Japan Developing SWIFT Type Crypto Payment Platform

The Japanese government has started developing a crypto payments platform similar to SWIFT according to reports. The effort has come as part of a wider spread initiative to combat money laundering.
SWIFT Not So Swift
According to Reuters, citing ‘a person familiar with the plan’, the international network for crypto currency payments will rival SWIFT which is the current standard. The existing service links over 11,000 financial institutions in more than 200 countries and territories worldwide.
However, in today’s modern times, the Belgian head-quartered financial transfer protocol is often considered antiquated and expensive. As a result Japan has joined the likes of Ripple in developing an alternative.
The report added that Tokyo plans to have the network in operation within the few years. Japan will co-ordinate with other nations via the international Financial Action Task Force (FATF) which approved the plan for the new network last month. The G7-initiated intergovernmental organization promotes legal, and regulatory measures to fight money laundering on a global scale.
Japan’s Ministry of Finance and the Financial Services Agency (FSA) proposed the platform as a further effort to secure the transfer of digital assets and help to stimulate its fintech industry.
The east Asian island nation was the first to recognize Bitcoin as legal tender in 2017. It also implemented crypto regulation in the same year and was one of the first countries to officially open its doors to digital assets.
Cryptocurrencies are still in themselves largely unregulated although the exchanges are, and there is concern that consumers will still favor the former over a state controlled transaction system.
Facebook Crypto Concerns Climbing
The news comes just days after the US Treasury Secretary cited illicit activity and money laundering as the curses of crypto currency. Japan could also be joining the growing number of countries concerned about Facebook’s proposed foray into global finance.
The social media giant has certainly rattled a few regulatory cages recently with its ambitions to control user’s financial transactions on a scale similar to its manipulation of their information. Nations of the world are growing wary of a US tech giant backed by a bunch of other US tech giants controlling a dollar backed crypto currency with a potential market of 2 billion people.
The development of an alternative crypto transfer protocol maybe Japan’s effort at safeguarding its own financial economy from outside threats, which Facebook clearly is. Other nations in Asia such as India, China, Russia, and Thailand have also mulled their own central bank based crypto assets to maintain and control of the flow of money across their borders.
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Bitcoin Dominance Taps 70% in Recovery Rally, Are Altcoins Dead?

Bitcoin has made a bit of a recovery today in the wake of comments by US Treasury Secretary Steve Mnuchin. The 8 percent pump has left altcoins in the digital dust again as BTC market share knocks on the door of 70 percent.
Bitcoin Briefly Back at $11,000
This time yesterday Bitcoin was trading very close to $10k after falling below it briefly on Sunday. The king of crypto started to recover during US trading when it tapped $11,000 once again. There was no big dump from resistance and BTC has remained higher than Monday’s levels, trading at around $10,800 at the moment.
Long term trader ‘CryptoFibonacci’ has been eyeing the charts for possible areas of support and resistance and it is clear that just below $11k is one of them. The 50 day moving average is also key and this held during the big selloff over the past couple of days.
“The 38.2 Fib retrace, 10 and 20 ema’s are major resistance. So, it’s pretty simple to me. Get past this, or else.”

$BTC Daily Chart (Coinbase exchange).
The 38.2 Fib retrace, 10 and 20 ema's are major resistance. So, it's pretty simple to me. Get past this, or else.#BTC pic.twitter.com/PYiFnrRZPC
— CryptoFibonacci (@CryptoFib) July 16, 2019

Zooming out still shows an ominous head and shoulders pattern which is traditionally a bearish trend reversal indicator. That said, over the past three months Bitcoin has defied most technical analysis and done its own thing.
BTC Dominance High Is The Norm
Today’s 8 percent pump has lifted market dominance to 69.75% according to Tradingview.com. This equals the high in early December 2017 as Bitcoin was winding up to its big run up to ATH. The previous high was back in July 2017 when market share tapped 77.5%, and before then BTC was the only cryptocurrency.
BTC dominance. Coinmarketcap
Trader and Analyst Luke Martin has pointed out that a high Bitcoin dominance is the norm for crypto markets. For most of its history Bitcoin has dominated over 90% of the market, only in March 2017 did this start to change with the rise of Ethereum and other altcoins.
“$BTC dominance less than 50-60% is rare when comparing to historical average ~ 80%. I expect alt windows to keep happening, but it’s important to note $BTC making up larger share of crypto market is the norm – not the outlier. Alts make a great trade when the macro trend is up.”

$BTC dominance less than 50-60% is rare when comparing to historical average ~ 80%.
I expect alt windows to keep happening, but it’s important to note $BTC making up larger share of crypto market is the norm – not the outlier.
Alts make a great trade when the macro trend is up. https://t.co/ixUmWNm3gw
— Luke Martin (@VentureCoinist) July 15, 2019

At the moment the altcoins are still on the floor, very few have made any effort at recovery from yesterday’s altcoin apocalypse. Total crypto market capitalization is $13 billion heavier today but that is nearly all Bitcoin’s doing.
Only Bitcoin’s two siblings, BCH and BSV are making any substantial moves today as the rival coins add around 10 percent each climbing to $310 and $130 respectively.
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Altcoin Apocalypse Continues as Crypto Winter Threatens to Return

The big Bitcoin correction has not been unexpected. The mess it has left the rest of the crypto world in, however, is still being questioned. The altcoin apocalypse has deepened this Monday morning as double digit losses are flashing red across the boards today.
Crypto Markets Hemorrhage $50 Billion
In a weekend long selloff cryptocurrency markets have lost almost $50 billion in what has been one of the year’s most violent retreats. At the end of last week total crypto market capitalization was around $320 billion and Bitcoin seemed pretty comfortable consolidating.
By Monday morning markets were battered and bruised, down to around $270 billion, their lowest levels for a month. The big slide started mid-week after Bitcoin tapped $13,000 and instantly retreated forming a big double top which is traditionally a bearish pattern.
Total market cap 7 days. Coinmarketcap.com
A 25 percent plus correction sent BTC back below $10k again during early trading in Asia but it recovered back in to five figures and dominance has remained high at over 66 percent. The altcoins, however, have been utterly trounced leaving no survivors on bloody Monday.
The massive altcoin exodus has sent many of them close to levels not seen since the depths of crypto winter, six months ago. Meager gains over the past couple of months during Bitcoin’s epic rally have been obliterated taking all hopes of ‘altseason’ with them.
Altcoin Apocalypse
Ethereum has been crushed, from trading comfortably over $300, ETH is now in danger of dropping below $200 again. The slide has widened the gap from all-time high back to 85 percent as Ethereum tumbled nearly twenty percent over the weekend.
A flash crash to $190 yesterday was an ominous sign and analysts expect Ethereum to make further losses especially if Bitcoin drops back into four figures. The long term prospects for ETH prices are good but at the moment it is in a world of pain.
The situation is equally grim for the rest of the altcoins today. Ripple’s XRP came out relatively unscathed, only dropping 4.5 percent to fall back to $0.312 but the same could not be said for Litecoin. All halving fomo has been forgotten even though the event is just 20 days away now. LTC prices plunged back into double digits as the silver to BTC’s gold crashed below $90 today.
Bitcoin’s offshoots, Cash and SV, have both been battered dumping over 15 percent back to $280 and $120 respectively. Binance Coin, EOS and Stellar have all shed 8 percent on the day and Tether is creeping back up the market cap chart as the printers keep churning out more tokens.
More pain can be seen further down the altcoin charts with double digit dumps going on with Tron, Cardano, Monero, Dash, Chainlink, NEO, IOTA, Cosmos, and Ethereum Classic.
Losses are that bad that the frozen wastelands of crypto winter do not appear to be that far away again for many of the altcoins.
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Crypto Markets Crash $35 Billion as Bitcoin Revisits Four Figures

The weekend has been a painful one for Bitcoin and crypto assets as markets continue to bleed out. A whopping $35 billion has been dumped from crypto market capitalization has it falls back to last month’s levels.
Bitcoin Slides 10 Percent
Bitcoin market dominance has remained high at over 66 percent which paints a grim picture for the altcoins this morning. During Sunday trading BTC could not managed to hold ground above $11,000 and fell back into the tens. The selloff accelerated until Bitcoin finally fell back into four figures, bottoming out at just below $9,900.
BTC price 24 hours. Coinmarketcap.com
It did not stay there long however and rallied back above $10k to settle at $10,300 where it currently trades. The doom mongers started to rejoice but their cries are hollow considering BTC is till up 175 percent this year. Popular trader and analyst Josh Rager noted that Bitcoin often makes a move just before a big close and yesterday was no different.
“And there’s the dump right before the daily close. Typical price action for $BTC near important levels is a pump or dump right before or after the daily/weekly close. This certainly sets up the daily and weekly to close bearish. And will likely focus on shorting any rally,”

And there's the dump right before the daily close
Typical price action for $BTC near important levels is a pump or dump right before or after the daily/weekly close
This certainly sets up the daily and weekly to close bearish
And will likely focus on shorting any rally pic.twitter.com/4yaIlxBviP
— Josh Rager (@Josh_Rager) July 14, 2019

The weekly candle closed heavy and red as BTC tested the 50 day moving average which is currently serving as a level of support. All signals are indicating a continuation of this correction, possibly down to the $8,000s. Not all are pessimistic though with Rager adding that four figure BTC is a gift:
“Said it once and will say it again, 4 digit Bitcoin is a gift, whether it hits $9ks or even $8ks”
Altcoins Bleeding Out in Crypto Rout
The bitcoin retreat has hurt the altcoins even more with many of them getting smashed double digits. Ethereum is one asset in real pain right now as ETH has dumped 18 percent since this time yesterday. Falling to a two month low of $225 Ethereum has wiped out nearly all gains from the recent rally.
Other altcoins in the top ten are faring just as badly during the morning’s trading session. Litecoin halving fomo is now a distance memory as LTC dumps below $90, Bitcoin Cash is bleeding even more as it slides 20 percent back to $280. BSV has bled a similar amount as it slides back below $120 today.
Yesterday’s top performer, ICON, was clearly a pump and dump as it has shed all of those gains to fall back to the same level again. Even the stablecoins are in the red today as crypto markets suffer one of their largest 24 hour dumps of 2019.
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Crypto Markets Plunge Below $300 Billion as Altcoins Bleed Out

Crypto currency markets have slumped almost $20 billion as bitcoin and its brethren continue to slide this weekend. The digital avalanche picked up pace around an hour ago when BTC fell through resistance and $11,000 dragging all of the altcoins into the quagmire with it.
BITCOIN BACK BELOW $11k
Bitcoin bounced back to resistance at $11,500 a few hours ago as news emerged that the Tether printers were churning out currency once again. It turned out that the initial reports of $5 billion in USDT flooding the markets were fake and the actual amount was 50 million for part of a swap from Omni to Tron Tether.
Since then Bitcoin has been on the back foot, dumping almost 8 percent, or $900, back to $10,600 which is its lowest level since the beginning of the month. Trader ‘The Cryptomist’ has eyed the charts for the next support levels:
“Mentioned last couple days, I expect this current support to be tested, and here we are. Should this fail, then 10.3k and 9.8k are next regional supports. I have still got my eye on the 8.5k region gap on the chart, if we don’t hold 10k, do not be surprised if we fill it.”

$Btc
Mentioned last couple days, I expect this current support to be tested, and here we are
Should this fail, then 10.3k and 9.8k are next regional supports
I have still got my eye on the 8.5k region gap on the chart, if we don't hold 10k, do not be surprised if we fill it pic.twitter.com/Egme2CkWx6
— The Cryptomist (@TheCryptomist) July 14, 2019

The $8,000 region has been eyed by other analysts as BTC hovered around here for around a month before lifting off in mid-June. There is a clear double top on the one day chart which is a bearish pattern.
ALTCOIN AVALANCHE
The rest of the crypto markets are bleeding out as expected. Bitcoin’s market share remains high at over 65 percent which spells a world of pain for altcoins. Ethereum has plunged almost 9 percent back to a very low $245, its lowest level for over a month.
The rest are in no better shape with XRP dropping back to $0.318 in a 5 percent slide. Litecoin halving fomo is all but extinguished as LTC dumps back below $95, and Bitcoin Cash is back at $325 in a similar slump.
Binance Coin, which flipped EOS yesterday, has dropped below $30 in a 5 percent dump and EOS is getting crushed back to a lowly $4.50. BSV has been pounded back to $140 in a 12 percent dump and rounding out the top ten is Tron shedding 4 percent.
There are larger losses further down the chart with Crypto.com Chain shedding 19 percent, NEO and NEM dumping over ten and OmiseGO dropping 12 percent.
The only altcoin in the green by any clear margin at the time of writing is South Korea’s ICON which has surged 46 percent. The move may be linked to the launch of the first exchange on the platform called VELIC.

#VELIC :A digital exchange built on ICON”Published by Russell Shirey (thelionshire)by ⁦@ubikcapital⁩ ⁦@helloiconworld⁩ #icon #icx $icx #blockchian #blockchaintechnology #cryptonews #cryptocurrency #cryptotrading #cryptocurrencynews #crypto https://t.co/m4tMcWOtfs
— VELIC (@VelicFinancial) July 13, 2019

Total crypto market capitalization has decreased by over $20 billion and has fallen below $300 billion for the first time in almost a fortnight. It is currently at around $294 billion and still falling.
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Binance Coin Flips EOS After Coin Burn as Bitcoin Continues to Consolidate

Altcoins are still getting beat up as we enter the weekend. Bitcoin has remained range bound with little movement over the past 24 hours but there has been some position jockeying in the market capitalization charts this morning.
Bitcoin Consolidating Following Trump Tweet
BTC has spent most of the past day or so trading sideways. An intraday high of $11,900 was touched last night but there was no break above $12k and Bitcoin retreated again. Bitcoin is still falling and currently back at short term support just above $11,500. Daily volume is also tailing off and is now back to $20 billion.
BTC price 24 hours. Coinmarketcap.com
The crypto community is still twittering away about Trump’s Bitcoin comments a couple of days ago. Most are of the opinion that is was bullish for the scene as crypto has now become truly mainstream with even the POTUS taking a stance on it.
Naturally governments and banks are going to want to keep things the way they are and a new decentralized digital form of peer-to-peer finance totally undermines their tight grip of control over their populations.
CNBC even hosted a pro-crypto Squawk Box yesterday with achor ‘Joe Squawk’ stating that Trump’s comments were unsurprising since he also seeks to devalue the dollar.
Altcoins In Pain
Elsewhere in crypto land the tide of red is washing across the altcoin markets once again. Ethereum has retreated a couple of percent back to $270 and it remains bearish for the time being. XRP has been dumped and now has half the market capitalization of ETH which was once below it. The Ripple token has shed another 3 percent today falling to $0.335.
Litecoin halving fomo appears to have totally fizzled out as LTC falls back towards $100, dangerously close to double digits once again. There are now only 22 days to go and the likelihood of Litecoin returning to a new high for the year above $150 is looking slim.
Bitcoin Cash is also weak, falling another 4 percent back below $350. Today’s big move has been Binance Coin which is the only altcoin in the green in the top ten. BNB has only made 1.5 percent but it has been enough to flip EOS which has dumped 2 percent falling to $4.72. The difference in market cap is only $150k but Binance Coin is now the sixth largest crypto asset on the planet. The eighth quarterly coin burn dropping the supply has driven today’s momentum.

#Binance completed the eight quarterly “burn” of Binance coin (#WeissRating: C+), destroying $26 million worth of tokens. Kudos to Binance – give credit where credit is due. We wish it didn’t raise token value by resorting to such cheap tactics.#crypto #cryptocurrency #BNB
— Weiss Ratings (@WeissRatings) July 12, 2019

There are only a handful of altcoins in the green at the time of writing and they include Cardano and Monero adding a couple of percent. Chainlink, which has been this year’s fomo favorite, has pumped 11 percent today to reach $3.18. LINK is one of the day’s top performers along with Ravencoin which has made over 20 percent.
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South Korean Crypto Project ICON Adjusts Supply For Approaching Reshape

So far this year Bitcoin has taken the crypto limelight as its market dominance has surged at the expense of the altcoins. Many blockchain projects are still busy working hard at improvements and South Korea’s ICON is among them as it makes changes in preparation for upcoming public representative elections.
ICON Pushes Forward With Roadmap
Most altcoins have remained under the radar so far this year and ICON is among them. Traders have been focusing on Bitcoin and Bitcoin alone leaving the rest of the pack still frozen over from crypto winter. This does not mean that work has also ceased, for many it has been the opposite as teams continue to forge on improving their blockchains and ecosystems.
South Korea’s leading blockchain project is a network designed to interconnect independent chains and their communities, in essence ICON is a blockchain of blockchains. Consensus models are constantly evolving and one of the latest is delegated proof of contribution (DPoC) which takes delegated proof of stake (DPoS) a step further.
Evaluating a contribution to a network is the evolution of simply using a stake to arrive at consensus. The journey to mass adoption for this particular project has been dubbed ICONSENSUS, and the first stage of its roadmap is the election of public representatives or ‘P-Reps’.
ICON roadmap
P-Reps will act like PoS validators but will also contribute to the network through participating in consensus and governance. The upcoming elections for ICON P-Reps will be more community orientated than the EOS model which has been labeled as centralized no end of times. There is a lot of jargon on the official site which details the process more deeply.
“100 Public Representatives (P-Reps) are elected for the ICON Network by delegation of ICONists. Top ranked 22 main P-Reps will participate in block production, verification and making governance decisions. 200,000 ICONists are waiting to vote for eligible P-Rep candidates to boost the ICON ecosystem.”
Contribution is rewarded predominantly in ICX tokens, but there are other benefits such as affiliation with South Korean government initiatives which support the project. Pre-registration began earlier this year and the elections are set for September according to the roadmap.
ICX Crypto Token Supply Adjustment
In preparation for the election ICON announced that it was updating its circulating supply tracker based on ‘Internally Controlled Addresses’ (ICAs) today. The ICX supply number was previously based on off-chain agreements and contracts. The update will mean that the circulating supply will be equal to the total supply minus supply held in ICAs.
“With this update, the circulating supply has increased from 473,460,668 to 490,271,394. The 16,684,706 ICX difference is not held in an ICA and is therefore part of Circulating Supply.”
According to Coinmarketcap.com ICX is currently ranked 57th with a capitalization of $150 million. The price has pretty much been a flat line around $0.30 since November 2018. At its peak ICX topped $12.5 so it is still on the floor with so many of the altcoins which traders and investors have clearly ignored in 2019.
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Japanese Crypto Exchange Hacked in $32 Million Heist, Markets Oblivious

Following the demise of one of Poland’s largest crypto exchanges last week, news is breaking today that one in Japan has just been hacked.
Bitpoint Suspends Services
An official announcement today stated that Japanese crypto exchange Bitpoint has suspended services following a heist to the tune of around $32 million in crypto assets. A Boomberg report added that XRP was one of the major cryptocurrencies involved in the theft of about 2.5 billion yen in customer funds. A further billion yen in assets belonging to the exchange were also lost.
In addition to XRP and Bitcoin, a total five different cryptocurrencies which had been stored in the affected BJP managed hot wallets, including Bitcoin Cash, Litecoin and Ethereum, were pilfered. The announcement indicated that Bitpoint’s cold wallets were not affected.
The report added that Bitpoint was one of a number of exchanges to be served a business improvement order from the Financial Service Agency (FSA), Japan’s far reaching financial regulator. The order was lifted in June and clearly has not been enough to thwart the threat of cyber incursions.
The move followed one of the largest hacks in crypto history when Coincheck was plundered for over $530 million in NEM tokens early last year. Similarly the pilfered coins were stored in low security hot wallets on the exchange.
In the official statement Bitpoint said that it “detected an error related to Ripple remittance,” which were discovered to be “leaked illegally” on further investigation. It added that the anomalies were detected late last night and services were suspended early this morning in Asia.
Remixpoint Inc., which owns Bitpoint, saw its shares plunge by over 20 percent during Tokyo trading today.
Crypto Market Reaction
Bitpoint is a relatively small player in comparison to the big boys. Markets did not even blip when Binance, the world’s largest exchange, announced it had lost around $40 million in a hack in May. This may have been because funds were protected by the firm’s SAFU, Secure Asset Fund for Users. It remains to be seen whether Bitpoint will also be refunding all of its affected clients following this breach however strict Japanese regulations may leave the company without a choice.
There has been no measurable effect on crypto markets which are actually starting to recover slightly from Bitcoin’s correction yesterday. Japan’s native crypto Monacoin did plunge almost 10 percent after the announcement but has since recovered slightly to trade at $2.10.
Earlier this week Poland’s largest crypto exchange, BitMarket, declared bankruptcy as hacking speculation circulated and late last month Singapore based Bitrue was hacked for over $4.5 million in XRP.
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Bitcoin Continues to Correct as Crypto Markets Bleed Billions

Yesterday’s Bitcoin pullback has extended into Friday as further losses are mounting. The selloff has slowed however as BTC searches for its short term bottom and traders seek buying opportunities. The overall trend for the past few weeks however has been sideways.
Bitcoin Slides 14% in Two Days
From a touch of $13,000 on Wednesday BTC has hit a low of $11,200 a couple of hours ago during Asian trading. The initial dump was triggered late on Wednesday and continued into Thursday after Bitcoin hit the bottom.
BTC price 24 hours. Coinmarketcap.com
From there it managed to creep back up to resistance at $11,700 but could not hold that and continued to decline today. Daily volume has fallen back to $26 billion and market capitalization is in danger of dropping below $200 billion once again.
As usual crypto traders and analysts are eyeing the charts looking for areas of support and resistance as Bitcoin starts to form a longer term channel of consolidation. Josh Rager has noted support just below $11k and predicts further consolidation:
“$BTC weak buying today with mostly ranging in the mid to low $11ks. Daily support at $10,979 has been the bottom & a breakdown could be likely but expect consolidation before the next major move. Flat/neutral atm”

$BTC weak buying today with mostly ranging in the mid to low $11ks
Daily support at $10,979 has been the bottom & a breakdown could be likely but expect consolidation before the next major move
Flat/neutral atm
Boring market, no wonder everyone is talking Trump pic.twitter.com/NhnExIdny6
— Josh Rager (@Josh_Rager) July 12, 2019

The one day support lies at around $11k and the range bound channel is between current prices at $11,300 and $11,700. The predictions are starting to flow again and the double top pattern is an indicator of further losses. Chart guru ‘dave the wave’ added: “If the pattern holds, two days of sideways then down to 10K,” with a comparison of s similar pattern from 2017.

A comparison of the 2017 top to the possible top here. pic.twitter.com/dcJjvyC4Ln
— dave the wave (@davthewave) July 12, 2019

Trump’s comments are the talk of the crypto town today however as markets continue to cool off.
Altcoins Axed Again
Total crypto market capitalization has declined by over $45 billion since the recent market peak of $357 billion. Currently hovering around $310 billion, daily volume has also dumped back to $80 billion but compared to the depths of crypto winter six months ago, that is still sky high.
As usual it has been the altcoins that have borne the brunt of Bitcoin’s retreat. Market dominance is still over 65 percent as the rest of the crypto assets get pounded.
In two days Ethereum has dumped over 14 percent plunging ETH prices back down to $270. XRP has collapsed 20 percent as it slides back to a monthly low of below $0.33. Litecoin halving fomo seems to have completely dried up as LTC falls back towards $100 and Bitcoin Cash has crashed to below $350 again.
Bitcoin may be correcting but altcoins are clearly hemorrhaging once again.
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Facebook Crypto Products Not Coming to World’s Biggest Markets

Contrary to the beliefs of many crypto critics, Facebook’s Libra will not be a Bitcoin killer. In fact the new digital coin from billionaire Zuckerberg et al may not even be available to some of the world’s largest markets.
India Still Hates Crypto, Libra Included
The world’s largest social media company has no plans to launch its Calibra crypto wallet in India. Top government officials are still very anti-crypto in all forms, especially those created and controlled by multi-billion dollar US tech monopolies.
Speaking to Bloomberg, a Facebook spokesperson effectively ruled out the use of Libra in India stating:
“There are no plans to offer Calibra in India. As you may know, there are local restrictions within India that made a launch of Calibra not possible at this time.”
This would be a huge blow to Facebook since India is its largest market with over 300 million users according to Statista. Putting this into context, if India’s Facebook audience were a country then it would be ranked fifth in terms of largest population worldwide. Only three other nations have more than 100 million Facebook users.
Indian politicians and central bankers continue to crack down on crypto and a ban on banks dealing with digital assets, or clients trading them with fiat, is still in place. India’s economic affairs secretary, Subhash Garg, said that the country would not be comfortable with a private cryptocurrency.
Backlash Mounting Elsewhere
India is a huge potential market, as is China which has banned the social media platform in its entirety. As recently reported by NewsBTC, the People’s Bank of China is that concerned over a US dollar dominated centralized crypto asset controlled by US tech giants that is has ramped up research into its own cryptocurrency.
In all likelihood China’s equivalent, WeChat, may develop its own Libra rival. It already has a digital payments platform as does ecommerce giant Alibaba, so another billion plus people will not be getting Facebook’s coin.
Libra, which will be officially unveiled next year, has already provoked a lot of backlash and many regulators worldwide warned it might face strict regulation if it actually takes off.
In Thailand the Stock Exchange of Thailand (SET) has floated the idea of launching its own stablecoin to be used domestically at first before expanding into region. According to local media reports regulators are also concerned over Libra. SET president Pakorn Peetathawatchai said:
“People’s trust is what Libra or any other cryptocurrency cannot steal from banks. How can we trust an intermediary that is not supervised by regulators?”
The list of countries expressing concern over a Facebook controlled cryptocurrency, and all the transaction data that goes with it, is growing by the day.
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Bitcoin Could be Heading to $14,000 if Resistance Breaks Again

Another big move by Bitcoin has seen the king of crypto break a crucial level of resistance which could result in greater gains this week. There is no denying the momentum at the moment as altcoins continue to get devoured by an increasing BTC market dominance.
Bitcoin Breaks $13,000
Looking at the closing candles when BTC last broke the $13k barrier could indicate where it is going next. On the day chart both candles closed below this level despite bitcoin hitting a yearly high of $13,800. A close above $13k on the daily candle may spell another push higher to $14k.

$13k $BTC pic.twitter.com/XvQcjtqUHG
— Josh Rager (@Josh_Rager) July 10, 2019

Yet again BTC has made a move during the morning’s Asian trading session when it broke $13,000 according to Tradingview.com. The top of $13,150 was touched a couple of hours ago before a slight retreat back below $13k.
BTC price 24 hours. Coinmarketcap.com
From an intraday low of around $12,100, it has turned into another thousand dollar day for Bitcoin adding 8 percent from that dip. Daily volume has pushed towards $30 billion as market capitalization has reached $230 billion.
Trader ‘CryptoFibonacci’ predicted the move which played out a couple of hours ago.
“A lot of interesting confluences here. Still expecting to see 13,200 before any kind of bigger pullback.

Bingo!!
Now, if it can break 13,200, the real fun begins.”

$BTC 4 hour Chart.
A lot of interesting confluences here. Still expecting to see 13,200 before any kind of bigger pullback.#BTC pic.twitter.com/AC1Ph9VIJv
— CryptoFibonacci (@CryptoFib) July 10, 2019

$14,000 is also a key level as there is very little resistance above this all the way up to $17,000. First things first, however, and BTC must close above $13k today to make any further headway.
BTC Dominance Tops 67%
From a market dominance aspect Bitcoin is doing even better and is at its highest share since December 2017. According to Tradingview BTC market share hit 67.8 percent a few hours ago. This has absolutely obliterated the altcoins, most of which are dumping today.
The top ten is all in the red with Ethereum, XRP, Bitcoin Cash, Litecoin and EOS all dropping between 2 and 4 percent at the moment. Binance Coin, Cardano, Stellar, Dash and NEO have dumped 5 percent as the altcoin exodus accelerates.
Total crypto market capitalization is currently over $350 billion with BTC responsible for most of those gains. Those holding altcoins are in a world of pain, with many starting to panic sell which simply exacerbates the problem. There are still calls for ‘altseason’ but the higher Bitcoin climbs the more distant they will be heard.
The higher cap crypto assets such as ETH, XRP, LTC and EOS are likely to recover first when altcoins finally do awake but at the moment BTC is still in the driving seat dominating markets like its mid 2017!
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China Fears Facebook Cryptocurrency, Central Bank Wants its Own

Facebook certainly rattled some cages when it announced its own cryptocurrency last month. A number of nations including Russia and China have expressed concern over the rising dominance of US tech and internet giants, especially if they’re aiming to manipulate finances as they currently do with data.
Crypto Community Unfazed, China Is
The crypto community has largely shrugged off Zuckerberg’s schemes on global financial domination. A centrally controlled stablecoin in the clutches of one billionaire and a bunch of tech monopolies is no real threat to the concept of Bitcoin and is decentralized brethren.

The People’s Republic of China, where Facebook is currently banned, thinks otherwise. This week the central bank said it was increasing research efforts into creating its own cryptocurrency as Libra could potentially pose a threat to Chinese cross-border payments, monetary policy, and even financial sovereignty. According to the SCMP, director of the PBOC’s research bureau, Wang Xin said;
“If [Libra] is widely used for payments, cross-border payments in particular, would it be able to function like money and accordingly have a large influence on monetary policy, financial stability and the international monetary system?”
The report added that China’s central bank was the first to study cryptocurrencies in 2014 in an effort to counter the increasing threat of Bitcoin and others, which it banned in late 2017. Xin expressed concerns that those controlling Libra in addition to Facebook, namely a Switzerland-based consortium of tech and finance giants such as Visa, PayPal, Mastercard, eBay, would be dominated by US dollars.
“There would be in essence one boss, that is the US dollar and the United States. If so, it would bring a series of economic, financial and even international political consequence.”
One way to battle the already all-consuming social network with its 2.3 billion user base, would be to encourage the development of cryptocurrency on local platforms.
Chinese social platform WeChat is about half the size of Facebook with 1.1 billion users. WeChat already has a payments system but like Libra it is completely centralized, in Yuan only and available through Chinese bank accounts. According to the firm, Tecent’s WeChat Pay launched in 2013 and has over 900 million users. Alibaba’s Alipay is its biggest rival but the group’s financial arm, Ant Financial, is the world’s largest privately held fintech company according to Forbes.
With its escalating anti-crypto stance, Bejing pressurized WeChat into banning cryptocurrency payments back in May. However, WeChat Pay does own payment licenses with Chinese regulators, and it remains unlikely if Facebook will be able to do the same in China and different countries that are wary of its dominance.
What has become clear is that the concept of Libra is a threat, not just to China, but to any other nations looking to distance themselves from the dollar and the US tech monopolies.
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Bitcoin Dominance Hits New 19 Month High as BTC Approaches $13k

There just seems to be no stopping Bitcoin at the moment. A day after many predicted further losses BTC has defied them all again to surge through resistance as it pushes towards $13,000. The move has also taken its market share to the highest level since December 2017.
Bitcoin Barrels Through Resistance Again
For the past week or so BTC has been largely consolidating and cooling off. With lower highs and lower lows being posted many expected a further drop down to $10k or below. Just yesterday many of the top followed traders on crypto twitter said that a bearish weekly close could spell further losses.
As testament to the volatility and nature of crypto markets, Bitcoin defied them all. The move has come in three stages over the past 24 hours, firstly a lift from the $11,500 level to $11,800 where it stayed for a few hours, then the big break through $12,000.
BTC price 24 hours. Coinmarketcap.com
A few hours ago during early Asian trading Bitcoin surged again hitting an intraday and July high of $12,750. Daily volume has ramped up again from below $20k to over $25k as the BTC steam train gathers momentum. Trader and analyst Josh Rager was one of those who got it wrong yesterday.
“Fool me once, shame on you… Fool me twice, shame on me. No way was I shorting Bitcoin after a close under the resistance again. Not much stopping this train, just minor daily & weekly resistance left until new yearly highs,”

$BTC Update
Fool me once, shame on you… Fool me twice, shame on me
No way was I shorting Bitcoin after a close under the resistance again
Not much stopping this train, just minor daily & weekly resistance left until new yearly highs pic.twitter.com/81Fy43HJZw
— Josh Rager (@Josh_Rager) July 9, 2019

The next resistance level before another new high for the year is just below $13,000, very close to where BTC is currently trading at the time of writing.
BTC Dominance Over 66%
As we have witnessed countless times since this rally began in April, BTC is dominating and altcoins are barely moving. BTC market share is approaching 67 percent according to Tradingview.com. The epic 11 percent pump on the day has been responsible for the big move in total crypto market cap as the altcoins have been left in the digital dust as usual.
Over $25 billion has been added to crypto markets in the past day and $22 billion of that is Bitcoin alone. Analyst David Puell has commented on the total lack of altcoin action which has led to very little profit from diversification in 2019.
“At least in comparison with 2017, we haven’t had an alt season. Diversification has become a scarce play for crypto portfolio managers.”

$BTC: At least in comparison with 2017, we haven't had an alt season.
Diversification has become a scarce play for crypto portfolio managers. pic.twitter.com/AEo26O5lAy
— David Puell (@kenoshaking) July 8, 2019

There is literally nothing to see on altcoin markets today as most of the majors struggle to gain 2 percent. Some such as EOS, Tron, Stellar, Cardano, Monero and LEO are even falling back as bitcoin continues to devour them.
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Crypto Hot Cake Chainlink (LINK) Surges 270% in a Month, Is it Just FOMO?

There is no doubt that Bitcoin has been in the driving seat over the past couple of months. Its epic performance has eaten into the crypto markets to such an extent that altcoins are still largely on the floor. That is all except Chainlink which has literally shot for the moon this month.
LINK Lashes Rival Cryptos
Chainlink has made monumental gains over the past month, surging over 270 percent as its market capitalization tops $1 billion. It has performed that well that it is now 16th place in terms of market cap which is above NEO, IOTA, Cosmos and Ethereum Classic. With another $100k or so LINK will be as big as Dash.
LINK prices YTD. Coinmarketcap.com
As a wall of red bleeds into crypto markets during Asian trading today, LINK is bucking the trend and still gaining. At the time of writing Chainlink was trading at around $3.50. Considering this altcoin was less than $0.30 at the beginning of the year, it has pumped over a thousand percent.
Very few others can match that performance. Even Litecoin, which has pumped 300 percent this year, is way behind comparatively. Bitcoin meanwhile has made around 200 percent in the same period.
Chainlink is a blockchain project that attempts to solve a problem involving adjudication of smart contract inputs and outputs. It provides a tamper proof link to solve the ‘oracle problem’ for smart contracts that have no knowledge of real world data.
According to Forbes, the project’s solution to this problem involves the use of a decentralized network of ‘oracles’ to lower the risks associated with placing trust in a third party. The economic model build around the LINK token is based on incentives or activities such as paying for data and putting up collateral or ‘reputation’ to improve the reliability of oracles in the network.
Why The FOMO?
Chainlink is the hot cake in crypto land at the moment, just as EOS was in April last year. As we have seen time and time again these fomo driven altcoins can come and go pretty quickly. Verge was good example of such a massive pump and dump on a promise of some ground breaking tech, and XVG is virtually dead these days, down over 97 percent from that peak.
Fundamentally, LINK prices have been driven by a couple of things recently. The Coinbase Pro listing clearly gave it some momentum but these exchange driven pumps are no longer what they used to be. A possible tie up with Google Cloud, which name dropped Chainlink earlier this month, caused an epic spike in prices.
The same Google announcement also mentioned Ethereum, which didn’t move indicating that a lot of the LINK action is purely speculation and fomo which is all part of the ebb and flow of crypto asset market cycles.
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Altcoin Avalanche Begins as Cryptocurrency Markets Shed $16 Billion

Cryptocurrency markets are cooling off during the morning’s Asian trading session. The July fourth parties in the US maybe coming to a close but Bitcoin is beating a retreat at the moment, dragging the altcoins into the quagmire once again.
Bitcoin Dumps 6 Percent
The rapid fire recovery back to $12,000 from its 30 percent purge to $9,600 had the Bitcoin bulls dancing again. There were clearly a lot of buyers below $10,000 and a lot of triggers were ignited when BTC hit that long predicted 30 percent correction.
BTC did not remain at $12,000 for long though and spend the best part of the past 24 hours consolidating at around $11,800. A few hours ago BTC dumped back to $11,000 in one swift candle. Since then it has regained composure settling at around $11,150, down 6 percent on the day.
BTC price 24 hours. Coinmarketcap.com
The move has dropped BTC market capitalization back below $200 billion as the prospect of another lower low looms. It may just consolidate here for a while though; many are of the opinion that $10,000 could be the new floor for the time being.
Cryptocurrency Crush in Altcoin Avalanche
There is no doubting that Bitcoin dominance is causing the slow death of the altcoin markets which, yet again, are getting battered today. Over the past 24 hours $16 billion has left the space as total market capitalization has declined from over $335 billion to below $320 billion where they currently are.
Cryptocurrency trader ‘Moon Overlord’ eyes the potential for gains in a lot of the altcoins, many of which are still totally smashed from their all-time highs.
“The one thing I will say about $ALTS is the upside on them right now is incredible. A lot of the top 100 altcoins are down 95-99%…. they can’t even go much lower. The upside is 10, 20 50X+, what are you waiting for that extra 0.12% down to buy them?”

The one thing I will say about $ALTS is the upside on them right now is incredible
A lot of the top 100 altcoins are down 95-99%…. they can't even go much lower
The upside is 10,20 50X+, what are you waiting for that extra 0.12% down to buy them?
— Moon Overlord (@MoonOverlord) July 4, 2019

Other traders are exercising caution stating that altcoins can drop a further 90 percent from their current weak positions.
“I’ve seen many $alts plunge 90% to the down-side after a 90% drop. Careful, ‘limited downside’ is an extremely dangerous meme for your portfolio, no such thing exists.”
It is true that many are still way down from their peaks and are not looking like recovering anytime soon. The second largest cryptocurrency in the world, Ethereum, is 80 percent down from its giddy height of $1,400 in January last year, and Ripple’s XRP token is down 90 percent according to Livecoinwatch. Others such as Bitcoin Cash, Cardano, Stellar, Dash, NEO and IOTA are in even more pain as the altcoin avalanche continues.
As we round out the week there is a lot of red on the crypto charts during Asian trading this morning, and it could well continue into the weekend.
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