Day: July 18, 2018

British musician Peter Gabriel has invested in a new blockchain startup to create better food chain transparency in the industry.

Best known for his role as lead singer and songwriter in college band Genesis, reaching world prominence in the late 1970s to the mid-1980s, Gabriel is also an ardent fundraiser for humanitarian causes and a supporter of the British Labour Party to which he has made significant donations.

His investment in the startup, Provenance, is undisclosed but will contribute towards the company expanding its products. Gabriel can now add his name to other prominent personalities promoting ICOs over social media in the past year, such as Paris Hilton, Floyd Mayweather, and Katy Perry.

The companies currently investing in Provenance are Working Group Capital Fund, Digital Currency Group, Merian Ventures, and Plug and Play. The aim is to provide transparency to food transportation, basically giving the public a better idea of exactly where their food comes from and how it gets there. The blockchain-based application is predicted to be used in over 1,000 food businesses by 2025. Gabriel commented:

“We need to be able to trust the source and distribution chain, particularly when it comes to guaranteeing that things are produced ethically and in an ecologically sound way. I am convinced that the service Provenance provides, using their blockchain data system, is going to find a big role going forward and will be of great use to the consumer and provide a level playing field for smaller, independent producers on which to compete with the big players.”

CEO Barry Schubert of Digital Currency Group, one of Provenance’s other investors, also commented on the recent fortunes of Bitcoin, claiming he actually made a Bitcoin investment himself in the past week feeling that the flagship digital currency had bottomed out. He argued, “As an asset class it is here to stay… I’m 100% confident a decentralized, non-fiat form of money is here to stay.”

 

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Bitcoin Press Release: Cryptocurrencies were created as a citizen’s answer to an establishment’s shortcoming. The 2008 recession caused havoc across the world, destabilized economies, cost jobs and destroyed lives. The answer lay in a decentralised currency, which would not be controlled by any government or central agency; Bitcoin was born.

11th July, 2018. Malta – Bitcoin and almost every cryptocurrency to follow ever since, was anti establishment, and most governments took a cautious stance against them. Every crowdsale ever since has been under the scrutiny of a regulatory body. And yet, here’s a Token Sale, that is backed by a recently former cabinet minister of Malta.

The project is QuickX and the politician is the former finance minister of Malta, John Dalli.

The idea – crypto for all

QuickX is aimed at solving 4 key problems to bring cryptocurrencies in real life usage:

1. Time and Speed – Today, a blockchain purchase needs 3-6 confirmations for a transaction to go through. This ensures high transparency and higher security, but it comes at the cost of time and speed of transactions. This is solved by the QuickX protocol. Akin to the lightning network, the QuickX protocol uses pooling facilitators, who provide liquidity into blockchain and take the bulk of the transactions off chain. This greatly decreases time and increases speed of transactions.
2. Transaction costs – One of the biggest advantages of cryptocurrencies was that it would be a singular global currency, without the hassle of exchange rates. However, at its peak, the transacting on the bitcoin blockchain became very expensive, especially for small amounts. Using the QuickX protocol, the company aims to bring near 0 transaction costs at scale, across blockchains.
3. Scalability – The protocol make transactions tremendously frictionless, thereby allowing for higher transactions per second.
4. Cross Chain Transactions – Today, converting one currency to another is a multiple step process. However, unlike traditional crypto exchanges, QuickX makes the swap at the click of a button on the app. With a higher level of liquidity through the decentralized pooling facilitators, QuickX aims to offer the most competitive rates in the market for swapping cryptocurrencies.

Despite this being an off chain solution, all transactions are still recorded on the blockchain and there is fair incentive for liquidity providers to enable high speed transactions. Besides, this method is solving blockchain’s biggest problems and it isn’t a compromise on transparency and decentralisation.

The Team – Execution Machines

There are a few companies that are going after creating a fast and scalable payments ecosystem for cryptocurrencies. However, it will take a strong team and a sound advisory board to actually go and achieve this. QuickX is one of the more better equipped teams to be able to do execute this grand vision.

They are a 20+ member team, lead by the Adhlakha brothers, who have a track record of running a cyber security company that has served some of the biggest companies in the world, including Vodafone and Comviva. The team is well balanced between blockchain and technology talent, as well as business leaders. Every team member is publicly verifiable as well.

As mentioned earlier, the advisory board has John Dalli, the former finance minister of an EU country ( Malta), and several high profile industrialists. Few other high profile names include were George Kimionis CEO of Coinomi, Jorge Sebastiao CTO Ecosystem at Huawei Technologies and Sang Jae Seo CEO of PayX, Steve Tsao President if GigaMedia(Listed in NASDAQ) . This is certainly an advisory board that can open doors and provide much needed counsel to the team.

So, why did John Dalli back this project?

Token sales in the past have promised a lot but QuickX seems most likely to be able to achieve it. They are employing a proven model for scaling blockchain transactions and they have the team to go ahead and execute it. The advisors will ensure that the access to regulators and industry they will require in the coming months will be provided.

Nine years since the inception of Bitcoin, many governments are coming around to the reality of a world where crypto payments are a norm. Cryptocurrencies, in general, are just a better form of money. There are some limitations before they become mainstream, and QuickX will be the forerunners overcoming these issues. Couple that with the team’s credentials, backing this project becomes a no-brainer.

Public Presale Dates

The registrations for the QuickX public presale will begin on August 1st 07:00 UTC. Registration will be first come first serve. The public presale will end on August 25th or when the presale cap is reached whichever happens earlier.

For more information about the Token Sale, please visit the following links:

Website – https://www.quickx.io/
Telegram – https://t.me/quickxprotocol
Whitepaper – https://www.quickx.io/whitepaper/QuickXProtocolv1.7.pdf
Blog – https://blog.quickx.io/
Linkedin – https://www.linkedin.com/company/quickx/
Twitter – https://twitter.com/quickxprotocol
Facebook – https://www.facebook.com/quickxprotocol
Reddit – https://www.reddit.com/r/QuickX/
Medium – https://medium.com/quickxprotocol

Media Contact
Name: Sandeep
Email: [email protected]

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On Wednesday morning, the U.S. Congress held a hearing regarding cryptocurrencies, hearing mixed opinions from regulators and representatives of the U.S. government.

Federal Reserve Chairman: Cryptos Aren’t A Store of Value Or A Payment Tool

Jerome Powell, the chairman of the U.S. Federal Reserve (Fed), presented his thoughts about the current state of the crypto market while speaking to the House Financial Services Committee this morning.

When questioned about if blockchain-based currencies pose a “serious” threat to financial stability, Powell pointed out that “they aren’t big enough to do that yet.” Although the value of the cryptocurrency market may seem daunting on an individual level, compared to the value of the U.S’ M1 (all circulating cash and checking deposits) figure, cryptocurrencies are rather insignificant.

The Fed chairman also added that the cryptocurrencies are out of the regulatory control of the Fed, and that it isn’t seeking to “provide oversight.” However, despite not having a say over crypto regulation, statements from Powell indicate that the Fed still has an eye on the cryptocurrency industry.

Speaking on the status of cryptos, the governmental figure stated:

“I think there are significant investor risks. Investors, relatively unsophisticated investors, see the asset going up in price and they think ‘this is great I’ll buy this.’ In fact, there is no promise behind that…. So I think there are investor and consumer protection issues as well”

The issue with consumer protection has become a common worry among regulatory bodies. As reported by NewsBTC previously, there are currently over 800 ‘dead’ cryptocurrencies, with many of the 800 being scams that were made to swindle millions of dollars off unsuspecting consumers. It only makes sense that regulators would do everything in their power to remove the presence of fraudulent parties in this space.

The Fed representative later added that he does not believe cryptos should be classified as a currency, noting:

“It’s not really a currency, it doesn’t really have any intrinsic value… Mainly I have concerns. If you think about what currencies do, they’re supposed to be a means of payment and a store of value basically and cryptocurrencies are not used very much in payment… and in terms of the store of value, if you look at the volatility (or lack thereof), it’s just not there.”

Staying in-line with the ‘script’ that regulators seem to stick to, Powell also brought up the issue with pseudonymous/anonymous users using cryptos to launder and smuggle money. He stated:

“They (cryptocurrencies) are very challenging. Cryptocurrencies are great if you are trying to hide money or if you are trying to launder money. So we have to be very cautious and conscious of that.”

But as many crypto proponents have brought attention to in the past, U.S. dollars can, and often are, utilized by criminals as a transfer of value tool.

Cryptos Pullback After Astonishing Run-Up

The past week has been relatively positive for cryptocurrency prices, as Bitcoin ran from $6,200 to a high of $7,500 within the matter of a few days on the back of many pieces of positive news, coupled with stronger technical signals.

However, as the market moved into midday on Wednesday, crypto prices plateaued and took a slight drop, possibly correlating with the harsh stance governmental figures took on this industry.

Many have begun to believe that it is too soon for Bitcoin to continue a run up to $10,000 and beyond, but for now, we will have to wait and see.

 

Image from Shutterstock

The post Fed Chairman: “Cryptos Don’t Have Intrinsic Value,” Denies The ‘Crypto Threat’ appeared first on NewsBTC.

Key Highlights

• Ripple price made a nice upside move before facing sellers near $0.5245 against the US dollar.
• There was a break below a crucial bullish trend line with support at $0.4950 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair is currently trading near a major support zone at $0.4750 and the 100 hourly simple moving average.

Ripple price is correcting lower against the US Dollar and Bitcoin. XRP/USD must hold the $0.4750 support to bounce back in the near term.

Ripple Price Support

After a major upside move, Ripple price found resistance near the $0.5245 level against the US Dollar. The XRP/USD pair formed a high at $0.5245 and started a downside correction. It declined below the $0.5000 support and moved into a short-term bearish zone. Moreover, there was a break below the 61.8% Fib retracement level of the last leg from the $0.4690 low to $0.5245 high.

Additionally, there was a break below a crucial bullish trend line with support at $0.4950 on the hourly chart of the XRP/USD pair. The pair is now trading near a crucial support at $0.4750, which was a resistance earlier. More importantly, the 100 hourly simple moving average is positioned near the $0.4740 level to prevent declines. Therefore, as long as the price is above the $0.4750 support and the 100 hourly SMA, it is likely to bounce back in the near term. On the upside, an initial resistance is near the 23.6% Fib retracement level of the last decline from the $0.5245 high to $0.4750 low.

Looking at the chart, the price remains nicely supported near $0.4750. Should there be a break below this, the price could accelerate declines towards the $0.4500 support level.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD gained momentum in the bearish zone.

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

Major Support Level – $0.4750

Major Resistance Level – $0.4900

The post Ripple Price Analysis: XRP/USD Testing Key Support appeared first on NewsBTC.

A digital services firm owned by a Singapore government agency and a major port operator has launched a blockchain platform for cross-border trade.

Key Highlights

• ETH price started a major downside correction below the $500 level against the US Dollar.
• This week’s highlighted key bullish trend line was breached with support at $485 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair is currently trading near the $470 support and the 100 hourly simple moving average.

Ethereum price trimmed most of its gains against the US Dollar and Bitcoin. ETH/USD must stay above the 100 hourly SMA to avoid a push to $455.

Ethereum Price Support

There was a decent upside move above the $500 level in ETH price against the US Dollar. The ETH/USD pair traded as high as $517 before sellers appeared. The price started a solid downside correction and moved below the $500 and $490 support levels. During the decline the price cleared the 50% Fib retracement level of the last leg from the $465 low to $517 high.

It opened the doors for more declines and the price broke the $485 support. Moreover, this week’s highlighted key bullish trend line was breached with support at $485 on the hourly chart of ETH/USD. The pair is currently trading near the $470 support and the 100 hourly simple moving average. However, it has surpassed the 76.4% Fib retracement level of the last leg from the $465 low to $517 high. It indicates that there are high chances that the price could decline towards the $465 low in the near term. Below this, the next support is near the $455 level, which was a resistance earlier.

Looking at the chart, the price must hold the $470 support and the 100 hourly SMA. If it recovers, the previous support near the $482-485 zone is likely to act as a resistance. Above this, the price will most likely break the $500 level and resume its uptrend.

Hourly MACD – The MACD is placed heavily in the bearish zone.

Hourly RSI – The RSI is currently well above the 50 level.

Major Support Level – $470

Major Resistance Level – $485

The post Ethereum Price Analysis: Can ETH/USD Hold 100 SMA? appeared first on NewsBTC.

Billionaire and CEO of Avenue Capital Group, Marc Lasry, told CNBC’s Squawk Box on Wednesday that the growing accessibility of trading cryptocurrencies may well push the price of Bitcoin up to USD 40,000.

As well as becoming easier to trade, Lasry sees Bitcoin’s growing mainstream acceptance as a driving force for a huge price increase. With more markets allowing cryptocurrency trading to take place freely, he sees this as a significant indicator for his prediction. Citing the huge profits many traders have experienced, he told CNBC he has seen individual gains of 500% to 1,000% in just five years.

Lasry said that Bitcoin is the investment option that ”everybody is going to come to,” noting that this means it will be the most profitable cryptocurrency. He expressed his regret like so many others at his lack of initiative in investing in Bitcoin earlier, specifically when he had a close on it several years ago when it was worth just USD 300.

At the time of press, Bitcoin has experienced a significant +9.89% jump in the past 24 hours, with some believing the news of BlackRock’s considering to enter the cryptocurrency market a significant contributor to these gains, although the CEO has since denied claims of its interest.

Personal capital in Bitcoin

Lasry co-founded debt investment Avenue Capital Group in 1995 that he currently heads as CEO. The firm manages approximately USD 9.6 billion in assets as of last month. Avenue Capital does not handle cryptocurrency investments as of yet, however, as Lasry told CNBC, all Bitcoin investments made were with his personal capital.

In 2014, Lasry purchased co-ownership of the NBA team the Milwaukee Bucks for USD 550 million, the same year he was listed in Forbes as one of 2013’s 25 ”highest-earning hedge fund managers”. He is also a major Democratic Party donor in the US.

 

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Former Genesis frontman Peter Gabriel has invested in British blockchain startup Provenance, whose goal is to improve food transport with blockchain

A popular decentralized game couldn’t take ethereum’s slow, costly transactions. But it’s not leaving the chain behind entirely.

NEO Price Key Highlights

• NEO could be in for more gains as it forms an inverse head and shoulders on its 4-hour chart.
• Price has yet to break past the neckline around $40 to confirm the potential uptrend.
• Technical indicators are giving mixed signals at the moment, with oscillators suggesting another dip.

NEO price could be in for a reversal from its downtrend as it forms an inverse head and shoulders pattern.

Technical Indicators Signals

The 100 SMA just crossed above the longer-term 200 SMA to suggest that the path of least resistance is to the upside. In other words, the uptrend could gain more traction from here as bullish momentum returns. These moving averages could also hold as near-term dynamic support levels in this current pullback.

However, RSI has room to head south after turning from overbought territory, indicating that selling pressure could stay in play for a while. Stochastic is also heading lower so NEO price could follow suit.

A bounce off the moving averages and area of interest closer to $32 could still lead to a test of the neckline. A break past this could spur a longer-term climb that’s the same size as the reversal formation, which spans $27 to $41.

Sentiment in the cryptocurrency industry has been mostly positive, following a strong start to the quarter and a pickup in institutional interest reported earlier this week. Some dismiss this as a dead-cat bounce or a short squeeze on profit-taking, but it looks like the mood has been mostly positive.

For one, investors appear to be welcoming regulatory developments in Japan and South Korea instead of previously using these as reasons to close out positions. After all, this could increase security and legitimacy in a growing industry.

Looking ahead, headlines on regulation and investments could continue to impact NEO price action, along with overall sentiment in the financial markets.

The post NEO Price Watch: Longer-Term Reversal Pattern? appeared first on NewsBTC.

Bitcoin Price Key Highlights

• Bitcoin price recently surged past an area of interest and may be due for a retest.
• Using the Fibonacci retracement tool shows where bulls might be waiting to join in.
• Technical indicators are hinting at potential profit-taking and a continuation of the uptrend.

Bitcoin price could be due for a correction from its latest rally, and buyers are waiting to join in at the area of interest.

Technical Indicators Signals

The 100 SMA recently made a bullish crossover from the 200 SMA to indicate that the path of least resistance is to the upside. This suggests that the uptrend is more likely to resume than to reverse.

These moving averages are also close to the new ascending trend line forming on the 4-hour chart. The Fibonacci retracement levels might also keep losses at bay and draw more bullish energy. In particular, the 61.8% retracement level is closest to the rising trend line support and area of interest at $6,800.

For now, RSI is indicating overbought conditions or that buyers are exhausted from the recent climb. This could open the case for profit-taking and a dip to the Fib levels. Stochastic has also reached the overbought region and looks ready to head down, bringing bitcoin price along with it.

The sentiment in the cryptocurrency industry has been mostly positive after the recent technical breaks, which were seen to be spurred by rising institutional interest. Some, however, have dismissed this as a short squeeze following the other week’s “dead-cat bounce.” Others say the rally is being sustained by FOMO among market participants.

However, it also looks like investors are treating industry regulation as a plus instead of seeing this as a reason to jump out of their holdings. More updates on this topic or on acquisitions and investments could keep bitcoin price afloat and on track for a solid rebound.

The post Bitcoin (BTC) Price Watch: Buyers Waiting for a Pullback? appeared first on NewsBTC.

WEX cryptocurrency exchange has halted withdrawals of Bitcoin, Litecoin, Bitcoin Cash, Ethereum, and Dash for an entire week, raising fears among its users that the exchange has become insolvent. Further, WEX is still allowing deposits, so users that have not seen the warning that withdrawals are halted will find out the hard way that their money is frozen.

This is made even worse by the fact that the warning is not prominently posted on the WEX website. Instead, it is in a Twitter post that has been buried by other posts on their news feed. This has raised the suspicion that WEX is conducting an exit scam.

WEX is the successor to BTC-e, with an almost exact replica of the latter’s website looks. BTC-e was raided and shut down for alleged money laundering, with its supposed owner Alexander Vinnik wanted by multiple countries for laundering USD billions. WEX is based in Singapore but operated by Russians.

Due to wallets maintenance, BTC, LTC, ETH, BCH, DSH withdrawals won't be available until 22 July. Sorry for inconvenience caused.

— WEX Official (@WEXnz) July 16, 2018

WEX’s official owner and operator, Dmitry Vassiliev, claims he has lost control of WEX and doesn’t know who is operating the exchange anymore, which makes the current situation extremely precarious for users.

Vassiliev explains that the vice president for the Russian Association of Cryptocurrencies, Dmitry Sutormin, had been selling an unlimited number of WEX codes which can be redeemed for cryptocurrency on WEX. This probably explains why Bitcoin’s price on WEX is far higher than the rest of the world, since the WEX codes can be used to purchase Bitcoins, and the large amount of buying pressure from people redeeming WEX codes combined with limited amounts of Bitcoin available on WEX would force price much higher than it should be.

As of this writing on 18 July 2018, Bitcoin costs USD 9,175 on WEX and USD 7,425 on Bitfinex. Some traders might mistake this as an arbitrage opportunity and deposit on WEX, only to find out that they can’t withdraw their money.

Some are speculating that Sutormin is selling WEX codes far below their actual value and there is no real money backing them, draining the exchange’s reserves.

 

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In Russia, no separate taxation rates will be applied to the mining and circulation of cryptocurrencies