Bitcoin Looks South After Strong Rejection Above $7,600

Bitcoin Looks South After Strong Rejection Above $7,600

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China Releases Year-End Crypto Rankings

China Releases Year-End Crypto Rankings

China’s Center for Information and Industry Development has published its year-end crypto project rankings. Thirty-five projects were evaluated and ranked overall as well as in three separate categories. Bitcoin has risen in ranking while EOS remains China’s favorite. Also read: China Ranks 35 Crypto Projects as President Xi Pushes Blockchain Year-End Crypto Rankings The Center for Information and Industry Development (CCID), under China’s Ministry of Industry and Information Technology, released the 15th update of its crypto project rankings on Friday. While the hype for blockchain technology initiated by President Xi Jinping has somewhat subsided, the center continues its work on evaluating and ranking crypto projects. This month’s release is the last one this year. The center evaluated the same 35 projects in December as it did for the previous rankings in September. In addition to the overall ranking, the CCID evaluated all the projects based on their basic technology, applicability, and creativity. EOS remains at the top of the overall ranking, followed by Ethereum and then Tron. The center started ranking Tron in February, debuting it at number two overall. However, in July, it dropped to the third place and Ethereum regained its number two ranking. In September, Tron overtook Ethereum once again but only to fall to the third place once more this month. NULS ranks fourth, followed by Lisk, Neo, Steem, and Bitshares. BTC has risen from the 11th spot to the 9th spot. BCH also improved, rising from the 30th spot to the 27th spot. CCID’s crypto rankings for December.The CCID describes itself as “a first-class scientific research institution directly under the administration of the Ministry of Industry and Information Technology of China.” It provides professional services to the government including research, consulting, evaluation, certification, and research and development, according to its website. The center has been working on its Global Public Blockchain Technology Assessment Index since the beginning of last year. The rankings are compiled by CCID (Qingdao) Blockchain Research Institute, an entity established by the CCID, in collaboration with other organizations such as the CCID Think Tank and the China Software Evaluation Center. “The result of this assessment will allow the CCID group to provide better technical consulting services for government agencies, business enterprises, research institutes, and technology developers,” the…

Saga Stablecoin Goes Live Backed By Basket of Fiat Currencies

Saga Stablecoin Goes Live Backed By Basket of Fiat Currencies

Its value will rely solely on the “basket of national currencies” whose collective worth backs up SGA’s list price. Meant to mimic the International Monetary Fund’s Special Drawing Rights, a currency-like reserve asset pegged to the dollar, euro, renminbi, pound sterling and yen, this “basket” will ensure SGA’s stable price.

Binance Defends Matic After Altcoin Dives 60% Due to ‘Panic’ by Whales

Binance Defends Matic After Altcoin Dives 60% Due to ‘Panic’ by Whales

Ethereum (ETH) based cryptocurrency payment network Matic has described as “baseless” claims it manipulated the price of its token after it crashed 60% in minutes. In a blog post on Dec. 10, executives addressed community participants who saw the value of the project’s in-house MATIC token lose most of its value hours before. Matic denies manipulation after crash According to data from Coinmarketcap, MATIC/BTC reached a high of 562 satoshis on Monday, before diving to lows of just 195 satoshis.  Despite a subsequent correction above the 200 satoshi mark, the pair was still trading down 50% at press time on Tuesday.  MATIC/BTC 1-month chart. Source: Coinmarketcap “We want to strongly state that the allegations of token movement from our Foundation account, made by a FUD account against Matic team are completely baseless,” the blog post read. Matic was one of the first so-called initial exchange offerings (IEOs) to raise funds on Binance Launchpad, the dedicated incubator from cryptocurrency exchange Binance.  As Cointelegraph reported, after losing value following the IEO in April this year, a sudden spurt of bullish action saw MATIC/BTC gain considerably during the last week of November.  Nonetheless, in a warning to potential investors, regular Cointelegraph contributor Michaël van de Poppe urged caution about joining in.  “Rule number one in trading: never buy an explosive green candle and never FOMO (fear of missing out) after the fact. There’s always a retrace,” he wrote in analysis on Nov. 26. That retrace saw MATIC reverse the entirety of its gains prior to the modest rebound.  CZ: “clear” Matic team not involved In the face of criticism, however, Binance CEO Changpeng Zhao (known as “CZ”) was keen to defend a home-ground project from potentially unfounded criticism. “Our team is still investigating the data, but it’s already clear that the MATIC team has nothing to do with it,” he wrote on Twitter.  CZ added that major bagholders were to blame for the volatility: “A number of big traders panicked, causing a cycle. Going to be a tough call on how much an exchange should interfere with people’s trading.” Keep track of top crypto markets in real time here

Crypto Exchange BTSE Eyes $50M for Exchange Token Sale on Liquid Network

Crypto Exchange BTSE Eyes $50M for Exchange Token Sale on Liquid Network

Multi-currency and spot/futures exchange BTSE plans to host the first-ever native exchange token sale based on a Bitcoin (BTC) sidechain.  The exchange seeks to raise $50 million, Finance Magnates reports on Dec. 10, with minimum investments set at $150,000. BTSE’s choice to host its offering on a Bitcoin sidechain sets it apart from other exchange tokens, which largely use either the Ethereum network or an in-house blockchain.  Specifically, BTSE will release its token on the Liquid Network: a federated sidechain on the Bitcoin blockchain that functions as a settlement and payments network for crypto exchanges, market makers, brokers and other financial institutions.  BTSE’s pitch deck reveals that the exchange will launch the token sale in March 2020, selling tokens at a price of $1 each, with tiered discounts and vesting options. BTSE eyes expansion into OTC and mining markets The exchange indicates it will use the funds raised to develop its platform and liquidity depth, expand into lending, over-the-counter (OTC) and mining markets, and to drive user growth in order to increase its overall revenue. At present, BTSE’s revenue model depends on platform and debit card fees, OTC margins, lending and mining — the latter of which generates an expected return of 30% per annum, the document reveals. To manage circulation and scarcity, BTSE will tie its token into a buyback scheme, whereby: “We take 30% of all revenue streams every month allocated to a liquidity pool that is then used to buy back tokens at market price until the supply has been halved.” The pitch deck indicates that, aside from its buyback system, token scarcity will be encouraged by offering token holders incentives such as interest-bearing accounts, lower fees, and higher rebates. Privacy features The Liquid Network, developed by blockchain infrastructure firm Blockstream, supports privacy features such as Confidential Transactions as well as atomic swaps, which enable the exchange of one token for another without the need for a trusted third party or centralized exchange infrastructure.   As reported earlier this fall, BTSE launched Monero (XMR) futures trading, making it one of the first and only exchanges offering futures contracts on the privacy-focused altcoin. The exchange is licensed by the Department of Economic Development, Government of Dubai and operates under the regulatory oversight of the…

Bitcoin Halving Could Leave Price at $20K-$50K, Hedge Fund Manager Says

Bitcoin Halving Could Leave Price at $20K-$50K, Hedge Fund Manager Says

Lightning Capital is a small hedge fund, with roughly $500,000 of assets, but Hwang’s prediction adds to a growing number of estimates from investors and analysts trying to gauge the potential impact of the halving – where the number of bitcoin mining rewards created every 10 minutes is sliced in half. The cut happens every four years, in accordance with the cryptocurrency’s 11-year-old design.

Bitcoin History Part 21: Miners Pour One out for Satoshi

Bitcoin History Part 21: Miners Pour One out for Satoshi

There are a few ways of looking at bitcoin mining. As an ostensibly selfish enterprise, wherein miners are seeking to extract precious coins for profit. And as a community of individuals who envisage a better way of generating, handling and using money, and are motivated to secure the Bitcoin network. The truth is probably somewhere in between. Whatever the case, greed was not the motive for the bitcoin miners who took it upon themselves to claim less than their allotted coinbase reward. Why would anyone do such a thing? Also read: Bitcoin History Part 20: BTC Reaches $1 The First Miner to ‘Pour One Out’ Paying homage to the legends who have gone before is not unusual. It nevertheless came as a surprise when Bitcointalk user ‘midnightmagic’ decided not to claim his coinbase reward for BTC block 124,724 as a token of respect to Bitcoin’s departed founder. Midnightmagic publicized his tribute on June 8, 2011, about six months after Satoshi’s final Bitcointalk message. Coinbase rewards are awarded to miners of a valid bitcoin block, and until they were halved on November 28, 2012 they stood at 50 BTC. While each node verifies that miners don’t attempt to claim more than they are allowed, the software does not prevent them from claiming less than their earned share. Midnightmagic spoke for many when he wrote that he viewed this “as a freedom in the protocol, not a drawback.” He added, “To make absolutely sure that I was doing it on purpose, I set the reward value to 49.99999999, which meant that I inadvertently threw away the transaction fees which I could have allocated to myself. I did it as a tribute to our missing Satoshi: we are missing Satoshi, and now the blockchain is missing 1 Satoshi too, for all time.” Underpaying oneself to symbolically honor a shadowy figure who got the ball rolling on Bitcoin may seem like an odd move. But midnightmagic didn’t want to claim credit for the idea, saying years later that he merely implemented something Bitcoin developer Matt Corralo had “lobbed over the wall at me.” A Tidal Wave of Poured Liquor Midnightmagic may have been the first but he certainly wasn’t the last. Miners have foregone their coinbase rewards at various…