PlusToken Update: Report Confirms Spending of 5,575 Bitcoins Two Days Ago

The recent revelation on the movement of Bitcoin from PlusToken’s account has received confirmation from the blockchain analysis of Bitcoin. Pickshield inc., a blockchain security company that also provides research on existing projects reported that more than 5000 BTC was moved from associated PlusTokens account.
Dovey Wan Brings Attention to PlusToken Accounts on Twitter
Dovey Wan, a crypto-analyst who brought it to the attention of crypto-Twitter, stated “they [Scammers] are moving their funds [Bitcoins] into small batches into exchanges, like 50-100BTC per batch” on 14th August 2019. The marked public addresses of the scammed tokens were also brought into attention, while the research firms were notified.

PlusToken Addresses- Let's STOP it
14BWH6GmVoL5nTwbVxQJKJDtzv4y5EbTVm (95228 $BTC)
31odn4bxF2TgM4pD7m4hdSr1vGMsjh9ugV (68,562 $BTC)
33FKcwFhFBKWHh46Ksmxs3QBu8HV7h8QdF (37,922 $BTC)
eospstotoken (26,312,329 $EOS)
0xF4a2eFf88a408ff4c4550148151c33c93442619e (789,525 $ETH)
— Dovey Wan 🗝 🦖 (@DoveyWan) August 15, 2019

The information took a drastic turn as the media outlets attributed Bitcoin’s price dump below $10,000 caused by the dumping. Wan also reported that about 1000 BTC were found to be deposited in Bittrex and Huobi earlier.
Reportedly, Peckshield and Chainalysis are working on tracking the funds in wallets associated with PlusToken wallets. According to Peckshield’s most recent findings,
#PLUSTOKEN fund on the move again! On 08/14, 5,575 BTC moved from 1M1Tfsvb address to many different addresses
PlusToken Bitcoin Movement Address Map for 5575 BTC (Source)
As reported earlier on Coingape, PlusToken scammers are behind bars now, having been deported to China this year. However, the Bitcoins are still at large.
Furthermore, the recent bull run on Bitcoin from the last couple of months has also been attributed to the 200k worth cryptocurrencies being purchased after selling PlusToken. However, it will be challenging to determine the truth behind these theories.
BTC Linked with PlusToken Accounts Being Monitored Gl0bally
Nevertheless, the Exchange has been alerted, and the Bitcoins from the concerned addresses are continuously being monitored, globally.
If the scammers are successfully able to dump the entire amount, it can cause a massive plummet in the price of Bitcoin. However, as the addresses are marked at the moment, the funds can be locked there forever, therefore, reducing the circulating supply of Bitcoin, which could push the price.
Hence, while the price could react in several ways, the priority of crypto-community should be to stop the spending of these ill-found funds. A coordinated effort from Binance, Huobi, Bittrex, and other Exchanges who might be receiving the funds along with research firms can possibly stop the heist from being converted to cash.
Do you think that PlusToken is responsible for the price movements on Bitcoin [BTC] this year? Please share your views with us. 
The post PlusToken Update: Report Confirms Spending of 5,575 Bitcoins Two Days Ago appeared first on Coingape.
Source: CoinGape

Breaking: Bitcoin Legally Recognized in China, Is this Why BTC is Rising?

Bitcoin was just recognized as a legal ‘virtual property’ in China. At the hearing of the first property infringement case in China’s Hangzhou Internet Court, Bitcoin was recognized as “virtual property.” According to the court’s order,
Bitcoin holds the attributes as property – valuable, scarce and disposable. We should recognize it as a virtual property.
It was first brought into light by Dowey Wan, Crypto-analyst and Trader who pointed out that,
This case is a major milestone that manifested BITCOIN IS ACTUALLY LEGAL in China so please STFUDup on Bitcoin is illegal in China from now on
The case was between the plaintiff – Wu and the defendant – Shanghai technology company and the defendant – Taobao. The plaintiff accused the defendant of network infringement liability. While the court denied all of the plaintiff’s claim, it was a massive win for Bitcoin in China.
This is because as Bitcoin is recognized as a virtual asset with real value, from now on, it will be protected by the Civil laws in China. These would relate to financial theft, inclusion in contract laws, and other types of disputes like electricity theft. Wan tweeted,
According to “The General Civil Law”, virtual property is legally protected by laws of People’s Republic of China”
Reportedly, it is not because of a recent implementation of any new legislation. It has been for a very long time. According to Xiao Wei, a director of the Bank of China Law Society; In 2013, China clearly defined the legal attributes of Bitcoin itself: specific virtual goods, that is, the status of recognition of its “property.”
Bitcoin’s Sudden Rise
This is big positive news for Bitcoin and Chinese investors who have been living in uncertainty. Bitcoin [BTC] shot up a couple of hours after the story started breaking in the Chinese media. Wan also pointed out this fact, she tweeted,
I was browsing Weibo and Wechat on sentiment around the sharp Bitcoin rally, instead of Libra, folks attributed the rally to the case above then I realized it’s indeed a big milestone
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
At 14: 30 hours yesterday, Bitcoin rose from around $9400 to $10,400. The rise came as a surprise for most traders, and they suspected a bull trap.
However, if the buying pressure catches on in China, the FOMO could ensue again. Nevertheless, the price seems to be holding around $10,500 at the moment. Moreover, the Chinese investors and miners who are already engaging with cryptocurrencies are probably bought in already.
Moreover, Dovey Wan also noted that while holding Bitcoin is alright, at the moment, it does not extend to allowing trading on Exchanges.
Do you think that the demand from China in light of this news will drive Bitcoin to new highs? Please share your views with us. 
The post Breaking: Bitcoin Legally Recognized in China, Is this Why BTC is Rising? appeared first on Coingape.
Source: CoinGape

‘Bitcoin is Becoming Mainstream’, Judging from Trump and Fed Chairman’s Views

The President of the United States spoke about Bitcoin [BTC] and cryptocurrencies for the first time via a twitter thread. While any trader would anticipate a big move in Bitcoin, his unbiased views hardly caused any change in Bitcoin price. Furthermore, it has turned the belief of a Bitcoin supported stronger than ever.
Asiff Hirji, the Founder and COO of one of the largest US-based Exchange, Coinbase, noted that Trump’s tweet is proof that Facebook’s entry with Libra is good for the crypto community. However, he also acknowledged the need for development and growth in the space, he tweeted,
“Crypto will (eventually) create an open financial system, crash the costs of financial transactions and bring financial inclusion to billions. It is also going to be a contender for the reserve currency of the future global economy But crypto needs to deliver a lot more utility before it is a true order magnitude improvement.”
Crypto-Trader and Analyst, Dovey Wan also perceived the tweets from Trump as a bullish signal for Bitcoin. However, she said that it raises significant concerns on the launch of Libra, she said,
BULLISH for Bitcoin and bearish for libra.
The people’s currency won’t seek bank charter and can’t be banned
Gold Buff, Peter Schiff Agrees to Disagree
Peter Schiff, the Chairman of Euro Specific Capital, has been an eternal basher of Bitcoin. He has been and remains to be a strong supporter of Gold.
Interestingly enough, Peter Schiff also replied to Trumps’ tweets in support and agreement. However, there was also a hint of disagreement with Trump about the nature of the arguments. While Trump dislikes the unregulated nature of Bitcoin, he actually appreciates the decentralization. He said,
 I’m not a fan of Bitcoin either, but not because it’s unregulated. That is actually one aspect that I like… It’s a confidence game, and those who put their faith in it have been conned.
However, while he still believes Bitcoin has “no real value”, his recent engagement with crypto-twitter might suggest that he is coming around on it. Schiff has agreed to debate on the propositions for Gold and Bitcoin with Bitcoin bull, Anthony Pompliano soon when we will hear his views.
US Fed Chairman on Bitcoin
Recently, Fed’s Chairman, Jerome Powell also spoke about Libra and Bitcoin at a congressional meeting. His comments against Libra had a negative impact on the cryptocurrency markets. Nevertheless, there was also a silver lining to it. In in arguments, Powell spoke about Bitcoin’s utility as “digital gold.”
Moreover, the committee also addressed the questions regarding the future of the banking and payments industry “IF” cryptocurrencies become prevalent. To this Chairman Powell Said,
“People have been talking about this since cryptocurrencies emerged. But we haven’t seen it [any threat to the Reserve Currency], that is not to say we won’t see it. And if we do it, you could see a return to an era in the United States where we had many different currencies – National Banking era”
Meltem Demirors, the Chief Strategy Officer at Coinshares, was very bullish on this comparison between Gold and Bitcoin, pointed out by Powell. According to her, this is an iconic moment when the Feds are finally turning to cryptocurrencies. She tweeted,
nuanced response from Powell is intelligent, informed, and balanced. after five painful years, slowly but surely, bitcoin is becoming mainstream
Do you agree that Bitcoin is becoming mainstream? Please share your views with us. 
The post ‘Bitcoin is Becoming Mainstream’, Judging from Trump and Fed Chairman’s Views appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] Bounces Back Above $11,000 – Analysts Weigh-in on the Pullback

Bitcoin dropped 30% following a pullback after reaching the yearly high near $13800. The Pullback in price was stretched till $9600 and instantly reversed its direction to trade above $10500, it later also broke the $11,000 mark.
The price of Bitcoin at 4: 00 hours UTC on 3rd July 2019 is 11,364. It is trading 11.8% higher on a 24-hour scale. Peter Brandt, a leading chart analyst, classified this pullback as ‘mild.’
BTC/USD 1-Day chart on Bitstamp (TradingView)
B.Biddles who is more often than not bullish in Bitcoin tweeted last night that $9000 seems to be forming a ‘new solid Earth’ support for Bitcoin. However, he was apprehensive of the rise this morning. He tweeted,
This is a cool pump, I hope it sustains, but I’m not sold just yet. Still seems like liquidity up here is non existent… We’re lacking buyers /and/ sellers. Would love to be proven wrong, but I am not comfortable opening a position yet.
Tone Vays, Derivatives Trader and chart analyst, also noted a similar sentiment in his price analysis update. According to him, while Bitcoin broke to 30% confirms a pullback it was actually the “bare-minimum” level required for it. Since he sees bearish targets extending to about 80% from the high, even he isn’t entirely convinced by the bounce. On the weekly and daily TA, Tone advocated in taking a neutral stance.
Gaps Analysis
Much of Bitcoin’s rise during the last month occurred during the weekend which created huge gaps between in the futures markets on traditional exchanges which operated during the working days of the week.
While this has happened in the past as well, historically all gaps have been filled until now. Dovey Wan, a Chinese Bitcoin trader, and analyst, also suggested the gaps as relevant targets for the pullback.  Richard Heart, angel investor and early Bitcoin adopter has advocated that analysis ever since the withdrawal began. He tweeted,
#Bitcoin 1 gap down. 1 gap to go.
Richard Heart Gap Analysis for Bitcoin Pullback (Source) 
Nevertheless, Richard is a bull post that, so much so, that he says it will reach “the moon.”
Moreover, according to Willy Woo, who is a strong advocate of the NVT analyst and on-chain volume drew the current ledger activity with the price. According to him, the ongoing bullish break is actually supported by a lower ‘actual’ on-chain volume characteristics than before; however, he is still bullish. He tweeted,
Notice how few coins are changing hands on-chain in this cycle. I put this down to more HODL activity off-chain, and more lockup.
NVT On-Chain Volume in USD with Actual BTC Volume (Source)
Also Read: Bitcoin Rollercoaster Rides in Full Force: This Falling Wedge Pattern Could Propel BTC to $12,000
Hence, while uncertainty and volatility in Bitcoin are still very high, analysts are looking forward to this asset great. However, the trajectory that is followed to reach its bullish targets could be filled with higher ‘ups and downs.’
Do you think this move will break yearly highs near $14,000? Please share your views with us. 
The post Bitcoin [BTC] Bounces Back Above $11,000 – Analysts Weigh-in on the Pullback appeared first on Coingape.
Source: CoinGape

Nouriel Roubini Vs Arthur Hayes’ Tangle in Taipei: A Sour Debate with a ‘No-Coiner’

The crypto-community and even its critics or gold buffs are both looking up to the epic battle between American Economist, Nouriel Roubini and BitMEX CEO, Arthur Hayes. The Asia Blockchain Summit at Taipei is hosting the event.
Nouriel is a professor at the NYU and has strongly advocated against Bitcoin and cryptocurrency since 2013. As reported on CoinGape in the mark up to the debate, Nouriel believes that cryptocurrencies are corrupted and will imminently doom.
On the other hand, Arthur Hayes is the CEO and founder of one of the largest Cryptocurrency Exchanges that offer derivates contracts on it. It reported a volume of $1 trillion over the past year, which Hayes said is coming from rising retail interest. Arthur also praised Libra and predicted that it would challenge the banking systems.
Reportedly, the debate turned sour and “heated” soon enough as the moderator asked Nouriel,
“when I say quiet you be quiet!”

Heard this is @CryptoHayes vs @Nouriel debate was like today in Taipei?
— Dovey Wan 🗝 🦖 (@DoveyWan) July 3, 2019

Also Read: Also Read: Binance CEO V/S Bitcoin Critic – Nouriel Roubini Calls CZ ‘Jerk’ and Here’s How CZ Responds!
Nouriel accused crypto exchanges including BitMEX of reporting fake volume and luring the crowd. When in reality, it is still in the dark and controlled mostly by criminals. However, Arthur “begged to differ” and assured the crowd that the volume is real; and a lot is going on in crypto.
Ran Neuner, Crypto-Journalist gave a small snippet of the battle on Twitter. He reported that the battle soon heated up with Nouriel making personal and derogatory remarks at Arthur. Neuner tweeted,
Moderator “ Are you saying Arthur is a crook?”
Nouriel – “ there are laws but they are not in all jurisdictions and retail suckers are being rekt by whales” “There are reasons why there are laws and these people don’t give a shit”
Arthur eventually got agitated by the ignorant remarks and aggressive nature and replied harshly,
Arthur to Nouriel: “ I don’t even know why they call you professor. No one is forced to use our site, we dont even market it. I was going to talk about Crypto and the amazing thing happening but Nouriel decided to bash me and my business”
According to Neuriel, the amazing things are happening around cryptocurrency is insignificant. People must look forward to the ‘FinTech’ space. Arthur and the crypto-community are putting Nouriel as a ‘no-coiner’. Metlem Demirors, crypto-Analyst at Coinshares included Nouriel in the ‘no-coiner’ list with Peter Schiff who is another ‘no-coiner’ and a harsh critic.
Do you think that growth is real as well or crypto is destined to doom? Please share your views with us. 
The post Nouriel Roubini Vs Arthur Hayes’ Tangle in Taipei: A Sour Debate with a ‘No-Coiner’ appeared first on Coingape.
Source: CoinGape

Can Libra Actually be Launched? a Doubt Rising in China and Echoing across the World

The criticism and the negative response that Facebook is receiving over its’ cryptocurrency announcement is considerable. Nevertheless, a spokesperson for Facebook told the media that it “is something that we expected and welcome.”
The regulators and finance watchdogs all over the world are strongly refuting the project at the moment, leading with the US Government’s hearing on 17th July 2019 and G7 Financial Task Force review. China and other international organizations also raising apprehensions on it.
According to a leading Chinese press release, Peoples’ Daily, Libra posses significant threats to global financial stability and privacy laws. Dovey Wan, a crypto-trader and Analyst from China, translated it for the crypto-twitter community. The press release noted that,
“Facing the question/challenges from central banks and regulatory bodies cross the globe, there is a big question mark whether Libra can actually be launched…”
People’s Daily Press Press Release on Libra (Source)
Privacy Concerns
Governments around the world are looking at effectively outlawing end-to-end encryption. Recently, Trump administration sought to put an end to the end-to-end encryption provided by Apple, Google, and WhatsApp, which only allows users to access certain information. A code protects any third party inferences. Moreover, if Facebook is independently planning to implement this feature with Libra, it will face direct disapproval.
Barry Lynn, executive director of the antitrust advocacy group, the Open Markets Institute, told the media,
“It’s a complete disaster from a regulatory perspective,” said  “This is a corporation that’s got fires all over the world with regulators. It’s only going to get worse.”
Cost of Regulatory Compliance
The Financial Stability Board (FSB) of the G20 Association expressed uncertainty over the idea, saying that it will require strict scrutiny from World Governments. Sean Park, Founder and Chief Investment Officer, at Anthemis, a venture capital firm that backs digital Financial Services (FS) companies said,
“They will not get a free pass anywhere, given their intention to be global, they will ultimately need literally hundreds, perhaps thousands, of licenses from hundreds of different regulators across the globe.”
Also Read: Facebook Co-founder Shouts at Libra Coin Citing Centralization Issue
Calibra, a subsidiary of Libra Association that deals with wallets and money transfers, has applied for money-transfer licenses in the United States. It has also registered with the U.S. Financial Crimes and Enforcement Network (FinCEN) as a money services business; a Facebook spokesperson told the media.
For Example, Western Union, a global money transmitter spends a lot of money to achieve regulatory compliance. Reportedly, it has licenses in over 30 countries and regulatory obligations with another 54. It has spent $1 billion in the past five years to meet global regulatory compliances.
Currently, Facebook’s cryptocurrency plans hang by a thread with western countries opposing it and China’s exclusion. Moreover, the scale at which Facebook can affect the global economy is significant and needs to be considered carefully by all policymakers.
Do you think Facebook will be able to launch its cryptocurrency or Central banks will rule that space? Please share your views with us. 
The post Can Libra Actually be Launched? a Doubt Rising in China and Echoing across the World appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] Skyrockets to $10,750, Will FOMO Ensue? Gold Breaks 5-Year High at $1400

Bitcoin broke above the iconic $10,000 level and has steeply moved towards $11000. The price of Bitcoin [BTC] at 3: 30 hours UTC on 22nd June 2019 is $10,779. Another 5% rise will drive the market capitalization above $200 billion. Gold broke 5-years high as traded above $1400, gaining 4.54% on a weekly scale.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
Bitcoin [BTC] had entered the bull market in May 2019; the price rose exponentially above $4200. The rising interest in the emerging asset and belief in the system driven by the apprehensions about the global economic crisis fuelled the rise.
Also Read: Bitcoin [BTC] Futures: Bakkt COO Announces Test Launch Date; CME and BitMEX Logs Record Volumes in May
Furthermore, this week acted as an active catalyst with the awareness and viability of cryptocurrencies increased by the release of the Whitepaper of a Libra. The announcement has brought Governments and major Central Banks into immediate action. Dovey Wan, crypto analyst noted,
We should thank those crypto bandwagon like FB/JPM etc, eventually all the hype they generate will fuel ⛽️ a macro long term bitcoin bull case
BTC/USD 1-Week Chart on Bitstamp (TradingView)
The economic turmoil has also been positive for Gold. It broke above the 5-year high near $1400. Gold is the oldest uncorrelated asset in the market. According to Peter Brandt, an experienced chart analyst Gold could double up from here. He tweeted,
“#GOLD establishes target of 2637 $GC_F has rung a bell announcing every major move in its modern history. Gold rang the bell loud this week $GLD“
Gold(AUX)/USD 1-Week Chart on Forex (TradingView)
Nevertheless, while the year to date rise in Gold was around 10%, the increase in Bitcoin is higher than 150%. Bitcoin has currently entered a territory that is highly bullish and would scare of most bears at the moment. The bullish flag target of Bitcoin is at $11000; however, FOMO could drive the price to new all-time highs. Richard Heart, crypto-analyst and angel investor tweeted,
#Bitcoin is up from $4k to $10k in 80 days. At that rate $20k is just 4.5 months away.
However, Ran Neuner, popular crypto-journalist noted about the rise in 2017,
Last time, $10k-$20k took 18 days.
Nevertheless, Vinny Lingham, another crypto-analyst sees massive resistance at $12000.
Would Bitcoin see another accumulation period before $20000? Please share your views with us. 
The post Bitcoin [BTC] Skyrockets to $10,750, Will FOMO Ensue? Gold Breaks 5-Year High at $1400 appeared first on Coingape.
Source: CoinGape

Will Cryptocurrency Libra Enter China with Facebook Ban and US-China Trade War?

Facebook made its cryptocurrency announcement on 18th June 2019. In less than 24 hours, Governments around the world asked for a review or a temporary suspension of the project. The Social Media Giant has been called upon to clear the concerns that regulatory watchdogs have.
Moreover, the cryptocurrency has created news all around the world. Reportedly, Chinese citizens have started to take a keen interest in the cryptocurrency. Dovey Wan, an Analyst, tweeted,
Libra appears on the hot searches of ImToken, biggest Chinese crypto tracking app This is the best way to be on the pulse of Chinese crypto scene, many on the list are unknown in the west as “资金盘” – sophisticated designed monetary scam like VDS (this alone deserves a thread)
Hot Searches on ImToken (Tweet)
However, the irony here is that the current regulatory environment makes it highly unlikely that Libra will be made available in China. The primary reasons for it are,
Facebook is banned in China
China has one of the most stringent internet censorship programs in the world. It is popularly known as the “The Great Firewall of China.” The Government has banned numerous social media websites, including Twitter, Instagram, Snapchat, YouTube, and even Reddit.
Nevertheless, the wallet will work separately from social media, and there are 27 other esteemed members of the Libra association, which makes it partly decentralized. This makes it viable for an interception in China. Still, uncertainty around its availability in China is pretty high.
The permissions required by both the Chinese and US Governments
Due to the trade war between the US and China and other adverse economic conditions, Yuan has been falling consistently. Hence, the citizens might be motivated to move their wealth out of the domestic currency. This can influence citizens to move money away from China. Therefore, both the Chinese and the US Government will try to prohibit this.
Gold, Government bonds, Bitcoin are currently providing for such safe havens. Facebook’s Libra is a stablecoin which is backed by a basket of currencies to reduce volatility further.
Chinese Yuan/USD 1-Day chart on ICE (TradingView)
Dove Wan also noted that,
It’s funny to see how mainland China ppl are excited about Libra, but in fact, its transactions gonna be maintained by a permissioned database which will never be able to freely transact with a non-whitelisted endpoint or RMB fiat gateway in any meaningful way
Furthermore, the US has been prone to imposing sanctions on other countries. Recently, the lawmakers also called upon Facebook’s executive to testify before the US Congress regarding their cryptocurrency plans. It is highly probable that the US lawmakers will try to implement the same with Libra.
Do you think that Libra will be able to succeed in creating an ideal global cryptocurrency? Please share your views with us. 
The post Will Cryptocurrency Libra Enter China with Facebook Ban and US-China Trade War? appeared first on Coingape.
Source: CoinGape

Bitfinex And Okex to Cooperatively Promote their IEOs And Stablecoins

The cryptocurrency markets have seen a lot of changes since the inception of Bitcoin in 2008. Initially, duplicates of Bitcoin were created, then an era of smart contract platforms unleashed a whole new space for Initial Coin Offering. Numerous offerings were issued during late 2016 and 2017, which was part of the reason for the bubble formation in 2017.
However, the SEC in the US and other regulators over the world started to crack-down on the process to curb this dubious crowdfunding process. Nevertheless, start-ups have found a new way of raising money on the blockchain – Initial Exchange Offerings. Earlier, the new ICOs had to pay a listing fee to get listed on Exchanges. Now, they are released on specific Exchanges itself.
Also Read: SEC Vs. Kik: #DefendCrypto Campaign Raises $4 Million for the Most Iconic Crypto-Case
How Exchanges are Planning to Increase their IEO Business
More than 150 IEOs have released or due for release in 2019. The Exchanges have helped the teams raise to $1 billion through the IEOs. To further increase business, Exchanges like Bitfinex and Okex have started cross-listing their IEOs.
While Okex included LEO, (tweet)
UNUS SED LEO (LEO), the native @bitfinex token, is now listed on OKEx. Please take note of the go-live schedule:
Bitfinex added the IEO and the stablecoin released by the sister firm of OKex as well. (tweet)
“OKB and USDK are making their way to Bitfinex! Trading for both assets will go live on Thursday, June 13th, at 10.00 AM UTC.”
Also Read: Will ICO Be Replaced By IEO? | How IEOs Are Revamping the Industry
Binance Coin [BNB] is also currently listed only on the Binance Exchange. Hence, if another popular Exchange decides to register BNB, the volume and price are expected to increase significantly.
Stablecoins Galore As Well
The ICOs are primarily driven by the initial speculative demand, which is similar to ICOs. Moreover, the inclusion of stablecoin on Bitfinex benefits USDK as Dovey Wan mentioned,
the cross-listing of $OKB and $LEO is trading favor between OK and BFX, but the actual winner is $USDK, the newly issued stablecoin by OK The only metric for fiat coin’s success is market cap IMO, not how “stable” it is. fiat coin is a proxy for fiat on-ramp, for trading utility
The market capitalization of Stablecoins like USD-Circle and True-USD have increased considerably with their presence of Exchanges like Coinbase, Bittrex, and other OTC desks as well.
Do you think that strict regulations must be imposed on Exchanges offering IEOs? Please share your views with us. 
The post Bitfinex And Okex to Cooperatively Promote their IEOs And Stablecoins appeared first on Coingape.
Source: CoinGape

Fake Satoshi and Binance Rumor in China Cause Bitcoin SV [BSV] Rise: Report

Bitcoin Satoshi Vision [BSV] ‘mooned’ on 30th May 2019 as the price surged by more than 65% in less than 8 hours. The price rose from $120 to a high of $197, rising almost every two minutes. It also the All-Time High for BSV for many exchanges like Bittrex which listed the fork of Bitcoin Cash [BCH] last year 2018 a couple of days later.
BSV/USD 1-Day Chart on Bitfinex (TradingView)
There wasn’t any significant fundamental or technical market indicator supporting the fact. Reportedly, the rise was fuelled by a fake news circulation in the we-chat community. It was first pointed out by Dovey Wan, who tweeted the picture which read the fake news on it in Chinese.
Photo of Fake News on BSV that Went Viral
“It reads “CSW transferred 50k BTC from the biggest BTC wallet to Binance, which confirmed he is the real Satoshi. As such CZ will re-list BSV and make an official apology on Twitter” it’s fake af but many retail will believe it for a while before they figure out it’s fake”
Also Read: Binance Exchange Finally Delists Bitcoin SV [BSV]; BSV Falls by 8% Instantly
The rise was initiated at around 12: 00 Hours UTC on 29th May 2019. According to the update, the news was started at approximately 10: 00 Hours UTC. Hence, the timelines also justify the false news report. Wan also noted that,
“The trick is easy and constantly used by many scams – all chinese crypto media circulate the breaking news via picture as above in wechat, instead of news link. So anybody can just use the same theme template and photoshop one like above”
Satoshi’s anonymity has always acted as a USP for Bitcoin [BTC] to promote its decentralization. However, last few years the split in the ideologies in the Bitcoin core group had caused two popular forks in two years. Craig Wright, the proponent of one of these chains, BSV, claims to be the real Satoshi Nakamoto. Hence, his version of the chain must be most widely accepted as Bitcoin [BTC].
Also Read: How To Prove the Real Identity of Satoshi Nakamoto, the Creator of Bitcoin? CZ Suggests

 Nevertheless, he has failed in his efforts over-all in convincing the crypto-community to support his claims. Moreover, his strategies are mostly causing abnormal movements in the markets and also creating considerable FOMO and FUD.

Do you think other Exchanges must also consider delisting Bitcoin SV like Binance? Please share your views with us. 
The post Fake Satoshi and Binance Rumor in China Cause Bitcoin SV [BSV] Rise: Report appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] Crosses $150 Billion MCap with a Surge Past $8700

The cryptocurrency market had entered a weekend rather quietly. However, the end to it has been euphoric. Bitcoin [BTC] gained above 7.5% in a very short interval of time as it breached another yearly high near $8750-$8800. The dominance of Bitcoin [BTC] rose above 57.5% once again as the confidence in Bitcoin [BTC] continues to grow.
The price of Bitcoin [BTC] 21: 00 Hours UTC on 26th May 2019 is $8578. It is trading 6.4% higher on a daily scale.
BTC/USD 4-Hour Chart on Coinbase (TradingView)
The rise has taken the entire market by surprise because the activity on Sunday is expected to be on the quieter side. The total market capitalization of Bitcoin [BTC] breached $150 billion for the first time this year.
Moreover, until now, no specific market indicators have been identified to justify the rise; just that the bullish momentum on Bitcoin [BTC] has recorded another leg-up. However, it is significant as the yearly rise on Bitcoin has now moved up to 137% in 2019. Moreover, from the bottom at $3150, it is nearing 3X valuation.
Also Read: Week in Review: Cryptocurrency Price Analysis for the Week May 19 to May 26
The altcoins market action has been temporarily on hold as Bitcoin [BTC] alone continues to drive the market. The rise in altcoins is more often than not proportional to Bitcoin due to the close ties with it over the cryptocurrency spot exchanges.
Also Read: Bitwise Presents Bitcoin [BTC] Market ‘Myth-Buster’ Statistical Report to the SEC
The total market capitalization of cryptocurrencies rose above $265 billion almost all coins traded in green w.r.t the US Dollar. Nevertheless, the altcoin traders and holders will have a decision to make to choose the dominant side with Bitcoin [BTC] to stick to their beliefs in the specific altcoins as well. Dovey Wan tweeted about the altseason which was quite ominous for altcoins holders.
BTC dominance is now above 57% (when 51% is a very hard resistant even during bear market) Not sure abt Alt season is a thing this time for numerous reasons (will have another thread abt it)
However, Bitcoin proponents and believers would surely celebrate the new high on Bitcoin this year. Ona further brighter side Mati Greenspan, the Senior Market Analyst at eToro, expected to euphoria to increase with the Eastern market about to open in a couple of hours. He tweeted,

Can't wait for the Asian session.
— Mati Greenspan (@MatiGreenspan) May 26, 2019

Do you think Bitcoin [BTC] will touch $10000 this week or it will finally the significant pullback we’ve been waiting for? Please share your views with us. 
The post Bitcoin [BTC] Crosses $150 Billion MCap with a Surge Past $8700 appeared first on Coingape.
Source: CoinGape

Did Bitcoin [BTC] Bear and Accumulation Phase Shorten From 2015 by a Year?

Bitcoin has been divided into 4-year cycles, it is an intrinsic property of Bitcoin in which the miner rewards are reduced by half every four years to make Bitcoin deflationary. Currently, the inflation on Bitcoin is above 3.5%.
Since we’re still in the early phases on Bitcoin, only two halving events have been conducted until now, in 2012 and 2016. The current mining reward for validating a Bitcoin is 12.5 BTC. It will be reduced to 6.25 BTC after the halving event coming next year.
Analogy Between the Bear and Bull Cycles of 2014 and 2017
Furthermore, market sentiments have also followed the halving event very closely in the past. The price grew exponentially in 2013. The 2016 halving event was a significant driver of growth in the last bull and bear run of 2013-2015. Nevertheless, post that event there was a 57-week bear market followed by around 65 weeks of accumulation.
Also Read: Bitcoin [BTC] Price Cycles Replicated Until Now, $50000 Target Predicted by Peter Brandt
2014-2016 Bear, Accumulation and Bull Phase in Bitcoin [BTC] (TradingView)The 2017 bull market recorded over 5700% gains from $300 levels to $19500. The bull market ended at the beginning of 2018 in January after the trend reversal started to pull the price downwards. The bottom being identified in a graph suggests the end of a bearish trend. If $3150 if the bottom identified in this cycle, then the bear market was shortened slightly by a couple of weeks; it lasted for 52-weeks.
Nevertheless, as soon the bottom was suggested by the analyst, the accumulation seems to have ended sooner than before. Dovey Won, crypto-analyst and founder of Wheatpond, shared an analogy about the current correction from 2015 which takes us 5 months ahead of accumulation phase in 2015. Furthermore, the previous bull run in 2016 began during the month of May itself.

History doesn't repeat itself but it often …
… Rekt you the same way 😭😭
— Dovey Wan 🗝 🦖 (@DoveyWan) May 17, 2019

Many analysts have confirmed that the bull market might have begun with Bitcoin breaking above two times the bottom value ($6300). It also broke above key resistance at $6400 like putting ‘knife in hot butter.’ Moreover, it also agrees with the market sentiments as the optimism toward Bitcoin is higher this time around.
Furthermore, the uncertainty over the regulatory ban and zero value FUD created during the past are a thing of the past now with Institutions like Fidelity, Bakkt, TA Ameritrade, eTrade and SquareCash stepping in to fill the demand for cryptocurrencies.
Do you think that the bull run has begun as well? Please share your views with us. 
The post Did Bitcoin [BTC] Bear and Accumulation Phase Shorten From 2015 by a Year? appeared first on Coingape.
Source: CoinGape

Crypto Controversy: New Privacy Oriented Cryptocurrency “Grin” Accused for Wrong Doing

Grin, a new privacy-oriented cryptocurrency and the second implementation of a MimbleWimble blockchain seem to have already surrounded itself with controversy. According to the recent tweet put forward by the Dovey Wan, founding partner of Primitive Ventures, Grin’s trading volume is more than its total supply.
Grin volume is a time bomb created by centralized exchanges says Wan
In a series of tweets put forward Dovey Wan, a few centralized exchanges that have started trading Grin even before the first coin was minted and have been using the new coin as a shield to print more *BTC* out of thin air with a non-solvent BTC reserve. According to her, these exchanges were quoting volumes which was much greater than the available supply of Grin

A few exchanges started Grin trading before the coin is even minted, and some of them have volume > the total available supply.
This reveals a bigger time bomb of centralized exchanges that can print more *BTC* out of thin air with a non-solvent BTC reserve.
— Dovey Wan 🦖 (@DoveyWan) January 18, 2019

According to her the motive behind this wrongdoing is quite strong as these exchanges, one hand simply printing more *BTC* and on the other hand, are shorting BTC eventually earning a real BTC from transaction fee at practically zero cost

The incentive can be strong – simple print more *BTC*on other hand short BTC, and get the real BTC from trx fee at no cost 😳😳
we need more scrutiny into the shadow banking equivalent of crypto otherwise will fail for the same old greed
— Dovey Wan 🦖 (@DoveyWan) January 18, 2019

Referring to the early first few hours volume on the sell order book of these exchanges, Wan points out that Grin’s inflation schedule is calculable, and it requires 1440 blocks confirmation for Coinbase reward maturity, before that you can’t spend the Coinbase output.

the volume I referred to is the initial volume on sell order book for the first few hours. Grin’s inflation schedule is calculable, and it requires 1440 blocks confirmation for coinbase reward maturity, before that you can't spend the coinbase output.
— Dovey Wan 🦖 (@DoveyWan) January 18, 2019

Pointing at Centralized exchange Wan says,
“Centralized exchange is a black box that no one knows whether their internal book can sync on-chain. With tons of limitations on withdrawal, print out fake BTC is totally doable result in fractional reserve”
Grin uses the Mimblewimble privacy tech which takes crypto privacy to a very different level. This new protocol melts together all the transactions from the individuals, so nobody can actually track them. The hype for launch was big because the technology was already in the works since 2016 and it took a long time to be ready. On January 15, 2019, at 17:38 UTC, the genesis block has appeared and a new era has begun for this tech.
Grin had debuted with a high price of $261 per coin after its first block was mined but within subsequent 24 hours, the coin lost as much as 98% of its value and currently trades around USD 6.60 due to the expansion of its coin supply.

There are currently five crypto exchanges that have listed and are trading Grin, which includes BitForex, Bibox, CoinEgg, BigONE, and MXC. Meanwhile, five mining pools such as UUPool, F2Pool,, Bixin, and Spank Pool have announced their filing rules for the corresponding wallet addresses.
With Grin’s introduction, privacy in cryptocurrency would reach to a next level but this initially controversy is scary. Will the team behind Grin and exchanges come clear on this is something one will have to wait and watch.
Will Grin write a new chapter for privacy coins or will it fizzle out in controversy? Do let us know your views on the same
The post Crypto Controversy: New Privacy Oriented Cryptocurrency “Grin” Accused for Wrong Doing appeared first on Coingape.
Source: CoinGape