Day: May 21, 2018

Most of the gains noted by various cryptocurrencies in the past 24 hours are being eradicated as of right now. There hasn’t been solid positive momentum in this industry all year long, as any uptrend is pushed down almost immediately. The NEO price still shows some positive momentum, although it will undoubtedly end up in the red later today as well.

NEO Price Surpasses $60 Again

It is quite interesting to see how the cryptocurrency markets evolve these days. Any positive momentum is pushed down immediately, as the cryptocurrency market cap isn’t allowed to surpass $400bn this year for more than a few hours. Even so, there is still some positive momentum to be noted these days, as the NEO price has risen by 4.28% in the past 24 hours.

While that is not the most spectacular gain in the history of cryptocurrency, it still shows there is room for growth. Due to all of the bearish pressure on the markets these past five months, it has become evident positive momentum is incredibly difficult to come by. For the NEO price, a big dip to $57 made a lot of traders anxious last week. Luckily, it seems those concerns were short-lived.

This NEO price increase pushes its value above $63 again. While that is positive, it seems to be a matter of time until the situation turns around yet again. For now, NEO holds on to a 2.46% increase over BTC in the past 24 hours, which is rather interesting to keep an eye on. Sustaining a NEO price of $60 or more will be quite challenging this week, though.

Thanks to $117.94m in 24-hour NEO trading volume, things are looking pretty decent for this particular altcoin. None of the statistics are overly impressive, but given the overall decline in cryptocurrency trading volume, something will need to change sooner rather than later. Whether or not we will see any big changes in NEO’s trading volume, remains unclear.

Binance is still leading the charge in terms of NEO trading volume. Its BTC and USDT pairs are doing well, albeit CoinEgg’s BTC market isn’t far behind. OKEx is also in the five, with its USDT and BTC pairs respectively. No fiat currency pairs in the top five for NEO can be a problem in the long run, but for now, it’s not causing too many problems just yet.

The positive NEO price momentum is quite intriguing, especially when considering how all of the other markets are evolving as of right now. Even so, it seems inevitable the NEO price will escape the bearish pressure on the cryptocurrency markets right now, which doesn’t bode well for the coming hours and days.

China’s IT ministry has published a report showing that 2017 was a banner year for the blockchain sector, with 178 new domestic blockchain startups

FCA-regulated, fiat trading platform LMAX launches crypto exchange targeting institutional investors

The world of cryptocurrency is always evolving. Existing service providers need to introduce new features on a regular basis. Etherscan is working on some new tools which seem quite appealing. This most recent update also shows the decentralized exchange ecosystem related to Ethereum is growing rather quickly.

More Tools for Etherscan Users

Most cryptocurrency users rely on Etherscan to track ERC20 token balances and network blocks. While that is a worthwhile feature, the platform offers a lot more potential.  Its latest batch of new features illustrates that point rather perfectly. Various new tools were introduced in the past few weeks which offer a broader insight into how the ecosystem is evolving.

Wow, @etherscan has a lot of really cool new tools lately:

* DEX tracker: https://t.co/kvVjFlxkgv
* DEX order books: https://t.co/8p6mF34B7l
* Gas tracker: https://t.co/TetcmaXAnX
* Swarm search: https://t.co/7SdyUj9HhR

Glad to see ethereum growing such a robust DEX ecosystem!

— Vitalik "Not giving away ETH" Buterin (@VitalikButerin) May 19, 2018

One of the more appealing features is the decentralized exchange order tracker. A decentralized exchange does not require users to trust funds to a third party. Nor is there any official order book, as traders are matched in a peer-to-peer manner. Various DEX exist in the cryptocurrency world these days.  Etherscan now tracks a few of them, albeit that list will continue to grow as more time progresses.

With this features, users can see which trades take place on which DEX. It is a big step forward toward making this type of exchange model a lot more appealing. So far, the volume across these platforms is still relatively low. Even so, tracking all of this information is extremely important at this stage.

The Rise of the DEX

Looking over another feature provided by Etherscan, it becomes possible to compare DEX order books. This “order book” is based on the recent trading activity tracked across all platforms.  This makes it easier for users to determine where they should trade and scope out potential deals. This information updates quite regularly and focuses on both buying and selling alike.

Decentralized exchanges are slowly making headway. While not as popular as centralized trading platforms, the popularity is increasing. With more liquidity being brought to these solutions, things can only improve from here on out. Etherscan makes it a lot easier to learn about such DEX options and get acquainted with their business model.

All of this shows the Ethereum ecosystem is evolving steadily. Cryptocurrency is, at its core, about decentralized and peer-to-peer finance. Decentralized trading platforms are the next logical step in the evolution in this regard.  There is still a long way to go until DEX’s replace centralized trading platforms. With Etherscan keeping tabs on this industry, a lot of growth can be expected moving forward.

Image from shutterstock

The post Etherscan Introduces New Features to Improve Appeal of Decentralized Exchanges appeared first on NewsBTC.

Colorado’s Secretary of State has proposed allowing political committees to accept contributions in cryptocurrency.

In a matter of days, the outgoing CEO of the world’s largest crypto exchange OKEx has joined rival exchange Huobi

Cryptocurrency exposure is in high demand these days. Especially institutional investors are willing to take a gamble when it comes to Bitcoin and altcoins. Finding service providers granting access to these markets is still an ongoing struggle. LMAX Exchange Group is setting up the first physical cryptocurrency exchange for institutional clients.

LMAX Exchange Group Takes a Big Leap

Exposing institutional investors to cryptocurrency volatility is always a gamble. The actual demand for this degree of exposure is not the same as the general interest in such features. Both CME and CBoE found that out first hand over the past few months. After a very slow start to Bitcoin futures trading, it seems the volume is picking up a bit lately.

LMAX Exchange Group is attempting to offer a different approach. They will focus on the liquid established cryptocurrencies. This list includes Bitcoin, Ethereum, XRP, Litecoin, and Bitcoin Cash. Trading of these currencies will be available on a 24/7 basis through the LMAX Digital platform. This new service aims to function as a credible and efficient platform where cryptocurrencies can be traded among like-minded investors. LMAX Exchange Group CEO David Mercer explains:

“We are furthering the legitimisation of the cryptocurrency market by offering institutions a platform on which to acquire, trade and hold cryptocurrencies securely with high quality, deep liquidity.”

Are Institutional Investors a Worthwhile Target?

On paper, bringing cryptocurrencies to institutional investors can have major consequences. If these investors take some risks, the value of all supported cryptocurrencies can skyrocket fairly soon. Despite that appeal, it seems institutional traders have made very little impact on the industry to date.

LMAX Exchange Group is confident they can make a big impact. Their LMAX Digital platform will focus on offering a full custodian solution and a high throughput. Additionally, traders are expected to complete within microseconds. The company has a track record of being one of the biggest forex liquidity providers in the world. Whether or not that same label can be achieved in the cryptocurrency world, remains to be seen.

It is interesting to note how LMAX Exchange Group envisions a global rollout. The LMAX Digital platform will be set up in the company’s London-based data center. Later on, the infrastructure will make its way to New York and Tokyo as well. Very ambitious plans, as the impact of institutional traders on cryptocurrency has yet to be determined at this stage.

Image from Shutterstock

The post London’s LMAX Exchange Group Targets Institutional Traders With new Cryptocurrency Platform appeared first on NewsBTC.

The former chief executive of Hong Kong-based crypto exchange OKEx has said he is joining rival platform Huobi just a week after his resignation.

It has been an interesting weekend for most cryptocurrencies. With the Bitcoin price regaining some value, all altcoins are flourishing as well. The Tron price, for example, has noted a very strong growth over the past 24 hours. Thanks to a 14% increase, the Tron price now sits above $0.082 once again.

Tron Price Momentum Turns Bullish Again

After a relatively boring period of trading last week, it seems things are picking up again for the Tron price. With solid momentum building over the weekend and spilling over onto Monday, the uptrend is firmly in place. Despite reaching a high of $0.084, the Tron price took a small hit on the chin in the past few hours, pushing its value down to $0.08 once again.

As such, the 14% Torn price increase over the past 24 hours is still in place. It is quite a steep gain, considering most of the top cryptocurrencies have gained anywhere from 1% to 4% in the same time span. At the same time, Tron hasn’t suffered much from the overall decline in cryptocurrency trading volume which started becoming apparent last week.

Thanks to solid gains over both Bitcoin and Ethereum, it seems the Tron price momentum could remain in place in the coming hours. With the TRX/BTC ratio improving by 11.13% and the TRX/ETH ratio gaining 13.12%, things are looking pretty solid for this particular altcoin. There has been a lot of hype associated with Tron these past few weeks, and it seems that situation will not change in the near future either.

As mentioned before, the Tron trading volume is still in a good place right now. Thanks to $763.49m in 24-hour trading volume, the demand to buy and sell TRX is very tangible. Considering how the overall cryptocurrency trading volume has dipped below $17.6bn over the weekend, these numbers are more than respectable at this point in time.

Similarly to what we have seen in previous weeks, the TRX trading volume mainly comes from the Upbit exchange. Its lead over Binance and Bithumb is not all that big, though. OKEx’s BTC and USDT pairs complete the top five, which confirms there are just two fiat currency pairs in the top five for Tron. So far, that hasn’t hindered the Tron price trend in the slightest,  but it is still worth keeping an eye on.

Whether or not the Tron price will continue to rise in the coming hours, remains to be determined. There is some minor bearish pressure on the hourly charts right now, but that is not entirely uncommon in the world of cryptocurrency. In fact, not a day goes by without some currency’s hourly “candle’ turning red for no apparent reason.

With banks increasingly switching on to the current global interest in cryptocurrencies, digital currencies are now being utilized by the same institutions they were designed to subvert, writes Cointelegraph.

More and more banks around the world see blockchain as a panacea to banking issues, all long overdue for improvement and update. They are realizing that, due to today’s already digitalized banking, which has changed the nature of payment and storage of monies, the technology behind Bitcoin clearly has a place within global financial systems.

Only a fraction of money is paper money bills in circulation, and current digital systems lack speed, stability and security. This, coupled with customer demand, as in the case of Goldman Sachs’s adoption of a digital dollar recently, is driving many nations to consider or actively support central bank cryptocurrency.

Governments and central banks from India, Japan, Canada, Russia, Switzerland to Singapore and the Marshall Islands are all currently looking into a government-backed digital currency. Several other governments, including China, Estonia, and Iran, have discussed plans for their own digital currency. Of these, the Marshall Islands have taken one step further and plan to issue its own cryptocurrency that will be circulated as legal tender along with the US dollar.

Singapore has project UBIN and the Bank of Canada has Project Jasper, while the United States is toying with the idea of a FedCoin. Last year, in the Middle East, the Bank of Israel was considering a digital Shekel.

In Sweden, many retail stores no longer accept paper money and some Swedish bank branches no longer disburse or collect cash. In response, the Riksbank has a current project in progress examining the viability of an e-Krona for retail payments.

Crypto-friendly Switzerland is looking towards the viability of a Swiss National Bank (SNB) e-Franc, but has little support within the Swiss government. The often controversial Venezuelan Petro, seen as both an economy saver and possible sanction breaker, was launched in February 2018 to supplement the plummeting bolivar fuerte, reportedly backed by the nation’s oil reserves.

In Russia, deputy minister of economic development Oleg Fomichev suggested the proposed CryptoRuble, conceived in a climate of heavy anti-crypto sentiments regarding adoption by private companies but nonetheless in state hands, becoming another powerful sanction breaker in the current political climate. Russian president Vladimir Putin stated that the Stone Age has not ended because humanity has run out of stones, but because new technologies have appeared.

“If if central banks were to back cryptocurrencies, the central banks would be better positioned to predict money demand and therefore adjust supply accordingly,” writes Mohamed Damak of S and P Global, adding, “It is still too early to tell in which direction this instruments will move.”

Alternatively, he writes, “If cryptocurrencies were to take off and become an effective currency issued in a decentralized manner, the impact on monetary policy implementation would be deep, since central banks might lose their ability to control the money supply.”

It is a view more closely aligned to Satoshi Nakamoto’s original vision.

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Bitcoin has bounced back above $8,500, but the rally is not backed by decent trading volumes, the technical charts indicate.