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What is Bitcoin?

Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

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Posted on 17 October 2018 | 8:06 am

Bitcoin rally stalls as it approaches trade above 200-day moving average - MarketWatch


Bitcoin rally stalls as it approaches trade above 200-day moving average
MarketWatch
Major cryptocurrency prices are trading mostly unchanged Wednesday. After rising as much as 10% on Monday, bitcoin, the world's largest digital currency, broke out of a triangle formation, which if holds, one analyst said could point to another leg ...

Posted on 17 October 2018 | 7:24 am

Qtum Blockchain Becomes Amazon Web Services Partner in China

Amazon Web Services' China unit is partnering with blockchain project Qtum to develop blockchain-as-a-service solutions for enterprises.

Posted on 17 October 2018 | 6:00 am

Bitcoin Value Indicator IQR Visualizations - Seeking Alpha


Bitcoin Value Indicator IQR Visualizations
Seeking Alpha
Using the Bitcoin Value Indicator, we can produce helpful visualizations of the expected market capitalization of Bitcoin under different time scopes. The Price/Predicted is mapped over the low, Q1, Q2, Q3, and high range of observations. This new ...

Posted on 17 October 2018 | 5:06 am

3 Hurdles Could Complicate Bitcoin's Price Recovery

Forcing a bitcoin price breakout is looking anything but easy for the bulls, with several major resistance levels lined up ahead.

Posted on 17 October 2018 | 5:00 am

Rwanda Starts Tracking Conflict Metal Tantalum With Blockchain

The Rwandan government has turned to blockchain to track tantalum, a metal used in consumer electronics and often associated with conflict zones.

Posted on 17 October 2018 | 4:22 am

Bitcoin Price Watch: BTC/USD Could Dip and Rip Above $6520 - newsBTC


newsBTC

Bitcoin Price Watch: BTC/USD Could Dip and Rip Above $6520
newsBTC
During the past few sessions, there was hardly any action above $6,500 in bitcoin price against the US Dollar. The BTC/USD pair consolidated below the $6,500 and $6,520 resistance levels. Earlier, a low was formed at $6,349 before the price corrected ...

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Posted on 17 October 2018 | 3:40 am

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CFTC Official Warns Smart Contract Designers Over Predictive Code

Smart contract coders could be held liable for providing predictive "event contracts" on a blockchain, a CFTC commissioner has said.

Posted on 17 October 2018 | 3:00 am

Monero to Become First Billion-Dollar Crypto to Implement 'Bulletproofs' Tech

A highly anticipated technology designed to make blockchain privacy features more scalable will be tested on Monero soon.

Posted on 17 October 2018 | 1:59 am

How Savvy Crypto Traders Gamed Coinbase's Latest Listing for a 35% Payday

It's possible to know what cryptocurrencies are going to be listed on Coinbase before it goes public.

Posted on 16 October 2018 | 10:00 pm

Stablecoins All Want to Be $1, But They're Not Worth the Same

Buying bitcoin may be cheaper using a stablecoin the market has greater confidence in, like the Gemini dollar, than with an alternative like USDT.

Posted on 16 October 2018 | 4:30 pm

With New Exchange Listings and Demand, New Stablecoins See Pegs Broken

With New Exchange Listings and Demand, New Stablecoins See Pegs Broken

Fresh on the market, the industry’s newest batch of stablecoins is having trouble striking a price balance.

Amidst news of listings on Huobi and OKEx, two of the industry’s largest exchanges, TrueUSD (TUSD), Gemini USD (GUSD), the Paxos Standard (PAX) and Circle’s USD Coin (USDC) have all risen well above their pegs. Following the fiat-collateralized model pioneered by Tether (USDT), these stablecoins are meant to retain a stable $1 value, keeping their peg by backing each on-chain token with a dollar in their bank accounts.

On October 15, 2018, OKEx announced its immediate support of the four previously mentioned stablecoins, putting them in the company of tether, previously the platform’s only stable asset. Huobi, which also supports tether, followed suit the next day, announcing that it would open deposits for the four on October 19, 2018, with trading support to be announced at a later date.

On the same day as its OKEx listing, TUSD, the oldest and most established of the newcomers, rose to a high of $1.10. Settling down a bit, the coin has fallen since, but, at $1.03, it hasn’t completely stabilized.

Currently trading at $1.02, PAX mimicked TUSD’s price movements down to the cent, jumping to $1.10 on October 15, as well. USDC climbed higher at $1.11 on the same day before coming back down to $1.02.

Gemini exchange’s GUSD, though, had the worst go of it. During the OKEx listing, the coin rose 14 percent above its peg to $1.14. But it even trumped this price rise a day later when it jumped to $1.20 on October 16, 2018, following news of its forthcoming Huobi listing.

These new exchange listings and the subsequent price rises of the assets in question point to the market’s swelling demand for stablecoins, a story their issuance and circulation data makes clear. For example, since it was first listed on CoinMarketCap, TUSD’s market cap and circulating supply has grown 23 fold from $6.4 million to over $139 million. Coming to market roughly half a year after TUSD, PAX is catching up to tether’s number one competitor, minting just over $50 million worth of tokens in the month following its launch.

The Tether Effect

These price rises appear to have been isolated incidents involving only those fiat-collateralized stablecoins that are experiencing new exchange listings. Crypto-collateralized coins like MakerDAO’s Dai (DAI) and Bitshare’s BitUSD (BITUSD) did not experience the same upward price action.

This isn’t surprising given that each of the four coins were in the limelight for their integrations into two of the industry’s biggest exchanges. But the market’s leading stablecoin’s own stability woes might have a hand in the four’s price leaps.

In the early morning of October 15, a market-wide sell-off sent tether’s peg downward, driving prices to an average low of $0.92 on CoinMarketCap. It continued to trade well below its peg for the remainder of the day, and, on Bittrex, it even bottomed out to $0.90 against its USD pair.

Its peg disrupted, tether’s discounted price distorted prices across the market, as bitcoin began trading at a premium on exchanges that use USDT as a dollar denominated trading standard. Calling it a premium, though, is somewhat misleading, as bitcoin’s actual USD rate was a few hundred dollars lower than its rate against tether. In other words, the demand that was driving bitcoin’s price rise against tether would not hold its value when trading for hard cash, indicating that, instead of bitcoin trading at a more valuable position, tether was actually trading at a less valuable position.

The same effect, in part, could be at play with these four stablecoins’ appreciations. TUSD, for example, has pairs with USDT across multiple exchanges, including Binance and Bittrex, and USDT’s depreciating value could have buttressed TUSD’s own in these markets. PAX has a significant number of USDT pairings too, the largest market coming from Binance. GUSD has a single USDT trading pair on Bibox, though the volume on this pair is too negligible to effect its market averaged rate. USDC features a single trading pair with ether on Poloniex, its native exchange.

Given that Gemini saw the most violent upswing of the four and its USDT pair only accounts for a fraction of its 24-hour volume, tether’s influence could very likely be minimal. In addition, the ripple effect of tether’s distortion of bitcoin and ethereum prices — the two coins most often traded against stable assets — could be a contributing factor, as well.

At any rate, the broken pegs and contingent exchange listings indicate a rising demand for new stable assets. With roughly $600 million shaved off from its market cap during its price drop, the market-wide tether sell-off reveals that the market’s appetite for alternatives is growing. In the case of TUSD, GUSD, PAX and USDC, these alternatives offer more transparency and regulatory protections in areas where Tether has failed to deliver, and the drama that has punctuated the last two days in the market could foreshadow Tether’s waning industry dominance as competitors continue to encroach on its market share.


This article originally appeared on Bitcoin Magazine.

Posted on 16 October 2018 | 4:17 pm

Bitcoin Price Analysis: Bitcoin Consolidation Forecasts $3,500 Move

Bitcoin Price Analysis

A strong round of buys hit the market this weekend as unsubstantiated rumors began to circle surrounding Tether and Bitfinex’s potential insolvency. I won’t be going into the details surrounding the allegations because, like I said, they are nothing more than unsubstantiated rumors. However, the effects of the rumors did not go unnoticed.

Tether, a stablecoin and dollar-backed token, began to stack up a sizable premium from its normal 1:1, dollar-to-tether market rate. This deviation in price began to run massive premiums between Bitfinex and other large crypto exchanges. At one point, the price of bitcoin on Bitfinex hit a high of $7,800 while barely breaking $6,700 on most other exchanges. At the time of this article, the premium, although still modest, has closed significantly. The trend difference between Bitfinex and other exchanges tells a very different story than those of Coinbase, Gemini and Bitstamp:

fig1Figure 1: BTC-USD, 12-Hour Candles, Bitfinex Premium and Break of Downtrend

One huge difference between Bitfinex and other exchanges is this clear and decisive break of the multi-month downtrend that has governed the market dynamic for the last 10 months. Currently, Bitfinex is consolidating outside this downtrend and saw the largest daily volume that its BTC-USD market has traded in over 6 months. However, if we take a look at Bitstamp, for example, we see a very different story:

fig2Figure 2: BTC-USD, Daily Candles, Bitstamp Price Trend

Although Bitstamp also saw a sizeable round of buying pressure, it wasn’t enough to crack the downtrend (shown in black). I’m not going to attempt to speculate on the potential outcome of this whole Tether/Bitfinex debacle, but judging strictly from price action, bitcoin is looking very consolidated and ready for a very large move.

The current consolidation pattern is called a descending triangle and has a measured move of approximately $3,500. Whether that $3,500 move is upward or downward remains to be seen, but one thing is certain: The market is very tightly wound and ready for a move:
fig3Figure 3: BTC-USD, Weekly Candles, Bollinger Bands

The weekly Bollinger Bands (bbands) have been consolidating since bitcoin topped at $20,000. If you are unfamiliar with bbands, you can think of them as an envelope of volatility: If the bands are expanding, they forecast a continuation of volatility, if they are contracting they forecast reduced volatility, and if they are squeezing (which is what we see right now) they forecast upcoming volatility.

Since the bear market began, bitcoin has been unable to break the midline of weekly bbands and volume has contracted. Currently, we are making a pivot for a fourth higher low as the volume and price volatility has continued its trend of consolidation. The first milestone, on a macro perspective, would be a break and close above the weekly bbands midline — which just so happens to also line up with the macro downtrend shown in Figure 2.

We have already wicked above the weekly midline, but the price is currently sitting just below the midline values. If we can manage to close the current candle above the midline, that would be a very bullish signal and will likely see the projected move of the descending triangle (shown in Figure 2) push the price to the low $10,000 range.

However, if we fail to break out upward we have an immediate support test in store in the low $6,000 range. This would mark our sixth test of this support — typically not a good sign as support tests tend to weaken with each test. If we break below support, I would fully expect to see, at minimum, a test of the macro 78% retracement shown in Figure 3 — the low $4,000 range. There is very strong support on these values which will likely stifle any significant round of selling. For now, we are basically in wait-and-see-mode until the bitcoin consolidation is broken.

Summary:

  1. Tether/Bitfinex insolvency rumors caused a massive tether premium to occur and, ultimately, resulted in a large price discrepancy across multiple exchanges.
  2. Currently, Bitfinex is sitting outside its macro downtrend while virtually every other exchange is sitting inside its downtrend.
  3. We are in the process of testing the weekly bbands midline and are currently rejecting the midline values. If we can manage to close the weekly candle above the midline, that would be a very bullish signal.
  4. Our currently consolidation pattern has a measured move of $3,500 and can break out in either the upward or downward direction. For now we are consolidating, so it’s very difficult to tell in which direction it will actually break out.

Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.


This article originally appeared on Bitcoin Magazine.

Posted on 16 October 2018 | 4:03 pm

Bitcoin - Hold On - The Ride's Just Starting! - Seeking Alpha


Bitcoin - Hold On - The Ride's Just Starting!
Seeking Alpha
Bitcoin (BTC-USD) may have dropped to the point that some say this cryptocurrency has run its course, but the party for those who take this sector seriously is just getting started. In this article, I'll discuss the chart pattern expectations for ...

and more »

Posted on 16 October 2018 | 2:49 pm

Coinbase Now Lets You Buy and Sell Ethereum Token 0x

Retail investors can now trade the 0x Protocol on Coinbase.com, as well as its Android and iOS apps.

Posted on 16 October 2018 | 2:40 pm

Ethereum Foundation Issues $3 Million in New Grants

Ethereum Foundation Grants Program

The Ethereum Foundation has awarded a total of $2.86 million to 20 different projects in Wave IV of its Grant Program.

Announced at the beginning of 2018, the foundation began the new year with a resolution to fund promising projects that develop on Ethereum. Since the program’s launch, the foundation has committed over $14 million to 72 projects, the majority of which has gone to startups focused on scaling, with security and user experience receiving the next most in funding.

The latest wave of capital allocation keeps with the familiar theme of scalability, though it also concentrates almost equally on developer experience projects. Securing $500,000, Status’ Nimbus, an Ethereum 2.0 sharding client, is tied alongside Prysmatic Labs’ Eth 2.0 Prysm client for attracting the most funding. These two are followed by the $420,000 accrued by Spankchain, Kyokan and Connext for a collective project, originally unveiled at DevCon 4, focused on a non-custodial payment channel. To the tune of $375,000, the third largest grant was awarded to Prototypal​​ for “[front-end] state channel research and development.”

Honorable mentions include the $250,000 allocated to Finality Labs​​’ work on forward-time locked contracts (FTLC) and with a like amount given to Kyokan to develop cash and debit plugins for Plasma, an Ethereum payment channel solution in the same vein as Lightning.

For developer experience, TrueBlocks secured $120,000 to create an open source block explorer, and Gitcoin​​ received $100,000 to kickstart bounty funding on its platform.

In the original post that unveils the program, Vitalik Buterin stresses that “[these] payments are NOT intended to be sources of substantial profit to recipient organizations; they are rather intended to cover some of the costs involved, with the understanding that anyone who participates in the scheme will have access to a unique opportunity to participate in Ethereum 2.0 development.” Outside of an infusion of capital, this “unique opportunity” includes working closely with Ethereum’s core research and development team.

At the end of each grant update, the foundation provides a wish list for the projects it’s looking to fund in the future. At the top of the Wave IV list, the foundation calls for more payment/state channel solutions, Plasma development, smart contract auditing, intuitive wallet designs, key management software and privacy solutions, among others.


This article originally appeared on Bitcoin Magazine.

Posted on 16 October 2018 | 12:23 pm

Huobi Joins OKEx in Adding Four New Stablecoins

Huobi stablecoins

Huobi Global has announced its decision to list four USD-pegged stablecoins by the end of the week.

In a support notice published on its platform, the company noted that users will be able to make deposits for Paxos Standard Token (PAX), True USD (TUSD), Circle’s (USDC), and Gemini exchange’s (GUSD) on its exchange starting from Friday, October 19, 2018 (GMT +8).

That was as much detail as the exchange revealed, as it says further information for when trading would start on the exchange will be announced at a later date. Huobi is the fifth largest digital currency exchange and is currently the ninth largest market for Tether, according to data from CoinMarketCap.

Huobi becomes the latest top 10 crytpocurrency exchange to add new stablecoins as uncertainty continues to mar Tether’s market reputation. OKEx took the same step by adding the aforementioned tokens to its listed assets yesterday. Tether, the world's largest stablecoin, lost its peg in the early hours of October 15, 2018, causing major price discrepancies between bitcoin’s BTC/USDT and BTC/USD trading pairs across the market.

While uncertainty persists regarding Tether's USD holdings, Leonardo Real, Tether’s chief compliance officer, in an email response to CNBC, believes the current happenings in the market are no cause for alarm.

"We would like to reiterate that although markets have shown temporary fluctuations in price, all USDT in circulation are sufficiently backed by U.S. dollars (USD) and that assets have always exceeded liabilities," he added.

At press time, Tether is trading at $0.98, tied to bitcoin trading pairs. Against the USD on Kraken and Bittrex, it is trading at $0.95 and $0.96, respectively.


This article originally appeared on Bitcoin Magazine.

Posted on 16 October 2018 | 12:15 pm

Winklevoss-Backed Stablecoin Soars Above $1 as Tether's Market Cap Plunges

The Gemini dollar has broken its peg, climbing to an all-time high of $1.19 on Tuesday.

Posted on 16 October 2018 | 11:15 am

The Price Of Bitcoin And Equities Are Correlated - Forbes


Forbes

The Price Of Bitcoin And Equities Are Correlated
Forbes
Bitcoin is not meant to be an asset that is correlated to things like commodities and equities. However, it is--and if you are a chart-watcher you have likely seen bitcoin move in line with other markets. The clearest example of this has been shown in ...

Posted on 16 October 2018 | 8:38 am

Australian State Eyes Blockchain Upgrade for Property Transactions

The New South Wales state government is trialing blockchain tech from ChromaWay as part of a bid to digitize property conveyance by next summer.

Posted on 16 October 2018 | 8:30 am

Crypto Exchange Bitfinex Restarts Fiat Deposits Claiming 'Improved' Process

Cryptocurrency exchange Bitfinex says it has rolled out a new process for depositing fiat currency after it halted the service last week.

Posted on 16 October 2018 | 7:40 am

BlockFi Now Offers Litecoin and Gemini Stablecoin-Backed Loan Options

BlockFi Now Offers Litecoin and Gemini Stablecoin-Backed Loan Options

Crypto-to-USD lender BlockFi has announced that it will support loans backed by both Litecoin and Gemini’s recent stablecoin token GUSD. This is the first time the company is expanding to accept collateral in one of the crypto industry’s top-10 assets besides bitcoin and ether. In addition, BlockFi is also the first crypto-backed lender to support loans backed by GUSD.

Founded in 2017, BlockFi offers both debt and credit products and seeks to bring liquidity to the cryptocurrency space. Based in New York, the company operates in over 40 states and is backed by some of the country’s leading financial firms including PJC and ConsenSys Ventures, as well as Galaxy Digital Ventures LLC, which provided the company with nearly $53 million in capital during a funding round in July 2018. This marked the first investment into crypto-backed loans from an institutional enterprise.

Zac Prince is the company CEO. Speaking with Bitcoin Magazine, he said that BlockFi’s acceptance of Litecoin was a “logical first step” toward supporting most — if not all — of the world’s top 10 cryptocurrencies.

“Litecoin was recently added to Gemini and has a long history of price appreciation,” he commented. “Having large, imbedded capital gains is one of the motivating factors for considering a loan backed by crypto. Litecoin also has strong liquidity with USD pairs in multiple trading venues.”

With the addition of GUSD, BlockFi can offer loan options to customers outside the standard business hours of 9-6 through an option that isn’t cash related. Speaking with Bitcoin Magazine, BlockFi’s director of customer operations, Abbey Young, explained, “Most banks have an outgoing wire cutoff time of 5:30 p.m. EST, so we can only send funds between the hours of 9 a.m.-5:30 p.m. EST during the week. However, if a client would like to be funded in GUSD, we can deposit those funds at any time, like weekends or after 5:30 p.m. EST.”

Gemini announced the coin back in September 2018 as an ERC-20, asset-backed token on the Ethereum network. It is supported by USD in a formal bank account where the GUSD deposit balance is examined monthly by public accounting firm BPM, LLP.

“Customers can apply [for funds] in less than two minutes,” Prince said. “The team will then evaluate the application and respond within one business day. Once accepted, the customer sends their crypto to a unique wallet address we generate for them. Then, we send them their funds. With USD, we wire the money directly into their bank account. For our GUSD customers, we can send it to any wallet address they like. This entire process often happens in as few as 90 minutes.”

The company is now designing plans that would enable more lending products supported by an assortment of differing cryptocurrencies to provide further, timely liquidity across the global crypto scene.

“We believe that the crypto asset market will continue to grow, and we are attracted to the promise of being able to deliver financial services on a more equitable and global scale rather than traditional systems,” Prince said.

This article originally appeared on Bitcoin Magazine.

Posted on 16 October 2018 | 7:07 am

Decred Is Turning Its Entire $21 Million Crypto Treasury Over to Investors

Decred is handing control of its $21 million treasury and all aspects of the protocol, from consensus through staffing, over to token holders.

Posted on 16 October 2018 | 6:59 am

The Crypto Protocol Trying to Unite Every Exchange Order Book

Imagine the liquidity of every crypto exchange, but in one giant pool. That's what Paradigm aims to build, and investors are on board.

Posted on 16 October 2018 | 5:59 am

Is The Correlation Between Stocks And Bitcoin Real? - Forbes


Forbes

Is The Correlation Between Stocks And Bitcoin Real?
Forbes
Market analysts have repeatedly asked whether stocks and bitcoin are correlated. Long story short, it depends on one's time frame. In the short-term, there are certainly instances where stocks and the digital currency have moved in tandem. During 2017 ...

Posted on 16 October 2018 | 5:00 am

Bitcoin Price Is Defending One Key Support for the Fifth Month Running

Bitcoin's recovery from three-week lows has kept a key long-term moving average support intact.

Posted on 16 October 2018 | 5:00 am

LINE's Crypto Exchange Lists Its Own Token Against Bitcoin, Ether

Messaging giant LINE's Bitbox exchange has made its LINK token available for trading against bitcoin, ethereum and tether.

Posted on 16 October 2018 | 4:00 am

Colleges Are Baffled by Bitcoin Donations - Bloomberg


Bloomberg

Colleges Are Baffled by Bitcoin Donations
Bloomberg
Bitcoin—unregulated, notoriously volatile, and sometimes stolen by hackers—raised every one of those concerns. But back in 2014, the private liberal arts college in Tacoma, Wash., happened to have a number of alumni pioneering cryptocurrencies and ...

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Posted on 16 October 2018 | 3:15 am

Another Top-10 Crypto Exchange Is Adding 4 Stablecoins This Week

The Huobi exchange has announced it will add support for four U.S. dollar-pegged cryptos, a day after OKEx did the same.

Posted on 16 October 2018 | 3:00 am

Atari Founder Nolan Bushnell's X2 Games Acquired by Global Blockchain

Atari Founder Nolan Bushnell's X2 Games Acquired by Global Blockchain

The man who created Atari has moved on to blockchain-based gaming. Neil Bushnell’s X2 Games has been acquired by Canadian-based Global Blockchain (BLOC), a crypto investment firm, in hopes that Bushnell’s expertise will lead to another gaming industry revolution — this time with the help of blockchain technology.

The move will see the Canadian company align its existing efforts to tokenize gaming platforms with X2 Games' expertise for game development.

BLOC will also merge sections of its media and entertainment business with those of X2 Games Corp. and create a subsidiary for its enterprise and exchange activities, to be run by BLOC's current management and operational team.

X2 Games is a blockchain-based games publisher that builds multiplayer gaming experiences, leveraging blockchain technology to create unique gaming experiences for conventional and experimental platforms. X2 Games was created by American businessman and founder of Atari Inc. Nolan Bushnell and acclaimed digital animator Zai Ortiz, known for creating visuals for Iron Man's J.A.R.V.I.S system holograms among others.

Bushnell, known as the "Godfather of the Video Game Industry," is a Video Game Hall of Famer and has been included on Newsweek's list of the “50 People Who Changed America.” Bushnell is no stranger to creating blockbuster games with unique "never-been-seen-before-designs." In addition to launching the first Atari 2600 console into the home gaming market, Bushnell also created Chuck E. Cheese, a video game entertainment center hybrid.

With the acquisition, Blockchain Global will advise X2 Games' team on the integration of blockchain technology in video games. Bushnell will also become co-chairman of BLOC.

Bushnell hailed the alliance saying the creativity of both companies will drive them forward, in a statement made in the release.

“Without that first charge of creativity, nothing else can take place. This acquisition by BLOC will integrate X2 Games’ innovative game development studio and intellectual property within BLOC’s portfolio of blockchain assets allowing new and revolutionary games to be developed together.”

BLOC President and CEO Shidan Gouran told Bitcoin Magazine that BLOC is passionate about integrating the blockchain into real business use cases.

“Since we began discussions with X2 more than a year ago, it was always clear that there was a synergy between our companies. Now that our company has taken on a greater gaming focus, the decision to combine forces with X2 came naturally. We’re both very excited to get moving on our first projects together, and we look forward to changing the world of video gaming in the years to come.”

Steven Nerayoff, BLOC's chairman, said the blockchain company has been able to develop three separate companies and is positioned to "disrupt blockchain from the perspectives of mining, exchanges, and innovation." In addition, he believes segmenting the firm's "competencies and resources" would allow them to incorporate the strengths of new partners such as X2 Games.





This article originally appeared on Bitcoin Magazine.

Posted on 15 October 2018 | 3:06 pm

Bitcoin Breaks Out Of Its Malaise Following Tether Panic - Forbes


Forbes

Bitcoin Breaks Out Of Its Malaise Following Tether Panic
Forbes
Bitcoin prices rallied today, approaching $7,000 and reaching their highest in a month after markets responded to concerns about tether. The value of bitcoin rose to $6,960.98 today on the CoinDesk Bitcoin Price Index (BPI), its highest since Sept. 5.
Bitcoin steady, Tether still trading at a discountMarketWatch
Bitcoin Price Jumps as Cryptocurrency Traders Become Wary of Tether 'Stablecoin'Fortune
Bitcoin Price Analysis: Bitcoin Consolidation Forecasts $3500 MoveBitcoin Magazine
DailyFX -CNBC -CoinDesk -Bloomberg
all 256 news articles »

Posted on 15 October 2018 | 2:07 pm

Fidelity Unveils New Institutional-Grade Cryptocurrency Investment Service

Fidelity Crypto

Fidelity Investments has launched a new business to allow its institutional clients to trade in digital currencies such as bitcoin, a press release reveals. Known as Fidelity Digital Asset Services, LLC, the company will purchase and sell cryptocurrencies for family offices, hedge funds and other monetary ventures.

All coins will be sourced from large, over-the-counter digital exchanges and housed using cold storage to ensure customer funds always remain safe. To start, Fidelity’s services will be limited to bitcoin and ether, though representatives say they’re looking to expand their offerings in 2019.

“Our goal is to make digitally native assets, such as bitcoin, much more accessible to investors,” chairman and chief executive of Fidelity, Abigail Johnson, said in a statement.

Volatility in crypto prices, along with the lack of custody and other banking services witnessed in the digital currency space, is a point of concern for institutional investors, one that has prevented many of them from feeling comfortable enough to take part in the cryptocurrency space. Fidelity is hoping to change all that by allowing trades and sales in a more traditional, regulated environment and boosting the market maturity of both bitcoin and ether.

Fidelity Digital Assets already has 100 employees on its roster, and it will be headed by Tom Jessop, managing director at Goldman Sachs Group Inc. and former president of the tech startup Chain.

“We started exploring blockchain and digital assets several years ago, and these efforts have been successful in helping us understand and advance our thinking around cryptocurrencies. The creation of Fidelity Digital Assets is the first step in a long-term vision to create a full-service enterprise-grade platform for digital assets,” Jessop stated in the press release.

The company is one of the largest asset management firms in the world, managing just under $7 trillion in combined customer assets. It also serves over 13,000 separate institutions.

Last year, Fidelity began allowing its retail clients to view their holdings of bitcoin and other digital currencies hosted on Coinbase’s website. It was also alleged to be testing blockchain technology internally.

This is not the first time a large, traditional investment platform has entered the crypto arena. In August 2018, the Intercontinental Exchange (ICE), software king Microsoft and coffee giant Starbucks partnered to form what is known as Bakkt, a platform designed for allowing customers to sell, buy and trade cryptocurrencies in a formal and regulated environment. The venture is expected to make its official introduction in November 2018.

Bakkt is hoping to make cryptocurrencies more usable and plans to issue physical, one-day bitcoin futures contracts that, once expired, will reward their users with bitcoin rather than cash. The organization is currently awaiting approval from the Commodity Futures Trading Commission (CFTC).


This article originally appeared on Bitcoin Magazine.

Posted on 15 October 2018 | 1:22 pm

As Tether’s Peg Slips, Bitcoin Price Is Distorted Across Market

Tether peg slip

Tether’s peg is slipping, and an exchange-wide firesale has led to major price discrepancies between bitcoin’s BTC/USDT and BTC/USD trading pairs across the market.

In the early hours of October 15, 2018, Tether’s USDT was trading at $0.92, the lowest asking price the coin has seen in 18 months. At the time of writing, the stablecoin still hasn’t made up enough ground to retain its $1 peg. On most markets, it’s currently trading around $0.96, though this figure is tied to bitcoin trading pairs. Against the USD on Kraken and Bittrex, it is trading at $0.92 and $0.90, respectively.

A combination of exchange activity, related FUD and scuttlebutt could be the catalysts behind the sell-off. Bitfinex suspended fiat deposits on October 15, 2018, “for certain customer accounts in the face of processing complications,” a blog post reveals. In addition, Binance temporarily suspended USDT withdrawals for “wallet maintenance” due to “network congestion,” a measure taken after the exchange extinguished rumors that said it would soon delist tether.

The discount has bitcoin trading at something of a premium against tether on exchanges with USDT/BTC trading pairs. On Binance, Huobi and Bittrex, for example, 1 BTC is trading for nearly 6,700 USDT.

Contrast this with bitcoin’s price in USD/BTC markets and it becomes clear that tether’s sell-off is distorting prices across exchanges. On Coinbase Pro, Kraken and Gemini, bitcoin is trading at roughly $6,400 against USD pairs, an indication that bitcoin’s proper asking price is much lower than its oft-cited USDT pair would advertise. This has led to an inflated price averaged on CoinMarketCap of $6,650.

It’s important to note that the “premium” bitcoin is going for on tether-listed exchanges is less of a premium and more of a price distortion, given that tether is trading below its peg. The price of bitcoin for these pairs has spiked as a result of the sell-off, but if you sold USDT for BTC and then attempted to resell this BTC for USD, the arbitrage opportunity would be nullified by the price differential between BTC/USDT and BTC/USD pairs.

Notably, Bitfinex’s USD/BTC pair is out of line with other exchanges that offer fiat pairs for bitcoin. On Bitfinex, 1 BTC is trading at $6,900, a figure the even superseded its price against USDT on other popular exchanges. An inauspicious discrepancy in its own right, Bitfinex’s data may rouse additional skepticism when we take a look at its USDT/USD pair. At the time of writing, 1 USDT is trading at exactly $1.00 against its pegged asset in actual U.S. dollars, while, as we noted earlier, the same trading pair on Kraken and Bittrex is going for $0.92 and $0.90, respectively. Seeing as Tether and Bitfinex are under like management, the stark departure in price for USDT/USD markets between Bitfinex and other top exchanges could be cause for further concern.

This jumble of numbers and price differentials leaves more questions asked than answers, aggravating the uncertainty that likely led to the sell-off in the first. The price gap between bitcoin’s USD and USDT pairs puts tether’s risk premium at just under $500 (7.62 percent), according to Untether.space.

As the discrepancy in prices across exchanges illustrates, this risk premium denotes the difference between how much bitcoin is trading for in BTC/USDT versus BTC/USD pairs. Ultimately, the figure could indicate that market confidence in Tether is waning, as looming uncertainty over whether Tether has enough funds in the bank, amidst other banking troubles, has shaken investor trust in the market’s number one stablecoin, which accounts for 98 percent of all stablecoin trading volume.

Tether’s troubles comes after a slew of new stablecoins have proliferated in the market. Its two largest competitors, MakerDAO’s DAI and TrustToken’s TUSD, launched earlier this year, while regulation grade coins like Gemini’s GUSD, Paxos’ PAX and Circle’s USDC launched last month as well. In addition to these, the industry’s first algorithmic stablecoin, Kowala’s kUSD, is now in its mainnet’s alpha version, though the coin has yet to begin trading on the open market.


This article originally appeared on Bitcoin Magazine.

Posted on 15 October 2018 | 1:06 pm

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October 17, 2018 -
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