Day: September 5, 2017

The Chinese government intends to put more regulations in place for the crypto economy.

With the cryptocurrency markets still trying to find their new equilibrium, there isn’t much positive momentum to speak of right now. The Bitcoin price tries to mount a comeback, but all of the major altcoins are less successful. NEO is one exception, as the currency is slowly recovering. After the NEO price nearly collapses yesterday, we are now looking at a 13.12% rebound. An interesting development worth keeping an eye on.

NEO Price Attempts to Mount a Comeback

It is never pleasant to see cryptocurrencies lose a lot of value in quick succession. Although most altcoins have nothing to do with Bitcoin directly, their value is still often linked to the world’s cryptocurrency in this regard. This is effectively true for some the less “middle class” altcoins, such as NEO and OmiseGO. The term middle class refers to their position on the charts by market cap, and not the technology under the hood. Both currencies are just outside of the top 10, although that situation can certainly change in the coming months.

That being said, the NEO price took a massive beating yesterday. Whereas most other currencies lost 10% in value or less, NEO went down by over 33%. Given CHina’s regulatory stance on cryptocurrency ICOs, there was a fair amount of panic on the markets. Then again, the PBoC is not planning to ban cryptocurrencies but merely wants to pause all ICO activities until a proper regulation has been put in place. That situation may last weeks, or months, for all we know.

Now that things are settling down a bit, currencies such as NEO have a long road to recovery ahead of them. It seems things are already evolving in the right direction, though, as the NEO price recovered 13.12% in value over the past 24 hours. More specifically, it recovered that percentage in USD value, as well as a 16.03% gain against Bitcoin itself. Both are promising signs for all NEO holders, as well as the people who recently invested in this popular currency for speculative purposes.

With around $142m in trading volume, it is evident the demand for NEO hasn’t dried up just yet. Although it is hard to gauge whether most orders are buys or sells, the upward momentum can push the NEO price back to $25 in the coming days. Although the currency was valued at over $40 not too long ago, it will take some time until this value can be reached again. With Bitcoin still going through wild ups and downs, the future is a bit uncertain for all cryptocurrencies right now.

As one would expect, most of the NEO trading volume comes from the Bittrex exchange.  Their NEO/BTC trading market represents 61.1% of all trades for this currency.Additionally, they also have the USDT and ETH markets for this currency, giving this one exchange control over 74.6% of all NEO trades. That is quite a significant amount, although that doesn’t necessarily mean 74.5% of the 50 million tokens in circulation are traded there as well.

For the time being, it looks as if NEO may be the first altcoin to effectively recoup its losses thanks to China’s ICO ban. Whether or not this will have any effect on other alternative currencies – or even Bitcoin – remains to be seen, though. For the time being, a value of $22.42 per NEO is more than fair, although reaching $25 is not entirely out of the question. Slow and steady recovery will be the best course of action for any cryptocurrency right now, that much is evident.

The IRS has submitted new arguments in its tax investigation dispute with cryptocurrency exchange startup Coinbase.

Confused by token terminology? You’re not alone. Even some of the brightest minds in the space agree there’s reason for confusion.

The concept of Tether and their USDT tokens has always seemed strange. The company guarantees every USDT is pegged to the value of $1. Such claims are always pretty difficult to maintain over the long run. Especially when the company simply creates more Tethers out of the blue without proving they are all backed by … Continue reading Yet Another 25 Million Tethers are Created out of the Blue

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After a few days of Bitcoin price declines, the question becomes whether or not the market will ever recover. Although that is still the most likely outcome, re-establishing the previous uptrend will not go off without a hitch. Earlier today, the Bitcoin price attempted to rally again, but the initial success was shot down pretty quickly. The value still hovers around $4,200 as we speak, but a retrace to below $4,000 is still a very real possibility.

More ups and Downs for the Bitcoin Price

In a way, it is not entirely surprising the Bitcoin price takes this long to recover. A big correction such as the one we have seen over the past few days was to be expected. It is also a positive development, as a correction often serves as a platform for future value increase once again.  After all, most people hope to see the Bitcoin price increase to $5,000 and potentially more at some point in the future. Whether or not that will happen in 2017, is hard to predict.

More specifically, it appears the Bitcoin price is trying to recover as we speak. Earlier today, the price jumped from just above $4,000 to $4,250 in quick succession. That uptrend is met with a fair bit of resistance on the markets, as speculators attempt to keep the price down for the foreseeable future. Right now, those early gains are slowly being wiped out once again as the price heads back toward $4,000 and potentially lower.

One thing working in Bitcoin’s favor is how the 24-hour trading volume is still growing. Despite this recent price correction, the demand to buy or sell Bitcoin has not relented in the slightest. That is a positive trend, all things considered, even though it seems the sellers are dominating the markets right now. Do keep in mind yesterday was Labor Day in the US, which means a lot of US-based traders have to wait until today or even tomorrow to get fiat currency deposits cleared on exchanges.

As of right now, the Chinese exchanges are trying to rally the Bitcoin price in one way or another. Then again, those platforms also have a far lower Bitcoin price compared to the rest of the world right now. In China, one Bitcoin is trading between $4,001 and $4,036. That is a fair bit lower than the global market average of $4,180 right now. Then again, it is possible we will see a major upward price push originating from China. Given the recent negative news pertaining to ICOs, that may not necessarily happen, though. The PBoC did not make cryptocurrency illegal, just ICO projects. It is important to distinguish between the two, that much is certain.

With over $3.2bn in 24-hour trading volume, there is nothing to worry about just yet. There are no altcoin pairs to be found in the top five of exchanges by volume, which is a good sign. It’s not good news for altcoin supporters, as people aren’t converting Bitcoin to alternative currencies right now. The bear market is still in full effect and will continue to remain in place until the markets settle down later this week. It is good to see all top 10 exchanges by volume generated over $100m each, though, as that doesn’t happen very often.

All things considered, the Bitcoin price momentum isn’t looking good right now, but it’s not all bad either. This price correction will eventually play out in favor of the Bitcoin price. Now is a good time to keep an eye on the bigger picture. The overall Bitcoin price trend is still pretty bullish, and it is not the last time we have seen a major price spike this year. Reaching $5,000 may not happen overnight, but it will eventually happen.

Details of China ICO prohibition.

Xerox may be looking to use blockchain to create digital proofs for documents and other forms of data, according to a patent filing.

August 29, 2017, Moscow, Russia – Moscow-based blockchain poker room ‘Cash Poker Pro’ has announced its official platform launch and ICO campaign. Cash Poker Pro is a modern poker room with a blockchain network structure and mechanism for fast and confidential money transfers. The token Pre-sale went live on August 26, 2017, and the official ICO … Continue reading Blockchain Betting Startup Cash Poker Pro Announce Official Launch and ICO Campaign

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Betstreak.co is extending a unique opportunity to interested parties who wish to grab a slice of a licensed casino’s profits through its Initial Coin Offering. Launched in August 2016, Betstreak has since grown to become listed as the top 10 casinos on AskGamblers’ and made over 2150 BTC profits in its first year of operations. The … Continue reading Get a Share of a Licensed Casino’s Profits through the Betstreak ICO

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Brazil’s central bank is seeking to investigate possible use cases for blockchain tech and is now moving toward prototyping.