Day: April 27, 2018

Welcome to another weekly cryptocurrency news roundup. This week we will present the latest news from across the world country by country. Next up is Asia, Middle East and Australia.

China

Chinese government considering blockchain for data storage features: The Chinese National Audit Office has reportedly begun to test blockchain technology to support its current data storage capacity. The office is part of the 29 different ministries or cabinet departments in the country and follows a trend of Chinese government initiatives to use the technology for effective governance.

China is already a world leader in blockchain with Chinese innovators holding the largest number of patents in the space, more than US and Japan combined. The most populous state has already invested USD 1.6 billion in different blockchain projects in government funding through its blockchain fund.

While China continues to play hardball with cryptocurrencies and trading, the underlying technology has always been seen as worthwhile by the government due to its enormous potential in governance.

The current infrastructure in the Chinese national data office has already caused a data bottleneck as it is required to store every piece of data reported at provincial and municipal levels. The office sees blockchain as a viable solution to the data problems.

China’s #MeToo movement uses Ethereum blockchain to fight internet censorship: Following the ban on the #MeToo movement in China, Chinese students have started using the Ethereum network to send coded messages in an attempt to evade the country’s internet censorship. Beginning with an anonymous address on the Ethereum blockchain posting itself a transaction on 23 April, the contents are now being shared and permanently stored in the public domain.

The letter was written by Yue Xin, a student from Peking University near the capital and described unfair treatment she received from the university when she attempted to follow up on a sexual harassment case she experienced in the institution two decades ago which resulted in a female student tragically committing suicide.

More and more students have joined in and have started using the Ethereum blockchain to send these messages.

Shenzhen investing heavily in blockchain space: During a Shenzhen blockchain expo by the China Electronic Commerce Association in Shenzhen city, the government has revealed that it is now backing a considerable blockchain investment fund in the city. The funds are over CNY 500 million (some USD 80 million) and the move comes after the city of Hangzhou launched a similar initiative to promote blockchain technology.

In Hangzhou, a sizeable USD 400 million is available, provided by the Hangzhou city government to open a Blockchain Industrial park in the city. It already has ten blockchain projects from across the world working in it.

Japan

Japanese blockchain power sharing project to use solar power to reduce emissions: Solar power is a new energy trend as well as a necessity to make the world greener and emission free. A new power-sharing blockchain platform backed by Japanese energy and tech companies has been launched to decrease the reliance on carbon emissions through an emphasis on solar and other renewable resources.

The Japanese blockchain community feels that the current solar setup is not built for scalability and the new system hopes to incentivize Japanese to invest in clean energy sources to start the next stage of customer-customer trading in energy. Large-scale investment will eventually lead to an overall reduction in carbon dioxide emissions as well.

In-browser cryptojacking increasing in Japan: According to recent figures from Nikkei Asian Review, Japan is the most susceptible nation to a particular type of hacking called in-browser cryptojacking. The reason is widely seen as a consequence of the country’s wide adoption of cryptocurrencies.

South Korea

Biggest South Korean cryptocurrency exchange pushing towards more user-friendly future: South Korea’s largest cryptocurrency exchange has stated that it is now committed more than ever to create positive cryptocurrency environment that is user-friendly and can be used as easily as fiat money.

Bithumb, the exchange in question, has announced partnerships with South Korean e-commerce platform WeMakePrice, local hotel booking platform Yeogi Eottae and other companies to offer this much-needed experience to its community.

The exchange in a statement to the Korean newspaper HanKyoReh said it would “…integrate cryptocurrencies to eliminate intermediaries like banks and financial service providers for merchants.”

South Korea is seen as rivalling its neighbor Japan where many businesses already accept Bitcoin as payment.

Philippines

Philippine senator calls for tougher crypto-related offences: Filipino senator Leila de Lima is pushing for a tighter control of government over cryptocurrencies as well as tougher punishments for criminals involved in cryptocurrency related crimes in the country according to the official website of the Philippines State Senate.

On Sunday she suggested: “Knowing that virtual currency resembles money and that the possibilities of using it are endless, a higher penalty for its use on illegal activities is necessary.”

Phillippines has seen a dramatic surge in cyber crimes ever since Bitcoin’s price surged but it has also attracted legitimate investors as well.

UAE

Dubai sets goal of becoming global tech player in banking, tourism and art through blockchain: Emirates NBD, the small gulf nation’s major bank, has announced that it is now able to tackle check-related fraud in the country using a blockchain system called Cheque Chain.

Blockchain technology is being viewed as a serious concept that will help UAE realize its dream of 2020 that seeks to establish it as a leading destination for global travel, business and events of all sorts.

Taiwan

Taiwan pushing for greater Bitcoin transparency: Along with the European Union, Taiwan is also working on making cryptocurrencies transparent and secure. According to the country’s Central News Agency, the country’s minister for justice Chui Tai-san has said that Taiwan plans to enforce its new money laundering legislation by the end of this year.

The regulator FSC has also identified bank accounts associated with Bitcoin trading platforms as “high-risk clients”. Transactions above a certain threshold may be flagged in the future.

Australia

Australian cryptocurrency startup Power Ledger starts project in Japan: Last Tuesday, the Australian cryptocurrency startup named Power ledger has announced that it has signed a deal with Kansai Electric Power Company (KEPCO) in Japan to start a test of distributed energy systems in the country.

Power Ledger is an Australian cryptocurrency network that allows people to monetize from home-based energy systems like solar panels and increase the appeal for cleaner energy options available to the public.

The post Asia, Middle East and Australia Cryptocurrency News Roundup 19-26 April 2018 appeared first on BitcoinNews.com.

These are very exciting times for Bitcoin price speculators. With the world’s leading cryptocurrency recovering some of its initial losses in recent weeks, the expectations are quite high. Those expectations were almost shattered yesterday, as the Bitcoin price dipped below $8,800. However, thanks to the solid support, that value has now risen above $9,200 once again.

Bitcoin Price Volatility Works Both Ways

It is not hard to see why people often criticize the volatile Bitcoin price. In most cases, these discussions arise when Bitcoin loses value in quick succession. Yesterday was an interesting example, as the Bitcoin price dropped from $9,740 all the way to $8,730 in quick succession. Some speculators assumed the bear market would come into effect again, but it seems things are working out quite well for Bitcoin.

People often tend to forget price volatility can work in both ways. After this steep Bitcoin price dip, the upward trend following it was pretty volatile as well. As a result, the Bitcoin price regained just over $500 in a matter of hours. While such price swings are still rather worrisome for most investors, it doesn’t appear to affect Bitcoin in a negative way whatsoever.

Thanks to these solid gains, we now look at a Bitcoin price of $9,290. This is a solid 5.45% gain compared to just 24 hours ago. Given the recent significant uptrend the Bitcoin price has seen, a brief correction and dip were to be expected. With no long-term implications to speak of, it is safe to say the uptrend may very well continue over the weekend. Reaching $10,000 may not be feasible, but $9,500 isn’t out of the question.

As one would come to expect, the Bitcoin trading volume has held its own quite well. With $8,28bn in 24-hour volume, the demand to buy and sell Bitcoin is earnest. For now, the buyers seem to control the market, but as we have seen yesterday, that situation can change fairly quickly. With the weekend almost upon us, interesting changes may be on the horizon, for better or worse.

Bitfinex struggles to maintain its top position in the volume rankings. As of right now, the exchange claims the third spot, following OKEx and Binance. It doesn’t happen all that often USDT pairs generate more Bitcoin trading volume compared to fiat currency pairs. Whether or not this is a bad thing, is difficult to determine. It certainly shows Tether is still a very popular project in general.

For the time being, it seems the Bitcoin price trend will remain positive. However, there is always a chance things will turn bearish in the blink of an eye. Returning to the previous all-time high Bitcoin price will not happen anytime soon, but these markets remain very unpredictable first and foremost. Anything can happen where the Bitcoin price is concerned, but for now, the overall trend remains pretty positive.

Dan Morehead an early cryptocurrency adapter and CEO of the hedge fund Pantera Capital said in an interview on Bloomberg yesterday that the funds biggest present position is in the Korean blockchain Icon. The statement surprised the host of the interview who didn’t seem to know anything about Icon or why the fund would be heavily invested in it.

ICON is a bridge to bring separate blockchain networks together

ICON is a blockchain ecosystem that was purpose-built with the goal of creating hyperconnectivity between other blockchains and financial networks. The ecosystem was designed by the blockchain development company The Loop which is part of DAYLI Intelligence, a subsidiary of DAYLI Financial Group, to allow decentralized apps (DApps) from one entity to exchange information or value with dApps from another.

Icon launched its Mainnet on January 24, 2018, which got them off the Ethereum network and onto their own unique blockchain network known as a “loopchain” which allows individual connected blockchains to maintain their own affairs but also vote on issues that affect the entire ICON “loop” of blockchains.

The ICON Community is also a single blockchain with its own governing system that uses Community Nodes (C-nodes) to represent gateways in which other blockchains can connect to the ICON Network. Each community member blockchain elects a Community Representative (C-Reps) to handle matters within the ICON network like transaction verification. C-Reps receive ICX tokens for providing this service.

The ICX token on the ICON Network has three main functions apart from being a store of value. They can be used to exchange money or assets of value across multiple blockchains, used digitally to verify identifications through ICON blockchain ID, and as a vehicle for processing smart contracts.

The ICON Network was designed to facilitate communications, payments, and contracts between different corporate institutions using separate blockchain based networks. For example a hospital, school, and insurance company all using different blockchains can use the ICON network as a bridge in order to reduce processing times and fees.

ICON Maybe the Future of Blockchain Technology

In order to bypass Korean regulations forbidding ICO’s in the country ICON, along with a group of other ICO’s was issued in Switzerland and began trading on the Bithumb exchange on March 21. The price of ICX was driven up at the launch when ICON announced and airdrop event for its customers which took the price of the token to $4, it trades today $4.30 according to Live Coin Watch.

ICON and its competitor EOS which also uses its own blockchain network are looked at by many as the best way to scale up the current blockchain ecosystem which is why investors like Dan Morehead see it as a winner in the long term.

The post Major Cryptocurrency Hedge Fund: ICON is Our Biggest Bet in 2018 appeared first on NewsBTC.

More than 100 people have bought land plots in the “private city” of Liberstad, Southern Norway. Its founders accept 27 cryptocurrencies. Deals have been sealed already with future residents from Brazil, Sweden and the UK, among other countries. They should be able to move in within two years.

Also read: Bitcoin Payments Are on the Rise in the Baltics

Liberstad for the Libertarians

With slogans like “taxation is theft”, Liberstad is attracting more and more libertarians from around the world, local media reports. According to its website, 112 people have already bought land plots in the “anarcho-capitalist city” established on farmland, not far from Kristiansand in Southern Norway. The buyers come from 28 countries, including Norway, neighboring Sweden, distant Brazil and the United Kingdom. Another 500 potential investors have signed up on a waiting list.

The plots are sold for as little as 75,000 Norwegian Kronor, or $9,400 dollars for 1,000 m2, and as much as 375,000 NOK ($47,100 USD) for 5,000 m2. Payments in 27 different cryptocurrencies are currently accepted, including bitcoin cash (BCH) and bitcoin core (BTC). The team behind Liberstad plans to start handing over the purchased plots by 2020, when the first residents will be able to move in.

The project, that news.Bitcoin.com told you about during the presale last year, aims to be “a voluntary, profit-based, private enterprise that offers protection of life, freedom and property within a particular area.” Its founders claim that a private city is not a utopian idea but a business model in which the main elements are already known and simply transferred to “the market for living together”.

Last summer, John Holmesland and Sondre Bjellås, bought the Tjelland farm in the municipality of Marnardal, where the city is located. Since then they have promoted the project and informed about its progress through social media and the Liberstad’s blog. In December, they announced that local authorities had granted concession and permission for ownership of the agricultural property where the city is being developed.

Private Police and Other “Public” Services Planned

John Holmesland told the Norwegian outlet Local that Liberstad was inspired by Atlantic Station, a similar project within the city of Atlanta in the US state of Georgia. He and his partner want to eventually set up a private police force, a fire department, and a water utility for the city’s residents. Companies will be invited to provide these and other private (public) services.

“The only thing we demand is that you respect the principle of non-aggression and private property rights,” its founders state. According to local media, they may run into some issues in their attempt to achieve all that. Their plans have been dismissed by some Norwegian officials.

“It may be that someone comes and settles there, but establishing a state within the state is not realistic,” Labor Party deputy Kari Henriksen told NRK, the Norwegian state-owned broadcaster. Henriksen, who is representing the local Vest-Agder constituency in the Norwegian parliament, believes that the residents of the “private city” will be dependent on the rest of the society in many ways.

A similar project is the Free Republic of Liberland established on a disputed territory between Croatia and Serbia. It was proclaimed by the Czech libertarian Vít Jedlička in 2015. Another example worth mentioning is the Seasteading Institute’s plan to develop a floating city in the Pacific Ocean as a “permanent and politically autonomous settlement”.

Do you think private cities could exist independently within states? Share your views on the subject in the comments section below.

Images and video courtesy of Liberstad.

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The post Investors from 28 Countries Own Land in Norway’s “Private City” Liberstad appeared first on Bitcoin News.

Key Highlights

• ADA price corrected lower towards the $0.2560 support and then recovered against the US Dollar (tethered).
• There was a break above a short-term contracting triangle with resistance at $0.2750 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
• The pair is currently trading near $0.2900 and the 100 hourly simple moving average with positive signs.

Cardano price is back in a bullish zone against the US Dollar and Bitcoin. ADA/USD has to move above the $0.3000 resistance to gain further in the near term.

Cardano Price Support

After trading as high as $0.3201, ADA price faced sellers against the US Dollar. The price started a downside correction and traded below the $0.3000 and $0.2800 support levels. However, the decline was protected by the $0.2500 support area. A low was formed at $0.2563 before the price started consolidating in a range. Later, a recovery was initiated and the price moved above the 23.6% Fib retracement level of the last decline from the $0.3201 high to $0.2563 low.

More importantly, there was a break above a short-term contracting triangle with resistance at $0.2750 on the hourly chart of the ADA/USD pair. The pair traded further higher and broke the $0.2850 resistance. At the moment, it is trading near the 100 hourly simple moving average and $0.2900. On the upside, there is a major hurdle near $0.3000. However, a proper close above the 61.8% Fib retracement level of the last decline from the $0.3201 high to $0.2563 low is required. Once the breaks $0.2950 and $0.3000, there could be more gains.

The chart indicates that the price is consolidating near $0.2800. It may decline a few points before it makes an attempt to break the $0.3000 resistance. Above the stated $0.3000 resistance, the price could retest $0.3200.

Hourly MACD – The MACD for ADA/USD may move into the bearish zone.

Hourly RSI – The RSI for ADA/USD is about to test the 50 level.

Major Support Level – $0.2800

Major Resistance Level – $0.3000

The post Cardano Price Technical Analysis – ADA/USD Could Gain Further appeared first on NewsBTC.

A framework that strives to enable compliant U.S. token sales may have come under fire in the press, but it’s still widely used by entrepreneurs.