Markets Update: Ethereum Leads Strong Altcoin Rally

Markets Update: Ethereum Leads Strong Altcoin Rally

Market Updates Since yesterday’s update, the cryptocurrency markets have produced a strong bounce over the last 24 hours. Of the top ten cryptocurrencies by market cap, Ethereum, and Monero were the day’s top gainers – both of which have posted gains of over 15% in the last 24 hours. Also Read: Markets Update: ETH Hits 14-Month Low Amid Heavy Altcoin Losses  BTC Tests $6,500 In the last 24 hours, BTC has gained by roughly 3% – with current prices testing resistance at the $6,500 USD area as of this writing. BTC/USD – Bitfinex – 4hr Looking at the daily chart, the stochastic RSI appears poised to break above the 20 threshold – signaling that more bullish action may ensue should BTC be able to produce and hold a strong break above the $6,500 area. Bitcoin Cash Gains 7% in 24 Hours BCH produced gains of approximately 7% in the last 24 hours, bouncing off a new low for 2018 of $410 yesterday to now be trading for roughly $455. The bullish move for BCH coincided with a roughly 5% gain over BTC – with BCH currently trading for around 0.07 BTC after bouncing off 0.066 BTC yesterday. Ethereum Shorts and Longs Continue to Test Record Highs Of the top ten cryptocurrencies by market capitalization, Ethereum has produced the strongest gains during the last 24 hours of price action. As of this writing, ETH is trading for $205 – up more than 18% from yesterday’s lows of roughly $170. The number of open ETH/USD short positions is currently testing the all-time high area of 240,000 for the second time since the record was established just three days ago. The number of ETH/USD longs appears to be retracing to test the area of September 5th’s prior all-time high of roughly 330,000, after yesterday establishing a new record of approximately 360,000. ETH has gained roughly 15% over BTC in the last day, bouncing from 0.027 BTC to test resistance at 0.032 BTC. For two consecutive days, ETH/USD has posted a larger trade volume than BTC/USD to comprise the most traded pairing on Bitfinex. Monero Gains by 17.4% in 24 Hours XMR was the second strongest performing of the top ten cryptocurrencies by market cap today – gaining approximately 17%…

Vault Launches Crypto Collectibles Wallet on Apple’s App Store

Vault Launches Crypto Collectibles Wallet on Apple’s App Store

Crypto wallet startup Vault has announced that it’s launching a wallet that stores non-fungible tokens and other crypto collectibles on Apple’s App Store. Co-founder John Egan told CoinDesk that the company is looking to make it easier for new users unfamiliar with blockchain to purchase these collectibles and hold them. An issue with many current wallets and other tools, he said, is that they are focused on developers, rather than casual users. Decentralized apps (dapps) are one area he sees drawing potential new users into the space. “The motivation here is no one wants to build in an ecosystem that customers can’t get access to, so it’s really important to build those on-ramps … [Vault] doesn’t present them with a lot of technical information, just gives them a way to start using [dapps],” Egan said. Moreover, Vault will not list token prices or enable the trading of tokens, he said, adding: “It’s like the early days of baseball cards, you didn’t buy them to make 50 [times] their value later, you bought them to own them or trade them with your friends. I think that’s the big opportunity with collectibles … you want to have these things because you want them, not because you’re chasing [prices] … I think that’s what the future is, the utility is coming.” “You can kind of see it in the [user interface] … the application doesn’t attempt to encourage this idea of profit-seeking, it encourages this idea of holding things because you believe it has intrinsic value,” he said. He likened his vision for Vault to Apple’s iOS, noting that while developers could already create apps for smartphones, introducing an ecosystem that made it easy to share and use apps spurred adoption. “Our desire is to be the most used crypto wallet and sort of knock down barriers in terms of getting into the space,” he said. “I think collectibles have the best chance of bringing us out of the early adopter phase and moving into mainstream use, because most people are excited about these games.” As part of its interface, users can add friends as contacts, negating the need to memorize or share complicated wallet addresses. “We’re not a trading desk, we’re not a Coinbase, we’re not a Gemini, we’re…

Crypto Featured in British Soap Coronation Street With 8 Million Viewers

Crypto Featured in British Soap Coronation Street With 8 Million Viewers

News Cryptocurrency is a major plot of the longest-running British soap opera Coronation Street this week. Each of the show’s episodes currently has about 8 million viewers. A character in the show invested in a cryptocurrency back in 2011. After some research, he thinks he is sitting on a fortune. Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals Crypto in Coronation Street Cryptocurrency is one of the main plots of this week’s Coronation Street episodes, aired on Monday, Wednesday, and Friday. The popular show has been on ITV since December 1960, making it Britain’s longest-running soap opera. In June, the show won the Best Soap category of this year’s British Soap Awards. Overall, it has won six times since 1999 when the awards began. Forbes described on Tuesday, September 11: Bitcoin and cryptocurrency have found an unlikely home: on British soap opera Coronation Street, a TV programme watched by some eight million people per episode. In Monday’s episode, Ryan Conner, played by Ryan Prescott, revealed that he had some cryptocurrency. He told his friend, Ali Neeson, that he purchased a cryptocurrency called whipcoin many years ago to use on the dark web but never got around to spending it. Conner said he bought 5 whipcoins at about £10 (~US$13) each. “It was 2011, something like that,” he recalled. When Neeson questioned that he never thought to check how much the coins are now worth, Conner replied “Knowing my luck, 5 pence? Nothing?” He was, however, gobsmacked when Neeson told him that 5 whipcoins are probably worth about £250,000 (~$326,400) today. In 2011, only BTC had a price that reached $13, rising from about $1 at the beginning of the year to about $31 in July before falling to less than $5 in December. There were periods when its price was roughly $13. That year, very few altcoins existed; those that did were not traded on an exchange. In April 2011, namecoin launched and became the first altcoin. By the year’s end, there were also ixcoin, swiftcoin, and litecoin. However, none of the altcoins had the profile described by Conner. BTC’s price chart on Mtgox for 2011. Big Surprise According to Hello Magazine, in Wednesday’s episode, “Ryan’s frustrated when he can’t remember his password to his whipcoin account so…

Faced With Cash And Forex Shortages, Zimbabweans Turn To Bitcoin – Even When It’s Banned

Faced With Cash And Forex Shortages, Zimbabweans Turn To Bitcoin – Even When It’s Banned

Emerging Markets Cryptocurrency may be banned in Zimbabwe, but bitcoin is helping ordinary folk make payments bank-free. It makes for a great fit for the more than 10 million Zimbabweans who lack access to basic banking services. And it’s even more beneficial to the banked few, a distrusting lot, keen to protect their savings against bank failure, inflation or even political turmoil. Also read: With Bitcoin Cash, A Namibian Conservationist Hopes To Save Endangered African Wild Dog How Do You Feel About Paying Rent in Bitcoin? How would you feel about paying rent in bitcoin (BTC)? Josh from Zimbabwe’s second largest city, Bulawayo, feels great about it. “I didn’t have cash at hand, so, my landlord who is open-minded about cryptocurrency said I could pay in bitcoin,” Josh told news.bitcoin.com. Harare, Zimbabwe. The 23 year-old unemployed psychology graduate, who mines bitcoin at a small scale, zipped 0.02281BTC to his landlord, the equivalent of US$120 at the time. Zimbabwe is faced with a two-fold problem: a shortage of foreign currency, and that of a surrogate currency called bond notes, initially billed as a panacea to the forex crunch. The Southern African country gave up its own currency in 2009, the same year bitcoin was born, after hyperinflation peaked at over 230 million percent, according to official estimates. Some businesses, importers and informal traders particularly, often now offer discounts on cash purchases in US dollars – or bond notes – while charging more for mobile or card transactions. Bitcoin a Silver Bullet Now, as Zimbabwe struggles with a severe cash crisis that has forced people to spend hours queuing for money at banks, bitcoin is proving a silver bullet. Not only is the benchmark cryptocurrency helping people like Josh pay for apartment rentals and rates, but it is also making it easier for Zimbabweans to pay for goods and services that are charged in US dollar terms. A few days ago, this writer used bitcoin to pay subscription for satellite TV – about 0.0042BTC or US$27 at the time, including fees, because I could not get or afford the US dollar equivalent. Around the same time, Stanbic, one of the few remaining local banks accepting deposits for pay television, announced it will no longer be processing such payments,…

BitGo Receives Regulatory Approval to Custody Crypto Assets

BitGo Receives Regulatory Approval to Custody Crypto Assets

Crypto security startup BitGo has received approval in the U.S. to act as a qualified custodian for digital assets. The company, which has spent most of 2018 attempting to launch a regulated custodian entity, announced that the BitGo Trust had been approved by the South Dakota Division of Banking on Thursday, meaning it can now offer institutional clients a regulated storage solution for digital assets, said chief compliance and legal officer Shahla Ali. Ali told CoinDesk that this may mark the first time a regulated custodian was designed and built from scratch specifically to target crypto assets. “Currently … we offer an online hot wallet solution, which is available to anyone to download our software and store their coins. We also offer a custodial solution which is a combination of hot and cold wallet,” she said, although “that offering, though secure, is not regulated like the Trust.” She continued: “The trust company will enable us to offer a qualified custodial offering that is regulated, that has the money laundering and know your customer requirements. Our custodian offering already has money laundering and KYC requirements … [but the Trust is] for institutional clients … especially for those who are registered advisors and broker dealers.” Although BitGo Trust was specifically approved by South Dakota regulators, Ali noted that “generally other states will give you reciprocity in the sense that other states have money transmission laws and they’ll exempt you from money transmission requirements.” BitGo representatives met with South Carolina regulators during the process to approve the Trust, she said. Now that it’s been approved, “our hope is to build this platform out, to really demonstrate to regulators and customers that this model can work and we can really build a great trust company that safeguards assets.” Although BitGo has customers who are ready to begin storing their assets with the Trust, under South Dakota regulations, the general public has 30 days to file an appeal against the decision. The company said it is set to begin operations on a technological level, and will do so once the 30-day period has expired if no appeals are filed. Once it does launch, BitGo will immediately begin taking custody of assets, indicated Ali. Ali said the BitGo team has worked to ensure that…

Constantinople Ahead: What You Need to Know About Ethereum’s Big Upgrade

Constantinople Ahead: What You Need to Know About Ethereum’s Big Upgrade

Constantinople, ethereum’s next system-wide upgrade, is coming soon to a node near you. Finalized August 31, Constantinople includes five different ethereum improvement proposals (EIPs). Once released on ethereum, the proposals will permanently alter the blockchain with a host of new backwards-incompatible upgrades. This means that nodes — the network of computers that run ethereum software — must either update together with the whole system or continue running as a separate blockchain entity. More formally known as a “hard fork,” system-wide upgrades have instigated a fair amount of drama in the past. Most notably, in the case that a portion of users don’t agree with the change, this may result in two different versions of the same blockchain running concurrently. As dramatic as these things can get (having formerly resulted in a competing cryptocurrency named ethereum classic), most of the upgrades in Constantinople won’t be noticeable to average users. Indeed, described by independent developer Lane Rettig, the upcoming ethereum hard fork won’t feature any “big changes” for end users at all. Characterized as primarily a “maintenance and optimization upgrade” by Rettig, Constantinople features small, yet highly technical, ethereum improvements to network efficiency and fee structure, as well as, upgrades that pave the way to ethereum’s hotly anticipated scaling roadmap. Additionally, the hard fork includes changes to ethereum’s underlying economic policy, and the delay of the difficulty bomb, a piece of code programmed to activate what is known as the ethereum “ice age” in which new block creation on the network eventually slows to a complete halt. As detailed by CoinDesk, the economic change has been the cause of contention, with conflicting views expressed by ethereum stakeholders in the months prior to the upgrade. At press time, anxiety is continuing to brew among the networks miners that are faced with an impending pay cut following Constantinople. But still, achieving a balance between all stakeholder concerns, developers are confident that the upgrade will be broadly well received. While a formal block number has yet to be finalized, core developers and clients are currently implementing, reviewing and testing the Constantinople code. As ethereum trader Eric Conner told CoinDesk: “Complex coding and testing takes time. And ethereum is live so it’s essential to be sure no changes are breaking.” The…

Japan’s Financial Regulator Expands to Handle Influx of Crypto Exchange License Demand

Japan’s Financial Regulator Expands to Handle Influx of Crypto Exchange License Demand

Japan’s Financial Services Agency (FSA) plans to bolster its workforce by 12 personnel to better handle the growing influx of applications for crypto exchange licenses, Reuters Japan reported September 12. At a crypto exchange study group meeting Wednesday, the FSA’s vice commissioner for policy coordination, Kiyotaka Sasaki, said that the agency is currently conducting its oversight of crypto exchanges with a team of around 30 people, whose work includes the review of license applications. Yet Sasaki reportedly stressed that with over 160 firms currently awaiting review, the dedicated number of personnel is insufficient, saying the agency would need to add 12 further persons in 2019 to handle its “biggest problem” – the burgeoning number of license applications. According to a document released after the meeting, the FSA has to date been reviewing sixteen cases, twelve of which withdrew their application at the FSA’s request and one of which has been rejected. Three, including Coincheck — which notoriously suffered the largest hack in crypto industry history this January — await a final decision. The document further states that the agency plans to refine its risk profiling mechanisms as part of its “ongoing in-depth monitoring” of the exchange space, and to work increasingly closely with related ministries and agencies vis-a-vis non-registered firms, both domestic and overseas. The document highlights concerns over insufficient anti-money laundering (AML) and terrorism financing prevention measures among exchanges, and points to other concerns regarding business models, risk management and compliance, internal audits, and corporate governance. As previously reported, the FSA published the results of its on-site inspections of crypto exchange operators last month, finding that  the total digital assets of domestic exchanges have surged to 792.8 billion yen ($7.1 billion) — an over six-fold increase within the space of one year. Meanwhile, as today’s document reiterates, most exchanges’ system personnel are fewer than 20 people, meaning that one employee on average was found to be managing digital assets worth 3.3 billion yen ($29.6 million).

Bloomberg: Morgan Stanley Plans Bitcoin Trading for Clients

Bloomberg: Morgan Stanley Plans Bitcoin Trading for Clients

U.S. banking giant Morgan Stanley is planning to offer clients Bitcoin trade swaps, anonymous sources told Bloomberg Thursday, September 13. Citing “people familiar with the matter,” the publication reveals the U.S. multinational will follow in the footsteps of fellow Wall Street players in pursuing Bitcoin exposure options. According to the sources, Morgan Stanley “will deal in contracts that give investors synthetic exposure to the performance of Bitcoin.” “Investors will be able to go long or short using the so-called price return swaps, and Morgan Stanley will charge a spread for each transaction,” they added. The news marks the latest commitment to Bitcoin interest from Wall Street giant, Goldman Sachs last week refuting claims it had dropped plans for a Bitcoin trading desk. A Morgan Stanley spokesperson declined to comment to Bloomberg about the plans.

Former RBI Governor Stirs Up PMO India – Time For Better Banks

Former RBI Governor Stirs Up PMO India – Time For Better Banks

Economy & Regulation Bank frauds in India have opened a can of worms this year, leaving the public questioning concepts such as board, governance, public sector, bankruptcy, and investor transparency with anxiety and anger. As a former RBI Governor raises more questions with the Prime Minister’s Office, it’s time to bring crypto finance to the debate. Also read: Thai Government Approves Crypto Exchange, Wants Own Wallet Rajan and RBI – Fraud Concerns Continue In a note to the Chairman of Estimates Committee, former RBI Governor Raghuram Rajan has put together a list of high profile cases of banking frauds. It has been sent to the Prime Minister’s Office (PMO) for a coordinated action. A series of financial fraud cases has been reported in India. The note to the Parliamentary panel details serious concerns as to the rise in size of frauds in the public sector banking system. Urgency and speed has been expected by ex-RBI Rajan, who mentions use of new tools, stringent penalties for non-compliance, swift enactment of the Bankruptcy Code and an AQR (Asset Quality Review) process. Fraud cases at a number of public sector banks – as well as private banks – have brought the opacity of the current banking business model into the spotlight along with awareness of the oversight of the Board of Directors. Stop Spinning the Wheel – Reinvent It A recent report on Indian digital customers by payments company FIS indicates 18% of them have reported a fraud in the past year. The most affected age group was between 27 to 37 years – also the ones who are more inclined to use digital banking apps. With recapitalization plans as huge as Rs 1.35 trillion announced last year, and the total capital infusion into banks over the past decade rounding to some Rs 2.65 trillion as per other media reports, this is also a time to bring more transparency and disintermediation into the overall radar of RBI in India. After the 2008 crisis in the US, and bail-outs to many collapsing global economies across the world, the global financial world can use some radical ways to rethink banking and money. Something that can complement or fill the gaps that erstwhile banking systems have inflicted upon investors and customers –…

Bitcoin Price Looks North After Passing $6.4K Resistance

Bitcoin Price Looks North After Passing $6.4K Resistance

Bitcoin (BTC) is teasing a decent bullish move, having cleared a crucial resistance a few hours ago. The leading cryptocurrency moved past $6,400 earlier today, singling the bearish exhaustion as indicated by Tuesday’s spinning bottom candle is paving way for a corrective rally. Notably, the positive price action is preceded by a solid defense of the long-term trendline connecting the June low and Aug. 11 low and an upside break of the symmetrical triangle. As a result, the stage looks set for an upside move. However, caution is still the name of the game as the bearish moving averages (MAs) could work as stiff hurdles and complicate the recovery. At press time, BTC is changing hands at $6,450, having clocked a high of $6,490 earlier today, according to Bitfinex data. Hourly chart The symmetrical triangle breakout, as seen in the above chart, indicates a bullish reversal, meaning the sell-off from the recent highs above $7,400 has ended and the bulls have regained control. Further, the 50-hour and 100-hour MAs are beginning to curl up in favor of the bulls. So, while there is a reason to be optimistic here, the downward sloping (bearish) 200-hour MA is warning the bulls against being too ambitious. Daily chart Over on the daily chart, the persistent bear failure to penetrate the lower end of the pennant pattern is finally yielding a bullish move. A UTC close today $6,400 would further cement the short-term bullish case. However, as of writing, the downward sloping (bearish) 10-day moving average, is putting brakes on the price rally. View The bullish price action on the hourly and daily chart indicates BTC could test the 10-week MA of $6,847 in a day or two. The bearish moving averages may slow down the pace of the bullish move, but are unlikely to derail the corrective move higher. Moreover, price action always supersedes lagging indicators like the moving averages. A downside break of the pennant pattern seen in the daily chart would revive the bearish view. Disclosure: The author holds no cryptocurrency assets at the time of writing. Golden compass image via Shutterstock; Charts by Trading View Join 10,000+ traders who come to us to be their eyes on the charts and sign up for Markets Daily, sent Monday-Friday. By signing…