TRON Crossed 2.53MM TXs With Migrated Developers from ETH and EOS

Justin Sun, Tron founder continues to break headlines with new announcement and claims. Recently, he took shots at developers of EOS and Ethereum platform to migrate to Tron network and today on December 14, he finally claimed that more developers have migrated to TRON already.
From ETH and EOS to TRON
He took Twitter early today embracing TRON’s new record which is 2.53 MM txs/day and 32,284 daily increase address. Moreover, he continued stating confidently that’ ‘More developers from #EOS and #ETH have migrated to TRON’.
His tweet reads it as follows;

#TRON breaks two records today! 2.53 MM Txs per day and 32,284 daily increase address! More developers from #EOS and #ETH have migrated to TRON! #TRX $TRX
— Justin Sun (@justinsuntron) December 14, 2018
Here is a view of TRON trx, shared by Justin Sun

At press time, TRON still gripped over its tenth position with a total market cap $870,504,211 while trading at the value of $0.013140 with 0.73% negative market during 24hrs.

The Battle
Nonetheless, the battle between TRON and ETH is not new, but the new battle of migrating dAPP to TRON began with Justin’s tweet of creating a specific fund.

#TRON will build a fund to rescue #ETH and #EOS developers from the collapse of their platform as long as those developers migrate their dapps to #TRON. #TRX $TRX
— Justin Sun (@justinsuntron) December 7, 2018
The tweet was later followed by many enthusiasts of various crypto projects. However, one of the tweets goes beyond Sun’s offer and stated that the ETH and EOS both have larger and more prolific developer communities than Tron. Furthermore, it claims that developers will not have any specific reason to migrate to TRON.

Justin Sun #TRX announced a new fund for #ETH and #EOS devs to migrate #dApps to the #Tron protocol. Memo to Justin: ETH and EOS both have larger and more prolific developer communities than Tron, we see little to no reason for them to migrate.
— Weiss Ratings (@WeissRatings) December 13, 2018
Additionally, Eos community also responded Justin, stating that they are fine ‘given the billion dollars in VC funding’, further wishing a good luck for his open offer.

We think we will be just fine given the billion dollars in VC funding for #EOS and #EOSIO projects that is locked and loaded around the world at Galaxy, SVK Crypto, Tomorrow, etc. Appreciate the offer, though. Best of luck, Justin. @block_one_ @SVK_Crypto @tomorrowbc
— EOS New York (@eosnewyork) December 7, 2018
What’s your opinion about Justin Sun’s claim?
The post TRON Crossed 2.53MM TXs With Migrated Developers from ETH and EOS appeared first on Coingape.
Source: CoinGape

Crypto Friendly Revolut Granted European Banking License

Revolut, the London-based fintech unicorn that offers users a digital alternative to traditional banking services, has been granted a European banking license by regulatory authorities, allowing them to offer Europe-based users a plethora of digital banking services.
Revolut features an in-app exchange that allows users to gain exposure to five cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple. The platform, which in many ways is a competitor to the US-based Robinhood, allows users to buy and sell crypto commission free, with the only cost being a 1.5% exchange rate markup to account for volatility.
Revolut Gains Access to Significantly More Users, Could be Bullish for Crypto 
On Thursday, the company announced that they had received a banking license from the European Central Bank (ECB), which will allow them to begin expanding their services across the continent, entering key markets like Germany, the U.K., France, and Poland, over the next year.
Revolut will offer users nearly all the services that traditional banks offer, including business and consumer lending, direct salary deposits, overdrafts, and up to €100,000 protection covered by the European Deposit Insurance Scheme.
Revolut, which offers users quick and simple access to cryptocurrencies, is opening between 8,000 and 10,000 accounts per day, and has plans to expand into the US, Canada, Japan, Singapore, Australia, and New Zealand, throughout 2019.
Nik Storonsky, the founder and CEO of Revolut, spoke to CNBC earlier this week, and said that the company already has a significant amount of users in the US waiting for accounts.
“At the moment we have about 100,000 waiting in the U.S. without any marketing,” he said.
As Revolut expands its services across the world and gains more users, it could potentially siphon a significant amount of money into the crypto markets due to the easy and cheap access it offers users.
In addition to offering easy access to crypto, Revolut also launched a debit card that allows customers to receive cash back denominated in one of the five cryptocurrencies offered on its platform. As more users begin shifting their traditional banking accounts to digital providers, like Revolut, it is plausible that they will begin dabbling in other digital-based and nascent markets, like cryptocurrencies.
Revolut Propelled by Massive Funding
The fintech unicorn’s rapid expansion stems from a combination of a shifting trend away from traditional banking services, and a massive flow of funding that is allowing them to efficiently propel their operations.
Earlier this year, Revolut raised $250 million in a funding round that brought its valuation to $1.7 billion, and recent reports claim that the company is in talks with SoftBank to raise additional funding worth as much as $500 million. Storonsky told CNBC that his company “doesn’t need the money,” but said that the SoftBank partnership “may happen in the future.”
Featured image from Shutterstock.
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Source: New

Despite Bitcoin [BTC]’s massive crash in the 2018 bear market, crypto-verse sees massive evolution and adoption

Bitcoin [BTC] has weathered a total of 82% decrease in its market cap from an all-time high in December 2017, while other cryptocurrencies have undergone losses much worse than that.
Cryptocurrency market has suffered a much worse fate as the cumulative market cap has reduced from a massive ~$835 billion to a mere $100 billion.
Despite such massive drops in the current bear market the adoption of cryptocurrencies keeps on increasing steadily to new heights as per the new research conducted by the Cambridge Centre for Alternative Finance.
Source: Cambridge Centre for Alternative Finance
The total number of users/accounts as seen in the chart above has increased from 2016 to 2018 by a staggering 208%.
The research also shows the number of verified users are on the rise, the report stated:
“It also shows that KYC’ed user growth has dwarfed total user account growth, which means that new users are more likely to get immediately verified. Growth rates were at their highest in 2017, and the number of new user accounts as well as ID-verified users continued to rapidly grow in 2018 as well.”
The same research also shows that the crypto-asset industry, even though global, is mainly driven by companies based in North America, China, India, and Western Europe.
Source: Cambridge Centre for Alternative Finance
The US and China dominate the map, which is shown in the chart, with India, and Canada following these countries in their contribution to the crypto-industry through crypto-based companies.
Another research titled “The State of Bitcoin” by Delphi Digital shows a comparison between the distribution of Bitcoin.
Source: Delphi Digital
The research by Delphi Digital reveals a rather dark and disturbing side of Bitcoin as it shows that out of 22.9 million users that had Bitcoin wallets, 20.4 million users had Bitcoin between 0.01 to 0.1.
According to the research, approximately 679,347 users held 1 to 100 Bitcoins in their wallets. The research further stated:
“Taking a look at the charts on this page, we can see that close to 50% of Bitcoin addresses have less than 0.001 BTC (which is around $3.70 as of December 5th). Additionally, only ~20% of addresses store more than $100 USD at the moment. Lastly, less than 700,000 addresses own 1 BTC or more at this time.”
Although the situation for Bitcoin and other crypto-assets that most of the users observe looks grim, the underlying fundamentals for these assets are growing steadily with strong roots.
The adoption for the digital assets are increasing and institutional investors slowly but definitely getting into crypto-space. Governments and regulating bodies are trying to regulate the assets to avoid misuse and protect investors from getting scammed and all of the above-mentioned pieces of information points the finger to one thing, that these assets are here to stay.
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Source: AMB Crypto

Cryptocurrency User Base Swells Despite Market Meltdown: Cambridge University Research

Over the past few weeks, cryptocurrencies prices are in the different mood of their own. As one believes the prices have reached the floor, the price breaks the support levels and sink deeper. While bears seem to be in command of the market, there is some positive fundamental news for the cryptocurrencies. According to the latest report put forward by Cambridge University, the user base of cryptocurrencies has doubled even with markets melting.
Research also shows a rise in the number of cryptocurrency accounts
According to the latest research put forward by the Cambridge Centre for Alternative Finance. The number of verified users of cryptocurrencies almost doubled in the first three quarters of the year even as the market bellwether Bitcoin tumbled almost 80 percent, Users climbed from 18 million to 35 million this year.

These figures would definitely cheer the long-term Cryptocurrency Investors because this could mean that the cryptocurrencies are fundamentally getting stronger and the prices too would eventually show growth. This could also silence the critics who have made predictions that value of cryptocurrencies may go to zero.
“Conforming with popular narratives, survey data indicates that the majority of users – both established as well as new entrants – are individuals and not business clients,” authors of the study said. “Individuals can be hobbyists, retail investors, consumers, or users seeking a better investment or payment alternative.”
The number of crypto accounts increased as well, the study found.
The report also stated
“Growth rates were at their highest in 2017, and the number of new user accounts, as well as ID-verified users, continued to rapidly grow in 2018 as well,”
Although cryptocurrencies have slowly got, most users seem to be speculators and traders than actual users as cryptocurrencies are barely used in commerce due to its extreme volatility.
The use case number also includes people who are hoarding cryptos in place of fiat currencies as their sovereign currencies are depreciating.
The use case for cryptocurrencies is rising for sure as people are slowly understanding its advantages. Will it continue to grow now that’s the question which not many are able to answer.
Will cryptos soon become part of the mainstream commerce? Do let us know your views on the same.
The post Cryptocurrency User Base Swells Despite Market Meltdown: Cambridge University Research appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] is tax-free in Wyoming; IRS or Feds cannot get anything out of Wyoming says, Wall Street veteran

Caitlin Long, former chairman and president at and a Wall Street veteran who has been actively participating in the Bitcoin community since 2012, spoke about the current state of cryptocurrency regulation and taxation.
Long, who is at the forefront of making Wyoming a friendly state for cryptocurrencies and cryptocurrency startups/companies spoke about how Wyoming has passed bills and set an example for the rest of the U.S. to follow.
Caitlin Long continued:
“… we passed five bills last year and we have seven more coming in fact actually there in the committee hearing today two of them just passed the committee hearing. The one that’s most interesting… is the amendment which  defines utility tokens as a class of property, a new class of digital property in Wyoming”
She said that this was important as well as significant to lawyers because the property law is governed by state law in Wyoming, and if the token would be considered as a property it would not give the Feds the authority to regulate it in Wyoming.
Due to the above reasons, Long said that “IRS can’t get anything out of the state of Wyoming”.
Moreover, Caitlin Long continued that “Feds” and SEC’s chairman Jay Clayton has conflicting and opposite views as far as Wyoming’s laws related to cryptocurrencies are concerned.
The bills that Long mentioned earlier included the HB 19: Cryptocurrency Exemption bill which exempts taxes on cryptocurrencies.
Other bills that are passed by the Wyoming House of Representatives includes the HB 101: The Blockchain Filings Bill, HB 126: The Series LLC Bill.
The LLC bill alone is favorable towards decentralized protocols, as it enables LLCs to establish a compartmentalized series of members or managers, transferable interests or assets, and distributions to members.
Caitlin Long said that the world is not always black and white and that there is some upside to having a regulatory framework in the crypto-industry as opposed to the crackdowns that SEC and other regulatory bodies that have been making which includes taxation of cryptocurrencies.
Furthermore, Caitlin Long said that Bakkt or Fidelity and other big companies that are trying to enter the crypto-space could be a good thing because they could, with their lobbyists help with the regulatory frames. She continued:
“… and when Bakkt talked today about all the work that’s doing with Starbucks, that is about small payments and obviously if every Starbucks customer who pays with Bitcoin has to pay taxes on it that’s not good for Bakkt’s business so that’s one of the things I think that can help from a regulatory perspective.”
To explain the effects of too much regulation Caitlin Long referred to Antonopoulos’ idea about Bitcoin splitting off into two parts. She said:
” I think Andreas [Antonopoulos] talks about corpo-coin that what’s going to happen is if Bitcoin gets too corporatized that the industry will split off and bitcoin will go in its own direction and corpo-coin which would be the corporate version of Bitcoin will stay regulated and inside these big firms.”
She also added that these regulations, if it becomes too much will stifle a lot of innovations and that most of the well-known Bitcoin developers would not work for the corporate sector or the Wall Street firms.
The post Bitcoin [BTC] is tax-free in Wyoming; IRS or Feds cannot get anything out of Wyoming says, Wall Street veteran appeared first on AMBCrypto.
Source: AMB Crypto

Calling All Gamers: Razer Wants You to Mine Cryptocurrency Using Idle GPUs

Razer, the multi-billion-dollar gaming equipment manufacturer, released a new program that allows gamers to easily utilize their idle GPUs to mine cryptocurrency. The catch to this seemingly simple program, however, is that users don’t actually get to keep the cryptocurrency they mine.
Razer Releases Cryptocurrency Mining Software Called SoftMiner
The new program, called SoftMiner, allows PC users to utilize their expensive GPUs while they are not using their computers, whether that be while they are at school, sleeping, or at work, and in exchange Razer rewards them with something called “Razer Silver.”
The San Francisco and Singapore-based tech company announced the program in a tweet earlier this morning, marketing their new program as a way to earn rewards for doing “nothing at all.”
“Have a gaming rig on idle at home? Here’s a new way to score Razer Silver: launch Razer SoftMiner on your PC and start racking up Silver—one step closer to the reward you want, for doing nothing at all.”
Once the software is downloaded, it will automatically activate the PC’s GPU when the computer is not in use and will disburse Razer Silver rewards depending on how much cryptocurrency is mined over a set period of time. Razer has not specified which cryptocurrency will be mined.
A Good Deal for Razer, But not a Good Deal for Users
Although SoftMiner seems like a simple way for users to obtain rewards points that can be exchanged for “coveted Razer rewards like our latest peripherals, games, discount vouchers, and more,” users could run mining software themselves and cash out their cryptocurrency for fiat currency.
Razer claims that with the proper set-up, users can generate up to 500 Razer Silver credits per 24-hour period, which basically amounts to $1.67 per day worth of rewards based on a $5 Razer reward costing 1,500 credits.
The comments on the Razer SoftMiner announcement on Twitter signal that nobody is too excited about this new program.
One user wrote “Seriously? This is an early April fools joke right?” While another user referenced the high cost of electricity incurred while mining cryptocurrency, saying “I’m just going to need to forward my electricity bill to you [Razer] every month and have you pay it.”
Another user criticized the “trade deal” Razer is offering users, calling it the “worst trade deal in the history of trade deals, maybe ever.”
Asus and Quantumcloud recently released a similar program that allows gamers to mine cryptocurrency using their idle graphics cards, although their program allows users to cash out the proceeds (minus a fee) to either their PayPal or WeChat accounts.
Although it is clear that SoftMiner isn’t the best deal for users, it does signal a growing trend for tech companies who are looking to generate additional income through mining cryptocurrency.
Programs like SoftMiner and the one being offered by Asus may also introduce more people to the crypto markets and could act as a gateway that leads gamers into the world of cryptocurrency mining.
Featured image from Shutterstock.
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Source: New

VC Investor: Fundamentals Show Bitcoin and Ethereum Oversold in Bear Market

It’s no secret that 2018 has been a rough year for cryptocurrencies, with Bitcoin falling over 80% from its 2017 highs, and most major altcoins dropping 90% or more. Despite the market’s poor performance, one venture capitalist laid out his case for why Bitcoin and Ethereum are currently oversold from a fundamental standpoint.
The past few weeks have been especially volatile, with both Bitcoin and Ethereum setting fresh 2018 lows. Last Friday, Bitcoin fell to $3,300 and Ethereum fell to $83, the lowest prices these cryptocurrencies have seen in all of 2018. The market’s recent performance has been particularly disappointing to crypto investors, as many of them anticipated a Winter rally resembling that which occurred in late-2017, but instead they got fresh lows and dwindling signs of fundamental strength.
Bitcoin and Ethereum Fundamentally Oversold
Although the recent drops have led the overall market sentiment to hit rock bottom, Chris Burniske, a partner at the New York-based venture capital firm, Placeholder, offered a more optimistic view of the current markets in a recent Medium post, titled “Bitcoin & Ethereum: Prices are Down More than the Fundamentals.”
Initially, Burniske defined his terms and explained to readers that for him, the fundamentals of cryptocurrencies are defined by the health of their supply-siders and demand-siders.
In his words, supply-siders are “the folks who provision the network’s service (currently, the most common form of supply-sider is a miner),” and demand-siders are “the ones who consume the service.”
Furthermore, Burniske claims that network value – which is found by multiplying the price per unit by the number of outstanding units – is the term he will use to show the aggregate value the market is placing on a specific crypto-network.
While comparing the network activity to the price of both Bitcoin and Ethereum, an interesting trend can be found: network values are down significantly more than the daily number of transactions.
“Bitcoin is currently processing ~250,000 transactions per day, and Ethereum ~500,000… there is a clear divergence, where network value has continued to slide over the last few months, but the number of daily transactions is stable to ticking up… From peak, Bitcoin’s and Ethereum’s network values are down 81% and 93%, respectively, whereas daily number of transactions are only down 41% and 52%, respectively,” Burniske noted.
These statistics clearly show that from a fundamental standpoint, as defined by Burniske, both Bitcoin and Ethereum are oversold.
He adds to this argument by referencing the “native demand metric” of each network, which is the secure movement of value for Bitcoin, and processing smart contract computations for Ethereum.
When breaking down the decline in the native value metric for these two cryptocurrencies, and comparing that to their price declines, it becomes even more clear that they are fundamentally oversold.
“The two charts above are my favorite, as they show what I consider the most native demand-metric of each network. For Bitcoin, that’s securely moving value, and for Ethereum, it’s processing smart contract computations… Since their respective peak prices, Bitcoin’s and Ethereum’s network values are down 81% and 93%, respectively, whereas demand for their respective native functionalities is down 74% and 7%, respectively,” he explained.
When mulling over these numbers, it becomes crystal clear that although Bitcoin and Ethereum are both trading down significantly from their all-time-highs, their utilization has not decreased enough to justify such a large drop, which signals that they are fundamentally oversold.
Featured image from Shutterstock.
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Source: New

Roubini is Having an “I Told You So” Moment With Crypto, But Bitcoin is up 62x Since his Call

It is no secret that Nouriel Roubini hates cryptocurrency. For most of 2018, the American economist has been smugly congratulating himself for denouncing the entire space as toxic and stating that prices were heading to zero. The problem is, Bitcoin is still up more than 60x since he first took up his anti-crypto offensive in 2014.
Temporary Bear Market Makes Nouriel Roubini More Self-Righteous Than Ever
US economist Nouriel Roubini has been all over the cryptocurrency news in 2018. He has been such a keen fixture in fact that he has been nicknamed Dr. Doom for his uber-bearish outlook. In October, for example, he put forward his own challenge for “most creative insult fired at Bitcoin” (an honour previously bestowed on Warren Buffet for his “rat poison squared” remarks) by calling crypto a “stinking cesspool”.
Later, he broke tradition amongst traditional finance-loving crypto naysayers by widening his offensive to include blockchain technology. Whereas most of those opposed to decentralised, non-statist currencies admit that blockchain tech is at least interesting, Roubini has penned a lengthy article attacking the technological innovation, titled “The Blockchain Lie”, which lambastes blockchain as being largely useless and completely over hyped.
Recently, as prices took a more severe nosedive than many were expecting them to, Roubini has once again taken to Twitter to smugly pat himself on the back for being “right” all along about Bitcoin.

Expect 1000s of crypto & blockchain ventures to go bankrupt. Almost all were total vaporware: they had no goods, services, products, software, apps. They stole the money & run. Crooks!
Bloomberg: Crypto Market Crash Leaving Bankrupt Startups in its Wake.
— Nouriel Roubini (@Nouriel) December 7, 2018

A high correlation btw how much the pompous carnival barker @APompliano talks up his fund that lost this year 90% of its value & how much Bitcoin/shitcoins in his fund collapse. Now BTC down to 3400. Maybe if he were to shut up for a while BTC may take a temp breather on way to 0
— Nouriel Roubini (@Nouriel) December 7, 2018

Better late than never…some of us have been saying and writing about it for over two years
Why a Nobel laureate in economics thinks bitcoin is toast
— Nouriel Roubini (@Nouriel) December 6, 2018

Aren’t We Forgetting Something Nouriel..?
The problem with Roubini’s “told you so-ing” is that he has actually been bleating the same old tune since 2014. If we look at BTC’s price performance over this period, instead of the one arbitrary picked by the US economist to support his own biases, we see that he has been proved anything but right. Bitcoin has shot from around $600 to well over $3,000. If we widen our lens further, we see that the number one digital asset is actually the best performing investment by far over the last decade.
In 2014, CNBC ran a story on Roubini and his pessimism about Bitcoin. The article stated that Roubini said the only use of the digital currency was criminal activities and that those transacting in it would immediately convert it back into dollars. Four years and almost $55 billion later, Roubini’s earliest attacks on Bitcoin look ill-conceived at best.
Included in the CNBC article was the following Tweet:

So Bitcoin isn't a currency. It is btw a Ponzi game and a conduit for criminal/illegal activities. And it isn't safe given hacking of it.
— Nouriel Roubini (@Nouriel) March 9, 2014

The above sentiment has been proved entirely incorrect in the years since he posted it. Reports estimate that less than 1% of all Bitcoin transactions involve any criminal activity. Meanwhile, there still has not been a single incident of Bitcoin itself being “hacked”. Sure, there have been plenty of examples of exchanges being having their security compromised but that is entirely irrelevant. If the Royal Bank of Scotland had a security breach, do you blame the pound? No, that would be ridiculous. It is the fault of the institution being negligent in their security and nothing else.
No market ever travelled straight up and in four years time, it is highly likely that the criticisms Roubini levies at Bitcoin today will once again be proved entirely wrong. That would certainly be quite the imbroglio for the outspoken economist.
Related Reading: Tech Lead at Capgemini Defends Bitcoin Against Nouriel Roubini’s Testimony
Featured Image from Shutterstock
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Source: New

UK Member of Parliament: MPs Have a Duty to Understand Crypto

A member of UK parliament and self-confessed cryptocurrency enthusiast has spoken in favour of the fintech innovation. Eddie Hughes, MP, believes embracing the technology could help Britain thrive in the wake of Brexit and that the public should be able to pay their taxes using Bitcoin.
Cryptocurrency Could Help the UK Come Out of Brexit Stronger
According to a report in the UK’s Telegraph newspaper, a Conservative member of parliament has spoken out in favour of Great Britain taking an open minded approach to digital assets such as Bitcoin. Eddie Hughes is the minister for Walsall North and describes himself as a “crypto enthusiast with amateur knowledge.”
Hughes is calling on his colleagues to take a more active interest in learning about how Bitcoin and other digital assets worked. He thinks the emerging industry could prove lucrative for the UK in the wake of Brexit. This could attract more investment to the nation and set it ahead of many others in terms of adoption of the cutting-edge technology:
“We are at a crossroads and we’re about to determine our future – one in which taking the lead in this field could prove very beneficial.”
Is Lack of Knowledge Holding Back Adoption?
Hughes went on to speculate on the lack of widespread adoption of cryptocurrencies in the decade since Bitcoin first went live. He believes a lack of knowledge and understanding of the technology were behind what he perceives to be a slow uptake:
“People not understanding how the transaction works is holding us back in terms of mass adoption.”
The Conservative MP then questioned how accessible using Bitcoin and other digital assets was at present. For him, it is still too difficult for the layperson to use the new forms of money and improvements to wallet technology and other underlying infrastructure services would make it easier for the public to see the benefits of decentralised, censorship-resistant value transfer:
“And also how accessible it can be – it needs to appear like an app that people will use so they can become familiar with it in a safe and secure way.”
Could the UK Follow Ohio’s Lead in Allowing Tax Payments in Cryptocurrency?
Hughes also believes that the UK should follow the recent example of Ohio in allowing various taxes to be paid using cryptocurrency. The 50-year-old MP cited the example of the Royal National Lifeboat Institution charity accepting donations using digital assets and questioned why the British government had not yet added the payment method to its list of those accepted for tax payments:
“Only recently I met with the RNLI which is now accepting charitable donations through cryptocurrency – if we can do that, what’s to stop us being able to pay council tax and other bills with Bitcoin?”
Related Reading: Coinbase Announces New Office in Ireland as Brexit Woes Deepen
Featured image from Shutterstock.
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Source: New

Bitcoin [BTC]’s bear market is nothing but a bump in the road, says CCLA’s Bevan

Major players and enthusiasts in the crypto-verse spoke at the Bloomberg Crypto Summit on Friday, about the current state of the cryptocurrency ecosystem and expressed their views for the upcoming years for digital assets.
James Bevan, chief investment officer at CCLA Investment Management, referring to the bear market of 2018 for digital assets that is still evolving, said that he was bullish in specific areas of this nascent technology like the stablecoins, security tokens, and the digital/smart contracts.
He added:
“I don’t regard this as an existential crisis, I just regard it as a bump in the road and institutional investors have had plenty of bumps in the road in conventional currencies and transaction systems.”
The chief investment officer at crypto fund Bletchley Park Asset Management, Lewis Fellas, agreeing with Bevan’s point said that stablecoins still had room to improve. Furthermore, Fellas added that there could only be about 120 projects in developments in the aforementioned area and that they were in the early “innings of proliferation”.
He continued:
“I think we’re just getting started, we are only in the early innings of the proliferation, I can see a huge expansion.”
The crackdown by the SEC and CFTC are non-stop as there were a couple of exchanges and tokens that were slapped with laws for not complying with the regulatory framework. Regulations will be a part and parcel for the ever-growing and evolving industry of cryptocurrencies and blockchain.
Referring to the regulations, Ryan Radloff, chief executive officer of CoinShares said that it could be tedious and confusing if certain a group/area adhered to lower standards of regulations while some adhere to more stringent laws.
Marieke Flament, global chief marketing officer at Circle Internet Financial Ltd said:
“It’s good to see some larger countries step through and show the route, but I would not discredit the work that others are doing, because if you have no one starting then everyone is waiting.”
The post Bitcoin [BTC]’s bear market is nothing but a bump in the road, says CCLA’s Bevan appeared first on AMBCrypto.
Source: AMB Crypto

Bloomberg: Bitcoin Price “Fading”, $1,500 Possible

After MarketWatch got lambasted for publishing a questionable op-ed regarding a Bitcoin mining “death spiral,” the financial media continued their bearish cryptocurrency coverage on Wednesday. More specifically, Bloomberg News, which covers the crypto industry round the clock, recently had its in-house analysts tout a $1,500 per BTC prediction — far below what many traders deem “logical.”
Bloomberg Analyst Bearish, Expects Bitcoin To Fall To $1,500
While selling pressure has begun to abate, with 24-hour volumes in the cryptocurrency market falling to $14 billion, BTC continued its seemingly endless downtrend on Wednesday. The asset, which ranged primarily between $3,900 and $4,200 for a week, fell under the former price level in recent hours. During one point on Wednesday, the foremost cryptocurrency suddenly fell to $3,668, nearing its one-year low around $3,500, originally established in November.
Related Reading: November Has Been Bitcoin’s Worst Month for Seven Years
But since its initial sell-off, BTC has found itself amid a veneer of stability, finding a short-term foothold at in the mid-3700s, as bears presumably catch their breath. Yesterday’s move clearly exhibits the sentiment that volatility has likely returned to cryptocurrency markets, after the aforementioned multi-day lull.
And, according to Bloomberg, this bearish volatility is likely to continue into 2019, contradicting sentiment that both the cryptocurrency and equities markets would undergo a “Santa Claus rally.”
The financial market resource recently noted that the Directional Movement Index (DMI) indicates that after BTC fell under $6,600 in July, the asset has been “caught in a strong selling trend.” While a single indicator isn’t enough to signal a downtrend, Bloomberg also drew attention to the Average Directional Index (ADX), which is nearing 50 — a purportedly bearish sign.
In a note relayed through Bloomberg News, coupled with a subsequent interview, Mike McGlone, an analyst at the outlet, has made it clear that the aforementioned indicators point to lower lows for Bitcoin. McGlone, who hasn’t been afraid to tout his doomsday sentiment in the past, explained that BTC could fall another ~60% to $1,500, with altcoins likely falling close behind the cryptocurrency godfather.
Interestingly, while Bitcoin Cash’s hard fork has come and passed, the analyst drew attention to the contentious event, along with year-end tax selling, as purported catalysts for Bitcoin’s move to $1,500. Elaborating, while also touching on market cycles, McGlone noted:
“We’re at a classic psychological stage where the market is reversing the 2017 frenzy… The hard fork was a key trigger that signaled the technology is way too nascent. You had these dicey characters threatening to destroy each other and institutions said ’It might be best if we stay away from this for a while.’”
Crypto Industry Savants Still See Long-Term Potential
Although McGlone painted a dismal picture for crypto’s prospects, which were already beaten and bruised to hell and back, a number of industry insiders have maintained their abiding faith in this revolutionary innovation.
Roger Ver, the infamous chief executive of, recently told the aforementioned outlet that the future is brighter than ever for cryptocurrencies. Speaking to Bloomberg on the streets of Tokyo, the zealous decentralist and anti-government crusader drew attention to a number of fundamental factors, including the Japanese FSA’s recent approval of a self-regulating crypto consortium, growing awareness of this innovation, and ramping adoption.
Keeping all this in mind, coupled with the fact that hackers and scammers continue to target the industry, Ver mused that he is still “incredibly bullish on the entire crypto-coin ecosystem.”
Mike Kayamori, chief executive at Quoine, also expressed a similar thought process. Kayamori, who heads the Japanese blockchain-centric startup, noted that while “nobody knows” where Bitcoin will bottom, taking historical trends into account, a reversal may be inbound. The Japanese crypto proponent added that by the end of 2019, he expects for BTC to surpass the all-time high it established in the wee hours of 2017.
Featured Image from Shutterstock
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Institutions Still Bullish On Crypto: Grayscale Owns 1% of All Bitcoin

As Bitcoin continues its chaotic price action, ceaselessly falling and ascending through key levels, some paranoid traders have feared that institutional investors have been alienated from the crypto market. Yet, reports indicate that Grayscale’s growing war chest has continued to swell, while institutional players continue to express interest in crypto assets. This, of course, makes it more than palpable that institutions see immense value in cryptocurrencies, and potentially, that a market bottom is inbound.
Grayscale Owns $826 Million in Bitcoin
According to a research report released on December 3rd, from the offices of crypto analytics unit Diar, Grayscale Investments, a self-proclaimed “trusted authority on digital currency investing,” has accumulated thousands of BTC for its in-house Bitcoin Investment Trust (GBTC).
Since the start of 2018, Grayscale, owned by Barry Silbert brainchild Digital Currency Group (DCG), has seen its Bitcoin coffers swell by 30,600 BTC to 203,000 total, now accounting for more than 1% of the asset’s total circulating supply. 
As seen in the chart above (sourced from LongHash), the wallets pertaining to Grayscale’s GBTC, a vehicle that allows retail and investors to purchase custodied BTC on the U.S. OTC market, has seen month-over-month increases. Diar wrote on the matter:
“Record inflows however have resulted in record Bitcoin equivalent holdings with December notching up a little versus the start of the previous month.”
Although GBTC’s user base also consists of retail investors, the steady rise in BTC holdings indicates that capital continues to flow into this market through trusted third parties (ironically enough), a plausible positive sign.
Institutional Players Continue Crypto Foray
Grayscale isn’t the only DCG subsidiary to see a spike in investment interest. Genesis Trading, also owned by the New York-headquartered conglomerate, recently saw its CEO, Michael Moro, take to CNBC to note that his firm’s lending service has seen an “incredibly strong reception.”  This “incredibly strong reception” has seemingly taken the form of interest originating from “60+ institutional counterparties,” who have requested for cryptocurrency loans across “nearly a dozen digital assets” in the past six months. According to statistics from the firm itself, these loans amounted to a monetary value of $553 million, a jaw-dropping sum to put it lightly.
Moro added that while many of its institutional debtors have already paid their loans in full, there is still $130 million worth of active loans,  a figure that has only grown of the course of the lending service’s seven-month lifetime. This indicates that the crypto market downturn hasn’t deterred these industry participants one bit, contrary to popular belief.
This continual institutional interest hasn’t gone fully unnoticed, with a number of institutions and forward-thinking crypto innovators establishing products, services, and platforms, aimed at high net-worth individuals and Wall Street. Nasdaq, for instance, recently announced that it joined hands with VanEck to work on a Bitcoin and “crypto 2.0” futures contract, aimed at institutional and retail investors alike.
Related Reading: Why Are Novogratz, Fidelity, And Bakkt Banking On Institutional Crypto Investors?
Fidelity Investments, which sports the business of 13,000 institutional clients, even announced its own digital asset-centric subsidiary, slated to offer top-notch cryptocurrency custody and with trade execution.
Even Without Institutional Investment, Crypto Still Valuable
But even if institutional money doesn’t continue to flood in and the aforementioned platforms falter, as skeptics expect, Bitcoin and its altcoin brethren will still have big shoes to fill. As reported by NewsBTC last week, at BlockShow Asia 2018, Tom Lee, head of research at the crypto-friendly Fundstrat Global Advisors, claimed that Bitcoin is “bent, not broken.” The long-time cryptocurrency advocate, somewhat infamous for his irrational price predictions, added that Bitcoin’s $1.3 trillion in on-chain transaction value, reportedly 2.5 times that of PayPal, indicates that this innovation has “staying power.”
He added that there’s still “enviable profitability” in the cryptosphere, with BitMEX alone, who will likely generate $1.2 billion in fiscal 2018, making more than the Hong Kong Stock Exchange’s parent and Nasdaq. This profitability factor alone should entice investors to continue to invest in cryptocurrencies and related projects.
Jackson Palmer, CEO of Dogecoin, echoed the sentiment that cryptocurrencies have and will continue to maintain inherent value, even without support from Wall Street hotshots. In an op-ed posted to Diar, Palmer, a developer at Adobe, noted that the grassroots projects, namely the Lightning Network and Plasma framework, can help “cryptocurrencies fight back” and keep the heart of the decentralized revolution burning.
Related Reading: Dogecoin Creator: Bakkt, Fidelity, and Bitcoin ETF Are Bad for Cryptocurrency
Palmer wasn’t alone in his anti-centralization, pro-crypto statements, with Ethereum co-founder Vitalik Buterin, Marc Andreessen, one of the world’s foremost venture capitalists, and even Edward Snowden lauding cryptocurrencies for their ability to transcend traditional entities.
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Report: Whales Accumulate Ethereum (ETH) En-Masse Amid Bear Market

Since Bitcoin (BTC) began to falter in recent weeks, with the asset free-falling below $6,000, investors have whipped out their magnifying glasses, doing their utmost to discern what catalyzed the sell-off. Although many pointed fingers at the contentious Bitcoin Cash debacle, the U.S. Securities and Exchange Commission’s renewed crackdown on tokens deemed digital securities, and the lack of development in the Bitcoin ETF launch cycle, a novel theorized catalyst recently arose.
For those who aren’t in the loop, this proposed catalyst is that whales and former “HODLers” have sought to liquidate their cryptocurrency holdings, putting immense selling pressure on assets, such as Ethereum (ETH) and BTC. However, extensive research completed by Diar, a leading crypto-centric data analytics unit, notes that contrary to this popular belief, reports of a whale sell-off couldn’t be further from the truth.
Ethereum Whale Holdings Nearly Double In Bear Market
According to Diar’s most recent installment of its weekly analytics report, whales in the Ethereum waters have continued to accumulate, likely enticed by the bargain deals seen in the cryptocurrency market.

We have published our latest issue for your read:
• $ETH Whales Accumulate Billions, But Growth Remains Stagnant• @coinbase Nears Full @circleinvest with $ZEC Exchange Listing• @GrayscaleInvest Bitcoin Holdings Continue Rise as Prices SlideAnd more
— Diar (@DiarNewsletter) December 3, 2018

According to TokenAnalyst-sourced data routed through Diar, since January 2018, the amount of ETH that Ethereum’s top 500 wallets have held has risen by 80%. To put this growth figure into perspective, on January 1st, whales kept 11 million Ether under lock and key, as of November 30th, the same group of users holds 20 million.
This jaw-dropping sum amounts to nearly 20% of all Ether currently circulating, and $2.2 billion in U.S. dollar values, clearly indicating that whales are heavily betting on a market reversal.
Diar also noted that whales have presumably been bolstering their Ethereum wallets also due to a resurgence in SEC-backed regulatory action, coupled with a change in sentiment regarding ICO-funded projects. In a testament to the aforementioned point, the American governmental agency recently penalized AirFox and Paragon, while also fining the founder of EtherDelta for heading an unlicensed securities platform. These two regulatory actions alone instilled fear in the hearts of “altcoiners,” catalyzing the death of a multitude of small-caps as traders rushed to sell their tokens for ETH.
Regardless of the exact stimulus behind this bout of accumulation, Diar closed off its report by noting that while the fiat value of whales’ holdings has fallen by ~90%, Q4’s ETH balance growth is up 270% over Q3, a bullish sign in the eyes of optimists.
Bitcoin Accumulation Also Occurring, UTXO On The Rise
Not only have whales been accumulating Ether en-masse, but BTC as well, highlighting a trend of accumulation in 2018’s bear market. As reported by NewsBTC previously, crypto analyst FlibFlib astutely drew attention to the Bitcoin Network’s unspent transaction outputs (UTXO) set size as a potential indicator in mid-November. The analyst explained that as UTXO increases, accumulation is occurring, but as the same indicator decreases, investors are presumably selling their BTC in an act of “distribution.”
Keeping this in mind, and considering that UTXO has been on a tear since July, even amid November’s 40% downturn, many believe that bulls continue to scale into long Bitcoin positions. However, the analyst noted that gradual accumulation won’t be enough to propel BTC to the moon, as it were. The analyst claimed that the unspent output indicator will need to see a “significant uptick,” coupled with a slight increase in Bitcoin price, to indicate that the bear market has finally run its course.
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Crypto Bear Market Strikes: Ethereum Classic (ETC) Development Group Folds

While crypto’s unbridled optimists have done their best to keep this market afloat, incessantly imploring Bitcoin investors to “HODL” and “BUIDL,” their cries haven’t stopped a key Ethereum Classic development group from unfortunately capitulating.
Ethereum Classic Ecosystem Loses Key Player Amid Market Tumult
After a multi-month downturn in the cryptocurrency world, which has seen $700 billion evaporate from this industry’s market value, ETCDEV, an essential player in the Ethereum Classic ecosystem, has announced its closure on December 3rd, 2018. For those who aren’t in the loop, ETCDEV is an Ethereum-centric development group launched two and a half years ago, whose creation was catalyzed by the DAO debacle of 2016.
Since the organization came into being, it rapidly became the face of the Ethereum Classic development community, lauded for its penchant for technological revolution and its ability to innovate.  But now, as aforementioned, the organization has had to fold, purportedly due to funding constraints.
Through a tweet, Igor Artamonov, the founder and chief technology officer of ETVDEV, wrote:

Unfortunately ETCDEV cannot continue to work in the current situation and has to announce shutdown of our current activities
— ETCDEV (@etcdev) December 3, 2018

Although the ETCDEV executive cited a lack of sustainable financing, this message comes just days after Artamonov released a Medium article lambasting one of his peers for being a “Trojan Horse” for another team. Regardless, the fact of the matter is that Ethereum Classic remains heavily wounded after this occurrence, as the project lost its primary development team.
Since the disheartening announcement from the experienced development consortium, ETC has fallen by 9.40% to $4.61 a pop, under-performing BTC by 5.7%.
Upon the advent of the rapid sell-off, deemed irrational by some, yet backed by $190 million in 24-hour volumes, the official Twitter page of the Ethereum predecessor quickly took to its brainchild’s side. Through a message of support, evidently issued to calm the nerves of perturbed ETC investors, the team made it apparent that ETCDEV isn’t the entire project. Instead, it was noted that Ethereum Classic is a consortium of like-minded innovators and teams, such as IOHK, ETC Co-op, “and a litany of volunteers.”
Aggregating its underlying bullish sentiment into a single statement, the show-runners behind the @eth_classic handle simply wrote, “keep calm, and build on.”
Crypto Bear Market Qualms
This recent announcement comes just days after Steemit, the company behind the (somewhat) decentralized social media platform that shares its name, revealed it was undergoing a business reorganization, purging 70% of its employees.
Related Reading: Steemit Announces Structural Reorganization, Laying off 70% of Employees
Ned Scott, CEO of Steemit, said on the matter:
“While we were building up our team over the last months, we had been relying on projections of basically a higher bottom for the market… Since that’s no longer there we’ve been forced to lay off more than 70% of our organization.”
He explained that as Steemit’s top brass met, amid worsening market conditions, it became logical that a staff restructuring at the private startup was necessary. Interestingly, Scott failed to divulge an exact headcount pre- and post-purge, making it difficult to discern how many were affected.
SpankChain, an adult entertainment platform centered around blockchain, recently saw its CEO take to Reddit to announce that it, as well as Steemit, had downsized drastically. The project head noted that the SpankChain project hired eight individuals, and has reduced its burn rate from $200,000 to $80,000 per month.
However, it isn’t all doom and gloom, as not all crypto-related organizations and startups have been subject to the financial pressure caused by the unpredictable cryptocurrency market.
As reported by BreakerMag, Ethereum pioneer Joseph Lubin, who can be likened to the Sergey Brin (Google co-founder) of the blockchain industry, recently distributed an uplifting note to all employees at ConsenSys, often defined as the Google of this innovative sector. In the letter, authored by the passionate Canadian technology entrepreneur, it was noted that in spite of the market sell-off, ConsenSys remains poised to “succeed wildly,” with a potential to usurp the traditional facets of society. Lubin wrote:
“[Blockchain is] a technology and an ethos that many of us believe will profoundly reshape human society over time… We now find ourselves occupying a very competitive universe, [and have the ability to] succeed wildly. [But,] we must recognize that what got us here will probably not get us there, wherever ‘there’ is.”
In a testament to Lubin’s undying belief in this decade-old technology, ConsenSys itself, primarily consisting of a handful of distributed subsidiaries, has reportedly hired upwards of 550 employees. BreakerMag has divulged that the startup’s rapid expansion can be primarily attributed to Lubin’s Ether coffers, which are reported to hold millions upon millions of ETH. And despite the downturn, it appears his stash isn’t even close to depletion.
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Legendary Venture Capitalist: “We’re Close to a Crypto Nuclear Winter”

It’s no secret that 2018 has proven to be a rough year for the cryptocurrency markets, which have seen their market capitalization plummet from highs of over $800 million in January of 2018 to recently established yearly lows of under $120 billion.
The poor market performance, which can be attributed to little more than a boom-and-bust market cycle, has left many investors wondering when the markets will recover, and looking towards upcoming platforms and products being offered by major players in the world of finance, including an institutional investment platform from Fidelity, and a Bitcoin product from the ICE-backed company, Bakkt.
Despite there being positive developments occuring, one legendary investor warns that the cryptocurrency markets may be entering into a “nuclear winter,” while also noting that the technology is exciting and that it does have an exciting future.
The comments were made by Jim Breyer, a billionaire investor who has board seats in notable companies, including Dell, Blackstone, and Walmart, during Fortune’s 2018 Global Tech Forum in Guangzhou, China.
During the final keynote session of the event, Breyer, who is vocal about his bullishness on blockchain technology, said that he continues to be “very interested” in cryptocurrency and DLT-based companies, but further added that “we are close to a nuclear winter right now with cryptocurrency.”
Bitcoin, the largest cryptocurrency by market cap, is currently nearing its recently established 2018 lows of $3,600 and is currently trading down 80% from its late-2017 highs of nearly $20,000. Bitcoin’s poor market performance has led the altcoins markets into a downwards spiral that has sent many of their prices into territories not seen since early-to-mid 2017.
Related Reading: Mike Novogratz Expects Crypto Market Turnaround, Adoption in 2019
Not the First Cryptocurrency Winter 
Breyer importantly added that the current crypto slump isn’t unprecedented, and these type of cyclical pricing patterns are seen in most emerging tech markets, including the artificial intelligence (AI) industry and the internet, which saw a major bubble form and burst in the late 90s and early-2000s
Breyer made a huge portion of his wealth by investing in nascent markets, as he placed a massive, and risky, bet on Facebook in 2005 when the company was in its infancy. Ultimately, this bet was worth billions of dollars and allowed Breyer to form his own investment firm, aptly named Breyer Capital, in 2013.
While speaking about the predictability of boom and bust cycles in nascent industries, Breyer noted that “these cycles keep happening every decade or so,” and further added that this type of seasonality is “inevitable.”
Furthermore, he also said that blockchain technology, which underpins cryptocurrencies, is being investigated and implemented by some of the biggest names in technology, with some of the best and brightest computer science minds devoting their knowledge and skill to advancing the technology.
“So many of the very best computer scientists and deep learning PhD students and post-docs are working on blockchain because they have so much fundamental interest in what blockchain can mean… You don’t want to bet against the best and brightest in the world.”
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