Indian Government to Draft Cryptocurrency Regulation Next Month

The Indian government is reportedly getting ready with draft regulations on cryptocurrencies next month.
The finance ministry set up a panel in November 2017 for the purpose of preparing a regulatory framework on the issue, but the central bank has created a hostile environment for digital currency trading platforms in 2018.
After a multitude of petitions filed by operators against the Reserve Bank of India’s (RBI’s) anti-crypto circular, the Supreme Court of India has ordered Narendra Modi’s government to clarify its policy in November.
India to Clarify Policy on Cryptocurrency Trading in December
A counter-affidavit produced by the Indian government and filed in the supreme court on November 19 says the finance ministry is about to draft cryptocurrency regulations next month, according to news website Quartz.
“…currently, serious efforts are going on for preparation of the draft report and the draft bill on virtual currencies, use of distributed ledger technology in (the) financial system and framework for digital currency in India. The draft report and bill will be circulated to members of IMC (inter-ministerial committee). Thereafter the next meeting of IMC will be held so that discussion can take place on the draft report and bill. It is expected that the draft report will be placed before the IMC by next month.”
The finance ministry panel is headed by Subhash Chandra Garg, a secretary in the department of economic affairs, and includes RBI deputy governor BP Kanungo and the chairman of India’s market regulator Ajay Tyagi.
The latter has said that virtual currency so far has not posed any systemic risk and is adept of distributed ledger technology. Kanungo, on the other hand, is a leading figure in the fight against cryptocurrency exchanges and is responsible for pushing many of them towards crypto-friendly countries such as Singapore.
“In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs [virtual currencies.] Regulated entities which already provide such services shall exit the relationship within a specified time,” Kanungo said in July.
Subhash Chandra Garg, the head of the panel, took to Twitter in December 2017 to issue a statement with a somewhat unfriendly tone towards the cryptocurrency space as he likened trading in digital currencies to classical Ponzi schemes.
“Cryptocurrencies like Bitcoins are neither currency nor coin. Not legal tender in India at all. Trade in these currencies has assumed character of classical Ponzi schemes. Limited supply and uninformed demand makes every new investor assume higher risk. No underlying real value.”
A previous task force, which was set up in March 2017, recommended that consumers should stop trading cryptocurrencies and operators should be choked instead of banned. The document was attached to the government’s counter-affidavit submitted to court, but in a sealed envelope, according to Quartz, which indicates the intention of making its content unknown to the public.
Related Reading: Major Indian Crypto Exchange CEO Openly Asks Gov’t to Regulate Crypto
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Blockchain Capital’s Bogart: Looking For The ‘Next Bitcoin’ Is A Dangerous Game To Play

Blockchain Capital partner Spencer Bogart discussed the current state of the cryptocurrency market with Bloomberg’s Emily Chang and Joe Weisenthal on Monday, and Bogart’s role was basically to explain why he’s still bullish on the crypto ecosystem in the face of collapsing prices.
“I still believe that programmable money is a multi-trillion dollar idea,” said Bogart.
Bogart went on to explain that bitcoin should be viewed separately from the initial coin offering (ICO) craze from last year and indicated that bitcoin is the right crypto asset to look at going forward.
ICOs and Bitcoin are Two Very Different Things
When the topic of ICOs came up during this discussion on Bloomberg, Bogart was quick to point out that these assets are very different from bitcoin.
“One thing I’d be careful of is conflating, kind of, all the tokens and ICOs that we’ve seen with bitcoin itself,” said Bogart. “I think that from the outside it’s easy to see those as one in the same, but from within the industry, they’re very different.”
Weisenthal agreed with Bogart’s point, but he also added that the market appears ignorant of these differences as the majority of crypto assets tend to move up and down with each other at the same time.
Bitcoin is Still the Right Play
When asked for specific assets or areas of the crypto ecosystem that are destined to thrive in the future, Bogart focused on bitcoin.
“For a lot of people, they’ve been hearing about bitcoin for so many years — they want to find what is that next bitcoin,” said Bogart. “Since the beginning of the time bitcoin people have been looking for that next bitcoin, I think that’s a dangerous game to play.”
To Bogart’s point, ether is down 80% against bitcoin since the peak of the hype around the alternative crypto asset’s potential to overtake bitcoin as the coin with the largest market cap, according to CoinMarketCap.
Bogart went on to talk about how network effects are extremely important when it comes to competing forms of money.
“Bitcoin does have the largest established network effect,” explained Bogart. “It is more than five times larger than the number two crypto, and it is excelling at the programmable value use case.”
Bogart added that they’re mainly focused on finding companies building on that programmable value use case at Blockchain Capital.
Source: Crypto Daily

Why Stellar Overtook Bitcoin Cash During The Crash

Stellar (XLM) recently overtook Bitcoin Cash (BCH) in market cap. This makes it the second coin to have gained in some way from the recent meltdown. The first coin is Ripple (XRP) which took the correction as an opportunity to wage war against Ethereum (ETH). So, Ripple (XRP) ended up replacing Ethereum (ETH) as the second largest coin by market cap and Stellar (XLM) ended up replacing Bitcoin Cash (BCH) as the fourth largest coin by market cap. Now, there is a reason why both of these coins moved against Ethereum (ETH) and Bitcoin Cash (BCH). A lot of investors believe that in the event of a market crash that result in an absolutely wipeout, cryptocurrencies like Stellar (XLM) and Ripple (XRP) might still be around.
This belief has become even stronger recently as the Bitcoin Cash (BCH) Civil War exposed how centralized Bitcoin (BTC) and Bitcoin Cash (BCH) currently are. If both BTC and BCH are centralized, then investors would much prefer for opt for ‘centralized’ cryptocurrencies like Stellar (XLM) or Ripple (XRP) where in the event of a market meltdown they would at least be protected by the respective companies. Another strong belief that most investors in Stellar (XLM) and Ripple (XRP) have is that both of these cryptocurrencies have proven their mettle. Investors in XLM/USD know that it works. It is fast, cheap, efficient and scalable. It also has partners like IBM to aim for worldwide adoption of its technology. Even central banks might be open to the idea of using the Stellar blockchain to issue their cryptocurrencies.

The way both Bitcoin Cash (BCH) and Bitcoin (BTC) have both been exposed recently for their current centralized control is very unfortunate. As we saw during the hash war, there were two parties with immense power that was quite capable of influencing the investment of the vast majority of cryptocurrency investors without their consent. Not only that, we saw some groups using investors’ mining power to fund their own wars. This was very unfortunate and it is certainly against Satoshi’s vision of Bitcoin (BTC). The early developers that worked on Bitcoin (BTC) have been very vocal describing how they came to believe Satoshi was not pulling a scam and was actually interested in creating peer to peer digital money without any financial or political motives.
Satoshi created a goldmine and allowed prospectors from across the globe to go mine for free. The best part is, Satoshi did not set any rules for any profits or rewards being paid to him/her, nor did they bother to sell any of their own Bitcoin (BTC) mined in the early days. According to developers that worked on Bitcoin (BTC), Satoshi used his own money and efforts to mine early blocks of Bitcoin (BTC). They still hold the Bitcoin (BTC) originally mined. The point is, Satoshi created a fair system that was supposed to do justice to the majority. However, it is unfortunate that early adopters out of their own greed have turned it into something horrible with their manipulation and underhanded methods. There is little doubt that Bitcoin (BTC) will eventually be accepted as universal digital money, but it is very unlikely to happen anytime soon which is why in the meantime coins like Stellar (XLM) will fill that space.
Source: Crypto Daily

Israeli Startup Launches Crypto Funds Amid Institutional Push

Since the value of Bitcoin began to recede in early-2018, investors from across the globe have sought to find a silver lining to latch onto.
However, with initial coin offerings (ICOs) seeing less than adequate amounts of interest, security tokens failing to pick up steam, and corporations remaining hesitant to adopt blockchain-based technologies, investors have only found hope in institutional involvement.
And, with a number of developments and cries for the arrival of the “institutional herd,” it has become apparent that finally, after a multi-month downtrend, crypto investors can find some much-needed solace.
Silver Castle Launches Two Crypto Funds, Looks to Institutional Investors
According to a report from Bloomberg, Silver Castle, a Tel Aviv, Israel-based digital asset investment house, has recently launched two cryptocurrency-centric funds.
Silver Castle’s first fund trades on the back of an undisclosed group of algorithms, which reportedly analyze the momentum of the five most capitalized cryptocurrencies, before opening short or long positions as it sees fit. Eli Mizroch, CEO of Silver Castle, explained that these algorithms have been used in-house for over a year, with results being in the “high double-digits,” presumably in terms of percentile.
The second fund, which also makes use of algorithms, offers investors a collection of this market’s top 10 cryptocurrencies. The latter fund is likely aimed at the long-term crypto investor, while short to medium-term investors would have a penchant for the former.
By year’s end, Silver Castle, Israel’s first institutional-focused cryptocurrency investment corporation, hopes to have $50 million in investor capital under its belt via the two aforementioned funds. Speaking on his firm’s appeal to institutional grade investors, Mizroch stated:
“We spent close to a year building robust infrastructure for managing other people’s money at the level of institutional grade with very, very high security.”
If the two aforementioned funds garner adequate support, Mizroch hinted at his startup’s plans to offer a third fund, which would be focused on investing capital in ICOs and tokens.
Silver Castle evidently wants to maintain its hegemony over the Israeli crypto ecosystem, as a multitude of startups and organizations in the region continue to eye blockchain technologies and cryptocurrencies. Israel-based eToro, for one, recently doubled-down on its crypto-related offerings, launching a cryptocurrency wallet after first offering Bitcoin (BTC) speculative trading in 2014.
Binance CEO: Institutional Involvement Is “Very Net Positive”
Interestingly, Silver Castle’s foray into professionally managed crypto funds comes amid a newfound drive to obtain the business of institutional players in this market. Speaking with The Street’s Jordan French, Changpeng “CZ” Zhao, CEO of Binance, explained that “increased institutional participation is a very good thing.”
Bringing up Boston-based Fidelity Investment’s recent foray into the crypto market, dubbed an “all-in play” by optimists, CZ noted that the establishment of Fidelity Digital Asset Services (FDAS) “suggests the crypto market cap will grow a lot more.”
Essentially using the age-old concept of the “snowball effect” to describe this market’s potential growth cycle, Zhao then explained that as this market swells, so will adoption, subsequently bolstering prices.
The Binance executive then discussed volatility in this market, verifying the popular theory that institutional involvement calms emerging markets, like Bitcoin, while also enticing more players in.
Taking this all into account, in short, as put by Zhao:
“All of this I think is very positive. It’s just a matter of time [that institutions will arrive en-masse]. I don’t know how quickly it will happen, but it will happen.”
Zhao’s aforementioned comments echo a tweet he made in late-October, in which he noted that “sooner or later,” funds from the pockets of institutions will make a perceptible appearance in cryptocurrency markets for the first time ever.
Interestingly, Zhao isn’t the only industry savant to be making such claims, far from it in fact. Mike Novogratz, a former institutional banker-turned-cryptocurrency investment deity, recently lauded FDAS’ proposed custody solution, before subsequently aiming his firm’s scopes at institutional clients.
Related Reading: Why Are Novogratz, Fidelity, and Bakkt Banking on Institutional Crypto Investors?
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EOS Technical Analysis: Bears gain the power to pull down the cryptocurrency further

The bearish hit which led to the destruction of the crypto market looks very strong even after 2 weeks since it began. It can be noticed that most of the major digital assets have completely moved to the bearish zone. In the top 10 cryptocurrencies Bitcoin Cash [BCH], Cardano [ADA], Monero [XMR] have declined the most with up to 54% loss.
At the time of writing EOS is trading at $3.94 with a market cap of $3.5 billion. The cryptocurrency has seen a massive breakdown in the past week with a 26% decline in its value. It is also being noticed that EOS had touched the lowest point today since the beginning of 2018. The coin had dropped to $3.46 a few hours back, however, it is slowly gaining its momentum back with a hike of 2.21% in the past 1 hour.
1 hour:
EOS 1 hour chart | Source: TradingView
The 1-hour chart of EOS has a downtrend ranging from $5.31 – $4.6 – $4.07 with a resistance point fixed at $4.8. Though the cryptocurrency experienced an uptrend ranging from $4.2 – $4.5 earlier today, it has broken the support levels created at $4.2 and $3.6 and moved further downwards.
The Bollinger Bands demonstrate that EOS went through a price breakout a few hours ago. Right now the candlesticks are neither close to the upper band nor to the lower band. However, the expanded Bollinger bands depict that there is a high chance of volatility in EOS’ price in the coming hours.
In the Aroon Indicator, we can see that the Aroon Up line has touched the 0 level and moving sideways. The Aroon Down line is moving towards the 0 line at present, which can be considered as a positive sign for EOS traders and a trend reversal can be expected anytime soon.
The Klinger Oscillator has shown an insignificant bullish crossover with the reading line moving very close to signal line.
24 hour:
EOS 24-hour chart | Source: TradingView
The 1-day chart of EOS shows a completely bearish market for the cryptocurrency on a long run. In this timeline, EOS has a downtrend ranging from $14.99 – $5.3 – $4.5. The resistance points are at $10.50, $6.3 and $5.7.
The Parabolic SAR is clearly on the bearish end for EOS as the dotted lines are forming above the candlesticks and moving downwards along with them.
The MACD is also showing a negative trend in this timeframe. The moving average has taken a bearish crossover with the histogram forming red bars.
The Relative Strength Index [RSI] is currently moving below the oversold line indicating the selling pressure has increased in the market since mid-August when the cryptocurrency gained its momentum back and secured its position within the RSI zone.
Conclusion:
The short-term indicators are showing a highly volatile market in the future. However, the long-term indicators in this Technical Analysis are strongly in favor of a bearish market.
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Source: AMB Crypto

North Dakota Regulator Issues Cease and Desist Order Against Union Bank ICO Fraud

The North Dakota Securities Department, responsible for the enforcement of the securities laws in the U.S. state, has issued a cease and desist order against Union Bank Payment Coin (UBPC) for allegedly promoting a fraudulent initial coin offering (ICO).
The financial watchdog accuses the firm of being a copycat of Liechtenstein-based Union Bank AG, which is a pioneer in the cryptocurrency space.
Union Bank Payment Coin ‘Spoofs’ Legitimate Union Bank AG Crypto Project
The order, issued by Commissioner Karen Tyler, is the result of ongoing investigations being conducted by the Department’s ICO Task Force and part of Operation Cryptosweep, a multi-jurisdiction enforcement effort involving over 40 U.S. and Canadian securities regulatory agencies.
Union Bank Payment Coin and its associates have been ordered to stop promoting the unregistered and potentially fraudulent crypto fundraiser in North Dakota.
The fraudulent website attempts to appropriate the cryptocurrency project of the Liechtenstein bank under the name of Union Bank Payment Coin, which is similar to the name of the real bank, Union Bank AG.
UBPC uses the same wording of the real project, including being a “security token offering” for the investment in a tool “designed to store wealth by utilizing income-producing digital assets.” The company, which claims it seeks to become the “world’s first security token backed by a fully licensed bank,” says it is issuing a stablecoin backed by the Swiss Franc (CHF).
Unlike the real Union Bank AG, which is located in Liechtenstein, the IP address for Union Bank Payment Coin is located in Russia and registered to an individual, according to Tyler.
“Because ICOs are sold over the internet and pitched heavily through social media platforms, North Dakotans can be exposed to the offers whether the promotor is down the street or on the other side of the globe. Financial criminals continue to cash in on the hype and excitement around blockchain, crypto assets, and ICOs – investors should be exceedingly cautious when considering a related investment.”
The real Union Bank has announced it is launching its own cryptocurrency in August 2018. Its plan is to take advantage of the principality’s blockchain-friendly regulations to issue its own security tokens and a fiat-backed digital currency. The bank is looking to position itself as a full-service blockchain investment bank.
“As a fully licensed and regulated bank we are in a privileged position to combine all the advantages of traditional banking with the possibilities inherent in the blockchain technology. As such, our fiat-backed Union Bank Payment Coin has the potential to disrupt the approach to international trade and international cross-border transactions.”
Related Reading:The UK’s Financial Conduct Authority Is Investigating 24 Crypto Firms
Talk of the fraudulent ICO can be traced back to October on the Bitcointalk.org forum. The North Dakota regulator warned investors of hackers “spoofing” legitimate ICOs to intercept and steal investor money.
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Man Jailed For $3.5 Million Bitcoin Heist

A freelance journalist who used to do regular work with Newsweek, The Washington Post and The New York Times was forced to flee his career after he was caught involved in a number of scams. A new federal accusation says the journalist came into the rich world of cryptocurrency in an attempt to walk away with $3.5 million worth of Bitcoin.
Jerry Ji Guo has worked for a lot of big names for his age of 31. In 2010, he had been working for the newspapers, mentioned above when his career was cut short after being caught using his details to scam free merchandise and international travel from ersatz reporting subjects. Following this, Guo bounced back into New York’s ‘Silicon Alley’ which is a tech startup community which scored YCombinator seed funding for a group dating service called Grouper and lasted around eight months.
Since this time, we can now look at his LinkedIn profile and see that the Chinese-American graduate from Yale has been the owner and head chef of a burger bar in Beijing as well as founding a growth hacking marketing company in Atlanta. In 2017 he finally landed in the field in which seemed natural to him, cryptocurrency. He launched a $2 million ICO for a content sharing platform he claimed had partnerships in place with The Voice and American Idol.
Guo is now on a different path for the potential of up to 20 years. On the 9th November, FBI agents in Puerto Rico arrested the self-described serial blockchain entrepreneur on wire fraud charges for allegedly stealing around $3.5 million worth in cryptocurrency from startups which had initially hired him as a consultant.
Last week, a federal judge in San Juan ordered Guo’s transfer to California in order to go face to face with the eight counts of incitements which carries a sentence of up to 20 years in prison by statute and at least five years three months under federal sentencing guidelines.
As reported by the Daily Beast:

“At the centre of the case is Guo’s career in the fast money world of initial coin offerings. An ICO is a blockchain-based fundraising strategy in which a company drums up capital by minting and selling digital tokens directly to the public.”

What are your thoughts? Let us know what you think down below in the comments!
Source: Crypto Daily

Cardano [ADA] tries to give a push back to the market crash with multiple developmental announcements

The bear attack has been quite the juggernaut with several cryptocurrencies seeing their supports break consistently. Cardano [ADA] which has felt the bear’s pressure too, has been on quite the developmental roll.
Just recently, Charles Hoskinson, the CEO and Founder of IOHK informed users about the upcoming 1.4 and Shelly update for the Cardano 1.4 network. Hoskinson had said:
“The update 1.4 for Cardano is coming along well and we’re in regression testing right now. We’ve had a few regressions but nothing significant is found yet and it’s a lot of new code. There has been a huge amount of refactoring on the core, and we’ve found new database solutions, so we’ve gone from lots of storage to little storage and become much more efficient.”
The computer scientist had also given his thoughts about the new appointees to the Cardano Foundation. Hoskinson’s comment comes in the wake of the appointment of Pascal Schmid as the interim Chairman of the Foundation Council. In Hoskinson’s words:
“What this means is that at the moment Pascal is the current custodian of the Foundation and will be in charge of the transition to reinvigorate and reconstruct the Foundation. There are a lot of things that have to be done between now and when the foundation can become effective as an entity.”
The IOHK official also stated that he would like to see IOHK and Emurgo working together and that might be a possibility in 60 days. He also added that it would be great to see diversity and community management with large grants and the hundreds of thousands of dollars being given to many different organizations. According to Hoskinson, these organizations can then be responsible for building Cardano communities all across the planet.
The post Cardano [ADA] tries to give a push back to the market crash with multiple developmental announcements appeared first on AMBCrypto.
Source: AMB Crypto

DoJ Bitcoin Manipulation Probe Homes in on Tether and Bitfinex

Tether Burns Half a Billion USDT Coins in an Act of RedemptionAn ongoing criminal probe into potential Bitcoin price manipulation conducted by the U.S. Department of Justice has begun to take a closer look at how Tether and crypto exchange Bitfinex may have played a role in Bitcoin’s parabolic rise in late December.
Bitcoin Manipulation Probe Sets Sights on Tether, Bitfinex
Back in May of this year, the United States Justice Department (DoJ) in collaboration with the Commodity Futures Trading Commission (CFTC) launched a criminal probe into whether or not crypto traders were manipulating the price of Bitcoin.
They were trying to determine where they were using tactics such as wash-trading and spoofing – a practice in which large orders are placed in an attempt to influence the direction of price movement, only to have the order “wall” pulled once its orders begin closing into it.
According to a new report from Bloomberg, investigators have homed in on the leading stablecoin by market share, Tether, and the popular margin-trading crypto exchange Bitfinex that it is closely tied to.
As many as three different sources “familiar with the matter” suggest that the probe evidence potentially points toward Tether and Bitfinex being used to illegally boost prices. Both Tether and Bitfinex share the same management team, which appears to be at the center of the investigation.
Research Suggests Tether Used as FOMO Fuel, Tether and Bitfinex Deny
Shortly after the DoJ launched its probe, academic researchers from the University of Texas released a scathing 66-page report claiming they had discovered data that suggested Tether was printed and used following “market downturns,” which resulted in “sizable increases in Bitcoin prices.”

“Less than 1% of hours with such heavy Tether transactions are associated with 50% of the meteoric rise in Bitcoin and 64% of other top cryptocurrencies,” the paper surmised.

Despite repeated questioning into the integrity of the businesses he oversees, Jean-Louis van der Velde, CEO of Tether Ltd., refutes all claims and asserts his business is legitimate.
Related Reading: Tether Burns Half a Billion USDT Coins in an Act of Redemption
Continued Controversy Surrounding Tether and Bitfinex
Controversy seems to follow Tether around at every turn. The company has long been under scrutiny that the stablecoin cryptocurrency isn’t tied 1-to-1 to a corresponding U.S. dollar as the company claims. Tether has released reports from third-party auditors confirming the Tethers supply is appropriately backed, but the cryptocurrency community remains skeptical.
Uncertainty surrounding Tether recently led to the price of Bitcoin becoming out of sync across cryptocurrency exchanges, depending on if the exchange offered a trading pair against BTC tied to Tether, or tied to USD. Exchanges that offered Tether saw Bitcoin prices trade at as much as a $1,000 premium at once point, as capital flowed out of Tether and into cryptocurrencies like Bitcoin on the exchanges that offered the controversial stablecoin.
In the past year, Bitcoin has risen from around $6,000 to $20,000, only to this week break below $5,000 to a one-year low of $4,250. Tether is said to have been used to pump Bitcoin’s price, creating a parabolic rise and subsequent market crash.
Featured image from Shutterstock.
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Alabama's Regulators Use Cryptographic Hashes to Preserve Evidence Regarding Crypto-Related Scams

Greg Bordenkircher, the first assistant at the United States Attorney’s office, has revealed that the US state of Alabama “issued nine orders shutting down businesses that [were] advertising” potentially fraudulent investment schemes, services, and products.
Bordenkircher added that Alabama has so far “got about 20 percent of all the active cease-and-desists” out of all 50 US states.
Source: Crypto Globe

Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency cries for help as bear continues to destroy price supports

The bear has not been kind to the cryptocurrency market with almost all the coins bleeding red. Bitcoin [BTC], which was speculated to hit highs of $25,000, has gone ahead and fallen below the $5,000 mark, a crash that has sent the entire cryptoverse into a frenzy.
1-hour

The one-hour chart for Bitcoin [BTC] shows a drastic price drop. The support breaks have been quite rapid, with multiple supports breaking one after the other. The new support, at the moment, is at $4499.8 while the immediate resistance is holding at $6,474.6. The downtrends on the chart have been quite visible, with the cryptocurrency falling from $6,474 to $5,673.1, and then falling to $4,615.4.
The Chaikin Money Flow [CMF] indicator has crashed into the bear realm, which indicates that the money flowing out of the market is greater than the inflow.
The Relative Strength Index [RSI] has just begun its trip into the RSI zone after breaking the oversold barrier. This shows that the selling pressure is more than the buying pressure.
1-day

The one-day Bitcoin graph paints a bearish picture all throughout. The indicators too have taken the side of the bear. The current one-day support is at $4,616.8 with the downtrend bringing the price down in two phases: $8,193-$6,493.4 and $6,493.43 -$4,621.
The Bollinger bands indicate the start of a massive price outbreak tending towards the bear zone. The upper band and the lower band have both taken sharp turns in the opposite directions, signifying the price drop to continue for more time.
The MACD indicator shows the signal line and the MACD line falling in tandem after a bearish crossover. The MACD histogram has been flat for a long time with the bearish graph taking over.
Conclusion
Bitcoin’s misery looks to continue for a longer period of time with the prices free-falling beyond expectations. The indicators show that a trend change does not seem to be around the corner,  with the bear currently speeding in the driver’s seat.
The post Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency cries for help as bear continues to destroy price supports appeared first on AMBCrypto.
Source: AMB Crypto

Huobi Enter Political Sphere In China

The popular Singapore-based cryptocurrency exchange, Huobi has created a Communist Party Committee, making it the first blockchain based company to do so in China.
The committee was created through a Huobi subsidiary called Beijing Lianhuo information service, which was recently registered as a business earlier this year. The subsidiary is owned by the founder of Huobi Li Lin who praised the launch of the committees, referring to it as a milestone for the firm, hailing the communists party for its friendly policies towards the blockchain industry, where Huobi has several businesses operating out of mainland China.
The founder of Huobi stated:

“Under the cordial care of the Party Working Committee of Haidian, the party branch of the Beijing Lianhuo Information Service Ltd. was gloriously established.”

One of the officials from the same place where Huobi’s blockchain organisation is based, Cao Zhou made a warning on the new branches roles.

“We must enhance the party’s political leadership, and carry out the party’s principles and policies in private enterprises.”

The laws of the communist party make it a necessity for an organisation with at least three communist party members as employees to set up a branch of the party – this especially applies for state-owned firms. While this directive doesn’t extend to private companies, a couple of privately owned firms have started to launch communist party committees in recent times as they look for ways to make stronger ties with the government.
As reported by CCN:

“The Chinese government has been friendly to blockchain while holding an anti-crypto stance. The Communist party had put a blanket ban on crypto earlier last year, leading to an exodus of cryptocurrency exchanges to neighbouring Asian countries.”

Huobi Group’s digital asset platform was one of the organisations which fled away from China before making a home in Singapore where it now operates. The Communist Party has also sent out a warning to relaxation sports in China and private venues not to take on any events that were related to cryptocurrency.
Earlier in the year, Alipay and WeChat were given a state order which forced them to close their accounts of cryptocurrency based merchants.
What are your thoughts? Let us know what you think down in the comments below!
Source: Crypto Daily

TransferWise Undermines the Potential Advantage of Blockchain Technology

CoinSpeaker

TransferWise Undermines the Potential Advantage of Blockchain Technology

Here’s a look into the myth of TransferWise regarding blockchain and why it is wrong into its belief.

TransferWise Undermines the Potential Advantage of Blockchain Technology

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Source: CoinSpeaker