Ethereum Hits Address Milestone But Activity and dApp Usage Down

Latest data indicates that Ethereum has reached a milestone in terms of unique addresses surpassing 50 million. While this news is a good sign for growth the actual number of active addresses has declined quite substantially.
50 Million Ethereum Addresses
Metrics from etherscan indicates that Ethereum crossed 50 million addresses over the weekend. During its peak in early January Ethereum recorded the highest increase of unique addresses added per day 352,888 on the fourth. Conversely its lowest number was 41 on August 6, 2015. So even during a massive bear market unique Ethereum addresses were still being made and growing.
Further research carried out by The Block indicates that active addresses are falling and have dropped almost 70% since their peak. Citing figures from Coinmetrics, the peak of activity for Ethereum addresses was on January 16, 2018 at 719,093. It defines activity as “the number of unique sending and receiving addresses participating in transactions on the given day.” This had now fallen to 232,085 by December 15. The percentage of active addresses out of all Ethereum addresses is currently 0.46%, down from around 3.5% seen in January.
Hashrate and dApp Usage Down
Since mid-November Ethereum hashrate has also plunged and it is now back to the same levels witnessed during peak times at the beginning of the year.
The demand for dApps and ERC20 tokens has fallen with prices this year so these figures are not surprising. According to dappradar daily users of ETH dApps has been in steep decline since mid-October. The current number of users is 7,434 compared to around 17,000 just two months ago. Early July saw the lowest figure this year at 4,215.
The continued liquidation of Ethereum from ICO projects is keeping prices on the floor. According to recent figures 416,000 ETH has been sold in the past month leading to further slide in prices.
Ethereum Market in Pain
At the time of writing Ethereum was trading at $85, down a whopping 94% since its all-time high of just over $1,400 in January. Market cap has dropped below $10 billion for the first time since May 2017. This has allowed Ripple’s XRP to surpass it and take and hold second spot with a market cap of just under $12 billion.
The lowest point for Ethereum this year was on December 15 when it fell to $82.83, a price not seen for over 18 months. Over the past seven days Ethereum has fallen 9.5% and looking back over the past month it has dumped over 50% of its value.
There are a number of improvements slated for the project which will do wonders for its scalability which is the main thing holding back adoption at the moment. Once these are rolled out and the bears start to go into hibernation Ethereum will be back on the up again.
 
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Binance Incubator Program to Foster Innovation For Blockchain and Crypto

The bear market this year has seen an exodus from cryptocurrencies for a lot of people and companies. Not all are so pessimistic though and not all are in it for a quick buck. Binance is one of the pioneers of the industry and has recently launched a program to foster innovation for blockchain and crypto.
Binance Not Deterred by Bear Market
The first batch of initiatives for the Binance incubation program will focus on solving the most critical issues currently facing the industry. There are a number of projects aimed at nurturing education and mentorship in the crypto space run through the exchange’s venture arm Binance Labs.
According to the head of Binance Labs, Ella Zhang, who spoke to Forbes last week explaining the ethos behind the ten week on-site program;
“Through the program, we support entrepreneurs who are solving critical problems for the blockchain industry. In particular, we help participants focus on “BUIDLing” products from an early stage. The term BUIDL is a glossary term from the Binance Academy, originally derived from HODL, a term referring to keeping your heads down and focusing on building your product,”
Over 500 projects applied for the first round of the incubation program and only the top 8 were selected. Those lucky few will get direct funding of $500,000 and full access to the all resources they need from Binance.
According to the report, seven of the eight projects had launched working products and enrolled new members. Three of them already have paying clients and their recent ‘graduation’ from the program will put them on the path to greater things.
Binance also offered the opportunity for these projects to pitch at the Singapore Blockchain Week organized by the company next month. Some of the problems tackled included hardware wallet development, secure logins for dApps, prediction markets, blockchain data insights, computer security systems, and decentralized exchanges.
“There are two problems we have seen in the ecosystem, which helped inform our design of the program: a lack of product-market fit in many blockchain projects, and the market hype that distracts founders from BUIDLing. With the incubation program, projects can focus on shipping a working product or service with product-market fit as quickly as possible,” Zhang added.
Binance has taken the initiative to focus on developing the technology for the future rather than looking at the prices. Its own trade volume is massively down from over $2 billion per day to around $300 million today according to Coinmarketcap. This has not deterred the team though which has not only expanded internationally over the past year but is now channeling energies into education and innovation for the nascent industry.
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Cryptocurrency Market Update: Tether Tops Stellar Taking Fourth Spot

FOMO Moments
Crypto markets lick wounds from fresh lows; Stellar dropping back, Maker making moves.
Crypto markets have made a very slight recovery from their fresh lows over the weekend but they are still on the floor. Total market capitalization is still very low but has yet to drop below $100 billion, it seems to be only a matter of time though.
Bitcoin is still down a little on the day but has recovered marginally from its 2018 low on Saturday of $3,195. At the time of writing BTC was trading at $3,270, pretty much where it was this time yesterday. On the week it is down 9% and may drop to $3,000 soon.
Ethereum is still very weak and has made no recovery from its low point. Trading at $85 at the moment ETH is the cheapest it has been for over 18 months.
The top ten is generally mixed right now with very little movement in either direction for most altcoins. Stellar has lost fourth place to Tether as it drops another 2% on the day. Only Litecoin has made anything back since the weekend but it too is very weak at $26.
The top twenty is nearly all red. Only one altcoin is making moves at the moment and that is Maker up 12% on the day. The push has taken MKR above $385 and it is one of the top performing altcoins today. Everything else in this section is in the red losing a percent or two on the day.
As usual there are a couple of fomo pumps occurring and today’s lucky two are Revain and Factom up around 30%. MobileGo is also making around 18% at the time of writing. Getting dumped is DEX with a 17% slide since yesterday.

Total crypto market capitalization is currently just below $104 billion, very close to where it was 24 hours ago. Late on Saturday markets dropped to their lowest levels of 2018 at just over $100 billion. Most altcoins also recorded fresh lows for the year and the pain is not over yet for cryptocurrencies.
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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Another Day Another New Low For Crypto Markets

FOMO Moments
Crypto markets dump to new lows again; Bitcoin Cash, SV, nearly dead, Litecoin surviving.
As predicted yesterday crypto markets have dumped to a new low during intraday trading. A minor recovery during the week could not be sustained and total market capitalization has fallen to a new low of $101 billion a few hours ago.
Bitcoin led the drop when it fell through support at $3,400 a couple of days ago and kept going back down to a new 2018 low of $3,205 at 22.00 UTC. A quick bounce took it back to $3,250 but Bitcoin is still at its cheapest price for 16 months.
Needless to say Ethereum has also been smashed dropping to a low of $83 before recovering back to a very weak $85. The rest of the altcoins are all in pain during Asian trading today. The top ten is a sea of red and as usual the Bitcoin Cash twins are getting hammered with BCH dumping 10% and BSV 12%. EOS and Litecoin have stopped falling at the time of writing but the rest are down a couple of percent.
The top twenty is all in the red also with Monero and Nem getting hit the hardest dropping around 7% each. The rest are down 2-4 percent since yesterday and are at rock bottom prices for the year.
There are only two altcoins getting a fomo pump at the moment, Waves and Revain are up about 10% right now. Syscoin has entered the top one hundred with a big pump today but it is likely to do the exact opposite tomorrow. DEX is getting smashed at the other end of the table with a 40% dump on the day. MobileGo is also having a bad day with a 20% drop.

Total market capitalization is down another 3% on the day and is currently around $103 billion. A new 2018 low was made a few hours ago of $101 billion and as things stand market cap will be double digits very soon. Over 9% has been lost from crypto markets since last weekend and almost 45% since the same time last month. The selloff does not seem to be abating and things are not even stabilizing at a bottom – down is the only direction for cryptocurrencies at the moment.
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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Crypto and Blockchain Smartphones Will be The Next Big Thing

This week the crypto-sphere has been awash with talk about Samsung and its next generation flagship phone coming loaded with crypto goodies. While the company itself has dismissed the story according to reports, rivals are shipping out products that will no doubt keep Samsung on its toes.
Samsung Rumors Aplenty
The hype was instigated by a Samsung community website which ran a story on crypto cold storage functionality being included on the Galaxy S10. According to SamMobile which ran an exclusive a few days ago;
“After hearing about the trademarks for Samsung’s blockchain and cryptocurrency software, we decided to dig around a little deeper. We can confirm that the company is indeed developing one and that it may be launched with the Galaxy S10.”
The story went on to tout a number of features such as a cold wallet for storing crypto, signing of public and private keys, and a wallet for transfers and viewing transaction history. The story was syndicated across the crypto media web building a level of hype akin to that when Facebook was rumored to be delving into digital coins. Even crypto warlord John McAfee commented;
“Has Samsung ever made a strategic miscalculation? I think not. Crypto is not just here to stay. It is taking over. Listen market — you damn well better keep up.”
Contrary reports on Cointelegraph claimed that Samsung has refuted the story labeling it as ‘speculation’. “Unfortunately we are unable to provide any information as the below is rumor and speculation,” the South Korean tech giant reportedly said.
The fact is that Samsung has filed for several blockchain and crypto related patents including those regarding storage and cold wallets, so putting two and two together SamMobile garnered a lot of traffic for itself.
The company is remaining tight lipped but the launch of a blockchain powered smartphone with cryptocurrency transaction capabilities is only a matter of time. The two technologies go hand in hand – making micro-payments instantly while on the move would be better with a dedicated smartphone than a clunky laptop.
Rival phone maker HTC is already on the ball with the launch of its Exodus 1 blockchain phone this week. Reviews are already hitting the web and it was announced that the device would come preloaded with the Brave decentralized browser that is powered by the BAT token which has recently been listed on Coinbase Pro.
From a hardware perspective the device is very similar to those from rivals, but it functions as a node on HTC’s own blockchain to enable the running of dApps and allow fee free cryptocurrency transactions.  The Exodus 1 also comes pre-loaded with a raft of security features and crypto storage facilities.
It is without a doubt that Samsung are working on something similar even if they are being coy about it right now. While these crypto-phones may just be something out of a cypherpunk’s dream, they are the pioneers today of what is likely to be commonplace in the not too distant future.
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Cryptocurrency Market Update: The Friday Dump is Getting Tedious

FOMO Moments
Cryptocurrency markets in predictable pain as the week ends; Bitcoin Cash, SV, getting killed, Stellar not far behind.
As if scripted by some kind of delirious director, crypto markets are dumping again this Friday. The same thing happened last Friday and the one before that and the end of week selloff is getting a little tedious.
Bitcoin fell to its yearly low again a few hours ago when it dumped 5% from over $3,400 to below $3,290. This marks a revisit to the 2018 low BTC made on December 8, almost a week ago. As before BTC managed to bounce off this weak support zone but it won’t be three times lucky if all the analysts are to be believed.
Ethereum is forever losing ground as it drops even further, another 3.5% on the day taking it back to around $85 – the lowest ETH price for 18 months.
Altcoins are bleeding again as we end another painful week in crypto land. Without even looking at the top ten you can probably make a good guess which one is falling the most. Bitcoin Cash yet again is getting hammered with a 9% plunge back to $85. Its rival Bitcoin SV is taking a similar beating and Stellar is not far behind with a 6% slide.
Most altcoins in the top twenty are losing 4-6 percent since yesterday at the time of writing. Only Ethereum Classic and Maker are treading water with no losses on the day so far.
As usual there are a couple of fomo pumps occurring and the lucky teams today include Dentacoin and Waves, the only two cryptos making double digits. Again, from the same script as the Friday dump, are the altcoins in pain today, namely yesterday’s fomo spikes – Bitcoin Private, DEX, WAX and Factom dumping double figures.

Total market capitalization is almost back to its lowest level for 2018. Dropping 3.7% on the day markets are just below $105 billion at the moment – not far to go to set a new record low. After reaching a weekly peak of $117 billion markets have dumped back to last weekend’s low levels and the likelihood of them dropping further is high.
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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Bitcoin Back at 2018 Low, Price Halved in a Month

A few hours ago Bitcoin revisited its lowest level in 2018. After a week of down trending and failure to break key resistance levels this latest plunge comes as no surprise.
Bitcoin Revisits 2018 Low
With a 5% slide Bitcoin dumped from $3,450 down to $3,284 during intraday trading. This repeats the yearly low it made almost a week ago on December 8. According to Coinmarketcap BTC fell sharply around 19.00 UTC after spending most of the week above $3,400.
Bitcoin reached $3,680 briefly on Monday but has been in a downward slide ever since, hitting the bottom a couple of hours ago before rebounding a little. At the time of writing BTC was trading at just over $3,300. It is the second time it has hit this level and is likely to stay there for a while before falling further.

Bitcoin has almost halved since the same time last month when it was trading closer to $6,400. Since all-time high, a year ago next week, Bitcoin has hemorrhaged 83.6% to its current low. Previous crashes have been worse however so the daddy of digital currencies is not out of the woods yet.
Analysts have predicted a fall to $3,000 which is looking more likely every day as markets weaken further. Friday’s have been particularly painful in crypto land for the past few weeks. Last Friday saw a $15 billion dump to a new low for the year and previous ones have not been much better.
Total cryptocurrency market capitalization has not quite hit a new low at the moment but is very close to it. With a level of just below $105 billion at the time of writing it does not have that far to go and the weekend could see things plunge below the psychological barrier of $100 billion.
The near future sees no catalyzing factors to reverse this trend and crypto aficionados are pinning hopes on institutional heavyweights such as Bakkt and Fidelity getting their products off the launch pad.
The general public, fed by mainstream media FUD, has largely written off Bitcoin and cryptocurrencies as a flash in the pan. Only the hardcore hodlers, and whales that loaded up years ago, are still in the game it seems.
Those that have done their research and actually understand what they are investing in will weather the storm. A further drop for Bitcoin is unlikely to faze the people that are here for the long run.
 
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Crypto Users Double Amid Market Meltdown, a Sign of Recovery?

This year has undoubtedly been the worse one for cryptocurrencies in terms of prices but it is not all doom and gloom as adoption is growing as actual usage of cryptos is on the up.
Double The Users in 2018
With a dump of around 87% since January, crypto markets are on the floor showing no signs of recovery. Many industry observers have predicted further losses and the mainstream media is gleefully publishing a torrent of FUD.
According to a study from the Cambridge Centre for Alternative Finance the number of verified users of cryptocurrencies almost doubled in the first three quarters of the year as reported by Bloomberg. The research indicates that the actual figure has climbed from 18 million last year to 35 million users in 2018. In 2016 there were an estimated 5 million cryptocurrency users.
The study goes on to look at cryptocurrency accounts claiming that this figure has also jumped from 85 million in 2017 to 139 million this year. The signs are positive for an eventual market recovery as increased users will lead to greater adoption which in turn will boost digital token prices.
It was suggested that most users are speculators or long term investors, hodling whatever they have accumulated as selling in current conditions will lead to heavy losses for the majority.
“Conforming with popular narratives, survey data indicates that the majority of users – both established as well as new entrants – are individuals and not business clients. Individuals can be hobbyists, retail investors, consumers, or users seeking a better investment or payment alternative,” the study said before adding “Growth rates were at their highest in 2017, and the number of new user accounts as well as ID-verified users continued to rapidly grow in 2018 as well,”
Increasing user numbers has resulted in a massive boom for crypto exchanges which are still aggressively expanding despite the market meltdown. Binance still tops the charts for adjusted daily trade volume according to Coinmarketcap, however that too has plummeted from over $2 billion per day to around $400 million where it currently is.
Crypto markets are currently a few billion away from their all-time low of the year and capitalization is back at August 2017 levels. Over $700 billion has been wiped out of digital currencies this year but that money was once there, and is still waiting to re-enter the space when markets start to recover. That may not be for a few months yet though as current predictions are looking at late 2019 for any kind of real recovery to occur.
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Ripple Exec: Crypto Technology Needs Improvement Before Adoption

This year’s bear market has seen most of the top cryptocurrencies hemorrhage over 80% as they plummet from those lofty heights made almost a year ago. Some have fared better than others and Ripple’s XRP token has been one of them. Crypto technology, however, is still in need of vast improvement, at least according to the chief technology officer at the fintech firm.
Technology Before Adoption
Ripple has been one of the most pro-active blockchain companies during the downturn as it continues to sign up banking and finance partners to RippleNet and offer services based on XRP. The token itself may well be down 90% from its peak at over $3.50 but it has managed to usurp Ethereum and is now the second largest cryptocurrency on the planet.
Many have asserted that greater adoption will be the catalyst to reverse the trend and send crypto markets on the road to recovery. Ripple’s CTO, David Schwartz, however believes that the technology needs improving before that can happen.
The 2017 bull run saw crypto prices surge thousands of percent in a short space of time which led to their store of value being far greater than their potential for use. This catalyzed the inevitable selloff as adoption of a new method of money movement never actually happened.
According to Forbes some fear that the current problems cryptocurrencies face such as centralized exchanges, security and hacking concerns, and lack of regulation could put people off using them for their intended purpose.
“I don’t want the adoption to get ahead of the technology. It took a long time for the internet to get to the point where it was suitable for anybody to use it and you didn’t have to really understand the technology in great detail in order to be able to get it to work,” Schwartz said on a recent podcast.
Difficulties using cryptos such as setting up wallets and navigating often clunky exchanges may be holding back that adoption that the industry so badly needs. On the flip side, crypto offerings from the institutional heavyweights such as Bakkt and Fidelity could be the on-ramp for greater adoption.
True global adoption will only really take off when the volatility is tempered. Using a digital token to buy a coffee where the price can change by several percent by the time it is poured is not practical by any means.
 
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Crypto Market Update: Tezos Gets Huobi Listing, EOS Flips Bitcoin Cash

FOMO Moments
Crypto markets are still in decline; Bitcoin Cash, SV, still dropping, Tezos bounces back.
Crypto markets are still on the floor today as there has been no sign of even a minor recovery. The bears have kept the pressure on and prices are still sinking as total market capitalization continues to fall below $110 billion.
Bitcoin has slid back again falling close to $3,400, down 3% or so from a high of $3,530 it reached yesterday. BTC is down 11% from the same time last week when it traded above $3,800 and is dangerously close to hitting another 2018 low.
Ethereum is still flat with very little going on as it remains just below $90 for another day. The top ten is mostly in the red but losses are much smaller than previously. Bitcoin Cash has taken the biggest hit again of 3% as it slides into oblivion below $100. This has enabled EOS to flip it and take sixth spot with a minor gain on the day to $1.90. There has been very little movement for the rest of the altcoins in this section.
The top twenty is a mixed bunch of half red half green. Dash, Zcash and Nem are still falling back slightly but the big mover at the moment here is Tezos which has jumped 6% on the day. A listing on Huobi Global yesterday is driving momentum for XTZ.

Huobi Global launched $XTZ on 12 December 2018. @Tezos
For more information: https://t.co/VZvA6fb9if#HuobiGlobal pic.twitter.com/Atw58SI6Py
— Huobi Global (@HuobiGlobal) December 13, 2018

There are a couple of altcoins in the top one hundred getting a dose of fomo at the moment and they include TenX climbing 17% followed by Bitcoin Private and DEX up 14%, Waves also in double figures. Getting bashed today is Revain and Factom both losing around 12% at the time of writing.
Total crypto market capitalization has shrunk again today, falling marginally to $108 billion. Around $4 billion has been lost over the past few hours as markets did make a minor recovery late yesterday. Since the same time last week crypto markets have lost 12% and the downward pressure is still strong.
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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PayPal Delves Into Private Crypto With Internal Token Platform

With crypto markets falling ever lower many are making an exit from the space. Not all are that quick to jump ship however, and PayPal is among those looking towards cryptocurrencies, albeit private ones, starting with an incentive platform for its employees.
PayPal Tokens For Coffee With The Boss
The company has launched an internal private blockchain based platform for its staff to trade and exchange tokens while contributing ideas and participating in related programs designed to foster innovation. According to Cheddar the initiative has been built by around 25 people taking six months.
PayPal has setup an internal website for employees to access their private tokens and earn more by enrolling in learning programs. The tokens are not tradable outside of the system as they are worthless to all but company workers on its own blockchain.
Historically, PayPal has been anti-crypto and has not accepted it on its merchant platform due to volatility issues. These price fluctuations would be massively amplified considering the excessive length of time PayPal transactions take. This latest venture is only an effort to get staff used to the concept – PayPal still has no intention of adopting or using public cryptocurrencies.
The company has offered ‘experiences’ such as poker tournaments, martial arts and trail runs with head executives for employees that want to ‘cash in’ their tokens. One senior executive described it as a “Venmo-like feed people can like and comment on and see all the activity going on within PayPal related to innovation.”
It is very unlikely that PayPal will be venturing into the real world of cryptocurrencies any time soon. The company made $13 billion in 2017, and a large chunk of that is derived from hugely over inflated foreign exchange rates. Sending money between PayPal accounts in different currencies can cost as much as 5%. Borderless cryptos are obviously a threat to this business model.
PayPal is interested in the technology however and this latest incentive is another step towards it. The most likely outcome would be the development of a ‘PayPal token’ that is only redeemable on the platform to facilitate transactions.
Coinbase recently announced that it would be allowing PayPal for a very select number of users to withdraw crypto from its platform. The full KYC procedure would have to be adhered to which eliminates any advantage of using PayPal over a regular bank as its charges are no better, and often higher.
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Innovation Continues Despite Crypto Crush, 0x Launches Web and dApp Payment Platform

As cryptocurrency prices continue to tumble, some blockchain projects may disappear into the digital dust while others forge on with product development that will lead to ease of use and greater adoption.
0x Instant – Crypto Transfers Simplified
Standardization of payment platforms and cross compatibility between them is one issue that needs to be addressed before cryptocurrencies get anywhere near mainstream adoption. The 0x protocol aims to do exactly that and has taken a step towards that objective with the announcement of the 0x Instant payments service.
Using the service with ‘a few lines of code’ can enable crypto purchasing to be added seamlessly to any app or website according to the announcement medium post. The open source code also allows hosts to earn a little commission on every transaction if they configure it to do so.
“Under the hood, Instant aggregates liquidity from 0x relayers for any ERC-20 or ERC-721 asset. It automatically finds the best prices within the 0x networked liquidity pool and lets users pay for tokens with ETH via MetaMask, Ledger, Trezor, or any other Ethereum wallet,” the post added.
An off-the-shelf UI and Instant Configurator can be embedded into games or dApps to enable instant crypto payments. The blog adds that ‘developers and creators can utilize Instant to build product experiences that couldn’t have existed before.’ Non-fungible token marketplaces, non-custodial crypto wallets, dApps, and crypto price feeds are already utilizing the service according to the release.
Coinbase Wallet has already integrated 0x Instant into its mobile wallet app for seamless transfer of Ethereum based tokens. Others crypto operations such as CoinGecko, Augur and Emoon are also already utilizing the system.
By eliminating third party exchanges as intermediaries, the platform allows dApp to dApp or wallet to wallet transfers and conversions minus the exchange commissions. Instant has also been designed to allow crypto-based price feed websites to monetize traffic by adding their own fees on transactions within the site.
ZRX Market Reaction
0x is essentially a protocol layer that supports the decentralized exchange and transfer of all Ethereum based tokens. Its focus is towards developers that need exchange functionality for a wide range of tokens.
Unfortunately for its own native token, the market reacted in the wrong direction as ZRX has been pulled into the digital quagmire with the rest of the altcoins. At the time of writing 0x was down 3% on the day to $0.318. Since its all-time high of over around $2.50 ZRX has plunged 87% to current levels.
Innovation and development is the key to the continuation and longevity of crypto projects, and this must now become the primary focus above the dismal prices for those that are to survive.
 
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Crypto Market Update: Tether Climbs The Table Amid Shrinking Market Caps

FOMO Moments
Crypto markets are sliding again; Bitcoin SV, EOS, Monero and Tezos getting hit.
Crypto markets are turning south again as minor gains get wiped out. Total market capitalization dropped below $110 billion during the morning’s Asian trading session as red dominates the charts at the moment.
Dropping a further 2.5% on the day Bitcoin is heading towards the next predicted support level around $3,000. This will be absolutely crucial and a fall below it will spell a lot of pain. At the time of writing BTC had fallen to $3,490 in a steady downward slide that has lasted almost two days.
Ethereum is back at $90 and looking weaker by the moment as it too dumps almost 2% since the same time yesterday. ETH is back at May 2017 prices but heading down instead of up; further declines could see it get to $50 very quickly.
Altcoins are all dumping again and the only winner in the top ten is Tether which has climbed the chart to fifth spot as market caps crumble. Bitcoin SV is dumping the most at the moment with a 7% slide back towards $90. EOS has also fallen over 5% as it jostles for position with BCH which has sunk back towards $100.
The top twenty five is equally as bleak with over 6% losses for Monero and Tezos. Iota and Ethereum Classic are the only altcoins not falling at the moment as they remain in the green, but only just.
Only one big fomo pump is occurring at the moment, the top performing coin in the top one hundred at the time of writing is WAX surging 30%. Bitcoin Private is not doing too badly with a gain of nearly 9%. There are quite a few at the painful end of the table dropping double figures right now and they include MOAC, Decentraland, Factom, and Decred.

Total crypto market capitalization has declined a further 3% on the day and is currently just above $110 billion. Since last Tuesday markets have dumped 12%, losing $15 billion. There seems to be no end of new lows being made and the next one will be below $100 billion.
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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Crypto Crash Reality Check a Good Thing For The Industry

The long drawn out bear market of 2018 has been very painful for a lot of crypto traders. However, it may be just the reality check the industry needs in building more stability for future growth.
What Goes Up Must Come Down
When charts go parabolic it is never a good sign for any asset, digital ones included. The unnatural spikes seen on Bitcoin and across most altcoins during the last two months of 2017 should have been a warning sign of what lies ahead. The hype and fervor were palpable with moons and lambos becoming a reality for a lucky few.
The seemingly unsustainable growth had to come to an end at some stage and January 7, 2018, marked that day in crypto land. After reaching a peak market capitalization of $830 billion things started to turn south in a trend that would last the entire year and beyond. In a crash of over 87% crypto markets plunged to just over $100 billion, a low hit on Saturday.
Many have lost out big time after pumping funds into cryptocurrencies only to see them evaporate over the course of the year. The FOMO train was a hard one to disembark and hodling seemed to be the only option unless prepared to sell at a loss. Channel News Asia spoke to a few traders who were mostly in regret at the moment.
“Crypto is already so cheap. It doesn’t make sense to sell something so cheap and buy something else,” one said. “Of course I look back, I regret it, but there is no way for me to undo that,” added another.
The big purge will be painful for many but it may not be that bad a thing for the ecosystem as a whole. US regulators have been the catalyst behind a lot of the selling pressure as have a number of high profile exchange hacks and ICO scams.
Regulation, however, is needed in moderation to weed out the bad actors and bring a little stability to the industry. Parabolic charts and pump and dump schemes are not conducive to a healthy trading and investing environment. Lower volatility is also far better for the general adoption of cryptocurrencies in daily life.
The focus should no longer be on price but on what the technology can achieve, as suggested by David Lee, a professor at the Singapore University of Social Sciences;
“Prices coming down is a very good thing for the industry. We should not focus on the price. It’s always a cycle … People need to refocus on how much can this technology do, and the answer is a lot,”
Industry leaders such as Binance CEO CZ shares this opinion and has adopted a ‘buidl’ attitude with a focus on developing the technology so that it can serve its real purpose.
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Crypto Jobs Get Squeezed as Markets Continue to Free-fall

Crypto traders are not the only ones to suffer when prices plummet and markets crash. The wave of startups that emerged over the past year or so to ride the crypto train has also started to feel the pinch and downsize, or close up altogether.
Crypto Startups Feeling the Pinch
As the crypto winter intensifies, the number of companies forced to lay off employees is growing. The impact has been so significant that even Bloomberg ran a story last week on the demise of a number of crypto startups. Companies that have raised funding in cryptocurrency and have been using it to pay for staff can no longer do so as the prices are now well below what they were when they started.
The Ethereum Classic developer group, ETCDEV, has been one of the victims when it announced its closure as reported by NewsBTC last week. A group executive cited financial issues as the root cause of the closure which comes as no surprise in the current climate.
Other crypto firms such as Steemit and Spankchain have also been forced to downsize with losses of up to 70% of their employees. One of the biggest names in the ecosystem, ConsenSys, has also felt the squeeze with the loss around 13% of its estimated 1,200 employees. A press release last week labeled the workforce culling as a new chapter in the development of the organization, ConsenSys 2.0.
“Our first step in this direction has been a difficult one: we are streamlining several parts of the business including ConsenSys Solutions, spokes, and hub services, leading to a 13% reduction of mesh members,” it added.
Since the company deals primarily with Ethereum, downsizing comes as no surprise considering that the price of ETH has downsized itself by 93% since its all-time high.
The explosion of new crypto media outlets witnessed over the past year will also inevitably contract as the smaller ones go under because can no longer afford to pay for writers and editors due to diminishing ad revenue from crypto projects. Like an episode from a nature documentary, only the fittest will survive the crypto winter.
Hope is not all lost, however, and the crypto community is pulling together in its own way. Twitter, being the social media of choice for crypto aficionados, has been put to use by some members to post lists of crypto companies that are still hiring;

Companies that are hiring:– @ZeppelinOrg – @golemproject – @AragonProject – @neufundorg – @gnosisPM – @Chainzillaio – @web3foundation – @ParityTech – @BeaxyExchange We’re putting up a list for the people downsized. Are you hiring? A lot of talent is on the loose! DM me!
— María Paula (@MPtherealMVP) December 7, 2018

Support for the growing list of unemployed crypto specialists in this still nascent industry is growing. In what appears to be a case of extended hibernation rather than capitulation, those that have recently lost crypto jobs will need to hunker down for the winter and wait for warmer times.
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