Crypto Market Wrap: $8 Billion Back as Correction Gets Quashed

Crypto markets bounce back; No correction for BTC yet, NEM, THETA and Waves flying.
Market Wrap
Crypto markets have rebounded as another correction gets quashed. The big dump from yesterday was expected to accelerate today and throughout the weekend but Bitcoin and its brethren appear to have settled at higher levels of support and have even started to rally again. Total market capitalization as a result is back over $240 billion.
Bitcoin did fall back to an intraday low of $7,530 but did not hang around there for long. The bulls took over and BTC started to head north again topping out at $7,940 a few hours ago. It is currently trading at $7,850, up almost 3 percent on the day.
Ethereum has followed suit with a slight recovery from yesterday’s dump. ETH moving back towards $245 and is likely to hit $250 again within the next few hours. Daily volume is still solid at over $10 billion.
The top ten is back in the green during Asian trading today as altcoins bounce from their dumps yesterday. Gains are not that great though and most are only adding between 2 and 3 percent.
More movement can be seen in the top twenty where NEM has made back nearly all that it lost. With a 9 percent surge NEM has managed to flip NEO which has hardly moved. Tezos and Cosmos are also doing well today adding 4 percent each since yesterday. The rest are up a couple aside from Bitcoin SV which continues to slide.
FOMO: Theta Fuel Fires Up
Yet again Binance has been the instigator of today’s pump as TFUEL gets listed on the world’s leading exchange. The video delivery based token spiked 150 percent in the past two hours as South Koreans load up on Upbit which has 90 percent of the volume in KRW. The fomo pump is likely to fade very quickly though.

#Binance Will List @Theta_Network Fuel ( $TFUEL )https://t.co/RvrTlZQ9YR pic.twitter.com/NGJeoKEaFb
— Binance (@binance) May 24, 2019

As expected the associated THETA token is also pumping but it only gets 30 percent. Santiment Network Token has surged into the top one hundred with a 27 percent surge and Waves is also doing well with 26 percent.
At the red end of the table is Insight Chain still dumping, losing another 12 percent today. It is the only altcoin in double digits as most are on the make today.
Total market capitalization 24 hours. Coinmarketcap.com
Total crypto market capitalization has recovered $8 billion from yesterday’s slide and is currently at $244 billion. Daily volume has dropped back marginally but the formation is still sideways for markets. Since the same time last Friday markets have gained 6 percent.
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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Crypto Market Wrap: Correction Cools Off But May Not Be Over Yet

Crypto markets recover from their epic plunge; Binance Coin, Cosmos, NEM bounce back, Tezos still falling. 
Market Wrap
The brakes have been put on the big crypto pullback for now as things settle down while we enter the weekend. Bitcoin’s plunge had been halted above $7,000 yesterday and the altcoin avalanche came to an end, for now. Total market capitalization has moved back above $230 billion once again.
Bitcoin hit an intraday low of $7,045 a few hours ago but has already begun to march back upwards and is currently trading above $7,400. Volume, however, is starting to trail off which could be a sign of further downsides. The correction may not be over just yet.
Ethereum has remained stable over the past 24 hours and is trading just above $240. Since last weekend ETH has pumped an epic 37 percent and things are still very bullish in this camp.
The top ten is back in the green again during early morning Asian trading. Binance Coin has rebounded with a surge of 8 percent following yesterday’s double digit dumps. This has sent BNB back over $26. Stellar and Cardano are both recovering 4 percent today following their 14 percent dumps yesterday.
The top twenty is also starting to regain its composure after yesterday’s digital avalanche. Leading things at the moment are Cosmos and NEM both getting an 8 percent boost. Tron and IOTA are both up over 5 percent and the rest are all up a little. That is aside from Tezos which is in the red dropping 3 percent at the time of writing.
FOMO: SOLVE Surges into The Top 100
Today’s FOMO goes to SOLVE which has pumped 37 percent entering the top one hundred. South Koreans are all over it on Upbit which is getting over 60 percent of the total volume. The Ukrainian healthcare administration and payments based blockchain project token is selling like hot cakes at the moment.
BitTorrent Token is also getting a dose of FOMO as it pumps 28 percent on the day and Holo is the third altcoin above 20 percent. There are no major dumps going on right now but at the bottom of the pile is Dent and Tezos.
Total market capitalization 24 hours. Coinmarketcap.com
Total crypto market capitalization has regained a couple of percent to reach $232 billion today. After such an epic dump which lost over $30 billion it was inevitable that cryptos would pick up a little, however. Daily volume has dropped back to $93 billion (which is still very high) and the weekly and monthly uptrends are still holding for now.
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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Ethereum Beats EOS & Tron to Emerge as Top Smart Contract Platform in April

The first smart contract platform Ethereum has proven its worth in the industry by emerging as the top smart contract platform by far in the month of April. The project attracted a total of 263,000 visitors within the month whose total transaction volume amounted to over $500 million.
Ethereum leads in both aspects
Transaction volumes of smart contract platforms
Ethereum recorded the highest transaction volume and number of visitors as well, followed by EOS which had a transaction volume of $115 million and a number of visitors at 68,000. Apart from these two, there is no more consistency in the two metrics. For instance, ADA had the next highest transaction volume of $113 million but with a much lower number of visitors at only 8,000 than it runner up, TRX. TRX, on the other hand, had a lower transaction volume of $27 million but a significantly higher number of visitors (68,000) than EOS.
The inconsistency also follows for NEO with a relatively high transaction volume of $26 million with only 4,000 visitors, XEM with $12 million transaction volume and only 9,000 visitors while ETC had only $10 million with 14,000 visitors.
The implication of differences in transaction volumes
The statistics show that Ethereum was by far the preferred smart contract platform within the month, beating its first runner up (EOS) by nearly $400 million in transaction volume. For ADA, a small number of visitors (8,000) carried out significantly high-value transactions which placed in it the third place while TRX needed a relatively large number of visitors for the relatively small volume that placed it in the third place. This means the transaction volume of smart contract platforms is not determined by the number of visitors but rather by how much their transactions are worth.
Although Tron’s Justin Sun often bragged about his platform surpassing Ethereum, the latest data suggests otherwise as Ethereum is clearly the preferred platform both by the number of visitors and their transaction volumes. Ethereum may be regaining its popularity and position as the lead smart contract platform and who knows? It may be why Sun wants to collaborate with it.
The post Ethereum Beats EOS & Tron to Emerge as Top Smart Contract Platform in April appeared first on Coingape.
Source: CoinGape

Crypto-Market Update: Bitcoin [BTC] Holds $5k Support, BCH, LTC, And BNB Lead the Altcoins in Green

Bitcoin [BTC] climbs back above the $5000 level to retest the $5100 resistance level. The price of Bitcoin [BTC] at 4: 00 Hours UTC on 13 April 2019 is $5119. Bitcoin is looking to find support near the $5000 level. It is trading 1.85% higher on a daily scale.
After a Swift fall-back from $5500 level Bitcoin registered a low of $4952 with a 9.96% decrease on a daily scale. However, it climbed back above $5000 starting to form support near the $5000 level.
John Pearlstone, a trade analyst, commented on the recent break-out and fall-back of Bitcoin from $5500, back to the support level of $5000.
“This is very typical price action during a bullish cycle,” he emphasized, adding that “price action continues to favor the bullish path even though we’ve pulled back,” with the next “likely target” being $6,000.
BTC/USD 1D chart on Bitfinex (TradingView)
Bitcoin Cash [BCH]
Bitcoin Cash [Cash] gained over 12% in 4 hours as BTC bounced back above the $5000 level. The rise can be attributed to the #Delist Bitcoin SV [BSV] movement that might have restored investor and miner’s confidence in BSV’s biggest rival: Bitcoin Cash [BCH].
The price of Bitcoin Cash [BCH] at 4: 00 Hours UTC on 13 April 2019 is $285. The price is trading 7.8% higher on a daily scale.
Litecoin [LTC]
Litecoin [LTC] and Bitcoin [BTC] chart have shown similar movements in the last few days. As Bitcoin’s dominance is still 51.9%, the movement on Bitcoin [BTC] has a considerable effect on the markets. However, the gains and losses on Litecoin [LTC] have been steeper than BTC.
LTC/USD 1-D Chart on Bitfinex (Tradingview)
The price of Litecoin [LTC] at 4: 00 Hours UTC on 13 April 2019 is $80.6. The price is trading 3.58% higher on a daily scale.
Some of the other cryptocurrencies with notable gains were Binance [BNB] coin, NEM, Ontology (ONT), Tezos (XTZ), VeChain, Basic Attention Token [BAT], Lisk, Nano. Moreover, while most of these gains were scattered around 5%, BAT, Nana, and Lisk neared double-digit gains.
Also read: Binance Coin [BNB] Becomes Hottest Crypto With Over 6% Spike
Tron[TRX] and Cardano’s ADA token gained 2.67% and 3.04% respectively on a daily scale.
Ethereum [ETH], XRP and Stellar [XLM] Among Lower Percentage of Gainers
The altcoins which are currently coupled with Bitcoin [BTC] price also gained by small amounts on 12th April 2019. Ethereum [ETH], XRP and Stellar [XLM] registered an equivalent rise of less than 2% in a daily period.
The price of Ethereum [ETH] at 4: 00 Hours UTC on 13 April 2019 is $165. The price is trading 1.40% higher on a daily scale. Whereas, XRP and Stellar traded with a high of 1.06% and 1.30% respectively.
Do you think Bitcoin will hold the $5000 support level as volatility in Bitcoin price continue to decrease? Please share your views with us. 
The post Crypto-Market Update: Bitcoin [BTC] Holds $5k Support, BCH, LTC, And BNB Lead the Altcoins in Green appeared first on Coingape.
Source: CoinGape

Bakkt’s Parent Intercontinental Exchange Lists 58 New Crypto Tokens to Its Data Feed

Coinspeaker
Bakkt’s Parent Intercontinental Exchange Lists 58 New Crypto Tokens to Its Data Feed
The ICE’s Data Services will provide real-time and historical data for all the newly added crypto tokens.
Bakkt’s Parent Intercontinental Exchange Lists 58 New Crypto Tokens to Its Data Feed

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Source: CoinSpeaker

Max’s Corner: The Roadmap Revue

Coinspeaker
Max’s Corner: The Roadmap Revue
Welcome back to Max’s Corner, brought to you by Max Hasselhoff from Bytecoin, who this week takes a look at some of the recent roadmaps that have come out.
Max’s Corner: The Roadmap Revue

Continue reading at Coinspeaker
Source: CoinSpeaker

Crypto Market Wrap: Bitcoin Dominance Falls to 2019 Low, Has Altcoin Season Begun?

Crypto markets being driven by altcoins; Cardano, NEM and CRO Cranking, Bitcoin dominance diminishing.
Market Wrap
Crypto markets are still consolidating as we round off another week. Volume has crept up a little and a slow uptrend has formed over the past couple of days as major crypto assets hit resistance levels. Total market capitalization has made it over $135 billion for the past few hours.
Bitcoin has moved very little over the past 24 hours. BTC hit an intraday high of $3,945 before instantly dumping to $3,900 then slowly building back up to $3,920 where it currently trades. Volume is back over $10 billion and key technical indicators such as MACD and hourly RSI are in the bullish zone.
Ethereum, which has been slowly sliding back all week, has made a percent on the day taking it to $135. The move has taken ETH through the weekly down trend line so further momentum could follow, especially if Bitcoin turns bullish. XRP has made a minor loss on the day dropping back to $0.311.
The top ten is pretty mixed at the time of writing but gains are no more than a percent or so for those in the green. Stellar, which recently flipped Tether for eighth spot, has dumped 4% on the day dropping market cap back to $2 billion. XLM is about to drop back down the charts as it falls to $0.105.
There is a lot more green in the top twenty during today’s Asian trading session. Larger gains have been made by Cardano as ADA climbs 5.5% to $0.049. NEM is also having a big pump with around 9% added on the day to take the token to $0.050. A possible link between NEM Malaysia and Air Asia could be driving the fomo.

During the panel discussion, #NEM Malaysia Investments and Strategy Director Jasmine Ng said while investments to explore blockchain’s implementation in businesses could be costly, she said there is a huge potential upside. Read the full story herehttps://t.co/b6TzgGsiGu
— NEM (@NEMofficial) March 13, 2019

IOTA, NEO and Ethereum Classic have all made over 3% in the past 24 hours as ‘altseason’ gathers momentum.
FOMO: Crypto.com Chain Still Pumping
Crypto.com Chain has continued its epic surge adding another 50% as it nears the top twenty. Over the past week CRO has made an epic 900% pumping from $0.013 to $0.092. Today’s surge has been driving by a listing on Upbit;

The @cryptocom Chain ($CRO) Token will be listed today on @UPbitExchange! Open-source of @Cryptocom Chain Testnet v0.1 scheduled on Wednesday, March 20th. Read more here – https://t.co/udc2IYExCN pic.twitter.com/9zHqMf9MCV
— Crypto.com (@cryptocom) March 15, 2019

Also having a good run today is Lisk and Digitex Futures, both pumping 17% on the day. Crypto.com’s other token, MCO is also up 17% at the moment. REPO is well in the red right now and is the top one hundred’s worst performing altcoin with a dump of 10%, Electroneum is not far behind losing 8% today.
Total market cap 24 hours. Coinmarketcap.com
Total market capitalization has remained over $135 billion adding a billion dollars since the same time yesterday. Daily volume is building and is now at $33 billion as altcoins lead markets at the moment. Bitcoin dominance has fallen to its lowest level this year as it sinks to 50.9% while the altcoins continue to strengthen.
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 feedNewsBTC.com

NEM [XEM] Token on Peak After NEM Foundation Shared Three Major Updates

Announced on March 08, 2019, NEM Foundation is all set to restructure its financial as well as the organizational structure. The release is a result of obtaining $8 million received by NEM foundation in an earlier month from its reserve wherein in a similar time frame, it was looking to lay off its staff.
Setting New Structure
NEM on its official website shared three major aspects; first being funding received, second on the company’s launch of the new blockchain engine and third, being transforming the task force. The announcement reads that;
We have three updates for you including:

Funding 
News on the NEM Foundation Catapult efforts
Set up of the transformation team

To remind, NEM reportedly planned to fire its staff to stay afloat a market and avoid bankruptcy – however it was further added that the firm obtained $8 million on Feb 20 which had eventually a result of releasing 210 million of is XEM tokens from the reserves. The decision of releasing tokens from the reserve was made after the approval from NEM Community’s key member. Subsequent to the recent report, NEM Foundation is on way to utilize the first set of 25 million XEM tokens to restructure the firm, focused on the new product, a revenue-driven approach for NEM foundation.
Speaking about the matter, Alexandra Tinsman, president at NEM foundation says
“I think this is a vote of confidence that the industry is moving forward and that we’re ready to pivot to a very new way of working…It’s in the best interest of companies to be fiscally responsible with their platform, their products, and their teams. We need to be product-focused and that’s what we’ve done. This is a sign of good things to come.”
Consequent to the release, the foundation is obtaining the amount in installment –and its very first installment of 25 million XEM token was initiated on March 07.
NEM is on way to launch its Catapult blockchain engine which is reportedly intended to power up both private and public networks. Beyond Catapult blockchain engine, NEM foundation is also setting up its transformation task force that is tasked to focus on new rules or NEM’s key priorities.
NEM Surging
Looking closer to the coinmarketcap, NEM’s XEM token is quickly picking up the new move, turning with a green graph of 2.86 percent during the past 24 hours. Accordingly, the coin was running in the red market zone since past few days, following up recent the announcement, XEM token (A native token of NEM) stands on the 19th position with an average market cap of $389,167,800.

So readers, what’s your stake on XEM token reaching the peak? Share your opinion.
The post NEM [XEM] Token on Peak After NEM Foundation Shared Three Major Updates appeared first on Coingape.
Source: CoinGape

XEM Rises From Crypto Ashes as NEM Foundation Soldiers On

News that a crypto project has to downsize and restructure is never good. The bear market has battered all but the extremely resilient and most organizations have had to tighten their belts somewhat.
NEM Foundation Restructures, Reveals Debts
The NEM Foundation has managed to rescue its project from crypto oblivion through a series of funding proposals and restructuring. At the end of last month the Foundation revealed that it had less than one month of funding remaining and that downsizing was inevitable. Following that news the token dumped 34% over the next ten days to a 2019 low of $0.034 (1010 satoshis).
This week a further announcement was released with proposals for funding and joint collaboration between the two divisions of the organization, the Foundation and NEM Labs. A massive restructuring has started and the Foundation has called for a ‘proof of importance’ (POI) vote in support of a funding request from the community. The core of the project is now known as Catapult and it will become the new NEM engine for dApps and smart contract deployment.
The team has painfully admitted and made public the level of debt and what remains for future funding of staff and development;
“Yes, our team will be in debt once February expenses are paid … Total potential expected debt if everything is fully paid for: ~$15,000- $50,000 USD … We had 150 employees in 2018 and are projected to have ~54 employees (both fulltime and consultant) in 2019.”
With a clear path forward though, the project has a chance of survival and those that remain with it are confident in the future for NEM. These results can already be seen in token performance today.
XEM Market Reaction
XEM is the top performing altcoin in the top twenty at the time of writing. It had made 8% on the day when it reached an intraday high of $0.044 (1230 satoshis) a couple of hours ago. Daily volume has doubled from $12 to $24 million with Binance being the top exchange for NEM trade.

Over the past seven days XEM has made an impressive 22% climbing from $0.036 (1085 satoshis) this time last Friday to where it trades today. The longer term picture is not so pretty for NEM which has largely fallen out of favor along with most of the other crypto tokens that have dropped out of the top ten.
Nobody could have envisaged a dump of over 97% from all-time high but the NEM Foundation has taken the right approach under the circumstances. Restructure, keep building, and soldier on though hard times.
Image from Shutterstock
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NEM [XEM] surges by over 8% as the foundation releases funding proposal

The cryptocurrency market has been stuck by the bear attack, but few coins are still managing to perform well. NEM [XEM] is one of the coins, which is striving to better itself as the market sentiment shows strong support. The coin has surged by over 8% in the past 24 hours after being mulled by the bears.
Source: CoinMarketCap
At the time of press, XEM was valued at $0.0374, with a market cap of $337 million. The coin registered a 24-hour trading volume of $13.8 million while noting a growth of 8.20% over the past day. The coin saw a sudden jump in its value on February 7 as the announcement of NEM foundation releasing its funding proposal was made. This news resulted in the price of the coin pumping, and the coin which was falling by 17.25% over the week, saw strong growth of 1.61% within an hour.
Source: Trading view
The coin immediately corrected itself as a sharp fall was visible in its value. The coin recorded the highest trading volume on Exrates, with a volume of $2.7 million on the XEM/BTC pair. Binance recorded the second-highest trading volume of $1.5 million with the XEM/BTC pair, followed by Kryptono, which registered a volume of $1.2 million with the XEM/ETH pair.
The funding proposal released by the NEM foundation is to fund and restructure its plan for this year. The foundation plans a total rebuilt of its operating structure, which is important due to its rough start where there were bankruptcy rumors against the foundation and the contentious exit of its President Lon Wong.
The foundation is trying to rebuild itself from scratch and their only mission is to establish a renewed focus under the new leadership and create a foundation that exists to serve and support its community.
The post NEM [XEM] surges by over 8% as the foundation releases funding proposal appeared first on AMBCrypto.
Source: AMB Crypto

NEM Foundation Releases Funding Proposal For 2019, Envisioning #BUIDL Again

In an attempt to fund and restructure its plan for 2019, NEM foundation has released a with a funding proposal. The foundation plans to completely rebuild the Foundation’s operating structure and mission after having a really tough start to 2019 where there was bankruptcy rumor against the foundation of the controversial exit of its President Lon Wong.
NEM want to hit refresh and start from scratch
According to a recent announcement put forward by NEM Secretariat Office, NEM Foundation has released a funding proposal for 2019. Via this funding, the foundation plans to completely rebuilt the corporate structure and mission which would include renewed focus under this new leadership and create a NEM Foundation that truly exists to serve and support its powerful community. The proposal released is as

 
The company has released a complete proposal deck and FAQ spelling out the complete information on what could be expected out of the “new NEM Foundation”. According to the information available from the foundation, the previous structure of the foundation will cease to exist at the end of February 2019 and the new structure that is designed to house interim global product team leaders. The foundation plans to carry on the transition immediately and is expecting the new structure to be in place by March/April the funding plan is approved condition being
The requirement for the approval of this funding plan is

Minimum of 3% POI voting (includes 3% of TOTAL POI votes – both ‘YES’ or ‘NO’ votes included).
65% majority of ‘YES’ votes out of total vote count

Both requirements have to be met in order for the funding proposal request to be successful
While the new structure would get in place, NEM foundation believes to continue operating as a product-focused, revenue-driven and community-oriented organization. The new leadership team has been only one month old and is committed to working with transparency and accountability. Alex Tinsman, the elected President had the highest votes for both POI and registered members votes.

Once the funding is approved, NEM foundation expects to achieve the following in 2019 (quoted from the release)

More enterprise adoption utilizing Catapult with a revenue-driven culture.
More public and private chain transactions when Catapult launches.
Stronger leadership, solid governance and more service to the community, partners and the world as it hopes for a brighter future.

Following is the plan of deployment that the foundation has laid out

NEM had a terrible last week as the coin tanked 9% in 4 hours on the back of the news that there were Potential reports of layoffs and financial troubles which had made investors lose their confidence in NEM. There were also reports that the foundation had reportedly spent $80 million on marketing in the year 2018, a budget quite extravagant that led to low liquidity inside the company.
Also Read: NEM Foundation Reaches Out to the #NEMcommunity and Proposes Transition from a Promotion-Based to a Product-Based Organisation
Even with its problems, NEM is one of the more popular cryptocurrencies in the market. NEM foundation comes out as one of the first blockchain-based projects to implement bold changes to align their goals and products. The Catapult project implementation and results will finally decide the fate of the NEM project.
Will NEM flourish back under new management? Do let us know your views on the same.
The post NEM Foundation Releases Funding Proposal For 2019, Envisioning #BUIDL Again appeared first on Coingape.
Source: CoinGape

NEM Foundation Reaches Out to the #NEMcommunity and Proposes Transition from a Promotion-Based to a Product-Based Organisation

The NEM Foundation has notified the community regarding the ‘state of things’ at the NEM foundation and replied to the numerous concerns of the community. The NEM Secretariat Office has elaborately explained the situation the new management, under Foundation President Alexandra Tinsman, is facing, with their future plans and clarifications. The NEM foundation releases the announcement one day post their bankruptcy rumor to clear the air of doubts for the NEM community and their employees.
They have applied for new funding with a Venture Capitalist and are expecting increased liquidity in a month. Furthermore, the response was a mix of sweet and salt served on a reality platter. They confirmed the layoffs, though asserted that hope is still there and everything will be back on track.
Questions Regarding Community Funding of $7.5 million
The NEM Secretariat Office notified the community that it would not be utilizing the community fund it has assigned previously for specific operations. However, they have expressed the notion of a crowdfunding approach by the community to help the company with momentary liquidity.
They confirmed that they will be releasing the details of the funding process before the community. They asserted on the decentralization ethics and the requirement of joint efforts from the community. The NEM project is open-source and XEM token is decentralized. Hence, the supporters of the $365 million crypto-community currently ranked 18th on Coinmarketcap can be expected to uphold the NEM Foundation financially in adverse times.
An excerpt from the reply, “This request will be made as a proposal to the community soon. It’s important to remember that the NEM Foundation operates as a separate entity and is one of many ecosystem contributors to the NEM open-source project. Therefore the NEM Foundation is not NEM. The NEM open source project remains strong and thriving and Catapult development is unaffected by the financial situation of the NEM Foundation.”
Message to the Employes
The NEM foundation has reported that due to liquidity problems they have kept all their current operations “on hold”. This means that some of the current employees are laid-off for a while or permanently depending on the budget constraints.
They have expressed their disappointment in making such decision to the members and the NEM community. They expect to receive funding in the next month which will act as fuel for the organization. Finally, they Secretariat Office reasserted the employes that hope is still there.
“We cannot apologize for the past decisions before we came into leadership, but we want to let you know that there is hope for the future.
…We would like to emphasize that the NEM Foundation is not firing any staff. Due to budget constraints, there are layoffs. In addition, there is a complete structure reorganization underway. Those that have been laid off will be given consideration for current openings under the new structure if funding is awarded.”
Failure of the Promotion-based structure
In a reply regarding the spending of 80 million XEM token by the previous management, the NEM Secretarial office notifies the community that the budget was primarily set to facilitate marketing projects.
“The foundation’s original charter was to be the trustee of and make decisions for the public chain and spread its adoption. Awareness was a secondary goal of the foundation because it should increase naturally as a result of (successful) adoption. Therefore, in 2018 funds were primarily spent on marketing activities and training.”
The company audit books have revealed huge loses to the tune of 9 million XEM per month, with the bear market still in action things are getting difficult for the organization. The reason for this has been the failure of the decentralized regional leadership structure. NEM had set up local teams with a certain level of autonomy to function as an independent firm as long as they promoted NEM.
The announcement clearly stated that “We saw efforts being duplicated, and inconsistent metrics of success. We saw very little accountability for funds and questionable ROI, leading to a burn rate of 9 million XEM per month. In terms of running an effective organization, the existing structure failed.”
New Product-focused Structure
The new product focused regime would eliminate the regional teams for product-focused teams. The level of autonomy that the regional teams enjoyed has also been revoked. They notified that the new administration would involve a strict hierarchy which will be set up to keep the members aligned to the NEM foundations’ goals.
“All Foundation employees and contractors will now report to one of the seven product teams. The heads of these teams are Chief Technology Officer, Chief of Product Management, Chief Financial Officer, Chief Business Development Officer, Chief Operations Officer, Chief Marketing Officer, and Chief Revenue Officer.
…Each of these team’s leads will be responsible for reporting metrics and delivering ROI directly to the council and community to maintain transparency and accountability. “
They have proposed a budget cut of 60% from the existing expenditure for running the operations. They also aim to monetize all their future projects ASAP.
Also read: NEM Foundation’s Potential Bankruptcy And Layoff Plan Pushes XEM Ticker Down, But All Is Not Lost?
Foundation’s Vision and Message to the Community
The Foundation is looking forward to making the Catapult update on the NEM blockchain a success. The path ahead is difficult and ‘Crypto Winter’ has made things tougher. According to them the catapult update will be application ready and would attract many partnerships.
The Foundation plans to quickly ‘commercialize Catapult’ to start generating revenue again to support the entire organization efficiently. The Secretariat Office ended the note with the promises of conviction towards goals, dedication, and perseverance.
The NEM foundation will further release announcements this month to notify specifically regarding the structural changes and the plan in action.
NEM is one of the more popular cryptocurrencies in the market. There might be numerous other cryptocurrencies facing liquidity problems mostly due to the prevailing “Crypto Winter’ which can be expected to last a bit longer than expected. NEM foundation comes out as one of the first blockchain-based projects to implement bold changes to align their goals and products. The Catapult project implementation and results will finally decide the fate of the NEM project.
The post NEM Foundation Reaches Out to the #NEMcommunity and Proposes Transition from a Promotion-Based to a Product-Based Organisation appeared first on Coingape.
Source: CoinGape

January Crypto Roundup: Tron Surged, While Bitcoin Cash, SV, Stellar, IOTA and NEM Dumped

Following the lowest month for over a year in December markets started to recover over the New Year. Progress continued steadily until January 10th by which time markets had recovered almost 40%. The bulls did not stay around for long though as a huge dump wiped out $16 billion in two days sending markets back down towards their lowest levels again. Over the month markets lost 8.6% ending at just over $115 billion total capitalization.

Bitcoin hit a huge wall of resistance at $4,000 which it could not overcome and further losses were predicted. It came as no surprise then when BTC dumped to its next support turned resistance level of $3,600. This broke down before the end of the month sending Bitcoin lower still, ending January 8% down at $3,440.
January Crypto Winners
Litecoin is one of the few crypto assets that ended January higher than it started. LTC only made 3% but it was enough to keep it afloat while those around it crumbled. Litecoin ended January at $31.60 after reaching a monthly high of $40.
Tron surged in January starting out at $0.019 and ending at $0.026. The BitTorrent token launch and associated airdrops to TRX holders has been the primary factor in Tron’s performance and impressive 37% gain over the month.
Binance Coin also ended January marginally higher than it started. BNB was just under $6 on New Year’s day and finished the month 3% higher enabling it to flip Monero and Iota for twelfth spot.
January Crypto Losers
Ethereum’s downward spiral accelerated in January as the long awaited Constantinople hard fork was delayed. ETH got smashed again dumping 20% over the duration of the month to end it battered and bruised at $107 after reaching $160 a week after new year.
XRP losses were less which enabled the Ripple token to extend its lead over Ethereum and hold on to second spot. Starting out at $0.355 XRP ended January 12% lower at $0.311. It made two efforts at recovery but the sellers were just too strong to maintain them.
EOS retracted by almost 10% in January as it fell from $2.57 to $2.32 by the end of it. The only good news is that it moved up to fourth in the market cap chart as losses were greater for the altcoins above it.
Both Tether and EOS have flipped Bitcoin Cash which dumped a whopping 30% in January ending the month at $115. BCH has been one of the largest crashes of all cryptos dumping over 97% since its all-time high.
Stellar has had a rotten time in January dumping 26% to below ten cents. The SDF has made good fundamental progress but that could not prevent XLM dumping down to ninth place in the market cap charts, hitting a new low for 15 months, and ending January at $0.083.
Bitcoin SV seems to have died as quickly as it was born. The BCH offshoot dumped 28% in January ending the month at a lowly $64 after starting it at $90.
Looking at altcoins in the top twenty paints an equally bleak picture for most of them. Cardano, which has lost almost every month over the past year, dumped another 6% as did Monero. Iota took a beating in January dumping 27% and sliding two spots further down the market cap chart. Dash also got bashed with a 14% slide.
NEO dropped 7% in January but it fared much better than Ethereum Classic which dumped 22%. NEM, which is facing major financing woes, dumped 33% over the course of January. Rounding out the top twenty is Zcash which shed 12%. The crumbling market caps has enabled another stablecoin to end the top twenty, Coinbase and Circle’s USD Coin is currently at nineteenth spot with $292 million cap.
The minor recovery from 2018 lows did not last long for most cryptos resulting in them ending January lower than they began it. In summary January’s crypto winners were Tron, Litecoin and Binance Coin while those dumping the hardest were Bitcoin Cash, Bitcoin SV, Stellar, Iota and NEM.
All figures from Coinmarketcap.com
Previous months: February | March | April | May | June | July | August | September | October | November | December
The post January Crypto Roundup: Tron Surged, While Bitcoin Cash, SV, Stellar, IOTA and NEM Dumped appeared first on NewsBTC.
Source: New feedNewsBTC.com

1-Month Left of Funding: Hack and Crypto Winter Deal NEM a Major Blow

The current bear market, or Crypto Winter as it is often referred to, has forced many solid projects to lay off employees and take a good hard look at their operational expenses and cash flow in order to make necessary changes to survive.
One particular cryptocurrency had an especially bad year, and due to the impact of an extremely high-profile exchange hack and the arduous bear market, the development team supporting the project is down to their final month of funding, and are throwing a Hail Mary in order to survive.
NEM Foundation: “One Month Left in Funding”
In a “message to the community” posted by the NEM Foundation on the project developer’s official forum, the team behind the NEM cryptocurrency revealed they were “facing challenging budget decisions.”
According to the post, the NEM Foundation team has been meeting a few times per week since December after the bear market reached new lows. The NEM Foundation devised a major restructuring of their C-level executive team, and required individual teams to begin reporting into the new executive structure with an added focus on “reporting metrics and delivering ROI.”
The NEM Foundation further explained that they were faced with the difficult reality of “having one month left in funding,” and would be forced to “put everything on hold,” and wouldn’t be able to “support” the team’s current “headcount,” suggesting that layoffs are looming.
Related Reading | Crypto Exchanges Begin to Shutdown: Bear Market in Full Force
The NEM Foundation has a plan, though. They are proposing a new budget based on a reduced burn rate. The team claims that it will allow them to “deliver ambitious results with responsible use of reserves.”

“We are in a tough spot like many others in this space. It is our duty to act quickly to ensure the longevity of the NEM Foundation ecosystem and development,” the message revealed.

Dear #NEM Community,
It’s been about one month since the new council started, and a lot has happened. We are committed to transparency, so we are pulling back the curtain with some good news, some difficult news, and some major #announcementshttps://t.co/OZo4fqkwLo pic.twitter.com/LmdkpzBGbu
— NEM (@NEMofficial) January 31, 2019

The NEM Foundation remains steadfast in their belief that they “can solve this.”
NEM Begins 2018 in Top Ten Crypto, Falls From Grace After Hack
Like the NEM Foundation, many others have suffered during the bear market. Ethereum-focused blockchain startup incubator ConsenSys and even the billion-dollar Bitmain were forced to lay off staff as a result of revenue streams drying up.
However, NEM was hit especially hard during the 2018 bear market, and its extension into 2019 could deal a death blow to the project.
The fall from grace began after Japanese cryptocurrency exchange Coincheck was hacked, losing a record $530 million in NEM tokens. The theft is the largest the industry has ever experienced, and set off a chain reaction of regulatory changes following the country’s Financial Services Agency taking a closer look into exchanges in the region.
Related Reading | Japan’s FSA Raids Coincheck Offices Following $500 Million Hack
According to a historical snapshot from CoinMarketCap from mid-January of last year, NEM ranked #7 in the top 100 cryptocurrencies by market cap, with a price of $1.07. Another snapshot taken just one month later shows the cryptocurrency had fallen out of the top ten with a price of $0.39. However, it’s worth noting that most cryptocurrencies fell significantly that February.
Today, NEM has fallen 96% to $0.04 and is at risk of its development team running out of funding. While the percentage decline is typical of most cryptocurrencies, NEM was hit particularly hard due to the Coincheck hack that set the tone for the future of the cryptocurrency.
The post 1-Month Left of Funding: Hack and Crypto Winter Deal NEM a Major Blow appeared first on NewsBTC.
Source: New feedNewsBTC.com

NEM Foundation’s Potential Bankruptcy And Layoff Plan Pushes XEM Ticker Down, But All Is Not Lost?

Potential reports of layoffs and financial troubles have made investors lose their confidence in NEM. Price drops by 9% in 4 hours.
Extravagant expenditure on marketing and budget of side projects responsible for low liquidity inside the company.
New Management and Road-Map at the helm to anchor the sailing ship

Price of XEM ticker Takes a Jibe
The Price of XEM/BTC has fallen down by 9% post the news of the tentative bankruptcy. The RSI index – 15 and 16 indicate oversold conditions in the daily and hourly chart respectively.
1-Hour Price Chart of XEM/BTC
Huge Marketing Budget And Failed Projects
The predecessor of Tinsman, Lon Wong, had earlier been accused of unethical marketing by using NEM foundation‘s brand value to push ICOs with a personal stake in it. The NEM foundation’s one of the most significant projects; oil-backed cryptocurrency ‘Petro‘ coin also lost its valor soon after launch, with the Venezuelan citizens preferring Dash and Bitcoin instead.
The company has reportedly spent $80 million on marketing in the year 2018. It is necessary for the innovations of technology companies to spend on partnerships and marketing. However, disproportionate investments and unreliable advertising push of XEM price have proved detrimental for the foundation itself. The bear market and uncertainty in the crypto-sphere has caused a price crash and prevented new investments.
The NEM-Foundation Appoints A New President
Structural changes proposed in the Talent Management of NEM Foundation have revealed that the non-profit organization behind NEM is reeling under financial troubles. The new President of the NEM foundation, Alexandra Tinsman, elected by the voting process on NEM itself, have suggested employee layoffs in the 160 member employee team behind XEM token.

New Road-map AND Catapult Update
The public net roll out of catapult is the most important focus area of NEM foundation according to their NEM Japan page’s announcement of 2019 goals. The company has also mentioned at it would not shy away from appointing new ‘developers’ to improvise the blockchain platform to compete with the new platforms. Tinsman has pledged of “Measurably improve transparency and accountability” of the foundation accounts as well.
The Catapult Public Net will include significant changes in the blockchain platform. The foundation also took complete accountability of communication, NEM council regulation, and ethical foundation practice.
Reportedly, on Wednesday Alex Tinsman told Coindesk that NEM Foundation now intends to submit a funding request to the NEM community fund for 160 million tokens (worth roughly $7.5 million), money that would be used to rescue the organization from the verge of bankruptcy.
However, with new management at the helm and strong community support especially in Japan, the NEM platform can still come out of this difficult situation. The NEM also reached an important milestone by recording 2 million blocks on its chain.
NEM records 2 Million Blocks
The post NEM Foundation’s Potential Bankruptcy And Layoff Plan Pushes XEM Ticker Down, But All Is Not Lost? appeared first on Coingape.
Source: CoinGape