What Makes Binance the Most Profitable Crypto Exchange in a Bear Market

Binance, the world’s leading cryptocurrency exchange by volume, is also doing great in terms of profitability, its chief financial officer told CNBC.
The statement follows one of the most extended bear phases in the cryptocurrency market, during which the industry lost almost one-third of its valuation. The depressive trend prompted many small and medium-size crypto companies to shut down their operations. At the same time, big firms like Bitmain and ShapeShift resorted to layoffs to compensate their losses.
But Binance walked in a different direction, according to CFO Wei Zhou, who claimed that they remain a profitable business even in a bear market.
Guessing the Profits
Binance CEO Changpeng “CZ” Zhao estimated that their 2018 earnings would be anywhere between $500 million to as high as $1 billion. CZ explained that they had earned $300 million in the first half of a bearish 2018, while their number of customers had increased to 10 million at the same time.
However, the company didn’t release any quarterly or annual reports to justify its projects. Media reports self-calculated Binance profits based on its token buyback and token burning event. As mentioned in its whitepaper, Binance would spend 20% of its total monthly benefits to buy back its native utility token BNB. Eventually, the exchange would push 100 million BNB out of circulation. Therefore, with simple maths, one only has to multiply BNB totals with its per token price on the day of the burn to get a rough USD-equivalent profit.
So far, Binance has conducted six quarterly BNB buybacks, in which it burned a total of 10,824,871 BNB tokens, which is close to $131.02 million. So, the total profits made by Binance between Q3-2017 and Q4 2018 should be approximately $655.14 million. Meanwhile, its most successful quarter is Q4 2017, when the crypto market was at its prime. During that time, the exchange posted $200 million in profits.
Source: The Block
Meanwhile, the same report shows that Binance fell just short of meeting its annual profit estimates. As calculated by the Block, the company generated $446 in total profits, $54 million lower than CZ’s minimum target. The gains continued dropping with each passing financial quarter, noting its most miserable period in Q4 2018, in which Binance earned close to $50 million. That is 75% less than what the exchange made during Q4 2017.
Why so Profitable
Launched in July 2017, Binance was already a famous name after it raised $15 million in an ICO funding round. By March 2018, the exchange surpassed competitors like Coinbase and BitFinex to become the world’s largest crypto exchange by trading volume. It remained at the top of the exchange board albeit the trading volume fell significantly during the 2018’s crypto meltdown.
It is evident that users love Binance, most notably for its ability to process up to 1.4 million orders in a second. More importantly, the exchange cuts back its BNB supply quarterly, which makes it an attractive asset for traders from profitability.

Thank you, Andrew! https://t.co/n36dLKVnBB
— CZ Binance (@cz_binance) February 13, 2019

As a company, Binance has grown arms everywhere, be it the development and subsequent launch of their ICO-friendly Binance Launchpad platform, or their investments into blockchain tech startups.
The company has also expanded into new regions. In Bermuda and Malta, for instance, Binance signed a memorandum of understanding (MoU) with their governments and regulators.

Binance Coin hit an ATH against BTC and is up nearly 2x against USD since January. @cz_binance – DEX– Financially stable– Successful Binance Jersey launch– $400M+ profit in 2018– Coin burn ($9M in Q1 2019)
Seems like investors are confident.https://t.co/ga3c5M1ZKe
— Joseph Young (@iamjosephyoung) February 11, 2019

The company also launched new divisions in Jersey and Uganda to gain influence in European and African markets. In August 2018, Binance raised $32 million for a stable coin project. And the very latest, the exchange partnered with Israel-based payment processor Simplex to simplify cryptocurrency purchases via traditional banking methods.
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Crypto Analyst: Bitcoin Investors Are Underwater, But BTC Bounces Back Quickly

Bitcoin’s highly publicized meteoric rise to its all-time high of $20,000 in December 2017 was a classic bubble cycle at its peak. The media attention and hype from individuals talking about the crypto on social media and in social circles sparked FOMO (fear of missing out) in retail investors who eventually got burned when the price of BTC collapsed starting in January 2018.
Throughout the current bear market, due to early investors getting in long before Bitcoin went parabolic, collectively, investors were able to stay above water. But once support at $6K broke and capitulation set in, Bitcoin investors became deep underwater and are still drowning in losses since. However, according to data shared by a prominent crypto analyst, Bitcoin is “seldom underwater” and it could signal that investors could be seeing gains again in the future.
Bitcoin Investors Have Only Been Underwater for Under 2 Out of 10 Years
Bitcoin has been rightfully lauded for the asset’s ability to produce substantial gains not seen in traditional financial assets or investments. Even at current prices of roughly $3,600, from the first ever recorded BTC price of $0.003 represents a 120 million percent increase – gains that are typically unheard of in other markets.
Due to the first ever cryptocurrency’s rise from practically worthless, to nearly $20,000, there have been many opportunities for investors to become profitable in their journey alongside Bitcoin and rarely are investors underwater on their BTC holdings.
Related Reading | Bitcoin Bottom Doesn’t Matter, Last Time General Population Can Afford Entire BTC 
According to a price chart from CoinMetrics that approximates the price paid for all circulating coins – as was shared by prominent crypto analyst Willy Woo – Bitcoin investors are underwater for only the third time in the technological and financial breakthrough’s ten years in existence.

What I like about @coinmetrics’ Real Cap is that it approximates what was paid for all the coins in circulation. Right now, as an aggregate, investors are underwater. For savvy long term investors this is an exciting time. BTC is seldom underwater. pic.twitter.com/1wfdU0rEiK
— Willy Woo (@woonomic) February 13, 2019

Only two times before the current dive have investors went underwater.
At the tail end of 2011, Bitcoin took a three-month dip into the water starting around September when price fell from nearly $8 in late August, all the way down to roughly $2 in November of the same year. It wasn’t until December when BTC made a recovery and came up for a breath of air.
During the dreaded 2014-2015 bear market following the Mt. Gox disaster, Bitcoin again fell deep underwater in January 2015 and stayed there until early November of the same year.
In total, Bitcoin has spent only around 18 months out of the ten years since the Genesis Block with investors of the asset underwater. Given Bitcoin’s resiliency and ability to bounce back, the market may be closer to establishing the ever elusive bottom.

Bye-Bye BTC Bear Market? Not So Fast
While the data does show that Bitcoin investors falling underwater could indicate a bottom is in or at least near, the same data could also be a sad signal for bulls.
Should Bitcoin’s price follow a similar path and trajectory as the 2014-2015 bear market, and it has done so eerily closely thus far, investors in the asset may be stuck spending another 7-9 months underwater before a bull trend resumes.
Related Reading | Crypto Analyst Expects Strong Bitcoin Bounce, Monthly MACD Signals Bottom 
The previous time Bitcoin went underwater, it stayed there for 11 months before a relief rally occurred that wasn’t immediately batted down by overhead by bearish resistance. The current bear market only dove underwater following the break of critical support at $6,000 back in November of last year, which could suggest that the bear market has a lot longer to go before the end of crypto winter is here.
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Analysts Claim That Ethereum and Litecoin Are Currently Bearish Despite Recent Gains

Following last week’s incredibly positive price action in the crypto markets, Bitcoin and most major cryptocurrencies have been able to maintain a large majority of their recent price gains. At the time, this positive price action allowed Litecoin to skyrocket over 30% and Ethereum to surge well over 10%.
Despite this, both Litecoin and Ethereum may soon see increased selling pressure, as multiple analysts view these cryptocurrencies as bearish for the time being.
Analysts Claim Ethereum Likely to Drop Towards $114 in Near Future 
At the time of writing, Ethereum is trading up just under 1% at its current price of $122 and is up significantly from its weekly lows of $103.
Although Ethereum is expressing stability at its current price levels, it has tried to break above $124 on multiple occasions since pumping late-last week, signaling that this price will likely prove to be a level of relative resistance for the cryptocurrency.
The Cryptomist, a popular cryptocurrency analyst on Twitter, recently shared her thoughts on Ethereum’s current price action, noting that ETH is likely to drop towards $114 before seeing further price gains at a later time.
“$ETH… 130 target hit… Short term fall coming; rising wedge and bearish div… First target $114… Still believe we can see $150 region at a later time,” she explained.

$ETH
130 target hitShort term fall coming; rising wedge and bearish divFirst target $114
Still believe we can see $150 region at a later time pic.twitter.com/AbecEk2Qp2
— The Cryptomist (@TheCryptomist) February 13, 2019

Other cryptocurrency analysts share a similarly bearish sentiment on ETH, with GeorgeCrypto, another popular analyst on Twitter, noting that he is going short on Ethereum after it hit its range high in the mid-to-upper $120 region.
“$ETH | Just went short. Range high swept, expecting a test of range low. Close 50% on a sweep of the low into support. See what we get next. Will update,” he said.

$ETH | Just went short. Range high swept, expecting a test of range low. Close 50% on a sweep of the low into support. See what we get next. Will update. pic.twitter.com/WHQ89mrxiy
— GeorgeCrypto (@George1Crypto) February 13, 2019

Litecoin Sees Increased Selling Pressure as Crypto Markets Trade Mixed
At the time of writing, Litecoin (LTC) is trading down nearly 4% at its current price of under $42. Last Friday, Litecoin led the market surge and climbed over 30% from lows of $32 to highs of $47.
It now appears that Litecoin has been unable to garner a significant amount of buying pressure at its current price levels, as it has been gradually drifting lower ever since it first reached weekly highs of $47 this past Sunday.
Hsaka, a popular cryptocurrency analyst, shared his thoughts on LTC in a recent tweet, claiming that Litecoin is bearish below roughly 0.0117 BTC, which is slightly above its current price of 0.0115 BTC.
“$LTC… Where did all the ‘LTC is the market leader’ posts go? Currently short from 1206, bearish below the red levels.”

$LTC
Where did all the "LTC is the market leader" posts go?
Currently short from 1206, bearish below the red levels. pic.twitter.com/3mMha86BRF
— Hsaka (@HsakaTrades) February 13, 2019

Although Litecoin has witnessed a sizable drop today, most cryptocurrencies are trading up or down marginally, with XRP trading up 0.3% at its current price of $0.30, EOS trading down 1.4% at $2.87, and Bitcoin Cash trading up 0.2% at $122.78.
Featured image from Shutterstock.
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Bitcoin (BTC) Holds Above Support at $3,550, May Soon See Increased Bullish Momentum

Since Bitcoin (BTC) made its large upwards swing last Friday, it has been able to hold steady above its support level at $3,550, bouncing back into the $3,600 range each time this price level is touched. Importantly, its ability to hold above this price level signals that the cryptocurrency’s bulls are not yet ready to surrender its recent gains to the bears.
Now, multiple analysts concur that Bitcoin could soon see increased bullish momentum if it is able to continue holding decisively over its key support levels.
Bitcoin Stable Above $3,600, Could Soon Surge Higher
At the time of writing, Bitcoin is trading down marginally at its current price of $3,630. Bitcoin has only dipped into the upper $3,500 region on a few occasions, and each time formed long downwards wicks, which signals that relatively large buying pressure exists in this region.
Chonis Trading, a popular cryptocurrency analyst on Twitter, spoke about BTC’s ability to hold above this price level in a recent tweet, further adding that the cryptocurrency’s stability has allowed other cryptos to make bigger price moves.
“$BTC – lower bb support has shown strong after several attempts to close below as the 4hr bb’s tighten up, still wide on higher time frames… $3550’s has been tested 3 times in the past day and held… #bitcoin ranging alowing [sic] alts bigger % moves,” Chonis explained.

$BTC – lower bb support has shown strong after several attempts to close below as the 4hr bb’s tighten up, still wide on higher time frames … $3550’s has been tested 3 times in the past day and held…#bitcoin ranging alowing alts bigger % moves… pic.twitter.com/74yPZQ7h9s
— Chonis Trading (@BigChonis) February 13, 2019

UB, another popular cryptocurrency trader on Twitter, shared his thoughts on Bitcoin yesterday evening, noting that he is waiting for its price to dip to the mid-$3,400 range before entering into any long positions.
“$BTC 1D – Three days of lows taken after today’s close… In typical BTC fashion, I wouldn’t be surprised if it wicked to either of the ‘X’ on the chart before another leg down… I’m still interested in entering into a long position if $3480 – $3430 holds as support.”

$BTC 1D – Three days of lows taken after today's close.
In typical BTC fashion, I wouldn't be surprised if it wicked to either of the "X" on the chart before another leg down.
I'm still interested in entering into a long position if $3480 – $3430 holds as support. #Bitcoin pic.twitter.com/qIPT4kqRS1
— UB (@CryptoUB) February 13, 2019

Analyst: Drop Below Support Could Send BTC to Below $3,000 
Although Bitcoin’s ability to hold above $3,550 is positive for the cryptocurrency, analysts also note that BTC may dip into the $2,000 region if its price is unable to hold above key support levels.
Bitcoin has held above its key support levels so far, but a break below them could sent its price below $3,000.
While speaking to MarketWatch, Nick Cawley, an analyst at Daily FX, explained that BTC is currently trading between its 20-day and 50-day moving averages, which exist at $3,500 and $3,630 respectively. Cawley explained that a break below BTC’s support level, which currently exists at or around the 20-day moving average, could lead to a drop below $3,000.
“Bitcoin continues to trade in a range with little fundamental news to drive prices action… The recent sideways movement now sees BTC trading between the 20-and 50-day moving averages, yet still a long way below the 200-day MA. A break below support opens the way to $2,970, the September 15, 2017 swing-low ahead of the July 16, 2017 low around $1,790,” Cawley explained.
Although Bitcoin is presently trading flat, throughout recent history long periods of sideways trading have been proceeded by large price swings. BTC’s technical formations and strength despite this bout of involatile trading will give analysts and traders alike greater insight into how likely BTC forming another upwards leg is.
Featured image from Shutterstock.
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Bitcoin Giant BitMEX: Major Financial Crisis Could Be Several Years Away

The economy is doing just fine, they say. No, maybe not. A growing number of economists (and notable ones at that) have begun to tout theses accentuating that the world’s economy isn’t in clear waters, in spite of the seemingly ever-rallying stock market. Bitcoin giant BitMEX’s research division broke down this subject matter on Tuesday, as it released an extensive study regarding the “anatomy” of the potentially inevitable global fiscal imbroglio.
Hold on to your hats, what they wrote wasn’t all too pretty.
The Impending Crisis & Bitcoin
The research unit at the Hong Kong-headquartered exchange first laid out a number of ground rules, explaining that since the rise of modern society, financial crises have brutalized investors every decade or so. BitMEX Research went on to leverage dozens of statistics to outline the state of the global economy as it stands.

MUST READ. IT’S HAPPENING.
Anatomy Of The Next Global Financial Crisis – BitMEX Blog https://t.co/YuEx7Bxt9R
— Max Keiser, tweet poet. (@maxkeiser) February 12, 2019

Long story short, the team of researchers and analysts noted that the current financial system is currently unstable and fragile, backing their claim by drawing attention to the dichotomy between the overall lack of volatility and sudden spikes in the VIX. They noted that this instability has only been underscored by low-interest rates and a tumultuous political climate (think Brexit, Trump/China, and the Yellow Vests), making it all the more likely that a crisis is brewing under the surface.
And with all that in mind, BitMEX’s research team noted that maybe it would be wise for investors to start building portfolios that mitigate risk. The exchange’s team wrote;
“Maybe one could construct a portfolio of VIX calls, long dated corporate bond ETF puts, index-linked government bonds, hedge funds specializing in volatility, gold and maybe to a lesser extent, even Bitcoin. Again, although one cannot know when these events will occur, perhaps now is a time to adjust one’s investment portfolio.”
Related Reading: European Central Bank Exec: Bitcoin is the “Evil Spawn of the Financial Crisis”
Financial Incumbents Are Waving Red Flags Too 
Even the mainstay in the legacy financial realm, the International Monetary Fund (IMF), has begun to express a sentiment that should have both institutions and common Joes worried. In a recent speech at the World Government Summit in Dubai, IMF’s Christine Lagarde remarked that there are “four clouds” closing in on the global financial environment, even quipping that a “storm” might strike.
Lagarde explained that these clouds include the trade spats between the U.S. and China, quantitative tightening, Brexit, and, arguably most importantly, the “heavy debt” that governments, individuals, and corporations alike have garnered.

And according to a recent piece from MarketWatch, the amount of U.S. national debt just breached a record $22 trillion earlier this week, solely cementing the idea that the world’s economy could be in dire straits. In response to this swelling statistic, the Peterson Foundation, an American financial services group that is focused on amending the nation’s economic issues, claimed that the fiscal situation is “not only unsustainable but accelerating.”
While some claim that by some holy miracle, the U.S. government will find a way to pay its debts (or default on them without a macro meltdown), a mass of economists is seemingly claiming that the end is nigh.
Ray Dalio, the co-founder of the world’s largest hedge fund, Bridgewater Associates, recently drew eerie parallels between today’s environment and the one seen in the midst of the Great Depression. In a comment made at Davos, the world-renowned investor, who has become a market pessimist as of late, explained that from 1929 to 1932, there was a lot of “printing of money, and purchases of financial assets,” much like today.

If you don’t want to hear it from one of America’s wealthy men, for some reason, others have made similar comments. Dr. John Hussman, an American economist & investor with a track record of prediction crises, noted that the earnings growth that investors have postulated is likely to “fall short of what we’ve observed over the past couple of decades.” Hussman coupled this with the idea that investment advisors are tacitly promoting “reckless speculation” to conclude that stocks are trading at “most obscene valuations” ever.
Even Kenneth Rogoff, an economics professor at Harvard University and a former IMF chief economist, expressed dismal sentiment in a recent Guardian op-ed. Rogoff remarked:
“Unfortunately, an inexorably growing financial system, combined with an increasingly toxic political environment, means that the next major financial crisis may come sooner than you think.”
Could Crypto Be The Answer?
Travis Kling sure does think that cryptocurrencies, especially Bitcoin, could be the answer to a crisis, or at least the asset that will be left standing after such an event. Kling recently stated that Bitcoin is a perfect hedge against “fiscal and monetary policy irresponsibility.” He stated that the monumental rise of employed quantitative easing (QE) strategies is “how you would write the script” for the adoption of cryptocurrencies, especially ones that tout a decentralized nature.
Trace Mayer, a long-time Bitcoiner and a zealous anti-establishment thinker, echoed Kling’s concerns regarding the buildup of public debt. In a recent tweet, Mayer remarked that it’s been a mere 11 years since the 2008 recession, but that governments and society at large haven’t learned, accumulating $87 trillion more debt as humanity’s relentless lust for growth continues.

https://t.co/7mqtD0i5M2
11 years later with $87T more debt. Second verse is little bit louder & little bit worse.
Except now liquidity pyramid's safe & liquid tip $gold has new neighbor: #Bitcoin
And 99% cash & 1% $BTC can be a very good risk/reward portfolio construction. pic.twitter.com/wZy29LvXAN
— Trace Mayer (@TraceMayer) February 13, 2019

Echoing analysis done by PlanB, Mayer then concluded that a portfolio consisting of 99% cash and 1% Bitcoin could be great from a risk/reward perspective, and could outperform in a worldwide bear market.
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SEC Taking Time to Approve Bitcoin ETF Makes “Perfect Sense” Says Bitwise, Even Gold Took a While

2,500 of the world’s foremost investment professional descended on Hollywood this week to talk exchange-traded funds (ETFs). While much of the discussion between the who’s who on Wall Street was centered around traditional vehicles, talk surrounding Bitcoin (BTC)  and cryptocurrency products came to light.
In an interview with CNBC’s Bob Pisani, a leading representative of the cryptocurrency space expressed optimism towards the launch of a product, which could thaw BTC out of a price crash-induced cold snap.
Related Reading: Bitcoin ETF Approval Could Ease EU Regulators Concerns About Crypto
SEC Is Coming To Understand Crypto’s Issues
Bitwise Asset Management CEO Hunter Horsley, a guest on CNBC’s segment, first noted that by many, if not most measures (save for price), 2018 was a solid year for crypto’s facets. Horsley remarked that while token values plummeted, in “everything you can wish for,” strides were made, especially in terms of market structure and participation. He drew attention to Fidelity’s up-and-coming custody product, CME’s and CBOE’s futures, along with participation from university endowments, Facebook, and Samsung to give his point some credence.
So, he concluded that cryptocurrencies as an asset class are in their “most viable” state ever. That led Horsley to his next point, as he remarked that considering the market conditions, a crypto-linked ETF could be the logical next step.

Fun chatting with CNBC’s @BobPisani at #InsideETFs today. We spoke about the @BitwiseInvest @NYSE Bitcoin ETF filing and the state of the crypto market coming out of 2018. https://t.co/H8u8FAoAjO
— Hunter Horsley (@HHorsley) February 12, 2019

First, the Bitwise C-suite member remarked that his firm’s S-1 application, filed just weeks ago, will be reviewed by the U.S. Securities and Exchange Commission in March.
Then, when questioned by the CNBC anchor regarding the SEC’s apparent fears of market manipulation, a byproduct of nascent, overseas-based markets, and custody, Horsley responded with confidence.
The former Facebook and Instagram product manager explained that from his firm’s point of view, the SEC has “a lot more understanding in place” regarding the state of cryptocurrency markets. And while “the numbers you see on various crypto-related websites [often] aren’t accurate,” Horsley pointed out that a fleshed-out comprehension of the industry’s inner workings is what truly matters. Concluding his comments on the SEC’s role in the Bitcoin ETF realm on an optimistic note, the industry heavyweight stated:
“Leverage ETFs took five years. Actively-managed ETFs took six or seven years. Even gold, which has been around for thousands of years and had a product in Australia, took three years from S-1 to initial launch. And I think that the fact that the SEC has taken a couple of years to get comfortable with [cryptocurrencies] makes complete sense. It’s not that they are anti-crypto, but they’re pro-investor.”
The Bitwise chief executive’s hopeful comments come just a day after Ric Edelman, a well-respected American investor with decades in the business, quipped that the launch of Bitcoin ETF has an inevitability. Per previous reports from this very outlet, Edelman, a world-renowned financial services guru, noted that trading of a cryptocurrency product on U.S. markets is a matter of “when,” not “if.”

Like Horsley, the Philadelphia-based investors explained that the regulatory incumbents with jurisdiction over digital assets are slowly coming to terms with the state of this embryonic space.
The Importance Of A Bitcoin ETF
In response to a query from CNBC host Pisani regarding the potential impact that a crypto fund would have on the ecosystem, Horsley noted that for a vast number of investors, an ETF would be an “enabling moment,” whereas thousands, if not millions of consumers would suddenly be enticed to make a proper foray into the Bitcoin realm.
While Horsley seems to be in agreement with the theory that a publicly-traded cryptocurrency fund could be the greatest thing to ever happen to this ecosystem, some have politely refuted this thought process.
Just yesterday, Alec “RhythmTrader” Ziupsyns noted that if Square, a fintech upstart headed by Twitter CEO Jack Dorsey, integrates the Lightning Network, the effect on the market would be larger than a Bitcoin ETF and Bakkt combined.

Even Anthony Pompliano noted that there’s a fleeting chance that the eventual launch of a Bitcoin ETF could not turn out as some expect, as the hype surrounding such a product could be overstated. In an interview with BlockTV conducted in January, the Morgan Creek Digital co-founder postulated that if BTC didn’t run off the SEC’s approval of an ETF, investors’ psyche would likely be damaged en-masse, potentially hurting this industry’s long-term potential.
Anyhow, the overwhelming majority have stuck with the idea that when a Bitcoin ETF finally comes to market, this industry will see interest from millions of consumers once again, as barriers to entry get wiped away once the SEC gives a green light.
Featured Image from Shutterstock
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Bitcoin is Not Only a Hedge Against Inflation, But a Cashless Society Too

Bitcoin (BTC) may have lost over 80% of its value over the past 13 months, but many have argued that its underlying value proposition has only become more and more apparent. Hasu and Three Arrows’ Su Zhu, two crypto researchers, touched on the subject matter on Tuesday, when they released a collaborative blog post outlining the value that Bitcoin poses to a society rife with government-issued digital money.
Related Reading: Banks are Better than Bitcoin (When It Comes to Money Laundering)
E-Money To Make Society Vulnerable To Surveillance, Control
Cash, not money (yes, there’s a difference), has existed for hundreds, if not thousands of years. For those who missed the memo, cash is inherently a peer-to-peer, permissionless, and private medium.
Yet, with the rise of the digital payment services in mind, Hasu and Zhu argue that the hegemony that forms of cash has established itself could be coming to an end. The duo writes that PayPal, Venmo, Square, and products of similar caliber and nature “remove every need for cash,” as they’re marketed as faster, cheaper, and more efficient forms of payment.

New article with @zhusu where we argue that the elimination of cash, even if most payments are already digital, will make society more vulnerable to surveillance, financial control, and authoritarianism.https://t.co/kRVwaJM7Cr
— Hasu (@hasufl) February 12, 2019

The database tracking these transactions made with online money is already available for the powers that be, allowing the establishment to watch over society with a Sauron-esque eye. And with the seemingly relentless rise of these services and ecosystems, cash could become a thing of the past in the near future. They explain:
“The use of cash in larger denominations has become so stigmatized in the US and Europe that withdrawing or carrying above a certain amount requires explicit government permission… We will argue that the elimination of cash, even if most payments are already digital, will make society more vulnerable to surveillance, financial control, and authoritarianism.”
While the absence of private, permissionless mediums of exchange wouldn’t necessarily be a problem if humans were non-fallible, such a sterile utopia only exists in the minds of sci-fi writers. Thus, Hasu and Zhu noted that while governments would claim that going cashless protects citizens, censorship, fund confiscation, and the like would become the norm.
But that’s where Bitcoin comes in. They explain that the crypto asset could become a viable hedge against a cashless society. It was noted that while Bitcoin evidently has a use case as a deflationary asset, much like gold, it’s best used as a new breed of money — digital cash, “that combines the benefits of physical cash with the benefits of digital payments.”
Bitcoin Has A Bright Future
Hasu and Zhu aren’t the only industry insiders with this specific thesis regarding Bitcoin’s value in the real world. Arthur Hayes, the chief executive of the Hong Kong-headquartered BitMEX, took to his company blog at the start of 2019 to make a similar argument, accentuating that an entirely cashless society isn’t optimal.

As reported by NewsBTC previously, Hayes explained that as technology and the Internet continue to overtake all facets of society, a centralized, government- and corporation-backed e-money will likely become only “natural.” While such a system would be efficient for the common Joe and Jill, who crave for convenience and efficiency, such a form of sovereign digital money would increase the propensity for consumers to hand over their formerly private data.
Much like Hasu and Zhu, Hayes explained that the world’s first blockchain network is uncensorable, borderless, non-inflationary, and most importantly (in the eyes of Hayes), private — a far cry from the centralized monetary systems of the future. The BitMEX CEO explained that privacy is an integral part of any well-function society, making a system like Bitcoin more than essential.
Even if society doesn’t opt to adopt a fiat digital medium of exchange, many argue that Bitcoin still has a very bright future ahead of itself. In comments made at an alternative investment event in the Grand Cayman, Travis Kling, the chief investment officer of the Los Angeles-based Ikigai, remarked that Bitcoin is a perfect hedge against “fiscal and monetary policy irresponsibility.” He stated that the monumental rise of employed quantitative easing (QE) strategies is “how you would write the script” for the adoption of cryptocurrencies, especially ones that are fully decentralized.
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Coinbase Cryptocurrency Wallet Introduces Cloud Storage for Private Keys

The popular cryptocurrency exchange Coinbase has launched a new feature for its stand-alone digital asset wallet. The software will offer users the ability to back up their private keys using either Google Drive or iCloud.
The idea is to give users of the Coinbase Wallet a safety net in the event that they lose access to the device upon which the software is installed or happen to misplace their private keys somehow. However, some in the cryptocurrency community have highlighted that the saving of private keys on cloud storage services could expose users’ funds to additional threats.
Cloud Storage of Keys Comes to Coinbase’s “User-Controlled” Wallet
San Francisco-based Coinbase is one of the few exchanges to launch its own wallet software, helping promote the kind of monetary sovereignty Trace Mayer’s “Proof-of-Keys” event championed on the 10th anniversary of the Bitcoin network going live. Users of the Coinbase Wallet are the sole holders of their private keys. As such, they potentially enjoy a much higher degree of security than those choosing to leave money on centralised exchanges, which are prone to hacks and other security breaches.
The latest feature launched for the Coinbase Wallet is a built in option to back up the user’s private keys to either Google Drive or iCloud. This is supposed to provide them an additional way to access their cryptocurrency holdings should they lose access to the wallet for some reason.
According to a Coinbase blog post, copies of the private keys stored to the cloud will be encrypted and require the wallet’s password to access:
“Your backup is encrypted with AES-256-GCM encryption and accessible only by the Coinbase Wallet mobile app. The backup can only be decrypted using your password.”
The post goes on to state that Coinbase will not have access to users’ passwords or funds at any point when using the wallet. They also state that the cloud service provider will not have access to either since the keys can on only be decrypted with the user-set password.
Coinbase says that it still encourages users of its wallet software to backup their private keys manually. The post also reminds users of the importance of using two-factor authentication as an additional security precaution.
Optimisation for Convenience Always Costs Some Security
Not everyone is impressed with the latest update for the Coinbase Wallet. Podcaster and long-time Bitcoin proponent @WhalePanda Tweeted the following:

At the @coinbase team meeting: "What's the dumbest thing we could come up with now that we've gone full shitcoin?"https://t.co/8JaLv8W7j4
— WhalePanda (@WhalePanda) February 12, 2019

In the comments to the above Tweet, other community members voiced their concerns about the update. One called it a “hackers dream”.
Others were more understanding of Coinbase’s stated motives in their responses but still called it a dangerous idea generally:

To be fair, it's an encrypted backup. Unfortunately most people don't bother making their passwords secure, and relying on there being no bugs with the encryption implementation just adds one more thing to worry about.
— Random Name (@username0ne) February 12, 2019

Others still argued that such user-friendly functions on digital currency wallets are necessary if Bitcoin and others are to see the sort of widespread adoption many in the space are hoping for:

If you want mass adoption, you have two options. Banks hold Bitcoin, so people can spend it with their Credit Cards or you simplify Wallets as far as possible, key backups are the most critical part.
— skiddi3 (@skiddi3_) February 12, 2019

Whilst it is certainly true that users of the Coinbase wallet opting to back up their keys to the cloud are creating an additional attack vector against themselves, for some the convenience will be worth the slight reduction of security. No cryptocurrency storage method is truly impenetrable and different types of users require different levels of security. Some are willing to sacrifice a little (or even a lot) for greater convenience. Providing they are aware of the additional risks, they should be free to make their own decisions.
 
Related Reading: New Coinbase Venture Lets You Earn Free Crypto, BAT Surges 30%
Featured Image from Shutterstock.
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Police Mistake Crypto Mining Rigs For Drug Den in Raid Gone Wrong

Police in Adelaide, Australia raided the home of Rob Butvila expecting to find a marijuana grow room, but instead they found an elaborate crypto mining set up, complete with a ventilation system to keep heat the miners generate at bay.
Butvila is now considering taking legal action against the local police department after they left the man’s home in shambles and are refusing to respond to requests to help with damages.
Police Destroy Man’s Home In Search for Drugs, Discover Crypto Miners Instead
Police and other government agencies use a number of tactics to sniff out marijuana growing operations, both at large scale and even in individual’s homes. These tactics can include using an infrared heat detector to locate potential light sources emitting heat, watching out for skyrocketing energy bills, or searching for ventilation systems that allow airflow around marijuana plants and help to contain strong odors emanating from grow rooms.
Unfortunately, for crypto enthusiasts, an advanced crypto mining setup can also cause an increase in heat, energy consumption, and a need for complex ventilation that could be mistaken for a grow operation, as Rob Butvila of Adelaide, Australia found out the hard way.
Related Reading | Estate of Columbian Cartel Kingpin Claims Tether Crypto Is Untrustworthy
Butvila’s home was raided by the South Australia Police (SAPOL) force over suspicions the home was actually a front for a grow operation. Butvila claims that he arrived home to find everything from “gates, doors and fence panels removed and broke,” so police could forcefully gain entry to the home.
“To make things worse they left the place wide open and a hard drive is now missing and the security camera cable has been cut,” he explained, continuing that “it would be at least [in] $1000 damage.”
Crypto Mining Confusion: YouTube Video Demonstrates Damage Done to Home
Butvila shared a video walkthrough of his home on Youtube that clearly shows broken doors and other damage, yet no grow room – only a rather small crypto mining setup.

A spokeswoman for SAPOL concluded that no evidence of any wrongdoing was discovered on the premises and that a note was “left for the owner to contract police,” who have yet to issue an apology.
Related Reading | Tools of the Trade: Monero and Privacy Coins Are Creating More Efficient Criminals
Police, according to Butvila, have also ignored inquiries about who would be responsible for the damages to his property during the mistaken raid, and even hung up when he called pressing for more information.
Butvila is considering legal action if the police don’t respond to quotes he’s received on what the damages would cost to repair, in order to restore his home and crypto mining setup to the condition it was in before the SOPAL raid.
Images from Shutterstock
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Researcher: Bitcoin Lightning On Square Could Be Bigger Than Crypto ETF, Bakkt Combined

Although many industry insiders talk a big game about the real world viability of Bitcoin, as it stands the cryptocurrency has seen little adoption. In fact, it has been anecdotally said that the number of brick and mortar merchants accepting BTC has plummeted, not risen over the past years.
Yet, this could change soon, as one of the most popular mobile applications in the U.S. was revealed to be slated to double-down on its in-house Bitcoin offering. Some have even argued that the integration could single-handedly propel this industry to new heights.
Related Reading: Analysts Applaud Square’s Bitcoin Strategy as Brilliant Despite Low Profitability
Twitter CEO Continues Bitcoin Crusade
In the past two weeks, Jack Dorsey, the chief executive of both Twitter and Square, has risen to monumental status in the cryptosphere. While he made brief comments about his enamorment with Bitcoin in early-2018, he went full evangelist in early-February, as he extensively touted the merits of an Internet-centric decentralized currency. On Joe Rogan’s Youtube podcast, the Silicon Valley guru claimed that the battle-tested Bitcoin could easily become the native currency of the entire Internet ecosystem.

Bitcoin is resilient. Bitcoin is principled. Bitcoin is native to internet ideals. And it’s a great brand.
— jack (@jack) February 5, 2019

He expressed a similar sentiment on Twitter. In fact, Dorsey made over 100 tweets regarding cryptocurrencies in a rant-esque fashion. Per previous reports from this outlet, the Bay Area native mentioned that Bitcoin is resilient, principled, native to the ideals of the Internet, and a great brand, in spite of cynics’ cries.
While this was jaw-dropping in and of itself, Dorsey made mention of his advocacy for the Lightning Network. In response to a tweet that outlined an idealistic system where people can tip satoshis for tweets (enabled via Lightning), the American entrepreneur noted that he “loves the idea.”
This one-liner, while innocuous in practically any other context, quickly catalyzed rumors that Dorsey’s Square, a fintech company with a higher valuation that Twitter, was hard at work on incorporating Lightning into its services.

Cool example of #BitcoinTwitter experimenting on the Lightning Network.
Torch received, now passing along to @starkness! #LNtrustchain https://t.co/YVMAv62fCN
— jack (@jack) February 5, 2019

Just days later, he took to Bitcoin bull Stephan Livera’s podcast to confirm these rumors. During the podcast, which also saw Lightning Labs chief executive Elizabeth Stark make an appearance, the Twitter CEO explained that Square’s integration of the scaling protocol is a matter of “when,” not “if.” Speaking on the rationale of eventually making such a move, Dorsey explained that his firm’s raison d’etre is to serve customers best, with Lightning only accentuating this goal.

He added that Square sees Bitcoin’s underlying nature as a currency, rather than solely a speculative asset. And as it stands, the widespread adoption of the Lightning Network is the most promising means to get to that end.
How Big Would Bitcoin Lightning On Square Be?
While Dorsey’s comments regarding his fintech upstart’s plans to integrate the Lightning scaling solution were open-ended, the magnitude of the future move was quickly comprehended.
Alec Ziupsyns, better known as RhythmTrader on Twitter, claimed that whatever form the integration takes, it will likely have a larger impact on the Bitcoin ecosystem than both Bakkt and a crypto ETF. This comment may have caught investors off-guard, especially considering the ever-growing thought process that a fully-launched Bakkt will be the startup to wrench Bitcoin out of this 12-month “crypto nuclear winter.”

Jack Dorsey says Lightning Network coming to Square's Cash App is a "when", not "if".
This will have a larger impact on bitcoin adoption than both Bakkt and an ETF.
The launch of the Bitcoin Network in 2009 was a global earthquake.
Now is time for the tsunami.
— Alec Ziupsnys (@AlecZiupsnys) February 11, 2019

Ziupsnys, who likened the initial launch of the Bitcoin Network to a global earthquake, added that the next phase of the asset’s life, which will involve Square’s Bitcoin offering, will be much like the subsequent tsunami.
Other industry insiders echoed Ziupsyns’ quip. In an interview with Tim Copeland of Decrypt Media, Jeremy Welch, the chief executive of Bitcoin hardware and software provider Casa, noted that Square’s (and Twitter by extension) support for Lightning would simply be “huge.” Welch explained that as Square is a “very well respected company,” with “great tech, great teams,” it’s doubling down on Bitcoin would be significant for both adoption and reputation. The entrepreneur explained:
“Silicon Valley hasn’t had the best view on Bitcoin overall. So, it would be significant on multiple levels, both in terms of adoption and their reputation and they have cachet with a lot of the bigger financial institutions.”
Featured Image from Shutterstock
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Controversial Crypto Exchange QuadrigaCX Linked in Binary Options Scam

Independent researchers have identified financial links between crypto exchange QuadrigaCX and a shady company.
The accusation surfaced after Spoofy McSpoofface, a Twitterati, found that the Canadian exchange had asked its customers to deposit money into a bank account owned by Hong Kong-based Valoris HK Ltd. The profile shared the screenshot of a Reddit thread from 2018 to validate its claims.

Like other forex and binary options scammers, Quadriga directed some of its customers to deposit money into "Valoris HK Ltd.," at Bank Pekao in Warsaw, Poland. #cryptocapitalhttps://t.co/UJLWwgQWGP pic.twitter.com/ZnjTmtPAdf
— Spoofy McSpoofface (@ExkrementKoin) February 11, 2019

In the thread, an unverified QuadrigaCX user claimed that the exchange was asking him via email to wire his deposits to Volaris’ bank account. In its response, QuadrigaCX confirmed that Crypto Capital, their international payments company, had sent the concerned email. It had explained:
“For wire transfers, we use the international payments company, Crypto Capital. These instructions are for our account with them. Unfortunately, banks in Canada will not permit Bitcoin companies to have bank accounts at their institutions.”
Valoris Connected to Binary Options Scammers?
The case, as mentioned above, confirmed that QuadrigaCX was using an offshore company called Valoris HK Ltd. for receiving customers’ deposits. QuadrigaCX admitted having a business relationship with the Hong Kong firm. Except, a separate report indicated that the company was also accepting deposits for forex and binary options scammers.
Spoofy McSpoofface posted a screenshot of an article published December 11, 2017, on Times of Israel, reporting that how a Canadian investor lost his life savings in an options scam. The victim stated that he had deposited $134,000 to the bank account of the same Valoris HK Ltd. Excerpts from the article:
“Curiously, an online search for this bank account reveals that it, or an account by the same name at Bank Pekao, is still actively receiving funds. The same account has been used to accept payments for TD Markets – a Binary Options and forex trading site – as well as QuadrigaCX, a bitcoin exchange that claims to be based in Vancouver, Canada.”
QuadrigaCX did not publish an independent financial audit since September 2015. Therefore, the exact sum of money transferred to or withdrew from the Valoris HK account could not be verified at press level.
$190 Million in Crypto Disappeared following QuadrigaCX Founder’s Death
By 2015, the only executive QaudrigaCX was left with was co-founder Gerald Cotten. He passed away in January 2019, allegedly taking the passwords of QuadrigaCX’s $190 million worth of crypto-reserves to his grave. The exchange later admitted that that loss of reserves had made them insolvent. Meanwhile, it filed for creditor protection at the Supreme Court of Nova Scotia. The court granted them 30-day protection.
Cotten’s death raised concerns, with many accusing the founder of faking it. Independent researchers later found that QuadrigaCX never had any crypto reserves and that the exchange was merely pitting traders against each other for executing their deposits’ and withdrawals’ requests.

1/ After a couple of days of combing through wallet explorers, examining TX IDs, addresses, and coin movements, I present to you all an analysis of QuadrigaCX's Bitcoin Holdings: https://t.co/HsAZFIjbmQ
— CryptoMedication (@ProofofResearch) February 3, 2019

The Ontario Securities Commission had declared that it would look into QuadrigaCX for potential regulatory anomalies. However, whether or not there would be a federal investigation into the $190-million scandal is unclear at this point.
NewsBTC is attempting to reach Valoris HK for press statements. Kindly return to this space for more updates.
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Wall Street Crypto Advocate Says Bitcoin ETF Is A Matter Of When: What’s Behind the Confidence?

All eyes may be on the QuadrigaCX imbroglio, but talk regarding the implications that a Bitcoin exchange-traded fund (ETF) could propose have continued. This isn’t without reason. Since the Winklevoss Twins effectively started the race for a publicly-traded crypto fund, deemed a “paradigm-shifting” product by post, the subject matter has plagued the front pages of crypto’s media outlets.
Anecdotally, it has been said that the launch of such an investment opportunity could be the rocket booster that could take this industry to the proverbial ‘moon’. While discussions about crypto-backed ETF are often imbued with an overarching sense of uncertainty and disbelief, a leading pro-crypto Wall Street investor claims that such a vehicle is “virtually certain” to eventually come into existence.
Related Reading: No One Needs A Bitcoin ETF & Bakkt, BTC Already Is Money: Crypto Investor
Launch Of A Bitcoin ETF Is “Virtually Certain”
This optimistic comment came by the way of Ric Edelman’s appearance on CNBC’s “ETF Edge” segment. Edelman, who runs a preeminent financial services company that shares his surname, told the financial outlet that there an inevitability to a Bitcoin ETF, in spite of the current market concerns and conditions.
Speaking with Bob Pisani, the Philadelphia native explained that a Bitcoin-backed product making it through the hoops the U.S. Securities and Exchange Commission (SEC) throws at it is a question of “when,” rather than “if.” Edelman did laud the SEC’s efforts to keep this nascent sector clean though, likely referencing the fears of manipulation, a lack of liquidity, insufficient custodial offerings, and minimal market surveillance mediums.

Waiting on a #bitcoin ETF? @ricedelman says it's an inevitability. https://t.co/WGxnMOvoEy
— CNBC's ETF Edge (@ETFEdgeCNBC) February 11, 2019

Yet, the Edelman Financial Services chairman commented that he’s confident that eventually, innovators in this space will push proper solutions to combat the SEC’s harrowing concerns. He even noted that moves to leave the financial regulator’s worries in the dust have already begun to come to fruition.
In response to a question regarding custody, Edelman name-dropped Fidelity, explaining that the Wall Street powerhouse is nearing the launch of its digital asset-centric platform. Case in point, just a week ago, the Boston-based institution revealed that it will launch its crypto custody product in a few months, potentially by some time in March. The American investor also lauded Kingdom Trust, along with a “number of other very serious players” in the custody field. He even noted that in “very short order,” VanEck and its partners should be able to satisfy the SEC’s qualms, effectively explaining that the SEC’s custody box has been ticked.
He added that from a fundamental point of view, institutional demand for solving crypto’s issue only accentuates that there is capital, human resources, and energy backing a Bitcoin ETF. Thus, the investor concluded that:
“Eventually we will see a bitcoin ETF and it’s at that stage that I will be much more comfortable recommending that ordinary investors participate.”
Edelman’s pro-crypto ETF comments come as another hopeful has joined the fray. According to a document filed to the SEC on Monday, Eric Ervin’s Reality Shares, a crypto-centric investment services provider, a semi-Bitcoin ETF is seeking to launch on NYSE Arc. 15% of the fund’s assets will be allocated towards CBOE and/or CME Bitcoin futures, while the remaining will be left for sovereign debt instruments denominated in fiat currencies like the British Pound, Japanese Yen, Swiss Francs, along with money market mutual funds.
While the product will only have a maximum 15% allocation into Bitcoin futures, some claim that this unique feature should allow the product to get a noticeable foothold in the SEC’s chambers.
Pent-Up Demand For Crypto Investment Still Present
While the incessant stream of applications may create a cause for concern that this yet-to-launch market is already oversaturated, this could be far from the case.

Per previous reports from NewsBTC, a survey conducted by Bitwise Asset Management, a San Francisco-headquartered crypto investment services provider, revealed that 35% of 150 financial advisors based in the U.S. would advise their clients to purchase cryptocurrencies if an ETF saw a launch.
Tom Lydon, the head editor at ETFTrends.com, echoed this sentiment in an interview with CNBC. Lydon noted that 74% of the advisors his outlet has interviewed have talked to their clients regarding a Bitcoin investment, yet few have gone through with a bonafide allocation. But with this launch of an ETF, an allocation would become that much easier to procure.
It is more than clear that there is demand for such a form of investment, but will the SEC bite?
Featured Image from Shutterstock
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BitTorrent Token Airdrop Completes, BTT Jumps 10%, TRX Falls

There is no better way to garner attention for a new crypto token than to give it away. The Team at the Tron Foundation are experts at marketing and have widely promoted the BitTorrent token and a series of airdrops, the first of which has just been completed.
Over 10 Billion Tokens Distributed
Yesterday Justin Sun took to twitter to announce the long awaited airdrop for TRX holders;
“The largest and longest airdrop in the cryptocurrency history will begin shortly. We have taken the snapshot for all #TRON accounts and ideally we will send #BTT to #TRX holders in next 24 hours.”
The official announcement said that TRX held on supporting exchanges and cold wallets would be legible to receive BTT. The ratio of BTT airdropped is 1 TRX = 0.1097681177 BTT, with 1.1% of the total supply to be distributed. A further 990,000,000 BTT will be airdropped on March 11 and an incrementally increasing amount on the eleventh of every month until 2025.
The release also warned about a number of fake social media accounts falsely claiming to be BitTorrent. A few hours later another tweet added that the planned process of 48 hours only took 4 and 10.8 billion tokens had been distributed;

We have sent out 10,856,613,707 #BTT to #TRX holders, which means 99.69% completion rate! We plan to finish the airdrop in 48 hours but it seems we have done it in 4 hours thanks to the fast speed of #TRON blockchain! #BitTorrent #TRON $TRX $BTT https://t.co/Kr5e1yFzJw
— Justin Sun (@justinsuntron) February 11, 2019

This was shortly followed up by another message confirming that the airdrop had been completed;

We have done the airdrop so please check your wallet&account! Really appreciate the support from #TRON and #BitTorrent community! See you in the airdrop next month! The airdrop for next month will soon be released! #TRX $TRX #BTT $BTT https://t.co/Kr5e1yFzJw
— Justin Sun (@justinsuntron) February 12, 2019

At the time of writing however the BTT tokens had yet to display for TRX account holders using Binance which had some technical issues yesterday. The ever alert Sun reassured his hodlers;

The BitTorrent Foundation completed $BTT Airdrop for $TRX holders. If your tokens are on an exchange or a wallet supporting our airdrop program they are on their way. Please be patient, it may take some time given the volume airdropped
— Justin Sun (@justinsuntron) February 12, 2019

BTT and TRX Market Reaction
According to Coinmarketcap BTT has jumped 11% on the day in USD terms and 12% against Bitcoin. It is currently trading at 26 satoshis, 73% higher than what it was at inception. Binance has over 50% of the total trade but Upbit is currently the top fiat exchange with 35% of the daily volume as Koreans load up in KRW.

Tron however has taken the opposite path and fallen back dropping 4.7% on the day as crypto markets pull back from their weekend pump. TRX is currently trading at $0.024 (673 satoshis), which is down 8% on the week but 30% higher than it was at the beginning of the year. Tron has been one of 2019’s top performing crypto assets alongside Litecoin and Binance Coin. It has held on to eighth place with a market cap of $1.6 billion, $400 million behind Tether.
Image from Shutterstock
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Crypto Market Wrap: Maker Moving as Markets Consolidate

Market Wrap
Crypto markets consolidating again; Binance Coin, Dash and Maker are moving, the rest slipping slowly.
As widely predicted the crypto market pump was just that as things are starting to dump again today. The movements have been minor but the majority are in the red at the moment as market capitalization slips back to $120 billion.
Bitcoin did not get close to $3,700 today so new resistance levels are forming lower again. Around $3,650 seems to be its stability point for the time being but dips are not being supported and Bitcoin could drop lower, it is currently down half a percent on the day.
Ethereum has held on to second place by not moving over the past 24 hours. Still trading at $120 ETH could get some momentum from the Constantinople hard fork which has been delayed until the end of the month. XRP has lost a little more ground today and the gap between the two is currently just over $200 million.
Most of the top ten are falling back during the Asian trading session today. Tron has dropped the most despite the BTT airdrop today as TRX loses 3.5%. Bitcoin Cash is not far behind with a 3% slide. Only Binance Coin is making progress today adding another 2.5% as it closes the gap on Stellar in ninth which has dumped another 2%.

There are two big movers in the top twenty at the moment. Dash and Maker have added a further 7% on the day trading at $83 and $495 respectively. The Maker dev fund was moved to a new multisig wallet two days ago which caused the CMC market cap spike and the flipping of ETC and NEM. NEO and Zcash have also added 3.5% each to their prices over the past 24 hours but IOTA and NEM continue to slide.
There are no major pumps occurring in the top one hundred at the time of writing. Huobi Token is the best performer adding 15% followed by MOAC with a 12% rise. Getting bashed is yesterday’s pump; Quant followed by Revain both shedding 10% in predictable dumps.
Total market capitalization has not really moved overnight and is still at $120 billion. No further gains for the big cap coins look likely so further consolidation is expected in this channel for the time being. Volume is still at $20 billion and markets are still 6% higher than they were this time last week.
Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals
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Crypto Feud: TRON Founder Takes Shots at Ethereum Creator’s Twitter Follower Count

Since late November of last year, Bitcoin and the majority of other crypto assets such as Ethereum or Litecoin have continued to plummet to new lows. However, TRON, a cryptocurrency aimed at “decentralizing the web” has experienced solid and steady growth in value.
TRON’s positive price action was due largely in part to an upcoming airdrop for the new BitTorrent Token launching on the TRON blockchain as a TRC-10 token, along with a major developer conference featuring celebrity appearances from the likes of Kobe Bryant and more. The constant marketing hype and promotion put forth by TRON founder Justin Sun and the recent buzz TRON has experienced has earned Sun more followers than Ethereum creator Vitalik Buterin – something that Sun immediately took the opportunity to rub in Buterin’s face.
Justin Sun Rises In Twitter Followers, Sets Off To Rub it in Buterin’s Face
Hype machine Justin Sun created his Twitter account in August 2017 to help promote his new cryptocurrency TRON. The outspoken founder has earned himself a reputation for making announcements of announcements, which has also seemingly earned him a large Twitter following – one that rivals that of Ethereum co-founder Vitalkin Buterin.

Now we are both 832k. We started six year after you but we always know it is never too late. @VitalikButerin #TRON #BitTorrent #TRX #BTT pic.twitter.com/OTECzheO6U
— Justin Sun (@justinsuntron) February 10, 2019

Except Buterin’s Twitter account was started back in May of 2011, and features 3 times the tweets that Sun has amassed on the social media soapbox. By that comparison, Sun is right to be proud that his Twitter antics have amounted to a larger follower count than his peers. However, Sun took the opportunity to rub it in the face of Vitalik Buterin, co-founder of Ethereum and someone who often speaks out against TRON.
Just days ago, Buterin even referred to it and EOS as “centralized piles of trash.”
Related Reading | Tron Fundamentals Continue to Strengthen With New Exchange Partnerships
Twitter followers of both were quick to denounce Sun’s public dig at Buterin, and the continued public social media feud between the two crypto industry figureheads.

You should compare dick sizes next.
— A v B (@ArminVanBitcoin) February 11, 2019

Origins of the TRON and Ethereum Crypto Twitter Feud
While Sun’s sucker punch may seem like it came out of left field and was unwarranted, he has been on the receiving end of many negative remarks made by the Ethereum creator.
No comments were more confrontational than Buterin’s response to an infographic Sun posted highlighting the ways why “TRON is better than ETH.” The tweet listed seven potential reasons, and Buterin followed up with an eighth point suggesting that TRON had plagiarized the Ethereum white paper Buterin had personally penned.

8. Better white paper writing capability (Ctrl+C + Ctrl+V much higher efficiency than keyboard typing new content)
— Vitalik Non-giver of Ether (@VitalikButerin) April 6, 2018

Since that moment the two have repeatedly exchanged blows across ‘Crypto Twitter’, with no signs of a ceasefire in sight.
Related Reading | Justin Sun’s Tron “Marketing Stunt” Draws Sharp Reply Form Vitalik Buterin
In fact, we may not have heard the last from Sun, who is claiming he has a “secret campaign especially for” Buterin he’s going to launch on Valentine’s Day. No, it’s not a box of chocolates or flowers, and Sun later revealed that TRON’s Valentine’s Day campaign is somehow tied to late Cypherpunk legend Hal Finney – who is often said to be the person behind the Satoshi Nakamoto pseudonym.
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