Day: February 11, 2018

KPRC Click2Houston

Houston mother behind latest Bitcoin boom KPRC Click2Houston MONTGOMERY, Texas - Tree-lined streets with rose bushes in the yards and squirrels on the lawn is the all-American-type of town Kingwood soccer mom Kym Morgan lives in. She has three children, and her regular job is at MD Anderson, but a select few ...

Altcoins are recovering and even though there is a little bit of correction from key resistance levels or middle BB, prices are likely to pick up the positive momentum this week.

LTC/USD, NEM/USD and NEO/USD in particular are trending at key levels.

Let’s have a look at these charts:

XLM/USD

See the influence of $0.40? That is the 61.8% Fibonacci retracement line and buyers didn’t close above it on February 10.

Fact is, a doji candlestick is clear and that is where sellers are finding support as visible from yesterday’s price action.

There’s a little bit of buy pressure and even though the week is bullish, all we need is either a continuation of bears as prices retrace towards $0.30-or the lower limit of our consolidation or a break and close above $0.40 and hopefully the middle BB.

Of course, this back and forth movement of prices isn’t helpful for trend traders and going forward, there is a high chance of prices snapping back as buy momentum pick up if we take cue from the stochastics.

XEM/USD

From the chart, NEM sellers found fair prices to liquidate on February 10.

That is precisely when prices momentarily trended above $0.55 and after close, sellers stepped on the gas pedal, driving prices even lower.

The thing is, as long as prices continue to range within the $0.20 range between the 78.6% and 61.8% retracement lines, then NEM will be in consolidation mode and bears are definitely in charge.

Momentum wise, bulls “appear” and set to recoup their previous losses but that is nothing if there is no strong break out above the middle BB.

EOS/USD

By end of last week analysis, it would have been desirable if EOS push and closed above $9.5.

However, judging from price action, that didn’t come to pass and prices are actually reversing and heading back towards $6.5.

For buyers to bounce back from this slow down and push back above $9.5 and if not, we I recommend sell triggers below our main support at February 6 lows of $5.6.

LTC/USD

From the charts, it’s clear that LTC prices are still moving below our first layer of resistance-the middle BB and that is despite the positive momentum as the stochastics shows.

Picking out tips from our previous analysis of this pair, all  we need is a bullish spike above $170 or repulsion of higher prices as bears push prices back below $100.

This $70 range is what is important for us in the short to medium term.

NEO/USD

Clear price rejection above $130 is what we can see if we consider the past 4 NEO trading days.

Look at the long upper wicks before the trickle down on February 9 and 10 and the consequent bear confirmation yesterday.

The thing is, odds of higher highs would be have been higher if we had NEO above $130 and even with last week’s retest of $70, all that we need is either a confirmation of bull resumption or bear pick up as per week ending February 6 bear candlestick.

In my opinion, this week’s candlestick will either make or break this pair and because of this set up, I expect support at $85 in the coming days.

All charts courtesy of Trading View

The post Altcoin Analysis – LTC, NEM, EOS, NEO, Stellar Lumens appeared first on NewsBTC.

See what happened with the markets this week. #MARKET_ANALYSIS

Ripple (XRP) rose to meteoric heights in December 2017, reaching what some are calling ‘Big Mac’ parity, only to pull back over 80% in January. The market cap now stands US$105.6 billion, with US$2.65 billion in trading volume over the last 24 hours.

Bitcoin Price Key Highlights

• Bitcoin price is testing an area of interest, still deciding whether to make a bounce or break higher.
• A bounce could take it down to the Fibonacci extension levels from the latest correction on the 4-hour time frame.
• A break past the $9,000-10,000 levels, on the other hand, could allow the long-term rally to resume.

Bitcoin price is testing a crucial resistance level, as its reaction could determine whether further declines or a reversal is due.

Technical Indicators Signals

The 100 SMA is still below the longer-term 200 SMA so the path of least resistance is to the downside. This means that the selloff is more likely to resume than to reverse. In addition, the 100 SMA lines up with the channel resistance, providing an extra upside barrier.

A continuation of the selloff could take it down to the 38.2% extension or to the 61.8% level closer to the channel support and $5,000 mark. Stronger selling pressure could take bitcoin price down to the 76.4% extension at $4,230 or the full extension at $2,271.60.

However, stochastic is on the move up from the oversold level to indicate that buyers are taking over. A break higher could still encounter a roadblock at the 200 SMA dynamic resistance. RSI is on the move down, though, so there may be some bearish pressure left in play.

Market Factors

Risk appetite appeared to return to the financial markets on Friday as the US government ended a brief shutdown. Markets also gapped higher this week to erase some of the previous week losses, and it’s worth noting that bitcoin price has been tracking higher-yielding assets like equities and commodities lately.

Analysts have been split on their forecasts, with some predicting that bitcoin price has room to fall before recovering while others say that the major correction is over and that the uptrend is set to resume.

Either way, the cryptocurrency could keep taking its cue from sentiment and equity markets for the next few days as the correlation seems to be strengthening.

The post Bitcoin Price Technical Analysis for 02/12/2018 – Make or Break Level appeared first on NewsBTC.

Gibraltar’s legislators plan to discuss a draft of a law proposing to regulate ICOs.

This past Friday, financial regulators in Japan began on-site inspections of 16 digital currency exchanges — two weeks after hackers stole $530 million in NEM tokens from Tokyo-based cryptocurrency exchange Coincheck, the largest virtual coin heist in history.

Despite this heist — and concerns over lax security at other exchanges — regulators, investors, and enthusiasts in the country have not been deterred. While China has banned cryptocurrency exchanges outright, reportedly because the government intends to create its own digital currency, and South Korea has outlawed anonymous transactions, the Japanese government has embraced the blockchain phenomenon.

The government believes it can take the lead in the regional cryptocurrency race, which it hopes will drive economic growth and bring the government a hefty sum in taxes. According to one estimate, the government could benefit to the tune of Y1 trillion, or $9.2 billion, a year.

And it’s not just the crypto community and the state, Japanese companies are increasingly accepting payment in digital currencies, with over 10,000 companies already accepting Bitcoin instead of cash, including Peach, the nation’s largest budget airline, and electronics retailer Bic Camera. Further, the eighth-largest bank in the world, Tokyo-based Mitsubishi UFJ Financial Group, is developing its own cryptocurrency.

The problem, demonstrated by both the recent Coincheck heist and also the February 2014 hack and subsequent collapse of Mt. Gox Bitcoin exchange in Tokyo, is that regulators are playing catch-up in a quickly developing industry. As such, some exchanges have been permitted to remain vulnerable. In the case of Coincheck, the NEM coins were stored in a “hot wallet” instead of the more secure “cold wallet,” which operates on platforms not directly connected to the internet. Coincheck also didn’t implement an extra layer of security known as a multi-signature system.

“Innovation has been so fast that the government and bureaucrats until recently did not understand the functions of the blockchain or what a ‘cold wallet’ or a ‘hot wallet’ is,” said Ken Kawai, a partner at the law firm Anderson Mori & Tomotsune — who are serving as cryptocurrency advisers to the government. “Japan’s financial regulators are traditionally very conservative and never the first to move, but that has changed and Japan wants to be friendly to fintech,” he said. “It is just that nobody expected it to happen this fast.”

“I see a lot of energy and enthusiasm for cryptocurrencies here, despite what has happened,” said Scott Gentry, founder of the FreeAbound business development consultancy in Tokyo. “In the Coincheck case, the owner was told that he needed to have multi-signature security protocols in place, but he claimed he ‘never got around to it’, which is simply dereliction of duty to his clients.” This could be an example of gross negligence on the part of Coincheck; other Japanese exchanges have also been accused of irresponsible advertising.

The post Japan Remains Optimistic About Cryptocurrencies Despite Coincheck Heist and Recent Price Woes appeared first on NewsBTC.

Mining Bitcoin can be a lucrative venture under the right circumstances. With access to sufficient hardware, the mining process becomes a lot easier. Additionally, operators need cheap electricity to keep operational costs low. In Iceland, it seems the demand for electricity is on the rise thanks to Bitcoin mining. In fact, the electricity consumption for mining Bitcoin may outweigh the regular at-home consumption of the entire country.

Few regions provide access to affordable electricity these days. Iceland is one of best places to look for renewable energy. It is not surprising multiple Bitcoin mining firms have set up shop in the country over the years. With low electricity fees and a cold climate, Iceland is in a prime position when it comes to cryptocurrency mining. Thankfully, the region has an abundance of renewable energy to ensure this trend is manageable, for the time being. As is always the case, there are certain downsides to these developments as well.

The Future of Bitcoin Mining in Iceland

More specifically, there is a chance Bitcoin mining will be taxed in the future. Such a measure is suggested by Pirate Party’s Smari McCarthy. Whether or not this will become an official law, is a different matter altogether. Most Icelanders remain skeptical of speculation, which is a second nature in cryptocurrency. Any company creating value on Icelandic soil pays a certain amount of tax. There is no reason to think Bitcoin mining operations are any different in this regard.

Additionally, it appears the energy consumption associated with Bitcoin mining is on the rise. If this trend continues, the consumption will double to nearly 100 megawatts in 2018. That is a lot more than all of Iceland’s households consume during the same time period. Discussions about Bitcoin mining’s energy-hungry nature have become more vocal in other countries as well. Even though Iceland has lots of renewable energy solutions, the government will seek something in return for their efforts.

Compared to traditional payment methods, Bitcoin mining is extremely energy-intensive. Processing a credit card transaction is not without its costs either, though. It is evident these discussions will always attract a lot of different opinions. In the end, it comes down to how Icelandic officials want to “treat” this business model moving forward. Introducing a tax for Bitcoin miners is not ludicrous, although it won’t be a popular decision either. Given the lack of Bitcoin regulation in the country, it remains to be seen how this situation unfolds.

The post Iceland May Implement Bitcoin Mining Tax Due to Energy Consumption appeared first on NewsBTC.

The Hill

Top regulator becomes unlikely hero for bitcoin activists The Hill A top federal regulator has become an unlikely hero to the cryptocurrency community, after making optimistic comments about bitcoin and other digital currencies. The libertarian-leaning cryptocurrency community tends to be wary of attention from ... and more »

The cryptosphere is growing exponentially as enthusiasts across the world are hard at work on improvements and new technologies. Let’s take a look at a few of these techs, and what they could mean for the world of cryptocurrencies and blockchain in 2018.

1. Off-chain channels

A concept that first saw light in 2015, off-blockchain payment channels make it possible to operate without the blockchain itself. Most associate it with Bitcoin’s Lightning Network, but others are also developing similar technologies. Essentially, off-blockchain payment channels permit two people using any one cryptocurrency to send small payments back and forth, connecting to the blockchain — with its oft high fees and slow transaction times — only when absolutely necessary.

The developers behind the Lightning Network report that the technology is almost ready, and implementation is already underway. And Ethereum developers, while they often don’t see eye-to-eye with their Bitcoin peers, are at work on a similar solution, recently unveiling successful tests for their version of the concept, Raiden Network — with a more ambitious version, Plasma, around the corner.

2. Real-live staking

As cryptocurrencies grow, so do mining efforts — and this is requiring an ever-increasing amount of energy. Proof-of-work, the consensus protocol that underlies Bitcoin mining, is certainly an energy-intensive process. As such, there are concerns about its energy use and related environmental effects.

This leads us to a concept called proof-of-stake, or consensus by vote, which is beginning to be implemented by Ethereum developers: The long-awaited Casper is likely to be under significant scrutiny this coming year, as early versions are beginning to see the light already. In a test released on New Year’s Eve, a variation of Casper was deemed to be functional. Karl Floersch, a leading developer behind the technology, told CoinDesk at the time that the code is working with “no hiccups.”

Work remains to adopt this early version of Casper across the different Ethereum clients, but Ethereum creator Vitalik Buterin has said he expects that Casper will be tested alongside other technologies, including Raiden, MicroRaiden and other proof-of-work implementations, in the near future.

3. Privacy advances

Privacy has been a somewhat neglected promise in a majority of blockchain technologies, but it’s nonetheless an issue that should see improvements this year. Most notable is the advances in what’s called zero-knowledge proofs. Buterin has called it “the single most under-hyped thing in cryptography right now,” and the technology is only getting cheaper and easier to deploy.

This method of hiding information without risking validity is already being adapted into Ethereum, which could lead to a wave of startups experimenting with private smart contracts in novel ways. In a white paper published earlier this month, a system for achieving zero-knowledge without compromising trust — a point of contention in some earlier iterations of the tech — was released, an update which could have exciting consequences.

As existing tech continues to mature, privacy-centric cryptocurrencies such as Monero and Zcash are also set to improve. In preparation for an upgrade, Zcash has been steadily reinforcing its security, while Monero is stepping up to implement “bulletproofs,” a feature that could cut fees by as much as 80%.

4. Decentralized exchanges

As the industry’s largest exchanges struggle to cope with the influx of new users, an increasing number of projects are at work developing something called a decentralized exchange. These will not just be new variants of browser-based exchanges, but rather a type of software users can use to swap one cryptocurrency for another without a central entity.

2017 saw a flood of new decentralized exchange projects, such as ShapeShift’s Prism, 0x, OmiseGo, Kyber Network, and more. So far this year, hardware wallet Ledger has already integrated with decentralized exchange Radar Relay, allowing users to trustlessly exchange tokens based on the Ethereum blockchain. While functionality is limited — it’s only supported by a single wallet and only Ethereum-based tokens can be sent — many in the industry see it as a glimpse into the future of how cryptocurrencies are exchanged. Other truly peer-to-peer, decentralized exchanges like wcex.co and openANX are expected to launch before the end of the year

The post Evolving Crypto Technologies To Watch In 2018 appeared first on NewsBTC.

This week the Republican Senate candidate Austin Petersen announced he accepted the largest federal election campaign contribution settled in digital currency. Petersen, a former Libertarian, has received a total of 24 cryptocurrency donations this year, and the largest was for 0.284 BTC ($4,500 USD).

Also Read: U.S. Lawmaker Wants Ethics Committee to Form Bitcoin Disclosure Guidelines

The Largest Cryptocurrency Campaign Donation

The Republican Austin Petersen is looking for a Senate seat in Missouri and is accepting bitcoin donations to get there. Petersen was the runner-up back in 2016 for the Libertarian Party’s nomination for President of the United States. The Missouri candidate is well known throughout the younger crowd of voters for loving bitcoin and giving away an AR-15 rifle in a raffle. This past December, the 36-year old stated in an interview: “I am a big fan of the digital currency community because of what it represents, which is ultimately decentralization.”

This week the Federal Election Commission’s records reveal Petersen has received the largest digital currency donation in U.S. history — 0.284 BTC or $4,500 USD at the time of donation. Petersen has also garnered 24 total election contributions in BTC, and his campaign uses the Atlanta based processor Bitpay to facilitate donations.

When asked about the recent BTC donation, Jeff Carson, the campaign manager stated:         

I think it goes without saying we’re going to see a lot more of this in terms of campaign contributions and campaign financing — Austin is personally a fan of competition in the marketplace, even when it comes to our currency — With the rise of cryptocurrencies like bitcoin, it was a no-brainer.

Gold, Silver, Cryptocurrencies and Ending the Fed

Petersen detailed last September that he would like to see “deregulation on monetary policy.” Further, the candidate added he would like to see the abolition of the private banking system the U.S. Federal Reserve.

“But barring that, at a minimum, I would like to introduce legislation that would decentralize the monetary unit, the dollar, in such a way as to legalize competition: Gold, silver, and cryptocurrencies, so that they can compete — That would cause a spike in the prices,” Petersen explains.

The contender follows other U.S. bureaucrats who’ve accepted bitcoin donations in the past. Back in 2014, the Coloradan Democrat Jared Polis received BTC for his campaign. The libertarian-leaning Republican Senator from Kentucky, Rand Paul, accepted crypto for his presidential run in 2016.

What do you think about Austin Petersen’s campaign donation? Do you envision digital currencies being used more often to fund politicians running for office? Let us know what you think about this story in the comment section below.

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Images via Endthefed.org, Austin Petersen, Twitter, and the Kansas City Star.

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Need to calculate your bitcoin holdings? Check our tools section.

The post Senate Candidate Accepts Largest Contribution in BTC appeared first on Bitcoin News.

As things currently stand, most hospitals around the globe use centralized servers to store patient medical records. This severely restricts data sharing opportunities between healthcare professionals and reduces the opportunity for sourcing third-party opinions to better care for individuals. Instead, we have laws such as HIPAA (Health Insurance Portability and Accountability Act) which restrict the sharing of patient data between doctors, medical service workers, and researchers, thus blocking high-quality medical aid from reaching patients who are in need.

MediBloc is an open-source platform that makes use of a healthcare ecosystem built entirely on the Ethereum blockchain. Owing to its decentralized nature, it allows for open interactions between patients, medical experts, and researchers. From a functional standpoint, MediBloc allows users to freely track their medical data including their health records and doctor visitations.

The platform accumulates all of one’s sensitive health-related information into a single data bank which can then be shared reliably with experts in a completely discreet, private manner. Additionally, MediBloc makes use of its own monetary system in order to facilitate record-sharing through an incentive-based financial model. Rewards can be obtained by both caregivers and patients, and the native tokens can also be used to facilitate internal transactions like insurance payments and pharmacy charges.

Overview of MediBloc

• Offers patients a new way of interacting with medical experts
• All records are maintained on a transparent network
• Has huge future market potential (the US healthcare market alone currently rakes in an annual revenue of $2 trillion)
• Has an intuitive interface

Key Features

MediBloc was designed to make healthcare more accessible to patients through the use of a redistributed data ownership model. What this basically means is that hospitals no longer have a monopoly over a patient’s healthcare data, and medical records are placed back in the hands of the individuals themselves.

Another key feature of MediBloc is its use of a data loss protocol that ensures all sensitive information is stored on a decentralized network at all times. Not only that, only authorized healthcare personnel are given access to the blockchain, thereby minimizing the possibility of unethical record alteration or tampering.

                    

MediBloc user interface 

Through the use of a token reward system, patients as well as doctors can receive incentives in the form of native currencies. Moreover, MediBloc is a cross-border platform, and thus is not limited by problems of geographic distance. It was created to facilitate real-time data exchange between patients and experts across the globe, which makes diagnosis and treatment much more streamlined and error-free.

How MediBloc Works

This platform was created on the EVM and has three components that address key aspects of the system’s overall functionality. They include the Core, Service and App layers.

MediBloc’s layer structure (from the official whitepaper)

Each of these layers is designed to hold vital information and process data as needed. For example, the Core layer is designed to safeguard all of one’s medical information stored within the system. This is done using new encryption protocols which cryptographically lock all records via a private key (which can only be accessed by the patient).

Similarly, the Service layer serves as an intermediary between the App and Core layers. Its coding facilitates seamless data exchange and allows for the execution of smart contracts within the MediBloc ecosystem.

                       

Simple illustration of the MediBloc working principle

MediBloc’s Application layer allows users to access various native and third-party apps in order to manage and regulate personal data in an easy and effective manner.  

Lastly, it should be noted that this platform employs a Medi Point system (MP) that automatically tracks user participation and doles out relevant incentives and rewards accordingly. The MPs that are procured can be exchanged for MED tokens that can then be used to make payments and facilitate internal transactions.

Flowchart explaining the Medi Point system (from the official whitepaper)

About MediBloc

The origins of MediBloc can be traced back to October 2017, when the company first released its roadmap and whitepaper to the public. Since then, the project has garnered a lot of momentum and it is expected that by May 2018, the MediBloc SDK will be made available for commercial use.

The project is the brainchild of Dr. Allen Kho and Dr. Eunsol Lee. Dr. Kho also serves as the business development head of the company and previously worked at Samsung as a lead engineer. Dr. Lee is a certified physician and holds a medical degree from Hanyang University. Other key personnel include Chae Ho Shin and Saehan Park, who are the platform’s front and back end developers, respectively.

Token Performance History

Since its introduction to the trading markets in December of last year, the value of a single MED token has pretty much stayed the same.

MED token lifetime performance chart (courtesy of CoinMarketCap)

As can be seen in the chart above, the initial value of a single MED token (on the 25th of December, 2017) was US$0.054. Its value currently stands at US$0.050.

MED’s all-time high was reached on the 10th of January, 2018 when the price of one coin touched US$0.22.

Final thoughts

With statistical data showing that losses in excess of $6 billion per annum are incurred by the US healthcare system, it would not be surprising to see a steep rise in the value of the MED token in 2018.

Since this platform aims to restructure the balance of power within the medical domain, it has serious market potential in the near future. Currently, only two online exchanges support the trading of MED: Coinrail and Gate.io.  

At the Yahoo Finance All-Markets Summit on February 7th, a U.S. CFTC regulator encouraged the digital currency industry to start formally regulating itself.

Brian Quintenz, a commissioner with the Commodity Futures Trading Commission (CFTC), said that the crypto industry should form what’s known as a self-regulatory organization, or SRO, similar to those that exist in other areas of the financial world, while the government tries to figure out what exactly to do about Bitcoin and over a thousand other cryptocurrencies.

“I would like to use this opportunity right now to call on the investment community and the advocacy community around digital currencies to create some type of self-regulatory organization that can develop standards around cyber policies, data retention, record keeping, financial records obligations, insider trading, ethics, codes of conduct,” Quintenz said during an interview at the event.

The best model for a crypto SRO is probably the Financial Industry Regulatory Authority (FINRA), which oversees more than 4,500 brokerage firms in the U.S., setting licensing requirements, enforcing trading rules, and settling disputes. But some consumer advocates liken SROs to coyotes guarding the henhouse. For example, in the lead-up to the 2008 financial crash, FINRA and other financial-industry groups clearly failed to stop the fraud and excess that eventually threatened the entire financial system. Congress, as a result, passed strict new rules in subsequent years — exactly the kind of intervention the crypto industry hopes to avoid.

Regulation is a complex issue. Many feel the true virtue of cryptocurrencies is the ability to work outside of government regulation and the complicated rules that govern most financial markets. On the other hand, some see regulation as inevitable and say it’s in the industry’s best interest to be proactive and accept — or even promote — sensible regulation.

At a Senate hearing on February 6th, the heads of the CFTC and the Securities and Exchange Commission (SEC) expressed both enthusiasm and alarm at the rapid rise of cryptocurrencies and associated industries. One thing the regulators pointed out was that there are no “safety nets” for cryptocurrency exchanges the way there’s FDIC insurance for bank deposits. But they also said new forms of currency represent worthwhile financial innovation, suggesting they need to be properly regulated.

Currently, both the SEC considers cryptocurrencies to be commodities, while the CFTC has considered changing its approach. While the Internal Revenue Service (IRS) requires that gains from cryptocurrency are also subject to federal income tax rules. States have some jurisdiction, too, further muddying the picture — basically, there’s a lot of overlap and it’s not completely clear who should, in fact, have the final say. In the meantime, as Quintenz advised, perhaps the industry itself should take the reigns.

The post CFTC Commissioner: Crypto Industry Should Regulate Itself appeared first on NewsBTC.

This week, Colorado House Representative Jared Polis sent a letter to the U.S. House Committee on Ethics (HCE) asking the organization to put forth statutes that require government employees to declare their Bitcoin and other digital currency holdings: “A Member or covered employee should report any virtual currency holding as they would report any other commodity, such as gold.”

In a written petition sent to the HCE dated February 5th, Jared Polis — who has been called “Bitcoin-friendly” — argued that because cryptocurrency assets are regarded as commodities by several agencies, Congress members should follow the same financial disclosure requirements as for traditional assets. Currently, both the Commodity Futures Trading Commission (CFTC) and the Securities Exchange Commission (SEC) regard cryptocurrencies as commodities. While the Internal Revenue Service (IRS) requires that gains from cryptocurrency are also subject to federal income tax rules.

A lot of U.S. states digital assets are considered securities or commodities, and Polis argues that U.S. politicians are already required to declare traditional assets. He says it is “critical” that the HCE provide this type of guidance to government employees.

Polis accepted Bitcoin for election donations in 2014, and the representative has stated in the past, “I will protect bitcoin in U.S. Congress.” He says that it is clear that existing statutes that require asset disclosure can easily cover digital currencies too. The representative also suggests that the HCE should look towards the guidelines already drafted by government agencies such as the CFTC, the SEC, and the IRS. In addition to commodities like gold, the U.S. Stock Act requires politicians to disclose real-time purchases and sales of stocks. Anything that exceeds over $1,000 whether it be a stock or a commodity must be declared to the public, and Polis says cryptocurrencies are no different.

Polis concludes by stating that the ever-increasing use of cryptocurrency as an alternative to traditional payments and investments necessitates Congress to take the appropriate actions. He believes a set of virtual currency disclosure guidelines will help maintain transparency and deter conflicts of interest. “Financial disclosures are critical to maintaining public trust in elected officials and the integrity of Congress — I look forward to working with the committee on this issue.”

This proposal may reflect an acceptance of cryptocurrency by regulators; recently, Arizona and California regulators have both shown a friendly approach towards cryptocurrencies.  For those who are interested, you can read the Colorado petition here.

The post Colorado Representative Jared Polis Asks Congress to Draft Bitcoin Disclosure Guidelines appeared first on NewsBTC.

Renowned rapper and producer Jay Z’s entertainment company Roc Nation, founded in 2008, has invested in Robinhood’s cryptocurrency trading platform.

Arrive, a subsidiary of Roc Nation, stated in an official announcement that it has invested in Robinhood because of its vision to improve the accessibility of financial markets. Arrive’s statement emphasized the importance of Robinhood’s cryptocurrency venture, adding: “Robinhood Crypto (…) will bring commission-free trading of Bitcoin and Ether to the Robinhood platform.”

Neil Sirni, the president of Arrive, wrote:

We believe in Baiju and Vlad’s mission to make the financial markets more accessible and cost efficient for customers of all size. Robinhood will have our support as they execute the long-term vision of their company.

According to Robinhood, over a million users have applied to join the waiting list of Robinhood Crypto, a platform that enables anyone to trade stocks, exchange-traded funds (ETFs), and major cryptocurrencies such as Bitcoin and Ethereum simultaneously, using the same application.

The entrance of Robinhood into the cryptocurrency market is highly anticipated by the global cryptocurrency community because the majority of Robinhood’s customer base is from the traditional financial markets and trade stocks, ETFs, and commodities on a daily basis. The launch of Robinhood Crypto is expected to introduce many millions of existing users of the Robinhood platform to a relatively new asset class in cryptocurrencies.

A large portion of the crypto community is also interested in Robinhood’s potential to evolve into the first real competitor to Coinbase, the juggernaut that has become one of the largest companies in the sector along with Bitmain and Binance.

Although the launch of Robinhood Crypto is highly anticipated, Arrive’s statement revealed that Robinhood has only “over three million” users and is valued at US$1.3 billion. Existing companies in the cryptocurrency sector such as Coinbase and Binance have significantly larger user bases and market valuations. Hence, the impact of Robinhood’s entrance into the cryptocurrency market could be overblown.

In contrast, Coinbase has well over 10 million users, and it surpassed the 10 million user mark in November 2017. In just six months, Binance has acquired over 6 million users, adding 1 million users per month. Given that both Binance and Coinbase have at least three million more users than Robinhood, the launch of Robinhood Crypto is likely overhyped.

More importantly, although Robinhood Crypto has added over 1 million users to its waiting list, it is possible that existing customers of Coinbase and Binance have applied to Robinhood Crypto to utilize various cryptocurrency trading platforms.

It is still an optimistic sign that billion dollar companies outside of the financial and cryptocurrency industries are investing in cryptocurrency products and exchanges. Evidently, the cryptocurrency markets and most businesses within the sector are still in an early stage in terms of user activity, market valuation, and scalability.

Multi-million dollar investments in the cryptocurrency world by high-profile investors are beneficial for every party in the sector, including businesses and customers, because businesses can have more capital to maintain their operations and customers can benefit from competition in the sector.