Day: August 22, 2018

Manipulation in the Bitcoin Market?

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As cryptocurrency exchange BitMEX initiated its scheduled maintenance on August 22, the Bitcoin price surged by 4 percent, during a period in which crypto traders could no longer short the dominant crypto. Analysts have stated that the strong rally of Bitcoin in the two-hour period during which BitMEX was temporarily down was not a coincidence. Was Bitcoin Market Manipulated? BitMEX is arguably the most popular margin trading platform for Bitcoin and Ethereum traders alongside Bitfinex. According to large FX market maker and crypto trader Alex Kruger, BitMEX has a 40…

Liechtenstein Bank Issues Own Crypto Stable Coin, Aims to Become ‘Blockchain Investment Bank’

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Liechtenstein bank Union Bank AG announced it was issuing its own security tokens and in-house cryptocurrency backed by fiat in a press release Friday, August 17. Union Bank, which has concentrated increasingly on blockchain this year, said issuing its so-called “Union Bank Payment Coin (UBPC)” was a further step towards becoming a “full-service blockchain investment bank.” UBPC will act as a stable coin, the institution explained, and will have fiat currencies “such as the Swiss franc” as its backing. “Our goal is to become the world’s first blockchain investment bank…

Insurance Giant Ping An Releases ‘White Paper on Smart Cities,’ Advocates for Blockchain

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China’s Ping An Insurance, one of the world’s largest insurance company groups, has released a “White Paper on Smart Cities,” advocating for blockchain tech, AI, big data, and cloud computing, People’s Daily reports August 22. Ping An Insurance, a Chinese conglomerate with operations in insurance, banking, and financial services, was ranked the third most valuable global financial services company in the world as of May 2018. According to People’s Daily, the company released its “White Paper on Smart Cities” on August 21. The reported goal is to “help the government…

Venezuela’s Petro Is a ‘Smokescreen’ Backed by Centralized Debt-Crippled Entity

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Venezuela’s national oil-backed cryptocurrency, the Petro (PTR), has been scathingly denounced as an opaque “stunt” backed by a centralized and debt-saddled entity, the Wired reports today, August 22. Amid rampant hyperinflation in the Venezuelan economy, President Nicolas Maduro has this week introduced a rebranded fiat currency – the sovereign bolívar – which will have five fewer zeros than its ailing predecessor, the Bolívar Fuerte (VEF). The new currency has in turn been anchored to the Petro, which is now valued at $60 or 3,600 sovereign bolivars. The plan effectively devalues…

Binance, OKEx Volumes Surge While Coinbase, Kraken See Over 70% Drops

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The largest U.S. cryptocurrency exchange Coinbase faces tough competition from Asian competitors Binance and OKEx, data revealed Monday, August 20, as its volumes drop almost 85 percent. Figures compiled by cryptocurrency industry newsletter producer Diar show that while Coinbase trading has tailed off dramatically since the start of 2018, Binance and OKEx have either seen stable activity or even posted increases. From January to July, U.S. dollar traded volume at Coinbase slumped 83 percent, while at fellow major platform Bitstamp, the figure hit 73 percent. At the same time, Binance’s…

Research: Bitcoin Mining Operations Use Far Less Energy Than Banks

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At a time when bitcoin antagonists have not stopped criticizing the world’s flagship digital currency for its high power consumption, The Conversation, a nonprofit academic news source has published a report on August 20, 2018. In the article, University of Pittsburgh energy technology researcher Dr. Katrina Kelly Pitou explained why bitcoin mining activities pose less harm to the environment than what critics claim. Bitcoin is not the Real Bad Guy According to Pitou, it’s not the amount of energy consumed by bitcoin mining operations that harm the environment. Instead, it…

Blockchain’s Scaling Problem, Explained | Cointelegraph

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5. Failing to definitively address blockchain’s scaling issues could have far-reaching ramifications. Unless action is taken, it’s likely that transactions will take longer and longer to process. In a digital economy where fiat payments can be sent and received instantly, blockchain platforms need to offer the same if they are going to be regarded as a viable alternative — even if they offer an array of other compelling advantages. Otherwise, there’s a real risk that even the most ardent crypto enthusiasts will abandon this technology altogether. Dwindling user numbers could…

Crypto Exchange BitMEX Rents World’s Most Expensive Offices in Hong Kong

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Bitcoin may not be reaching for the ‘moon’ [yet] but BitMEX is reportedly going after something else whose price has been skyrocketing – offices in Hong Kong. According to the Hong Kong Economic Times, leveraged bitcoin trading firm BitMEX has just taken occupancy of the most expensive offices in the world. Per the business publication, the bitcoin exchange will occupy Cheung Kong Center’s 45th floor. The average rent per square foot at the new location is US$28.66, more than nine times higher compared to the US$3.18 per square foot that…

Seven Stars Cloud Group Inc (NASDAQ:SSC) Enters $24 Billion Deal To Aid China’s Electric Bus Upgrade

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Seven Stars Cloud Group Inc (NASDAQ:SSC), a cloud computing company has entered into a $24 billion deal to aid in the Chinese upgrade to its electric buses. The deal was signed on August 20, 2018, between the National Transportation Capacity Co Ltd (NTS) and Seven Stars. SSC will assist through its blockchain-based technology. Through its global network of strategic associations, SSC will provide NTS with a fixed income lease for the next three years via its financing services. The global network runs operations in compliance with existing regulations. Seven Stars…

Bulls push litecoin’s price above $55 and signs show hope for more gains

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Previously, Litecoin’s price had declined and settled below $55.50 against the US dollar. However, the coin experienced a sharp reversal which propelled its price above $55. Additionally, more signs show that the coin may continue to experience more gains towards the end of 2018. Litecoin’s price was under a lot of bearish pressure with a close below $55 against the US Dollar. There was a new connecting bearish trend line in place with resistance at $55 on the hourly chart. If the coin would have broken below the $59.466 support,…