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December 19, 2018

Bitcoin Will Likely Survive the Crypto Winter Before Any Other Crypto Asset

Exactly one year ago, the price of bitcoin had reached its all-time high – at almost $20,000 – that paved the way for some enthusiastic bullish calls. Mike Novogratz, a former Goldman Sachs official, predicted that the digital currency would touch the $40,000-mark. Fundstrat CEO Thomas Lee said bitcoin would establish a new high at $25,000. Some analysts even predicted that it would overreach its upside targets by jumping anywhere between $50,000 to $1 million.
However, at press time, Bitcoin value is standing at a meager $3,500, still lurking toward its downside targets.
Not Bitcoin Fault
For a digital currency that had everything going right for itself, especially when it comes to regulation and institutional adoption, bitcoin was let down more by its surroundings than its own fundamental or technical faults. As it boomed, Bitcoin became a prime example of how a store of value asset should look like. Those who believed in its long-term prospects held it closer while others used it as money to purchase cheaper crypto assets, commonly known as ICO tokens.
The speculators thought that purchasing ICO tokens would give them an early mover advantage in projects that promised to be better than bitcoin. But as more than 50% of these projects failed to deliver onto their promises, or turned out to be vaporware/scams, all the long investors lost money as well as the opportunity they could have had with bitcoin.
The ICO projects, meanwhile, covered their operational as well as leisure expenses by selling bitcoins they had raised, adding a negative pressure on the digital currency against an unspecified demand. The year 2018 saw ICO tokens crashing because of lack of underlying revenue models, and bitcoin because the ICO projects took it for a deadly ride.
As usual, bulls had not thought of such a scenario to take place, for they were relying on the adoption while predicting majestic upside targets for the digital currency.
What’s Next for Bitcoin
ICO market is almost dead, said Novogratz during one of his recent interviews. His analogy was based on the legal actions taken by the US Securities and Exchange Commission (SEC) against projects that raised funds without obtaining approval from their office. And indeed, even in the absence of the SEC’s scrutiny, investors have visibly learned their lesson after losing millions to dim blockchain projects. Bitcoin is merely facing the heat of the overall crypto market, despite being the one that continues to stick to its long-term motives.
The year 2019, therefore, is an essential year for the digital currency, for it marks the beginning of an earnest market where investors are more professional and learned. They will enter the space after getting equipped with its fundamental factors, primary the launch of mainstream investment products like futures and ETFs. And most importantly, they won’t be giving their bitcoin holdings to any run-of-the-mill blockchain project, not unless it has a concrete business model for long-term.
Bitcoin will move to its proper direction, eventually to attain the status of digital gold. There are bumps expected anyway, because of the ongoing economic slowdown as US Dollar improves. But when the value will move from the FIAT reserves, it will likely move to markets like gold, stocks, and indeed, crypto.
The post Bitcoin Will Likely Survive the Crypto Winter Before Any Other Crypto Asset appeared first on NewsBTC.

NewsBtc.com

Now Is A Fantastic Time To Buy Bitcoin (BTC), Says Blockchain Capital’s Bogart

The cryptocurrency tide is turning. On Monday, one year since Bitcoin (BTC) breached $20,000 in a jaw-dropping turn of events, the crypto market at large had its first double-digit rally in weeks. Within a few hours’ time, BTC found itself up by 9%, with altcoins outperforming the flagship cryptocurrency.
And with this uptick alone, which comes after a multi-week downturn, the eyes of a multitude of interested investors have landed on this nascent industry. So it should come as no surprise that the question that remains on everyone’s mind is can crypto boom in 2019. Or, more importantly, what will drive cryptocurrencies forward in the near future.
“Bitcoin Fundamentals Haven’t Changed”
Blockchain Capital, widely referred to as one of the crypto industry’s multiple “800-pound gorillas,” recently saw its de-facto figurehead — partner Spencer Bogart — take to CNBC’s “Fast Money” segment to give an insight into crypto’s underlying status. Bogart, who has a vested interest in the success of this innovation, painted cryptocurrencies in a positive light.

Bogart opened his segment by making it clear that BTC’s journey to the stratosphere and its subsequent collapse was catalyzed by the overabundance of retail speculation, rather than the collapse of this industry. “The reality is that the fundamentals haven’t changed,” Bogart noted, before adding that besides price, 2018 has been a stellar year for cryptocurrencies.
The Blockchain Capital partner explained that this year has seen crypto’s infrastructure improve beyond compare. For example, 2018 was the year that the Lightning Network, a potentially game-changing, second-layer scaling solution for Bitcoin, gained real-world traction. The arrival of the protocol, plus similar initiatives on other prominent blockchain networks, may catalyze a period of unbridled adoption and the growth of this industry.
Echoing comments he made on previous CNBC guest appearances, Bogart then drew attention to a number of forays from institutional bigwigs, which he believes will bolster this industry. The Fast Money guest specifically drew attention to investments in crypto-centric ventures and funds from notable endowments, such as Yale University, MIT, and Harvard University.
The Blockchain Capital representative isn’t the only industry insider to see immense value in endowment allocations into cryptocurrencies. Michael Bucella, a partner at Ari Paul’s BlockTower Capital, recently claimed that even amid dismal market conditions, the world’s “smartest money” continues to rush flock to crypto en bloc. By “smartest money,” Bucella, means, of course, the unprecedented mass of investment hotshots and institutional players, namely Yale’s David Swensen.
Not only have household endowments forayed into cryptocurrencies, but so have institutional incumbents with forward-minded business strategies. Nasdaq, for instance, recently made a sequence of announcements, accentuating its belief that blockchain technologies and the assets based upon it will be pertinent to the future. Nasdaq’s rival, the Intercontinental Exchange, made a similar declaration, with its chief executive claiming that he unequivocally believes that cryptocurrencies will “survive.”
Bogart acknowledged all this and more, alluding to his thought process that this infantile industry has nothing to fear. He then drew attention to the “most encouraging” indicator — the “quality of talent” that continues to arrive at crypto’s doors. The seeming diehard noted that many “young people” have been captured by what Bitcoin has to offer, with the world’s “best and brightest” asking to make an entree into this industry. This, in and of itself, shows that cryptocurrencies could have a bright future.
Related Reading: The Crypto Markets May be in a Rout, But the Blockchain Job Market is in Full Swing
Now’s A “Fantastic Buying Opportunity”
CNBC anchor Mellisa Lee then asked the bull the million dollar question — was the dip to $3,200 an optimal time to purchase BTC or other crypto assets from a value investment standpoint? Maintaining his bullish standpoint, the zealous crypto supporter said that while prices could continue lower, “anywhere from here to $2,000, $1,000” remains a “fantastic buying opportunity.” He added that in 18 to 24 months from now, many would look back in hindsight and claim “why didn’t I buy there.”
This quip logically led to queries about the future price action of BTC. The CNBC host, innocuously fishing for a crypto forecast, asked the industry insider if he agrees with the calls that BTC could eclipse $50,000 apiece. The Bitcoin proponent noted that yes, Bitcoin could breach the aforementioned price level, more than two times above its all-time highs, as the crypto’s valuation models aren’t constricted by PE (price to earnings) ratios, but rather by network value. Yet, the American crypto entrepreneur made it clear he doesn’t know when that momentous event can be realized.
Featured Image From Shutterstock
The post Now Is A Fantastic Time To Buy Bitcoin (BTC), Says Blockchain Capital’s Bogart appeared first on NewsBTC.

NewsBtc.com

Former Goldman Sachs Exec Launches Crypto Startup Amid Bear Market

Although many are enamored with bashing the colloquial term “BUIDL,” for many Bitcoin diehards, 2018’s crypto market lull has been a time to unironically bolster this industry’s underlying infrastructure. This isn’t just hearsay, as 2018 has arguably been crypto’s strongest year yet, in terms of promising products, platforms, and startups, rather than day-to-day price action.
Some of the world’s largest corporations and financial entities, such as the Intercontinental Exchange, Citigroup, Nasdaq, Microsoft, IBM, and Goldman Sachs, have all instituted crypto-centric initiatives. Yet, while these efforts are undeniably valiant, there remain entry barriers for a majority of keen parties, which curtails the growth of this industry. This issue isn’t flying under the radar, however, as startups have continued to crop up, seemingly in a bid to usher household names into this embryonic ecosystem.
Meet Peter Thiel-backed Tagomi
Peter Thiel, the head honcho of the so-called “Paypal Mafia” — ex-Paypal executives turned hotshots in Silicon Valley and Wall Street — has long been open to the concept of Bitcoin. On multiple occasions, Thiel, an advocate for libertarian principles, claimed that Bitcoin could become a hedge against economic downturns. So, it should as no surprise that his illustrious venture capital group, the San Francisco-based Founders Fund, has made notable capital allocations into crypto startups.
As reported by NewsBTC in early-May, one of the fund’s allocations into this industry took the form of a multi-million dollar financing of Tagomi, a little-known firm at the time, with not much more than an ambitious vision. Now, over half a year since Tagomi secured Thiel’s rare stamp of approval, the startup has put its grandiose plan into action.
On Monday, Tagomi, potentially slated to become the Fidelity Investments of the cryptosphere, launched its prime broker-dealer services — purportedly the first of its kind. For those who missed the memo, the startup is primarily focused on executing large orders for its bigwig clients.
Speaking with Bloomberg, the upstart’s co-founder, Greg Tusar, and other key executives explained how its system operates. Tagomi takes advantage of its access to an array of exchanges to produce a liquidity pool, easing slippage for gargantuan block orders, while ensuring that transparency and proper trade reporting is upheld. Tusar, a former Goldman Sachs magnate, explained that there currently are pertinent issues plaguing crypto-friendly high net-worth investors today, namely custody, security, and a lack of liquidity. He stated:
“The current environment is challenging, for sure, but we think there’s a lot of longer-term demand for digital assets and helping clients understand the transformative impact of crypto and blockchain.”
In a separate interview with The Block, Tusar alluded to the fact that Tagomi is, or is aiming to, fill that gaping hole in this industry, and quick. He explained that there hasn’t been a single platform that has shepherded clients from depositing fiat, deciding on an investment thesis, allocating capital to cryptocurrencies, securing holdings, and all the way to managing these investments for the long haul. This is, of course, where the Peter Thiel-backed entity aims to come in and lend a helping hand.
Institutions Look To Buy The Crypto Dip
This launch of this innovative platform only underscores the fact that institutions see value in cryptocurrencies, but have resorted to staying on the sidelines due to the blockades that remain. Still, a number of startups backed by well-known institutions, like Fidelity and TD Ameritrade, have aimed to solve this problem.
Related Reading: Why Are Novogratz, Fidelity, And Bakkt Banking On Institutional Crypto Investors?
Fidelity, for instance, recently launched a crypto-centric subsidiary — Fidelity Digital Asset Services (FDAS) — after downing the Bitcoin red pill in 2014, when the firm’s launched its in-house blockchain research group. FDAS has its eyes on becoming a spiritual successor of its parent, but specifically in the context of crypto. More specifically, the fledgling arm has ambitions to launch top-notch cryptocurrency custody, coupled with trade execution for Fidelity’s 13,000 institutional clients.
Similar moves from Bakkt, which has close ties to the parent of the New York Stock Exchange, and ErisX, a similar offering funded in part by TD Ameritrade, have again, only accentuated abounding institutional interest for digital assets. But the question that remains on everyone’s mind is — who will be the one to capture that demand?
Featured Image from
The post Former Goldman Sachs Exec Launches Crypto Startup Amid Bear Market appeared first on NewsBTC.

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Electricity Consumption of Bitcoin is a Non-Issue: Solar Energy is Free in Some Regions

Bitcoin and its trustless, decentralized design requires a unique process called mining that validates each transaction being added to its underlying blockchain. The process involves solving complex mathematical equations, and typically requires some serious computer processing power, and even specially-designed hardware, to validate each block.
Due to the amount of energy consumed during this process, Bitcoin and other cryptocurrencies are often demonized for contributing to global carbon emissions, potentially harming the environment. However, an overabundance of solar energy in some parts of the world may make Bitcoin’s electricity consumption a non-issue in the future.
Free Solar Energy Could Make Bitcoin Carbon Footprint Negligible
As concerns around global climate change grow, the original cryptocurrency is increasingly becoming a topic of much negativity – not just for its recent price movements, but also for its contributions to global carbon emissions. The leading cryptocurrency by market cap’s notorious energy consumption has been referred to by pundits as its “Achilles heel,” suggesting its Bitcoin’s biggest weakness.
However, these claims may be over-dramatized by naysayers and media alike, as solar energy from the sun can easily, cheaply, and effectively be harnessed to power Bitcoin mining.
Related Reading | Bitcoin Has Triggered an Energy Arms Race
Take Chile, for example. Chile has among the highest solar irradiance in the entire world, boasts Latin America’s largest solar power plant, and in general enjoys an abundance of solar power. Chile’s proximity to the equator, climate and weather conditions make the country a prime location for generating solar energy.
Chile is planning on harnessing as much as 19% of the country’s electricity using solar means by the year 2050, according to the roadmap set forth by the country’s Ministry of Energy. Chile is already over-producing so much solar power, it has been giving it away for free since 2016.
Researchers Agree: Bitcoin’s Energy Woes Are Overblown
University of Pittsburgh research associate Katrina Kelly-Pitou, whose work includes the study of clean energy technologies like solar energy says that in time, the energy consumption of new technologies eventually become more efficient, as will Bitcoin and other cryptocurrencies.

“I am a researcher who studies clean energy technology, specifically the transition toward decarbonized energy systems. I think that the conversation around bitcoin and energy has been oversimplified,” explained Kelly-Pitou.

She also explains that not all cryptocurrency mining setups should be treated as equal, suggesting that fossil-based electricity sources as found currently in China would contribute much more carbon emissions than hydro-powered mining farms such as those found in the Pacific Northwest.
Related Reading | Bitcoin Mining Energy Consumption Increases Drastically
Regardless of location, pundits should focus their negativity towards the firms mining for Bitcoin, and the sources of power they use – and stop putting the blame on Bitcoin itself.
The post Electricity Consumption of Bitcoin is a Non-Issue: Solar Energy is Free in Some Regions appeared first on NewsBTC.

BitcoinNews.com

Transnistria Welcomes Crypto Miners, Plans to Expand the Industry

The government of Transnistria has recognized the importance of cryptocurrency mining for the territory’s economy and budget. The unrecognized republic in Eastern Moldova now plans to expand the industry by attracting more miners with a crypto-friendly business climate and favorable regulations.
Also read: CEO of Romanian Exchange Coinflux Arrested on US Warrant
Tiraspol Plans for 100 MW of Mining Capacity
Earlier this year, the Pridnestrovian Moldavian Republic (PMR) adopted legislation that legalized crypto mining and provided incentives for foreign investors to set up mining farms within its borders. Under its provisions, a free economic zone was established for these companies and authorities promised to provide the necessary infrastructure, including unrestricted access to the Transnistrian electrical grid.
The new law “On the development of information blockchain-technologies in the PMR” also allowed tariff-free imports of mining equipment and exempted mining incomes from taxation. As a result, facilities with a total consumption of between 5 and 7 MW of electricity are now operating in the country.
But the government in Tiraspol doesn’t want to stop there. According to its prime minister, Transnistria plans to increase that number to 100 MW and has already managed to secure the needed investments. In an interview recently broadcasted by two local TV channels, Aleksandr Martynov stated:

We adopted a fairly liberal law that stimulates mining activities in Transnistria. We also isolated them from our tax system.

The head of the executive power further emphasized that Pridnestrovian authorities do not exercise any control over the revenues from the production of cryptocurrencies and don’t claim any portion of the income generated by entities that operate mining facilities. He added that the main goal set by the government is to sell more electricity to the bitcoin farms, and Transnistria can offer a lot of it at a low price.
Miners Utilize Excess Generating Capacity
The largest producer of electricity in the region is the Russian-owned Moldavskaya GRES, a thermal power station built on the shores of Lake Kuchurgan on the Ukrainian border. It has an installed capacity of 2,520 MW. The station burns mainly Russian natural gas which the self-proclaimed republic does not even pay.
The fuel is billed to Moldova which claims sovereignty over the separatist territory in a frozen conflict with the government in Tiraspol that dates back to the dissolution of the Soviet Union in the early 1990s. The $6 billion of money owed by the Kuchurgan power station are considered part of Moldova’s debt to the Russian supplier, Gazprom.
Cryptocurrency miners help to utilize the excess capacity of the power plant. And more mining farms means higher revenues for the station, which translates into increased budget receipts for Transnistria, Prime Minister Martynov explained. He added that the projected income, which he described as significant, has already been included in PMR’s draft budget for the next year.
What do you think of Transnistria’s policies towards the crypto mining industry? Share your thoughts on the subject in the comments section below.

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The post Transnistria Welcomes Crypto Miners, Plans to Expand the Industry appeared first on Bitcoin News.

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Google AI Briefly Describes Bitcoin as ‘Collapsed Economic Bubble’

Reports have documented the recent description of Bitcoin as comprising a “collapsed economic bubble” on the part of Google’s artificial intelligence (AI). The bizarre depiction of the world’s first cryptocurrency came as a result of an edit made to Wikipedia classifying Bitcoin in said terms, with its author justifying such as representing “the majority view.”
Also Read: Cypherpunk Godfather Timothy May Was Lightyears Ahead of His Time
Google Displays Bearish Description for Bitcoin
Screenshots have shown that the world’s largest search engine, Google, briefly described Bitcoin as a “collapsed economic bubble.”
The obscure categorization of Bitcoin by Google’s results page was due to the search engine displaying a snippet from the description given on Wikipedia, which at the time asserted that “Bitcoin is a cryptocurrency, a form of electronic cash,” adding that “The bitcoin market is widely viewed as a collapsed economic bubble as the price fell by 82% in the year ending December 2018.”
Said description of Bitcoin was penned by Wikipedia user “Smallbones’ on Dec. 12, who claimed that his edit greater reflected “the majority view” regarding the cryptocurrency. His edit, however, would not last, with fellow Wikipedia user ‘Bradv’ reversing Smallbones’ revision and requesting that the author stop inserting their personal point-of-view into the lede of the article.
Wikipedia Entry Reverted to Previous Version
Furthermore, Bradv requested that Smallbones no longer be permitted to make edits to the Wiki page for Bitcoin, asserting that Smallbones’ edit was “inappropriate for any number of reasons, but especially because of Smallbones’ clear point of view.” Bradv also proposed Smallbones no longer be qualified to edit the article, stating that “their edits are clearly soapboxing.”
Both Wikipedia and Google’s search engine results page now state that “Bitcoin is a cryptocurrency, a form of electronic cash,” adding: “It is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.”
Wikipedia placed a 24-hour restriction on edits being made to the page for Bitcoin, in addition to barring users from rolling back edits more than once per day on the page.
What is your response to the categorization briefly given to Bitcoin by Google? Share your thoughts in the comments section below!

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The post Google AI Briefly Describes Bitcoin as ‘Collapsed Economic Bubble’ appeared first on Bitcoin News.

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The Daily: HTC Blockchain Phone Delayed, Exchange Security Ratings Updated

In Tuesday’s edition of The Daily, there’s a little of everything in the mix: a story about hardware, in the form of the delayed Exodus 1 smartphone, one about security, concerning the latest crypto exchange ratings, and finally a human interest story. This latter tale concerns a war of words between two passionate figures within the cryptocurrency space.
Also read: Cypherpunk Godfather Timothy May Was Lightyears Ahead of His Time
HTC’s Exodus 1 Phone Has Yet to Ship
Customers who made an advanced purchase of the Exodus 1 blockchain phone are still waiting to receive their devices. The crypto-friendly cell phones, priced at 0.15 BTC or 4.78 ETH, were rapidly snapped up by cryptocurrency proponents, who were promised that the devices would ship in December. While there’s still time for that to happen, manufacturer HTC is cutting it fine with Christmas less than a week away.
Figures such as Charlie Lee helped to promote the project, and by early December advance orders for the phone, which features a built-in BTC and ETH wallet, had stopped being taken. In the project’s Telegram channel, buyers have become impatient as they await delivery of their eagerly anticipated phones. “Biggest scam in the history of smartphones,” vented one irate buyer. His assertion, while very wide of the mark, captures the frustration that Exodus 1 customers have felt as they’ve awaited news. Today, Dec. 18, European customers received an email from HTC Exodus that explained, vaguely:
We are contacting you to let you know the shipment of your order has been delayed, as we are currently finalizing the last certification for European devices. We are working hard to get your order to you as soon as possible, and will keep you updated when we have a confirmed shipping date. We apologize for any inconvenience and thank you for your patience.
Cryptocurrency Exchange Ratings Updated
There’s a ratings system for everything within the cryptocurrency space these days, from influencers to coins, and from exchanges to blockchains. In October, news.Bitcoin.com reported on ICOrating.com’s exchange security assessment that deemed 54 percent of trading venues to have security holes of some kind. ICOrating.com has now updated its report to reflect new information and additions that have served to alter its assessment of the top 10 exchanges. Coinbase Pro, which occupied the top spot, has slipped to ninth, while Kraken has leapt from second to first.

Binance has dropped out of the top 20 altogether. “Overall, only 16 percent of exchanges fall into the A category. None of the exchanges have received an A+ rating,” noted ICOrating.com. While all ratings systems are subjective to a certain degree, their existence can only be a good thing if it spurs their subjects into improvement. Increased transparency and commitment to adopting better security standards will benefit not only exchanges, but also their customers, who can trade with confidence.
Crypto Figures Get Into a Tiff
Ran NeuNer as he appears on Twitter
A war of words has broken out between Ran NeuNer, host of CNBC’s Cryptotrader, and Larry Cermak of The Block. Cermak, together with his colleague Mike Dudas, published an exposé of a fraudulent ICO called BCT and accused NeuNer of being embroiled in it. The CNBC host hit back with threats of legal action, ordering The Block pair to delete tweets and amend their story, after explaining that he’d done nothing to facilitate BCT’s misbehavior, and was in fact a victim himself. In a rambling blog post titled “An open letter to The Block”, NeuNer wrote:
According to Larry, the alleged fraud, scams on investors and employees and a man working in this industry under a fake identity, weren’t the interesting part, but rather my alleged “involvement”. [Larry] went on to make a series of accusations  —  most of which are incorrect, negligent, inaccurate, defamatory and damaging.
NeuNer then complained of The Block only giving him six hours to provide his side of the story before Cermak’s publication went to press, which he believes was a deliberate move on their part. He finished: “I was a fan of The Block and a regular reader of its stories, but if I go by my experience of your unethical business practice, false reporting and lack of verification, then The Block is unfortunately not that publication.” Mike Dudas, for his part, has responded to NeuNer’s open letter by stating that The Block stands by its story, and extended him an interview invitation. NeuNer has yet to respond.
What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.

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The post The Daily: HTC Blockchain Phone Delayed, Exchange Security Ratings Updated appeared first on Bitcoin News.

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A Chinese Government-Controlled Bitcoin Alternative Is Reportedly in the Works

In the midst of a sino-U.S. trade war, the People’s Bank of China is working to develop its own cryptocurrency prototype. It apparently believes this centralized digital asset can ultimately trump BTC and perhaps even the U.S. Dollar.
Also read: Bibox Buys 100% Share of Decentralized Exchange Dex.top
A Love-Hate Relationship With Cryptocurrency
The government of China has been infamously hostile towards cryptocurrency-related economic activities like crypto trading, mining, P2P loans, and ICOs. But this doesn’t mean that the Chinese government disapproves of the underlying idea of Bitcoin. Although Xi Jinping’s administration has done much to kill the domestic cryptocurrency market, it’s currently at work developing its own secure, blockchain-based digital currency.
Reports reveal that the People’s Bank of China (PBoC) has registered 78 digital currency patents, of which 44 are blockchain related, since at least 2016, ranking the PBoC as the fifth most prolific patenter in the space, as has been reported by China’s IPR Daily.
Further, the PBoC has been actively hiring developers and economic specialists for its Beijing-based Digital Currency Institute, whose stated goal is to issue and distribute a blockchain-based currency.
Unprecedented Control
The project was originally conceived by the PBoC’s deputy governor Zhou Xiaochuan, with the intention of “protecting” China from Bitcoin, an asset it couldn’t control. In contrast with the decentralized digital currencies we know and love, the PBoC’s alternative could, in fact, allow the Chinese government to exert even greater control over the lives of the country’s citizens.
The current Deputy Governor of the Bank, Mr. Fan Yifei, announced earlier this year that once implemented, the Chinese-controlled cryptocurrency would replace the country’s fiat currency and would ultimately help the bank curtail risks associated with money laundering and other crimes.
Some of the patents filed by the PBoC reveal what the Chinese government has in mind for the future. According to a Bloomberg review of recent patent filings, the government not only wants to track its citizen’s everyday transactions, but aims to force banks to share all data related to potential borrowers before authorizing any type of transaction.
Also, the PBoC would be immediately able to prohibit any financial institution from dealing with “blacklisted” companies. Although there is no evidence that the bank intends to deny individuals from accessing financial services, the recent efforts by the Chinese government to establish a social credit system may point to this possibility.
Trump’s Administration May Hasten China’s Digital Currency Development
With the U.S. unrelenting in its current trade war against China, bankers and politicians alike are becoming increasingly interested in accessing an alternative payment method that would reduce the United States’ dominance of international financial markets, all while rumors of a Chinese-backed crypto are gaining momentum.

The recent arrest of Huawei’s CFO Sabrina Meng Wanzhou in Canada at the behest of the U.S. government has rekindled this discussion in China. Meng was arrested under charges of U.S.-imposed international sanctions on Iran, charges that may involve HSBC and the Standard Chartered Bank.
As reported by the South China Morning Post on Dec. 17, Richard Jerram, chief economist at Bank of Singapore, declared:
President Trump is promoting an ‘America first’ policy, so you cannot rely on America to keep its borders open for trade, or to rely on it to support the World Trade Organization or the International Monetary Fund. So you can understand why countries are looking for substitutes … In a world of fracturing of multilateral order, countries will be looking to reduce their dependence on the US.
Even though the Chinese yuan only accounts for 1 percent of the international payments market and 1.8 percent of all reserve assets held by central banks, China contributed 27.2 percent of total global GDP growth in 2018 alone. This performance makes it the single largest contributor to the current global economy despite the ongoing U.S. trade war and depreciation of the Chinese yuan.
Its position as an economic powerhouse and the current climate of political tension with the United States may compel the Chinese government to redouble its efforts to end U.S. hegemony by attacking the U.S. dollar.
Given that the world’s economy is slowly migrating towards digital systems, it wouldn’t be too farfetched to think that an alternative to the U.S. dollar might take the form of a digital asset much like the Chinese government’s proposed cryptocurrency.
Will China roll out its own cryptocurrency? Do you think such a digital asset could end up having consequences in the world stage? Let us know in the comment section below.

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PR: Buy Crypto with Credit or Debit Card Using EO.Finance

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
EO.Finance has launched a crypto-fiat gateway. Now it is possible to buy cryptocurrencies directly from the wallet using your debit or credit card, the maximum amount per single transaction is $25,000. Right now EO.Finance works with 40 different cryptos, and soon even more currencies will become available for purchase.
The introduction of crypto purchases made using traditional fiat payments is much in demand, and will allow EO.Finance to provide ease of access to the crypto market for new and experienced traders alike.
Until recently banks were anxious to ban any crypto companies they encountered. Making it almost impossible to purchase cryptos with a traditional bank card. Now those banks have agreed to work to with licensed companies, a sign of how quickly times are changing. EO.Finance which is operated by EOTRADEX, holds European licenses for crypto wallet #FVR000161 and crypto-fiat exchange #FRK000193
The forthcoming update of EO.Finance will introduce even more currencies available for purchase. Whilst the addition of a function allowing traders to convert cryptocurrencies into fiat, and then withdraw those same funds to card are well underway.
EO Coin is the heart of the EO ecosystem, which includes numerous products from EO.Finance to the upcoming EO.Trade crypto exchange. Paying commission on transactions with the EO Coin will also come with significant discounts on both EO.Finance and EO.Trade.
The Airdrop which has been scheduled to take place on December 20th will see 44 million EO Coins distributed equally amongst coin holders. Then in February the burn will take place with 459 million EO Coins being burnt to further benefit EO Coin Hodlers with a reduction in total circulation.
It is now possible to buy EO Coins with your bank card through the EO.Finance wallet.
Website: https://eo.finance/iOS app: https://itunes.apple.com/app/eo-finance-crypto-fiat-wallet/id1415386724Android app: https://play.google.com/store/apps/details?id=com.eofinance
Video on how to buy cryptos with EO.Finance: https://www.youtube.com/watch?v=25oKGgAawn8
Contact Email Addresspress@eo.finance
Supporting Linkhttps://eo.finance/
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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NewsBtc.com

Ethereum Price Analysis: ETH Turned Buy On Dips Above $90

Key Highlights

ETH price traded higher recently and broke the $89-90 resistance area against the US Dollar.
There was a break above a crucial bearish trend line with resistance at $87 on the hourly chart of ETH/USD (data feed via Kraken).
The pair traded as high as $97 and it is currently consolidating gains above $90.

Ethereum price made a nice bullish move against the US Dollar and bitcoin. ETH/USD is now trading in a bullish zone and it may find a strong support near $89-90.
Ethereum Price Analysis
After a minor downside correction from $88, ETH price found support near $83 against the US Dollar. The ETH/USD pair formed a support base near $83 and later started a solid upside move. It jumped above the $86 resistance and the 100 hourly simple moving average. The upside move was strong as the price even managed to surpass a significant barrier near the $89-90 zone.
Moreover, there was a break above a crucial bearish trend line with resistance at $87 on the hourly chart of ETH/USD. The pair climbed above the $95 level and traded close to $97. It is currently correcting lower below the $95 level. The price is trading near the 23.6% Fib retracement level of the last wave from the $83 low to $97 high. However, there are many supports on the downside near the $89-90 zone. The previous resistance near $90 is likely to act as a strong support. Besides, the 50% Fib retracement level of the last wave from the $83 low to $97 high is near $90.

Looking at the chart, ETH price clearly climbed above key hurdles near $90, which may now act as supports. On the upside, a break above $96-97 may push the price towards the $100 and $105 resistance levels.
Hourly MACD – The MACD is slowly moving back in the bearish zone.
Hourly RSI – The RSI is currently well above the 60 level.
Major Support Level – $90
Major Resistance Level – $97
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Ripple Price Analysis: XRP’s Rally Could Extend To $0.3500-0.3600

Key Highlights

Ripple price rallied recently and broke the $0.3000 and $0.3200 resistances against the US dollar.
Yesterday’s highlighted key bearish trend line was breached with resistance at $0.2850 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair traded above the $0.3300 resistance and it may continue to move higher in the near term.

Ripple price jumped back in a bullish zone against the US Dollar and Bitcoin. XRP/USD could continue to move higher towards the $0.3500 resistance zone.
Ripple Price Analysis
There was a solid support formed above the $0.2800 level in ripple price against the US Dollar. The XRP/USD pair traded higher and broke the $0.2950 and $0.3000 resistance levels. There was even a close above the $0.3060 level and the 100 hourly simple moving average. The recent upward move was strong as the price broke the $0.3200 resistance and climbed close to $0.3380.
During the rise, yesterday’s highlighted key bearish trend line was breached with resistance at $0.2850 on the hourly chart of the XRP/USD pair. The pair traded as high as $0.3377 and later corrected lower. It moved below the 23.6% Fib retracement level of the last wave from the $0.2813 low to $0.3377 high. However, the $0.3100 level acted as a strong support and protected more losses. Besides, there was no test of the 50% Fib retracement level of the last wave from the $0.2813 low to $0.3377 high. The price is currently trading nicely above the $0.3200 support area and it seems like it could surge further.

Looking at the chart, ripple price might clear the $0.3377 high and climb towards the $0.3500 or $0.3600 resistance. On the downside, there are many supports, starting with $0.3200 and up to $0.3000.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly reducing its bullish slope.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently placed well above the 65 level.
Major Support Level – $0.3200
Major Resistance Level – $0.3380
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Crypto Market Turns Green: EOS, Cardano (ADA), Stellar (XLM), Dogecoin Price Analysis

Key Points

The total crypto market cap bounced back and moved above the $110.00B resistance zone.
EOS price rallied more than 30% and climbed above the $2.50 resistance.
Cardano (ADA) price moved above the $0.0300 and $0.0320 resistance levels.
Setllar (XLM) gained more than 15% and traded above $0.1100.
Dogecoin price rallied more than 20% and climbed above $0.0025.

The total crypto market cap surged higher above $110.00B. Bitcoin, Ethereum, ripple and altcoins like EOS, Cardano (ADA), Stellar (XLM) and Dogecoin rallied sharply.
EOS Price Analysis
After struggling a lot below the $2.00 resistance, EOS price finally formed a support base for a solid rally. The price gained pace above the $2.00 resistance and broke the $2.20 and $2.50 resistance levels. It is currently up more than 30% and it seems like there could be more gains towards $3.00.
On the downside, the $2.40 level may act as a short term support if there is a bearish correction. Below $2.40, the next key support is near the $2.20 level.
Cardano (ADA), Stellar (XLM), Dogecoin Price Analysis
Cardano price finally settled above the $0.0300 resistance level. ADA price gained more than 15% and traded above the $0.0320 resistance. The next stop for buyers could be near the $0.0350 level.
Stellar price formed a solid support above the $0.1000 level and rallied above the $0.1050 and $0.1100 resistance levels. On the upside, the next major resistance for buyers could be $0.1150 or $0.1200.
Dogecoin formed a solid support near the $0.0020 level and later started an upward move. DOGE price rallied more than 20% recently and traded close to the $0.0027 level. It may correct lower in the short term, but dips remain supported near $0.00240 and $0.00220.

Looking at the total cryptocurrency market cap hourly chart, there was a solid upward move above the $105.00B and $110.00B resistance levels. More importantly, there was a break above a crucial bearish trend line at $100.00B on the same chart. The market cap touched the $114.25B level and it seems like there could be more upsides. Therefore, there are chances of more upsides in Bitcoin, Ethereum, EOS, litecoin, ripple, XLM and other altcoins in the near future.
The post Crypto Market Turns Green: EOS, Cardano (ADA), Stellar (XLM), Dogecoin Price Analysis appeared first on NewsBTC.

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Bitcoin Price Watch: Can BTC Buyers Keep The Rally Going?

Key Points

Bitcoin price rebounded nicely and broke the $3,380 and $3,460 resistances against the US Dollar.
There is a short term contracting triangle formed with support at $3,480 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price could correct lower towards $3,400 or $3,355 before a fresh upward move.

Bitcoin price rallied more than 10% above $3,550 against the US Dollar. BTC is currently correcting lower, but it could find support near $3,400 or $3,355.
Bitcoin Price Analysis
Yesterday, we discussed that further gains seem likely above $3,300 in bitcoin price against the US Dollar. The BTC/USD pair did move higher and broke the $3,355, $3,400 and $3,500 resistance levels. The price traded as high as $3,589 and it is currently well above the 100 hourly simple moving average. The current price action indicates a short term downside correction towards $3,400.
The price is currently trading near the 23.6% Fib retracement level of the recent leg from the $3,119 low to $3,589 high. Moreover, there is a short term contracting triangle formed with support at $3,480 on the hourly chart of the BTC/USD pair. The pair could break the triangle support and decline towards the $3,400 support. However, there are chances of more declines towards the $3,355 support if $3,400 fails to hold. The 50% Fib retracement level of the recent leg from the $3,119 low to $3,589 high is also near $3,355. Therefore, dips from the current levels may perhaps find bids near $3,400 or $3,355.

Looking at the chart, bitcoin price is placed nicely in a positive zone above the $3,305 pivot level and the 100 SMA. On the upside, the $3,580 level is an initial resistance followed by $3,600. The key barrier for a larger rally is near $4,000, above which sellers are likely to lose control.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD moved back slightly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is correcting toward the 50 level.
Major Support Level – $3,355
Major Resistance Level – $3,580
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EOS Jumps to Fourth with 30% Surge as Crypto Markets Bounce

Finally EOS has come out on top today. Following several weeks of getting pounded, cryptocurrency markets have at last shown a bit of life with a solid rebound on the day which added over $10 billion back into digital currencies.
EOS Passes Litecoin, Tether and Stellar
The jockeying for position between the top ten largest cryptos by market capitalization has been lively to say the least. With massive hemorrhaging of market cap for all of them aside from stablecoins has enabled some of the bigger boys to get knocked down a peg or two.
The two that have lost the most are Ethereum and Bitcoin Cash, previously second and fourth respectively. While Ethereum has only lost one spot to XRP it is still down over 90% on the year and its market cap has shed over $120 billion since January. Bitcoin Cash has been destroyed and is the worst performing coin on the chart dropping from fourth to eighth and almost out of the top ten altogether.

Today’s winner in the coin cap race is EOS which has surged over 29% at the time of writing and jumped three spots past Litecoin, Tether and Stellar into fourth. The big pump has pushed EOS market cap up to $2.3 billion which is only marginally ahead of XLM with $2.1 billion at the time of writing.
Just two weeks ago EOS was floundering down in eighth spot below BCH and BSV with a 2018 low of $1.58. Since that day EOS has recovered 55% to its current level, boosted by today’s big pump. EOS proponents are already rejoicing on their Reddit channel:
“We took an ugly path. But EOS now has the 4th highest marketcap. Next up: ETH.”
However when market caps for all altcoins have been battered, these positions do not really account for much since they are forever shifting. By the time you are reading this they will have probably changed again!
A look back two years, or even one, at the top ten will paint a totally different picture. Many of today’s top altcoins did not even exist then and many may not a year from now. Either way, EOS is getting some fomo today and enjoying the ride. Other cryptocurrencies also performing well during this bounce are XRP, Stellar, Cardano and Iota – all up over 15% at the time of writing.

Image from Shutterstock
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Cryptocurrency Trading Update: $10 Billion Injection Pumps Crypto Markets

FOMO Moments
Big pump day for crypto markets; EOS flying, XRP, Stellar and Cardano recovering well.
It has been a long time coming. A market bounce that results in a sea of green with the majority of cryptocurrencies gaining double figures on the day. From almost falling into double digits total market capitalization has gained a solid 14% from its yearly low over the weekend.
Bitcoin sparked off the rally when it climbed over 10% from $3,260 to $3,600 before pulling back a little. Fears of BTC falling to or below $3,000 have been very real recently however it managed to find support at $3,200 and recover from there. Whether this is the start of a longer term trend remains to be seen but a Bitcoin bounce is good news for the rest.
Ethereum has also made around 10% taking it back to $95 but being below $100 is still very dangerous territory for it. Ripple’s XRP has done better with an 18% gain at the time of writing. This has enabled it to expand that market cap gap over ETH again.
EOS is the top performer in the top ten by a factor of two as it surged nearly 30% on the day propelling it into fourth spot on the charts. There seems to be no specific factors for the extra momentum but the community is rejoicing anyway. Stellar has also had a good day with a 14% climb and the rest of the top ten are in double figures aside from one. Bitcoin SV did not enjoy the big pump as it only made a couple of percent.
The top twenty’s top gainers at the time of writing are Cardano, Iota, Neo and Dogecoin with around 13-15 percent on the day. Tron, Monero, Dash and Ethereum Classic had made around 11% but the rest were single figure gains.
Since all altcoins were pumping on Tuesday the fomo had been spread out. Bigger pumps had taken place with Arbitrage, MobileGo, Revain, and Ontology but the likelihood of them dumping soon is high. Only three altcoins were in the red in the top one hundred at the time of writing; Linkey, Qash and TenX plus a couple of the stablecoins.

Total crypto market capitalization is at $114 billion which is a gain of 10.7% from the same time yesterday. Trade volume has jumped from around $10 billion to $17 billion. Almost $11 billion has be poured back into cryptocurrencies resulting in a rare day of double digit green gains for many of them.
FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
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Japan Reclassifies Crypto While Hong Kong Tightens Regulations

Two of the most crypto friendly nations on the globe have been revisiting their regulatory frameworks this week. Japan has reclassified its terminology of cryptocurrencies while over in Hong Kong regulators want more oversight on exchanges and crypto companies.
FSA to Change Moniker for Crypto
Japan’s Financial Services Agency has made moves to label Bitcoin and altcoins under one category called ‘crypto assets’. According to local media the move has been implemented to reconfirm that they are not considered as regular currencies by the government. Last week an advisory panel came to the conclusion that the term ‘virtual currency’ may lead investors to believe cryptos have the same status as fiat. To alleviate any possible misunderstanding they have requested the change.
Relevant laws will be amended to reflect the new classification, among them the Payment Services Law which defines the usage of digital currencies. Back in March leaders of the G20 agreed that virtual currencies “lack the key attributes of sovereign currencies,” and should therefore be called ‘crypto assets’. The FSA are also working on tweaking regulations to offer better protection for investors by requiring companies that handle crypto-assets implement strict management systems for cash outflow.
Hong Kong to Tweak Regulations
Over in Hong Kong companies working with digital currencies need to comply with regulations set by the Securities and Futures Commission. Since China issued an outright ban on all things crypto Hong Kong has become a hotbed of activity for the industry, especially ICOs.
The Nikkei Asian Review reported that growing concerns over money laundering and fraud has prompted action from the regulator. SFC guidelines stipulate that investment funds with more than 10% dedicated to cryptocurrency will need to obtain a license. They will also only be allowed to sell to professional investors, not the general public.
Exchanges and companies will have the opportunity to test products in a ‘sandbox’ before making the decision to apply for a license. Other requirements are for those issuing ICOs which will need to occur in stages with tokens having existed for at least a year.
Hong Kong is also putting greater emphasis on KYC processes to prevent spurious activity. Some have warned that the regulations may be too burdensome for some operators that want to maintain their market share. There is also the concern that official licensing may increase trading costs, though to counter this it may also encourage more institutional investors to enter a market that they now consider to be safer.
Image from Shutterstock
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