Day: May 17, 2019

Amazon Patent Casts Light on Plans to Create Proof-of-Work Blockchain Analog

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Retail behemoth Amazon has received a patent for generating Merkle trees as a solution to the proof-of-work (PoW) algorithm, a document confirmed on May 14. Amazon, which has taken an increasing interest in blockchain technology in recent times, now appears to be targeting development of a specific variation of the instrument. Specifically, the patent targets Merkle trees — a data verification tool — to constitute the work required in a PoW setup. PoW is the algorithm used in bitcoin (BTC) and some other major cryptocurrencies such as litecoin (LTC), dogecoin…

Ripple (XRP) Price Nosedives in Shocking 25% Plunge after 2019 High

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By CCN: Ripple’s honeymoon in the cryptocurrency market may be over. The XRP-to-dollar exchange rate on Friday established an intraday low towards $0.359 on BitStamp amidst a flash crash action. The pair attempted to bounce back, but the volume was not adequate to erase its latest drop. On the whole, it plunged up to 25-percent in just two days, implying that its previous bullish sentiment is close to fading. RIPPLE (XRP) PLUNGED 25-PERCENT IN JUST TWO DAYS | SOURCE: TRADINGVIEW.COM, BITSTAMP XRP’s market mirrored sentiment as that of other top…

Crypto Platform Says It Has Launched Two Products to Challenge Banks and Empower Customers

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A “next-generation” mobile payment platform has unveiled two products that are designed to help users smartly manage money matters and enjoy “greater financial empowerment.” Crypto.com’s first new offering, Crypto Earn, gives the public “the freedom to grow their assets.” Available through the platform’s flagship app, the service allows users to deposit virtual currencies and accrue incentives, the company said. Consumers can choose to hold their assets for either one month or three months, and the company said a flexible plan will follow in the future. The Hong Kong-headquartered company, which…

Bitcoin Suffers Biggest Intraday Price Drop for Over a Year

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View Bitcoin tanked by $1,702 early on Friday, the biggest intraday drop since January 2018. On the way back up, the hourly chart shows scope for re-test of former support-turned-resistance at $7,619. A bounce to $7,619, if any, could be short-lived with prices falling back to $6,178 (daily low) over the weekend, as both the 4-hour and daily charts are biased bearish. A bounce from the historically strong support of the 30-day moving average (MA) at at $5,986 would imply an end to the price pullback. Amid extremely overbought conditions,…

Crypto Markets See Major Correction, BTC Below $7,350 as US Stock Futures Trade Lower

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Friday, May 17 —  after a week of deep green and bullish price performance, crypto markets today are seeing a major correction, with bitcoin (BTC) dropping below the $7,350 mark, as Coin360 data shows. Market visualization courtesy of Coin360 Bitcoin has taken a steep price hit, dropping 8% on the day to trade at $7,346 to press time. The top coin had brushed $8,300 yesterday, May 16 — a bullish price point not seen since August 2018. Despite today’s major correction, bitcoin retains a strong gain of 16.61% on the…

‘We Cannot Accept’ Fear as Reaction to Innovation

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Engineering and electronics manufacturer Bosch hinted it would take an active role in defending the openness of the Internet of Things (IoT) against censorship as part of a press release from May 15. Bosch, which has various developments on the way in the sector, highlighted distributed ledger technology (DLT), including blockchain, as an essential part of the future of both IoT and the related Economy of Things. “Distributed ledger technologies (DLT) such as blockchain may well become the key technology in these domains,” the press release reads. While entities from…

Stellar Network Went Down For 2 Whole Hours. Did Anybody Care?

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By CCN: Stellar, the Ripple fork founded by Jed McCaleb after disagreements with decisions at Ripple, went down for about two hours yesterday. Tim Swanson alerted Twitter to the issue, and a Stellar representative confirmed its occurrence. Experts Notice, Story Goes Viral, Stellar Goes On Defense Breaking: yesterday the Stellar network went down for about 2 hours… only those who run validators noticed it. no new transactions were added for ~2 hours. network stats:https://t.co/eSRYFPjDQi — Tim Swanson (@ofnumbers) May 16, 2019 The incident raises questions about the level of decentralization…

World’s Largest Banks Investing $50M in Digital Cash Settlement System

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Several major banks, including UBS, Banco Santander, HSBC Holdings and Deutsche Bank, are planning to build a blockchain-based settlement system by investing $50M into a joint entity called Fnality. Several of the world’s largest banks are in the process of investing around $50 million to create a digital cash system using blockchain technology to settle financial transactions, according to Reuters. However, this is not the first blockchain-related project by a consortium of banks. In 2015, UBS Group AG and London-based technology startup Clearmatics proposed a similar clearing and settlement technology…

Debt-Ridden Crypto Exchange Cryptopia Suckers Hacked Customers Again

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By CCN: Users of the New Zealand-based bitcoin exchange Cryptopia should expect more uncertainty in the coming months. In an update released earlier today following the announcement that it had gone into liquidation, Cryptopia has warned users that they may not get all their funds back, if at all. Per the exchange, an investigation is underway to determine ‘the amounts owing and available to return to customers’. Before then, the cryptocurrency exchange cannot give clients any guarantees that they will get all their funds back: Until the investigation is complete,…

Bitcoin Fatigue at $8,100 Resistance Could Trigger Price Pullback, Says Experts

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With bitcoin currency currently sitting at above $8,000, there have been reactions and talks about the coin’s ability to maintain the price level and break through. Speaking on a CNBC panel on May 15, 2019, two analysts predict that bitcoin’s fatigue could possibly cause a price pullback despite its current surge. Bitcoin Price Could Fall Back to $6,000 The current surge in bitcoin price caused a stir in the crypto community, after suffering an 80% market correction in 2018. With the ice of the 2018 crypto winter finally melting, analysts and enthusiast…