Ripple Invites Former Governor of India’s Central Bank As Keynote Speaker At Annual Conference

Swell by Ripple is a yearly conference that focuses on various finance-related topics including emerging tech in the payments industry, blockchain tech, future of finance, global financial industry and so on.
Raghuram Rajan at Swell By Ripple 2019
Every year, Ripple excites the audience ahead of the conference by revealing the list of speakers, proposed topics and other details. This time’s Swell conference is likely to be more thrilling for Indian audience especially as Raghuram Rajan, former governor of India’s Central Bank, Reserve Bank of India (RBI) has been invited as a keynote speaker at the conference.
Today, we are thrilled to announce Dr. Raghuram Rajan, former Governor of the Reserve Bank of India and Distinguished Professor of Finance at the University of Chicago, and Kamal Quadir, CEO of bKash as our 2019 Swell keynote speakers.
This update was first shared by an XRP community member on August 15, soon after which Ripple had removed the keynote speaker section from its event page. Ripple recently republished the speaker section on the page and revealed other details of the conference in a blog post.

Updated SWELL by @Ripple 2019 website!
Interesting Agenda:– "Liquidity is Different Now"– "When Will Digital Assets Go Mainstream?"
Keynote Speaker!– Mr Kamal Quadir, bKash CEO– Dr. Raghuram Rajan, Former IMF Chief Economist & Director of Researchhttps://t.co/ZbWI76bXEr pic.twitter.com/MPl0VDEImj
— 🐼PandaRippleXRP🐼 (@RipplePandaXRP) August 15, 2019

Swell By Ripple 2019 is scheduled for two days; i.e November 07 – 08 in the City of the Future, Singapore. Ripple has updated the possible agenda of the event and reveals that the first day will have customer FlashTalks, emerging Big Tech in payments, global payments, policy debt and an award ceremony. On the second day; i.e November 08, the event will open talks on Remitters, mobile wallet, Ripple’s UBRI program, Liquidity and more.
Tickets are currently restricted to invite-only. People interested in participating in the conference can submit their basic information and wait until Ripple sends an invitation.
About Raghuram Rajan
Raghuram Rajan is the 23rd Governor of the Reserve Bank of India, which is the country’s central bank. As India is currently dealing with regulatory ambiguity across the crypto space, it is exciting to find out about Rajan’s perspective on blockchain and cryptocurrencies  at Ripple’s annual conference. Moreover, Rajan had also served as the Chief Economist and Director of Research at the IMF from 2003 to 2006.
In 2018, Ripple invited former US president Bill Clinton to the Swell conference and he discussed the importance of blockchain technology.
At press time, the value of XRP is declined by 2.40 percent over the past 24 hours which pulled back its trading value to $0.28 against the US Dollar. The coin is still holding on to its third position with a market cap of $12,023,237,178.
The post Ripple Invites Former Governor of India’s Central Bank As Keynote Speaker At Annual Conference appeared first on Coingape.
Source: CoinGape

Telegram ICO Tokens Worth $1.7 billion in Circulating in the Black Market?

Telegram, a cloud messaging service with over 200 million users, announced its Telegram Blockchain Network (TON) in early 2018. It conducted the sale of its’ cryptocurrency – Gram through a private ICO in February and March 2018. The SAFT (Simple Agreement for Future Tokens) sale, which was only sold to accredited investors. The deal brought in about $1.7 billion.
Gram tokens were sold at a price of around $1.33 and $0.67 initially in the private ICO. A year later, as reported on Coingape, South Korea’s Gram Asia, the largest holder of Telegrams’ cryptocurrency sold it through the Japanese Liquid exchange. Reportedly, this time, each token was sold at $4 a price; generating about 200% profit for its’ investors.
Investors Selling Their Tokens Early
Reportedly, a secondary ‘black market’ has blossomed for the coveted cryptocurrency. There are many over-the-counter (OTC) desks, sales on small cryptocurrency exchanges, and at least one investment fund which is allegedly selling those tokens in the market.

Currently, all that Gram investors have for their purchase is a guarantee of their stipulated amount of tokens from Telegram. These tokens will be distributed to investors after the launch in phases that extends over a year.

The OTC markets are broadly facilitating these deals through IOUs between the buyer and seller. Telegram is not involved in it. However, given the recent reports, Telegram will be expected to take actions to enforce the agreement ethically.

According to their agreement, the investors are prohibited from selling their holdings before the launch. The agreement said that “If Telegram learns the investor broke the agreement, it can cancel the allocation.”

Hence, the deals conducted are not legally binding, being classified under ‘handshake deals.’ People are selling these tokens to friends and known associates at a considerable profit with very little accountability.

Furthermore, while the deals conducted through trusted OTC desk could still go through. Many small exchanges are taking advantage of the situation and selling a fake agreement to its users. Vladimir Cohen, an OTC trader, told the media,

“Many of the buyers will end up with nothing when the network is launched,”

Does Telegram have Anything to Show for its $1.7 billion Investment?
TON is expected to go live by the end of Q3 of 2019. Nevertheless, until now, no development has been witnessed around it. The only positive development around it was the Testnet launch earlier this year.
Francis Pouliot, a leading Entrepreneur in the space and Founder of BullBitcoin noted,
Where are the 1.7 billion dollars of the Telegram ICO? Afaik all they have to show for their 1,700,000,000$ of financing is this and as far as I can tell nobody seems to give a shit

Greedy anti-Bitcoin Maximalist “blockchain/token/altcoins” professionals are the root problem

Moreover, the ton.org site has not been developed as well. Pouliot also accused the issuers and investors of the token of scheming “shady public financing schemes” to launder money and dupe investors.

Do you think that Telegram must take accountability of the issue? If yes, How? Please share your views with us. 
The post Telegram ICO Tokens Worth $1.7 billion in Circulating in the Black Market? appeared first on Coingape.
Source: CoinGape

Another Exit Scam? This Cryptocurrency Drops by 50% as Firm Ends Blockchain Project

Horizon state, a blockchain voting platform ceased its operation citing insolvency issues. It’s native cryptocurrency – Decision Token (HST) plunged by 50% as the announcement was made.
While not many crypto exchanges have listed the token, Bittrex and Upbit, are ones that did. The announcement was made earlier today.
Reportedly, the token dropped around two hours before the announcement suspecting insider trading. Moreover, the announcement was poorly managed as well, which favored some investors over others. Reportedly, the price dropped about 20% before the first instance on Telegram. By the time the news reached investors through Facebook – the token had already dropped by 40%.
The price of HST token at 16: 15 hours UTC on 19th August 2019 is $0.015. It touched an All-Time above $5.8 during the bubble of 2017.
HST/USD Price Chart on CoinMarketCap (Source)
An Exit Scam?
The announcement made by HST hasn’t given out details of the court case in Australia citing legal issues. Furthermore, the reason for the closure of the operations is the cost of the legal problem faced by the company.
While the company claims that “we can at least say that it has nothing to do with the business,” the business was the most affected area from their decision.
The company either has a court case to fight or an option “to reach a settlement is an eye-watering expense will see the business become insolvent, and ultimately force its closure.” Hence, it seems that the person involved in the case is likely guilty to some or a large extent. The Blockchain was gaining massive popularity in Australia and New-Zealand before its collapse.
The Horizon state website is down giving no updates to the issue. Moreover, no announcement has been made on Twitter as well. As the investors are getting the heat of the news, the selling volume on exchanges is massive. The Exchanges will probably be forced to delist the coins, as it slowly dies out of circulation.
As the ICOs are running out of money to operate their efforts, the market can expect more instances of these exit scams.
How many actual projects do you think will remain in the end or the ecosystem will thrive no matter what? Please share your views with us.
The post Another Exit Scam? This Cryptocurrency Drops by 50% as Firm Ends Blockchain Project appeared first on Coingape.
Source: CoinGape

This Week in Cryptos: Bakkt Approved for Sept Launch & more Venture Money Flows into Crypto Businesses

Key highlights

Bakkt approved for Sept launch
Coinmine raises $2.5 million
Bitcoin Miners prices Double in China
Seed CX test swaps settled in BTC
Chinese Court Says Bitcoin is Legal

Bakkt approved for Sept launch
Well, the much-awaited venture of ICE is finally here. Well, its launch time for Bakkt. According to the recent announcement coming from the company has received all the required approvals from the necessary regulators and is all set to launch on September 23. This also means that the company has been able to satisfy the Commodity Futures Trading Commission (CFTC) h which was one of the biggest challenges for the company to overcome for its physically delivered futures.
Coinmine raises $2.5 million
Week after week, venture capitalist and private equities are showing faith in crypto and blockchain businesses. This week its Coinmine that has raised seeding funding of 2.5 million. The round was led by M13, with participation from Gumi Crypto, Republic Labs, Canaan Labs, and Shervin Pishevar. The company will be using this money for its plug-and-play mining device, the Coinmine One, which enables everyday consumers to mine a host of cryptocurrencies including bitcoin, ether, and Zcash.
Bitcoin Miner’s prices Double in China
Well, things seem to be blooming again for Bitcoin miners and the equipment manufacturers. According to reports coming in from the Chinese media, prices of popular bitcoin processing machines have more than doubled in the past 6 months. With the rising prices of Bitcoin, the demand for the devices is allegedly much more than supply and mining farm operators are finding it really difficult to get their hands on new devices.
Seed CX test swaps settled in BTC
Well another BTC based derivative product is being tested as an investment product. Seed CX, the crypt derivatives provider announced that it has started testing its margin swaps products with users. Investors can now onboard to try out Seed CX’s swaps product matching platform during the testing period through its subsidiary Seed SEF, a regulated swap execution facility (SEF), the company announced.
Chinese Court Says Bitcoin is Legal
Chinese hide and seek with cryptocurrencies continuous as Hangzhou Internet Court has now declared Bitcoin as legal property in China. The pronouncement was made following order on a legal dispute between crypto exchange FXBTC and a client who lost funds when the company closed down. The customer claimed that he bought bitcoin through the platform which had then been listed in the Taobao marketplace. He apparently bought 2.675 bitcoins and left them in a wallet on the exchange.
The post This Week in Cryptos: Bakkt Approved for Sept Launch & more Venture Money Flows into Crypto Businesses appeared first on Coingape.
Source: CoinGape

Binance Update: iOS App Available on the App Store

The world’s largest crypto exchange, Binance is again available in the Apple App store after a month of being inaccessible. Apple users can now download the iOS app of Binance cryptocurrency exchange. 
Binance Launches iOS App Again
On August 17, 2019, Binance CEO Changpeng Zhao shared his excitement of making the Binance app available for iOS users again on Twitter.
Source: Twitter
According to him, the listing procedure for the App Store is more difficult than the token listing procedure on the Binance exchange. However, the exchange ensured that it is following all the rules and procedures.
It’s worth noting that the Binance iOS app was earlier available but got delisted nearly a month ago. Following the event, Binance users began firing complaints regarding their inconvenience to Binance. The exchange addressed the issue early this month and revealed that the Binance iOS app is going through the App Store review process.
Now that the Binance iOS app is back again, the community on social networking platforms seems has welcomed the news with great excitement. After the relaunch, a few Binance users shared screenshots of the iOS app. While Binance had lost a chunk of its customers due to the unavailability of the trading app on the iPhone, the re-launch might bring back the lost customers.
Binance US May Go Live Soon
Binance’s efforts to launch Binance US are in full swing. As reported earlier, Binance US will likely go live within a month or two for all consumers in the country except those of New York.
The post Binance Update: iOS App Available on the App Store appeared first on Coingape.
Source: CoinGape

Tezos (XTZ) Gains 7% Amid Listing On These Two Crypto Exchanges

Crypto.com, a Hong Kong-based cryptocurrency trading and payment platform has officially announced that it has added Tezos (XTZ) to its app and that it is also exploring the possibilities of implementing XTZ staking reward system for its users. This arrangement will enable users to buy Tezos at zero costs via bank transfers and credit cards.
Tezos Now On Coinbase Pro And Crypto.com
This news comes following the report that Coinbase Pro, earlier this month, added support for Tezos as its newest tradable asset. On the 5th of August, Coinbase Pro made an official announcement to inform its users of the newly available crypto assets which it had just added to its platform. Later on, Coinbase also confirmed about 8 other crypto assets for which it was exploring support including waves and two other cryptocurrencies; Harmony and Matic Network which launched via Binance Launchpad. However, BNB, Binance native cryptocurrency was left out of the options.
XTZ Up Rougly 5%
Tezos caught the bullish fever following its recent news of Coinbase Pro support. Surging up consistently for about 24 hours after the announcement, Tesoz had touched around $1.23 dollar per unit of the cryptocurrency. Although later giving in to some selling pressure as a result of the bull run, XTZ had slumped by a few percents to settle at $1.05 by the 15th of August. Over the last 24 hours, XTZ has surged up by another 5%, landing a price of $1.15.

Tezos Foundation is a non-profit with a blockchain built on the new Proof-of-Stake system. It is based in Switzerland. It conducted an ICO in 2017 in which it raised $232 million.
Tezos Steadily Developing Since ICO
Since its launch, Tezos has been showing great prospects every time it appears in the news. Earlier this year, in February, Elevated Returns (ER), a financial group which focuses on digitizing traditional financial assets and popular for its tokenization of the St. Regis resort in Aspen, made an official announcement that it chose Tezos as the blockchain on which it aimed to provide fully compliant tokenized real-estate offerings to qualified investors.
Most Recent Milestones
Later on in July, Banco BTG Pactual S.A. in collaboration with Dalma Capital, a Dubai based asset manager, announced plans to utilize the Tezos blockchain for Security Token Offerings (STOs).
Thursday, Bitfinex announced that would allow its customers and investors to trade tezos, alongside Stellar against both Bitcoin and US dollar, and also to make deposits for the token.
 
The post Tezos (XTZ) Gains 7% Amid Listing On These Two Crypto Exchanges appeared first on Coingape.
Source: CoinGape

Australia’s Central Bank Exercising Caution with Regards to Facebook’s Libra

The regulatory scrutiny for Facebook Libra seems to be never-ending. This time, the Payment System Board of the Reserve Bank of Australia reports that it will continue to work with regional regulators in order to ensure that adequate regulatory measures are put in place before the launch of any payment systems which include the recently announced Libra project from Facebook.
The Payment System Board is one of two mainboards of the Reserve Bank of Australia. The board is responsible for maintaining the bank’s payment policies, including those related to clearing and settlement (CS) facilities.
Libra Alongside Other Payment Systems Discussions
In a meeting held recently, the board discussed issues related to regulations for payment systems and crypto-assets. The board also discussed Facebook Libra and stated that it will coordinate with domestic and overseas regulators for ensuring that its implications are adequately addressed before its launch. According to RBI,
“Bank staff will continue to coordinate with relevant domestic and overseas regulators, to ensure that any payments system implications are appropriately addressed before any launch”.
Australia’s Bias Towards Cryptocurrencies
Libra, has faced many regulatory hurdles from jurisdictional financial regulators following the announcement of its launch in the second quarter of this year. It could not address all the questions of the U.S. Senate regarding regulatory compliance. Since then, there have been a lot of obstacles and opposition from governments and banks against the development of Libra. Recently, Australia joined global regulators in questioning Libra’s data privacy and protection policies.
Apart from Facebook’s “global cryptocurrency” which has attracted much regulatory scrutiny, Australia is also eyeing the rest of the crypto space skeptically. In January, the country’s Treasury released a statement revealing plans of looking into the potential risks and benefits of conducting ICOs in the country and the corresponding regulatory framework that needs to be put in place.
The post Australia’s Central Bank Exercising Caution with Regards to Facebook’s Libra appeared first on Coingape.
Source: CoinGape

Coinbase Pro Adds Support for Algorand [ALGO] – This is How the Price Reacts to it

Coinbase Pro announced support for another cryptocurrency after recently adding support for Tezos. Coinbase Pro added Algorand [ALGO] for all its users, except for New York state. The support was added on 14th August, and trading is expected to begin soon. He press release noted,
On Wednesday, August 14, 2019 after 10am PT, we will begin accepting inbound transfers of ALGO to Coinbase Pro. We will accept deposits for at least 12 hours prior to enabling full trading, which will occur during business hours, Pacific time.
Algorand is a blockchain project founded by Silvio Micali; it aims to improve decentralization, scalability, and security. It was only released in June 2019 and follows permissionless, pure proof-of-stake (PoS) protocol which allows for building scalable blockchain projects.
While trading of Algorand will begin some around 12 hours from now, it will depend on the deposits to the Coinbase Pro account during this period.
Coinbase has been aggressively adding support for cryptocurrencies. It recently also released a list of tokens that are probably next in line.
Alogrand/USD Price Chart on Coinmarketcap
The price of Algorand [ALGO] at shot up to $0.847 from $0.78 because of the FUD created at the break of the news. However, it subsided down below $0.77 as soon as it rose. The price of Algorand [ALGO] at 17: 20 hours UTC on 14th August 2019 is $0.768. Hence, it exhibited a Bart Simpsons pattern over a period of fewer than 4 hours.
Furthermore, while Algorand has been added only to Coinbase Pro at the moment, like Tezos, we can expect addition on coinbase.com in a couple of weeks.
Do you think that Coinbase.com additions will have a hugely positive effect on cryptocurrency prices as it has in the past? Please share your views with us. 
The post Coinbase Pro Adds Support for Algorand [ALGO] – This is How the Price Reacts to it appeared first on Coingape.
Source: CoinGape

This Cryptocurrency Plunges 75% Over SEC Security View – Is Ripple’s XRP Next?

The SEC has filed an emergency lawsuit against Reginald Middleton, Verisatium Inc., and Verisatium LLC. to prevent them from spending the money raised from their ICO. The SEC has claimed that the entire ICO which raised about $14.8 million was a scam.
The people behind VERI tokens created a facade of massive proportions, while no real project or business was backing its value. The SEC filing recorded,
Defendants knowingly misled investors about their prior business venture and the use of offering proceeds
The court has granted a temporary restraining order to freeze the multiple bank accounts and Ethereum wallets. Reportedly, $8 million worth in assets from the ICO is still left in the firm.
In reality, VERI are securities, as the substance of the Offering shows, including, forexample, in Middleton’s statements that “today’s roughly $3.30 purchase of VERI tokens could yield ($3.30 x 5,000%) = $165” and that “purchase of Veritas goes directly to fund” the business.
These statements are presented as proof that Reginald ran a firm and sold company securities as an ICO. Moreover, the project and the revenue model behind his claims were false as well. The defendants also exaggerated their amount raised in the ICO to $35 million to mislead the investors.
The SEC has filed a detailed case listing all the claims made by Middleton and by portals from Verisatium.
Verisatium [VERI] plummeted from $16 to $3.77, losing 76.5% of its during the last day as SEC put the hammer on the unregistered ICO.
VERI/USD Chart on Coinmarketcap 
Ever since its release, the volatility in VERI has been extreme. The cryptocurrency reached an All-Time High of $538. Nevertheless, currently, it is trading at around $6.
The SEC claims that Reginald Middleton and Verisatium created a huge illusion on false claims to drive up the price of their unregistered security.
Investors File Case Against Ripple for Misleading Investors
Investors in XRP has filed a similar complaint in California’s Federal Court against Ripple Inc. Investor Bradley Sostack has been named the lead plaintiff of the filling. While Susman Godfrey and Tayler-Copeland Law are the co-lead counsel on the case.
They have filed a class-action suit on Ripple which if accepted by the court would entitle them to represent all XRP investors, who according to them, were misled by Ripple.
 
Ripple Class Action Lawsuit Complaint filling (Source)
Lawyers Jake Chervinsky and Rebecca Rettig elaborated on the case to the media and also substantiated Ripple’s chances. According to Chervinsky and Rettig, the case comes under both Federal Laws and California State Laws.
No Federal Laws have been broken until now because cryptocurrencies do not fall under the precedence of SEC’s Howey Test. However, the plaintiff’s lawyers have claimed that according to the SEC’s ‘framework’ on ICO, Ripple and its subsidiaries should be charged under unregistered security laws.
Nevertheless, “frameworks” are not enforceable by the law; this is the first time a framework will be used to get a judgment from the court. Rettig added,
“Although the framework on its own doesn’t have precedential value… it will be very interesting to see how the court handles the utility of the framework in moving forward in determining whether XRP is a security.”
Moreover, California State law presents added advantage to plaintiff claims on the pretext of ‘risk capital test.’ Chervinsky said,
“For the first time, the plaintiffs now claim that Ripple violated California’s false advertising and unfair competition laws by making fraudulent statements about the genesis, circulating supply, and adoption of XRP,”
Furthermore, he also added that the plaintiff has a “strong case,” and Susman Godfrey is one of the best plaintiff’s lawyer.
Plaintiff’s Doing SEC’s job for them?
The SEC has delayed all many decisions related to cryptocurrencies beginning with the ETF proposal on Bitcoin. However, the amendment to the securities laws or inclusion of digital tokens is still under progress.
The SEC has issued guidelines on the digital assets saying that,
The U.S. Supreme Court’s Howey case and subsequent case law have found that an “investment contract” exists when there is the investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others.
According to the plaintiff’s claims, Ripple and XRP’s efforts were tied closely to their success. These claims might be valid as, during the initial phases of Ripple, XRP was considered mainly as a token of Ripple. They were even recognized as Ripple (XRP) on many platforms.
 
The plaintiffs have used claims on Twitter and other PR methods that Ripple used to mislead the customers on XRP. Jake Chervinsky noted,
“I’ve never seen so many citations to Twitter in a complaint before,”
Tweets and public statements from leading Ripple executives have been cited in the filling. The plaintiff aims to draw a correlation between their false marketing on XRP to run Ripple. Hence, using Ripple as the security of the company.
While the SEC itself cracked down on Verisatium and Reginald Middleton, in Ripple’s case, the investors have taken the initiative. Ripple has a 45-day window to either refute the claims or enter into dialogue with the SEC.
Do you think that courts will grant the class action suit status to the case or Ripple will seek to resort things with the SEC? Please share your views with us. 
The post This Cryptocurrency Plunges 75% Over SEC Security View – Is Ripple’s XRP Next? appeared first on Coingape.
Source: CoinGape

These are Top Five Weekly Performers in the Crypto-Market

Bitcoin [BTC] began with a bullish break at the start of the week. It broke above the resistance near $11,000 and the bullish pressure extended above $12,000.
The de-coupling of altcoins with Bitcoin was of the notable trends during the week. While Bitcoin [BTC] is growing as a hedge against the traditional economy, the altcoins are continually losing their value proposition.
Ethereum, XRP, Litecoin, Bitcoin Cash [BCH] and so on which are one of the most robust altcoins in the past saw one of the worst weeks of trading in the past two years. The price tested 15-month lows w.r.t. Bitcoin.
Nevertheless, a slight revival was seen during the weekend in altcoins. The development and adoption of these altcoins still rest on regulatory decisions and their rate of adoption.
BTC/USD 1-Day Bitstamp (TradingView)
Opening Price: $10,725
Closing Price: $11,455
Weekly Gains: 6.8%
Weekly High/Low: $12,325/$10,986
Monero [XMR]
The price action in altcoins during the week was mostly bearish on major altcoins like Ethereum and XRP. However, the privacy-focused cryptocurrency outshined during the week as it looked to break above $100 on 7th August 2019. However, the selling pressure gripped Monero as well as it fell to test $90 levels again.
XMR/USD 1-Day Chart on Binance (TradingView)
Opening Price: $86.8
Closing Price: $91.8
Weekly Gains: 5.72%
Weekly High/Low: $99.8/$85.6
Binance [BNB] Coin
The Exchange backed tokens performed well in terms of price as it broke above $30. Binance is continually expanding its reach geographically and in terms of the number of cryptocurrencies as well.
BNB/USD 1-Day Chart on Binance (TradingView)
Opening Price: $28
Closing Price: $29.8
Weekly Gains: 4.2%
Weekly High/Low: $32.3/$25.3
Huobi Token [HT]
Another Exchange backed token that made to the list this week. The demand for Exchange backed tokens is increasing as the payments and other utility tokens as starting to lose their luster. The traders and investors are beginning to find Exchange backed tokens a better opportunity to invest in the emerging space.
Huobi Token and OBK token are two of the most popular tokens among Chinese VCs as well as their business model is backed by the monetary value of the Exchange.
HT/USD 1-Day Chart on Huobi (TradingView)
Opening Price: $4.6
Closing Price: $5.04
Weekly Gains: 9.5%
Weekly High/Low: $5.3/$4.6
EOS
The losses in altcoins were massive during the week as they exhibited an inverse relationship during the week with Bitcoin. Nevertheless, EOS was one of the smallest losers during the selling pressures. While it touched a low near $3.8, it mostly traded above $4 during the week.
EOS/USD 1-Day Chart on Binance (TradingView)
Opening Price: $4.34
Closing Price: $4.16
Weekly Loss: 4.13%
Weekly High/Low: $4.57/$3.8
*The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $1 billion is 0.3%. Hence, for Analysis purpose, we will only consider cryptocurrencies with a total market capitalization $1 billion or more. For future analysis, we’ll try to maintain ~0.25% as a standard for the calculation.
**The data is taken at around 13: 00 Hours UTC on 11th August 2019
The post These are Top Five Weekly Performers in the Crypto-Market appeared first on Coingape.
Source: CoinGape

This Week in Cryptos: Is UK Heading to Crypto Ban?

Key highlights

Blockfi raises $18M Series A
Is UK heading to crypto ban?
India’s tryst with Cryptos
Bitcoin hashrate hit all-time high
Gemini data added to CME indices

Blockfi raises $18M Series A
Venture capitalist continues to show their interest in crypto and blockchain ventures. This week, BlockFi, an innovative wealth management solution for crypto investors has announced today the successful completion of its Series A funding round, amounting to $18.3 million. The investment was led by Valar Ventures, with participation from Winklevoss Capital, Galaxy Digital, ConsenSys Ventures, Akuna Capital, Avon Capital, and others. What’s fascinating here is a new VC has first time made an investment in blockchain. This marks the first major cryptocurrency investment for Valar Ventures, a New York-based VC fund, which previously led Series A rounds in well-known fintech companies such as Transferwise, N26, Qonto, and Petal.
Is the UK heading to crypto ban?
Regulations around cryptos also held the limelight this week. First, news coming from UK where the country’s financial services watchdog has warned potential investors that bitcoin and cryptocurrencies have “no intrinsic value,” with some taking the caution as a signal the country could be moving towards a bitcoin ban.
“This is a small, complex and evolving market covering a broad range of activities,”
said Christopher Woolard, executive director of strategy and competition at the U.K. Financial Conduct Authority (FCA), which oversees London’s huge banking industry. “Today’s guidance will help clarify which crypto-asset activities fall inside our regulatory perimeter,” Woolard added, with the FCA warning: “Consumers should be cautious when investing in such crypto-assets and should ensure they understand and can bear the risks involved with assets that have no intrinsic value.”
India’s tryst with Cryptos
India too saw some developments toward cryptos. Finally, the Supreme Court of India commenced final arguments pertaining to a slew of cryptocurrency cases pending for the last couple of years. The court did hear the case in detail, it couldn’t complete the hearing and now will continue with the final hearings of IAMAI and other petitioners on RBI-related case on August 14. In its arguments, the IAMAI counsel termed the RBI decision, “arbitrary, unfair and unconstitutional”. The council also cited the response to an RTI filed by lawyer Varun Sethi where the RBI had accepted that no committee was constituted to arrive at the decision to ban a crypto entity from banking solutions
Bitcoin hash rate hit an all-time high
This week Bitcoin network showed signs of growing from strength to strength. The hash rate which is the equivalent of network horsepower just reached another milestone. Hash rate in simple terms is the speed at which computers on the network operate. For miners, the higher the better, as it increases the chances of completing the mathematical problem to solve the block and collect the resultant block reward.
Gemini data added to CME indices
Winklevoss twins had another victory to its name. Market data from the Winklevoss twins-founded crypto exchange Gemini is being added to eight crypto indices offered by CF Benchmarks. Formerly called Crypto Facilities, CF Benchmarks’ eight reference products include four indices and reference rates provided for CME Group, which currently offers a bitcoin futures product: the CME CF Bitcoin Reference Rate and CME CF Bitcoin Real Time Index, and the CME CF Ether-Dollar Reference Rate and CME CF Ether-Dollar Real-Time Index. CF Benchmarks said Thursday that the addition of Gemini as a data source, alongside existing exchanges Bitstamp, Coinbase, itBit, and Kraken, will boost the quality of market data underlying the indices.
The post This Week in Cryptos: Is UK Heading to Crypto Ban? appeared first on Coingape.
Source: CoinGape

Reverse Altcoin Season at the Brink of Collapse – Here’s What Analysts Predict for ‘Hodlers’

The beginning of the year saw Bitcoin [BTC] and altcoins deep in a bearish market as they tested their lows. The probability of their demise or rise was almost equal with them sharing similar dominance ratios.
However, in less than eight months into the year, the dynamics of the cryptocurrency markets have shifted vastly. Bitcoin’s dominance has grown to about 70%.
Altcoins Break Below Support Levels
Currently, the market capitalization of Bitcoin [BTC] is $210 billion, while the combined Market Cap of altcoins is about $95 billion. Major altcoins have broken below their support levels.
Ethereum [ETH] which broke below the 0.025 BTC support level was expecting a pullback. However, continued selling pressure has driven the price below the break-out level at the beginning of 2017 altcoin run. Ethereum’s price w.r.t. to Bitcoin is currently testing 28-month support levels.
ETH/BTC 1-Week Chart on Bittrex (TradingView)
Similarly, XRP has also broken below 0.00003 BTC and is back to $0.3 support level. XRP has continued to fall back to this level repeatedly this year. The price of XRP w.r.t. Bitcoin is around 0.000025 BTC. Moreover, on further downwards move the next support to XRP is near 0.000013 BTC.
XRP/BTC 1-Week Chart on Bittrex (TradingView)
Cryptocurrencies like Bitcoin Cash [BCH] and Bitcoin SV [BCV] ‘hodlers’ are reeling under extended pressures as the total mining hash rate continues to drop. This motivates miners to switch to more profitable coins or turn off their system. Moreover, it also increases the chances of a 51% attack on the token.
All is Not Lost?
Nevertheless, Bitcoin is trading at more than ten times its price during March 2017. Hence, the price of altcoins w.r.t USD has risen proportionally as well.
Furthermore, for most altcoins, including Litecoin, EOS, BCH, ETH and so on, the lowest level w.r.t USD was achieved during December 2018. Some of the altcoins are still trading 150% higher from those lows.
Numerous analysts have validated the de-coupling of altcoins from Bitcoin’s price. Max Keizer, Vinny Lingham, and Tone Vays are some of the Bitcoin maximalists who have appreciated the current trend. According to them, the ‘shitcoins’ are a liability to the market, and their weight must be shed for sustainable growth of the market.
Nevertheless, Peter Schiff, a gold buff and Bitcoin basher holds contradictory views. According to him, the altcoins failure will be followed by the demise of Bitcoin. He said,
Those arguing the collapse of altcoins validates Bitcoin are whistling past the crypto graveyard. Altcoin demand drives the Bitcoin on-ramp. The weakest links of a chain break first. Once confidence in altcoins is lost, Bitcoin is next. The similarities outweigh the differences.
The price markets of cryptocurrencies resembled that of the dot com bubble during the 1990s. Hence, various analysts have extended the analogy to cryptocurrency markets, suggesting that like the FAANG, only a handful of altcoins will succeed in the end. However, it seems that it will be determined at the end of this ‘reverse alt season.’
Do you think alt-season will ever occur again? Please share your views with us. 
The post Reverse Altcoin Season at the Brink of Collapse – Here’s What Analysts Predict for ‘Hodlers’ appeared first on Coingape.
Source: CoinGape

Breaking: Binance US Reveals its Plan To List 30 Crypto Tokens; Here’s The List

A new trading arm of Binance crypto exchange, Binance US has recently shared a detailed plan of its trading operation. The platform had said that it is considering to list 30 new crypto tokens.
Binance US To List 30 Crypto Tokens
In a blog post, published on August 09, 2019, Binance US explains that it is yet to determine the launch date of trading operation in the United States. Moreover, it is exploring 30 crypto tokens to list at the Binance US exchange.
Per the blog post, it will list Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), XRP,  Stellar Lumens (XLM), Litecoin (LTC), Cardano (ADA), Cosmos (ATOM), Basic Attention Token (BAT), Bitcoin Cash ABC  (BCHABC), DASH, EOS, Ethereum Classic (ETC), HOT, IOTA, LINK, Loom Network (LOOM), MANA, NANO, NEO, PAX, REP, RVN, TUSD, USDC, USDT, VET, WAVES, ZIL, ZRX.

Ahead of the listing, the platform is examining these tokens to ensure they meet Binance’s listing criteria for Binance US. It’s worth to note that Binance stopped serving US customers back in September due to unclear crypto regulatory frameworks but it had rolled out an exclusive US-based fiat-to-crypto exchange during June 2019.
The Binance US will be operated by BAM trading firm which is a FinCen-registered firm in the United States. The branch will spearhead by former Ripple’s employee, Catherine Coley who had recently joined BAM trading as CEO. Notably, the announcement of launch was outlined by Coley via Binance US’s medium blog. She wrote that;
The team and I are eager to share more on what’s ahead for this exciting journey together. We are grateful for your enthusiasm and feedback, which are crucial in this early development.
Since the launch in 2017, Binance.com has already captured significant trading volume and the market observer examines that Binance’s entry in the US could be a direct threat to country’s existing crypto exchanges such as Coinbase. While Binance announces its plan of exploring 30 crypto assets, Coinbase earlier shared an update of considering 8 new crypto assets which include two assets backed by Binance IEO. Moreover, Coinbase hasn’t added Binance’s native token BNB yet whereas it is set to support 2 Binance launchpad projects. With similar note, Binance CEO trolls Coinbase saying; they may have missed one jem, BNB.

Glad to see @Coinbase supporting 2 of the @Binance LaunchPad projects here. West or east, exchanges working together to grow the industry.
They may have missed one jem, $BNB, lol! https://t.co/rzExqefnnR
— CZ Binance (@cz_binance) August 6, 2019

Image Source – Binance US Blog
The post Breaking: Binance US Reveals its Plan To List 30 Crypto Tokens; Here’s The List appeared first on Coingape.
Source: CoinGape

MangoCoin Fraudulently Uses Bitmain’s Name To Sell Cloud Miners

A new crypto platform named MangoCoin was fraudulently using the name of Bitmain to sell its cloud miner. Bitmain quickly responded to it in a blog post stating that it has no association with the company whatsoever. 
Mangocoin Using Bitmain Brand To Sell Cloud Miner
Mangocoin is attempting to sell its cloud miner as “Bitmain Cloud Miner”, a marketing stunt that fraudulently uses the name of Bitmain. Bitmain was quick to caution the crypto community, stating that it has no relation with the app or social platform owned by MangoCoin. In a blog post, published on August 9, 2019, Bitmain states that “Mangocoin (MGC) and any social account, software, QQ groups, etc has no affiliation with Bitmain whatesover. The blog post reads;
The “Bitmain Cloud Miner” on any platform of “Mangocoin (MGC)” is not developed by Bitmain.
MangoCoin’s website is down following Bitmain’s report. In the blog post, Bitmain has also stated that it will use legal means to protect the brand as well as the customer’s rights and interests. While MGC’s website is down, its corresponding exchange and wallet service are live and running.
Bitmain, in its blog, warns its existing and potential customers to follow due diligence to identify the service provider. The blog reads it as follows;
We would like to remind our existing and potential customers to correctly identify the service provider when purchasing products, to sign up for or purchase anything online only after careful deliberation and stay alert to misleading promotions, illegal fund-raising, fraud, and other malicious activities on the internet.
Bitmain is known as the world’s leading manufacturing company for ASIC mining machines. The company, currently responsible for over 30% of BTC mining, reported a loss of $310 million in Quarter 1, 2019.
Image source – Shutterstock
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Source: CoinGape

Breaking: Coinbase Exploring Support For Waves And 7 Other New Digital Assets

Coinbase has announced its plans of supporting a new set of digital assets which includes waves and 7 others.
The U.S. based platform which allows for buying and selling of cryptocurrencies announced Monday that it is exploring support for new digital assets. This set of assets, according to Coinbase, must be compliant with jurisdictional regulations and local laws. The assets in view include Waves, Ontology (ONT), Matic Network (MATIC), Harmony (ONE), DASH, Cosmos (ATOM), Algorand (ALGO) and Decred (DCR).
Coinbase is a digital currency exchange which has its headquarters in San Francisco, California. They broker exchanges of Bitcoin (BTC),  Bitcoin Cash (BCH),  Ethereum (ETH), Ethereum Classic (ETC) and Litecoin (LTC) with fiat currencies in around 32 countries globally, and bitcoin transactions and storage in about 190 countries worldwide.
As per the platform’s tweet relating to the development, Coinbase is taking this step in order to fulfill its mission of supporting all its customers desired assets which meet the platform’s standards and also comply with their respective local laws.
According to Coinbase,
Coinbase is exploring the addition of 8 new digital assets. It’s our goal to offer support for all assets that meet our standards and are compliant with local law.
Source: Twitter
 
As the platform didn’t give any more specific information as to when these assets will be supported on the platform, Coinbase informed its community of possibilities of local jurisdictional restrictions to one or more of the listed assets and future cancellation. The platform also takes the opportunity to inform the community of possible signs of engineering works which suggest potential support for any or all of the assets in question.
Promising it’s customers of future support for their cryptocurrencies of choice, Coinbase included that other asset not directly included in the present list may still qualify for support exploration and eventual platform support in the future.
The post Breaking: Coinbase Exploring Support For Waves And 7 Other New Digital Assets appeared first on Coingape.
Source: CoinGape