Day: September 12, 2018

Bitcoin Price Technical Analysis: BTC/USD Hinting Breakdown Action

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Bitcoin price on Wednesday recorded a marginal drop of 0.25 percent against a strong U.S. dollar. The BTC/USD today stayed on its prevailing sideways trend, exhibiting intrarange fluctuations of just around $100. The pair began the Asian trading session sheepishly, forming lower highs towards 6308-fiat and lower lows towards 6219-fiat. The sideways sentiment continued as the pair headed into the European session. The Bitcoin market generally suggested an equivalency between supply and demand. Traditionally, the period of consolidation should continue until a breakout/breakdown action gives it away. BTC/USD Technical Analysis…

New Platform Allows Businesses to Launch Their Own Cryptocurrency Exchange

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On Sept. 3, the Spotware company, which specializes in providing contract for difference (CFD) and forex technology services, released its new solution that allows customers to start their own cryptocurrency exchange, says the official press release. The platform is called cXchange and the company claims it is to be the most technologically advanced cryptocurrency exchange platform to date. Out-of-the-box exchange According to the Spotware statement, cXchange is a complete out-of-the-box solution that offers scalable architecture, an “ultra-fast” matching engine — which can support any asset — as well as a…

OKEx Founder Star Xu Released From Police Questioning, Denies Fraud Charges

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Cryptocurrency exchange OKEx founder Star Xu has today, September 12, hit back at allegations of fraud after conflicting reports over why Chinese law enforcement summoned him to a police station for 24 hours Monday. According to multiple local media sources, Xu, also the CEO of OKCoin, had faced problems at his hotel from a group of “investors” allegedly linked to WFEE Coin, a blockchain WiFi sharing project they said Xu held shares in. Alleged illicit activity on the part of WFEE had led those affected to seek justice, whereupon they…

US Crypto Industry Vets Form Blockchain Association Lobbying Group

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Some of the largest United States-based players in the cryptocurrency space, together with tech industry veterans, are forming the Blockchain Association to better lobby for crypto-related policy changes in Washington D.C. Crypto Industry Powerhouses Join Forces for Greater Purpose Coinbase CEO Brian Armstrong said back in June that bear markets such as the one cryptocurrencies are experiencing right now, create an “opportunity to keep making progress while everyone else gets distracted.” According to a new report from the Washington Post, the outspoken CEO and other crypto industry vets are doing…

OKCoin Expands Token-to-Token Platform to 20 States

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Today, September 12, 2018, OKCoin announced that the company will be offering token-to-token only trading in twenty states across the U.S. This announcement of its expansion in U.S. markets comes shortly after OKCoin/OKEx founder Star Xu was questioned and released by Chinese police in connection with an alleged digital currency fraud. OKEx is the second largest global exchange by volume, according to CoinMarketCap, (though that volume has been called into question) and now OKCoin is hoping that its own volume will increase with low fees in a market-maker favored pricing…

Huobi Buys Majority Stake in Japanese-licensed Crypto Exchange BitTrade

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Huobi Global’s wholly owned subsidiary, Huobi Japan Holding Ltd, has recently acquired a majority stake in Japan’s BitTrade — one of only 16 regulated crypto exchanges in the country, Cointelegraph Japan reports Wednesday, September 12. As Cointelegraph has learned, Huobi Japan will get 100 percent of the shares from True Joyful Limited, BVI, which holds holds all of the beneficiary interest in the company.  FXTF Asset Investment Private Ltd. reportedly had 75 percent of the shares, with FX Trade Financial with 25 percent. Haiteng Chen, the acting president of Huobi…

Gemini’s New USD Cryptocurrency Stablecoin: A Whitepaper Deep Dive

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The Gemini cryptocurrency exchange, founded by the Winklevoss twins, announced on Monday that the company has launched a stablecoin built on the ERC-20 standard. Named “Gemini Dollar” (GUSD) the coin’s value will be “strictly pegged 1:1 to the U.S. dollar,” according to the whitepaper. Of course, many stablecoins exist that are pegged to USD, such as Tether (USDT) and Dai (DAI), though some pegs are reserve-based and other are algorithmic. The technical specifications for Gemini coin are a large factor for improving trust, and below we will take a deep…

Cryptocurrency Market Slump Sees $642 Billion Dumped So Far in 2018

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The cryptocurrency market capitalization on September 12 established a new yearly low near circa $187 billion. The drop amounts to a total of $642 billion that has vanished from the market since its all-time high near $829.96 billion. Almost all the leading coins, including Bitcoin, Ethereum, Litecoin, and Ripple, are in the process of forming new bottoms. Ethereum, in particular, has led the crash by depreciating even lower than its mid-2017’s bottom. For a coin whose value improved on notorious ICO-mania, the 76 percent crash in 2018 points to record-low…

Korean Financial Watchdogs Probing Blockchain Firms Over ICO Activity

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South Korean financial watchdogs are contacting domestic blockchain startups as part on an investigation into initial coin offerings (ICOs). According to an exclusive report from CoinDesk Korea, the probe is causing jitters among the firms over whether it could ultimately lead to some form of sanctions if firms are considered to have broken rules on token sales. Currently, ICOs are technically not allowed, since the token-based funding method was banned last September. As revealed in a questionnaire from the Financial Services Commission – obtained by CoinDesk Korea on Wednesday – the Financial Supervisory…

Cryptocurrency Markets Slump Midweek as Ethereum Hits New 2018 Lows

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Cryptocurrency markets are feeling the pressure from an extended downturn on Wednesday, September 12, with Bitcoin (BTC) losing 2.5 percent and Ethereum (ETH) hitting its lowest levels since May 2017. Data from Cointelegraph’s price tracker and Coin360 confirms the lackluster picture across cryptoassets continuing another day, with all of the top twenty coins — with the exception of Dogecoin (DOGE) — in the red. Market visualization from Coin360 Bitcoin had climbed to almost $7,400 last week before turmoil hit markets again, prices tumbling over claims Goldman Sachs had shelved its…