V20 Inaugural Summit Commits to Uphold Virtual Asset Industry

The V20, a group of national crypto associations standing for the local virtual asset service providers (VASPs), have signed a Memorandum of Understanding (MoU) for setting up a global crypto association to unite the virtual asset industry to provide for a global delegation.

The group summoned at the inaugural V20 summit for the leading VASPs held in Osaka, Japan on 28 and 29 June which was held simultaneously with the G20 summit in the same place and at the same time.

V20 convener, Ronald M Tucker, said:

“We’ve brought everyone on the journey to create a new body that will assist in establishing a means to engage with government agencies and the FATF to ensure our best interests are understood and valued at an international level.”

As per the report, the signatories included the Australian Digital Commerce Association (ADCA), Singapore Cryptocurrency and Blockchain Industry Association (ACCESS), Japan Blockchain Association (JBA), Korean Blockchain Association (KBCA), Hong Kong Blockchain Association (HKBA) and the Taiwan Parliamentary Coalition for Blockchain and Industry Self-Regulatory Organization and the signing ceremony took place in the presence of by Roger Wilkins AO, the former Financial Action Task Force (FATF) President.

The MoU threw light on the issues concerning the virtual asset industry with an agreement to construct a cooperative regime to maintain communication with the government and regulators to promote VASP. Additionally, the MoU addressed the need to support information exchange across the industry, foster the growth of policies and procedures, increase awareness and raise the benchmark to match the levels of global industrial standards.

Anson Zeall, the Chairman of Singapore ACCESS and Co-convener of V20 summit commented on the signing of the MoU:

“With these new rules from the FATF, and in signing this MoU, we are coming together in the spirit of collaboration and entering into a new phase for the whole industry […] Further, this new agenda aligns with and strengthens our original mission to utilize the power of blockchain technology to deliver financial inclusion across the world.”

As reported earlier, the 36 member countries of the FATF, including European Commission held its annual Private Sector Consultative Forum in Austria in order to find some common ground on cryptocurrency before the commencement of the G20 summit. At the beginning of the month, Finance ministers and their central bank counterparts made a joint request to the Financial Stability Board (FSB) and global standards organizations to offer a cooperative response to monitor risks surrounding crypto assets.

 

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Bitcoin, Facebook and the End of 20th Century Money

Bitcoin is surging and Libra is shaking up regulators as the globe faces a period of doubt on the economic front.

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BitcoinNews.com Bitcoin Market Analysis 30th June 2019

This Sunday is important for Bitcoin trading, as the weekly and monthly candles are closed at the same time. So, let’s look at the global scenarios that Bitcoin can expect, but let’s start with an analysis of the price movement within a week.

The week started at the price of USD 10909. Before this, buyers spent two days in front of the black trend line and the yellow price zone, and the next day did not differ in particular successes. However, on 26 June, a large candle with a substantially increased volume was fixed, with the help of which buyers even tried to break through the yellow price zone. However, immediately next day, also on increased volumes, sellers lowered the price by 21%. As a result of the high interest in the yellow price zone, both buyers and sellers started to consolidate.

At 4-hour timeframe, we see that sellers create a second attempt to go through a local liquid zone of USD 10800-11200, in which the price was within 3 days. It should not be a serious problem for sellers if they are set to correct the wave of growth that has been formed for half a year:

Although it is still early to analyze a weekly candle since it is not yet formed, however, now we see a big pin in the yellow price zone, which signals us about the serious resistance of sellers at the moment:

Taking into account the strong trend by this time, in our opinion buyers will try to break through the yellow price zone to continue growth and the price will stop again in consolidation. It is still the most positive scenario for buyers.

The second possible scenario is the beginning of a global correction with the ultimate target of USD 7200. The critical point in this scenario is USD 9750. After breaking this price, the probability of the second scenario will be very high.

Let’s analyze the mood of the market participants. Marginal positions of buyers move from limit to limit. During this week, the positions have been steadily decreasing, but at the end of the week, there is no panic:

We will not comment on the chart of marginal sellers positions, because we do not understand whether it is possible to build any conclusions on such a picture:

Now, it is important to understand whether wave (5) has already ended in wave analysis, or buyers will still have an attempt to grow. We conducted a price movement channel from March 2019 and we see that buyers were trying to accelerate growth, but they were not ready for it:

If buyers will be able to accelerate growth then the next stop at the price of USD 14370, and the end of growth in the price of USD 16100. However, this scenario is possible after the release of the price following consolidation. Taking into account long growth without correction, increased volumes with candle with a large pin and reducing the initiative from buyers are still more likely at the beginning of the correction with the first goal of USD 9750. As the new month begins, we will be able to evaluate it in the next analysis and wish you a bit of relaxation and wonderful summer days that will make you forget about the crypto market for several hours).

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About the Author: Peter Oleshchuk is a trader and technical analyst.
He has spent two years studying and analyzing the crypto market.

Charts Courtesy: TradingView

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Europe: Crypto and Blockchain News Roundup 24th to 30th June, 2019

Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest Bitcoin news continent by continent and country by country.

Europe

The United Kingdom

Phishers and scammers using better English to lure unwary victims: A fresh report by NakedSecurity reveals that cryptocurrency scammers are now using better English with perfect grammar to lure unwary victims in their scams.

It is normally expected that phishers are operating from other countries who do not speak English that well and thus the quality of the English can instantly be a benchmark for ascertaining the authenticity of the source but now phishers are learning and are starting to use perfect English for their emails and phone calls according to the NakedSecurity report.

Native English speakers for drafting scammy emails are probably now in demand.

Survey shows UK public’s attitude towards cryptocurrencies: A recent survey conducted by the English exchange CEX.io has outlined the attitude towards cryptocurrencies among the local populace. 

According to the survey, 1013 respondents with almost equal males and females had disparity when it came to age groups as 11% respondents were from 18-24 age group while 24% of the respondents were from 65+ group.

According to the survey, only 13% of the surveyed people owned any cryptocurrency. Interestingly enough, 15% of the people wanted to invest in bitcoin to support the ecosystem as to say.

About 18% of the respondents said that they enjoyed the crypto trading experience while 21% cited curiosity towards the new sector as the main driving force behind their investment.  When asked about the most appropriate usage of crypto, 14% of the respondents believed it to be investments, while very few of them considered charity, crowdfunding for a property, and retail to be the most appropriate use of cryptocurrency. Almost half (48%) of the respondents choosing ‘none of the above’.

The latest surveys report a steady increase in interest towards cryptocurrencies in the country.

London-based finance group advocates for crypto to FATF: One london-based digital finance group has apprised the Financial Action Task Force (FATF) regarding the compliance of the cryptocurrencies and their transactions towards the latest regulations enforced by the global Anti Money Laundering watchdog.

According to the group, much of the information regarding cryptocurrency transactions is already available despite it serving as the anti thesis of the original purpose of cryptocurrencies.

Switzerland

Crypto Industry demands operational banking services: Swiss crypto startups and institutions are demanding seamless financial services from banks after regularly running into issues due to the nature of their work.

According to a report by Swissinfo, more than 750-strong crypto and blockchain startup sector in the European country is being affected because they are unable to get enough funds from financial institutions like banks or investors.

Despite the crypto-friendly regulations in the country, Swiss blockchain industry is still struggling to provide the required finances, thus causing various issues and slowdowns of the progressive sector.

Germany

Parties to use blockchain for public services: German Christian political parties including Christian Democratic Union of Germany (CDU) and Christian Social Union in Bavaria (CSU) have expressed interest in using blockchain for the provision of public services in the country.

The parties aiming for the center-right vote are now looking to get tech savvy to attract the attentions of the voters. Other politicians have also spoke in favour of cryptocurrencies including Germany deputy parliamentary leader Nadine Schon who has called for the development of a national cryptocurrency.

Malta

Government to register rental contracts on the blockchain: The government of Malta has declared that all future contracts will be registered on a decentralized ledger to boost transparency.

According to a revelation by the Maltese prime minister, the project will enhance the security and safety of the tenants and the owners by protecting against record tampering and ensuring only authorized people can access records.

Malta is known for its pro blockchain and crypto policies and is now looking to mainstream the sector within the country to attract investment from all over the world.

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Asia and Australia: Crypto and Blockchain News Roundup 24th to 30th June, 2019

Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest Bitcoin news continent by continent and country by country.

Asia and Australia

Indonesia

Indonesia unicorn Bukalapak considers Middle East expansion: After crossing the 1 billion USD valuation mark and attaining the unicorn status, the Indonesian e-commerce and marketplace platform Bukalapak is now contemplating its expansion into the Middle East, according to CNBC.

The company has expanded into five Asian markets after starting its operations in 2010, but the CEO now thinks that the company’s Muslim workforce can act as a strong leverage point to connect with the businesses and customers in the Middle-East.

Iran

Iran Blames Bitcoin Miners for Unstable Power Grid: After the recent 7% spike in the electricity consumption in Iran, Energy Minister’s spokesman has released a statement blaming the Bitcoin community for the consequential power failures and shortfalls. He added that the crypto miners are consuming unsustainable amounts of electricity as the network encourages people to utilize computing power to solve increasingly complex cryptographic puzzles.

He claimed that each Bitcoin mined in Iran consumes as much electricity as 24 Iranian households over an entire year, with most miners are now operating from mosques, factories, agricultural sites, and government offices to avail the subsidized energy prices. He warned that the bitcoin miners will now be identified and deprived of their electricity connections soon.

South Korea

South Korea to Copy Global Models in Fintech Adoption: Local firms in South Korea will be able to use global models as templates to adapt their business practices after the government’s announcement of relaxing their laws for tech startups.

The revelation was made by the country’s Financial Services Commission (FSC), who remarked that they desire to boost the fintech, hydrogen vehicles, and drones industries and spur innovation. An FSC taskforce has already reviewed 188 cases of possible financial services using new tech, now moving towards allowing financial firms to fully acquire fintech startups, currently only allowed to be only 15% acquired.

Seoul Transport Ministry to Pilot Blockchain Traffic Data Storage: Seoul has finally released a pilot launch date for its blockchain traffic data storage project as a part of its Smart City Initiative.

With the help of the Canadian tech firm, Graph Blockchain Inc, the CAD 55,000 (USD 41,700) project will be implemented to streamline and secure traffic data via the Hyperledger Fabric framework. The project will be fully up and running within the next five years and will be implemented in applications like citizen ID records, voting systems, charity aid management, and even vehicle history reports. 

India

Koinex, India’s Largest Crypto Exchange, Shuts Down: After months of suffocation at the hands of Indian lawmakers, India’s largest digital asset exchange, Koinex has finally given in and has announced their closure.

A company that saw a record-breaking trading volume of 265 USD million in December was forced to shut down after a string of draconian crypto laws by the Indian government and the consequent decline in the company’s trading volumes.

Back in April 2018, the RBI issued a circular that prohibited all financial institutions from forming or maintaining relationships with cryptocurrency companies, which led to the ostracization of the crypto community from the country’s markets. 

Reserve Bank of India Developing Blockchain Banking Platform: The Reserve Bank of India (RBI) has announced plans to develop and launch their own blockchain platform in the next year, that will host a number of blockchain applications.

This is a surprising move considering how RBI has been clamping down on any crypto activity, such as it declaring ICOs and crypto exchanges as not part of their regulatory sandbox. The model will be focused on banks in a bid to introduce crypto into the market in a manageable fashion.

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North America: Crypto and Blockchain News Roundup 24th to 30th June, 2019

Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest Bitcoin news continent by continent and country by country.

North America

The United States

Californians hold the most bitcoin in the United States: Californians are the top crypto owners in the country according to latest data published by US exchange Coinbase. Considering that California is the most populous US state, the survey results are hardly surprising.

Following California are 9 other states in the top 10 including New Jersey, Washington, New York, Colorado, Utah, Florida, Alaska, Nevada and Massachusetts.

Interestingly enough, smaller but more crypto progressive states like Delaware, Nevada and Wyoming have much higher crypto holdings per capita in the general population than many of these bigger states because their governments are promoting the new industry in a much more effective way.

Ex Trump Fed Nominee wants to be part of “Crypto Central Bank”: Controversial economist Stephen Moore who was the Trump nominee for the Federal Reserve Bank is now eyeing the formation of what he calls a “crypto central bank” or Decentral which is calling itself the world’s first decentralized central bank.

The Trump appointee had received flak the moment he was nominated by Trump by the opposing democrats who deemed him unfit for qualification. Moore eventually withdrew his candidature and has since experimented with one thing or another.

The decentralized central bank is expected to bring forward a new concept for stablecoins and how they can be used to change the banking outlook in the world.

Self-described Libertarian and gold investor attacks Bitcoin over volatility: American investor and self-described Libertarian Peter Schiff has attacked bitcoin on Twitter over its recent dip after reaching 30 month high of 13,900 USD and has called it a scam once again but was also squared up by bitcoin enthusiasts over his claims.

According to Peter Schiff:

“No, there is real demand for gold as a commodity in industry and as a reserve asset among central banks. So there will always be natural buyers for gold at any price no matter what. The only demand for Bitcoin comes from speculators”

But soon enough, Bitcoiners struck back at him and schooled him over the basic principles of the top cryptocurrency.

FDA Calls for blockchain-based system to authenticate prescription drugs: The Food and Drug Administration (FDA) of USA is working with the American retail giant Walmart Inc to develop a Proof-of-Concept (PoC) project for identifying and tracking prescription drugs in the country.

In addition to these two partners, major drug companies including Merck and KPMG as well as blockchain promoting arm of IBM have also joined hands in this partnership to ensure supply chains remain unaffected by counterfeit medication.

Pharma giant Merck responded and said:

“A permissioned blockchain network has the potential to create greater transparency, reduce the time needed to track and trace inventory, help determine the integrity of products (such as whether they are kept at the correct temperature), prevent and remove counterfeit drugs, and more.”

Canada

Quadriga founder stole funds before untimely death: The case of the Quadriga cryptocurrency exchange has become even more damning as it was found out that the deceased owner had stolen funds from the exchange to put into his own personal wallet.

According to the latest audit of the now bankrupt cryptocurrency exchange, it was found out that the Gerald Cotton, the founder transferred huge amount of crypto from the customers’ accounts to other exchange and used them to buy luxury goods and even his own trading losses.

According to the audit report:

“In addition, substantial amounts of cryptocurrency were transferred to wallet holders whose identity the monitor has been unable to confirm.”

The prosecutors are still unsure about how to proceed this case as much of the money was reportedly lost when Cotton’s laptop key was nowhere to be found. Cotton died in India from complications of Crohn’s disease. The fate of the exchange and the customers still hangs in the balance even months after the initial case was reported.

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South America: Crypto and Blockchain News Roundup 24th to 30th June, 2019

Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest Bitcoin news continent by continent and country by country.

South America

Brazil

Bitcoin Pioneer recommends buying bitcoin: Brazilian bitcoin entrepreneur and the founder of Nox Bitcoin João Paulo Oliveira has advocated buying of Bitcoin for some time and he has once again urged the public to invest in the cryptocurrency.

He said:

“I believe that this can be a revolutionary infrastructure, which can inject even more money in criptveconomy, allowing for more high of the Bitcoin”

Overall, the Brazilian crypto comment is upbeat about Bitcoin and its future. The number of Bitcoin investors and traders are increasing in the country and the legislature itself is expected to pass comprehensive bitcoin legislation for legalizing the new class of assets in the country.

Local bitcoin enthusiast shortlisted UN project: A Brazilian bitcoin enthusiast Barbara Schorchit has been shortlisted by the UN Climate panel for a blockchain-based project from South America and the Caribbean.

Schorchit along with two other partners under the patronage of federal deputy Iracema Portella are close to winning the UN-sponsored competition.

According to Portella:

“We need to support the new talent so that these young people really can give your contribution in the battle for the preservation of nature and better living conditions for all people around the world,”

Seven winners of these projects will receive 15,000 USD to invest in their individual projects as well as other incentives. Brazil is at the epicenter of climate change with its rainforests under attack and some experts believe blockchain technology can help the country in its fight against climate change.

Analyst Fausto Barba believes bitcoin will reach 330,000 USD in the future: According to technical analyst Fausto Barba, bitcoin’s price index has the potential to reach more than $330,000 in the near future in the current bull market.

Predictions are being made all across the market with some predicting as much as 1 million USD per BTC while others predicting a more modest 40,000 USD per BTC.

But, according to Barba:

“(The current high cycle) is the one who carries the pinnacle of euphoria and can take the Bitcoin achieve US $330 thousand, which configures a valuation of more than 3,500%,”

While an immediate bounce to this figure seems insane but in the long run, the target is within reach as Bitcoin’s popularity increases and mainstream adoption promoted.

Senate debates cryptocurrencies in Brazil: A much awaited debate in the Brazilian parliament was to be held in the Senate Brazil Federal last week.

This hearing’s witnesses included representatives from Ministry of Economy, Brazilian Securities Commission (CVM), Internal Revenue of Brazil and local cryptocurrency exchange associations including Brazilian Association of Criptoeconomy (ABCrypto) and Brazilian Association of Cryptocurrencies and Blockchain (ABCB).

It is expect that the government agencies will ask the senators to take it slow while the exchange associations will ask the government to fully embrace crypto and not lag behind the rest of the world.

Venezuela

Russia cooling military intervention fears in Venezuela and interest in Petro: The Russian government is scaling back its military deployment in the country after the latest danger to the government seems to have passed.

The Russian government is also cooling off its interest in the national cryptocurrency Petro as the Venezuelan government is barely to stable enough to promote a coin project of this magnitude in the country. For now, Russia will roll back and observe the quest for the national oil backed cryptocurrency and will only sponsor a foray if things dramatically change for Petro.

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Californians Top US Bitcoin Owners List

Californians are the top crypto owners in the United States, according to crypto exchange Coinbase, who has published a new report detailing the trends of adoption and awareness towards digital assets in the United States.

The survey, which covers the last 12 months, showed that crypto awareness in the US continues to grow, with as much as 58% of the 2,000 participants saying that they had heard about Bitcoin. Of these, many expressed a strong desire to use digital currency as a diversification strategy in investment and were very enthused with the idea of a worldwide currency and the promise of low transfer fees.

Following Californians in the top 10 states with the most crypto owners were those from New Jersey, Washington, New York, Colorado, Utah, Florida, Alaska, Nevada, and Massachusetts. Interestingly, while states such as Delaware, Nevada, and Wyoming recorded a lower overall percentage of crypto owners, they actually had a higher concentration or per capita — fewer holders but holding more than the average crypto owner.

When queried about the motivations behind buying crypto, many said that it was an investment opportunity into a new technology, and an opportunity for education. One even said:

“… for people in my generation, I think it makes a lot more sense than stocks, bonds, inflated real estate, or other depreciating assets.”

The report also gives a simple demonstration of how popular Bitcoin has become, using the same example BitcoinNews.com did a few weeks ago:

“If you want to get a sense of how interested America is in a topic, there aren’t many better benchmarks than Kim Kardashian, whose social-media dominance gives her an outsized slice of our collective consciousness. Since the beginning of this year, one of the rare ideas that grabbed even more of our attention is Bitcoin. On average, Google users have searched for Bitcoin more often than they sought out info on Kim K., and that number is only trending upwards.”

 

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Tether Prints $100 Million Since Friday

After a huge run up to USD 13,800 and the flash crash on Thursday, nothing says volatile the way Bitcoin has. And now, as the world’s most traded crypto seemingly enters into a phase of consolidation, Tether continues to pump out more of its USDT into the market, adding USD 100 million since Friday.

Tether’s market capitalization has always been a point of contention in the crypto community, growing ever since its inception, with its latest addition now bloating to a total of USD 3.6 billion. As usual, this has prompted a lot of noise in the industry.

It began with Twitter user “Giancarlo The Tether Whisperer” posting an update on his feed:

Yesterday there were 36 million ETH Tethers in the Treasury. Today 19 million.

At this rate expect an ETH Tether print or a large-scale transfer of OMNI Tethers to ETH in the next 1-3 days. pic.twitter.com/weBTkqtgfa

— Giancarlo The Tether Whisperer (@CasPiancey) June 30, 2019

Tether volume had reached an all-time high of USD 40 billion plus on the same day as Bitcoin’s 2019 high, and remains the largest stablecoin in use, by far. Circle’s USDC lags far behind at a USD 366 million market cap, a measly 10% of Tether, which has only increased by 80% since April.

Many reports say that whenever more Tether enters the market, the price of Bitcoin tends to spike shortly after, leading to many saying that its issuer is one of those behind the price manipulation. A 66-page thesis published in 2018 by the University of Texas Austin, seemed to give evidence on this correlation, claiming that the 2017 crypto bull was artificially created with freshly printed Tether.

A recent blog post titled ‘Welcome to Bitfinex’s Second Tether Bubble’ has similarly noted the premiums on different exchanges using stablecoins and USD, and how they have risen and fallen dramatically on Bitfinex, who gave birth to Tether.

True or false? The mystery can only deepen.

 

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Study: Real FOMO to Start at $20,000

Fresh research from a market analyst known widely on social media as CL has not dismissed the USD 10,000, but insists that the real FOMO is yet to happen and that it will only kick in at the current all-time high of Bitcoin at USD 20,000.

While those like Tom Lee did say that USD 10,000 was a real FOMO level, CL agreed that it was so for big investors but not the public, CL’s report says that they would only realize their interest after USD 20,000. It summarized:

“What is surprising… or unsurprising, is how little the public knows about this. Less informed people still think Bitcoin was just a craze, or that it is still currently trending toward zero… What’s more, data suggest that Bitcoin is currently going through the initial ‘stealth phase’ of its bull run… This means that Bitcoin’s bull run has only just started and have (sic) ridiculously more room to grow before the next cycle top.”

When the report was published, Bitcoin had just been tackling USD 11,000 before going on a rampage towards USD 13,800, falling to USD 10,380, and then rallying once more and then subsiding to its current levels at just above USD 11,000. Volatile, if ever it was.

Google Trends has been showing a gradual return of public interest to previous highs, mostly because of the constant stream of articles headlining Bitcoin’s amazing run since April. But the CL report thinks that all these signs are really just distractions. He explained that Bitcoin was still in a distinct stealth phase:

“This stealth phase is characterized by significant bitcoin growth however with minimal public attention… In fact, there (are) as much Google searches for ‘Bitcoin’ today at over (USD 10,000) as in 2013 when Bitcoin was only at (USD 1,000).”

 

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Another Firm Trials Blockchain for Renewable Energy Trading

Amidst an increasing need to migrate to renewable energy, a US-based firm, Clearway Energy Group is initiating a pilot program for renewable energy trading using Blockchain technology, as reported by Bloomberg.

The Clearway Energy Group has teamed up with Power Ledger, a company which uses Blockchain technology to achieve peer-to-peer energy trading from rooftop solar panels.

Per the report, the company’s initial projects include energy generation of about 1-5 megawatts in Massachusetts followed by a Midwest project for 20-megawatt energy generation.

The US Renewable Energy Certificates (RECs) are valued at over USD 3 billion with an additional 3-10% transaction cost to top it. Addressing this, the Co-founder and Chairman of Power Ledger, Dr. Jemma Green said that despite the availability of a digital alternative to keep a track on the certificates, it gives a pathway for escalated costs with the involvement of brokers or bilateral contracts across state lines. The new platform has been built to meet these challenges in terms of cost and efficiency and after adequate testing, the company has decided to extend its services in early 2020, said Green.

On June 18, 2019, Power Ledger announced the launch of its peer-to-peer network to bring energy trading to Austria.

An overview of Blockchain’s potential in the energy industry

Blockchain Technology has been embraced for various power utility applications such as energy credit management, green energy promotion, prepaid smart meters, asset optimization, etc. This emerging technology has proven to be a great alternative to add value to the energy market as opposed to the traditional methods to break through the existing limitations. A lot of start-ups have adopted Blockchain as a foundation technology to meet the various utility needs such as bill settlements, charging and authentication of electric vehicles. Moreover, the technology has time and again established viability by delivering quality services to support utility business models.

As reported earlier, the companies, Shell, Equinor and BP took to Blockchain technology for energy trading with an expectancy of a massive 40% drop in costs with the implementation. Last year, South Korea’s largest energy provider, KEPCO sought a modification of its energy infrastructure by integrating Blockchain as a solution. More recently, the energy sector in the Middle East took to Blockchain to push forth a renewable energy dependent life form.

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Bridging the Gap Between Bitcoin and Global Regulators

We need to solve the communication problem between crypto projects and regulators to build a healthy ecosystem, writes Shin'ichirio Matsuo.

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Bitcoin Retreats From Another $12,000 Attack to Regroup at $11,500

After a concerted attempt from Bitcoin buyers on Sunday to attack and stay above the USD 12,000 resistance levels, exhaustion eventually crept in from a high of USD 12,205 to immediate levels of USD 11,800, before falling back to current levels of USD 11,534 (1:45 pm UTC, CoinDesk).

Bitcoin bulls will be disappointed at this midday timing to still see Bitcoin finish about 3% lower than 24 hours ago despite all that positive action for the majority of the day. They will take a lot of heart, however, from the intense volumes for Bitcoin trading, whether at exchanges being marked on charts or over the counter orders especially on P2P platforms like LocalBitcoins.

Gold bugs like Peter Schiff will undoubtedly be happy that Bitcoin has not put traditional assets like precious metals, who have been enjoying a good first half of 2019, to further shame by its incredible performance, which is close to 350% appreciation from its yearly lows.

As news emerged that gold mining on nearby asteroids could be a prospect in the future from NASA, others took to Twitter to tease the likes of Schiff:

Hey @PeterSchiff, what’s going to happen to the price of gold when we start mining these bad boys? Bitcoin is the only truly scarce thing in the universe other than time. https://t.co/vw2vPQDVso

— Marty Bent (@MartyBent) June 28, 2019

Bitcoin entrepreneurs continue to repeat their own mantras, with those like Erik Voorhees repeating that Bitcoin’s scarcity simply compares favorably to fiat’s unlimitedness, saying that “the fiat printers of the world will come to learn that math is a bitch”.

So far, Tom Lee of Fundstrat has yet to see his Level 10 FOMO predictions kick off, as they should have at USD 10,000, although other people are now coming up with new research to suggest that this unbridled frenzy of interest is yet to come, with the current all-time high of close to USD 20,000 being the mark. That anyway is many months away to come.

 

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Bitcoin Trading More Profitable on Weekends, Myth or Fact?

Flying in blind on a weekend trade can net you more profits – a questionable sentiment recently shared by a few in the cryptocurrency industry. However, considering the fact that a few coincidences in the past may have marked such a pattern in the boom and bust cycle brings the subject into focus. Moreover, with Bitcoin’s price surge in recent weeks, it’s imperative to consider how to leverage this sentiment – if true, as an essential technical analysis.

Remarks about Bitcoin’s rally so far in 2019 have varied from being influenced by a host of new initiatives such as Facebook’s Libra project, to the downright overall healthy Bitcoin ecosystem. Worthy of note, however, is fickle in the price of Bitcoin which may have been more intense in the recent weekends.

According to a post on Bloomberg, round the clock trading of Bitcoin may, in fact, be more profitable on the weekends as recent data showed 40% of price gains so far in 2019 came from increased trading activity on weekends since May.

About a year ago, data compiled by CNBC suggested two notable phenomenal Bitcoin price movements during the weekends:

“Around 82% of the weekends have seen a minimum of 3% move in either direction in Bitcoin prices.”

“Around 60% of the weekends have had a 5% or higher price move over a weekend since December of last year [2017].”

These observations were confirmed by former Morgan Stanley technical strategist Mark Newton, who noted at the time that “volatility on weekends” moved “dramatically up or down.”

Some of the reasons thought to be responsible for this anomaly have been attributed to anticipated news events spawn as speculative developments that may break in the wake of a new week as well as fear of missing out in times of sudden price fickle towards the end of a week. Traders and investors alike supposedly speculate on sudden news or important event that may trigger a price swing on Monday and tend to buy at the weekend dips.

According to David Tawil, president of ProChain Capital, to “bet that Monday morning would have a positive development,” isn’t a bad idea; basing his logic on the fact that the developments in crypto space do happen every day.

For speculators who are more acquainted with the goings in the traditional markets, this would seem rather odd given that Monday to Fridays are the most active trading periods for regular stock assets, and banking operations are limited to weekdays. However, cryptocurrency trading being a 24/7 activity often deviates from expected patterns, with weekends often determining what the new week’s price may begin with.

Overall, despite price movements showing higher volatility on weekends, it was observed that trade volumes were usually low, accounting for fewer people who were actually involved in the market activity. This observation was similar in both last year and current reports.

Generally, the cryptocurrency market at its core deviates from established capital market dynamics despite the semblance in token identity which for most cryptocurrencies represents the state of shares of companies traded on the capital market. However, for most cryptocurrencies in their native blockchain environment, they often portray more than just ‘shares’ of a cryptocurrency project, they perform certain functions within the blockchain ecosystem – utility.

 

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BitcoinNews.com XLM Market Analysis 29th June 2019

An advantage in a certain situation not always gives a victory. It is important to take this advantage and not celebrate the victory in advance. After breaking through the black line of the triangle, which took place on increased volume, buyers did not continue aggressive growth and stopped in a new consolidation, after that the situation was already used by sellers. In the previous analysis, we wrote about the price of USD 0.128. It was a critical focal point and when buyers broke through it – the coast was clear to the upper limit of consolidation – USD 0.145. However, within a week, buyers did not handle with this mark. After the last attempt to break USD 0.128 sellers began their aggressive attack:

Sellers were able to break the bottom line of consolidation, in which the price is from 16 May, thereby freeing its way to USD 0.095. At the time of the fall, we did not notice some great opposition from the side of buyers, so at the moment, the maximum that can be expected from buyers is a test of USD 0.118, and after that, the fall can continue.

In the previous analysis, we put forward the idea that there is a high probability during the fall of Bitcoin, that investors will start to buy other coins to reduce the damage. However, if you look at the chart of the XLMBTC pair, then we see that during the fall of Bitcoin, investors began to even more actively sell XLM. Probably, USD for investors is now the best solution. As a result, we have a situation in which, with Bitcoin growth, other coins grow very sluggishly or are at all in place, but when it falls, the market is actively starting to fall. This fact is slightly different from the scenario of global growth.

According to the wave analysis, the wave (c) completed its formation, and it equaled wave (a) in length. Now, the price has stopped at the level of Fibonacci 0.382 and if the fall continues and buyers will keep USD 0.095 then there will be a chance to continue consolidation in the global triangle:

In this case, we expect another wave of growth (e) with a probable target of USD 0.172.

On a weekly timeframe, we see a bigger likelihood of a triangle scenario. However, you need to wait for a test of USD 0.095 and see how the buyers will meet a red locomotive which wants to break everything on its way with a specific target of USD 0.058:

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About the Author: Peter Oleshchuk is a trader and technical analyst.
He has spent two years studying and analyzing the crypto market.

Chart Courtesy: TradingView

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Monero and Zcash Conferences Showcase Their Differences (And Links)

The future of privacy coins relies on technologists getting the governance setup right. Here's both sides of the zcash debate.

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BitcoinNews.com Ethereum Market Analysis 30th June 2019

Great ambitions and favorable conditions on the market gave buyers the opportunity to test a price zone of USD 365. In the previous analysis, we wrote that the first target, which we expect is USD 320, but within a week, buyers quickly coped with this mark and were able to test globally important level for this coin – USD 360. This level was an important point in summer 2017 when buyers rushed at a lightning speed but stopped in the 3rd month in consolidation at a price of USD 360:

Also, from this level, the price was reflected in April 2018, when sellers with a lightning speed lowered the price from USD 1400.

If we consider in detail the day candle on 26 June, then we see that after buyers tested USD 365, sellers abruptly lowered the price below, forming a large pin on increased volumes. With this candle, buyers broke the black trend line, which was drawn at local highs from 16 May, but already on the next day, the sellers returned the price under the trend line, at the same time testing the price zone of USD 260-280:

Marginal positions of buyers, after breaking the upper limit of consolidation began to decrease:

Sellers did not react actively to the fall of ETH and decided not to increase their positions. We remind you that now marginal positions of sellers are on historical lows:

In the wave analysis, we see that buyers tried to fix over the price of USD 320, in which the wave (C) exceeds the wave (A) by 1.618 times:

If buyers are able to fix above the price of USD 320, then we will see growth from December 2018 not as a correction, but as the beginning of a new global wave of growth. At the moment, the critical point for buyers lies in the price zone USD 190-200. Approximately in this price zone, the main trend line of half a year’s growth passes. However, to begin with, sellers need to break through the price zone of USD 260-280, which buyers so earnestly won over the whole month.

The candle, which is formed on a weekly timeframe, shows us the equality of forces at the moment, so it will be especially interesting to watch the price movement next week. Also, the month candle will close tomorrow, and it is seen that the price slows down and the monthly volumes decrease a little:

Proceeding from this, the most probable forecast for July is consolidation in the wide range of USD 260-360. However, how the month candle will close and whether it will change our main scenario we will talk next week! Have profitable deals!

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About the Author: Peter Oleshchuk is a trader and technical analyst.
He has spent two years studying and analyzing the crypto market.

Charts Courtesy: TradingView

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Just 30% of Stablecoins Operational

Blockchain data researchers from Blockdata have shown that only about 3 out of 10 stablecoins ever created or announced are today having operational blockchains, with the remainder yet to be developed or abandoned.

These 66 stablecoins represent only 30% of their type, and their small numbers means that 2018 was a poor year for them, bad timing for a stablecoin launch as it was also the period of the crypto bear. This may mean a new record this year though, with 119 estimated to go live in this year alone.

The researchers also looked at several possible factors that could have resulted in the demise of the majority of these stablecoins, and found that most of them had resembled those backed by or pegged to commodity assets such as gold and other precious metals. In fact, stablecoins pegged to gold formed two-thirds of all abandoned stablecoin projects.

A closer look at these failed crypto also revealed other fundamental factors such as volatility, complications in physical storage, and of course, outright scams (projects that did not even intend to be successful also qualify as scams).

The ubiquity of stablecoins based on Ethereum was also noted, as well as those backed by assets. The report did categorize 15 different blockchains for stablecoin implementation but about half of them — over a hundred — all chose to be built atop Ethereum, followed by the Bitshares platform and then Stellar.

Of the stablecoins currently live and operational, 95% of them were asset backed coins, and continues to be the most common way that they are issued, with algorithmic stabilization and other methods also applied in the development of such.

Stablecoins are touted by their supporters as the bridging iteration of crypto, between true crypto like Bitcoin and fiat money.

 

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Institutional Interest Causes Bitcoin to Surpass Oil, Gold

As Bitcoin price enters a temporary pullback, retracing from incredible heights over the past week to settle around 15% less from its recent highs, it has still managed to outperform other investment assets like oil and gold, who have themselves been enjoying a renaissance in valuation this year.

Institutional investment and continued interest are said to be responsible for this, with funds like the Grayscale Bitcoin Trust (GBTC), which has surged more than 300% since February, a prime example of this.

It seems, regardless of the short term outlook with the flash crash and ongoing correction, big backers and investors with deep wallets and old money are not put off. Added to this, over the counter (OTC) bitcoin backed security is now trading at around USD 14 per share, whereas several months ago they were not even at USD 4. This same period has only seen a 220% gain in Bitcoin price, but this difference is attributed to the high premiums that funds charge institutional investors to ensure they do not directly hold Bitcoin.

Forbes Dividend Investor newsletter editor, John Dobosz, notes that GBTC has completely trumped other traditional investments such as gold, oil, the S&P 500, including several various tech ETFs. He explained:

“The total gain since that time for the GBTC, which tracks bitcoin pretty accurately, is up 341%. What comes in second best? You would have been okay with oil, even though oil has eaten dust and other particles in the last few weeks. Oil is up 12.8%.”

6/28/19 UPDATE: Holdings per share, net assets under management and digital assets per share for our investment products.

Total AUM: $2.7 billion$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $XRP $ZEC pic.twitter.com/uMC6VFMfMm

— Grayscale (@GrayscaleInvest) June 28, 2019

The reason Grayscale was used, according to the report, was that it was the only publicly-quoted US-based investment product and alone held more than 1.2% of all Bitcoin in circulation.

 

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IMF Foresees Central Bank Crypto Coming

The International Monetary Fund (IMF) has predicted that central bank digital currencies (CBDC), or state-backed crypto, would soon be a reality, with central banks already issuing them in the near future.

The report does seem to ignore that Venezuela at least has already released a CBDC, although of course, its legitimacy is highly in doubt, but it does recognize that several central banks in various countries throughout the world are already implementing some form of CBDC. It makes mention of the pilot program in Uruguay, and others like the Bahamas, China, Eastern Caribbean Currency Union, Sweden, and Ukraine, whom it says are “on the verge” of kicking off system trials.

The full paper described how the IMF, together with the World Bank, launched a fintech survey, seeking responses from member countries’ financial institutions and then basing off their conclusions in part from the responses received from 96 participating countries. This number does put it into a fairly broad global perspective.

The report as well talks about the research conducted by several central banks keen to learn more about CBDC’s potential impact on financial stability, as well as on the structure of the banking sector. The potential for non-bank financial institutions to enter and monetary policy transmission was also covered.

The findings show different motivations for a CBDC, with interest coming equally from developed economies as well as emerging ones. While developed countries seek to provide an alternative to cash as payment methods, especially as societies begin to go cashless, those trialing them in developing economies hope to reduce the costs of banking and tackling the issue of so-called unbanked populations.

A curious similarity is that none seek an anonymous CBDC as they all want these cryptos to be traceable by the state.

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Bitcoin Holds Stubbornly at $11,500

The weekend is finally underway, and after a turbulent Friday, it initially appeared that the bulls were keen to keep the weekend trend in habit, pushing the price up as high as USD 12,443 before finally settling now around USD 11,573 (11:10 am UTC, CoinDesk).

It will be a slight dampener for the bulls since the price is still down 3% from this time yesterday, but they will take a lot of comfort from the fact that for long periods, Bitcoin stayed well above USD 12,000. This is still much better from yesterday’s position when it looked as if USD 11,000 would be the support. It also ensures that Bitcoin will end this month as the fifth consecutive month in green, despite the recent days of price correction.

However, the selling pressure from short-term scalpers and profit taking ensured that a rally back to its current 2019 high above USD 13,000 would be delayed, although medium and long term analysts will actually be more comfortable with the digital asset consolidating first at these levels, before pushing on to higher milestones. This is because the rise from USD 9,000 to USD 13,000 happened almost without any rest in between — that pause is taking place right now.

Altcoins will also be glad for this period, after taking a battering from their recent all-time highs, with at least some now showing improvements from the massive double-digit losses they faced a couple of days ago.

Many now see that with this pause and the halt of a price drop, Bitcoin is sure to be headed in an upwards direction for the short term, with even technicals now slowly displaying signs that Bitcoin is once more turning bullish.

Bitcoin Price Analysis, 29th June: BTC Turning Bullish Again @Trustinvestment @BitcoinPriceAnalysishttps://t.co/Y4R8S1ktww

— Trustinvestment2019 (@Trustinvestmen5) June 29, 2019

Meanwhile, interest in Bitcoin continues to grow, with Bitcoin-related searches still showing a steady increase across the board.

Bitcoin Searches Regain Stride Alongside Bullish BTC Price https://t.co/t6qsAqD9qU pic.twitter.com/y1HTHhMCrv

— Sharp Credit (@sharpcredit1) June 29, 2019

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