum, the strongest performer is DASH (DASH), up almost 5 percent at $168. In the context of the top twenty coins, Bitcoin Cash (BCH) and IOTA (MIOTA) are both up a strong 3 percent. The 20th largest altcoin Vechain (VEC) is pushing 4 percent growth to trade at $0.01. Earlier today, major Hong Kong-based cryptocurrency derivatives platform BitMEX announced it has launched a network monitoring tool for both Bitcoin and Bitcoin Cash, dubbed ForkMonitor.info, which it describes as “useful for monitoring the situation during network upgrades…

Hackers Behind $60 Million Zaif Crypto Exchange Theft May Have Been Exposed

Hackers Behind $60 Million Zaif Crypto Exchange Theft May Have Been Exposed

Cybersecurity experts at Japan Digital Design, a subsidiary of Mitsubishi UFJ Financial Group (MUFG), say they’ve found possibly revealing information on the bad actors behind the $60 million hack of Japanese crypto exchange Zaif. The company announced in a press release Monday, that it has been investigating the outflow of funds from Zaif since soon after the hack, in association with Takayuki Sugiura at information-security consultancy L Plus and security experts from a “capture the flag” cybersecurity team called TokyoWesterns. Once some of the stolen funds, in the monacoin cryptocurrency, started being moved late last month, Japan Digital Design said it was able to identify the “source” of the attackers. The team added that has shared this information with the authorities, saying: “Since the Monacoin began moving from October 20, we estimated the source of 5 transactions in question and provided information to the authorities concerning the characteristics of the transaction originator.” While there are few specific details provided and it is also unclear how accurate the data collected is, the release further states (via online translation): “In the investigation of the leaked virtual currency, remittance route has been analyzed through static analysis of the block chain, but with this effort, by deploying the virtual currency node on a large scale after the outflow of the virtual currency, we verified whether we can obtain clues such as source IP address etc. We also got useful data to grasp the accuracy of the information and the cost of tracking.” Zaif, a licensed crypto exchange in Japan, was hacked in September, losing cryptocurrency worth around $60 million at the time, including bitcoin, bitcoin cash and monacoin. Last month, Japanese financial regulator, the Financial Services Authority (FSA), said it was seeking information from Tech Bureau, the operator of Zaif, including why there was a delay in reporting the hack. Tech Bureau also revealed in October a plan to compensate users who lost funds in the attack – a move that saw it sign an agreement to transfer the Zaif exchange business to publicly listed investment firm Fisco. Japan reportedly lost $540 million to crypto hacks in the first six months of 2018, according to the data from National Police Agency (NPA). Tokyo image via Shutterstock The leader in blockchain news, CoinDesk is a media…

Bancor Begins Cross-Blockchain Token Trading Between Ethereum and EOS

Bancor Begins Cross-Blockchain Token Trading Between Ethereum and EOS

Decentralized liquidity network Bancor announced it had completed its partnership with EOS to provide cross-blockchain token swaps in a press release shared with Cointelegraph Nov. 5. Originally announced in September, Bancor has now expanded to the EOS blockchain, using its decentralized application (DApp) BancorX to allow users to convert between Ethereum and EOS-based tokens, without exchanges. The move is the first of its kind, Bancor says in its press release, and paves the way for “vastly more blockchains” to be included in such cross-blockchain trading. “The ability to easily convert assets cross-chain points to a future in which token projects and users are empowered to seamlessly interact with any blockchain which best suits their needs,” Bancor co-founder and head of business development Galia Benartzi commented in the announcement. BancorX currently supports a raft of Ethereum ERC20 tokens, and uses its own BNT token to make the cross-blockchain transfers. The company also reported that their cross-blockchain DApp was built in partnership with LiquidEOS, Bancor’s EOS “Block Producer” (BP) – the equivalent of a miner on the Bitcoin (BTC) network. In the same announcement today, Bancor announced its Bprotocol Foundation would transfer $10 million in value to the EOS blockchain using the tool to “encourage EOS development and token liquidity, in addition to serving as a symbol of faith in the security and promise of the EOS blockchain.” BNT itself had reacted only marginally to the news at press time, having faced a troubled year after Bancor became one of the worst-performing Initial Coin Offering (ICO) projects to launch in 2017.

Bitcoin’s True Stress Test Is Yet to Come

Bitcoin’s True Stress Test Is Yet to Come

Michael J. Casey is the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative. The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers. Rekt? You should see the other guy. For anyone concerned about bitcoin losing another 4 percent in October to post its third straight monthly loss, it’s worth comparing that loss to those seen by traditional financial markets. By standard measures, last month was the worst on Wall Street since the 2008 financial crisis. The Nasdaq lost 9.2 percent, the Dow Jones Industrials, 6.9 percent, and the S&P 500, 5.1 percent. Riskier markets such as tech stocks and emerging markets were hit especially hard. A 4 percent decline is still hefty. But given its past volatility, the lead cryptocurrency’s relative stability amid the angst on the Street is notable. The general impression produced by last year’s wild crypto bubble was that bitcoin and all other such tokens exist at the extreme end of the speculative class of assets. So, if world markets become risk-averse, as they did severely last month, the thinking was that people would dump bitcoin along with every other high-risk asset in their flight to dollars. Instead, up until Monday, October 30, when bitcoin suffered a $200 drop, it was more or less stable. By crypto standards, it was a boring month. It might be tempting to conclude that bitcoin is attracting a safe-haven bid, that people are looking to hedge their risks with a stable-yet-liquid asset that’s immune from the politics of financial crises. The idea is that bitcoin is starting to assert itself as a new type of uncorrelated reserve asset, a digital gold for the digital age. But the truth is there is very little of this safe-haven buying going on in bitcoin prices right now. There was no noticeable spike in transactions last month, just more of the very, very gradual increase that has occurred off the low base reached during the post-bubble period of the late winter. While there are surely some newcomers shifting their assets into bitcoin, especially in places like Venezuela, there’s no great wave of people suddenly realizing that this new digital asset might be a…

China’s Central Bank Moves to Restrict Free Crypto Giveaways

China’s Central Bank Moves to Restrict Free Crypto Giveaways

The People’s Bank of China (PBoC), the country’s central bank, is looking to clamp down on airdrops – free distributions of crypto tokens. In its financial stability report for 2018, released on Friday, the PBoC said that “disguised” initial coin offerings (ICOs) including airdrops continue to grow in number, despite its previous efforts at cracking down on sales of tokens. For instance, it said, some crypto firms are moving their projects overseas and using agents to invest on behalf of investors from China. Other projects are not issuing tokens in public to directly raise funds, but are rather giving away free tokens while reserving a part of the total supply. These firms then try to use speculation in the secondary market to jack up these tokens’ prices in order to reap profits, the bank added. Giving the statistics, the bank said, there were 65 completed ICOs in China up until July 18, 2017, only five of which were completed prior to 2017. Further, it adds, over 105,000 people participated in the sales, providing total funding of about 2.6 billion yuan ($377.3 million), accounting for more than 20 percent of the sum raised globally in the same period. The central bank said that it needs to remain highly vigilant and to coordinate with other agencies to monitor the crypto industry in order to educate and protect investors. The PBoC has been taking measures against to block token fundraising since September 2017, when it outright banned ICOs. In June of this year, a vice governor of the PBoC issued strong statements against “disguised” ICOs and restated that crypto asset trading is illegal in the country. Then, in August, the China National Internet Finance Association (NIFA), a self-regulatory organization founded by the PBoC, added a “token sales” category to its platform so that public can report on potentially illegal ICOs. PBoC 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.

BitMEX Releases Fork Monitoring Tool in Run-Up to Bitcoin Cash Hard Fork

BitMEX Releases Fork Monitoring Tool in Run-Up to Bitcoin Cash Hard Fork

The research arm of major Hong Kong-based cryptocurrency derivatives platform BitMEX announced it had launched a network monitoring tool for Bitcoin (BTC) and Bitcoin Cash (BCH) in a blog post Nov. 5. BitMEX described the new resource, ForkMonitor.info, as “useful for monitoring the situation during network upgrades (softforks or hardforks), as well as being potentially useful in helping to detect unintentional consensus bugs.” ForkMonitor is connected to “several” nodes on both the Bitcoin and Bitcoin Cash networks. BitMEX’s release is explicitly times to coincide with an upcoming hard fork of Bitcoin Cash, scheduled for Nov. 15. Today’s blog post notes, however, that the focus is temporary, stating “[a]fter the Bitcoin Cash hardfork is complete, the website’s intention is to move some of the focus over to Bitcoin.” The platform has rarely held back on its criticism of Bitcoin Cash and its better-known figures – recent social media posts for ForkMonitor describe Craig Wright, a major supporter of the BCH and self-proclaimed creator of Bitcoin, as “Fake Satoshi.” “What will happen to Bitcoin ABC, Bitcoin SV and Bitcoin Unlimited during the BCH hardfork on 15th Novemeber (sic)?” BitMEX wrote on Twitter today, adding: “(Craig Wright’s) (AKA “Fake Satoshi”) node, Bitcoin SV, is expected to fork off from the network onto a new chain.” Together with more implementations of the Bitcoin Core client, the tool may assist in spotting irregularities such as the CVE-2018-17144 consensus bug, which developers spotted and patched in September, BitMEX said. Last month, BitMEX Research published a report revealing that Initial Coin Offerings (ICOs) had almost broken even on funds sold versus funds raised. By press time, BitMEX is the second largest cryptocurrency exchange globally by reported daily trade volumes. However, as CoinMarketCap notes, since BitMEX is a derivatives market, its trade data is “excluded from the price and volume averages of Bitcoin” on the site.

The Daily: Crypto Game Developer Raises $15M, Bitcoin Pioneer Faces Lawsuit

The Daily: Crypto Game Developer Raises $15M, Bitcoin Pioneer Faces Lawsuit

The Daily In today’s edition of The Daily, we look at a successful funding round for a developer of a popular cryptocurrency-powered game. We also report on a famous early entrepreneur in the Bitcoin space who has been accused of stealing money to buy Maserati cars, big powerboats and luxury real estate. Also Read: Lawyer Invests $300 Million to Build Crypto City in the Nevada Desert Google and Samsung Investin Crypto Kitties Developer Dapper Labs — the developer behind Crypto Kitties, the game that famously clogged up the Ethereum network — has announced that it has raised $15 million in a financing round led by Venrock. The investment arms of Google and Samsung also participated, bringing the total funds raised by the Canadian company to $27.85 million. Additional investors in the round included Coin Fund, Animoca Brands, June Fund, HOF Capital, GBIC, John Pfeffer, and Matt Bellamy, the lead singer of the rock band Muse. Previous investors in Dapper Labs also participated, including Andreessen Horowitz, Union Square Ventures, SV Angel, Digital Currency Group, William Mougayar, Hex Capital, and Rising Tide Fund. Dapper Labs will use the funds to expand both locally and globally, and has already revealed plans to establish a U.S. subsidiary. In addition, the investment will help the Vancouver-based company to accelerate the build-out of its technology. “This round of financing was about getting the right partners around the table to bring compelling content to the blockchain — and make sure usability and infrastructure allow for adoption by mainstream consumers,” explained Roham Gharegozlou, CEO of Dapper Labs. Charlie Shrem Accused of Stealing Funds Charlie Shrem, who is known for running the company Bitinstant during the early days of Bitcoin, has only been out of prison for a little over two years, but is already facing new legal issues again. Cameron and Tyler Winklevoss, the founders of the Gemini exchange, have accused Shrem of stealing about 5,000 BTC from them. The crypto-pioneer was hired by the two entrepreneurs in 2012 to acquire a large amount of coins. The twins have also claimed that Shrem used the funds he allegedly stole to go on a recent luxury spending spree, which included purchases of two Maserati cars, two boats, and multiple homes. This was enough for a federal court…

Bitcoin Price Eyes Move to $6.8K After Bull Breakout

Bitcoin Price Eyes Move to $6.8K After Bull Breakout

Bitcoin could be about to make a move towards $6,800, having witnessed a bullish triangle breakout yesterday. The leading cryptocurrency, which had been in a narrowing price range, closed at $6,423 yesterday, confirming an upside breakout. With the move, the bulls look to have come out victorious in a months-long tug-of-war with the bears. However, BTC is struggling to find acceptance above the immediate resistance of the 50-day exponential moving average (EMA), currently at $6,450. However, the EMA hurdle could be crossed in a day or two and prices could rise to $6,800 in the near-term, as the ethereum-bitcoin exchange rate (ETH/BTC) is looking north, representing a rising demand for alternative cryptocurrencies. This is because fiat money enters the market via BTC. As a result, it’s dollar-denominated exchange rate tends to go up during times of increased risk appetite in the market. At press time, BTC is changing hands at $6,400 on Coinbase, having clocked a high of $6,440 earlier today. The cryptocurrency is up 1 percent on a 24-hour basis and is largely unchanged week-on-week. Daily chart The symmetrical triangle breakout seen in the above chart indicates the scope for a retest of recent highs above $6,800. That target looks achievable as the breakout is backed by a bullish crossover on the moving average convergence divergence (MACD). Further, the relative strength index is holding in a bullish territory just above 50.00. ETH/BTC daily chart The falling channel breakout and a convincing move above the former support-turned-resistance of 0.031994 (Sept. 25 low) indicates a bearish-to-bullish trend change. The rising MACD histogram is suggesting that further gains could be in the offing. The RSI of 53.00 is biased toward the bulls. Thus, ETH/BTC looks set to rise in the near future. View Both BTC and the ETH/BTC are looking north after the technical breakout. An increased risk appetite is seen lifting BTC above the 50-day EMA of $6,450. That would open the doors for a sustained rally to $6,810 (Oct. 15 high). The short-term bullish outlook in BTC would be invalidated if prices see a UTC close below Oct. 31 low of $6,200. Disclosure: The author holds no cryptocurrency assets at the time of writing. Bitcoin image via CoinDesk archives; charts by Trading View  Join 10,000+ traders who come to us…

PR: The North American Bitcoin Conference Set to Heat up Miami

PR: The North American Bitcoin Conference Set to Heat up Miami

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 North American Bitcoin Conference returns to Miami for its seventh installment. On the 17th and 18th of January, 2019, the entire Bitcoin and blockchain community will converge in Miami for a historical conference aimed at driving cryptocurrency from niche to mainstream. Now in its seventh year, The North American Bitcoin Conference is the longest running and most attended finance conference for the Bitcoin, blockchain and cryptocurrency industries with over 4500 attendees in 2018. Additionally, a key focus of the 2019 conference will be a dedicated Security Tokens track, unpacking the new and exciting world of securities and blockchain technology. Building on the recent successes of conferences this year in Miami, London, New York and Dubai, The 7th Annual North American Bitcoin Conference, as a part of the World Blockchain Forum, will return to sunny Miami with a lineup of over 60 world-class presenters, including technology veterans, and founders of companies which have collectively raised over $18.1 billion in Initial Coin Offerings (ICOs). Past events have been featured in the Wall Street Journal, The New York Times, Forbes, Fortune.com, Bloomberg, and other mainstream media outlets. The two-day conference will have new things in store for attendees to bring them added value on top of the already stacked speaker and sponsor lineup. As well as brand new Lightning Networking sessions, creative installments and a second track dedicated to digital security tokens, the event will still maintain the focus on investments, successful past and future ICOs, legal implications and regulations, and how decentralization is disrupting not only the banking industry. The first speakers have been announced and include:David Chaum, Inventor of Digital CashDr. Patrick Byrne, Founder of Overstock.com and t0Halsey Minor, Founder of CNETVeronica McGregor, Head of Legal at Shapeshift.ioMatthew Roszak, Co-Founder, BloqCharlie Shrem, Bitcoin pioneerMaja Vujinoc, CEO at OGroupCraig Sellars, Co-Founder, TetherJason King, Co-Founder, AcademyBruce Fenton, President of Atlantic FinancialEpperly Li, Investment Director at BitmainMarco Santori, President of Blockchain.comAndrew Filipowski, Chairman at Tally CapitalSang Lee, President & CEO, DarcmatterAlexa Hefti, Blockchain…

China’s Central Bank Extends Its Regulatory Scrutiny to Crypto ‘Airdrops’

China’s Central Bank Extends Its Regulatory Scrutiny to Crypto ‘Airdrops’

China’s central bank, the People’s Bank of China (PBoC), has widened its scrutiny to include token airdrops, which it characterized as “disguised” Initial Coin Offerings (ICOs) in its 2018 financial stability report, published Nov. 2. Using by now familiar rhetoric, the report reiterates the bank’s stringently anti-ICO and crypto trading stance, defining the former as “illegal” fundraising, and pointing to the widespread risks of financial fraud and pyramid schemes. Signalling a new area of focus, the report warns that so-called “airdrops” are evading regulation around the public token sale model by issuing free assets to investors. According to the report, airdrops earmark a token reserve and then capitalizing on speculation in the market to inflate the assets’ value and drive their own profits. The bank warns that such initiatives continue to rise in number, despite vigorous attempts to crack down on crypto token issuance in the country, and calls for “early detection” and redoubled vigilance on the part of regulators, alluding to the need for international cooperation to better protect investors. The rest of the document reiterates concerns about crypto companies relocating overseas and using foreign “agents” to invest on behalf of domestic clients in mainland China, as well as warning against fraudulent whitepapers and crypto investment projects masquerading as “blockchain innovation.” The report further refers to suspected market manipulation and violation of anti-money laundering (AML) systems in the crypto sector – warning of the negative societal impact that cryptocurrencies pose due to their use to evade capital controls, international sanctions, and to finance terrorism. According to the bank, as of July 18, 2017 – before China’s ICO ban kicked in – 65 ICOs were completed in China, of which only 5 were launched prior to 2017. During this time frame, the total number of participants in ICOs exceeded 105,000, with cumulative funding hitting around 2.6 billion yuan (about $375.4 million). This, the PBoC states, accounted for 20 percent of ICO financing globally. In addition to its toughened rhetoric and new focus on token airdrops, the bank’s report gives a historical overview of the PBoC’s interventions to date. This spans the bank’s 2013  ‘Notice on Precautions Against the Risks of Bitcoin’ – which defined Bitcoin (BTC) as a virtual commodity that is not recognized as…