Bitcoin’s hash rate reaches all-time high as the coin strides up the price chart

The cryptocurrency market’s longest bearish hold turned around and took Bitcoin [BTC] on a new bullish ride. With Bitcoin’s price reaching old highs, the coin also breached its previous hash rate and set a new record with 62,246,627 TH/s.
Source: Blockchain.com
According to Blockcahin.com, on June 14 BTC’s hashrate breached its all-time high. The previous hash rate of BTC was reported almost a year back on August 28, 2018, where it noted a hashrate of 61,866,256 TH/s. Since August 2018 BTC’s price pumped by 5.55% and its price spiked from $7,750 to $8,180.08.
According to the data provided by Blockchain.com, BTC reported over 364k transactions per day and the highest this year was noted in May where the transactions reached over 452k. The price of the world’s largest crypto has been over $8k; however, its tough competitor could be Litecoin [LTC], which noted a growth of over 300% in 2019 and is approaching halvening.
However, with growing crypto verse, Bitcoin was offered support by the co-founder of Twitter and co-founder of Square Inc., Jack Dorsey,  in an interview with Quartz. Dorsey said that Bitcoin stands as the strongest contender for becoming the Internet’s currency. He cited the purity of its creation along with its focus on the public good to back the world’s largest currency in this race.
At press time, Bitcoin [BTC] was valued at $8,706.26 with a market cap of $154.624 billion. The 24-hour trading volume of the coin was reported to be $20.35 billion as the price hiked by 5.61% over the past day. The coin has registered 8.84% growth in the past week and continued to march forward with 0.24% within an hour.
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Source: AMB Crypto

Project Libra sees inclusion of UK Standard Chartered Lobbyist; Facebook eyeing regulation?

From PayPal to Coinbase and now Standard Chartered, the Facebook cryptocurrency project aims to have a host of heads working towards Project Libra. With an aim to revolutionize the global payments industry, on the back of the cryptocurrency sector, regulation is firmly in sight.
According to the Financial Times, Edward Bowles will join the Menlo Park giant in September this year, departing his previous role of Director for group public and regulatory affairs at the bank and, presumably, donning a similar regulatory role with the social media company for Project Libra.
FT has not provided any sources confirming Bowles switch from Standard Chartered to Facebook and his LinkedIn profile maintains the position of Managing Director at the bank.
Bowles addition to the Facebook team is a clear indication of the company’s growing interest to launch the GlobalCoin in the European market, given the lobbyist’s experience in the same.  Facebook has reportedly held talks with the US Commodity and Futures Trading Commission [CFTC] for their launch in the United States.
According to the BBC, the Zuckerberg-led company has also consulted Mark Carney, the governor of the Bank of England [BoE] over regulatory issues for Project Libra. The report further added that the GlobalCoin will hit the markets in the first quarter of 2020.
Bowles’ joining the Facebook cryptocurrency project is the latest in a long list of finance and technology big-names associated with Project Libra. Most notably, PayPal’s former President David Marcus joined Facebook as VP of Messaging Products to drive the project; Tomer Barel another PayPal executive joined as VP of Blockchain Risk and Operations; and now with the addition of the ex-banking lobbyist, Libra’s regulatory front looks solidified.
In addition to the manpower additions, the social media giant’s partnerships also look to be on the rise. Facebook will announce their official list of Project Libra backers on Tuesday but several reports have emerged pointing to a host of high-profile finance, technology and e-commerce companies putting their faith and funds behind the GlobalCoin initiative.
Among the “Libra Consortium,” are payment giants Visa, MasterCard, and PayPal, ride sharing pioneers, Uber, and Lyft, VC big-names, Andreessen Horowitz, Ribbit Capital, and Thrive Capital, the e-commerce mainstay e-Bay, cryptocurrency exchange Coinbase several among other companies.
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Source: AMB Crypto

Bitcoin’s ‘sweet spot’ a major reason for investment uptrends, claims Grayscale’s latest research

The cryptocurrency market has been showing positive signals since the latest bull run lifted the price and market cap of Bitcoin and, in turn, rest of the coins. In a recent compilation of data by Grayscale, the Barry Silbert-led organization touched on the cryptocurrency investments and developments during the first quarter of 2019.
The organization stated that its total Assets under Management [AUM] was calculated to be $1.2 billion, just slightly more than Coinbase, which had crossed the $1 billion AUM mark last month. The organization claimed that there was a 42 percent upward trend in product inflows every quarter-over-quarter. The report added:
“Grayscale experienced a 42% uptick in product inflows quarter-over quarter, from $30.1 million in 4Q18 to $42.7 million in 1Q19. Notably, hedge funds ramped up their investments substantially, from less than $1 million in 4Q18 to approximately $24 million in 1Q19.”
Grayscale’s research further pointed to Bitcoin’s prominence in the investment domain, by analyzing the king coin’s new found “sweet spot”. According to the report, the cryptocurrency market was on the verge of adopting a new “risk-on” mentality where investors were taking the plunge into not just Bitcoin, but other digital assets as well.
Bitcoin’s uptrend was also catalyzed by the approaching third BTC “block reward halving” scheduled to take place in May 2020. According to the company’s release:
“Historically, block-reward halvings have helped drive above-average returns for Bitcoin in the years that follow. Some investors may be questioning if this event is fully priced into the market yet, and building long positions as a result.”
Taking the historical data of Bitcoin halvings into account, it was noted that after each halving the price of BTC appreciates. This was made evident from the previous examples at November 2012, November 2013, July 2016 and the latest halving that occurred in July 2017.
The latest research from Grayscale comes on the back of another report titled “Heading Global Liquidity Risk with Bitcoin” which compared the effects of global events on assets like Bitcoin. Grayscale opined that:
“… it [Bitcoin] has a distinct set of properties, unlike any other asset. Through this unique mix of properties, Bitcoin has the potential to perform well over the course of normal economic cycles as well as liquidity crises, especially those involving currency devaluations.”
The post Bitcoin’s ‘sweet spot’ a major reason for investment uptrends, claims Grayscale’s latest research appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Halving Will Trigger ‘Supply Shock’, Warns Venture Capitalist

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Bitcoin Halving Will Trigger ‘Supply Shock’, Warns Venture Capitalist
A Bitcoin halvening is a fixed event and will occur after every 210,000 blocks are mined, or confirmed, by the system. StillMark Capital analyst Alyse Killeen thinks that there will be even greater demand for Bitcoin.
Bitcoin Halving Will Trigger ‘Supply Shock’, Warns Venture Capitalist

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Source: CoinSpeaker

June’s Biggest Shakeups in the Crypto Game by the Numbers

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June’s Biggest Shakeups in the Crypto Game by the Numbers
COR Index published its latest monthly report of key crypto exchange data. The report is based on figures gathered from over 150 cryptos and the top crypto exchanges.
June’s Biggest Shakeups in the Crypto Game by the Numbers

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Source: CoinSpeaker

Bittrex follows Binance’s cue, delists over 40 altcoins from Bittrex US; sign of things to come?

Binance, the largest and most reputed cryptocurrency exchange in the world seems to have a larger impact on the cryptocurrency market than what was perceived. Bittrex, the Seattle-based exchange has followed suit announcing an update for their US customers.
On June 14, the Changpeng Zhao-led exchange updated their Terms of Service, which led to their US customers losing access to trading services on the exchange. The restriction of US-based customers will be accompanied by the launch of Binance.US, an American specific cryptocurrency exchange, in association with FinCEN registered BAM trading services.
Less than a day after Binance announced its decision to quit, albeit temporarily, the US market, Bittrex revealed its “Market Availability Changes for U.S. Customer.” The change in service which will be effective from June 28 will see over 40 cryptocurrencies “transition” to Bittrex International.
The terms stated,
“This change DOES NOT affect the availability of these markets on Bittrex International for non-U.S. Customers. “
Source: Bittrex
Bittrex stated that the US customers can buy or sell the coins and tokens, any open order can be canceled or replaced or the assets can be withdrawn, all prior to the above-mentioned date.
However, post 28 June, the US customers cannot engage in any transaction related to the digital assets, but withdrawal and holding of the same will be allowed “for as long as Bittrex International supports a market in those Tokens/Coins.”
With prominent virtual currencies amassing millions in market cap like Aragon [ANT], Civic [CVC], TenX [PAY] among others, removed from the BittrexUS market, there seems to be an “altcoin exodus” in the mix. Many analysts have opined that this could trigger a domino effect with other exchanges following suit, leading to several little known altcoins being dumped.
Don Alt tweeted,
“This is an altcoin exodus.
If we assume these coins will all not be on Binance US either (Regulation for Bittrex and Binance is the same) they’ll lose the entirety of the US market.”
These alts might not capitulate into nothingness, they might just get delisted into it.
Hailey Lennon of bitFlyer, stated,
“Regulators now have multiple examples of how regulation stifles innovation in the US”
The post Bittrex follows Binance’s cue, delists over 40 altcoins from Bittrex US; sign of things to come? appeared first on AMBCrypto.
Source: AMB Crypto

After Google Cloud, ThunderCore Announces Collaboration with Chainlink for Oracle Services

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After Google Cloud, ThunderCore Announces Collaboration with Chainlink for Oracle Services
EVM Compatible blockchain platform ThuderCore want to leverage the secure and seamless oracle services offered by Chainlink to enhance the performance of DApps used by businesses.
After Google Cloud, ThunderCore Announces Collaboration with Chainlink for Oracle Services

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Source: CoinSpeaker

JP Morgan on the hunt for candidate with Bitcoin transaction knowledge using ‘Blockchain’ mask

The Big Banks’ fear of the decentralized currency world is palpable, both in theory and in practice. This fear has manifested in several institutional financial players first chiding Bitcoin and then embracing the crypto-realm, but the pre-condition of Blockchain’s precedence over Bitcoin has always been maintained.
JP Morgan is the latest in this list, launching the JPM Coin earlier this year, albeit for internal purposes, after Jamie Dimon, its CEO engaged in a series of Bitcoin bashing. Now, the financial giant is interested in crypto-related manpower, but is very careful with the words, dressing the position as a ‘Blockchain Director’ and not anything to do with Bitcoin. A recent job posting on LinkedIn revealed the same.
The official position is titled “Director – Blockchain,” at the Jersey City office of JP Morgan, and was posted less a week ago. According to the posting, the candidate will be operating in the “intersection of blockchain and banking/capital market infrastructure.”
Bitcoin found its only mention in the “Responsibilities” part of the posting, which stated that the candidate should be well-versed in transaction scripting and smart contracts, with emphasis on Bitcoin transactions. The posting read,
“Experience and understanding of transaction scripting and smart contracts, especially Bitcoin style conditionalized transactions”
This very carefully worded and overall curated posting by the firm shows its focus on Blockchain, not Bitcoin. In an email to The Block, JP Morgan clearly laid down the law, reasserting that the candidate will not be operating in the cryptocurrency realm, and will especially steer clear of Bitcoin.
JP Morgan’s representatives stated in the email,
“It would be completely inaccurate to say or report that we are possibly exploring or considering doing any work with bitcoin or other public crypto currencies. We are not – I hope I’m being totally clear.”
From the email above, JP Morgan wants to maintain a clear distance between the banking industry and the cryptocurrency world, however, Blockchain remains the only unifying force. Furthermore, the bank does have a private blockchain for its own clients, Quorum and the recently introduced internal digital asset, the JPM Coin.
Although Bitcoin is clearly not on Jamie Dimon’s mind at the moment, a candidate with the knowledge in scaling the same is highly sought, a puzzling conundrum for the big bank.
The post JP Morgan on the hunt for candidate with Bitcoin transaction knowledge using ‘Blockchain’ mask appeared first on AMBCrypto.
Source: AMB Crypto

Binance Coin declines by 9.8% following news of geo-blocking US residents from its platform

Binance, one of the world’s largest cryptocurrency exchange, has undergone revamps on its platform which has significantly contributed to the valuation of its native token, BNB. The digital coin surpassed the market cap of $5 billion in a recent report. However, the glory was short-lived as the exchange dropped two bombs within 24 hours.
The Malta-based platform announced geo-blocking the US residents from the Bitcoin Global platform and also disclosed upcoming exchange, dubbed, Binance.US rollout in collaboration with BAM trading. Changpeng Zhao aka CZ, the CEO revealed the exchange would substantially provide “security, speed, and liquidity of Binance.com” to users in North America.
The revised agreement that restricted the US residents to trade on the Binance Global platform may have triggered a decline in the price of the exchange’s in-house token, Binance Coin [BNB]. At press time, BNB depreciated by 9.80%, over the last 24-hours, holding a valuation of $31.56, on CoinMarketCap. The digital asset recorded a market cap of $4.40 billion and a trading volume of $747 million over the past 24-hours.
Additionally, BNB recorded a significant 22.8% trading at Binance via the pair BNB/USDT and 21.4% via BNB/BTC.
Source: TradingView
BNB had gained traction following the market recovery along with its peer altcoins. Bulls drove Binance coin’s price above $30 on the latter part of May which was propelled by the massive Bitcoin rally. The digital coin was performing fairly well despite a few minor lows. BNB continued to exhibit upward movement but was halted by the announcement.
The US makes up a significant amount of traffic of nearly 14% on Binance’s platform. Geo-blocking the country would not be prudent for the world’s leading exchange. As the development unfolded, many analysts have speculated that the reason behind the coincident of the two announcements is that the user base on the Binance’s platform is likely to be moved to the new Binance.US even as its launch date is not revealed yet.
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Source: AMB Crypto

Ethereum Classic is a ‘hybrid’ between Bitcoin’s philosophy and Ethereum’s technology

The cryptocurrency market has been rife with comparisons of several cryptocurrencies and their use cases. This has been restricted to not just top coins, but also ones with lower ranks. Recently, Donald McIntyre, an Ethereum Classic [ETC] proponent and ‘Trust minimization maximalist,’ stated that ETC is philosophically the same as Bitcoin and technically the same as Ethereum.
The article said,
“The alignment with Bitcoin philosophy is hence, that ETC is a blockchain that prioritizes the integrity of the blockchain above any other interests. By “integrity” it is meant the immutability of the state, which contains the ledger with property and agreements.”
McIntyre added that ETC was a “hybrid” between Bitcoin’s philosophy and Ethereum’s technology, making ETC “incredibly unique, global, cross border and permissionless.” Some other features quoted by the ETC advocate was that the cryptocurrency was Turing complete, immutability focused and was based on the famous Proof-of-Work [PoW] system.
The opinion of a lot of Bitcoin proponents has shifted from the crypto being a ‘method of transaction’ to it being a ‘store of value.’ This ideology was also shared by Blockstream CSO Jimmy Song who said,
“So, I think Bitcoin can be everything. It’s just what is it best for at the base layer, right now it’s a store of value and wealth transfer. So, you can move hundreds of million dollars for very cheap relatively; right like, 200 million for five dollars or for a dollar. that’s possible with Bitcoin. so it’s still gonna be functioning like that at the base.”
Ethereum’s technology has also been the talk of the town with a lot of mainstream companies tapping into its inherent functions. Ernst and Young had also taken the crypto-plunge recently by choosing ETH to launch their own zero-knowledge proof technology.
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Source: AMB Crypto

Bitcoin [BTC] is more politically neutral than gold, says Adamant capital’s Tuur Demeester

The comparison between tangible and digital assets has been going on for a long time and is likely to go on, especially since Bitcoin has outperformed most assets in 2019. This includes not just oil and a majority of the S&P index, but also Gold, traditionally used as a hedge against economic risks due to its store of value.
Tuur Demeester, Founding Partner at Adamant Capital, shared his viewed on the subject after he tweeted,

“Bitcoin is arguably more politically neutral than gold, because it can be stored in the cloud. To wit: a gold bar is by definition stored on one nation’s territory, whereas Bitcoin’s collaborative custody allows for non- or multi-geographic storage.”

Gold has always been controlled by either an individual or the governing body who owns it. On the other hand, Bitcoin does not come under any regulatory body, and its distributed ledger is held and controlled by thousands across the world. This makes it advantageous over a tangible asset such as Gold. Unlike Gold, BTC does not need any physical space for storage, which makes it more safer and secure for long term ownership. Further, in order to exchange BTC, users do not require permission from any third party, as in the case of gold traders who required a valuation certificate to do so.
BTC and Gold’s utility as a medium of exchange was valued after taking into consideration essential capacities such as mechanism of trade, unit of record and store of significant worth.
Source: TradingView
As evidenced by the above graph, Gold’s value in 2019 maintained a sideways trend, owing to consistent alternating upward and downward patterns. A parallel between Gold and BTC was drawn since the latter is seen by many as very volatile and unpredictable.
Source: TradingView
Bitcoin has displayed a stellar performance in terms of value recovery post the crypto-winter. Recently, BTC also made headlines for recovering and climbing to the $8,000 mark.
However, Gold is still viewed as a safer bet against risks in many quarters, as Bitcoin continues to be marred by concerns of volatility and unpredictability.

The post Bitcoin [BTC] is more politically neutral than gold, says Adamant capital’s Tuur Demeester appeared first on AMBCrypto.
Source: AMB Crypto

Coinbase reports issues with card purchases & processing, days after its debit card debut in Europe

Digital currency exchange Coinbase recently announced its Visa debit card services for several countries in Europe, enabling many of its European users to spend cryptos like Bitcoin [BTC], Ethereum [ETH], and Litecoin [LTC] at any merchant shop accepting Visa. This announcement from Coinbase came at a time when most tech companies and crypto-enthusiasts were devising ways to use crypto in the mainstream to spur crypto-adoption.
However, within days of the launch, there were certain bugs reported in the use of these cards. Coinbase Support managed to inform the community about the problem, after many users reported facing issues while processing their debit/credit cards. In an incident report filed by Coinbase, the exchange stated that it was identifying the issue and working on a fix. The report read,
“A fix has deployed. Card purchases will remain disabled for a few more minutes to let the pending payments finish processing.”
Even though the problem was solved within an hour and payments re-enabled, the exchange said that it would monitor its status for a bit longer. This incident impacted payments via credit and debit cards. However, over two weeks back, several users had reported facing a similar problem.
The Coinbase report read,
“We are currently having issues with accepting payments on Android for 3ds enabled debit cards. As a temporary workaround affected Android users can make card payments using our website.”
Coinbase had then resolved the issue, but asked users to deploy version 6.0.2 or later, if there were still any issues with the app. Although technical difficulties are common in the tech business, user experience matters the most. Many users subsequently took to Twitter to applaud Coinbase’s efforts, despite the fact that some continued to diss the exchange.
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Source: AMB Crypto

CNBC’s Ran NeuNer turns 180 on Facebook’s GlobalCoin; calls Zuckerberg an ‘unelected dictator’

The crypto-market has long been preparing to welcome Facebook and its pet crypto-project. The social media giant continues to expand its reach after receiving backing from Visa, Mastercard, PayPal, and Uber. According to reports, Facebook signed on more than 12 backers for its stablecoin, GlobalCoin, all of whom have individually invested approximately $10 million.
Host of CNBC’s Crypto Trader, Ran NeuNer, was among the handful of people who was excited about Facebook’s project and the adoption it could drive. However, he later backtracked and appeared to worry about Facebook’s large user base. NeuNer first tweeted,
“This Facebook crypto project is so exciting.The idea that 1 company can enable 2bn people to transact across borders,with low transaction fees, using one digital currency, across WhatsApp, Facebook,Instagram & others is the most exciting financial revolution the world has ever seen”
However, NeuNer soon realized the control the social media giant can have due to their strength in users. He added,
“This Facebook crypto project is so scary. The idea that a company with the biggest user base in the world, effectively controlled by one person who keeps over ruling the board is now launching a digital currency that will allow 2bn people to transfer assets frictionlessly…”
He also pointed out how the social media giant will have more users than the US Dollar. NeuNer’s paranoia shot through the roof within minutes, from happy to hysterical, as he posed the prospect of Facebook’s Chief Executive Officer, Mark Zuckerberg, becoming an ‘unelected dictator’ in the future.
Ran NeuNer said,
“He who controls the money has the power and soon , if not already , Zuckerberg will be the most powerful, unelected dictator in the world”
However, the community seems to be unaffected as most users are of the view that Bitcoin will remain safe, despite the introduction of GlobalCoin. Facebook’s new coin is a step towards “Bitcoin’s mainstream adoption,” some say.
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Source: AMB Crypto

goLance seeks Ripple’s help to integrate faster, efficient payment solutions

Michael Brooks, Co-founder and CEO of goLance, recently shared the news that goLance was taking Ripple’s help to integrate its payment gateways and facilitate easier and faster cross-border payments for users across the world.
Brooks broke the news during the 2019 American Business Awards ceremony, going on to thank Ripple after winning 3 Stevie awards.
Paralect, an IT services company also partnered with goLance, congratulated goLance on the same and stated,
“We’re beyond happy to congratulate our partners and friends at goLance on their 2019 Stevie Awards. Our team has worked with goLance since 2014 and continues to refine the product that is attracting more and more freelance talent around the world… Most recently, we’ve developed a solution to add the Ripple Network to the long list of goLance payment integrations. This will allow fast and secure cross-border payment solutions via digital asset.”
goLance is a platform/marketplace where one can hire freelancers on an hourly basis or on fixed bid projects. Paralect helps small and medium-sized industries/companies launch products that drive innovation.
Ripple has the most skin in the game, especially when it comes to the cross-border payments sector. Ripple has a plethora of partners already making use of Ripple’s proprietary blockchain payment solutions, as well as digital asset-based solutions that are helping companies around the world send payments in a better, faster, and a more secure way.
Ripple’s xRapid solution is completely based on the digital asset XRP, which provides liquidity to facilitate cross-border payments. Other solutions such as xCurrent and xVia make use of blockchain technology to deliver faster payments.
A Reddit user, @Furitlicious, commented,
“1 of many to come. Can’t wait for them to throw out the “Runs on Ripple” slogan”
Another Reddit user, @Daleeburg, commented,
“Is there anything stopping any business from hooking into xRapid for cross border payments without a bank?”
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Source: AMB Crypto

XRP Price Analysis: XRP/USD May Experience a Bullish Breakout Towards $0.42

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XRP Price Analysis: XRP/USD May Experience a Bullish Breakout Towards $0.42
XRP is already exposed to $0.42 level; further increase in the Bulls’ momentum may push XRP price to reach the target of $0.46. If the Bears manage to break down the demand level of $0.39, XRP price may descend to the previous low of $0.35.
XRP Price Analysis: XRP/USD May Experience a Bullish Breakout Towards $0.42

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Source: CoinSpeaker