Ether Shorts Hit Another Record High as Price Sinks

Ether Shorts Hit Another Record High as Price Sinks

There seems to be no end in sight for the sell-off in ether markets, as the number of short orders placed on the second-largest cryptocurrency by market capitalization hit a fresh record high on Wednesday. The ETH/USD shorts on Bitfinex exchange clocked a new high of 248,247, beating the previous record high of 247,611 set last Friday. Looking at the data from a different angle, these bearish bets have risen by more than 200 percent in the past four weeks. ETH/USD shorts The extreme negative positioning – as seen in the chart above – usually results in a sharp move on the opposite side, popularly known as “short squeeze”. Further, the stage looks set for profit taking (unwinding of shorts) as the cryptocurrency is looking extremely oversold as per the relative strength index (RSI). However, the ether market is showing no signs of bearish exhaustion. This is evident from the fact that ETH found acceptance below $200 after shorts rose to lifetime highs on Friday. Further, prices hit a 13-month low of $167 today in accordance with the rise in the bearish bets to new highs. So, it seems safe to say that the bearish sentiment is quite strong and the unwinding of shorts will likely gather pace only if bitcoin, the world’s largest cryptocurrency by market capitalization, picks up a bid as anticipated by technical charts. However, if BTC dips below $6,000, then the ETH bears could continue to boost short positions to fresh record highs, accentuating the rout. At press time, ETH is trading above $171 on Bifinex. Disclosure: The author holds no cryptocurrency assets at the time of writing. Ethereum 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 up, you agree to our terms & conditions and privacy policy 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.

Crypto Exchange Seed CX Raises $15 Million in Series B Round

Crypto Exchange Seed CX Raises $15 Million in Series B Round

Crypto exchange company Seed CX has raised $15 million in a Series B funding round. Bain Capital Ventures led the exchange’s $15 million Series B fundraise, according to statements, bringing the company’s total fundraise to $25 million. The exchange offers trading and settlement services for spot markets and other derivatives regulated by the Commodity Futures Trading Commission. Additionally, the exchange has applied for a BitLicense through the New York Department of Financial Services and a broker-dealer registration through the Financial Industry Regulatory Authority. The exchange hopes to offer trading services for digital assets that are similar to other existing commodities and equities, co-founder and CEO Edward Woodford said in a statement. Woodford added: “As a licensed exchange for both spot and derivatives trading, we deliver the operational risk safeguards, strong institutional technology, operational support and regulatory compliance that institutions demand. What is particularly exciting is that our unique offering brings large institutional traders, who have so far sat on the sidelines, into the crypto space for the first time.” Seed CX intends to draw both institutional investors and other professional traders, he said. Its new funds – which come on top of $10 million the exchange had previously raised – will go toward building up its physical trading infrastructure, growing its network of trading groups and hiring more employees, the release stated. In particular, the exchange is looking to hire individuals for its operations, market surveillance and technology wings, and aims to grow its team to 40 people. Dollars 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.

Start a Business – Do Not Ask for Permission, Skip the Bank Account

Start a Business – Do Not Ask for Permission, Skip the Bank Account

Op-Ed Doing business, relying on your own abilities and talents to make a living, shouldn’t be so hard to start. But unlike the times when almost everyone was a farmer, a craftsman, a merchant, basically a businessman, in today’s realities overreaching state regulations, initial capital needs, unhealthy competition from the bigwigs in an industry, often present insurmountable entry barriers for the average, hard-pressed, sometimes heavily indebted, wannabe entrepreneur.      Also read: Malta Sees No Issue With Unlicensed Crypto Firms Practical Steps Towards Economic Freedom It Takes a Global Village – Like in the old days, and that will probably never change, you need a bazaar to sell your merchandise, regardless of the specifics of the project. In modern times we call it Internet. An online enterprise must get you in touch with many potential buyers, customers and expand your world of opportunities. So you would likely need a website. Keep It Simple Stupid – You don’t necessarily need a pricey page, however. You’ll be surprised to find how many of those fancy websites you visit every day are based on free, open-source CMS platforms. Go for WordPress, Joomla, Drupal, or any similar… Pick a nice template from Themeforest, Template Monster… For money sake, you can even get a decent free one… just google it! Ask for a Favor – Everything seems to have a price tag nowadays and we tend to forget some things are priceless. Need a hand with the website? Look around, call a friend. Choosing a domain, a hosting service, simple SEO optimization, basic tuning of the template and so on – a treat, maybe some satoshis should get you through this stage. Here’s a favor – if you need decent free pics to dress up your website, check out platforms like Rgbstock.com, Pexels.com and many more. No Bank, No Pain – Following these simple steps should put your business online, most certainly without the need for borrowed capital. The next smart step would be to find ways to get by without lending your own capital to an institution that would only hand you a contract with lots of small letters and catch-22s in return for your precious cash. Go crypto! Preserve your Privacy! Make Crypto! – Undauntedly, business is no charity,…

Huobi Buys Majority Stake in Japanese-licensed Crypto Exchange BitTrade

Huobi Buys Majority Stake in Japanese-licensed Crypto Exchange BitTrade

Huobi Global’s wholly owned subsidiary, Huobi Japan Holding Ltd, has recently acquired a majority stake in Japan’s BitTrade — one of only 16 regulated crypto exchanges in the country, Cointelegraph Japan reports Wednesday, September 12. As Cointelegraph has learned, Huobi Japan will get 100 percent of the shares from True Joyful Limited, BVI, which holds holds all of the beneficiary interest in the company.  FXTF Asset Investment Private Ltd. reportedly had 75 percent of the shares, with FX Trade Financial with 25 percent. Haiteng Chen, the acting president of Huobi Japan, was named as a chairman of BitTrade while Chris Lee, who left his roles as CEO of OKEx and CFO of parent operator OkCoin in May to join the Huobi team, was appointed as its independent director. Huo Li, Huobi Capital Inc. CEO, will take on the role of an outside director as well. Both Huobi and BitTrade officials are determined to develop the platform to expand its global reach. According to a press-release published by Business Insider, Huobi Japan will “aggressively scale up the platform” to provide more professional and user-friendly services. Lee, new BitTrade director, CEO for Huobi Japan Holdings, and CFO for Huobi Universal Inc., further clarified the goals of BitTrade’s coming strategy. As cited by Business Insider, Lee said: “Looking ahead, we will leverage on Mr. Cheng’s international network and passion for blockchain technology as we continue to expand geographically […] Leveraging on BitTrade’s leadership team and its Japanese government-approved license, this is just the beginning as we look to grow BitTrade into the most dominant player in the Japanese cryptocurrency market.” Huobi is one of the world’s largest crypto exchanges, ranked the fourth largest in the world by daily trade volumes, seeing around $573.2 million in trades over the 24 hours before press time. The company has accumulated over US $1 trillion since it was founded back in 2013, and has teams in Singapore, Korea, Hong Kong, Australia, the UAE, Luxembourg, along with other locations. BitTrade is one of only 16 regulated and Japanese government-approved crypto currency trading platforms and also the only one fully acquired by international investor — Singaporean multi-millionaire and entrepreneur Eric Cheng. As Cointelegraph reported earlier, the company received its license in Japan in June…

Below $50: Litecoin Price Clocks 12-Month Low

Below $50: Litecoin Price Clocks 12-Month Low

The price of litecoin (LTC) hit a 12-month low below $50.00 on Wednesday. The world’s seventh largest cryptocurrency by market capitalization sank to $47.67 at 10:34 UTC – its lowest price since September 22, 2017. LTC was last seen at $49.08, down more than 8 percent on the day, according to CoinMarketCap. Notably, LTC is the second biggest loser among the top 10 cryptocurrencies by market cap, reporting a 22.5 percent loss week-on-week. Further, it is down 86 percent from its all-time high of $344 set last December. Other cryptocurrencies are also reporting sharp losses today. For instance, ether (ETH), bitcoin cash (BCH) and monero (XMR) are all posting 24-hour losses above 9 percent. Meanwhile, Stellar lumens (XLM) is currently the only cryptocurrency out of the top 50 showing a 24-hour gain, albeit a meager one of 0.02 percent – likely based on positive news flow in recent days. The risk aversion is likely associated with bitcoin’s (BTC) 15 percent week-on-week drop. The leading cryptocurrency’s current price of $6,273 is just around $400 away from setting a new low for the year, which if surpassed, will likely drag down the rest of market with it. Looking forward, LTC may witness a minor corrective rally, since the relative strength index is reporting oversold conditions. However, if BTC fails to achieve a chart-indicated recovery, then the relief rally may not materialize. Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing. Litecoins image via Shutterstock 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 up, you agree to our terms & conditions and privacy policy 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.

Korean Financial Watchdogs Probing Blockchain Firms Over ICO Activity

Korean Financial Watchdogs Probing Blockchain Firms Over ICO Activity

South Korean financial watchdogs are contacting domestic blockchain startups as part on an investigation into initial coin offerings (ICOs). According to an exclusive report from CoinDesk Korea, the probe is causing jitters among the firms over whether it could ultimately lead to some form of sanctions if firms are considered to have broken rules on token sales. Currently, ICOs are technically not allowed, since the token-based funding method was banned last September. As revealed in a questionnaire from the Financial Services Commission – obtained by CoinDesk Korea on Wednesday – the Financial Supervisory Service (FSS) has already sent letters to several companies asking them to cooperate with the investigation. The FSS is a regulator that supervises financial institutions under the oversight of the FSC. The questionnaire consists of 52 questions, requiring specific information such as shareholder status, countries where an ICO is in progress, the amount of tokens allocated to domestic residents in any ICO, and the reasons for conducting an ICO overseas. However, rather than an effort to clamp down on token sales, an official from the FSS told CoinDesk Korea it is reaching out “to understand what the contents of the contract, business plan, and white paper are, if it has any.” They continued: “It is not for sanctions. This is to grasp the current situation. … It is important to look at investors’ ability to report on investments, and to provide a system for ICOs.” Regarding a possible regulatory framework for ICOs, the official said, “We are trying to figure out the real situation because we can not just [ignore the issue] as ICOs are going on in foreign countries.” A lawyer who had advised a blockchain firm that has recently completed an ICO said they were skeptical about the intentions behind the investigation, when asked by CoinDesk Korea. They further expressed unease that the investigation would disclose company information that is “not normally open to the general public.” Korean won 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.

66% of Cryptocurrency Enthusiasts Don’t Want to Receive Wages in Fiat

66% of Cryptocurrency Enthusiasts Don’t Want to Receive Wages in Fiat

Economics Companies and projects wishing to attract the best and brightest young talent need to offer bitcoin salaries. A recent survey of cryptocurrency enthusiasts found that 66% of the community would prefer to receive their wages with these new assets than fiat. Also Read: New York Regulator Approves Two New Stablecoins, Gemini Dollar and Paxos Standard Cryptocurrency Compensation Survey Human resources startup Chronobank has surveyed 445 cryptocurrency enthusiasts from all over the world including the US, Australia, and Russia to learn more about their work preferences. The Cryptocurrency Compensation Survey revealed that the majority of the community would be willing to receive part or all of their wages in bitcoin or other cryptocurrencies. 66% of those surveyed wanted their employers to embrace the change and answered that they personally would be willing to receive wages in cryptocurrencies. And 83% of respondents said they were more than happy to receive their bonus payments in cryptocurrencies. Additionally, 72% of those surveyed said they would prefer an employer who has a salary payment option in cryptocurrency when choosing their next place of employment. Young Hodlers, Honest Americans The majority of respondents believe in the growth of the value of digital assets in the future, and thus only a fifth indicated they would convert some of their cryptocurrency wages into fiat. And 50% think that receiving a salary in cryptocurrency would help them spend less and only 19% would use it to make transactions. For younger people, in the 18-24 bracket, the number of long term holders is even higher at 60%. With respect to the markets that will switch to payment of salaries in cryptocurrencies, Japan (32%) is perceived as the leader. The US (15%) and South Korea (15%) are next in line, but US respondents believe more in South Korea (25%) than in Japan (only 13%). In Russia, 47% believe that Japan is the dominant leader of the industry. And 57% of respondents are also confident that such initiatives will positively affect the economic growth of countries who adopt them. Interestingly, 65% of those surveyed in the US said they are willing to pay taxes on crypto salaries compared with Russia where only 30% answered the same. 92% of the survey respondents were male, 40% were aged…

Softbank Completes Blockchain Test for Cross-Carrier Mobile Payments

Softbank Completes Blockchain Test for Cross-Carrier Mobile Payments

Japanese telecoms giant Softbank Corp. has completed a blockchain proof-of-concept (PoC) that allows P2P mobile payments across different carriers. Softbank said on Wednesday the technology was developed in partnership with blockchain startup TBCASoft, as well as Synchronoss, a Nasdaq-listed firm that delivered a SMS-replacement communications protocol called Rich Communication Service (RCS) in Japan. Based on the announcement, the partners jointly created the blockchain-based PoC, which notably integrates RCS with a distributed network deployed across participating carriers. The system is intended to be deployed among mobile carriers in an effort to replace the traditional SMS text messging system with a richer pool of features, such as sending multimedia content, documents and voices calls via carrier networks instead of mobile apps. Softbank further explained that, with a distribute network as a underlying technology, users can send funds stored in their wallets within the RCS system from one carrier to another in a peer-to-peer fashion – which would be especially useful when traveling abroad. Softbank Corp. vice president Takeshi Fukuizumi commented in the announcement: “This RCS and blockchain based mobile payments PoC demonstrates the value operator-led services can deliver. Not only do we foresee our new mobile payment service empowering merchants to operate digitally, and at a scale that was previously only available to big brands, but it will also give our customers more flexibility when it comes to their purchasing and traveling habits.” The effort comes a year after Softbank, TBCASoft and several global major carriers formed a Carrier Blockchain Study Group with the goal of developing a cross-carrier blockchain payments service. Others joining the consortium at the time included U.S.-based carrier Sprint and FarEasTone, one of largest operators in Taiwan. Softbank 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.

Carbon Becomes Latest Startup to Launch a Dollar-Pegged Stablecoin

Carbon Becomes Latest Startup to Launch a Dollar-Pegged Stablecoin

Following an eventful week that saw the release of dollar-pegged stablecoins from both Paxos and Gemini, crypto project Carbon is now set to release one of its own, dubbed CarbonUSD, that is based on ethereum. Starting Wednesday, the new “compliant, price-stable” coin is being made available for institutional accounts, hedge funds, traders, and exchanges. Carbon said in a press release that it is “actively pursuing” exchange listings for CarbonUSD. Although CarbonUSD will launch less than a week after the Gemini dollar and Paxos Standard hit the markets, the team believes the coin’s unique algorithmic model will eventually set it apart from its competitors’ offerings. If and when CarbonUSD reaches a $1 billion market cap, Carbon will transition to a hybrid algorithmic model, Miles Albert, co-founder of Carbon, told CoinDesk. “We’ve already developed our algorithmic scale model, we’ve already done simulations as well, to test the resilience of our model,” he said “From an algorithmic standpoint, we plan to whitelist our ‘metatoken’ structure after CarbonUSD has reached sufficient scale and liquidity.” However, with a cloud still gathered around the current primary stablecoin, tether, over its lack of clear third-party audits and accusations of market manipulation, trust in another dollar-backed stablecoin may be hard to establish. Albert seems unfazed, however, saying: “We designed CarbonUSD to be as compliant as possible and in doing so we – our partner’s Prime Trust – and CarbonUSD will undergo frequent third-party attestation to verify that each token is one-to-one [dollar to token] backed. We really want to create a token that’s transparent, compliant.” The project’s chief marketing officer, David Segura, explained that Carbon spent a lot of time working with Prime Trust – a blockchain-driven trust company – to make sure that the “legal side” was thoroughly thought out. Investors wishing to purchase CarbonUSD will need to do so via fiat currency deposits with Prime Trust, according to the release. Back in April, Carbon was able to secure $2 million in seed funding from investors such as General Catalyst, Digital Currency Group and FirstMark Capital. While CarbonUSD is launching on the ethereum network, the company indicated it is still interested in the energy efficient, high-throughput network hashgraph, which is yet to be released to the public. “An algorithmic, fiat-pegged stablecoin will help drive utility and accelerate…

Crypto Billionaire Di Iorio Seeks New Start for Jaxx as All-in-One Wallet

Crypto Billionaire Di Iorio Seeks New Start for Jaxx as All-in-One Wallet

One mobile app to rule them all. That’s how Anthony Di Iorio sees the new Jaxx Liberty crypto wallet. As one of the cryptocurrency industry’s wealthiest entrepreneurs, Decentral CEO Di Iorio said he aims to attract up to 100 corporate integrations to his new wallet to make it the most versatile app in the ecosystem. Revealed exclusively to CoinDesk, Decentral is launching Jaxx Liberty today, after several months of beta testing. “It’s almost like an app store,” Di Iorio told CoinDesk, speaking to how consolidation could make transactions faster and simpler. “Our whole model is we provide a single interface so that users don’t have to send money outside of a single system.” Di Iorio said he believes the whole ecosystem flourishes when products monetize cohesively rather than competitively dividing users across platforms. Stepping back, Decentral garnered over 1 million Jaxx downloads since January 2017 and still processes more than 3,000 support requests a month. Active users total 750,000 to 1 million a month, depending on market conditions, Di Iorio said, including 118,000 Chrome extension users. While the original Jaxx was predominately a software wallet capable of in-app currency conversions thanks to exchange partner ShapeShift, processing roughly $2 billion worth of crypto through that integration since 2016, Jaxx Liberty now includes everything from in-app block explorers for multiple currencies to news feeds from sites like CoinDesk. (The new app is available for Android mobile devices and as a Google Chrome browser extension, with iOS and desktop versions on the way.) “These are the things that, every day, people are looking at the pricing,” Di Iorio said, adding that the new features were inspired by user feedback about their financial habits. “We’ve put it all in one place.” Decentral will charge up to $250,000 to add support for new assets to Jaxx Liberty and it takes a cut of the fees for integrating financial services from other startups, such as exchanges. Meanwhile, the Decentral team plans to launch a tokenized reward program in 2019, called Unity, as yet another revenue stream from Jaxx Liberty. “The more the user is using services that we’re monetizing, the more they are earning of unity token,” Di Iorio said. “They’re going to be able to get discounts from our services.” However, aspirations…