Day: July 30, 2018

Bitcoin Holds $8,000 as Community Weighs ETF Impact Prospects

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Bitcoin’s (BTC) price continued to hold above $8,000 on Monday, July 30, as the rest of market saw slight losses across the board. Market visualization from Coin360 Data from Cointelegraph’s price tracker and Coin360 reveals a modest comedown for Bitcoin through the day, falling almost 1 percent over a 24 hour period to trade at around $8,110 by press time. The top cryptocurrency reports around 28 percent growth over the last month. Bitcoin weekly price chart. Source: Cointelegraph Bitcoin Price Index Bitcoin’s price had remained relatively steady over the weekend,…

This Cryptocurrency Hedge Fund Has a Lifetime Return of 10,136%

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Midway through 2013, when the bitcoin price was trading at $104, cryptocurrency hedge fund Pantera Capital published an investor letter that made what at the time seemed to be a moonshot prediction: The bitcoin price, the firm said, will one day hit $5,000. Five years on, a $5,000 bitcoin price target is considered bearish, and Pantera’s bet has, to put it lightly, paid off handsomely. Crypto Hedge Fund Pantera Capital Has a Lifetime Return of 10,000 Percent Writing in the July edition of the firm’s monthly “Blockchain Letter,” Pantera founder…

Bitcoin Price Intraday Analysis: BTC/USD Bias Conflict Prevails

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So now we are at the start of another week, but Bitcoin value hasn’t really managed to extend the previous week’s powerful rally towards $8,512. As far as the long-term holdings are concerned, there is nothing much happening inside the market. In the last 24 hours itself, the BTC/USD pair continued to trend sideways within a relatively more extensive range (~$300-wide). But in a broader context, we still haven’t able to recover the 4% drop on the July’s high, as we wanted. The change in sentiment could be blamed on…

Litecoin Founder Charlie Lee Confirms LTC Support for HTC Blockchain Phone

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HTC Corporation has announced that Litecoin co-founder, Charlie Lee, will serve as an advisor to HTC Exodus, the native blockchain smartphone developed by the Taiwanese consumer electronics firm. One small step for @SatoshiLite. One giant leap for blockchain. Team @HTCExodus, @philchen913 @htc are honored to have Charlie Lee to join as our advisor. cc @litecoin @LTCFoundation @LitecoinProject #LetMyDataGo https://t.co/JWGI4b8yH0 — HTC Exodus (@htcexodus) July 30, 2018 The HTC Exodus, which the Asian tech giant has described as the world’s first native blockchain phone, is slated for release in this year’s…

Indian State Embraces Blockchain Technology to Mitigate Fraud in Government

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The Indian state of Telangana looks primed as a blockchain technology forerunner in the subcontinent. On July 26, 2018, state officials signed MoUs with various blockchain startups and consultants to augment the use of the burgeoning technology in administrative services. Bringing Transparency to State Administration As reported by Business Standard, Telangana’s I.T. and Industries head Jayesh Ranjan noted the implementation of blockchain technology in “six or seven” government applications. Earlier, the state had piloted blockchain-based land registry and pension platforms to bring transparency and mitigate fraud in the two middlemen-dominated…

Draper Dragon Backs $20 Million Raise for Alibaba Vets’ Blockchain Startup

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A public blockchain project founded by the former head of Alibaba’s blockchain team has raised over $20 million from institutional investors in a combined token and equity sale. Called Ultrain, the startup announced Monday that leading investors in the round included token funds, such as Draper Dragon, FBG Capital, DanHua VC and Arrington XRP Capital, as well as blockchain industry startups, such as crypto wallet Bixin and exchange OKCoin. Traditional VC funds including Morningside Capital and Ceyuan Capital also participated. Launched in October 2017, Ultrain was created by a group of former…

Myanmar, Thailand Banks Enable Blockchain Remittance for Migrant Workers

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Everex, a Singapore-based financial technology firm, has partnered with Myanmar’s Shwe Bank to introduce blockchain-Powered remittance Services between Myanmar and Thailand. The blockchain firm claims that the partnership will enable millions of Myanmar migrant workers living in Thailand to send money home instantly and securely at much lower transaction costs than traditional remittance methods. Blockchain in Remittances The remittance industry stands as one of the most disrupted industries by blockchain technology. The reasons for this are not far-fetched as the comparative advantages which the technology boasts over traditional remittance systems…

Bitcoin’s Price Needs Move Above $8,350 to Regain Bull Bias

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Bitcoin’s (BTC) price is consolidating in a narrow range at press time and could regain bullish momentum above $8,350, technical charts indicate. The leading cryptocurrency moved back above $8,000 on Friday as expected and was seen rising to recent highs above $8,500 over the weekend. However, BTC has traded in a sideways manner in the last 60 hours. The upside has been capped around $8,300 and the dips to $8,050 have been short-lived, according to Bitfinex. While the price consolidation despite bull breakout has neutralized the immediate bullish outlook, it is still…

Blockstack’s First Business App Wants to Help Employees Earn More Crypto

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If cryptocurrency is decentralizing the world of money, a new bitcoin wallet startup thinks it could also help decentralize the world of work. Revealed exclusively to CoinDesk, Misthos launched its multi-signature wallet Monday on top of Blockstack‘s decentralized application platform. One of the first enterprise products launched on Blockstack, the wallet is designed for project teams, investment partnerships and other ad hoc ventures to manage the divvying up of income (received as bitcoin) among their individual members. These organizations, which often form to carry out a specific objective before disbanding…

Korean Government Seeks to Strip Tax Perks From Crypto Exchanges

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Cryptocurrency exchanges in South Korea may soon lose eligibility for significant tax benefits currently granted to smaller companies. A proposed revision to the existing tax law, announced by the South Korean government on Monday, would exclude crypto exchanges from the category of startups or small and medium enterprises (SMEs) that can claim a tax cut of up to 100 percent, according to CoinDesk Korea. Under the existing tax law in the country, startups and SMEs are able to apply for a deduction of 50–100 percent of their income tax or…