Day: September 10, 2018

Bitcoin is trading for just over $6,200. This is about $100 less than where it stood yesterday. The currency continues to sputter along and encounter small ups and downs as it tries, once again, to rise to the top.

While bitcoin itself remains somewhat stable, the crypto market in general is heading towards its lowest position this year, according to one source. The market reached its overall lowest point on August 15 at roughly $191 billion. While the market has since jumped to $200 billion since then, the last 24 hours have been marred by further drops, which now places the total crypto market at $196 billion. Another $5 billion and it will once again be standing at its lowest figure of 2018.

While it’s always possible that bitcoin will break beyond the $6,400 point and regain momentum in the coming weeks, many technical analysts are telling enthusiasts not to hold their breath, with one even writing:

“One of the most powerful tools of spotting a market reversal is the three-line fan. All three lines must act as support turned resistance. Not a big diagonals fan, but I’ve used this idea with great success in the past. Don’t expect a reverse anytime soon in my opinion.”

While minor gains were witnessed during the early morning hours (roughly 0.8 percent or less), the bears are continuing to gain a strong footing within the crypto space, and according to one source, we can expect even further losses before we start to witness a turnaround. Overall, the currency has lost nearly 15 percent in just over five days of trading and selling pressure in the crypto market is at an all-time high. Right now, bitcoin is in danger of striking an even $6,000. Support for the currency presently sits at $6,091, while resistance is at $6,345.

Meanwhile, the Securities and Exchange Commission (SEC) has suspended the trading of two investment products that track cryptocurrencies as there has been confusion regarding whether they are ETFs (which they aren’t). The products are the Bitcoin Tracker One and the Ether Tracker One, both of which are listed on the Nasdaq exchange in Stockholm, Sweden. In addition, both claim to track the prices of the said cryptocurrencies and will be available only until September 20.

The SEC has released a statement, explaining:

“It appears that there is a lack of current, consistent and accurate information. Application materials submitted to enable the offer and sale of these financial products in the United States, as well as certain trading websites, characterize them as ‘exchange-traded funds.’”

Bitcoin Charts by TradingView

The post Bitcoin Price Watch: Currency Slightly Stable, but Crypto Market Is in Bad Shape appeared first on NullTX.

Nearly half of all initial coin offerings (ICOs) in 2017 and 2018 failed to raise any funds, according to a new report.

This article originally appeared on Bitcoin Magazine.

Remember when crypto skeptics said that cryptos would replace fiat currencies as the preferred funding method for terrorists? It turns out they were wrong, at least for now. According to witnesses who testified before the U.S Congress Subcommittee on Terrorism and Illicit Finance, crypto hasn’t taken root as the go-to financing method for terrorist groups who still prefer to use fiat. Technological incapability to utilize crypto at the basic level and the improved tracing methods were cited as among the top reasons that have made these groups shun crypto.

Shedding The Crime Connection

When cryptos first started gaining mainstream traction, they were inseparable from criminal activities. Be it drug dealing, human trafficking or as ransom, cryptos quickly became a darling of the criminal world. According to some reports, crime was pushing around 90 percent of the crypto volume less than five years ago. This has changed as the government’s ability to trace a crypto transaction increases.

Cash still runs the terrorist financing activities, one of the expert witnesses explained to the subcommittee. Yaya Fanusie, the director of analysis for the Foundation for Defense of Democracies Center on Sanctions and Illicit Finance revealed that terrorist groups including the infamous Islamic State and al-Qaeda have already attempted to fund their activities by raising cryptos but with very little success.

One of the terrorist groups that tried raising money in crypto in an online campaign in 2016 failed terribly, Fanusie revealed. The group, Mujahideen Shura Council which is based in the environs of Jerusalem in Israel was only able to raise $500 from two contributors despite running its online campaign for weeks.

Terrorists have a proven history of quickly adapting to and utilizing the newest developments to stay a step ahead of law enforcement, Fanusie explained:

Terrorist groups regularly adapt their methods to their available resources, skill levels, and the opportunities presented in their target areas of operations. This is as true for financing as it is for plotting attacks. Terrorist organizations have a long history of exploiting banks and other traditional financial institutions, as well as semi-formal means of transferring funds, such as the hawala exchange system. But emerging financial technologies offer new channels to raise and move funds

Cash has continued to be the terrorists’ chosen mode of financing for a number of reasons, the first of which is its anonymity. With terrorists needing to stay under the radar, cash has proven to be the most anonymous form of financing. While cryptos were originally hailed for their anonymity and privacy, the perception is changing as governments develop better tracing methods for crypto transactions. In June, an FBI agent revealed during a crypto conference in New York that contrary to popular belief, the blockchain has made it much easier for the bureau to investigate financial crimes than it was with cash transactions.

Cryptos also pose another challenge for the terrorist groups, where to use it. In most of the areas these groups operate in, the technological infrastructure is unreliable. Only cash is accepted in such areas, rendering the cryptos useless.

Nevertheless, the use cases of cryptos have seen a relative increase over the past few years. Terror groups can now use it to fund Jihadist media sites which have increasingly integrated crypto into their payment methods, Fanusie stated.

By preparing now for terrorists’ increasing usage of cryptocurrencies, the U.S. can limit the ability to turn digital currency markets into a sanctuary for illicit finance.

The U.S government must enhance its capacity to analyze crypto transactions if it is to stay ahead of the terror groups, Fanusie warned. According to him, the great strides made in tracing crypto transactions have become threatened by an increasing number of privacy coins in the market whose transactions are almost impossible to trace.

The post Terrorists Not Having Much Luck Raising Money Through Cryptos, Fiat Still The Most Preferred appeared first on NullTX.

New York-based multinational financial services and investment bank, Citigroup, has reportedly created a new, less risky way of investing in cryptocurrencies in hopes of potentially luring investors who are still on the fence and reluctant to invest in the space due to the risks associated with crypto assets.

Citigroup Has Created the Digital Asset Receipt

According to a new report from Business Insider, citing sources “with knowledge of the project,” American banking giant Citigroup has developed what it calls the Digital Asset Receipt – something that Business Insider says “may be a game changer for the industry.” The project is said to be a collaboration between the Citigroup’s capital markets origination team and depository receipts team.

The new Digital Asset Receipt (DAR) is a new investment instrument Citigroup has allegedly developed that allows risk-averse investors to get into crypto asset investing, without actually owning them, and therefore being responsible for their custody. Crypto asset security and storage is notoriously more complicated than with traditional assets, and due to their design and value potential, have become a target for cybercriminals.

The way Citigroup’s DAR works resembles an American depository receipt – a long-standing U.S. investment product that allows investors to own foreign stocks that aren’t listed on regular U.S. exchanges. A bank holds the foreign stock, and the investor in said foreign stock is issued a depository receipt indicating ownership of the asset.

After an investor buys into Citigroup’s DAR, the bank would then notify a long-trusted Wall Street clearing and settlement service, the Depository Trust & Clearing Corp., that a Digital Asset Receipt was issued. The source explained that this extra step provides a layer of trust for investors, as their assets will be held and trackable in a long-standing system that they’re already comfortable with.

Citigroup is said to have begun reaching out to partners they’re considering working with for the new instrument, but it’s not clear when the bank may launch the Digital Asset Receipt, or where they are in the product’s development.

Trust and security are the primary hurdles said to be preventing big Wall Street institutional investors from entering the cryptocurrency market. Such an instrument may play an important role in the growth of the cryptocurrency market as big money asset managers and hedge funds consider less risky ways to enter the space.

Citigroup hasn’t always been willing to allow their customers and clients to invest in cryptocurrencies. Earlier in 2018, Citigroup joined JPMorgan, Bank of America, and other large banks in banning their customers from buying cryptocurrencies like Bitcoin and Ethereum with their credit cards, citing high risks associated with the price volatility cryptocurrencies experience.

These bans may have saved late-comers to the cryptocurrency bull run in 2017 a lot of additional financial woes. Cryptocurrency prices have continued to reach new lows throughout 2018, leaving many investors scorn.

Featured image from Shutterstock.

The post Citigroup Preparing New, Less-Risky Crypto Product for Investors appeared first on NewsBTC.

Bitcoin Press Release: Blockchain company ARXUM has formed a strategic partnership with Glassline, a producer of frameless glass architecture to enable the implementation of blockchain technology. This partnership will prove to be mutually beneficial for both parties.

5th September 2018, Zug, Switzerland – ARXUM’s innovative blockchain solutions for manufacturing benefits GLASSLINE in the production of frameless glass architecture. GLASSLINE is developing new process and portal solutions and by integrating ARXUM’s Production Protocol, they can greatly increase customer satisfaction.

GLASSLINE, who is the competence leader in sophisticated frameless glass architecture from Adelsheim, Germany, has partnered with ARXUM’s technology for production. Glassline is looking to combine the usual web portal and web configurator technology with the advantages of the blockchain. That way, GLASSLINE can increase transparency, which leads to a multitude of benefits for customers.

Thomas Utsch, Managing Director of GLASSLINE GmbH stated,

“With our own cutting-edge production, we deliver the highest possible quality Made in Germany. We also rely on innovative technologies in our collaboration with our customers and therefore want to cooperate with ARXUM in the implementation of Blockchain technology in the future.”

Blockchain digitizes the supply chain process and documents it from start to finish, which increases transparency and secures the exchange of information between customers and manufacturers. The ARXUM Production Protocol is a global standard based on the blockchain and it enables a fully digitized connection between customers, manufacturers, and their suppliers down to machine level.

For ARXUM, the collaboration with GLASSLINE means new development opportunities.

Jens Harig, Managing Director of ARXUM Business GmbH, commented,

“By co-operating with GLASSLINE, we gain the possibility to add further industry-specific features to our existing ARXUM Production Protocol.”

About ARXUM

ARXUM changes the manufacturing industry by interconnecting manufacturers, suppliers, and customers in one network. The network lets data be transferred effortlessly between the users, enabling customized manufacturing for the same price as mass production – for the first time in history. In turn, a completely new marketplace is created, where everyone can participate. ARXUM uses blockchain technology and is run by a team of experienced engineers.

The ARXUM Token Sale

Through the token sale period, the public can join and support this paradigm shift in manufacturing. The ARXUM token, AX, are used across the ARXUM Production Network and allow investors to benefit from the use of IoT and blockchain within manufacturing. ARXUM has submitted a proposal to the financial authorities of Switzerland, FINMA, and is waiting for the final approval to conduct a token sale. There is a total of 125,000,000 AX token. 80% of the tokens are for sale, 16% are for the team and 4% is for the Bounty Campaign. The funds will be used for Industry-specific adaptations to ARXUM’s Production Protocol and for the market penetration and worldwide roll-out.

To learn more visit the Website: https://arxum.com
Meet the Team: https://www.linkedin.com/company/arxum/
Connect on Facebook: https://www.facebook.com/ARXUM-224545318086179/
Follow us on Twitter: https://twitter.com/TheArxum
Read the Whitepaper: https://arxum.com/downloads/
Join us on Telegram: www.t.me/arxumforall

Media Contact
Contact Name: Jens Harig
Contact Email: [email protected]

ARXUM is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. Token sales are only suitable for individuals with a high-risk tolerance. Only participate in a token event with what you can afford to lose. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

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A crypto wallet provider released an app that allows players to store their collectibles and game assets. The company claims their product is the first “real” mobile application on the market that is not based on built-in browsers. #SPONSORED

The vice president of the European Commission has said that “crypto-assets are here to stay” at the second informal Economic and Financial Affairs Council (ECOFIN) press conference.

Progressive

At the ECOFIN press conference in Vienna, vice president Vladis Dombrovskis spoke of the discussion between himself and other ministers, describing it as a “good exchange” with regards to the future of cryptocurrencies and initial coin offerings (ICOs).

In his speech, Dombrovskis said, “We also had a good exchange of views on crypto-assets. We see that crypto-assets are here to stay. Despite the recent turbulence, this market continues to grow.”

He continues, “In particular initial coin offerings, or ICOs, we see they have the potential to emerge as a viable form of alternative financing. Already last year, ICOs helped raise over 6 billion dollars in funding and this year this figure will be substantially bigger.”

These positive remarks are however underpinned by a somewhat cautious attitude; he highlighted risks such as investment protection, market integrity, as well as money laundering among other nefarious activities that regulators, governments and industries are trying to stamp out or protect themselves against.

Dombrovskis asserted that there is a “need to continue monitoring developments in this area”, calling upon international partners such as the Financial Stability Board or G20 to cooperate.

Describing the challenges imposed by digital currencies, he cited a common issue that has plagued the progress of legislation and regulation which is the classification and categorization of digital assets. This would determine “whether and how to apply existing EU financial rules to these new assets or if we need new EU rules”.

Crypto-competence

Australia has been tackling this issue head on, while developing a means to tax cryptocurrencies. Several steps were been taken to define digital assets in a taxable context as accurately as possible.

The US has been wrestling the issue in a similar manner. The Supreme Court of the United States ruled on 21 June that Bitcoin could be used as a currency; this came as a result of a hearing that debated whether stock options can be taxed the same way that cash earnings are.

Earlier in June, the US Securities and Exchange Commission (SEC) declared that Bitcoin and Ethereum would not be regulated as securities; the subject digital assets being classified as securities in the states has been an ongoing matter for some time.

At the tail end of the speech, the vice president said that there is an ongoing effort between ECOFIN and the European Supervisory Authorities that he called “regulatory mapping of crypto assets”. Member states are in support of the mapping effort and Dombrovskis is expecting the assessment to be concluded this year.

The European Parliament recently held an all-party meeting that examined proposals for ICO rules. No formal statements have emerged from this discussion as of yet, but the speech given by Dombrovskis appears to echo the progressions made across departments of the EU.

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The Winklevoss twins have just launched a stable coin on their Gemini platform. It is the first of such products to receive approval from a financial regulator.

Gemini Dollar Gets Blessing from the New York Department of Financial Services

Tyler and Cameron Winklevoss continue to champion the cause of cryptocurrency, despite the declines in prices and public interest so far in 2018. Their latest product is a stable coin, which aims to represent the value of the U.S. dollar. To achieve this, each unit of the currency will be backed by money deposited in the State Street bank.

The Gemini dollar has been built on the Ethereum network. According to CNBC, the pair are hoping that the new coin will help to bridge the gap between digital assets and traditional banking. It will allow users to convert U.S. dollars to the new Gemini dollars in order to move value quickly, and transparency around the world. Tyler Winklevoss spoke to the publication in a telephone interview:

“It is really a matter of bringing your U.S. dollars on to the blockchain and making them borderless 24/7.”

Efforts at stable coins have been attempted before. The most famous example is the controversial USD Tether (USDT) coin. However, many accuse Bitfinex, the company behind USDT of dubious practices owing to the fact it refuses to undergo a full audit.

The difference between the Winklevoss coin and USDT is that the Gemini dollar has already been approved by the New York Department of Financial Services. This makes it the first stable coin to receive such regulatory backing. Tyler explained:

“I don’t think any of the offerings do adequate job in solving the trust problem. This [Gemini dollar] is the world’s first regulated stable coin.”

The twins believe that having such a stable coin will allow more people to actually use cryptocurrency for payments. They argue that Bitcoin is more like gold since its properties of scarcity encourage investors to hoard it away in the hope that it gains value. They also cite the current volatility of existing cryptocurrencies as a barrier to their widespread use:

“If something is a good store of value, you don’t want to spend it… If you buy something with Bitcoin or Ether you could be dramatically under or overpaying.”

It is believed that the Gemini dollar will be much more of a currency than a tool for traders. Previous efforts at stable coins, such as Tether, have been used by traders to exit positions in crypto to allow them to buy in again and lower prices and increase their stack. The twins are hoping that the Gemini dollar will be used to make global payments too.

The CEO of Genesis Global Trading, Michael Moro, sees potential in the idea. He states that the premise of stable coins offers much more usability as a medium of exchange:

“Right now they’re purely used on exchanges (arbitrage or crypto-to-crypto trading), but I think their potential use cases are much greater than just that.”

Featured image from Shutterstock.

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Blockchain startup Paxos has launched a NY regulator-approved USD-backed stablecoin

Just days after leaving her role as Ripple’s top legal officer, Brynly Llyr is taking on the role of general counsel at crypto payments startup Celo.

The OECD wants to encourage the development of blockchains, so long as they don’t resemble Bitcoin

Stellar-focused company Lightyear has acquired blockchain startup Chain to create a new digital assets management platform dubbed ‘Interstellar’