Day: April 10, 2018

UK National Cyber Security Centre released a report on cyber threats, analyzing their impact on businesses, with a section dedicated to cryptojacking. #NEWS

Digital currency exchange Gemini has announced that it will be launching its Gemini Block Trading for bitcoin and ether this week.

Block trading, also known as a block order, is an order or trade submitted for the sale or purchase of a large number of securities. This involves a large number of equities or bonds that are traded at an arranged price between two parties involved. This is a common approach that is often taken by hedge funds and institutional investors within the stock market who want to avoid differing prices in the open market.

Now, in a blog post from the exchange, which is run by Cameron and Tyler Winklevoss, it said that customers will be able to buy and sell large quantities of digital assets outside of Gemini’s order books, creating an additional mechanism to source liquidity when trading in greater size.

Due to go live at 9:30 a.m. ET on Thursday 12 April, the Gemini Block Trading service will electronically broadcast block orders to participating market makers simultaneously, ensuring best execution and price discovery for those taking part in the program, the exchange said.

Block orders do not interact with our continuous or auction order books. Trade information will be published via our market data feeds ten minutes following the execution of a block trade, Gemini added.

According to the blog post, a customer can place a block order that specifies buy or sell, quantity, minimum required fill quantity, and a price limit, or Indication of Interest. It goes on to add that a market maker will only receive quantity, minimum quantity, and the collar price; they don’t receive any other information related to the block order.

If a market maker agrees to ‘make a market’ that satisfies the Indication of Interest, the block order will be filled, it adds.

Block trading services are already making themselves known around the world as markets meet the demand from institutional buyers and hedge funds, and function similarly to over-the-counter (OTC) digital currency trades. According to a report from Reuters, the OTC cryptocurrency market is flourishing with Goldman Sachs-backed bitcoin payments firm Circle handling up to $4 billion in OTC trades every month over the past 12 months.

With the Gemini Block Trading service adding itself to the market it now means that market makers or investors don’t have to run the risk of trading outside an exchange when they use order book trading. It could also mean that it will eat into other businesses offering these services due to the fact that it has established itself as a trustworthy and regulation-compliant digital currency exchange.

Image Courtesy of Shutterstock

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Image Courtesy of Shutterstock

The post Japan Has Over 3.5 Million Cryptocurrency Investors appeared first on NewsBTC.

Ho Chi Minh City-based startup Modern Tech has gone dark after duping 32,000 people of an estimated VND 15 trillion ($660 million) in relation to two fake cryptocurrency projects and their initial coin offerings (ICOs).

On Sunday, dozens of disgruntled investors gathered in front of Modern Tech’s headquarters in the business district of Ho Chi Minh City carrying signs denouncing the company’s fraudulent activities and demanding refunds, reports local news outlet Tuoi Tre News.

The owner of the Vietnamreal building where the startup was headquartered told reporters that the company had cleared out its office about a month prior to the events.

Modern Tech had claimed to be the authorized Vietnamese representative of two cryptocurrencies, Ifan and Pincoin, and was responsible for conducting two ICOs on their behalf. The team, which was made up of seven Vietnamese nationals, held conferences in Hanoi, Ho Chi Minh City, and even remote areas to lure investors to their operation.

Ifan and Pincoin

Ifan — which Modern Tech claimed was created under Singaporean laws — was marketed as “the most advanced social network” for celebrities and artists, enabling them to better connect with their fans. Its native token was intended to be used for album downloads, live performances, ticket purchases, as well as merchandises and endorsements.

Pincoin — a project initiated in Dubai — was marketed simply as an “investment opportunity” promising up to 40% in monthly profit. It claimed to be overseen by the so-called PIN Foundation. Investors were told that the tokens they receive would see their value skyrocket once they hit the secondary market. Modern Tech also promised an 8% commission for every new member introduced.

Investors first began to grow suspicious when the startup stopped paying commissions in fiat currency, but digital coins. Because of this, investors could see the value of their investment rise on a daily basis, but were unable to actually withdraw anything in cash. They took to social media to lament, some claiming they had lost a fortune investing in the alleged Ponzi schemes.

Scams in the cryptocurrency space have become increasingly popular as criminals look to tap into the Bitcoin frenzy to lure investors into “the next big thing,” often promising absurdly high rates of return.

Earlier this month in India, self-proclaimed “cryptocurrency guru,” businessman, and crypto-entrepreneur Amit Bhardwaj was arrested for allegedly scamming investors out of $307 million in the state of Indian state of Maharashtra alone.

Bhardwaj, who was on the run for almost a year, was arrested at the Bangkok airport on April 4th, and later brought to Pune to face the trial. He is accused of cheating investors with Bitcoin-based Ponzi schemes. Officials involved in investigations told India Today that Bhardwaj’s alleged scam could run between $769 million and $2 billion.

Bhardwaj operated several ventures including GainBitcoin, GBMiners, MCAP, and GB21. His book Cryptocurrency for Beginners was promoted on social media by numerous Bollywood actors.

The post Vietnam: Startup Modern Tech Goes Dark After Taking $660 Million From Investors in Two ICOs appeared first on NewsBTC.

A new Blockchain trading network wants to end the dominance of big banks by allowing investors to trade any financial asset within seconds. #SPONSORED

The Spanish Guardia Civil arrested 11 individuals suspected of laundering EUR 8 mln using a Finnish crypto exchange. #NEWS

After the precipitous drop in market caps across the cryptocurrency market this year, it’s reasonable to wonder whether interest in advancing blockchain technology has waned. But knowing why major assets like Bitcoin have weathered the storm better than altcoins helps us understand how and why they might recover.

The news of Twitter’s Initial Coin Offering (ICO) ad ban has, in some critic’s opinions, put yet another nail in the cryptocurrency’s coffin. With the market as a whole taking a dip, the leading currency has taken the full force of the blow. At the close of March 2018, the price of a single bitcoin fell to $8,000 (now under $7000) and many now believe BTC fever is not only over but will never return again. However, for others, the latest dip is yet another bump in a road that still has an upward trajectory. Talking to CNBC back in January 2018, CEO of Shopin Eran Eyal described the current regulatory moves by world governments as “taking a knee” and assessing what these governments have got in front of them. Considering bitcoin’s overall growth, from a token worth less than $0.01 when it launched in 2009 to 2017’s $20,000 high, Eyal is bullish on the future of bitcoin.

Traders Are Still Backing Bitcoin

While government ministers are currently weighing up their positions on cryptocurrencies, the financial industry has thrown its support behind bitcoin and its closest peers. Bitcoin futures may have caused some consternation among the largest banks, but they’re now on the trading schedules of the many of the top investment players. Trickling down, novice investors can also use online forex platforms to trade the currency. By using automated algorithmic trading strategies, desktop and mobile users can preset protocols to execute trades without human intervention. What’s interesting about using algorithms to trade bitcoin is that it removes emotion from the process. In 2017, FOMO (fear of missing out) clearly drove up the price as newbies raced to jump on board the hype. Now that the hype train is out of sight, negative emotions have taken hold and that, in part, is pushing down the price as people exit the market.

Trading algorithms could help negate these negative emotions which, in turn, could reverse the cryptocurrency’s current downward trend. Of course, more people trading bitcoin in a more efficient way can only do so much to prevent another crash. The thing that will have the most direct impact on the price of bitcoin in the coming months and years is users. While governments and the financial industry may have an overarching hold on the cryptocurrency world, real people have the power to effect immediate change. To this end, the fact we’re still seeing companies embrace BTC as a payment method in encouraging. As the cryptocurrency’s price fell towards $8,000 at the close of March 2018, Japanese car dealership L’Operaio announced a partnership with bitFlyer.

Consumers Can Keep Cryptos Alive

“Forex Trading Market” (CC BY-SA 2.0) by Daffa Zaky

Compared to a major brand like Microsoft (which also accepts bitcoin payments), L’Operaio isn’t a real needle mover. However, the fact mid-level businesses are starting to choose bitcoin as a payment option is encouraging. If what we’re seeing is a trickledown effect, more businesses should equate to more users. Only by the general public accepting bitcoin as a viable way to pay will it really take off. Trading currencies may have an impact on their value on a day-to-day basis, but if it’s not a usable commodity then its long-term future is in doubt. The ultimate fate of bitcoin may still be up in the air. However, there are plenty of reasons to suggest that we’re not at the end of the road just yet. Whether it is governments, trading houses or consumers, there are many who would argue that BTC can and will rise again.

Image:"Twitter" (CC BY-SA 2.0) by clasesdeperiodismo

The post Twitter’s ICO “Adpocalypse” May Not Kill off Bitcoin appeared first on NewsBTC.

Bitfinex is pushing back against reports that Polish authorities froze $400 million of its funds.

NEO is up 4.61% and if this rate of revival continues, sooner or later NEO prices would be testing $90 if not $110. In my view, it’s time to buy NEO considering recent events. Otherwise, we can shift our attention to EOS which is also expanding and to some degree Litecoin as it continue to on-board merchants.

Let’s have a look at these charts:

XLM/USD (Stellar Lumens)

XLMUSD 4HR Chart from Bittrex for April 11, 2018

Not only is Stellar Lumens price action slow, it is also boring. Over the last 2-3 weeks, we have been predominantly focusing on what ifs and probabilities of prices edging past the main resistance trend line in the 4HR chart and $0.22 in the daily chart.

In my view, it will remain so even though cryptocurrencies seems to be waking up from their deep December slump. Based on price set ups in the 4HR chart, I remain net bearish despite yesterday’s 2.15% gain.

However, if prices burst through the resistance trend line and $0.22 or this week’s highs, then I will buy and target $0.30 in the short term.

IOT/USD (IOTA)

IOTUSD 4HR Chart from BitFinex for April 11, 2018

Apparently, IOTA is on a recruitment drive and with new talents, prices are finding support. A single glance in the 4HR chart and it’s no secret that IOTA buyers are likely to reverse some of their earlier losses.

Why I’m I positive about this? First, notice that IOTA is reacting at $1, a round number and an obvious interest integer for traders. Secondly, besides increasing momentum, IOTA buyers are picking up and trading a within a minor bullish break out pattern in the 4HR chart.

Playing strictly by break out rules, this might as well be the trend resumption phase and the 3rd wave of higher highs. Because of this, my  first targets are at $1.05 and later $1.25 if momentum is strong enough.

EOS/USD (EOS)

EOSUSD 4HR Chart from BitFinex for April 11, 2018

Regardless of Livecoin plans to de-list EOS before their mainnet swap, EOS is going from strength to strength. Besides their big, vibrant community exchanges and wallet providers are playing the part in making EOS the largest DApp platform in the world.

Yesterday, BigOne, a Chinese exchange announced that it will be holding an “EOS Block Producer Voting Simulation Event”.

EOS Block Producer Voting Simulation is online now! @EOS_io @Blockgenic @eosDAC @eoscafe @HelloEOS @EOSYS_IO @Oracle_Chain @MeetDotOne. Please choose carefully, the vote you want is the future of EOS. pic.twitter.com/OBW3o59ooD

— BigONE Exchange (@BigONEexchange) April 10, 2018

Boosting this development is news that EOSDAC channel is now active and available at ForkDelta where traders can exchange their ETH for EOSDAC.

eosDAC has now been listed on ForkDelta decentralised crypto exchange, enabling trading in eosDAC/ETH. https://t.co/kDNlhUlppx

— eosDAC (@eosdac) April 10, 2018

Price action wise, we can see some revival and for the first time in 3 weeks or so, EOS is resilient, making moves above $6. Nonetheless, our EOS daily chart technical analysis hints of an accumulation, it is likely that prices might move up today.

In that case, I shall retain a medium to long term bearish skew but looking for short term buys with targets at $7.5.

Unless otherwise, this is the projection we shall maintain until there is a shift of momentum in the 4HR chart. As it is, buy pressure is building up and we expect EOS to add to their previous 4% gain.

LTC/USD (Litecoin)

LTCUSD 4HR Chart from CoinBase for April 11, 2018

Whether this bear market is setting the foundation for a supper bull move or not remains a subject of debate. What I know for sure is that you can now pay for tickets at Cheap Air using Litecoin, Bitcoin, BCash and Dash.

Cheap Air and #Litecoin! Looks like i know who I'm booking my next flight with. pic.twitter.com/VwMLsQMAuR

— Jake Cochran✵ Ł (@recon_Jake) April 10, 2018

Of course, as I have been saying, moves like these are a big plus but as long as there are no “Yuge” movements on the chart, I remain bearish. From our previous Litecoin technical analysis, our point of interest was at that support trend line in the 4HR chart.

I continue to maintain my view that any break below $110 will usher in sellers who would instead drive prices down to $90.

In the mean time though, seller should stay on the sidelines because buy momentum is picking up. As it is, I recommend short term buys with targets at $125-this week’s highs and $140-our main resistance line.

NEO/USD (NEO)

NEOUSD Daily Chart from Bittrex for April 11, 2018

NEO is not a China’s Ethereum, NEO is NEO! Because of this, enthusiasts should queue as they wait to hear nuggets from QLink, NEO, Moonlight, ONT, Zeepin, Switcheo and a host of other NEO family from April 14-15.

Is this enough reason to go long? Yes technically it is but it depends on price action. All I need to see is a close above $60 in the 4HR chart and the middle BB in the daily chart. After all, stochastics are trending in the oversold territory in both time frames and NEO buyers are definitely rejecting lower lows.

All charts courtesy of Trading View

The post NEO, EOS, Litecoin, IOTA and Stellar: Technical Analysis April 11, 2018 appeared first on NewsBTC.

With a centralized banking system, there is nothing ostensibly comedic about currency distribution. But as money becomes a thing of the internet with cryptocurrencies, currencies have gone through nearly all the rites of passage associated with becoming networked on the internet. Holders of traditional cryptocurrencies such as Ethereum and Bitcoin are used to memes and being trolled on various forums and Twitter. These five cryptocurrencies take it up a notch.

Joke currencies occupy a unique and significant space in the crypto realm. Some are blatant fundraisers for cyber pranksters, and some are hardly worth anything at all, yet they all provide a critical outlook on the hype, fervor, and gaudy behavior that a bullish crypto market produces. Their worth is largely based on their critique of how we react to the monetary world, both new and old.

5. Monacoin

Monacoin, introduced in December 2013, is the first distinctly Japanese cryptocurrency. Its icon is a cat featured on a golden coin resembling the mint of Dogecoin. Although its website is more bare bones than tongue in cheek, Monacoin’s community is very robust and engaged in the crypto world. Having been birthed in 2013, Monacoin has longevity relative to other joke coins. Most of its humor is geared toward Japanese speakers. However, every once in a while, a Western investor will speculate, “What about Mona?”

4. Jesus Coin

There are fewer things older than money and religion. Parodying the human relationship between the two is most certainly a stroke of genius. The Jesus Coin website fully mimics an ICO’s front page with a team, roadmap, and cartoon. Jesus Coin is a classic comedic coin for fans of joke coins.

3. Useless Ethereum Token

The Useless Ethereum Token is marketed as the most blatantly honest ICO ever created. The website’s creator is totally transparent about using the funds from the ICO for flat screen televisions and other electronics. Hilariously acronymed “UET” in the style of tokens that present themselves for mass trading, UET also flaunted bonuses to entice initial investors.

With an ICO in the summer of 2017, the dawn of the year of ICOs, Useless Ethereum Token is an apt reminder of the fool’s gold ICOs that plague the Ethereum network and the crypto community at large.

2. Garlicoin

Garlicoin arose after a Reddit post which said that if it garnered 30,000 upvotes, its author would create a new coin. Well, the author’s post actually reached its goal, and so a new coin was forked from Litecoin on December 25, 2017.

Most of Garlicoin’s comedy comes from its community’s subreddit. The initial post has enough hilarious comments to keep you entertained for the better part of an hour. Its subreddit is also a central hub for humor with a vibrant community of memes and banter. Although Garlicoin is a very new joke coin, it will be interesting to track its progress throughout the year.

1. Dogecoin

With over 110 billion coins mined and a rich meme culture of its own, Dogecoin is most certainly the king of joke coins. This widely known and well-loved coin was initially designed to illustrate the volatility of the crypto space and behavior. With its original flourish in December 2013, it soon became apparent that the joke was lost on its buyers, or that crypto traders will try to make a profit on just about anything. Its subsequent crash illustrated the darker side of cryptocurrency, with memes trolling the market. Perhaps even more ominously, a thief stole millions of Dogecoin around Christmas. However, the community united and donated funds to those who had lost them.

Fast forward to 2017, and Dogecoin had climbed to a $2 billion market cap. That amount has since declined, but Dogecoin continues to unite and inform crypto enthusiasts on various issues. One of its creators, Jackson Palmer, warned against its success in a series of press articles during the bull run of 2017-2018. It seems that despite its blossoming success, the joke was momentarily lost on at least one of its founders. Dogecoin’s staggering volatility, poignant moments and lingering humor place it at the top of the list.

Cryptocurrency fund manager Timothy Enneking believes all factors impacting the market have been priced in, and it should soon rebound.