DASH, ETH, LINK: Top-3 Crypto Losers of the Week — Price Analysis

DASH, ETH, LINK: Top-3 Crypto Losers of the Week — Price Analysis

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision. Market data is provided by HitBTC. The short-term sentiment in the crypto community is one of uncertainty. Facebook’s Libra project, which was expected to attract millions of people to cryptocurrencies, is likely to face stiff regulatory hurdles. Likewise, various politicians around the world, including United States President Donald Trump are voicing their objections to cryptocurrencies. Now, reports suggest that the U.S. Commodity Futures Trading Commission is investigating whether BitMEX allowed U.S. residents to use its platform to trade. These developments have led to profit-booking in most cryptocurrencies.  Total crypto market capitalization dropped from over $386 billion on June 27 to a low of just under $252 billion on July 17, which is a fall of 34.7%. Though this looks like a deep cut, we believe that it is a healthy correction as it comes after a sharp rally from close to $100 billion mid-December last year to $386 billion.  Corrections are part and parcel of every uptrend. They offer a low-risk entry point to traders who have missed buying in the previous leg of the rally. We consider the current correction a buying opportunity. Therefore, we are starting a new series in which we analyze the charts of the top three losers of the past seven days among major cryptocurrencies. We will highlight the critical levels where the correction could end, and will also point out levels that will indicate a probable change in the trend.  DASH/USD Dash (DASH) rallied from a low of $58.49 on December 15 to a high of $188.5598 on June 26. That is a 222.37% gain in just over six months. The upside was that DASH ascended gradually and never entered a blow-out phase. This indicates that after the correction ends, we can expect bulls to start a new uptrend. In the long term, the current fall will put a higher low in place.  On July 16, the DASH/USD pair plunged below the 61.8% Fibonacci retracement level of the entire rally from the lows. On the plus side, the break was temporary…

Buterin Needs Bitcoin Cash: Scaling Ethereum Before Sharding, Casper

Buterin Needs Bitcoin Cash: Scaling Ethereum Before Sharding, Casper

The Ethereum (ETH) team is actively looking for solutions that may help scale the blockchain network, as reported by Cointelegraph on July 15. Co-founder of Ethereum Vitalik Buterin is now considering third-party blockchains that have lower commission rates for transferring information. According to him, the Bitcoin Cash (BCH) blockchain could cope well with this task. The fact is that BCH has a high data throughput — 53 kilobytes per second (KPS) compared to Ethereum’s eight KPS, which are actively used by applications, Buterin revealed. Scalability issues force the hand Over the years, scalability has been the Achilles’ heel of Ethereum, and the team behind the second-largest cryptocurrency has been making every effort to increase it. In the current realities, the Ethereum blockchain is supposed to handle a maximum of 25 transactions per second (TPS), while the charts show that its throughput for July has not exceeded 11 TPS, and on several occasions in recent days, it has even dropped to around seven TPS. The situation is complicated by a record number of pending transactions per second, which has already exceeded the 600 mark. Meanwhile, somewhat smaller blockchains managed to achieve greater performance. For instance, EOS is able to process 1,200 TPS and Tron can already handle 2,000 TPS. Transactions per second comparison between top cryptos What about Casper? Buterin built a whole roadmap until 2020, which should lead Ethereum to reaching similar indicators of such payment giants as Visa, which processes 24,000 operations per second. The program includes a transition from the proof-of-work (PoW) to the proof-of-stake (PoS) algorithm, network sharding, as well as the introduction of the second-layer solutions: Plasma and Raiden. The PoS consensus algorithm is expected to make transactions cheaper and accelerate the production of new blocks, while Layer 2 solutions are supposed to significantly increase the scalability of Ethereum. The concept of sharding is another innovation that represents a modified network architecture, with the blockchain dividing nodes into smaller independent elements called shards. The latter has its own transaction history log that handles only its own transactions, thus decreasing the loading on the network. In an interview with CoinSpice, Buterin shared the details of two long-term schemes, which, according to him, are now being worked on by the Ethereum team and…

Fundstrat Strategist: Bakkt Futures to Launch in the Current Quarter

Fundstrat Strategist: Bakkt Futures to Launch in the Current Quarter

Managing director and quant strategist at Fundstrat Global Advisors Sam Doctor suggested in a Twitter post published on July 19 that Bakkt’s Bitcoin (BTC) futures contracts will launch this quarter. According to the post, which includes a summary of Fundstrat’s takeaways from the Bakkt Digital Asset Summit held on July 18, the firm’s futures will launch in the current quarter. The launch is set to follow tests announced last month, which are scheduled to start next week. The firm believes that the launch will be a catalyst to accelerate entry of traditional institutional investors. The post notes: “There appears to be a critical mass of adopters ready to come on board on Day 1 of the Bakkt launch, with the sales team gaining traction among brokers, market makers, prop trading desks and liquidity providers.” During the aforementioned event, Commodities Futures Trading Commission (CFTC) commissioner Dawn Stump apparently expressed that no current cryptocurrency could threaten financial stability and that the regulator sees a growing demand for Bitcoin futures from the public. Also during the summit, chief information officer at crypto investment firm Blocktower Ari Paul was reportedly confident that once a killer app or user interface makes cryptocurrency on-ramps safe, reliable and as easy to use as Paypal, retail adoption will be enormous. According to the Fundstrat notes, Paul also said that institutions should not dismiss crypto assets, considering their low correlation with traditional assets and with compound annual growth rates of 200%-300%. He also said that inflation and confiscation resistance of cryptocurrencies are a key value proposition. Pantera Capital CEO Dan Morehead, on the other hand, said that most tokens will fail and a handful of base protocols will survive, but with thousands of decentralized applications built on top of them.  As Cointelegraph reported in May, the Intercontinental Exchange is reportedly taking steps to ensure approval from the United States CFTC for Bakkt.

Top-5 Crypto Tokens Pronounced ‘Dead’ — XEM and BCC Head the List: Report

Top-5 Crypto Tokens Pronounced ‘Dead’ — XEM and BCC Head the List: Report

Update, July 20: This article was updated to clarify the fact that the performance of particular cryptocurrency tokens is under evaluation and not the projects backing them. In 2017, the cost of Bitcoin (BTC) reached almost $20,000, and in December 2018, its rate fell to $3,187 per token. Nevertheless, it is a solid price movement for a currency, which was created from nothing about 10 years ago. Bitcoin still dominates the portfolios of most crypto investors and is by far the most popular cryptocurrency, meaning its price is less prone to drops than the rest of the market. This is also indicated by the CoinMarketCap dominance chart. But what about the rest of the cryptocurrencies that have appeared over the past couple of years? In 2018, CNBC reported that approximately 800 cryptocurrencies, which appeared as a result of initial coin offering (ICO), can now be called “dead,” because they are traded at a price below $0.01. In 2019, this figure continued to increase. Resources that specialize in “dead” cryptocurrencies have launched, such as Deadcoins and Coinopsy, according to which, in 2018, about 1,000 different cryptocurrencies failed. Many “dead” crypto projects were scams organized as ICOs and some could not stand the pressure of the bearish market in late 2018. That is how Jay Richler, co-founder of Coinopsy, described to Cointelegraph the huge number of failed coins listed in different exchanges:  “Before 2016, most failed due to just making a coin for fun, and then developers just gave up of pulled a small scam or pump-and-dump. After 2016, market got saturated with coins, so exchange listings now cost large amounts of $$$, for example Binance is like 1 million to get listed from memory. So after 2016, it was either well planed scams with funding and marketing or coins that started just didn’t have the funding and direction.This is most but not all.” The Deadcoins’ team responded to Cointelegraph by saying that it is convinced that the main reason for cryptos failing is the lack of utility on their behalf: “Many of the altcoins most probably to fail for many reasons, but the main reason will be the lack of utility and the use case or overlapping with other altcoin or their use case is already…

Diana, a Blockchain ‘Lunar Registry,’ Attempts to Tokenize the Moon

Diana, a Blockchain ‘Lunar Registry,’ Attempts to Tokenize the Moon

In honor of Neil Armstrong’s “small step,” one company is taking a “giant leap” for blockchain. On the 50th anniversary of the Apollo 11 Moon landing, Diana, a blockchain startup, is launching a “lunar registry” that attempts to place the lunar surface on a distributed ledger. The project is offering collective ownership of Earth’s only natural satellite through dividing the moon into 3,874,204,892 cells encoded on a blockchain by a 3-word address. Proof of stake in this “cadastral map” is represented by two tokens, dia and mond. Following the launch of the Diana blockchain, the startup also plans to develop a decentralized autonomous organization and eventually an exchange to build an economy around the orbital celestial object. Dia, a native token distributed upon registration, will be exchangeable with mond, intended for transactions. Accordingly, registration costs will increase as more tokens are sold, which will “boost” the value of tokens for market participants and prevent speculation. Fifty percent of the tokens will be made publicly available, while less than 2 percent will be reserved for the founders and development team, and the rest will act as a reserve. Tokens will be held in “noun.verb.noun” addresses. “diana.love.BTS, i.am.yourfather, and amstrong.land.Moon,” are given as possible examples. The project’s white paper quotes Article II of the UN Outer Space Treaty: “Outer space, including the Moon and other celestial bodies, is not subject to national appropriation by claim of sovereignty, by means of use or occupation, or by any other means.” Yet, the founders point out this treaty says nothing about “private ownership” or parceling of the solar system, noting that many sovereign nations, like China, and capital-rich corporations, like Jeff Bezos’ Blue Origin, are gearing up to explore – and perhaps monopolize – humanity’s shared heritage. The project leads think this next-gen space race will inevitably lead to the question of “who owns the moon.” “Given the increased possibility of ownership disputes,” Diana is currently offering tokenized ownership of the visible lunar surface – a chance for everyone to get a slice. As part of the project roadmap, the team hopes to establish a Together Moon Foundation, appoint an international and space expert defense team, and “develop the biz model for Moon possession.” Moon footprint photo via Shutterstock

Cryptokart: Another Indian Crypto Exchange Shuts Down Operations

Cryptokart: Another Indian Crypto Exchange Shuts Down Operations

Founder of Indian cryptocurrency exchange Cryptokart Gaurang Poddar announced that his company is shutting down in a LinkedIn post published last week. In his post, Poddar described the shutdown of the exchange as “difficult, given the hard work we’ve put in” but concluded that overall the experience was positive and that he was proud of the platform and seemed intent on remaining in the field, asking “If you know anyone interested in launching their own exchange, please let me know.” Poddar announced that he was looking for opportunities in product management, and asked anyone who knew about such opportunities to contact him. Poddar launched Cryptokart in 2017, roughly one year and nine months ago. The news comes after Indian crypto exchange Koinex ceased operations in June and in May Coinome — another crypto exchange operating in the country — announced the halt of its services. Both exchanges cited the hostile regulatory environment as the cause of their shutdowns. As Cointelegraph reported last month, Indian lawmakers have reportedly proposed to enforce a 10-year jail term for citizens who deal with cryptocurrencies. The new tough crypto regulation is part of a recently proposed draft bill called “Banning Cryptocurrencies and Regulation of Official Digital Currency Bill 2019.”

Bank of Thailand Is Open to Discuss Libra, Concerned Over Security

Bank of Thailand Is Open to Discuss Libra, Concerned Over Security

Bank of Thailand governor Veerathai Santiprabhob said that the institution is open to discussing Facebook’s Libra stablecoin with the company, local media Xinhuanet reported on July 19. Per the report, Santiprabhob made his remarks at the Bangkok FinTech Fair on July 19, pointing out that Facebook had already contacted the central bank many times. He also noted that the institution had established a new team to study Libra’s whitepaper, but their analysis will take time. “We are not going to rush into a decision of Libra as yet,” Santiprabhob reportedly said, continuing to emphasize the importance of security: “All kinds of new digital money have been emerging, therefore the Bank of Thailand monitors all and don’t give favoritism to any particular financial service. Security in financial services is the bank’s top priority. It will take time.” Santiprabhob reportedly said that Libra cannot simply replace the Thai baht, concluding that “Libra cannot just step in and replace all currencies and digital money.” As Cointelegraph reported earlier this month, Fiscal Policy Office legal officer Sumaporn Manason argued that Libra will likely run up against difficulties entering Thailand as the cryptocurrency does not fall under any local financial legislation currently existing.

Alleged Silk Road Drug Dealer Arrested in the United States

Alleged Silk Road Drug Dealer Arrested in the United States

United States Attorney for the Southern District of New York Geoffrey S. Berman announced the arrest of alleged dark web drug dealer Hugh Brian Haney in a press release published on July 18. Per the release, Haney has been charged with money laundering. He allegedly used cryptocurrency to launder more than $19 million of profits earned selling illegal drugs on the now-defunct darknet market Silk Road. Berman commented to the development: “Today’s arrest should be a warning to dealers peddling their drugs on the dark web that they cannot remain anonymous forever, especially when attempting to legitimize their illicit proceeds.” Angel M. Melendez, Homeland Security Investigations (HSI) special agent-in-charge, pointed out that — after Silk Road was closed in 2013 — cyber criminals simply sought other ways to “continue their criminal activities and more importantly launder their illicit digital currency.” Haney was allegedly one of those criminals. Melendez concluded: “HSI special agents employed blockchain analytics to uncover and seize bitcoins valued at $19 million and usher Haney out of the dark web shadows to face justice in the Southern District of New York.” The press release suggests that Haney operated on Silk Road under the pseudonym Pharmville. U.S. law enforcement reportedly made multiple controlled purchases of narcotics, including oxycontin, from Pharmville in 2011 and 2012. Those purchases resulted in a judicially authorized search of Haney’s house in Ohio in 2018. The investigation allegedly exposed evidence that Haney was a high-ranking member or administrator of the Pharmville account. In 2017 and 2018, Haney reportedly transferred his Bitcoin (BTC) proceedings to a cryptocurrency exchange. In correspondence with the exchange, Haney claimed to have obtained his BTC through mining and from individuals he met online. When Haney exchanged his cryptocurrency for fiat currency and moved it into an HSI bank account, the funds were seized pursuant to a judicially authorized seizure warrant from a custodial account at a bank in the Southern District of New York. As Cointelegraph reported earlier this month, $515 million in Bitcoin had been spent on illegal activities in 2019 as of the beginning of July, but this only accounted for 1% of total BTC transactions up to that point. In May, German police, along with Europol, shut down servers of a dark-web marketplace…

Virgin Bitcoin — Most In-Demand Crypto That Is Regulated Differently?

Virgin Bitcoin — Most In-Demand Crypto That Is Regulated Differently?

In a world where the global crypto community continues to face a growing number of regulatory hurdles with each passing day, the term “virgin Bitcoin” is starting to become more common among digital currency enthusiasts. However, it is of utmost importance to clarify what this term actually means and the significance it carries.  According to Dave Jevans, the CEO of CipherTrace, virgin Bitcoins are essentially BTC tokens that do not have a transaction (TX) record associated with them. As a result of this, coins lack a defined attribution history, making them extremely useful for money launderers as well as other miscreants looking to mask the source of their illegally procured funds. Not only that, even the recipient typically has no traditional means of verifying the origin of the funds in question since virgin btc cannot be linked with any wallet or other cold storage entity. Also, the Bitcoin blockchain serves as a decentralized ledger that allows anyone to follow the transaction history of a particular token with the touch of a button. For example, each Bitcoin carries with it a cryptographically provable history that contains a detailed record of ownership and transaction data associated with the token. Simply put, if a particular Bitcoin has been used to process even a single illegal activity in the past, all of its subsequent transactions will be tainted. This, according to Jevans, is one of the main reasons why certain cyber-savvy criminals go to such great lengths to launder their cryptocurrencies before putting them to use. Virgin BItcoins on G-20 agenda   With all of the aforementioned information in mind, it is important to consider that, at the recently concluded G-20 summit that took place in Osaka, Japan, the core governing committee agreed to adopt the standards of the Financial Action Task Force (FATF) — which are conventionally used in relation to fiat currencies — even for digital assets. On the subject, Cointelegraph spoke with Flex Yang, CEO of Babel Finance, who shared his thoughts on the issue at hand: “When these standards go into effect, interexchange transactions will require transparency regarding senders and receivers of cryptocurrency. This opens doors to a wide berth of scrutiny as regulators probe different ledgers to determine what wallets participated in illicit crypto exchanges,…

G7 Agrees on Crypto Action Plan Spurred by Facebook’s Libra

G7 Agrees on Crypto Action Plan Spurred by Facebook’s Libra

G7 finance chiefs met this week and Facebook’s Libra cryptocurrency was high on their agenda. They agreed on several crypto initiatives and fast regulatory responses to projects such as Libra, calling for them to meet the highest standards of financial regulation. Also read: G20 Leaders Issue Declaration on Crypto Assets – A Look at Their Commitments A Call for Urgent Action The G7 finance ministers and central bank governors met in Chantilly, north of Paris, for a two-day conference on July 17 and 18. Other than France, which chairs this year’s meetings, the G7 comprises Canada, Germany, Italy, Japan, the U.K., and the U.S. In addition, the European Union has participated fully in the G7 since 1981 as a “nonenumerated” member. At the end of their meeting, the ministers issued the Chair’s Summary of the decisions made. Group photo showing some of the G7 finance ministers and central bank governors who attended the two-day meeting in Chantilly.“Ministers and governors acknowledged that while innovation in the financial sector can bring substantial benefits, it can also entail risks,” the statement reads. “They agreed that stablecoins and other various new products currently being developed, including projects with global and potentially systemic footprint such as Libra, raise serious regulatory and systemic concerns, as well as wider policy issues, which both need to be addressed before such projects can be implemented.” The summary details: Regarding regulatory concerns, ministers and governors agreed that possible ‘stablecoin’ initiatives and their operators would in any case need to meet the highest standards of financial regulation. “Regarding systemic concerns, ministers and governors agreed that projects such as Libra may affect monetary sovereignty and the functioning of the international monetary system,” the Chair’s Summary continues. G7 meeting of finance ministers and central bank governors in Chantilly.“On Libra, we had a very constructive and detailed discussion with a very large and shared consensus on the need for action,” a French official told the AFP news agency. After chairing the first day’s meeting, French Finance Minister Bruno Le Maire was quoted by Reuters as saying: The sovereignty of nations cannot be jeopardised … The overall mood around the table was clearly one of important concerns about the recent Libra announcements, and a shared view that action is needed…