Day: July 18, 2018

Bitcoin Up $1,000 in Just Two Days, Almost All Top 100 Coins See Green

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Wednesday, July 18: crypto markets are continuing to climb fast, with 98 out of the 100 top cryptocurrencies by market cap in the green over the past 24 hours, according to data from Coinmarketcap. Market visualization from Coin360 Bitcoin (BTC) has grown by $1,000 in just a couple of days, inching firmly to the $7,500 point after having reached an intraday high of $7,542. The top cryptocurrency is trading at around $7,429 at press time, up about 10 percent over a 24 hour period and having gained around 15 percent…

China to Lead International Standardization Research Group for IoT, Blockchain Tech

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China will lead an international research group on the standardization of the Internet of Things (IoT) and blockchain technology, local news outlet Science and Technology Daily reports July 18. The joint technical committee of the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC) have adopted the proposal for the creation of this international research group after a month of a discussion by committee members. Science and Technology Daily, the official newspaper of the Ministry of Science and Technology of China, writes that the creation of this group…

Crypto Exchange to Target African Market by Offering Low Transaction Fees

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An “advanced and robust” trading platform is vowing to help emerging economies embrace cryptocurrencies and blockchain technology — in the hope that inclusion and education will bring economic freedom to the masses. KuBitX claims that there is widespread reluctance to learn about crypto, compounded by a lack of knowledge and resources for those who want to discover more. The company believes this has enabled a small group of traders to dominate the market and even manipulate it at will — resulting in extreme fluctuations in cryptocurrencies. Its white paper cites…

Bitcoin Can Soon Hit $40,000 as Trading Becomes Easier

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Avenue Capital Group co-founder Marc Lasry has said that Bitcoin’s (BTC) price is going to hit $40,000 n bullish comments to CNBC on July 18. Speaking in an interview for the network’s Squawk Box segment, Lasry, whose debt management firm controls around $9.6 billion of assets, saw increasing ease of crypto trading as a major motivator for Bitcoin to rise, noting “As it gets more into the mainstream, and as more markets end up allowing it to trade where it’s freely tradable, to me that’s more of the bet.” Lasry…

Cryptojacking is Plateauing in Response to Markets

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Interest in cryptojacking is potentially waning among cybercriminals in response to lower cryptocurrency market valuations, according to a report from MalwareBytes Labs released July 17. Cryptojacking is the practice of using a computer’s processing power to mine for cryptocurrencies without the owner’s consent or knowledge. The data and analysis laid out in Malwarebytes Labs’ “Cybercrime Tactics and Techniques: Q2 2018” report shows that while cryptojacking remains popular, decreases in detections of the activity across the board suggest that the trend may be beginning to decline: “We are not certain which…

Wells Fargo Files Patent for Tokenization System to Protect Sensitive Data

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San-Francisco-based bank Wells Fargo has outlined a patent for a tokenization system that would protect data, according to a filing published by the U.S. Patent and Trademark Office (USPTO) July 17. The newly published application details a system in which any type of data element — whether a document, graphic, or database value — could be located, accessed, and protected by means of tokenization. Tokenization, as the patent filing outlines, uses encryption methods to process an originally unrestricted data element into a corresponding restricted token that can subsequently only be…

Bank of America Reveals Blockchain Patent for External Data Validation, Cites Need for ‘Accurate Indication’ of Financial Standing

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Bank of America (BoA) has filed a patent for a blockchain-based system allowing the external validation of data, according to a United States Patent and Trademark Office (USPTO) patent filing released July 17. BoA’s patent filing proposes using blockchain for tracking resource information and confirming resource transfers, noting that “A need currently exists for providing a more accurate indication of a user’s financial standing by allowing external validation of data in a process data network.” The patent describes how the system would record information on the blockchain based on “aggregated…

Bitcoin Exchange Paxful Reveals Plan to Reach Venezuela’s Unbanked

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Peer-to-peer bitcoin exchange Paxful is doubling down on developing markets. Revealed exclusively to CoinDesk, the startup plans to open an office in hyperinflation-ridden Venezuela in September and release an Android app, its first for mobile devices, in October. According to Paxful co-founder Ray Youssef, the reason for both moves is that exchange use is surging in developing nations, where mobile phones are abundant and cheap but access to crypto remains scarce. Youssef told CoinDesk: “Underbanked, unbanked or people in a desperate situation, such as with market inflation. Those are the…

Bitcoin Price Risks Pullback Before Testing $8K Again

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Bitcoin (BTC) could be in for a minor price pullback, having clocked a 39-day high above $7,500 earlier today, technical charts indicate. The leading cryptocurrency rose to $7,562 on Bitfinex at 03:00 UTC and was last seen changing hands at $7,400 – up nearly 10 percent on a 24-hour basis. Further, the price rally has pushed the week-on-week gains higher to 15 percent. On Tuesday, BTC crossed the inverse head-and-shoulders neckline resistance of $6,838 with strength, confirming a short-term bearish-to-bullish trend change. So, a rally to $7,900 (inverse head-and-shoulders breakout…

Bitcoin Volume at $6.4 Billion, Up 2x Since Last Week as Crypto Market Surges

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The volume of bitcoin, the most dominant cryptocurrency in the global market, has risen by two-fold in the past week, supporting the recent mini bull rally of the crypto market. Last week, CCN noted that the low volume of bitcoin is a concern for the short-term trend of the market. For instance, on July 9, the volume of bitcoin was lower than that of Tether (USDT), a widely traded stablecoin whose value is equivalent to the value of the US dollar. Less than seven days ago, the volume of BTC…