Bitcoin Sets Yearly Low Below $4,400, Recovers Slightly as Altcoins Continue to Drop

After yesterday’s widespread market carnage, Bitcoin has continued to drop and is showing little sign of a pending recovery. Bitcoin’s latest drop to fresh 2018 lows has dragged altcoins even further down, and market sentiment is sitting at a yearly low as investors lose hope.
At the time of writing, Bitcoin (BTC) is trading down 7% at its current price of $4,780, but has recovered slightly from its intraday lows of under $4,400. Bitcoin has been falling ever since it failed to decisively breach the $6,500 level earlier this month, and today’s slight bounce was the first major one Bitcoin has seen since it started its decline.
BTC’s latest leg down, which first began yesterday when it fell below $5,000 and continued well into today, has been perpetuated by increased trading volume, which has surmounted to nearly $9 billion on the aggregated markets. This is up significantly from its volume levels earlier this week while BTC was trading in the mid-$5,000 region, where its 24-hour trading volume was just over $4 billion.
The overall cryptocurrency market cap is currently sitting at approximately $155 billion, down from its November highs of $220 billion.
Related Reading: Analyst: Too Early to Write off Bitcoin, SEC Had Negligible Effect on Crypto Markets
Altcoins Sink to New 2018 Lows as Bitcoin Plunges
Bitcoin’s price drop over the past few days has led the markets, with most altcoins trading down significantly over the past week.
The market drop has been led by Ethereum (ETH) and Bitcoin Cash (BCH), which have seen massive drops of 35% and 60% respectively from their November highs.
Ethereum, which dropped from monthly highs of $220 to its current price of $143, may be seeing the result of ICO projects selling off their remaining ETH holdings in an effort to protect their funds, although this claim, which has been echoed by several pundits and analysts, is purely speculative and there is little data to support it.
Bitcoin Cash has been spiraling downwards ever since its hard fork event occurred, which initially seemed like a good thing for BCH’s price.
In late-October and early-November, BCH’s price climbed from under $420 to highs of over $630 due to the imminent hard fork event, but around this price enthusiasm died off and traders began taking profits, which pushed its price down.
Following the hard fork event, BCH continued to spiral downwards, which was perpetuated by Bitcoin’s crash, leading its price near its all-time-lows of $208.
XRP has been a market outlier over the past few days and has been relatively stable during these turbulent market conditions.
At the time of writing, XRP is trading down 8% at its current price of $0.452. Although its price has fallen slightly today, it has held up significantly well over the past few days and is only trading down 16% from its monthly highs of $0.54. Although this seems like a large drop, it has been one of the best performing altcoins in the market.
Over the coming days and weeks, the market’s price movements will give investors increased clarity as to whether or not this is simply capitulation or a sign of what is to come in 2019.
Featured image from Shutterstock.
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Source: New feedNewsBTC.com

Bitcoin Cash SV is the closest to Bitcoin [BTC]’s protocol, says Money Button CEO

Ryan X Charles, the CEO of Money Button and Yours. Inc spoke about his discovery of Bitcoin [BTC], in his recent Youtube discussion. He also explained the reason he chose Bitcoin Cash SV and its correlation to Bitcoin’s core.
Charles stated that he discovered Bitcoin in the year 2011. Succeeding which, he became obsessed with it and got completely involved in the Bitcoin space in 2003. He went on to speak about the reasons he opted Bitcoin Cash SV over Bitcoin Cash ABC. The CEO stated:
“The first reason is simply just the idea that this is the closest thing we have to the original protocol. I don’t think there was anything wrong with the original protocol. The more I’ve learned about Bitcoin over time and worked through the possible scenario, I’m convinced the original protocol will work at scale.”
He further clarified that his definition of the original protocol means the original economic protocol and not the original code in itself. Charles went on to say that its the idea that one person signs a transaction and gives it to another person P2P and the idea that the person receives it, gives it to the miners who validate it and confirm it into a block and make sure there are no double spends in the blocks. This includes the other properties such as having a total of 21 million coins and the inflation schedule which gets cut in half every four years.
The CEO said:
“The subsidy as well as transaction fees and you also have transactions have inputs and outputs, can have more than one input and can have more than one output and that the inputs and the outputs contain scrip and that scrip is a language that although lacking in loops actually has the ability to compute any number.”
He further added:
“You just have to have a long script so you can unroll loops in the script and you can do smart contracts that actually involve the computation of anything you could possibly want to compute, inside script and that is basically Bitcoin. The fact that miners, you know, expend in a way that is provable that all they did was spend energy just to find the block and you can look at all these things in a purely economic way separate from the software in the cryptography”
Charles also said that he likes Bitcoin and the idea of sound money for the whole world. He added that at present, the focus should be on removing the limits of Bitcoin which is an economic challenge and the next would be getting rid of the DDoS attack vectors which occur, an engineering challenge. The CEO continued to say that he likes the idea that Bitcoin is bringing economic freedom to the entire world and that SV is the closest to Bitcoin’s protocol.
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Source: AMB Crypto

Bitcoin Falls Below $5,000 for the First Time in 2018 on Coinbase

The price of Bitcoin fell below $5,000 on Coinbase for the first time in 2018 as the bear market continues to drag prices down across the board.
Market Cap Drops to Below $87 Billion
For the first time since October 2017, Bitcoin dropped lower than $5,000, at $4,996 on San Francisco-based crypto exchange Coinbase. As a result, its market cap was pushed down below $87 billion.

#Bitcoin is officially under $5k on Coinbase… pic.twitter.com/MyT75TEWlL
— Nye The Crypto Guy (@CryptoShillNye) November 19, 2018

Over the past seven days, Bitcoin’s value has declined by over 21 per cent, according to CoinMarketCap. The drop in value comes after months of stability with the crypto asset trading within the $6,200 and $6,800 range. However, last week market prices across the board started dropping between 10 and 20 per cent.
At the time of publishing, Bitcoin’s value has risen slightly back above the $5,000 level, at $5,101. Yet, according to one analyst Bitcoin is likely to fall back under $5,000 as it faces regulatory hurdles in the next few months. Stephen Innes, the head of Asia Pacific trading at Oanda, said to MarketWatch:
“I remain incredibly bearish on BTC with the $1,000 level looking as likely as $10,000. But this is from a longstanding and unwavering view that regulators and the banking system will continue to push back against the rise of virtual markets…”
According to Mati Greenspan, an eToro analyst, if the support level of $5,000 doesn’t hold, the next logical won’t be until $3,500. In a report from CNBC, he stated: “With all the falling prices lately, this definitely fits the definition of a buyers market.”
Others, however, have pointed to the recent Bitcoin Cash hard fork as the reason for declining prices. Brian Kelly, founder and CEO of cryptocurrency investment firm BKCM, said last week that the market is experiencing a “crypto civil war.” Referring to the split with the altcoin, Kelly said:
“When you do a software upgrade, everybody usually agrees. But in this particular case, everybody is not agreeing. So, we’ve got ourselves a ‘crypto civil war’ […] People started selling. That triggered stops. Everybody got concerned. And that’s what happened today — the entire market sell-down.”
Related Reading: Bitcoin Cash War Begins: Hash Power of BCH Increasing Rapidly
It remains to be seen whether or not the market will improve in the short-term. As for Tom Lee, co-founder of Fundstrat Global Advisors, he’s reportedly revised his end of year prediction for Bitcoin. Over the weekend, it was noted that he had changed it from $25,000 to $15,000.
Given the way the market’s currently heading that seems incredibly optimistic.
Featured image from Shutterstock.
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Source: New feedNewsBTC.com

Money Button CEO chooses nChain’s Bitcoin Cash [BCH] Satoshi Vision

Ryan X Charles, the CEO of Money Button and Yours. Inc spoke about the reason behind choosing Bitcoin Cash SV, in his recent Youtube discussion. The CEO also clarifies the investment both Bitmain and nChain have made in his start-up, Yours Inc., a platform that allows its users to earn Bitcoin Cash for their content.
Charles stated that the Yours Inc. raised money from both Bitmain and nChain; $1 million from Bitmain and $500K from nChain. This makes Bitmain the largest investor in the company as the total money raised sums up to $1.7 million. He further spoke about the accusations made by several people in the space, stating that he was biased towards nChain as they are the biggest investors in his company. He said:
“I’m saying it’s actually exact opposite, that the largest investor is on the other side […] everything I’ve ever said that’s favorable to nChain actually comes at risk to me. Not only am I not getting money from this, I’m risking making an enemy of Bitmain […] because first of all, I like Bitmain and the thought of being an enemy with them is just a horrible idea but also obviously, if they were genuinely an enemy, I wouldn’t stand a chance.”
He went on to say that both the parties are in a “literal war” wherein each of them is attacking the other with computers. Charles further stated that as the CEO of Yours Inc., he is inclined towards making a decision of choosing one fork of Bitcoin Cash.
He added that he tried to prevent the split and went as far to invest a new procedure, the anti-split procedure which is an idea of relying on the unified transaction history between both the chains.
Charles stated:
“However, the major player particularly Bitcoin.com went in the opposite direction and promoted a split, they split their coins in their services not in the wallet but in the services, which all but assures that the split coin will ripple off  throughout the ecosystem because of the way that you merge UTXO’s together that it eventually all the coins become split”
He further said that since the majority did not support the anti-split procedure, the end result was the split. This has also led to all the major exchange platforms listing Bitcoin ABC implementation as Bitcoin Cash and the other chain would probably be listed as a different cryptocurrency. He stated:
“Money Button and Yours Org, it is not a good idea to have multiple of these things none of the user experience stuff that we’ve done accounts for having more than one. We’re not going to do more than one, it’s a distraction it makes it harder the UX is worse, we have to pick whichever one is the best one than the one that’s most likely to work long term and I believe that’s SV”
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Source: AMB Crypto

Bitcoin Cash [BCH] SV should be seen as a high-risk investment, says Kraken; Bittrex follows suit

On November 19, Kraken, a popular cryptocurrency exchange, released a statement regarding the ongoing Bitcoin Cash [BCH] hard fork. The fork, which has been led by two parties on the BCH network, has resulted in the formation of two tokens: Bitcoin Cash ABC and Bitcoin Cash SV.
The ABC implementation of the BCH network has been substantially more popular among major players in the industry like Vitalik Buterin, the co-founder of Ethereum [ETH], and Charlie Lee, the founder of Litecoin [LTC]. Kraken too has somewhat distanced itself from the Satoshi Vision implementation as evidenced by the circular released by the exchange.
Kraken has gone ahead and stated that they will support Bitcoin SV on the exchange, but has given a warning along with it. The circular stated:
“Bitcoin SV does NOT meet Kraken’s usual listing requirements. It should be seen as an extremely high risk investment. There are many red flags that traders should be aware of.’
The Kraken team has also said that when it comes to the SV implementation, no known wallets support replay protection. They have also said that the miners on the SV network are “apparently subsidized or are operating at a loss”. The exchange has also admitted that they had done only very minimal code review when it came to the SV network.
The exchange has reiterated multiple times about the lack of safety on the SV network and has put the onus on the users if they want to deal with the repercussions. Kraken stated:
“You should always consider the available liquidity when trading in any market and manage this risk accordingly. But the liquidity of a newly listed asset may be very low, so caution is especially warranted. Be extremely careful with market orders and orders that trigger market orders (e.g. stop loss). To be safe, we recommend the use of limit orders to help ensure that your orders don’t get filled at unexpected prices.”
Bittrex, another popular cryptocurrency exchange, was also dealing with the BCH hard fork, and said that Bitcoin SV deposits and withdrawals were open for users. Even Bittrex has asked users to tread with caution while sending BCH/SV as there is no replay protection.
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Source: AMB Crypto

Bitcoin Cash [BCH] hard fork saga continues; BCHABC soars above BCHSV in terms of price

The Bitcoin Cash [BCH] hard fork has garnered a lot of attention over the past few weeks in the cryptoverse. The end product of the fork was the creation of two different cryptocurrencies: Bitcoin Cash ABC and Bitcoin Cash SV. The ABC team was led by Bitcoin.com CEO Roger Ver and the Bitmain CEO Jihan WU. The SV team was spearheaded by nChain’s Craig Wright and Calvin Ayre. At the moment, the BCHABC is ahead of BCHSV in terms of both blocks mined and price.
At press time, Bitcoin Cash ABC was falling at 3.83% with the market cap still in flux. The 24-hour volume was holding at $64.203 million and the cryptocurrency was trading for $255.02. A majority of the cryptocurrency’s volume came from Binance, which had a hold on $24.436 million of all the BCHABC trade. Binance was followed by Poloniex, the exchange on which 9.40% of the total BCHABC trade occurred.
Bitcoin Cash ABC 24-hour chart | Source: CoinMarketCap
The bear market showed no mercy towards Craig Wright’s project, with the cryptocurrency falling by a massive 27.14%. BCHSV was trading for $91.96 with the market cap still undecided. The 24-hour market volume of $89.275 million held by BCHSV was commandingly higher than BCHABC. Binance has the majority hold here too with 32.05% of all BCHSV trade being conducted on the Changpeng Zhao led cryptocurrency exchange.
Bitcoin Cash SV 24-hour chart | Source: CoinMarketCap
The hard fork has created clear battle lines between users on the network which includes famous officials like Charlie Lee, the Founder of Litecoin [LTC]. He had said:
“The thing, why is there so much drama when miners should be the ones deciding. There shouldn’t be any drama right…whoever has the most hashrate wins.”
Roger Ver, who has been a massive proponent of the ABC network had also stated:
“In my opinion, I really don’t know the real after effects of the fork. It can be both good and bad for the entire community. It’s just like the Y2K scare, you know. Everyone expected planes to fall out of the sky but in the end, nothing much happened.”
The post Bitcoin Cash [BCH] hard fork saga continues; BCHABC soars above BCHSV in terms of price appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin.com Mining Pool Provides All Hash Power to Secure the Bitcoin Cash ABC Network

CoinSpeaker

Bitcoin.com Mining Pool Provides All Hash Power to Secure the Bitcoin Cash ABC Network

Recent Bitcoin Cash hard fork split the whole crypto community into two warring camps trying to gain the dominance over the hash power of the network. Bitcoin.com mining pool chose ABC side providing all of its hash power in support for mining the altcoin.

Bitcoin.com Mining Pool Provides All Hash Power to Secure the Bitcoin Cash ABC Network

Continue reading at Coinspeaker
Source: CoinSpeaker

Bitcoin Cash ABC’s hash burst was rented from Bitcoin [BTC] network, says nChain’s CEO

Jimmy Nguyen, the CEO of nChain, recently spoke about the truth and consequences of Bitcoin Cash [BCH] hash war between the miners voting between Bitcoin Cash SV and Bitcoin Cash ABC. He began the talk by stating that the hash burst which took place in the network from Bitcoin Cash ABC’s side was rented or subsidized from the BTC network.
This, according to him, was done ‘in order to artificially boost the support for Bitcoin Cash ABC far higher than it had ever been in the days and weeks leading up to the hard fork’.
Jimmy further explained why nChain did not bring more hash to support Bitcoin Cash SV. Though the team had access to thousands of petahash worth of support for Bitcoin Cash SV, they decided not to go with it to avoid the consequences it would have in the future for the Bitcoin Cash community.
According to him, it is hypocrisy to move hash for a day or two from the rival network that most of the community do not like, and use that to claim victory. Jimmy said:
“The whole reason that such hash was available on the BTC network to move onto BCH is because the people who should have fought Bitcoin Core did not, and splintered off to create the Bitcoin Cash network, and allowed BTC to continue on. That’s perfectly fine. But now they’re borrowing hash, renting it, subsidizing it from the very network they so vehemently oppose many of them to try and claim a victory on the BCH network.”
It is important to think about the governing model when there are disagreements. When the Nakamoto Consensus was written in the Bitcoin whitepaper, there was supposed to be only one Bitcoin network. Bitcoin Network has its magic in its economic incentives. Currently, the Nakamoto Consensus is being tested for the first time, he added.
Jimmy said:
“Satoshi Nakamoto could not have envisioned, at the time the white paper was written, that there was going to be some splintered-off network using the same hash algorithm. And with the idea of one CPU equals one vote, or miner hash power equals the vote, it was designed.”
He also said:
“I’m sure most logical people can agree with it to recognize that the people who have an ongoing continuous invested interest in the network are the ones that should vote on a rule set.”
The ABC supporters have been very quick to declare that they are the winners in this hash was by moving BTC hash by Bitmain and other sources. However, nChain’s Craig Wright and Coingeek’s Calvin Ayre is taking an alternate path to achieve genuine and legitimate sustained hash that supports the network, said Jimmy Nguyen.
He added:
“And that is why, if you notice, over the days leading up to the hard fork., the CoinGeek, SVPool, and BMG pools started gradually increasing the hash they were devoting to the network.”
The post Bitcoin Cash ABC’s hash burst was rented from Bitcoin [BTC] network, says nChain’s CEO appeared first on AMBCrypto.
Source: AMB Crypto

Post BCH Hard Fork Scenes: Bitcoin Cash ABC vs Bitcoin Cash SV

CoinSpeaker

Post BCH Hard Fork Scenes: Bitcoin Cash ABC vs Bitcoin Cash SV

As both camps engage in the war for gaining dominance over the hash power, here a look into how things have turned so far.

Post BCH Hard Fork Scenes: Bitcoin Cash ABC vs Bitcoin Cash SV

Continue reading at Coinspeaker
Source: CoinSpeaker

Crypto Week In Review: Bitcoin ETP Launches In Switzerland, KuCoin Scores $20M

Unfortunately, as cryptocurrencies capitulated throughout the week, losing upwards of 15-20% of their value, so did the news cycle. However, it isn’t all doom and gloom, as there were still a handful of developments indicating that the crypto and blockchain industry is far from dead in the water.
Amun Launches Bitcoin, Ether, XRP ETP In Switzerland
After hinting at the product for two months, over the past seven days, it has been divulged that Amun, a London-based fintech firm, will be listing a multi-crypto exchange-traded product (ETP) in Switzerland. The vehicle, fittingly dubbed the “Amun Crypto ETP,” will track the crypto market’s five leading assets — Bitcoin, Ether, XRP, Litecoin, and Bitcoin Cash. Interestingly, while Amun has focused its product on Bitcoin, the undisputed godfather of all cryptocurrencies, the fund will give a relatively-hefty quarter portion to XRP and one-sixth to Ether.
The product is slated to launch on the Zurich-based SIX Swiss Exchange, the European nation’s largest equity market in terms of capital flow. Jane Street and Flow Traders, two “specialist” market makers, have seeded the ETP, while also agreeing to act as authorized participants in the creation and facilitation of the vehicle.
Speaking with Financial Times on the legitimacy and regulatory viability of the product, Amun CEO and co-founder Hany Rashwan noted:
“The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments.”
In an evident nod to the crypto community at large, the product will trade under the “HODL” ticker, underscoring the fact that Amun likely has its ear close to the ground of this industry, so to speak. Although this is a far cry from the launch of a product of similar stature in America, many see this as a positive sign nonetheless.
However, the exchange-traded product scene has also been heating up in the U.S. as well, with Gabor Gubacs, VanEck’s head of Digital Asset Strategy, recently sitting down with Ran NeuNer of CNBC Africa’s Crypto Trader to discuss prospects for his firm’s Bitcoin-backed ETF. Gubacs explained that VanEck has now “done everything” they could to counteract the Securities and Exchange Commission’s fears of market manipulation, which led to a negative ruling on the firm’s ETF proposal previously.
As such, many are hopeful that VanEck and its partners at the CBOE and SolidX will be able to procure a regulatory green light, before subsequently launching America’s first Bitcoin ETF in early or mid-2019.
Related Reading: Bitcoin ETF Hopefuls Speak to SEC in Closed-Door Meeting
Susquehanna: GPU Ethereum (ETH) Mining Is Now Uneconomical
In mid-August, NewsBTC reported that some forward-thinking students, like Penn State grad Patrick Cines, had once sought it advantageous and profitable to set up shop mining crypto assets in their dorm rooms. But now, Susquehanna, a Pennsylvania-based trading and technology enterprise, has explained that such small operations are far from feasible.
Per data compiled by Susquehanna, relayed through CNBC, the average Ether (ETH) focused graphics card (GPU) miner has seen their profits dwindle to $0 in the month of November, down from approximately $150 last summer. This collapse in profitability can be attributed to the rise in the Ethereum Network’s hashrate, which has more than doubled in the past 12 months, and the ever-growing presence and viability of EthHash ASIC machines.
Susquehanna representative Christopher Rolland explained that even with Nvidia’s flagship GPU, the GTX 1080, the return-on-investment (ROI) provided shouldn’t make financial sense, especially in the long run. And as such, at the current trajectory that profitability is heading, GPU-enabled miners, even those who are looking to accumulate crypto assets for the long-term, will likely flunk out of mining entirely in due time.
However, Tim Copeland from Decrypt Media has since debunked these claims, speaking with a number of mining savants, including Omegapool founder Greg Meszaros, who claim that throwing computational power at Ethereum to obtain Ether can be profitable in some nations.
Regardless, Nvidia’s publicly-traded shares, presumably due to the decline of the GPU mining market, fell by upwards of 17%, due to missed profit forecasts and qualms made apparent by equity analysts. On Thursday, CEO Jensen Huang touched on the effects that mining has had on Nvidia’s business, noting that “the crypto hangover lasted longer than we expected.”
Related Reading: “Crypto Hangover” Causes Nvidia’s Stock to Tumble 17%
Bitcoin Cash Upgrade Activates, ABC And SV Duke It Out
After months of anticipation, crypto investors woke up giddy on Thursday morning, as the scheduled Bitcoin Cash hard fork remained at the forefront of this industry’s mind. In the hours preceding the network upgrade, banter regarding Bitcoin Cash’s proposed future began to ramp up, with everyone and their mother quipping about this conflict.
Related Reading: BCH Fight: Bitcoin Cash Bashing Heats Up, Rivals Duke It Out Ahead of Hard Fork
Interestingly, the Bitcoin Cash network upgrade went live as expected, with the decentralized nature of blockchain networks preventing direct denial-of-service attacks.
Bitcoin ABC, Roger Ver and Jihan Wu’s client of choice, quickly overtook Craig Wright’s “Satoshi Vision (SV)” following the upgrade, which activated during Bitcoin Cash’s 556,767th block. Just 40 minutes after activation and the subsequent hard fork, Joseph Young, a well-regarded crypto journalist, explained that “[it] seems like a win for BCH,” adding that “[there’s] certainly not enough for a 51% attack on BCH… SV nodes reportedly crashing.”
While SV supporters held tight to their liferaft, ABC supporters celebrated, with Vitalik Buterin, co-founder of the Ethereum Project, even joining a livestream of the event to congratulate Roger Ver and his peers.
However, since the NewsBTC report, Craig Wright’s camp has seen a monumental resurgence in mining activity, with SV quickly closing the block height and hashrate gap. Earlier today, as revealed by Coin.Dance, a website launched to monitor the fork, SV temporarily passed ABC in terms of hashrate, which is a first since the upgrade went live. Although ABC has since regained some strength, the block height cap has fallen to 15, down from a jaw-dropping ~50 on Thursday night.

Regardless of the specifics, as a result of the continued confusion around the “true winner” of this fork, BCH has continued to capitulate, indicating that this multi-month conflict instilled more fear than faith in crypto investors at large.

Crypto Tidbits

Google, Target Hacked In Bitcoin Twitter Scam: Early this week, reports arose that the Twitter account of Target, the multinational retailer, had fallen victim to an unfortunate security breach. Although this isn’t news in and of itself, the supposedly-hacked account posted a Bitcoin (BTC) scam in the format that crypto enthusiasts found all too familiar. Although the tweet was was only online for 30 minutes, mainstream media went into a frenzy, taking to their respective sites to essentially lambast hackers and crypto assets. This debacle saw Target and Twitter respond, with the latter explaining that it has implemented the correct measures to prevent such wanton security breaches. However, just hours, if not minutes later, Google’s G Suite Twitter account, responsible for telling consumers about Gmail, Google Drive, Google+, and a number of other popular products, fell victim to the same hack.
Research: ICO Performance Dismal In Q3 2018: A 67-page report from ICORating, a leading crypto analytics startup, has indicated that token offerings suffered through the third quarter of this year. More specifically, funding of blockchain/crypto projects was down to $1.8 billion, a far cry from the $8.3 billion posted in Q2. Even worse, a mere four percent of the 597 ICO-issued tokens were listed on exchanges, with these tokens making up a small portion of the mere 23.15 percent of projects that had more than just a concept, idea, or vision. Reasoning why projects suffered throughout the past quarter, ICORating drew attention to a significant drop in returns (bear market), decreasing levels of transparency from teams, maturation of investors/funds, failure to innovate properly, slow blockchain/crypto adoption rates, and most importantly, the fact that ICO regulation has reached new heights.
KuCoin Scores $20 Million In Funding Round: KuCoin, a Singapore-based, Asia-centric crypto exchange, recently revealed that it secured $20 million in funding from a number of venture capital giants, including Matrix Partners, Neo Global Capital, and IDG Capital, the latter of which led the Series A round. This funding is evidently a sum of utmost importance, as the startup explained that it will use this injection of capital to bolster its services, platform, and products, which are aimed at cryptocurrency investors across the globe. Speaking with Straits Times, IDG Capital’s Young Guo touched on his employer’s KuCoin investment. Guo explained that KuCoin is a “legitimate project led by [a] team with integrity,” before subsequently noting that IDG sees boatloads of potential in blockchain as the world’s next ground-breaking innovation. Or as put by Dan Morehead, CEO of Pantera Capital, in a recent Bloomberg interview, “[crypto will become an] industry serial killer.”

Featured Image From Shutterstock
The post Crypto Week In Review: Bitcoin ETP Launches In Switzerland, KuCoin Scores $20M appeared first on NewsBTC.
Source: New feedNewsBTC.com

Switzerland approves the very first cryptocurrency ETP includes Bitcoin, Ethereum, XRP, Bitcoin Cash and Litecoin

While the whole cryptocurrency community has been waiting for the SEC to approve a Bitcoin ETF, Switzerland has yet again proved that they are one step ahead than any other country in terms of encouraging institutional investors to participate in this space.
According to reports by Financial Times, Switzerland’s main stock exchange has opened its doors for the first ETP tracking multiple cryptocurrencies. SIX Swiss Exchange, based in Zurich, will start the trading of Amun Crypto ETP from next week. The ETP is designed to track an index of the five well-known cryptocurrencies. This includes Bitcoin [BTC], Ethereum [ETH], XRP, Bitcoin Cash [BCH] and Litecoin [LTC].
The division is set to 24.4% XRP, 16.7% Ethereum, 5.2% Bitcoin Cash, 3% Litecoin and the rest will be Bitcoin. The annual management fee for the ETP is 2.4%. Additionally, it is unclear on which fork of BCH they will be opting for since the fork took place earlier this week. The fork has resulted in the network splitting into two, commonly known as BCHSV, which is an upgrade from nChain’s Craig Wright and Coingeek, and BCHABC, which is an upgrade from Bitcoin ABC and Bitmain.
Co-founder and CEO of Amun, Hany Rashwan stated that the exchange-traded product is formed in a way that it meets the standards which are set for a traditional ETP that is extensively opted by the investors. He further added:
“The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments.”
Dag1975, another Redditor said:
“This might encourage the SEC to allow an American ETF. The rest of the world doesn’t wait for US regulators.”
Cryptolicious501, another Redditor said:
“Well if 50% to 60% investors grew a pair and said fck the SEC the bull run would begin… its as simple as that. The fact that the SEC has almost all investors cowering in the corner, “P-p-please, master… SEC when?” bespeaks volumes of investor psychology or lack there of. :/”
The post Switzerland approves the very first cryptocurrency ETP includes Bitcoin, Ethereum, XRP, Bitcoin Cash and Litecoin appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Cash [BCH]’s Roger Ver: Even Monero or Dash could be accepted as world currency

The Bitcoin Cash [BCH] hard fork was the main topic of conversation over the past week, with the involvement of several parties within the BCH network. The hard fork which was made popular by Jihan Wu, Roger Ver, Craig Wright, and Calvin Ayre occurred on November 15, when the Bitcoin Cash network split into two, the Bitcoin Cash ABC and Bitcoin Cash SV.
Speaking to Crypto Coin Trader, Ver, the Chief Executive Officer of Bitcoin.com acknowledged the right between the parties within the BCH network and stated that:
“The internet has a lot of good people and lots of bad people. I only tend to engage with the good ones.”
He also said that he was pleased with how the Bitcoin Cash hard fork took place on the 15th, where the Bitcoin Cash ABC team had the lead over the SV team. The ABC side had mined more blocks under the new consensus rules. He went on to say:
“I stayed up all night watching the fork. It was like Christmas night for me.”
The Bitcoin.com official said that he does not mind if cryptocurrencies like Monero or Dash was also accepted as a world currency. He reiterated that his only aim was to provide economic freedom to the people and Bitcoin Cash at the moment was the best way to do that. Ver added that the fork is a good thing and even called back to original Bitcoin hard fork, saying:
“I wish the bch-btc split had occurred earlier. If the fork had happened had happened before then Bitcoin Cash could have had a multitude more use cases.”
Roger Ver was also in the news recently when he talked about Bitcoin.com launching a cryptocurrency exchange. He had said:
“Most of the time I say something important and nobody really cares. Other times I mention something in passing and the idea of the exchange was said exactly like that. Of course, we are going to launch an exchange, we are Bitcoin Cash. It would be highly surprising if we don’t launch an exchange.”
The post Bitcoin Cash [BCH]’s Roger Ver: Even Monero or Dash could be accepted as world currency appeared first on AMBCrypto.
Source: AMB Crypto

Crypto Experts Slash Bitcoin Price Predictions: Fact is, No One Knows

The recent crash in the crypto market has led Wall Street investors to slash their Bitcoin price prediction by half.
Tom Lee, the co-founder of Fundstrat Global Advisors, lowered his year-end expectations to $15,000 from $25,000. Lee’s prediction came after BTC broke below its so-called bottom at $6,000. Before the crash, the said level was considered to be a break-even point for miners. Based on that, Lee estimated that BTC price should be at least 2.2 times higher than the break-even point. Otherwise, mining Bitcoin will be worthless in a broader context.
“While bitcoin broke below that psychologically important $6,000, this has to lead to a renewed wave of pessimism,” Lee commented. “But we believe the negative swing in sentiment is much worse than the fundamental implications.”
Bitcoin on Thursday underwent a massive drop owing to negativities resulting from the Bitcoin Cash hard fork event, crashing to as low as $5,150 from this month’s high at $6,553. The digital currency is now eyeing a bullish correction, currently trading around $5,487 on Coinbase. Lee, at the same time, believes the recovery should extend, referring to similar bitcoin bear markets between 2013 and 2015 that followed a sharp upside correction phase.
“The market never sustained a move below breakeven,” he added.
Institutionalization of Cryptos
The crypto crash, meanwhile, has opened a new wave of opportunities for investors wishing to enter the space at yearly lows. Lee admitted that he is bullish on institutional investments, citing examples of Bakkt, an ICE-backed exchange nearing its launch, and Fidelity, which is launching a crypto trading platform catering to big-pocket traders. Lee said that it was “part of a broader creation of infrastructure necessary for institutional involvement.”
A recent report published by KPMG, in collaboration of Coinbase, also highlighted institutionalization as the main bullish factor behind the next BTC rally. The study also mentioned that the bitcoin market would need to resolve many issues related to compliance, risk, software upgrades and many other before it goes on to impressing significant monies.
Bitcoin Remains Unpredictable
The golden rule that defines the real value of an asset is its supply against the demand. In the case of BTC, the total supply quantity is predefined and is supposed to get halved after each specific interval. The demand for bitcoin, on the other hand, continues to be unfound, leading its market to a state of pure speculation. While institutionalization can indeed bring more stability, scalability, and trust to bitcoin, any prediction made before it cannot matter.
The technical indicators, for instance, fit the criteria of regulated assets but for something volatile as BTC, they don’t work in long-term. The retail status of the market makes it more suitable for day traders involved in same day trading. Bitcoin’s true value is difficult to find unless the market falls under a single, global jurisdiction, for then the true demand will be known.
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Crypto Markets Slide Further With Over $30 Billion Dumped Since Last Weekend

FOMO Moments
Markets suffer 15% drop in a week; Bitcoin Cash getting smashed, BNB, Nano also hurting.
More losses have been recorded on crypto markets over the past 24 hours as the weekend sees digital currencies continue their downward slide. Total market capitalization has slid back towards $180 billion and is not far away from another new low for the year.
Bitcoin is weak, showing no positive signals at all as it continues its free-fall, losing over $1,000 in less than a week. Currently trading down 1.5% at $5,530, BTC looks poised to fall back to the $5,400 level, its lowest for over a year. Ethereum is getting crushed and looks to be stuck in third spot with another decline of over 3% on the day. At the time of writing ETH is trading at $174.
There are no winners in the top ten today as every altcoin is red. Bitcoin Cash is bleeding the hardest, getting pounded 9% on the day dropping it to $380. The rest are losing between 2 and 4 percent driving prices to new record lows for the year.
The top twenty is equally as dismal, Binance Coin falling the most with 5.5% lost. Tron, Iota, Neo, Ethereum Classic and Zcash are all losing 3 – 4 percent and there are no altcoins in the green in the top fifty.
Looking at the top one hundred there is only one altcoin sailing on fomo right now and that is Factom which has jumped nearly 14% overnight. Insight Chain and Electroneum have also made 6% on the day. Dumping hard is Nasdacoin which is predictably dropping all of its recent gains in a classic pump and dump pattern. Mithril, Nano and Ravencoin are all in pain losing more than 8% on the day.

Total crypto market capitalization is shrinking, 2.3% lost since the same time yesterday. Currently at around $181 billion, markets are at the same level as they were in October 2017, but going in the other direction. Bitcoin’s dominance has managed to get back to 53% despite it losing 13.5% since last weekend, crypto markets as a whole are down 15% in the same period.
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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BCH Tussle: Bitcoin ABC May Reign Supreme over Craig Wright’s “Satoshi Vision”

To the chagrin of Craig Wright and his camp, it has become increasingly apparent that Jihan Wu, Roger Ver, and their compatriots at Bitcoin ABC have taken a leading position in the Bitcoin Cash “Civil War.” So, after weeks, if not months of trash talking, crypto’s most recent shouting match has begun to come to a screeching halt.
Bitcoin ABC Leaves SV in the Dust
After months of anticipation, crypto investors woke up giddy on Thursday morning, as the scheduled Bitcoin Cash hard fork remained at the forefront of this industry’s mind. In the hours preceding the network upgrade, banter regarding Bitcoin Cash’s proposed future began to ramp up, with everyone and their mother quipping about this conflict.
Related Reading: BCH Fight: Bitcoin Cash Bashing Heats Up, Rivals Duke It Out Ahead of Hard Fork
Craig Wright, dubbed “Faketoshi,” issued the following message on Twitter just hours before the fork, furthering his sentiment that his enemies, which comprise of Bitmain, Bitcoin.com, and other industry hotshots, are “scammers” and nonsensical.

There will be no split.
Do not listen to ABC scammers.
If you split coins, you will just end with nothing https://t.co/BcxJk2cF4Z
— Dr Craig S Wright (@ProfFaustus) November 15, 2018

But, as the upgrade neared, it became clear that something was amok, as rumors arose that Bitmain-backed miners, who are in cahoots with Bitcoin ABC (ABC) were poised to meet this fork head-on. And, of course, these rumors materialized into reality as ABC quickly overtook Craig Wright’s “Satoshi Vision (SV)” following the upgrade, which activated during Bitcoin Cash’s 556767th block.
Within minutes, even though Bitcoin ABC suffered a suspected spam attack, Roger Ver’s client of choice left SV in the dust due to the influx of hashrate that ABC experienced.
Related Reading: Bitcoin Cash War Begins: Hash Power of BCH Increasing Rapidly
Just 40 minutes after activation and the subsequent hard fork, Joseph Young, a well-regarded crypto journalist, explained that “[it] seems like a win for BCH,” adding that “[there’s] certainly not enough for a 51% attack on BCH… SV nodes reportedly crashing.”
While SV supporters held tight to their liferaft, ABC supporters celebrated, with Vitalik Buterin, co-founder of the Ethereum Project, even joining a livestream of the event to congratulate Roger Ver and his peers. Speaking to a handful of prominent Bitcoin Cash community members, Buterin noted:
“I’m at this economics conference, but I just wanted to congratulate everyone on this hard fork… I do think that there is real value is kind-of letting nodes have some say.”
Although Buterin’s cry of victory might have been premature in the eyes of Craig Wright, SV continued to struggle and falter, as the forked network’s hashrate dwindled and block times stuttered.
As simply put by Emin Gün Sirer, a Bitcoin-friendly Cornell professor, “Risk. Finance.” Sirer later doubled-down on his advocacy for ABC, explaining that SV was flawed from the get-go. He elaborated:
“This point is at the heart of the main lesson from the BCH hashwar. One cannot assemble a good team just with money. To attract top notch talent, you need a strong, scientifically valid vision and novel, exciting tech, among other things. BSV has none of these.”
Now, over 12 hours after upgrade’s activation, Bitcoin ABC has pulled 48 blocks ahead of its primary competitor, with some pointing out that this is likely to be the nail in the coffin for Satoshi’s Vision.
Nail in the Coffin… Or Just a Ploy?
While this lead is undoubtedly convincing, some are skeptical about ABC’s victory. WhalePanda, a diehard Bitcoin maximalist, recently took to Twitter to explain that ABC’s hashrate victory was catalyzed by Jihan Wu’s involvement in this debacle.
Panda also divulged that checkpoints have been installed in ABC to mitigate the risk of 51% attacks, subsequently calling the “valid chain” centralized.

Just woke up: So apparently Jihan took a lot of hashpower from Bitcoin to mine on $BCH. He got really scared and is burning a lot of money. https://t.co/RbObgu5fiSThey added a checkpoint to prevent attacks. It means that 1 person is saying what is the valid chain = centralized.
— WhalePanda (@WhalePanda) November 16, 2018

Francois Pouliot, a Canadian Bitcoin savant, also commented on the fact that this battle could be far from over. Pouliot, adding to the crockpot of rumors surrounding the event, noted that SV “may be pulling off a massive reorganization of ABC.”
While he chalked up his claims to a mysterious 1.1M BCH transaction, lack of hashrate on Bitcoin, along with “numbers not adding up,” critics have noted that the reorganization call is unsubstantiated.

The plot thickens?
BitcoinSV may be pulling-off a massive reorg of the BitcoinABC chain. If they can sustain a secret chain after 100+ blocks? When trading resumes?
Calvin and Craig are poker players. Ace up their sleeves? Mysterious 1.1M BCH tx? Where did the hashrate go?
— Francis Pouliot (@francispouliot_) November 15, 2018

Regardless, as a result of the continued confusion around the “true winner” of this fork, BCH has continued to capitulate, indicating that this multi-month conflict instilled more fear than faith in crypto investors at large.
Featured image from Shutterstock.
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