Tom Lee Expresses Fear On Whether Trump will Ban Bitcoin

Fundstrat’s Tom Lee has shared his biggest fear on Twitter recently which involved the Presidents ban on Bitcoin.
With the hearings regarding the upcoming Facebook cryptocurrency, Libra finishing up, members of the Trump administration have moved their concentration onto Bitcoin and cryptocurrency as an asset.
Both hearings saw several regulators openly voice their opinion that Libra should never be allowed to launch. Even more in regards to the United States Treasury Secretary Steven Mnuchin made media noise when he told CNBC’s Squawk Box segment that the government intends to bring in some very strict regulations on cryptocurrencies to ensure they don’t become “Swiss-numbered bank accounts”.
For investors, these rumours brought up some mixed opinions and emotions with some being fearful in regards to the government generated FUD which could leave a severe mark on what could be the start of a bull market.
Lee’s Biggest Fear
The head analyst at Fundstrat, Tom Lee has shown his concerns over the past few days in that the mainstream coverage Bitcoin is seeing at the minute could expose it to the fury of Donald Trump. Lee says that the value of bitcoin is more than likely to remain volatile until political events are making headlines again. 

Through Twitter, he states:

“Washington and media coverage of Crypto and #bitcoin is turning into ‘too much of a good thing’ because might push @realDonaldTrump towards escalation. 
– NEED Brexit, China trade war, Euro banks back in headlines. 
– Bitcoin choppy until then. 
#cryptowinter over”

Lee is a big believer that the current coverage of Bitcoin is turning into “too much of a good thing” and he advised that more Bitcoin beneficial chatter in regards to the UK’s exit of the European Union, otherwise known as Brexit.
Although it is unlikely, Trump could sign a bill to ban Bitcoin and crypto transactions. It might be a bit of a stretch for that to happen though as the President only stating that he wasn’t a fan of Bitcoin. It seems a bit extreme to ban such a thing, but then again, he is the president of one of the biggest countries in the world…
Source: Crypto Daily

Is XRP’s Future Bullish? Half a Billion Made From Dumped Tokens

Whereas the spotlight has been on Facebook’s Libra coin over the past month or so, Ripple Labs has unexpectedly earnt quite a bit, right in the middle of the ruthless bear market that had a huge impact on the crypto space last year. According to one report, the Ripple Labs successfully pocketed more than $700 million, proceeds from dumping their XRP tokens to the investors of the San-Fransico based startup.
At the start of the year, the Ripple started mining 100 billion XRP tokens as the available supply. All of these tokens were created before it was officially launched and only 20 percent of the time was it available to the public.
According to ZyCrypto, “the remaining 80% was held by the firm, its co-founders and other affiliated entities. Since then, these tokens have been dumped to investors, from time to time. Mostly, the coins are sold when Ripple needs to finance other ventures or when an affiliated firm or partner is moving on from the firm.”
For about five years now, Ripple has been dumping almost 2.5 billion tokens of XRP on a yearly basis without fail. That being said, in 2018, whereas the dumping still occurred, there was a slight change.

Most of the market had lost a lot of its value by the end of last year but Ripple’s XRP dumping helped it profit by more than $530 million. 
Where do we go from here?
An altcoins future is never certain and it is still quite tricky with most investors as they are still keeping their wide eyes locked onto the performance of altcoins as time goes on. One trader, who goes under the Twitter handle @Rektcapital, took to the social network recently to say that there might actually be something for investors to look forward to in the near future:

“For the first time since December 2017, Ripple has recently rebounded from a long-standing uptrend line.”

However, according to another popular trader Peter Brandt, things might not be as bullish as they seem:

“While the parabola in BTC was subject to different renderings, the parabola in the total market cap chart was loud and clear. Total cap should correct 80%. Most of the damage of decline will occur to altcoins.”

Source: Crypto Daily

BLOCKCHANCE presents Startup-Pitch and Blockchain-Accelerator

Facebook’s Libra Coin one of the most debated topics in Hamburg
Hamburg, 16 July 2019 – BLOCKCHANCE 2019, the international blockchain conference at the Hamburg Chamber of Commerce, relies on high-tech start-ups for future-oriented blockchain and crypto currency solutions: With a prize money of €50,000, the Indian entrepreneur and international investor Dr. Evan Luthra and the globally active Startup Studio Inkubator are inviting to one of the first Blockchain Startup Awards in Hamburg. 
BlockRock Ventures, the first accelerator for blockchain and crypto currency topics in Hamburg, will also be presented at the Blockchain conference. The official launch will be announced at a press conference with Senator Westhagemann. With the Blockchain Kindergarten of the Hanseatic Blockchain Institute, the conference invites beginners to get interested in their own involvement in the growing Blockchain and Cryto community within the topics of “Blockchain Kindergarten” and “Building a physically Blockchain” programmes.
The BLOCKCHANCE Conference 2019 will present further highlights and international partners for up to 750 conference participants from technology and science, business and finance, politics and society with a focus on blockchain start-ups. With Dr. Evan Luthra, BLOCKCHANCE welcomes one of the world’s leading investors in blockchain and crypto currency start-ups.
With the presentation of the Facebook white paper, the “Libra Coin” has become one of the new hot topics of the BLOCKCHANCE conference. Talks and panels will discuss the economic, financial and social effects of the global and private crypto currency. These include the possibility for Facebook and a total of 28 partners to issue their own e-money with the stable coin, to pay via messengers such as WhatsApp and to invest, trade and lend money in projects. Associated challenges for our civil society will be discussed.
Leading representatives from business and science in Hamburg see the special potential for blockchain technology in business and administration. 
Dr Sebastian Saxe, CDO of the Economics Authority BWVI and Port Authority HPA:

“It is my wish that Hamburg is a leader in digital technologies in Germany, possibly through the blockchain”. 

Reiner Brüggestrat, spokesman of the board of the Hamburger Volksbank:

“In the right hands the Blockchain can create wealth. The technology has my support if the cooperative idea is pursued.”

Christopher Nigischer, Managing Director of Blockchain Research Labs, Hamburg:

“The bottom line is the economic and social benefit: in the short term, for example, in logistics, and to some extent also in the financial sector. The potentials are already tangible and partly in the implementation phase.”

Together with the other highlights, the organisers will present new partners for BLOCKCHANCE 2019: Under the patronage of Peter Tschentscher, First Mayor of the Free and Hanseatic City of Hamburg, the organisers welcome the presenting partner BlockRock Ventures, the management consultancy Deloitte and the world’s largest and Chinese Bitcoin mining company Bitmain. At BLOCKCHANCE, Bitmain will present itself to the European market as an exhibitor and sponsor. The Lübeck catering company Scoom could be won as exclusive food partner. For the first time, Bitcoin will be accepted as a means of payment at the stands of the Chamber of Commerce.
Blockchain for the future of Hamburg: 55% discount for students
The international conference is part of the Blockchain Summer – – a series of top-class events in Hamburg about Distributed Ledger Technologies. The participation in the two-day conference costs 280-450,- € plus fees. A visit to the Blockchain fair is possible for 40,- €. Students receive a 55% discount on conference tickets upon presentation of a certificate. Selected network and media partners also offer special friends & family discounts with special discount codes.

All information about the BLOCKCHANCE Conference can be found at

Details on the “BC19 Evan Luthra Startup Award” in Hamburg can be found at Medium. 
Press conference + photo opportunity BLOCKCHANCE 2019
with Economics Senator Michael Westhagemann
Tuesday, 13 August 2019, 2 p.m.
Osborne Clarke, Reeperbahn 1, 20359 Hamburg, Germany
Snacks and drinks will be served.
 * * *
The BLOCKCHANCE Conference at a glance: 

BLOCKCHANCE Conference Hamburg 2019 – The Future of Social Economics
International trade conference, user fair and networking platform
Conference and trade fair from Friday, 16.08.2019 to Saturday, 17.08.2019
Hamburg Chamber of Commerce (“New Stock Exchange”), Adolphsplatz 1, Hamburg
Organizer: Fabian Friedrich, BLOCKCHANCE UG, Board of Directors INATBA
Patron: Dr. Peter Tschentscher, First Mayor of the City of Hamburg
More than 55 national and international speakers from the Blockchain ecosystem
rd. 750 conference topics from business, science, technology, politics, etc.
rd. 1,500 trade fair visitors, mainly users from business and administration 
Information and tickets at

A detailed and continuously updated fact sheet, a one-pager with text modules, a CV of the organiser as well as photos, logos and graphics for the BLOCKCHANCE Conference 2019 can be found online in our media content section at
For interviews and background information on the conference, the organiser will be happy to be at your personal disposal. We can arrange regional, national or international experts to provide you with background information on blockchain technology. Please include our contact persons in your expert contacts.
BLOCKCHANCE Conference 2019
BLOCKCHANCE organizer:
Fabian Friedrich
+49 (0) 176 – 61 69 57 71
BLOCKCHANCE media relations:
Thomas Keup
+49 (0) 171 – 4 18 00 84
Source: Crypto Daily

Men over Boys: Justin Sun taps seasoned professional Jeremy Allaire for Buffett lunch

Justin Sun has graduated. Amidst the Libra-hangover that the entire industry is still dealing with, an important event has slipped away from the limelight. The much-talked about lunch between the digital asset industry’s master marketeer, Tron’s Justin Sun, and Berkshire Hathaway’s Warren Buffett is on the horizon, and the guest list has another name. Scheduled […]
The post Men over Boys: Justin Sun taps seasoned professional Jeremy Allaire for Buffett lunch appeared first on AMBCrypto.
Source: AMB Crypto

Altcoin Season Might Be Closer Than You Think

Bitcoin (BTC) has closed above the 50 day EMA which is a very bullish development. The price could be on the cusp of a major breakout from here as it is now close to breaking past the 21 Day EMA. After the last parabolic advance of 2017 we saw the price decline below the 50 Day EMA when it topped out. It ended up closing below it and then eventually began its uptrend from there to rise above the 21 Day EMA. The price has now closed above the 50 day EMA same as last time which means it is reasonable to expect that the same thing could happen this time and the price might end up rallying above the 21 Day EMA. The last time it happened, we saw the relief rally come to a halt around the 61.8% fib retracement level before the downtrend began. The same could happen again. 

Currently, the 38.2% fib retracement from the recent top is a key resistance level holding the price. As long as we remain below this level, the price could trade sideways or even retrace to the 50 Day EMA before it can rally higher. That being said, there is no cause for alarm for the bulls as long as the price remains above the 50 Day EMA. The previous downtrend shook out a lot of bears but we have new overly ambitious bears here that are making the same mistake and they are very likely to get the same treatment. If we take a look at Ethereum (ETH), we can see that it also has a lot of room for further upside. The price has closed below the 200 day EMA just as Bitcoin closed above its 50 day EMA. This is a bullish development for both cryptocurrencies and an indicator of further upside. 

Bitcoin (BTC) dominance  is on a decline which is another reason why we expected the price of Ethereum (ETH) and other altcoins rally a lot harder than Bitcoin (BTC) in the days and weeks ahead. If we take a look at Coinmarketcap, we can see that certain top cap altcoins have rallied a lot harder compared to Bitcoin (BTC). This trend is expected to continue now that Bitcoin dominance has declined below the 200 Week EMA and is expected to close below it. If we see such a close in Bitcoin dominance, we could see a mini altcoin season. The Fear and Greed Index shows that we are up from Extreme Greed to Greed which is a sign of recovery in the market. If this trend continues, we are very likely to see further upside from here.
Source: Crypto Daily

Counos Coin CCA – The Real Decentralized Coin – Is Giving Away 16Mil Coins Plus A

Counos Coin CCA – The Real Decentralized Coin – Is Giving Away 16Mil Coins Plus A
CCA coins were developed based on the Litecoin source code and operate within a completely independent network. With over 16.8 million coins already mined and with an average of 4.2 Million remaining to be mined, the coins are completely decentralized.
Counos Coin CCA – The Real Decentralized Coin – Is Giving Away 16Mil Coins Plus A

Continue reading at Coinspeaker
Source: CoinSpeaker

Binance Coin [BNB] Price Analysis: BNB Hammers at $30: Cryptos Hit the Pause Button

The total supply of Binance Coin needs to be brought down to 100 million BNB tokens.
According to the MACD, BNB/USD has a bearish bias in the short-term.

Binance Coin (BNB) has been a great performer in the cryptocurrency market since the year began. Besides making it to the top ten largest cryptocurrencies, BNB overtook several assets in order to hold the sixth position. It has a market capitalization of $4.4 billion and a 24-hour trading volume that currently stands at $688 million.
The data on CoinMarketCap shows Binance Coin has a total supply of 187,536,713 BNB while 155,536,713 BNB tokens are in circulation. This is after the latest quarterly coin burn that saw the network destroy 808,888 BNB tokens worth $24 million at the time. The total supply for Binance Coin needs to be brought down to 100 million BNB. While the exchange will continue to the burn based on the trading volume, Binance team will give up all its allocated 80 million BNB for the coin burn process.
Binance Coin Technical Picture
The 1-h chart for BNB/USD trading pair shows a cryptocurrency that still has great potential for recovery despite the upside being capped at $30. The battle for recovery comes after the entire crypto market tumbled amid global regulatory uncertainty for the proposed Libra cryptocurrency from Facebook Inc. Although Facebook will continue with the development of the project ahead of the launch next year, the company has a lot to do to convince the regulators that its intentions are right.
BNB/USD 1-h chart
BNB Chart source: Tradingview
 At the moment, Binance Coin is trading at $29 above both the 50 Simple Moving Average (SMA) 1-h currently at $27.76 and the 100 SMA 1-h currently at $27.62. Weak bullish momentum is currently building towards $30.00 immediate resistance. However, the Moving Average Convergence Divergence (MACD) shows Binance Coin having a bearish bias in the short-term. The increasing divergence downwards suggests that the sellers are likely to continue gaining traction and, therefore, a break above $30 could be an uphill task in the coming sessions.
BNB Key Technical Levels
Key Hurdles: $30, $33 and $40.00.
Key Support Areas: $27 and $24.
MACD 1-h chart: Signals increasing bear pressure.
Moving Averages: BNB price above 50 SMA and 100 SMA.
The post Binance Coin [BNB] Price Analysis: BNB Hammers at $30: Cryptos Hit the Pause Button appeared first on Coingape.
Source: CoinGape

Altcoins get much-needed respite after Bitcoin surges by 12% in an hour

Bitcoin broke out of a rising wedge yesterday at 11:00 UTC, contributing to the price falling from $9,800 to $9,300. The bears had the matter under control until the king coin’s price started pumping again. Subsequently, Bitcoin’s price pumped by a whopping 12% in an hour i.e ~$1,400 pump in an hour. The 12% price […]
The post Altcoins get much-needed respite after Bitcoin surges by 12% in an hour appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Price (BTC) Rallies 10%, Dips Remain Attractive To Buyers

Bitcoin price started a strong recovery and broke the key $10,000 resistance area against the US Dollar.
The price surged more than 10% and broke the $10,500 resistance to test $10,800.
There was a break above a major bearish trend line with resistance near $9,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price traded as high as $10,807 and it is currently consolidating gains.

Bitcoin price surged more than 10% above $10,500 against the US Dollar. BTC is currently consolidating gains and dips are likely to find a strong support above $10,000 and $10,200.
Bitcoin Price Analysis
In the past few days, we saw a major drop in bitcoin price below the $10,000 support against the US Dollar. The BTC/USD pair traded close the $9,000 support level and formed a new monthly low near $9,095. Later, the price formed a decent support base above $9,400 and recently started an upward move. It surged more than $1,000 and broke the key $10,000 resistance.
There was a break above the 61.8% Fib retracement level of the last key drop from the $11,060 swing high to $9,100 swing low. Moreover, there was a break above a major bearish trend line with resistance near $9,800 on the hourly chart of the BTC/USD pair. The pair even settled above the $10,400 level and the 100 hourly simple moving average. The upward move was such that the price tested the $10,800 resistance and a swing high was formed near $10,807.
The price is currently consolidating below $10,800 and trading inside a contracting triangle. If there is a downside break, the price could test $10,440 or the 23.6% Fib retracement level of the recent wave from the $9,271 low to $10,807 high. However, the main support on the downside is near the $10,200 level and the 100 hourly simple moving average.
Moreover, the 50% Fib retracement level of the recent wave from the $9,271 low to $10,807 high is also near the $10,040 level. Therefore, dips towards the $10,400 and $10,200 levels are likely to find a lot of buyers. On the upside, a break above the $10,800 resistance might start another rise.

Looking at the chart, bitcoin price is clearly trading in a positive zone above the $10,200 and $10,400 support levels. If there are more gains above $10,800, the price might move towards the $11,500 level in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly moving back into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting from 70 and it could test 55.
Major Support Levels – $10,400 followed by $10,200.
Major Resistance Levels – $10,800, $11,000 and $11,500.
The post Bitcoin Price (BTC) Rallies 10%, Dips Remain Attractive To Buyers appeared first on NewsBTC.
Source: New

Bitcoin [BTC] Death-Cross Looms as Price Holds Above $10,500

Bitcoin [BTC] price gained about $1000 in 30 minutes on 18th July 2019 which came as a surprise for most traders. While the traders perceive whale action as the reason behind, reportedly, a revelation of China’s stand on Bitcoin might have something to do with it.
It was an important milestone for the future of Bitcoin and its holders in China. However, the bullish action seems to have exhausted yesterday itself. The price of Bitcoin [BTC] at 5: 00 Hours UTC on 19th July 2019 is 10,511. It is trading 7.07% higher on a daily scale.
BTC/USD 1-Day chart on Bitstamp (TradingView)
However, the Techincal Analysis of Bitcoin also continues to baffle the trader at the moment. This is because most traders had turned bearish after Bitcoin’s below $10,000 and subsequently below $9600. B. Biddles expressed counter trading sentiments in the market. He said,
My take: If L:S ratio really is 4:1 rn, then a lot of money to be made shaking out longs… Atm I think crypto is just Game of Squeezes.
Moreover, Sawcruhteez also suggested a bearish reversal looking at the resistance from the Exponential moving averages and sequential analysis on the 4-Hour. He tweeted,
$BTC on a 4h green 9 as it tests the 50 and 200 EMA’s for resistance. Last candle shows signs of a reversal as does this one. As long as we are below $10,700 I am viewing this as a selling opportunity.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
Furthermore, in his Hyperwave channel on YouTube, he also talked about the death-cross that is forming in Bitcoin [BTC] at the moment. The 50-Day EMA already moved below 100-Day 100 and is now looking to cross the 200-Day EMA which could be a massive bearish signal.
Moreover, derivates trader, Tone Vays also indicated that the rise was surprising and the direction that Bitcoin will follow is uncertain. According to his analysis.
“$10,000 – 11,200 is in a no-trade zone for me.” He also said, “The next time Bitcoin [BTC] breaks and closes above $12,500 that’s when I’ll be convinced new All-Time Highs are coming. Until then I am looking for new lows.”
Do you think that regulatory and media attention would confer otherwise or you are currently bearish as well? Please share your views with us. 
The post Bitcoin [BTC] Death-Cross Looms as Price Holds Above $10,500 appeared first on Coingape.
Source: CoinGape

Amazon To Foster Libra Has More Success Rate Than Facebook: Ben Mezrich

Popular America author, Ben Mezrich during an interview on Thursday, said it was unfortunate that the idea of Libra was being developed by the wrong tech company, Facebook. He further maintained that Amazon would have been a far better originator and developer of this incredible innovation. According to Mezrich,
“This is all about trust. You can’t have a bank, you can’t be a new currency without people trusting it if you’re going to sit in the middle of it, and people don’t trust Facebook, ”
The author wrote a couple of books about the early days of Facebook and bitcoins. Perhaps his most notable and controversial piece of literature was “accidental billionaires” in which he expressively nurtured the fact that certain “billion-dollar” boys were with great influence, controlling too much of the world’s most valuable assets; money and data.
As the author became more popular in the industry, his previous work about bitcoins too, also made him a bit of an enthusiast, altogether making him notable enough.
For this reason, Mezrich’s assertion that Amazon was a better foster for the most recently talked about Facebook’s Libra would be more of a personal opinion than a generally accepted truth.
However, Mezrich’s comment on the matter made some sense too. He maintained that while Facebook might have access to the data of around 2.38 billion people across the globe, it also has this impending issue of data leak in which the social media giant lost a considerable level of customer trust and satisfaction. According to Mezrich, for a bank to be established, the establishment itself has to be trusted by its potential customers, a trait Facebook seems to be lacking at the moment.
Amazon, on the other hand, according to Mezrich, was capable of “pulling this off” (indicating that Amazon was more reliable in passing through regulatory hurdles in developing Libra.) According to Mezrich,
“I think that Amazon could pull this off because for whatever reason we all trust Amazon, ” Ben Mezrich said. “We put our credit cards in there every day.”
Tuesday, the long-awaited Senate hearing on Libra was conducted and Facebook was seen to have been lashed in the back by the congress as a whole, with some maintaining that Facebook should not even launch Libra at all. The reason was obviously simple and straightforward; Facebook had trust issues and could not be trusted with people’s money.
Although David Marcus, CEO of Libra was present to present Libra’s case to the congress, the chair of the house required Zuckerberg’s presence and the hearing was adjourned for the same reason.
The post Amazon To Foster Libra Has More Success Rate Than Facebook: Ben Mezrich appeared first on Coingape.
Source: CoinGape

Crypto Market and Bitcoin Could Continue Higher: BCH, EOS, TRX, ADA Analysis

The total crypto market cap started a decent recovery and broke the key $260.0B resistance.
Bitcoin price rallied around 10% and broke the $10,000 and $10,500 resistance levels.
EOS price recovered steadily and even broke the $4.00 resistance area.
BCH price is up more than 5% and it recently cleared the $300 resistance.
Tron (TRX) price gained around 8% and surpassed the $0.0250 resistance level.
Cardano (ADA) price is still struggling below the $0.0600 level.

Bitcoin price jumped more than $1,000 and the crypto market cap is up more than 10%. Ethereum (ETH), EOS, Tron (TRX), BCH, ripple, ADA and BNB are likely to continue higher.
Bitcoin Cash Price Analysis
After this past week’s significant decline, bitcoin cash price found support near the $270 level against the US Dollar. The BCH/USD pair started a decent upward move and broke the key $290 and $300 resistance levels. It is currently up around 5% and is trading near the $310 level.
If there are more gains, the price may perhaps test the $320 resistance level. On the downside, the $305 and $300 levels are decent supports, below which the price may move back in a bearish zone.
EOS, Tron (TRX) and ADA Price Analysis
EOS price is slowly recovering and it recently broke the $3.900 and $4.000 resistance levels. However, there is a strong resistance forming near the $4.200 level, where the bulls might face a tough challenge in the near term. A successful break above $4.200 could push the price towards the $4.500 level.
Tron price is gaining momentum and it gained around 20% in the past three days. TRX price broke the $0.0240 and $0.0250 resistance levels and it seems like it could continue to rise. The next major hurdle for buyers is near the $0.0265 level.
Cardano price remains in a bearish zone and it recently formed a decent support near the $0.0550 level. However, ADA price is facing a crucial resistance near $0.0600, above which the price could recover higher in the coming sessions. The next main resistance is near the $0.0650 level.

Looking at the total cryptocurrency market cap 4-hours chart, there was a steady rise from the $230.0B support area. The market cap surpassed the key $250.0B and $260.0B resistance levels. Moreover, there was a break above a major bearish trend line with resistance at $260.0B on the same chart. At the moment, the market cap is facing resistance near the $280.0B level and it might correct lower in the near term. However, the broken resistance near $260.0B may perhaps act as a key support zone. Overall, dips remain supported in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins.
The post Crypto Market and Bitcoin Could Continue Higher: BCH, EOS, TRX, ADA Analysis appeared first on NewsBTC.
Source: New

Binance Updates IEO Rules on Its Launchpad

Binance Updates IEO Rules on Its Launchpad
Binance Launchpad lottery rules have been updated. As it has been revealed by the company, it extends Binance Coin holding period implementing a number of others minor changes.
Binance Updates IEO Rules on Its Launchpad

Continue reading at Coinspeaker
Source: CoinSpeaker

Breaking: Bitcoin Legally Recognized in China, Is this Why BTC is Rising?

Bitcoin was just recognized as a legal ‘virtual property’ in China. At the hearing of the first property infringement case in China’s Hangzhou Internet Court, Bitcoin was recognized as “virtual property.” According to the court’s order,
Bitcoin holds the attributes as property – valuable, scarce and disposable. We should recognize it as a virtual property.
It was first brought into light by Dowey Wan, Crypto-analyst and Trader who pointed out that,
This case is a major milestone that manifested BITCOIN IS ACTUALLY LEGAL in China so please STFUDup on Bitcoin is illegal in China from now on
The case was between the plaintiff – Wu and the defendant – Shanghai technology company and the defendant – Taobao. The plaintiff accused the defendant of network infringement liability. While the court denied all of the plaintiff’s claim, it was a massive win for Bitcoin in China.
This is because as Bitcoin is recognized as a virtual asset with real value, from now on, it will be protected by the Civil laws in China. These would relate to financial theft, inclusion in contract laws, and other types of disputes like electricity theft. Wan tweeted,
According to “The General Civil Law”, virtual property is legally protected by laws of People’s Republic of China”
Reportedly, it is not because of a recent implementation of any new legislation. It has been for a very long time. According to Xiao Wei, a director of the Bank of China Law Society; In 2013, China clearly defined the legal attributes of Bitcoin itself: specific virtual goods, that is, the status of recognition of its “property.”
Bitcoin’s Sudden Rise
This is big positive news for Bitcoin and Chinese investors who have been living in uncertainty. Bitcoin [BTC] shot up a couple of hours after the story started breaking in the Chinese media. Wan also pointed out this fact, she tweeted,
I was browsing Weibo and Wechat on sentiment around the sharp Bitcoin rally, instead of Libra, folks attributed the rally to the case above then I realized it’s indeed a big milestone
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
At 14: 30 hours yesterday, Bitcoin rose from around $9400 to $10,400. The rise came as a surprise for most traders, and they suspected a bull trap.
However, if the buying pressure catches on in China, the FOMO could ensue again. Nevertheless, the price seems to be holding around $10,500 at the moment. Moreover, the Chinese investors and miners who are already engaging with cryptocurrencies are probably bought in already.
Moreover, Dovey Wan also noted that while holding Bitcoin is alright, at the moment, it does not extend to allowing trading on Exchanges.
Do you think that the demand from China in light of this news will drive Bitcoin to new highs? Please share your views with us. 
The post Breaking: Bitcoin Legally Recognized in China, Is this Why BTC is Rising? appeared first on Coingape.
Source: CoinGape

Malta A.I. & Blockchain Summit looks to shape the future

SiGMA Group has announced that the winter edition of Malta A.I. & Blockchain Summit will take place 7th and 8th November 2019, at the InterContinental Arena Conference Centre, St Julian’s, Malta, marking the second event in 2019 for the successful expo. Following the sold out, AIBC show at the Malta Hilton in May this year, […]
The post Malta A.I. & Blockchain Summit looks to shape the future appeared first on AMBCrypto.
Source: AMB Crypto