Day: August 27, 2018

Nicehash, the cloud mining service that got hacked in December, has returned 60 percent of the stolen bitcoins, according to local media. After the cyberattack last year, the Slovenian company promised to fully reimburse its customers and has been doing it on a monthly basis. The police investigation into the case is still ongoing.   

Also read: Mt. Gox Creditors Can File Rehabilitation Claims by October 22

Reimbursements Made on Monthly Basis

Slovenia-based crypto-mining pool Nicehash has managed to return 60 percent of about 4,700 bitcoins (BTC) stolen in a hacking attack last year, STA reported. In December, 2017 when crypto prices were heading towards their all-time highs, the missing cryptocurrency was valued at approximately 56 million EUR (~$65 million USD).

The price of bitcoin core (BTC) has dropped from almost $20,000 USD per coin in the weeks following the cybercrime incident to around $6,700 dollars at the time of writing, or almost 70 percent.

Nicehash was hacked on December 6, when its website went down and it was forced to interrupt operations. “Our payment system was compromised, and the contents of the Nicehash bitcoin wallet have been stolen,” the company announced in a Reddit post.

The platform was back online just two weeks after the security breach. Its team pledged to fully reimburse the pool members for their losses. So far, the reimbursements have been made on a monthly basis.

Investigation Going On in Slovenia

The criminal investigation into the case is still ongoing, the Slovenian press agency noted citing representatives of the Ljubljana Police Department. “Information gathering and other activities are still underway and carried out with the help of international legal collaboration,” the police said in a press release quoted by STA.

Slovenian police officials commented that this type of investigations are among the most demanding and lengthy, Total Slovenia News reported. Hackers are usually based abroad and act from different parts of the world, using a variety of techniques to conceal their identity and location.

The Ljubljana-headquartered Nicehash claims to be the “largest crypto-mining marketplace.” The service connects sellers and buyers of hashing power. Buyers rent computing power through its online platform in order to mine bitcoin core (BTC). Sellers have to run the Nicehash mining software and connect their hardware to the pool’s servers. The company was founded by Marko Kobal and Matjaž Škorjanc in 2014.

Do you think Nicehash will be able to fully reimburse its clients? Tell us in the comments section below.

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Contrary to sentiment and upbeat expectation from within the crypto market, Ethereum is struggling against sellers. At spot prices, the second largest coin is down four percent. This is amid claims of discontentment  by some developers that the Constantinople hard fork deadline and expectations are overwhelming—if not unrealistic.

From the News

In a bid to contribute towards a more open financial system that helps foster creation of equal opportunities, efficiency and above all economic freedom via cryptocurrency and blockchain, CoinBase will try to evangelize the benefits of crypto and innovate ways of spurring institutional and individual adoption across the globe. Recent initiatives in Europe demonstrate their intentions say Zeeshan Feroz, the CEO of CoinBase UK.

Though the community is thirsty and expectant that CoinBase shall add more digital assets on to their platform, the crypto exchange platform has taken massive strides that have seen a spike in user experience satisfaction in recent times. Among them is the introduction of Faster Payments. This incorporation alone is cutting down the cost of FX and concurrently speeding up transaction processing. Furthermore, CoinBase UK are duly licensed by the FCA. Additionally, UK account holders can purchase any of CoinBase listed assets in GBP.

In other news, MetaMask–an Ethereum browser-will from Nov 2 stop injecting Web3 to user browsers as they bolster security. Instead they plan on using postMessage API after users noticed vulnerability, “fingerprinting” which could by-pass MetaMask privacy protection. It is along this privacy line that similar dApps will need an update with injection of web instances on the user browser dependent on user approval.

Ethereum (ETH) Technical Analysis

Weekly Chart

Ethereum Weekly Chart by Trading View

When trading, it’s imperative to note that the fastest way of draining your crypto cache is to trade against the trend. That might be the case today assuming there is a recovery of price clipping sell momentum and registering highs say above $350–$400 resistance zone.

As visible from the chart, ETH is one of the biggest losers in the top 10 shedding five percent week over week and by doing so, price action did confirm that bearish engulfing and break out pattern of week ending Aug 12.

If anything, chart specific patterns have already signaled the path of least resistance printing in the midst of strong eight month sell pressure that has so far wiped 80 percent of value after peaking in late Dec 2017.

On a higher level, we shall use the Ethereum (ETH) weekly chart for trend definition and judging from alignment of candlesticks, we suggest taking shorts in lower time frames with eyes on $150.

Daily Chart

Ethereum Daily Chart by Trading View

Aug 20 candlestick is a mark of sellers and shifting in contrary to Aug 17 bulls, this bear bar has been so far successful in confining prices within a tight $60 range with supports at $250.

Since the overall momentum is bearish, the best ETH trade plan applicable in such a ranging market is to wait for a strong bear dip below $250. Thereafter, we shall recommend shorts with first targets at $150.

On the flip side, for buyers to take charge and damp our bearish expectations then any just above Aug 17 highs at $330 might trigger a series of higher highs aiming for $350 and later $400—our immediate resistance line.

Disclaimer: This is not investment advice and views represent that of the author and not NewsBTC. Do your own research before making an investment decision.

The post Ethereum (ETH) Technical Analysis: Ethereum (ETH) The Most Undervalued in the Top 10 appeared first on NewsBTC.

It’s a ball park four percent gain in the altcoins market with IOTA spearheading the recovery with a 15 percent gain yesterday. Based on price action, we expect a continuation of yesterday’s greens and in that case positives in ADA, Stellar Lumens, IOTA, EOS and even the deep Litecoin which is less than $5 from $50 main support line.

Let’s have a look at these charts:

EOS Technical Analysis

EOS Daily Chart by Trading View

Though the EOSIO blockchain is vulnerable to RAM exploitation, the community is always innovating devising check and balances against such events.

Even if gains are limited to say the least, recent series of higher highs are pointers of a steadying market. With yesterday’s four percent gain at the back of strong bulls by end of last week, we might see a breach above $5.5 as laid out in our previous EOS trade plan.

Should that come to pass today, then buyers can begin searching for pull backs in lower time frames before ramping up longs with targets at $7—our immediate resistance line and previous break out support.

Litecoin (LTC) Technical Analysis

Litecoin Daily Chart by Trading View

After Ethereum and Bitcoin, Litecoin prices are steady to say the least. Judging from yesterday’s price action—where bulls added two percent, Aug 20 high low might continue confining Litecoins prices.

However, should there be a break above $60 buyers can load at spot prices and aim for $70 and later $90, the upper limit of our consolidation with stops at the lows of the break out candlestick.

On the other hand, it would be trend resumption if there is a break below the second bear target and immediate support at $50.

As mentioned in our previous LTC price analysis, risk off traders can begin loading longs at spot prices with a safety net at $50 just in case our projection is voided by a high volume candlestick confirming Aug 20 bears.

Stellar Lumens (XLM) Technical Analysis

Stellar Lumens Daily Chart by Trading View

If anything, out previous eight Stellar Lumens technical analysis hold true. This is all due to Stellar Lumens prices moving within a consolidation with main supports at the monthly support trend line with caps at 22 cents on the upside.

Regardless of this momentum building accumulation, our trade conditions holds. Since the market is upbeat, we shall trigger longs once there are conclusive gains above 26 cents with stops at lows of the break out candlestick. In the meantime though, risk off traders can ramp up longs in lower time frames with stops at 20 cents.

Cardano (ADA) Technical Analysis

Cardano Daily Chart by Trading View

Aside from the five percent gain and rejection of lower lows, ADA’s trade range is tight and our last Cardano (ADA) trade plan is virtually unaffected.

Nonetheless, we shall treat yesterday’s movement as an accumulation and with higher highs backing our assertions, risk averse traders can begin buying at spot prices with stops at ADA’s all-time lows at 7 cents. First bull targets would be at 12 cents, our previous support and main sell trigger line.

IOTA (IOT) Technical Analysis

IOTA Daily Chart by Trading View

Like the rest of the market, IOTA’s trajectory is up and this coin is leading the market with a 13 percent gain in the last 24 hours.

From our last IOTA trade plans, our longs should be active by today assuming there is a follow through from yesterday’s buy triggering move.

If that is the case, we shall take longs at spot prices with stops at yesterday’s lows at around 55 cents. First targets would be at 90 cents.

Disclaimer: This is not investment advice and views represent that of the author and not NewsBTC. Do your own research before making an investment decision.

The post IOTA, EOS, Stellar Lumens, Cardano, Litecoin Price Technical Analysis: Early Stages of a Altcoin Price Recovery, More Gains Expected appeared first on NewsBTC.

Crypto exchange Huobi has reportedly acquired the controlling share in investment holding company Pantronics through a backdoor listing deal

Comments from the Central Bank of Iran’s Deputy for Innovative Technologies Nasser Hakimi indicate that Iran will legalize and regulate crypto activity sometime in September 2018, putting an end to an ineffective ban that started in April.

On 22 April, the Central Bank of Iran declared that all Iranian financial institutions are prohibited from facilitating crypto trading or any other crypto activity. The official explanation for the crypto ban was to prevent money laundering and terrorism but Mohammad Javad Azari-Jahromi, the Minister of Communications and Information Technology, admitted that the ban was to prevent capital outflows amid a worsening hyperinflation situation in Iran. This currency crisis is partially the result of the abrupt ending of the Iran Nuclear Deal, leading to progressively more intense international sanctions.

Crypto exchanges operating in Iran briefly halted trading after the announcement of the ban but within two weeks resumed operations. Additionally, peer-to-peer trading on Localbitcoins and other platforms greatly increased, rendering the ban ineffective. Iranians mostly disregarded it and bought as much crypto as they wanted, especially since it was one of the only safe harbors in the current economic storm.

Cryptocurrency is inherently unstoppable due to its decentralized nature. It is impossible for any government to stop Bitcoin if its citizens really want to use it. Iran reportedly went as far as using sophisticated technology to block crypto-related web traffic even if people were using VPNs. The government may now be realizing the futility of trying to prevent the use of crypto, deciding that legalizing and regulating crypto would allow some control over the market.

The Iranian government has allegedly been developing a national cryptocurrency during the ban. Some see it as a way to possibly circumvent international sanctions, which have prevented the country from using standard international financial infrastructure. Iran is expected to launch an official cryptocurrency backed by its native fiat currency the rial (IRR) before winter.

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Up until now, if you read the name Zuckerberg associated with blockchain and cryptocurrency, chances are it was referring to Facebook creator Mark Zuckerberg. However, it’s his sister Randi Zuckerberg who has signed on to advise for one of the world’s largest cryptocurrency exchanges.

Randi Zuckerberg Joins Huobi’s Expert Advisory Team

In a press release from earlier in August, Huobi announced its new “expert advisory team,” and among the names listed, was Mark Zuckerberg’s sister Randi Zuckerberg. Other notable names include Bitmain’s CEO Jihan Wu.

The release states that Zuckerberg will provide expert opinion on “Huobi’s public chain, from the basic technology of the blockchain to its industrial applications, commercial modeling, etc.,” and will “help” during Huobi’s Public Chain Leadership Competition.

“The Huobi Chain Project will provide individuals and organizations with a reliable financial protocol for value exchange, fundraising, securitization and more. While both private and public chains are decentralized peer-to-peer networks, the network within public chains is entirely open, so anyone can join and participate.”

While Randi’s association with Huobi may not have as significant impact as her brother’s association would, the Harvard graduate has quite the credentials of her own. Aside from having worked at Facebook for six years, she is also the founder and CEO of Zuckerberg Media, Editor-in-Chief of Dot Complicated, and is the creator of an animated TV show called Dot. She has also been nominated for an Emmy, and was featured as one of 50 Digital Power Players by the Hollywood Reporter in 2010.

Not the Only Zuckerberg Interested in Crypto

Randi’s brother, Facebook founder and CEO Mark Zuckerberg, has also expressed his interest in blockchain and cryptocurrency. The eccentric Facebook founder said in a Facebook post that he plans to study the “positive and negative aspects” of cryptocurrencies in an effort to “fix important issues” at Facebook.

In recent months, Facebook reportedly launched a mysterious blockchain division led by former PayPal president and former head of messenger at Facebook, David Marcus. The former Coinbase board member recently stepped down from his post, citing avoidance of a potential “conflict of interest.”

Facing the Facebook Ban on Crypto

While Facebook’s recent involvement in the world of cryptocurrencies and blockchain has been viewed as positive, the social media giant made a major dent in the market early in 2018 when it banned all cryptocurrency-related advertisements.

In January, Facebook’s advertising policy was updated to “prohibit ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, and cryptocurrency.”

In June, however, the firm reversed its decision to outright ban all crypto-related advertisements, instead allowing “related content from pre-approved advertisers,” while continuing to “prohibit ads that promote binary options and initial coin offerings.”

Featured image from Shutterstock.

The post Zuckerberg’s Sister Joins Advisory Board at Major Cryptocurrency Exchange appeared first on NewsBTC.

This article originally appeared on Bitcoin Magazine.

Respected Wall Street Journal reporter Paul Vigna has commented on the recent news surrounding the Bitcoin ETF proposals’ recent rejections. He states that the financial regulator’s concerns are “very valid.”

Vigna: “Good Governments” No Longer Want to Ban Crypto

Paul Vigna appeared on CNBC earlier today. He discussed the future of the number one cryptocurrency, as well as the U.S. Securities and Exchange Commission’s (SEC) recent rejections of various ETFs proposed to them this year.

Vigna stated that the concerns of the regulators are “very valid.” He expanded on this by highlighting the irony of a market that prides itself on a transparent, distributed ledger yet has such a lack of transparency amongst the dealings of exchanges. He then contrasted the crypto markets with traditional capital markets, stating that there is much more oversight throughout the entire established industry:

“The [traditional] exchanges themselves do a lot of watching what’s going on on their exchanges.”

The WSJ reporter went on to remind people that even in the well-regulated existing markets, people still try to “game” an advantage. Since there is a lack of oversight in the crypto markets, the problem is much greater there, he stated.

Vigna then addressed one of the SEC’s major concerns about a Bitcoin ETF – market manipulation:

“Is there market manipulation in Bitcoin and in other cryptocurrencies? Absolutely. How much of it there is? We don’t exactly know.”

He stated that the main issue for the SEC is that they have no idea what exactly is going on and therefore they are reluctant “to give a blessing to these ETFs.”

If what Vigna is saying carries weight, the SEC will be unlikely to approve the much-anticipated VanEck ETF proposal next month. Many in the Bitcoin community feel strongly that a green light from the financial regulators would trigger the next bull market for the digital asset. However, since market manipulation seems unlikely to vanish any time soon, the chances of an approval look increasingly slim.

The conversation between Vigna and the presenters then focused on the future of Bitcoin and the governments of the world’s approach to it:

“The whole idea that existed a few years ago that governments are never going to approve this, that they’re never going to let this exist, they’re going to try and squash it, I don’t think that’s relevant anymore.”

Vigna then claimed that there does not seem to be much chance of “good governments” trying to outright ban Bitcoin and other cryptocurrencies nowadays. Instead, they were trying to work out ways to regulate the market to allow it to provide good for people in as risk-free way as possible.

Featured image from Shutterstock.

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As markets struggle to make a turnaround amid negative sentiment, let’s find the coins that look good to lead the recovery higher