Does Cryptopia’s Failure Show Decentralized Exchanges are Crypto’s Future?

New Zealand exchange Cryptopia has gone into liquidation. Yesterday, rumors of another hack were circulating after users were unable to access the website. However, this morning, an announcement made on their Twitter account declared the company had ceased trading. Taking this into account, is now the time to start using decentralized exchanges?

Cryptopia Limited appoints Grant Thornton as Liquidators –
— Cryptopia Exchange (@Cryptopia_NZ) May 15, 2019

Cryptopia Has Closed For Good
Launched in 2014, with amongst the lowest fees (0.2% per trade) in the industry, Cryptopia carved out a reputation for being a no-frills exchange that was willing to list relatively unknown coins.

They enjoyed relative success. But things took a turn for the worst late last year when trading volumes plummeted. In the weeks before today’s announcement, daily volumes were typically around $200k. In the current climate, this would place Cryptopia within the top 40 exchanges.
Sadly, in what is another blow for the crypto industry in general, as of today, trading on Cryptopia has been suspended.

Cryptopia joins the sad list of dead exchanges. In 5 years I've watched over 10 exchanges shutdown yet you still leave funds on their sites? Heres a small list: Cryptsy, mtgox, cryptorush, mintpal, cavirtex, vaultofsatoshi, quadriga, coinedup, vircurex, coinedup, cryptopia.
— Needacoin (@needacoin) May 15, 2019

The Cryptopia Hack Highlights Incompetence
At the start of 2019, hackers stole $16 million from Cryptopia. There were reports that staff struggled to control the breach, meaning hackers were able to sustain their attack for a further two weeks following the initial incident.
Moreso, almost halfway into the year, normality has still not returned. With some users taking to social media to voice their displeasure at this. And rightly so, as this time frame is unacceptable for any online business, let alone a crypto exchange.

@Cryptopia_NZ It's been almost 5 months now since the #CryptopiaHack & we are still awaiting for our funds. Unable to withdraw, trade or use our funds since 5 months in a bear market. I hope you understand what it means for all of your users? I really hope to see some +ve action!
— Crypto babushka (@Cryptobabushka) May 8, 2019

The liquidators, Grant Thornton, have released a statement saying the company has failed to recover from January’s attack. They go on to say that the investigation could last for several months, due to the complexity involved:
“The highly publicised hack of Cryptopia’s exchange in January 2019 had a severe impact on the company’s trade. Despite the efforts of management to reduce cost and return the business to profitability, it was decided the appointment of liquidators was in the best interests of customers, staff and other stakeholders.”
Decentralized Exchanges Are The Future
Undoubtedly, the scale of incompetence surrounding Cryptopia will filter out over the coming months. But for now, given concerns over security, investor attention is turning towards decentralized exchanges.
Not only are they inherently more secure, as a centralized wallet cannot be targetted. But given the escalation of privacy encroachment, through KYC and AML regulation, decentralized exchanges offer an alternative that is more aligned with cryptocurrency ideology.
In recent times, development into their usability has taken priority. Kirill Shilov, CEO of Geek Forge, said:
“Two years ago, using a decentralized exchange (DEX) was a lot of trouble and people were losing their funds after making small mistakes like typing in the wrong address, but nowadays these platforms have become much more user-friendly than you’d expect.
And this trend has been noticed by the industry’s big players. Towards the end of April, Binance announced the launch of Binance DEX. Binance CEO, Changpeng Zhao reiterated the benefits of a decentralized system by saying:
“We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system. With no central custody of funds, Binance DEX offers far more control over your own assets. We hope this brings a new level of freedom to our community. We will work closely with projects and teams to grow the entire ecosystem.”
And with that in mind, there is little excuse not to make the switch.

CZ thought binance was immune to hacks. Every exchnge is prone to hacking, there is no denying that. Now people are afraid to keep the funds in CEXs. They started to look for non-custodial, fast, secure, with high liquidity/volume, decentralized exchnages @nashsocial $NEX #DEX
— CryptoFox® (@cryptoofox) May 10, 2019

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Source: New

Crypto Market Wrap: Binance Coin Approaching All Time High on DEX Launch

Crypto markets cooling this Friday; Binance Coin dominating, Tezos still running, Bitcoin Cash and Cardano dumping.
Market Wrap
There has been a slight pullback today following yesterday’s push to $180 billion. Crypto markets have now settled into a new range bound channel and have continued their consolidation. There has been no breakout in either direction over the past week but the trend has been upwards.
Bitcoin has retreated a little after hitting an intraday high of $5,320 a few hours ago. It is currently trading back at $5,250 where it was this time yesterday. Analysts are of the opinion that it could remain at this level for several weeks before making a significant move.
Ethereum made it to $175 a few hours ago but could not hold that level and has retreated back to $172. On the week ETH is up 5.5 percent but gains are very slow going and it does not appear to be moving independently of Bitcoin at the moment.
The top ten is predominantly red during today’s Asian trading session. Only Binance Coin is gaining as it makes 6 percent on the day to reach $22, approaching its all-time high. Momentum has come from the launch of the Binance Chain mainnet and approaching BNB swap off the Ethereum network. Bitcoin Cash and Cardano are dumping with 5 percent lost each and Binance Corp appears to be all consuming at the moment.
The only two altcoins surviving the drop in the top twenty Tezos which is still going adding another 5 percent today to reach $1.40 and Bitcoin SV which has picked itself up off the floor and added 4 percent to get to $58. The rest are falling back a few percent with the rest of the market.
FOMO: Tops The Charts
There are no major fomo spikes occurring at the moment but the top performing altcoin in the top one hundred today is MCO. The 7 percent pump has taken the token to $4.75 and it appears to have been driven by a slew of new stablecoin listings on the exchange.

PAX, the world’s first regulated stablecoin is now listed on the @cryptocom Wallet & Card App. Securely buy, sell, store and send Paxos Standard Token in our app – @PaxosGlobal @PaxosStandard @chadcascarilla #stablecoin
— (@cryptocom) April 18, 2019

Bitcoin Diamond is also having a little spurt gaining over 5 percent but little else is going on as we end the week. Getting dropped for the second day in a row is Maximine Coin dumping another 7 percent. BCH and ADA are both at the bottom of the list with their losses today.
Total market capitalization 24 hours.
Total crypto market capitalization has pulled back to $178 billion as $2 billion leaves the space this Friday morning. The consolidation pattern continues and is not likely to change until Bitcoin breaks through its resistance level, or dumps back below $5k.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
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Source: New

Bitfinex Launches its Most Awaited DEX EOSfinex But Struggles to Keep it up

Bitfinex has been striving to provide the best industry experience to its users. With the same motive, the exchange launched the beta of EOSfinex which was to bring together the scalability and speed of EOS with Bitfinex’s industry-leading expertise.
The first EOS based DEX is here  
It was a big day for Bitfinex. The beta of its highly anticipated, first high-performance decentralized exchange to be built on EOS.IO technology, EOSfinex was launched. With this launch, Bitfinex was to complete its vision of pushing the boundaries of market-leading services.
According to initial posts, EOSfinex was to combine the scalability and speed of EOS.IO with Bitfinex’s industry-leading expertise to deliver an “on chain” exchange designed to offer a fast, transparent and trustless platform for the trading of digital assets. While it was a combined effort of both, this vision has led us to EOS.IO, whose goal of processing tens of thousands of transactions per seconds, with minimal fees and confirmation times, is heavily aligned with their ambition.
Bitfinex shared the news of the EOSfinex testnet with all excitement

The launch hits the roadblock
While the beta launched seems successful, a few hours later the exchange hit a roadblock and the web server of the EOSfinex just blanked out. The same was put forward by a twitter user, Fabrizio, who chose to comment “Lol” with a screenshot of the error message that appeared on EOSfinex website.

LOL Really
— Fabrizio (@Tx_Sec) March 28, 2019

This server collapse for EOSfinex has left the community and investors in a state of confusion with respect to the technological superiority the Bitfinex has been bragging about. Hope these glitches resolve soon as EOSfinex could change fortune for EOS and its Dapp ecosystem.
Will Bitfinex and EOS be able to put together a stronger infrastructure for EOSfinex? Do let us know your views on the same.
The post Bitfinex Launches its Most Awaited DEX EOSfinex But Struggles to Keep it up appeared first on Coingape.
Source: CoinGape

Binance Coin (BNB) 100 Percent Surge not an Impossibility

Binance coin up 6.1 percent in the last day
BNB rallying because of fundamental reasons, next target $26
Volumes spike, participation more than double after Mar 24 close

Driving Binance Coin (BNB) prices are fundamental reasons. The coin is up 6.1 percent from last week’s end. After the announcement of Binance Margin trading plans and requirement that holders of BNB are eligible, the currency is likely to surge towards $26 as demand rise.
Binance Coin Price Analysis
Widespread reports reveal that Binance may be after all preparing to onboard crypto margin trading—and the reception is not positive. The exchange is the largest in the world by adjusted trading volumes and required to trend with caution considering what’s at stake. If there is a leeway allowing retail traders to use borrowed funds, then analysts say this will be risky for the ecosystem. Regulators all over the world including Japan’s FSA have sounded their warning saying margin trading in an already volatile environment is unsafe for the ordinary investor.
Here’s what the programmer who discovered Binance margin trading feature on their API had to say:
“This change has not been reflected on the documentation. Further analysis of the response revealed that all 482 trading pairs have spot trading enabled and margin trading disabled; which makes sense. However, this API update implies that Binance is considering the implementation of margin trading features.”
In the unconfirmed arrangement, margin trading will be subject to account owners holding some Binance Coin (BNB).
Candlestick Arrangement

Trailing Cardano (ADA)—which is up 17.6 percent in the last week is Binance Coin, up 6.1 percent in the same time-frame.  From the daily chart, it is clear that Binance coin (BNB) is on an uptrend and trading in a bull breakout pattern with bases at around $11.
Without a doubt, BNB prices are a rally and outperforming others only because of supportive fundamentals. From Binance DEX test-net, the increasing popularity of Binance Launch Pad and now conditions for margin trading, every dip above Mar 24 lows or the 20-MA should be a buying opportunity. Like in our previous BNB/USD trade plan, the first target is $26.
Technical Indicators
As mentioned above Binance coin (BNB) is trading within a bull breakout after that comprehensive close above $11. Since bulls of Mar 5—4.8 million are now valid because of Mar 24 rally—4.9 million and close above Mar 16 highs of $16.5, every low should be a buying opportunity.
Chart courtesy of Trading View
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Source: New

Okex Announces the Launch of its IEO; Will Inevitably Challenge the Decentralised Exchanges in the Future

Okex has announced the launch of its Initial Exchange Offering for its users: Ok Jumpstart. The IEO of exchange will help new projects and blockchain based projects to launch their tokens on the exchange.
According to their blog post:
By saving the time and resources for getting listed on exchanges, project teams will be able to focus on project development and community management.

We'll be launching #OKJumpstart very soon. Do you know what is an #IEO?
— OKEx (@OKEx) March 13, 2019

How is an Exchange Offering Different from an ICO?
While the exchange will continue to administer the working of the ‘Exchange tokens,’ an independent, autonomous team is designated the job of working on the Exchange Token.
Furthermore, the Exchange Offering is exclusively open for the exchange users only. While this creates an ambiguity as the exchange is open to the public. However, it gives assurance of KYC and AML compliance along with trust protection to the token holders.
         IEO vs ICO
The exchange reaffirms that an exchange offering is entirely different from an ICO as the exchange is a tangible running model, rather than an idea on a whitepaper. Hence, the chances of it performing, in the long run, are higher.
“Instead, the exchange is risking their credibility when doing IEOs, since it has no control over the IEO project team’s operation and product delivery as promised in the latter’s white paper… This provides an extra layer of protection to contributors.”
Also Read: Bittrex Hosting First Initial Exchange Offering (IEO), Is It Similar to Binance Launchpad?
Furthermore, Exchange Offerings can increase the degree of decentralization for an exchange. It is established as the order books, and the Exchange Token decentrally regulates exchange controls. Moreover, the Exchange acts as physical administrators of the token and the exchange. Hence they can also take immediate action during unforeseen circumstances. The new age exchange offerings from Bittrex and Okex will inevitably compete with Decentralized Exchanges in the future.
The post Okex Announces the Launch of its IEO; Will Inevitably Challenge the Decentralised Exchanges in the Future appeared first on Coingape.
Source: CoinGape

Polymath: If Placed On a DEX, Security Tokens Can Be Compliant


Polymath: If Placed On a DEX, Security Tokens Can Be Compliant

Security token platform Polymath has teamed up with Loopring to trial peer-to-peer trading of security tokens on a decentralized exchange.

Polymath: If Placed On a DEX, Security Tokens Can Be Compliant

Continue reading at Coinspeaker
Source: CoinSpeaker

Binance CEO announces launch of its first Decentralized Exchange Testnet

In a recent interview with cryptocurrency and blockchain enthusiast, Ivan Liljeqvist, Changpeng Zhao aka CZ, the founder and CEO of Binance, spoke about listing and delisting coins on its platform, the standards to be met and above all, the launch of DEX.
Binance, which is essentially a centralized entity, is all set to step its toes into the DEX space after releasing its first version. Talking about supporting decentralized exchange without even being one, CZ said:
“I think we have listed no less than seven decentralized exchange coins”
CZ also admitted that any one of them could easily disrupt the centralized system run by them. He highlighted the aspects of security, ease of use and freedom rather than setting decentralization, as the goal of his work.
Talking about DEX’s profitability, CZ asserted:
“DEX may not generate a lot of revenue for because the nodes will be decentralized and we don’t own most of them. But it is likely to increase utility and hence the value of the Binance coin and we still have decent number of Binance coin ourselves.”
CZ further said that DEX, which is a unique offering of the centralized exchange, is technically fully decentralized. He said:
“Users hold their own private key and the network never has access to the key.”
He also revealed that the mainnet runners for the DEX have not been decided yet. However for the testnet, all the nodes will be run by them in order to understand its workings.
The all-new DEX will be using Binance Chain to render instant transaction confirmation for a similar trading volume.
Earlier, the exchange had announced that their native Binance coin [BNB] will be moved to the Binance Chain, which was previously trading on the Ethereum blockchain.
Subsequently, other tokens might also move into the chain. Speaking further about the process, CZ stated:
“You can issue token, you can trade them, submit your proposals to get your coin listed on the DEX and the nodes will vote for you.”
Over 8 tokens have confirmed their migration into the Binance Chain from ERC 20.
Binance CEO CZ has previously been criticized by the community for removing coins from the exchange. To this, CZ responded by saying:
“Because we are centralized we will have to take on the responsibility of selecting projects and working with projects to list them. Basically, we want a listing of projects with a large number of users, good products, good communication with the community, consistent improvements and active developments.”
Other reasons for delisting include limited technical resources and security issues, said CZ. He finally concluded by saying that he believes that listing more coins for an exchange ‘is not the best market strategy’.
The post Binance CEO announces launch of its first Decentralized Exchange Testnet appeared first on AMBCrypto.
Source: AMB Crypto

Binance DEX Testnet Launched, BNB Breaks into a New ATH in BTC Market

“Fast and secure decentralized digital asset exchange. The new cryptocurrency trading standard is here,” states the website of the brand new launched Binance DEX.
The much anticipated Decentralized exchange (DEX) of the world’s largest cryptocurrency exchange Binance has finally launched its testnet for public testing. Binance DEX aims to bring the best of its centralized exchange’s features in a decentralized setting.

As Binance CEO, Changpeng Zhao better known as CZ has pointed out previously, the focus of the DEX would be on security, user-friendliness, and speed. Recently, in an interview, he had shared,
“The user interface on Binance DEX is similar to the interface of Fast, secure and user-friendly. We envision the Binance Chain to help grow the community and further crypto adoption and accessibility.”
Recently, in a blog post, Binance had shared that the common problem that exiting DEXs face is in the form of difficulty in attracting the users which is due to less intuitive user experience, speed, and liquidity issues.
But Binance is all set to tackle this issue of reaching a wider user base head-on as they are in a “unique position” to run a secure exchange platform that processes billions of attractions with speed as it’s all about “replicating” the success of its market-leading centralized exchange into the decentralized realm.
No doubt, Binance is best suited for this challenge. Even despite the demand from the users, existing DEXs haven’t been able to live up to their expectations, however, Binance DEX is hitting just the ‘pain point’ of the users by offering this community initiative with low trading fees, user-friendly, and a safe and secure platform. Apart from near-instant transactions finality with an order matching engine, it allows its users to hold their own keys.
Binance DEX Hit the Right Chords for BNB Price
“BNB, currently an Ethereum ERC20 token, will be migrated to Binance Chain to become the native asset of the new blockchain,” mentions the official BInance DEX website.
In the past 24-hours, BNB has taken a hike of more than 15 percent at $$11.16. In the BTC and ETH market as well, it is up by 14 and 17 percent respectively, according to the data provided by Coinmarketcap.

        BNB Price Chart, Source: Coinmarketcap
Since mid-December, Binance’s native currency BNB has been on an upward movement and now the launch of Binance DEX has given the 10th largest cryptocurrency another boost. As a result, BNB has made a new all-time high (ATH) in the BTC market.
The post Binance DEX Testnet Launched, BNB Breaks into a New ATH in BTC Market appeared first on Coingape.
Source: CoinGape

Coinsquare Signs StellarX DEX Acquisition Deal – Second Stellar-Related Purchase in 3 Months

With respect to the latest blog published on Medium, StellarX, the Decentralized exchange has been recently acquired by Coinsquare, a Canadian Cryptocurrency exchange.
Coinsquare and StellarX DEX
Despite the dumping market, Coinsquare has made a big deal today by acquiring the Stellar. Moreover, it is the second stellar-related purchase for Coinsequare in 90 days (i.e 3 months).

Big news for $XLM #Stellar Lumens! Coinsquare, the biggest #crypto exchange in Canada, has acquired StellarX
— Stellar Lumens $XLM (@xlmstellarlumen) February 14, 2019

Stellar refers to Stellar Lumens or XLM, a cryptocurrency platform. Per the acquisition deal, Stellar will still be operating under its own brand. Additionally, the core of agreement would let Stellar work and accomplish the goal outlined in the road-map. Moreover, Cole Diamond, CEO of Coinsquare says that;
“We are deeply committed to ensuring that the cryptocurrency market thrives, and adoption is key. Stellar is the fastest payment network in the world and we see enormous potential to create industry-leading services on StellarX to further broader adoption”.
It’s quite important to note that Coinsquare has already acquired BlockEQ, a private Stellar wallet in late 2018 for $12 Million and with the new acquisition of StellarX, BlockEQ’s co-founder Megah Bambra will lead the operation. Furthermore, the blog post explains that StellarX would need a home to fulfill its potential and a platform work with regulatory experience. StellarX believes Coinsquare is the best fit with close relationship across regulators of US., Europe and Canada.
Consequently, Megha Bmbra will further responsible to outgrow stellar ecosystem.
Megha Bambra, BlockEQ cofounder, will now lead StellarX. Megha and her new team of Toronto-based developers will continue to build out the product roadmap announced by Stellar last fall. As part of the acquisition, StellarX will continue to operate and grow under its own brand.
What do you think about the latest acquisition of Coinsquare? share your opinion with us.
The post Coinsquare Signs StellarX DEX Acquisition Deal – Second Stellar-Related Purchase in 3 Months appeared first on Coingape.
Source: CoinGape

Binance DEX “Binance Chain” is Ready for Public Testing on February 20 :CZ

Binance’s decentralized exchange Binance DEX is targeted to release for public testing on February 20. 
Binance DEX Coming on February 20
The decentralized exchange of Binance, Binance Chain is all set to make it to the testnet in the coming week. Binance CEO, Changpeng Zhao took to Twitter, to share it with the crypto community that the target is set for February 20th for public testing.

Recently, in the “ask me anything” session, Zhao revealed new details about the decentralized exchange that is currently under development by the largest cryptocurrency exchange, Binance. Initially, the number of network consensus validators on the Binance Chain will be small, starting with 11 validator nodes. Once the exchange goes live, they will be looking for “guys who can run very fast validators.”
“So, in the Binance Chain, there’s no smart contract. We just have an interface for you to issue tokens, and then you can trade it. Binance Chain is a very simple chain in terms of application, but it can handle very large loads. It is our opinion that the load is more important than the features.”
Binance Chain to Charge $100,000 to List Coins
In the beginning, Binance will have a lot of influence over the network as shared by Zhao meaning compared to other networks, it would be more centralized. This is in line with his “there is no absolute decentralization” remarks last year as “decentralization is not safer by default,” he had said.
At that time, Zhao had said, “Centralized and Decentralized exchanges will co-exist in the near future, complementing each other, while also having interdependence. We stand here today because we believe that Blockchain technology will change the world.”
During the AMA, it has also been revealed that Binance Chain will be charging close to $100,000 for listing new coins. This is a deliberate move on Binance part as Zhao has explained, the higher fee is to “reduce the number of spam or scam projects.” Though the fee estimate is $100k, it will be adjustable over time.
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Source: CoinGape

Diar Research Puts Question On Binance’s, OKex and Bithumb’s move towards DEX

While decentralized exchanges (DEX) were considered to the future of cryptocurrency exchanges, they somehow seem to have lost their charm. According to the recent report from Diar, decentralized exchanges have now hit an all-time low in terms of US dollar traded value, as well as Ether transaction on-chain. 
Are Decentralized Exchanges Just A Fad or Do They Have A Future?
According to the data presented by  Diar Research in its latest report, it looks like DEX’s have hit a roadblock. The data put forward shows that as on June 2017, when DEX first began appearing online, a total of $8.9Bn was been traded on-chain. But that figure dipped last year to just pipping over $7.1Bn. While the dipping from 2017- 2018 was still minuscule the first month of January has only been able to volumes of $49Mn for the month of January – to-date, an all-time new low for DEX’s
Source: Diar Report
To give a comparative perspective, these reported volumes for January 2019, as less than a tenth of what the largest centralized exchange Binance trades, alone, on a daily basis.  At this run rate, DEX’s will be able to garner around USD 600 million of on-chain volumes which would be a significant dip from last year.
It’s not just volumes in dollar terms, the other metrics such as  Ether transaction on-chain and unique addresses have also hit a new low. To quote from the report
“In terms of Ether, this month is a mere third of what was traded on Ethereum DEXs in January 2018. At the peak, over 2.3Mn ETH was traded in May 2018 – now down to 400K.”

Have Binance, OKEx and Bithumb got their strategies wrong?
Considering the demand and the hype built around the future of DEX’s a lot of centralized exchanges had announced their plans to enter the space. To name a few, Binance had already shown a short demo of their platform. OKEx’s Open Ledger DEX is already launched, as has Bithumb’s DEX. Coinbase too, last year purchased Paradex with the same vision of a decentralized exchange holding keys to the future. But none seem to have been able to get customers of their respective DEX’s despite the fascinating model of low or no fees.
And now with further tightening of the situation, there is further speculation that DEX’s may just find it too difficult to pick up. While a lot of crypto prodigies on the street have spoken in favor of DEX’s maybe they need some more time to flourish.
Will DEX pick up or would they fade out? Do let us know your views on the same.
The post Diar Research Puts Question On Binance’s, OKex and Bithumb’s move towards DEX appeared first on Coingape.
Source: CoinGape

Are Cryptocurrency Exchanges Safe? DEX the New Selling Keyword Post Cryptopia Hack

While New Zealand based cryptocurrency exchange Cryptopia has gone offline after suffering a security breach, industry leaders call out ‘crypto enthusiasts’ to focus more on Decentralized Exchanges to avoid losses.
DEX creators take full advantage of Cryptopia fall, DEX once again hot topic
The latest tweet of Changpeng Zhao, CEO of Binance trolls the recent catastrophic hack suffered by Cryptopia as a way to advertise ‘Binance Decentralized Exchange’. His tweet notes ‘store coins yourself or move to DEX’.

Store coins yourself. You fight hackers yourself, and guard from losing wallet yourself. Computer breaks, USBs gets lost.
Store on an exchange. Only use the most reputable, proven secure, exchanges.
Or move to DEX, disrupt ourselves.
— CZ Binance (@cz_binance) January 15, 2019

Not everyone is on the same page
However, his first statement ‘Store coins yourself. You fight hackers yourself, and guard from losing wallet yourself’, have discouraged many of his followers at the first context. Nevertheless, many enthusiasts also commented depressingly, one of such Twitter account (username – WhalePanda) who shares updates on the crypto industry has voiced it as ‘a horrible advice’ by exchange owners. Along with him, Pierre Rochard who seems ‘strong advocate for digital currency’ responded to CZ’s tweet, stating ‘surprising to see Industry leaders’ spread bad info.

“You fight hackers yourself, and guard from losing [password] yourself. Computer breaks, [2fa] gets lost.”
More individual exchange accounts have been hacked than individual wallets.
Disappointing but not surprising to see “industry leaders” spread bad info.
— Pierre Rochard [⚡️] (@pierre_rochard) January 15, 2019

Following many of such responses, CZ later clarified his intention and missing words. He made it clear that his intention of an early tweet was to advertise Binance DEX, unfortunately, it didn’t, henceforth he added another tweet, explaining;

Some people seems to misread this tweet. It lists 3 options. It does not say which option is better than another, as that depends on each persons security skill, preference, fund allocation, etc.
Most importantly, it is an ad for the #BinanceDEX. My bad for not making it clear.
— CZ Binance (@cz_binance) January 15, 2019

DEX is not a panacea – Kraken’s Jesse Powell
Similar to CZ, Jesse Powell who is the co-founder of Kraken cryptocurrency exchange has also cautioned public citing Cryptopia hack. Jesse Powell commented on Peter’s tweet and spoke against CZ advertising DEX. Jesse stated ‘DEXes are not a panacea’ and asks to ‘look at the DAO’.

PLEASE do not store more coins on an exchange (including @krakenfx) than you need to actively trade. Use @LedgerHQ or @Trezor. DEXes are not a panacea — look at The DAO. Open source just means exploits will be discovered sooner (probably not by good guys). 🙏
— Jesse Powell (@jespow) January 16, 2019

Meanwhile, Crypto Market Drops Slightly following the hack news
The estimated loss of $2.5 to $3.5 million from the recent Cryptopia’s hack has spread out the negativity across the market. As such, the crypto market gets in red zone again – Bitcoin by losing 1.75 percent, XRP with loss of 1.63 percent, Eth by declining 5.70 percent over the past 24hrs. Besides these, other cryptocurrencies are also declining eventually.
Image source –
No doubt the event of hacking has once again boosted the debate of security of user funds and it will be interesting to know is DEX an answer to this. 
The post Are Cryptocurrency Exchanges Safe? DEX the New Selling Keyword Post Cryptopia Hack appeared first on Coingape.
Source: CoinGape

Week in Review: Cryptocurrency Price Analysis for the week December 17 to December 23

Congressmen Darren Soto introduces the Token Taxonomy Act
This week again Democrat Darren Soto, alongside fellow Congressman Warren Davidson, introduced the Token Taxonomy Act. The new bill plans clear up the confusion around the classification of cryptocurrency. Most importantly, it states that a digital asset is no longer security once it becomes a fully functioning network. A couple of weeks back, Sato had joined hands with Ted Budd to put an end to cryptocurrency price manipulation. The two men had introduced a couple of bills that “direct the CFTC and other financial regulators to make critical recommendations for how to improve the regulatory environment for both the consumer and business development side.”
Facebook back with crypto headlines
According to a report from Bloomberg this week, “people familiar with the matter” have stated that Facebook is working on creating a stablecoin for WhatsApp money transfers. The company is apparently planning to start in India where the country has over 200 million WhatsApp users and $69 billion in annual remittance payments. As always, one will have to take this news with a grain of salt as the announcement isn’t from Facebook itself. Facebook creating a cryptocurrency – a tale as old as time. Facebook has been ramping up its blockchain team, however, boasting about 40 members according to LinkedIn. Former PayPal president David Marcus has been running the Facebook Messenger app since 2014 and currently leads the blockchain division.
Vitalik gives away capital to Ethereum Startups
Gathering some news from Twitter, Third leading cryptocurrency Ethereum creator, Vitalik Buterin, has given away $300K in cryptocurrency to Ethereum startups. Buterin gave away the $300K to three Etherum startups: Prysmatic Labs, ChainSafe Systems, and Sigma Prime. Each of the startups has received 1K Ethereum from Buterin, which was later disclosed in a Twitter thread. All the three startups are reportedly working on to improve the Ethereum network and move it into Ethereum 2.0. ChainSafe is creating an Ethereum 2.0 compatible client; Prysmatic Labs is working to improve scalability, and Sigma Prime is also working on a 2.0 client called Lighthouse.
Hong Kong to tighten cryptocurrency laws
While Mainland China has almost shut its doors for cryptocurrency trading in the country. ICOs and cryptocurrency trading is still allowed in Hong Kong. Now, reports have emerged that be it, crypto exchanges, traders, investors, crypto-based companies or institutions; all will be put under tighter oversight of the Securities and Futures Commission (SFC) in Hong Kong. According to the latest SFC guidelines, now onwards, a license will be required for any investment funds which comprise more than 10% of bitcoin or any other cryptocurrency coins or tokens. The funds can only be sold off to professional investors.
Binance to launch DEX and 10 more fiat exchanges in 2019
This week for exchanges, Binance CEO Changpeng ‘CZ’ Zhao recently was interviewed regarding the latest developments in BTC and Binance and his outlook on the market moving forward. During the interview, CZ was asked about the changes to the expansion strategy of Binance due to melting markets to which he replied saying “Our strategy has not changed at all. We have launched one fiat exchange so far and we are about to launch 2-3 more in the next month or so. Next year we still want to build 10 more fiat exchanges and we are also launching our decentralized exchange (DEX) which is very core blockchain technology based exchange
Bitcoin (BTC)
Here comes Christmas and so does the Santa Claus rally which brings all green to crypto markets. Its been the first time in past 2 weeks that Bitcoin has moved over USD 4000 continuing the upward journey. The prices hit the high point of USD 4,198.43 and the lowest point of USD 3,253.12 during the week. The exchanges that were more active, in volumes, with BTC across various pairs this week were,  BitMex (21.94%), CoinBene (3.72%) and DOBI Trade (2.93%)
Among prominent news around Bitcoin, Michael Novogratz has predicted Bitcoin to hit $3,000 to $6,000 In Short Term
Ripple (XRP)
XRP still is at second place as Ethereum continues to take a beating. On the top, this week the prices of XRP were at USD 0.393330 and towards the bottom, it quoted USD 0.286942. The exchanges that were more active, in volumes, with XRP across various pairs this week were ZB.COM (13.07%)  Bitbank (11.00%), and ZBG (7.62%)
For XRP this week, XRP Voted as The Best Christmas “Crypto Gift” on Twitter
Ethereum (ETH)
Ether,like BTC is on the rise and now sits firmly above USD 100 levels. Ethereum on the top, this week was at USD 119.09 and were at lows of USD 85.38. The markets that were more active, in volumes, with ETH across various pairs this week were DOBI trade (6.46%), OEX (4.77%) and OKEx (4.74%)
Among news surrounding Ethereum this week,  Joseph Lubin, Co-Founder of Ethereum and Founder of ConsenSys, blasted his critics (especially crypto “journalists and bloggers”), and said that he could see a “very bright” future for Ethereum and its ecosystem.
The Other Movers and Shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on December 23 at 3:35 pm IST) were

Coin – Showing a rise of 211.20%
NKN – Showing a rise of 152.07%
Spendcoin – Showing a rise of 149.16%


Veros – Showing a drop of 95.95%
empowr coin – Showing a drop of 94.79%
True Deck – Showing a drop of 82.20%

What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.
The post Week in Review: Cryptocurrency Price Analysis for the week December 17 to December 23 appeared first on Coingape.
Source: CoinGape

Cryptocurrency Market Update: Bitcoin Cash Doubles in Three Days

FOMO Moments
A rare green Friday for crypto markets; Bitcoin Cash and SV are on a charge, Tron and Iota following.
It makes a change to see markets in the green on a Friday. The crypto rally that started on Monday has continued throughout the week and it has ended on a high. Total capitalization is over $130 billion, its highest level for almost three weeks.
Bitcoin has made over 25% since its low point of the year last weekend. Today it is up another 4% to just over $4,000. BTC made two bounces off resistance at $4,200 a few hours ago and has pulled back a little. The trend is currently bullish in what many are describing as a ‘Santa rally’.
Ethereum is having a rare good day with gains over 8% taking it close to $115. It is still $3 billion behind XRP in terms of market cap however, despite the Ripple token not having made much movement today.

The top ten is all green at the time of writing and shooting to the moon for the third day is Bitcoin Cash which has made over 40% in the past 24 hours. In this epic revival BCH has over doubled in value in just three days. On Tuesday it was still below $100 and today it has broken $200. Even Bitcoin SV is having a rare revival with a 35% gain on the day to take it to $125. Tron is still making solid progress with 13% more added today.
In the top twenty Dash is leading the pack with a rise of 18% to $90. Cardano and Iota are also performing well during the Asian trading session with gains of 14%. The only altcoin getting a beating in the top forty is Waves dumping 10%.
Aside from the two Bitcoin Cash variants, Bitcoin Diamond and Bitcoin Gold are also getting a dose of fomo today with pumps of 25 and 20 percent respectively. Entering the top one hundred with a surge of over 33% is Chain, CRO. Getting bashed is DEX dumping over 30%, Qash, Waves and Stratis are also in pain losing double digits at the time of writing.
Total crypto market capitalization is up over 7% on the day as it reaches $133 billion. Daily trade volume has also surged to $28 billion, its highest level for almost 8 months. Since the same time last Friday crypto markets have recovered by 25% however they are still down slightly on the month.
FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
The post Cryptocurrency Market Update: Bitcoin Cash Doubles in Three Days appeared first on NewsBTC.
Source: New

Binance Plans to Launch Its Decentralized Exchange (DEX) And 10 More Fiat Exchanges in 2019

Fiat crypto exchanges have been an extremely important element of the cryptocurrency ecosystem as they help onboard new users and investors. CZ and Team Binance clearly understand this and hence after successfully gaining some experience, Binance plans to start 2-3 more Fiat supportive crypto exchanges in early 2019.
“BUIDL” the key for long-term growth for cryptocurrencies
Binance CEO Changpeng ‘CZ’ Zhao recently was interviewed regarding the latest developments in BTC and Binance and his outlook on the market moving forward.
During the interview, CZ was asked about the changes to the expansion strategy of Binance due to melting markets to which he replied saying.
“Our strategy has not changed at all. We have launched one fiat exchange so far and we are about to launch 2-3 more in the next month or so. Next year we still want to build 10 more fiat exchanges and we are also launching our decentralized exchange (DEX) which is very core blockchain technology based exchange”
Looks like CZ’s comments are line with his projections that he had laid out in September 2018 where he had mentioned that Binance will launch 5 to 10 fiat-to-crypto exchanges. While speaking at the  CoinDesk’s Consensus Singapore conference, CZ indicated that within a year, he hopes to five to ten new fiat-to-crypto exchanges with a presence on every populated continent.
Binance has majorly only focused on crypto-to-crypto trading, but as CZ has some progressive plans which he notes by saying
“Fiat is still where all the money is in. … And we’ve got to open that gate.”
This plans of Fiat also aligns with Binance’s recent partnership with nations such as Singapore and Malta. CZ’s vision includes a worldwide and globally present network of fiat-to-crypto infrastructure, regulated and supported by state governments.
CZ plans also includes working with relatively smaller countries, as he believes that these countries tend to respond in a much more efficient way.
“You can access to the top-level government officials and they respond to your questions more directly and efficiently. … And they do appreciate the investment you are bringing into the local economy,”
CZ seems to be very focused on his approach and strategy as he believes cryptos are here to stay. His aggressive plans also give us the notion that the demand for cryptocurrency hasn’t withered away despite the falling prices
Do you think there is enough demand for cryptos and will Binance be able to fulfill its plans? Do let us know your views on the same.
The post Binance Plans to Launch Its Decentralized Exchange (DEX) And 10 More Fiat Exchanges in 2019 appeared first on Coingape.
Source: CoinGape