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Mithril has adopted the Binance Chain, the mainnet of the leading cryptocurrency exchange Binance.
Decentralized social media platform Mithril (MITH) has adopted the Binance Chain, the mainnet of the leading cryptocurrency exchangeBinance. The development was announced by Mithril in a blog post published on April 18.
With the step, Mithril — a social media platform that rewards content creators with its native token MITH — becomes the purported first to shift to the Binanche Chain, with MITH token migrating from ERC-20 to BEP2. At Mithril, users gain MITH through Mithril mining, while managing their assets on the company’s platform VAULT.
Binance users will be able to withdraw MITH to BEP2 wallets following the completion of the initial migration of ERC-20-based MITH to BEP2. The development will purportedly not have an impact on ERC-20 versions of MITH held in private ethereum (ETH) wallets.
Binance launched Binance Chain yesterday, April 18, and expects to execute the swap of its native token Binance Coin (BNB) on April 23. The exchange initially revealed its plans to launch its own blockchain in December 2018, intending to build a basis for issuing new cryptocurrencies and initial coin offering (ICO) tokens.
Along with the launch of Binance Chain, the exchange provided details for the conversion of ERC-20 BNB tokens into native Binance Chain-based BNB (BEP2) coins. As such, Binance emphasized it will not support the withdrawal of ERC-20 BNB tokens after April 23.
United States-based digital currency exchange Poloniex has added support for deposits and withdrawals of USDT on the Tron network. The development will reportedly support Tether on both chains — USDT issued on the Omni protocol and the Tron network.
Poloniex said in the announcement that its decision to support the new chain is reasoned by expanded flexibility it provides to the USDT platform. In order to support both versions, Poloniex will be converting a percentage of Tether currently on the Omni blockchain to Tether on the Tron blockchain.
Additionally, Poloniex is planning to launch an airdrop to eligible clients owning Tether later this month. “The amount of USDT we receive in the airdrop will be based on the amount we convert. Once the airdrop begins, Poloniex customers will be credited based on the amount of Tether they hold on Poloniex,” the exchange says.
Tether started issuing USDT on the Tron (TRX) blockchain on April 17. The development is an upgrade from the Omni protocol-based USDT, that purportedly enables users to hold and transfer the cryptocurrency through smart contracts on Tron.
Last December, Poloniex launched a dedicated offering for institutional traders. The exchange thus joined an increasing array of operators looking to service the institutional market.
Prior to that, Poloniex announced plans to remove margin and lending products for its customers in the U.S and delist three digital assets, Synereo (AMP), Expanse (EXP), and Gnosis (GNO). Poloniex explained then that the move had been taken to ensure the exchange complies with regulatory requirements in every jurisdiction. The announcement, however, did not refer directly to any specific regulations.
FPT Corporation and SBI Holdings Inc have jointly invested $3 million in Vietnamese blockchain startup Utop.
Technology company FPT Corporation and financial services firm SBI Holdings Inc have jointly invested $3 million in Vietnameseblockchain startup Utop, local English language daily news outlet Viet Nam News reported on April 19.
FPT Corporation and SBI Holdings Inc have reportedly signed a memorandum of understanding (MoU) to invest $3 million in joint venture Utop, a technology startup based on FPT’s enterprise blockchain platform dubbed akaChain. Utop is designed to gain and redeem loyalty points at merchants within the same network.
The project will purportedly enable small businesses registered on the network to reduce costs and secure data through the akaChain platform. FPT Chairman Truong Gia Binh said that “the development of Industry 4.0 technologies has created breakthrough opportunities for businesses, mushrooming so many innovative business models. We call it digital transformation.”
SBI has previously invested in a number of ventures in the cryptocurrency sector, including its own exchange Vctrade, alongside a series of investments in businesses developing cryptocurrency infrastructure and services.
Last October, SBI and Ripple’s XRP-powered payments app, MoneyTap, went live for account holders at selected Japanese banks. At the time, the app intended to include a consortium of 61 institutions, representing over 80 percent of all of Japan’s banking assets, in its service.
That same month, the development and innovation wing of Vietnam’s largest telecommunications operator Viettel Group, the Viettel Enterprise Solutions Corporation, set a goal to become Vietnam’s leading blockchain technology provider in five years. “Blockchain is an unlimited ecosystem. The most difficult task for Viettel is choosing the most effective blockchain technology that can be applied in daily life,” the company’s deputy general director Ngo Vinh Quy said then.
A recent report shows that the cryptocurrency bear market is winding down and is in its final stage, the accumulation phase.
The cryptocurrency bear market is winding down and is in its final stage, the accumulation phase, according to a report from digital assets fund Adamant Capital published on April 18.
Per the report, the accumulation phase is expected to bring bitcoin (BTC) to trade in the corridor between $3,000 and $6,500 until the new bull market gains ground. The researchers suggest that bitcoin whales are currently accumulating the leading cryptocurrency which echoes the bear market from 2014 to 2015.
The analysis reportedly showed that most retail traders have left the current market, while agnostic traders and long-term investors have become dominant. That reportedly fits BTC volatility lows analysis, wherein recent bitcoin 60 day volatility slumped below 5% — a level not seen since late 2016. The report further explains:
“During the accumulation phase, the market will trade in a range: the weak hands, who are trying to get out of the market, take profit during rallies and thus create the resistance, and the strong hands, looking to accumulate, buy at the bottom of the range which eventually creates a floor in the piece.”
Millenials are also one of the key drivers of the cryptocurrency market growth, the report says, as 92% of this generation does not trust banks and the majority of bitcoin buyers are also millennials. The researchers forecast that bitcoin will see mass adoption in the coming five years, as well as become widely recognized as a portfolio hedging instrument and reserve asset.
As previously reported, research by blockchain-focused company Clovr revealed that cryptocurrency investing is most popular among millennials earning from $75,000 to $99,999 annually. Millenials are reportedly almost twice as likely as any other generation to invest in digital currencies, with 43 percent of men and 23 percent of women investing in crypto.
Another poll by crypto finance company Circle showed that 25 percent of millennials said they are interested in purchasing digital currencies over the next 12 months, which sets them apart from other generations by more than 10 percent.
Bitcoin SV blockchain is struggling with its large block size following a series of block re-organizations.
The Bitcoin Satoshi Vision (BSV) blockchain is struggling with its large block size following a series of block re-organizations, cryptocurrency exchange BitMEXtweeted on April 19.
In the post, BitMEX reveals that on April 18 its BSV node “experienced 2 block re-organizations. First a 3 block re-organisation, followed by a 6 block re-organisation.” BitMEX provided a diagram in the post:
Blockchain re-organization is a situation when two miners discover a block simultaneously in a blockchain which causes a temporary forking in the network, with the situation resolved when a miner finds the next block as their chain has the more work out of two forks. The block which caused the fork becomes “orphaned,” and is changed with the block from the fork with more blocks. Block re-organization occurs when the network is too slow to reproduce blocks efficiently.
In the comments to the tweet, BitMEX explains that it detected two valid competing chains, with a split occurred at block 578,639. BitMEX’s node reportedly followed the chain on the left until block 578,642, which further leapt to the right. In about an hour the chain reportedly jumped back to the left side. BitMEX notes that no double spending took place.
When asked what it could possibly mean, BitMEX outlined several variants, saying that the Bitcoin Cash SV network is not reliable for payments, the block size limit is too large and network latency is too high.
Most recently, BSV has had difficulties on cryptocurrency exchanges, with some announcing they would delist the coin. Major crypto exchange Binancestated that as of April 22, it will delist and cease trading on all trading pairs for BSV. Binance explained that it only delists a coin after another in-depth review, noting “[w]e believe this best protects all of our users.”
A few days later, United States-based crypto exchange Kraken also decided to delist BSV. In an official press release, Kraken said that BSV had “engaged in behavior completely antithetical to everything we at Kraken and the wider crypto community stands for.”
The crypto and blockchain space is attracting investment from both venture capitalists and the government.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The recovery in crypto prices has led to an increase in over-the-counter (OTC) demand for Bitcoin and altcoins. This surge in volume was cited by Binance’s CFO as one of the reasons for its strong Q1 performance.
Another platform being watched closely is the yet-to-be-launched Bakkt. Anonymous sources told Bloomberg that the United States Commodity Futures Trading Commission (CFTC) is reluctant to approve the Bitcoin futures because Bakkt intends to hold user assets. However, as the CFTC recognizes state bank and trust licenses, Bakkt might seek a New York BitLicense to launch its bitcoin futures. This is likely to increase the possibility of a green signal by the CFTC for the project.
The crypto and blockchain space is attracting investment from both venture capitalists and the government. Compared to the $2.5 billion in investments by venture capital firms in 2018, the space has already seen investors pump in $850 million in 2019. At this pace, this year’s total investment is likely to top that of last year. Similarly, the U.S. federal government’s blockchain spending is expected to increase from $10.7 million in 2017 to $123.5 million by 2022.
We also like the way the community has been quick to respond to the Notre Dame tragedy.
Bitcoin (BTC) has continued to move up at a snail’s pace. This shows that the bulls are nervous to buy aggressively at higher levels. But if the digital currency rises above $5404.82, it might attract some buying and short covering. The target levels to watch on the upside are $5,674.84 and above it to $5,900.
The uptrending moving averages and the RSI close to the overbought zone suggests that the bulls are at an advantage. Our bullish view will be invalidated if the BTC/USD pair turns down from the current levels and plunges below $4,914.11. Such a move will signal profit booking and short initiation by the aggressive bears. The traders can trail the stop loss on the remaining long positions to $4,800.
Ethereum (ETH) has once again broken out of the overhead resistance of $167.32. It is now likely to attempt to scale $187.98. If successful, it will indicate strength and the bulls can propel the digital currency to $220. Though the target objective of a breakout of the ascending triangle is $251.64, it has a slew of resistance between $220 and $251.64.
Both the moving averages are gradually trending up and the RSI is in the positive zone. This suggests that the bulls have the upper hand.
Our bullish view will be invalidated if the bears sink the ETH/USD pair back below $167.32. A breakdown of $156.42 will turn the trend in favor of the bears. Traders can continue to hold the stop loss on the remaining long positions at $150. We shall trail the stops higher in a couple of days.
Ripple (XRP) broke out of $0.33108 on April 17 but could not sustain it. The price is again back below $0.33108. This shows a lack of buyers at higher levels. Both the moving averages are flat and the RSI is close to 50. This points to range-bound action for the next few days.
In our previous analysis, we had recommended buying if the XRP/USD pair sustained $0.33108 for the next two days. But with the price falling below $0.33108 again today, our buy condition has not triggered. Considering the repeated failed breakouts, we have withdrawn our buy proposal. We swill suggest a trade when the pair decisively sustains above $0.33108.
Currently, if the bears sink the digital currency below the 50-day SMA, it will signal weakness and a drop to $0.27795 is possible.
After failing to sustain above the overhead resistance of $332.58, Bitcoin Cash (BCH) is facing some profit booking. It can now dip to the 20-day EMA, which is likely to offer support. Both the moving averages are sloping up, which shows that the bulls have the upper hand. If the rebound from the 20-day EMA fails to breakout of the overhead resistance zone of $332.58–$363.30, it will remain range bound for a few days.
A break below the 20-day EMA can sink the BCH/USD pair to $239, which is a critical support. If this support gives way, it will indicate that the bears are back in action.
On the other hand, if the bulls succeed in breaking out of $363.30, the pair can rally to $451.32. The digital currency has a history of vertical rallies, hence, a breakout of $451.32 can surprise on the upside. We will wait for the uptrend to resume before proposing a trade.
Litecoin (LTC) has held the 20-day EMA for the past few days. This shows that the bulls are keen to defend this support. The 20-day EMA is sloping up gradually and the RSI is just above the midpoint. This suggests a marginal advantage to the bulls. If the price scales above $84.3439, we expect a quick move to the overhead resistance zone of $91–$100.
A breakout of the resistance zone will complete a rounding bottom pattern that has a target objective of $159 and above it $180. Traders can buy a small portion — about 30% — of their usual position size on a breakout and close (UTC time frame) above $84.3439. The rest of the position can be purchased above $100 with initial stop loss at $74.
Contrary to our expectation, if the LTC/USD pair turns around from any of the overhead resistances and plunges below $74, it can correct to the 50-day SMA and below it to $62.450.
EOS has been consolidating above the 20-day EMA for the past few days. The bulls have not allowed the price to dip below the 20-day EMA and the bears have not allowed a strong rebound from the support. This equilibrium phase is unlikely to continue for long.
The upsloping moving averages and the RSI in positive territory suggests that the bulls have the upper hand. A breakout of $5.6602 will indicate strength and can carry the price to $6.0726 and above it to $6.8299.
On the contrary, if the EOS/USD pair turns down and dives below $5, it can decline to the $4.4930–$3.8723 support zone. We do not spot any reliable buy setups at current levels; hence, we remain neutral on the pair.
Binance Coin (BNB) surged on April 18 and has followed up with another strong move today. This shows that the bulls are keen to buy at higher levels. It is now likely to retest the lifetime high at $26.4732350. With both the moving averages sloping up and the RSI in overbought territory, the path of least resistance is to the upside.
If the BNB/USD pair rises to a new lifetime high, it will be a major positive. It will indicate that the price reached during January 2018 is not a misnomer. This will encourage the traders to keep buying the other digital currencies that are fundamentally sound.
Our bullish view will be invalidated if the pair reverses direction from the current level and plummets below the moving averages. Until then, it remains on target to make a new lifetime high. We do not spot an entry with a good risk to reward ratio, hence, we have not suggested a trade in it.
Stellar (XLM) has largely been trading between $0.110 and $0.120 for the past seven days. The 20-day EMA is flat and the RSI is close to 50. This also supports the current consolidation.
If the XLM/USD pair breaks out and sustains above $0.120, it can move up to the downtrend line. We shall turn positive on the pair after it sustains above $0.14861760.
Conversely, if the digital currency plummets below $0.110, it can drop to the uptrend line, below which it will turn negative.
After failing to breakout of the downtrend line, Cardano (ADA) has broken down of the 20-day EMA. This is a negative sign. If the bears can sink the price below $0.075920, it can decline to the 50-day SMA.
On the other hand, if the ADA/USD pair breaks out of the downtrend line, it will again try to break out of the overhead resistance of $0.094256. A close above this level will be a positive development.
However, the 20-day EMA is flattening out and the RSI is close to the midpoint. This points to a range formation in the short term. The pair is showing signs of a cup and handle formation. This pattern will complete on a close (UTC time frame) above $0.094256. We will wait for a bullish setup to form before recommending any long positions in it.
Tron (TRX) has not been able to break out of $0.02815521 for the past few days. This shows a lack of buying pressure. Failure to break out of the overhead resistance will invite selling. The bears are attempting to sink it below the 20-day EMA. If successful, a drop to the 50-day SMA is probable.
Both the moving averages are flat and the RSI is at the midpoint. This points to a balance between the buyers and sellers. The balance will tilt in favor of the bulls if the TRX/USD pair breaks out and sustains above $0.02815521. This is likely to start a new uptrend that can reach $0.03278079 and above it to $0.03575668.
However, if the pair fails to hold the 50-day SMA, a fall to $0.01830 is possible with a minor support at $0.02094452. Traders can keep the stop loss on the long positions at $0.0240.
Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.
In April, Gold IRA Guide conducted a survey asking 1,000 American retirees over 50 years old about their thoughts on investing in major cryptocurrency bitcoin.
According to the survey results, 56.7% of respondents were aware of bitcoin, but were not interested to invest, while 2.7 percent claimed that they already owned some bitcoin.
Around 3.5 percent said that they would like to invest in bitcoin, but did not know how to start, while 4.5 of retirees expressed interest in investing in bitcoin, but decided to keep an eye on it instead of going forward on the matter.
With that, a large fraction of American retirees appeared to not even know what bitcoin is, with 32.9% of respondents having answered that they “have no idea what bitcoin is.”
Bitcoin continues to account for the lion’s share of crypto-denominated ransomware payments — 98% as compared with just 2% for privacy coins like dash and monero.
Bitcoin (BTC) continues to account for the lion’s share of crypto-denominated ransomware payments, according to Coveware’s Q1 2019 Global Ransomware Marketplace report, published on April 15.
The report — reportedly based upon aggregated ransomware data from cases tackled by Coveware’s Incident Response Team — indicates that in Q1 2019 the ransomware landscape saw a sharp increase in the average ransom demanded by threat actors.
The average sum — demanded in exchange for the ostensible delivery of a decryptor tool that can help victims recover data after a ransomware attack — rose 89% from a median $6,733 in Q4 2018 to $12,762 in Q1 2019, the report states.
Of these ransoms that were paid in cryptocurrency, 98% were payable in bitcoin. The report outlines that in Q1 2019:
“[H]andling cryptocurrency continued to be a major source of friction for victims, and thus the threat actors as well. It is unlikely that ransomware rotates towards a different cryptocurrency anytime soon as they are even more nuanced to procure and handle.”
Coveware notes that threat actors have scant need to migrate away from bitcoin to other coins as they reportedly face little difficulty using mixing services to exchange bitcoin for privacy-focused cryptos such as dash (DASH) or monero (XMR).
Privacy coins are thus used for only 2% of ransomware payments, according to Coveware’s data, and are largely used later in the process, once the payment has been received and threat actors subsequently attempt to obfuscate the transfer of their ill-gotten funds.
GandCrab — a strain of ransomware that accounts for 20% of the market, according to Coveware’s data — was the only prevalent strain where threat actors accept payment in either dash or bitcoin.
Moreover, the report notes, GandCrab victims who pay with bitcoin face a 10% additional fee due to the costs incurred by the threat actors’ use of mixing services to anonymize the cryptocurrency after payment.
Per the report, the governors of the two country’s central banks spoke at the annual Spring Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund in Washington between April 8 and 14. Afghanistan’s central bank governor Khalil Sediq allegedly told Asia Times that the institution is considering issuing a sovereign crypto bond to raise $5.8 billion.
The funds would be used for private-sector investment in mining, energy and agriculture. Alongside bitcoin, Sediq reportedly mentioned metal futures (for instance lithium) and pointed out that the country’s mineral reserves are estimated to be worth over $3 trillion.
On the other hand, Marouane El Abassi, governor of Tunisia’s central bank and former World Bank official, purportedly declared that the institution is looking into the issuance of a bitcoin bond. According to the report, Abassi also claimed that the country was one of the first to issue a digital currency and already implemented payments through a digital system.
Furthermore, Abassi also reportedly lauded bitcoin, blockchain and Hyperledger as a tool for central banks to combat money laundering, manage remittances fight terrorism and limit grey economies. Lastly, the article also notes that Uzbek ambassador Javlon Vakhabov mentioned that Uzbekistan does not rule out the development of a bitcoin bond either.
As Cointelegraph reported in September last year, Austria’s government also launched €1.15 billion ($1.35 billion) of government bonds on the Ethereum (ETH) public blockchain.
More recently, in March, Germany’s justice and finance ministries have proposed to launch a state-run register to boost the use of blockchain for electronic bonds.
In the document, entitled “Is there a future for central bank digital currencies,” the Central Bank of the Russian Federation outlined a number of potential benefits of CBDCs, such as their capability to reduce transaction costs in the economy, as well as provide an asset that is less risky and more liquid.
However, the Bank of Russia noted that CBDCs’ potential to minimize transaction costs can be only realized in case a technical solution for CBDCs will offer a better tool in terms of ease of use in payments and savings, as compared with fiat money and debit cards.
While acknowledging the sufficient advantages of CBDCs, the central bank pinpointed CBDCs’ lack of anonymity as the only one potential disadvantage. Specifically, the bank stressed CBDCs’ inability to provide the same level of anonymity as compared with cash.
The document notes:
“CBDC de facto cannot provide the same level of anonymity that is provided by cash. This is certainly an advantage for regulators, but can be considered a disadvantage by users, not only those who are involved in suspicious activities, but those who are concerned about privacy.”
The Bank of Russia also stated that CBDCs are able to compete with commercial bank deposits in a context of low inflation and moderate interest rates. CBDCs can become a full equivalent of cash only in the case of providing liquidity and ease of use, the bank wrote.
A CBDC is a digital currency issued by a central bank that has the status of legal tender and other properties of centralized, fiat money.
Recently, the World Economic Forum released a report claiming that at least 40 global central banks were planning to experiment with CBDCs. Previously, the Bank for International Settlements published research that found that 70% of central banks worldwide were researching into issuance of CBDCs.
On April 1, the deputy governor of the State Bank of Pakistan, the nation’s central bank, announced that the institution aims to issue a digital currency by 2025.