Day: June 13, 2018

The Korean Federation of Banks (KFB), a group of South Korean commercial banks, has announced that a new blockchain-based ID initiative dubbed ‘BankSign’ will be implemented in July later this year.

The initiative will replace the massively outdated current system that has been in place for 20 years that has resulted in an enormous number of fraudulent activities, described by local news outlet Korea Joongang Daily as “notorious for its complexity and inconvenience“.

Blockchain solution

Park Chang-ok, a manager at the department of deposit services and payment systems at KFB described BankSign as giving financial institutions the option to ”choose from in verifying consumer identity, not just the public certification system“.

A spokesperson for KFB explained, ”[It is] the first project co-developed by the local banking sector utilizing blockchain technology. While BankSign will start off by providing the service in the banking sector, we will work with the government and other public organizations to expand its usage.”

The project has been built on the Nexledger blockchain, created by Samsung specifically for businesses. Development began in November 2017, with beta testing following in April 2018.

The current system

The system at present requires a number of identity checks to take place before goods and services can be purchased online in South Korea, with users required to download several security programmes that are only usable on the device they are directly downloaded onto.

While the active software was modern in 1996, there are several reported challenges it now faces. The programmes may slow down computer systems, only working on Internet Explorer for desktop users.

In addition, the outdated technology has led to an estimated 80% of users information compromised in 2014. Research Gate conducted a study the same year that estimated national losses due to these hacks between USD 10 billion and USD 40 billion.

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Ripple was overlooked by Coinbase who chose to announce they will support 18th ranked cryptocurrency by market cap, Ethereum Classic (ETC), on June 12. This matches with their support of Bitcoin fork, Bitcoin Cash (BCH) on December 19, 2017, but comes a lot later after Ethereum forked from ETC. Ripple had offered to lend Coinbase more than $100 million worth of XRP to start letting users trade the asset but this wasn’t accepted.

Ripple recently announced a $50 billion research initiative to encourage universities across the world to lead blockchain development projects. The seventeen institutions listed so far include Princeton University and the Massachusetts Institute of Technology’s Computer Science and Artificial Intelligence Lab. Considering that blockchain developers are in high demand, this is set to provide a wider pool of talent for the industry.

On Ripple’s behalf, Ashton Kutcher donated $4 million in XRP to Ellen DeGeneres’ wildlife fund live on The Ellen Show. Ashton Kutcher and Guy Oseary, who was also on the show, are co-founders of Sound Ventures, a venture capital fund that was reported to have a $250 million portfolio in 2016. They wanted to express the charitable intentions of Ripple by supporting the fund which was set up to support conservation efforts for critically endangered species.

Image from Shutterstock

The post Ripple: Blockchain is About Growth Not Cost Savings appeared first on NewsBTC.

Coinbase has launched the Coinbase Index Fund, a market-weighted composition of all the cryptocurrencies traded on Coinbase’s GDAX exchange. This is the cryptocurrency equivalent to stock market index funds like the Dow Jones Industrial Average, S&P 500, and NASDAQ.

At the time of this writing, Bitcoin comprised 61.47% of the index, Ethereum 27.17%, Bitcoin Cash 8.22%, and Litecoin 3.14%. As the market caps of these cryptocurrencies fluctuate, their percentage weight in the Coinbase Index Fund will change. Also, cryptocurrencies that are added to Coinbase’s GDAX in the future will be added to the index, and the index will be rebalanced accordingly. For example, Coinbase will be adding Ethereum Classic in the coming months and this will be added to the index fund.

The Coinbase Index Fund will only be open to accredited US investors, with minimum investments of USD 250,000 and maximum investments of USD 20 million. An individual must have assets exceeding USD 1 million and a business must have assets exceeding USD 5 million to be an accredited investor.

Coinbase is operating this fund by the book and has claimed to have covered every legal aspect to ensure investors feel safe, making it attractive for institutional investors looking for a safe and legal way to invest large amounts of money into cryptocurrency.

Clearly, the Coinbase Index Fund is not geared towards average cryptocurrency traders, but towards institutional investors. Additionally, MG Stover & Company will administer the fund, BDO USA will audit, while Cole-Frieman & Mallon, as well as Davis Polk & Wardwell will provide legal counsel.

Eventually, Coinbase hopes to create an index fund that is open to all investors in the world. It is possible that the funds like these will help drive cryptocurrency value upwards if large amounts of institutional money start flowing into them.

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Key Highlights

• ADA price declined sharply below the $0.2000 level and moved into a bearish zone against the US Dollar (tethered).
• There is a key bearish trend line formed with resistance at $0.1650 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
• The pair has to break the $0.1650 and $0.1700 resistance levels to start a substantial recovery.

Cardano price is under a lot of bearish pressure against the US Dollar and Bitcoin. ADA/USD must stay above the $0.1500 level to contain losses in the near term.

Cardano Price Analysis

There were heavy slides in ADA price this week as it crashed below the $0.2000 support against the US Dollar. It followed bitcoin and Ethereum and crashed more than 25%. It even moved a few points below the $0.1500 level before buyers appeared. A low was formed near the $0.1460 level and the price corrected higher. It moved above the 23.6% Fib retracement level of the last decline from the $0.1815 high to $0.1459 low.

However, there are many barriers on the upside near the $0.1600 and $0.1650 levels. There is also a key bearish trend line formed with resistance at $0.1650 on the hourly chart of the ADA/USD pair. The same trend line resistance is close to the previous pivot level at $0.1640 level. Moreover, the 50% Fib retracement level of the last decline from the $0.1815 high to $0.1459 low is also at $0.1635 to prevent gains. Therefore, it seems like there is a major barrier forming for buyers near the $0.1650 level. A close above this is needed for a recovery towards the $0.1850 level.

The chart indicates the price is under a lot of pressure below $0.2000. It may correct higher, but it remains at a risk of more losses below $0.1600.

Hourly MACD – The MACD for ADA/USD is slowly moving in the bullish zone.

Hourly RSI – The RSI for ADA/USD is still well below the 50 level.

Major Support Level – $0.1500

Major Resistance Level – $0.1650

The post Cardano Price Analysis: ADA/USD Turned Bearish appeared first on NewsBTC.

FOMO Moments

Current performing altcoins are Icon, Siacoin, Cardano and Bytom.

Today marks the fifth day of market decline. Since the rout started on Sunday over $70 billion has been wiped off the crypto markets. Total capitalization plunged below $300 billion and the down trend has steepened. Bitcoin is still down on the day but the momentum has slowed and it has leveled out at just over $6,500. Ethereum has also been battered and is still falling, down 2% on the day to around $490, its lowest level since the lows of early April. Altcoins are generally bearish after suffering heavy losses this week. A couple are bucking the trend during Asian trading this morning and those coins are Icon and Siacoin.

Coinmarketcap is currently reporting an 11% gain for South Korean crypto Icon. Currently trading at $2.12 ICX is up from $1.89 this time yesterday. Over the past seven days though this altcoin, along with all of the others, has suffered heavy losses falling 22% from $2.70 this time last week. Monthly losses are even greater with Icon plunging 46% from $3.85 this time last month. Against Bitcoin Icon is up 11% on the day to 32200 satoshis from 28800 sats this time yesterday. On the week ICX has lost 7.5% against BTC falling from 36800 satoshis this time last Thursday.

Current momentum has been driven by the Binance announcement on Icon mainnet token swap support and a new ICX/USDT listing on the exchange.

#Binance Supports #ICX Mainnet Swap and Adds $ICX/USDT Trading Pair https://t.co/Wn3NTexF9u pic.twitter.com/tGf5dpLXXF

— Binance (@binance) June 13, 2018

Binance has also boosted Siacoin which is up 10.7% with the news of that being listed;

#Binance Lists #SiaCoin ( $SC )https://t.co/BkyFi6GJ6Y pic.twitter.com/z71A74Q5Wn

— Binance (@binance) June 14, 2018

Unsurprisingly Binance is the top exchange for Icon trade with over 70% of the total. Trade volume has jumped significantly in the past 24 hours from $22 million to $71 million in daily trade. ICX currently has a market cap of $810 million positioning it at 23^rd in the crypto charts. The team are very active with partnerships and progress so this altcoin is expected to recover well.

Total market capitalization has fallen for the fifth consecutive day. The fall is slowing however and only 1.6% has been lost over the past 24 hours leaving it at $279 billion. There are very few altcoins showing recovery today aside from Icon and Siacoin. Those that are include Cardano up 4.5% on a Bithumb listing, and Bytom up 7.5%.

More on Icon can be found here: https://www.icon.foundation/

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.

The post Asian Altcoin Trading Roundup: Icon and Siacoin Boosted by Binance appeared first on NewsBTC.

Key Highlights

• Ripple price failed to recover and extended its decline towards the $0.50 level against the US dollar.
• There is a major bearish trend line forming with resistance near $0.5300 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair must break the $0.53 resistance and move higher to avoid more losses in the near term.

Ripple price was not able to recover yesterday against the US Dollar and Bitcoin. XRP/USD crashed and almost tested the $0.50 support zone.

Ripple Price Upside Hurdle

There was no major upside move above the $0.5600 level in Ripple price against the US Dollar. The price failed to recover and faced sellers around $0.5600. As a result, there was a downside move and the price traded below the $0.5500 and $0.5200 support levels. It almost traded close to the $0.5000 level and formed a low around the $0.5035 level.

A low was formed and the price started an upside correction above the $0.5100 level. It tested the 23.6% Fib retracement level of the last drop from the $0.5990 swing high to $0.5035 low. However, the current upside move is protected by the $0.5300 resistance. There is also a major bearish trend line forming with resistance near $0.5300 on the hourly chart of the XRP/USD pair. The pair may rise in the near term above $0.5300, but it could face other hurdles. The 50% Fib retracement level of the last drop from the $0.5990 swing high to $0.5035 low is sitting around the $0.5500 level to act as a hurdle for buyers.

Looking at the chart, the price may struggle to move above the $0.5500 level, which could result in a downside push. In the mentioned scenario, there is a risk of a bearish break below the $0.5000 level.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slightly in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still below the 50 level.

Major Support Level – $0.5000

Major Resistance Level – $0.5500

The post Ripple Price Analysis: Can XRP/USD Break $0.50? appeared first on NewsBTC.

Tron Price Key Highlights

• Tron continues to trend lower and has dipped back to the descending channel support on the 4-hour chart.
• A bounce could take it up to the Fibonacci retracement levels before the drop resumes.
• Moving averages suggest further declines while oscillators signal a potential rally.

Tron could be in for a pullback to the Fib levels near the descending channel top while oscillators climb higher.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. In other words, the selloff is more likely to persist from there. The gap between the moving averages is also widening to reflect stronger selling pressure.

The 61.8% retracement level is closest to the channel top at 0.0511 and the 38.2% retracement level is at the mid-channel area of interest. The moving averages could hold as additional upside barriers in the event of a break past the channel resistance.

Stochastic is turning higher to signal that buyers are gaining the upper hand. RSI is also pointing up to signal a return in bullish pressure while sellers take a break. A bit of bullish divergence can also be seen as Tron spiked down and made lower lows while the oscillator had higher lows.

TRXUSD Chart from TradingView

Market Factors

Tron and its altcoin peers remain under pressure on news of the hack on a South Korean exchange last weekend and the ongoing probe into price manipulation. There have already been reports suggesting that Tether was used to manipulate bitcoin price back in 2017, so any evidence that this was also the case for other digital assets could further undermine confidence in the industry.

However, cryptocurrencies appear to be finding support after the Fed indicated plans for two more rate hikes later this year. Risk-taking in equities took a hit, thereby supporting other higher-yielders like crypto for the time being.

The post Tron (TRX) Price Watch: Updated Potential Correction Levels appeared first on NewsBTC.

The case against embattled cryptocurrency startup My Big Coin is being watched closely by industry insiders, as it will help determine whether or not the U.S. Commodity Futures Trading Commission has the authority to combat potential fraud associated with the coin and others. 

Jurisdiction of U.S. Regulators

In line with increased attempts this year by U.S. regulators to pursue potentially fraudulent companies connected to cryptocurrencies, the financial watchdog sued entrepreneur Randall Crater in January, accusing him and his Nevada-based company My Big Coin of stealing $6 million from potential investors. This Thursday, June 14, U.S. District Judge Rya Zobel is set to hear arguments in the case.

The debate over the jurisdictions of U.S. regulators like the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) has become a larger issue recently as the still-developing cryptocurrency industry has continued to grow this year following the all time highs reached towards the end of 2017.

This case is getting attention less because of pending guilt or innocence with regards to Crater and My Big Coin, and more because of what it could mean for the industry moving forward. According to Crater’s lawyers, the case raises a novel challenge to CFTC oversight of cryptocurrencies and associated ventures.

His lawyers argue that the CFTC has no authority over the digital currency because it is not a commodity nor is it a service that is traded using futures contracts, things that usually signify whether the agency should be involved. Currently, Bitcoin is the only cryptocurrency of which futures contracts are traded in the U.S.

“Our argument boils down to the fact that because My Big Coin does not have future contracts or other derivatives trading on it, it is not a commodity,” said Katherine Cooper, a lawyer for Crater.

According to observers, this challenge to the CFTC’s authority could make it a landmark case, as a ruling against the CFTC is likely to impact the agency’s ability to police cryptocurrency frauds in the future. Speaking on the matter, Gregory Kaufman, a lawyer with the law firm Eversheds Sutherland, says:

“It would have a chilling effect on the CFTC’s application of its powers in this area.”

The Bigger Picture

As noted, U.S. and global regulators have expressed concerns about fraud schemes targeting cryptocurrency users, but questions linger about who actually has jurisdiction over them. Some in the crypto ecosystem, intensely pursing the original philosophies of decentralization and self-regulation, continue to fight against powers any government authority may have over cryptocurrencies. On the other hand, many believe that the right kind of regulation will help foster growth in the industry and weed out bad actors.

In recent months the CFTC has announced eight cryptocurrency-related cases. In relation, peers at the SEC have claimed authority over the fundraising method initial coin offerings (ICOs). Just last week the head of the SEC clarified how his agency defines what is or is not a security, saying that the tokens used in ICOs are, whereas coins like Bitcoin (and, subsequently, My Big Coin) are not.

In it’s lawsuit against Crater and My Big Coin, the CFTC says the defendants misappropriated $6 million from 28 customers they lured by naming their virtual currency to sound like Bitcoin and further claiming that it was backed by gold. Lawyers for Crater contend, however, that My Big Coin is not a “commodity” under the Commodity Exchange Act because it is neither a tangible good nor a service on which future contracts are being traded.

Image from Shutterstock

The post ‘My Big Coin’ in Court This Week as CFTC Tries to Combat Crypto Fraud appeared first on NewsBTC.

Troll cryptocurrency Bitcoin Core is the next step of bitcoin’s ongoing naming wars.

Bitcoin Price Key Highlights

• Bitcoin price has broken below one triangle after another as bearish momentum strengthens.
• Price is now trading below the descending triangle bottom of $6,700 after previously falling below the symmetrical triangle.
• This signals that further losses are underway, but oscillators suggest otherwise.

Bitcoin price keeps tumbling below one support after another, but oscillators signal a possible bounce.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This means that the selloff is more likely to resume than to reverse.

The 100 SMA also lines up with the top of the triangle to add to its strength as a ceiling. Bearish momentum could keep strengthening while the gap between the moving averages continues to widen.

However, RSI is already indicating oversold conditions and looks ready to pull up. This signals that buying pressure could return and lead to a bounce back above the horizontal support or even inside the symmetrical triangle.

Stochastic is also nearing oversold territory to signal that sellers are getting exhausted and may be willing to let buyers take over. A move back above $6,700 could encourage more investors to jump back in instead of liquidating their holdings.

BTCUSD Chart from TradingView

Market Factors

Cryptocurrency traders are still on edge when it comes to the ongoing investigation into price manipulation of digital assets. If evidence strongly suggests that bitcoin and its peers were subject to such, trust in the industry could continue to falter.

It has been suggested that Tether was used to manipulate bitcoin price back in 2014, and more reports suggesting that other kinds of market manipulation took place would keep dampening bitcoin gains.

For now though, bitcoin price had a bit of reprieve when the dollar sold off after the FOMC decision, even as the central bank hiked rates and signaled room for two more tightening moves this year.

The post Bitcoin (BTC) Price Watch: One Downside Break After Another appeared first on NewsBTC.

Despite heavy pullbacks in price, the network continues to perform better than ever. Transactions are cleared quickly and fees are low. The economical use of block space through batching and SegWit are strong contributing factors. Hash rate continues to rise despite declining prices, which may begin to pinch out smaller mining operations due to shrinking profits.

Key Highlights

• ETH price crashed and declined toward the $440 level recently against the US Dollar.
• There is a declining channel in place with resistance near the $480 level on the hourly chart of ETH/USD (data feed via Kraken).
• The pair is currently correcting higher and it may head towards the $490 and $500 resistance resistances.

Ethereum price extended declines against the US Dollar and Bitcoin. ETH/USD may correct higher, but it is facing tough challenges near the $490 level.

Ethereum Price Resistance

Yesterday, there was a nasty downside move in ETH price below the $500 level against the US Dollar. The price declined below the $480, $460 and $450 support levels. A low was formed at $446 before buyers appeared. At the moment, the price is correcting higher and it has moved above the $460 level. There was also a break above the 23.6% fib retracement level of the last decline from the $545 high to $446 low.

However, the price is facing a lot of challenges on the upside near the $490 and $500 levels. There is also a declining channel in place with resistance near the $480 level on the hourly chart of ETH/USD. Above the channel resistance, the next hurdle for buyers is near the $496 level. It represents the 50% fib retracement level of the last decline from the $545 high to $446 low. A break above the $496 resistance is needed for buyers to gain control and push the price above the $500 handle.

Looking at the chart, the price may correct higher above the $480 level in the short term. However, the $490-495 resistance zone may play a crucial role in the next move in ETH. On the downside, supports are seen near the $465 and $460 levels.

Hourly MACD – The MACD is showing signs of recovery in the bullish zone.

Hourly RSI – The RSI is moving higher and is currently placed near the 40 level.

Major Support Level – $460

Major Resistance Level – $495

The post Ethereum Price Analysis: ETH/USD Faces Tough Challenge appeared first on NewsBTC.

Ripple’s chief cryptographer David Schwartz claims banks will not use blockchain for cross-border payments in near future