Day: August 13, 2018

Saudi Regulators Warn Against Trading Cryptocurrencies, Citing ‘High Market Risks’

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A governmental committee of the Kingdom of Saudi Arabia has warned the public that trading digital currencies is illegal in the country, according to an Aug. 12 announcement by the Saudi Arabian Monetary Authority (SAMA). The warning was issued by the Standing Committee for Awareness on Dealing in Unauthorized Securities Activities in the Foreign Exchange Markets. The standing committee was established by supreme decree headed by Capital Market Authority (CMA), and contains such ministries as the Ministry of Media, Ministry of Commerce and Investment, SAMA, and the Ministry of Interior.…

ETHUSD Drops to Yearly Lows

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The ethereum price  fell over 10 percent against the US Dollar at the start of this week, establishing fresh lows of 2018. The ETH/USD pair has been on a downward trend all this year, much like the other top coins including bitcoin, ripple, and litecoin. At the time of this writing, the pair has experienced a 78 percent drop from its all-time high above 1400-fiat – and still counting. The last 24 hours itself have confirmed the strong selling sentiment with a drastic fall of over 9.5 percent. Ethereum, being…

Spanish Left-Wing Political Coalition Proposes Subcommittee to Study Blockchain, Crypto

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Spanish left-wing political coalition Unidos Podemos has called on the state to explore and implement the benefits of blockchain technology, local news agency Europa Press reported August 12. Podemos, formed from left wing parties Podemos, United Left, Equo and others has suggested that the Spanish government establish a subcommittee responsible for studying the potential of blockchain technology as well cryptocurrency regulation. Alberto Montero, the deputy of the political alliance, has reportedly registered the request in the lower house, along with a project plan. The blockchain-focused body would bring together public…

Communist Party of China Releases Primer on Blockchain Technology

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The Communist Party of China (CPC) has recently released a primer on blockchain technology and its possible applications, according to an official press release on the CPC website Aug. 13. According to the statement, the book by China’s Communist Party provides a scientific description of key blockchain features, its origin, future application scenarios, as well as major challenges associated with the adoption of the new technology. By introducing the book, the Chinese political party aims to assist government authorities in understanding the concept of distributed ledger technology (DLT) and consider…

Coinbase Index Fund Reduces Annual Fee to ‘Attract Institutional Investors’

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Cryptocurrency exchange and wallet service provider Coinbase has announced updates to its Index Fund in a blog post published today, August 13. The U.S.-based platform stated that it will reduce its Index Fund’s annual management fee “for all new and existing investors” from 2 to 1 percent, explaining: “We’re reducing our fee in order to attract investors who are familiar with lower-fee index funds in other asset classes. This will help introduce a new category of institutional investors into the cryptocurrency space.” Today’s announcement also includes news that the Index…

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, August 13

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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. Turkey is facing a crisis as its national currency is plunging. The 10-day volatility of the lira relative to the U.S. dollar has surpassed that of Bitcoin (BTC). President Recep Tayyip Erdogan has been urging the people of Turkey to exchange their dollars…

BTCUSD Hinting Another Bear Flagpole

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The short-term gains can never compensate for the long-term losses. So it seems from the latest Bitcoin price action which, during the weekend, jumped more than 7.5% and promised an extended breakout, but fell short of delivering it. This Monday started with minor pullbacks from the early 6550-fiat level during the Asian trading session. However, the growing selling sentiment around the psychological resistance area eventually erased the gains, bringing us back towards 6012-6138 area. BTCUSD Technical Analysis Technically, we are looking at BTC/USD forming a flagpole in pursuance of a…

Ethereum Crashes to 9-Month Price Low Below $300, While Bitcoin Shows Resilience

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August 13: Crypto markets have today failed to sustain their short-lived recovery, with Ethereum (ETH) plummeting to a multi-month low below $300 and only a scant few altcoins spared from the widespread losses, as Coin360 data shows. Bitcoin (BTC) is seeing only minor losses on the day. Market visualization from Coin360 Ethereum (ETH) is currently trading at $288, down a stark 9.77 percent on the day. Having traded sideways most of the day to hold close to the $320 mark, the top altcoin saw a vertiginous plummet in the two…

Blockchain Among Targets of South Korea’s $4.4 Billion Domestic Investment Plans for 2019

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South Korea announced it would “nurture” eight sectors of the domestic economy, including blockchain, by investing 5 trillion won (about $4.4 billion) next year, local media outlet Yonhap reports Monday, August 13. According to the results of a meeting involving the country’s finance ministry, the government opted to increase the amount spent on areas such as blockchain, big data and artificial intelligence (AI) by 65 percent from 2018 estimates. “The measures will help facilitate the platform economy, which in turn will help speed up innovative growth,” the publication quotes the…

Bitcoin Rises by 2% But Rest of the Crypto Market is Still Struggling

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The Bitcoin price has risen by around 2 percent in the last 24 hours, increasing from $6,250 to $6,400. But, the rest of the crypto market is still struggling to gain momentum. Bitcoin is King in a Bear Market Since February, the cryptocurrency market has been in a bear market, the third worst in its history. While Bitcoin recorded three attempts to break a major resistance level at $10,000, it failed to gain momentum above the $10,000 mark and crashed to $6,000 after every mid-term rally. Hence, it is accurate…