Expected bitcoin drop that happened over the past 24 hours has led the other major crypto assets to plunge by 7 percent. Bitcoin’s price dropped by around four percent against the US dollar and we find out more in the coming altcoin news.
The anticipated drawback of both bitcoin and all of the other major crypto assets comes after the technical analyst Josh Rager proposed that a healthy bitcoin pullback will surely come due to the coming off a massive 100 percent gain. He pointed out:
“BTC 30%+ pullback coming? Yes, eventually. If history repeats, there should be plenty of strong pullbacks on the way to next peak all-time high. There were at least nine 30%+ pullbacks from last cycle accumulation and uptrend Plenty of buying opportunities ahead, don’t let it shake you.’’
Over the night, the value of the entire crypto market dropped by around $12 billion from the previous $249 billion and reached $237 billion. In the past 30 days, the price of the number one crypto asset started climbing from $5,100 and reached $8,000 which an increase of $3,000. This is a massive monthly gain against the US dollar by 56 percent. On another occasion, bitcoin came out as a winner in the short-term gains since it corrected itself by 20-30 percent as mentioned in the latest cryptocurrency news.
The 20-30 percent correction could have meant a drop to the $6,000 price range which some technical analysts believe could happen in the previous weeks. Similarly, another crypto trader better known as ‘’Mayne’’ suggested that a drop below the $7,500 could lead the major asset to plunge below the $7,000 support level. He said:
“BTC – Need to hold $7,884 and red OB for upside target $9k+. Break below red OB I expect $7,300 and maybe lower to $6,400. ETH – USD pair needs to break and close thru $260 to get to $300. BTC pair had a nice reaction of range low if we can hold EQ and flip grey OB looks good.’’
The expected bitcoin drop from its position is considered as a healthy step for bitcoin that could strengthen the foundation for the market to start a strong upside movement soon. The founder of Morgan Creek Digital stated that the average return for bitcoin over the past years could appeal to institutions that have billions of dollars to pour in the asset.
P2P LocalBitcoins trading platform which is the most popular bitcoin trading platforms has started to restrict services for their Iranian users. As reported in the altcoin news, creating ads for selling and buying old ads regarding the platform are restricted to Iranian traders.
In the near future, there could be a possibility of closing down the accounts of the users and their Bitcoins on the platform’s wallet. All of the big centralized exchanges such as Binance and Coinbase have previously restricted the users from Iran and some of them even seized their cryptocurrencies. Also, they prevented account setup in the ID phase so many people started using the P2P localbitcoins trading platform for localized trading.
The trading platform does not require any credit card or online payments which is much easier for the unbanked Iranian users. But, since the week started, the policy of the platform changed and threw shade on the Iranian users altogether. LocalBitcoins confirmed that will no longer provide services for the users in the country.
The restrictions increase the risks of insecure transactions since there is no escrow service. The exchanges that want a bigger market and follow the government’s regulations will continuously block Iranian users. This approach is contrary to what Bitcoin is for according to the community as reported in the best cryptocurrency news sites.
Previously, LocalBitcoins, an international peer-to-peer crypto exchange, announced today that the platform will be put under supervision by the Finnish Financial Authority. LocalBitcoins is based in Helsinki, Finland and the platform has stated previously that the parliament of Finland gave approval for the new legislation meant for legalizing crypto assets. The regulator gave a green light on the new Act on Virtual Currency Service Providers which is expected to come into force from November this year.
The new AML measures could improve the general opinion of the exchange and will also protect other users. It is also important that with the new regulation it is expected to increase the crypto adoption. LocalBitcoins is further making sure that the security level on the platform is updated and increased in order to be compliant with the regulatory framework.
The exchange also initiated a registration process so the users can have the ability to verify their identity while signing up to the platform. Each user will have a different type of account depending on the verification process and the type of trading the users will prefer.
Fake Trezor crypto wallet was found on the Google Play Store in an attempt to raise the bitcoin prices according to the latest cryptocurrency news that we have on our website today.
The ESET antivirus researches reported earlier today that the fake trezor crypto wallet was created in order to cash in or raise the BTC prices. The malicious app imitated in total the hardware wallet Trezor and according to the investigation, the software that was used had connections to another fake app with a strong potential to scam users who are not so educated about crypto and steal their money.
While the app’s page on the Google Play Store looks legit, the researches pointed out that the software of the fake app has no branding for the popular crypto wallet at all but only a generic login screen that is waiting to steal your credentials.
According to the ESET antivirus researchers, about 1,000 users downloaded the fake app and some of the other dodgy apps in the past. It app claimed it was able to help the users create wallets in order to store their cryptocurrencies safe. The software was actually designed to trick the users into transferring coins to multiple addresses that were owned by the attackers. The researchers warned:
“If bitcoin continues its growth trend, we can expect more cryptocurrency scam apps to emerge in the official Android app store and elsewhere.”
As mentioned on other altcoin news, the users of the apps are urged to only trust a legitimate app with the company’s official website links and branding. They should also check for a regular update on their devices and ask around before entering sensitive information into any blank space. Also, they are urged not to complete online forms that come from apps that have a dubious background.
The company behind the crypto wallet told the researchers that the fake app was not a threat to their users but they also made clear that the addresses that some of the users provided could be collected through the software and used for phishing attacks in the future. Google Play removed the app instantly from the marketplace.
Last year, Trezor issued multiple warnings to users after scammers tried to make a counterfeit version of the wallet.
Binance CEO CZ or Changpeng Zhao aims for a ‘’reasonable compensation’’ from the venture capital giant Sequoia Capital. He stated that the company hurt his reputation and we find out in the altcoin news below why.
The Sequoia Capital China which is the subsidiary of Sequoia Capital allegedly prevented Zhao from raising money at favorable valuations. At the first hearing which will take place on June 25, the court will look into CZ’s demand and will determine whether he ‘’has sustained any and what damages.’’ The VC giant reportedly prevented the Binance CEO to raise capital from other inventors until March 1.
Back in 2018 in December, the Hong Kong International Arbitration Centre dismissed the SQ claims that the Binance CEO CZ breached an exclusivity agreement when he was negotiating with Binance’s Series A equity financing. Zhao stated:
“I won, but the case was very damaging. First, Sequoia took out an injunction against me which prevented me from raising finance for Binance at the end of 2017 which was a critical time in the market and when there was huge interest in Binance from other VCs and investors.”
Zhao stated previously that he was unable to publicly defend himself because of the confidentiality of the arbitration. Also, Sequoia paid about $2.4 million in legal fees for their part and lost the case. Zhao on the other hand as the best cryptocurrency news report had to pay up to 779,043 for more than a year to cover his legal expenses. He stated:
“For most entrepreneurs, they will not be able to: front USD 779,000 to fight a lawsuit; secure additional funding for their startup given a pending lawsuit, even one that’s clearly without proper base and where the claimant will surely lose.’’
Zhao concluded that there is a weakness in the legal system and unprofessional behavior by the VC giant. He noted that such companies should help entrepreneurs and startups. Luckily, there are many entrepreneurs today that offer better options such as blockchain based fundraising as he pointed out.
Sequoia did not comment but as we know the company sued Zhao’s company over a funding deal. The court filings show that there was a negotiation on investment between CZ and Sequoia since August 2017 which should have given the VC giant 11$ stake of the company. Zhao denied these allegations at that time.
Binance suffered damaging lag that targeted the trade settlement and balance syncing to what the CEO noted that the issue is being fixed. In today’s altcoin news we read more on what exactly happened with the exchange.
The users of the platform had difficulties this morning with trade settlement and many of them stuck in trades that they couldn’t cancel so eventually their lost money. The reports show that CEO Changpeng Zhao confirmed the issues himself on Twitter. Some of the users claim that they were unable to cancel a BNB trade and this is what most of them stated when they saw that the balances were not updated. This means that trades could not be made further.
The company explained that the API users or the bots and trading software are not affected by the bug. Regular users who enter the platform manually were affected for a few hours. The incident just confirmed the fickle nature of the crypto markets where a small software bug can cost people thousands of dollars.
On one hand, traders should not place their orders that they are now willing to execute. On the other hand, the software should work perfectly as intended and there should not be a cancel button that the users can click if he/she is not expected to utilize it.
A few hours after the problems were visible, CZ posted on Twitter again to say that the things are clearing out and the platform should work smoothly in a bit. However, when Binance suffered damaging lag, some of the transactions are still backlogged.
The funds that were lost today as reported in the latest cryptocurrency news are only a small fraction of the funds that Binance lost a couple of weeks ago. The security breach left binance with about 7,000 bitcoins less for which the platform was forced to top up the bill. Changpeng Zhao caused a stir after the breach when he considered a reorganization of the bitcoin blockchain in order to stop the thieves from stealing the bitcoin funds. Eventually, he apologized for what he said and noted that the exchange should instead use a cartel of bitcoin services to ‘’freeze’’ the funds.
No matter what, Binance is still among the top crypto exchanges and its long-term dominance on the market is visible despite the recent hiccups.
The Galaxy Digital Bank, or as it names itself the “crypto merchant bank” which is backed by a former Goldman Sachs partner Mike Novogratz, has recently cashed out 123% in gains from the bear market trend.
As a new press release obtained from us shows that Galaxy Digital Bank, which was launched near the peak of the Bitcoin bull market, has netted substantial gains on one of its major blockchain-related investments.
The release was re-shared on many best cryptocurrency news sites and revealed that Galaxy liquidated most of its shares in Block.one – the blockchain development startup and the fund behind the EOS protocol, for about $71.2 million.
The company (Galaxy Digital) has registered a realized return of 123% on the investment. Even though the merchant bank will only hold a minimal amount of shares of Block.one, they will still work with the startup in a number of capacities like the EOS-centric venture fund and as a proponent of the blockchain in general.
“The acceptance of Block.one’s tender offer reflected a decision to rebalance the portfolio to maintain an appropriate level of diversification after the position increased due to its substantial outperformance relative to the remainder of the portfolio,” Novogratz then said.
As the filing shows, Galaxy Digital Bank can attribute much of this loss to its principal investing and trading businesses, presumably due to the fact that November and December saw Bitcoin and many other coins falling to fresh lows, as the altcoin news showed.
The filing notes that Galaxy Digital Bank is primarily founded by Novogratz’s wealth, 20% of which is purportedly invested in Bitcoin and Ethereum. Even though the company lost $272.7 million in all of 2018, much of the losses were incurred as a result of sale of cryptocurrency. One Twitter analyst also went in detail on this.
Looking at Galaxy Digital's yearend filing for 2018, some observations:
However, this is not the end of Novogratz & co. The report revealed that as 2018 ended, Galaxy Digital Bank owned $350 million of assets, 50% of which constituted equity/stake in prominent industry startups.
More importantly, Galaxy Digital announced the launch of another fund (rumored with hundreds of millions in funding) which will loan out capital to cryptocurrency firms – a business which has boomed during the 2018 bear market – as the latest cryptocurrency news show.
As we already reported in our coming altcoin news, the pullback has begun and wiped away $14 billion on the market overnight, taking losses from almost every single coin. Many analysts think that Bitcoin to 6k is a big possibility now, after scanning the charts and looking for support zones.
Meanwhile, BTC has spent the past three days trading sideways below $8,000. Ever since its meteoric rally to $8,300, BTC has hit resistance twice and pulled back sharply twice. Aside from the Bitcoin to 6k reality, a weekend dump to $7k was quickly recovered as the charts now show.
During the morning Asian trading session, Bitcoin managed to fall 4% to an intraday low of $7,620 but later corrected more, going below $7,500. The steep decline made a lot think if Bitcoin to 6k is the next scenario in the latest cryptocurrency news. Unlike the previous minor correction when BTC dropped like a stone, this is a more gradual descent (for now) until the price of the most dominant cryptocurrency finds support.
Speaking of dominance, Bitcoin sits at 57.1% dominance which is relatively good for it, but not that good from the perspective of the latest coins featured the altcoin news which are all losing dominance on the market.
According to the crypto trader ‘The Cryptomist’, the drop was expected and Bitcoin to 6k is a reality if it continues:
“Forewarned this drop earlier, and secured most of this month’s profits. I expect us to drop further and test support upon 7.4k region. 1D Rsi still needs to drop. If this support breaks, 6.8k is next regional support,” he tweeted.
Forewarned this drop earlier, and secured most of this months profits. I expect us to drop further and test support upon 7.4k region 1D Rsi still needs to drop If this support breaks, 6.8k is next regional support
If the correction continues, Bitcoin to 6k could be the next thing we see this week. However, many analysts are also eyeing the $6,400 level as major support and some predict a 30% retracement. This was the most traded price in 2018 and therefore a return to it does not seem to be too farfetched.
“Close below the 10 ema on this chart (different because futures did not open until 2017). The area circled would fill the gap, btw. And, it would tighten up the Bollinger Bands. See what happens over the next few days or next week,” the Twitter analyst CryptoFibonacci tweeted.
Close below the 10 ema on this chart (different because futures did not open until 2017). The area circled would fill the gap, btw. And, it would tighten up the Bollinger Bands. See what happens over the next few days or next week.#BTCpic.twitter.com/Z1x9aV3m5Q
The Ethereum Foundation is in the latest viral titles on many best cryptocurrency news sites for announcing a three-pronged approach to allocating the $30 million that it has designated for the Ethereum network development which is planned for 2020.
As an official blog post shows, the breakdown for the three categories puts future projects at $19 million, current projects at $8 million and developer supports at $3 million. Much of this funding will go to Ethereum 2.0 projects which include client teams, research, communication and documentation, as well as layer two projects such as Plasma – the Ethereum network development plans show.
“Over the last 12 months the Ethereum community — a global collection of developers, entrepreneurs, researchers, and passionate users — has made tremendous progress. Every week, new applications built on Ethereum launch to mainnet, scalability solutions come online, and ETH 2.0 moves closer to key milestones. Ethereum remains the de-facto platform for decentralized applications, and is used every day to secure billions of dollars in digital assets,” the post noted.
Speaking of, Plasma is the project that was first proposed by Vitalik Buterin and Joseph Poon in 2017 – as a scaling solution for the network employing autonomous smart contracts. The project is in the latest cryptocurrency news again as part of the Ethereum network development. It is described as a solution that would enable “the blockchain to be able to represent a significant amount of decentralized financial applications worldwide,“ according to the white paper
The $30 million budget reserved for the ETH network and its development was first announced by the Ethereum Foudation at the ConsenSys’ Ethereal Summit on May 10. The executive director Aya Miyaguchi was in the coming altcoin news then for stating that the foundation intends to bring academic involvement to Ethereum – which will attract the top-tier researchers and developers (and grants) to the academic teams and organizations.
As we previously reported on our crypto news site, the “rerelease” of the community website for Ethereum Foundation was announced at the end of April. The Ethereum network development sits on top of this update, which purports to be a repository filled with community-created Ethereum content including documentation and tutorials for using Ethereum tools.
The big Bitcoin pullback and crypto market retreat is in the coming altcoin news. Analysts cannot say that they did not expect it. As Bitcoin dips below the key support, the altcoins are also crashing around it.
The total market capitalization managed to shed over $14 billion overnight and is approaching $235 billion at the time of writing. The new crypto market retreat started when Bitcoin failed to break resistance and started on a downward slide which resulted in a 4.3% dump on the day. From trading below $8,000, Bitcoin managed to fall back in the $7,500 waters as the latest cryptocurrency news show.
Right now, analysts are eyeing resistance at $7,400 and $6,800 with a further decline if these support levels cannot be held. The crypto market reversal also pulled many altcoins down as the charts show. Ethereum was one of them, dumping more than 7.5% and coming back to $237. The truth is, Ethereum has not managed to decouple from Bitcoin and could soon visit the $232 support area.
The top ten cryptocurrencies are all in red in the crypto market retreat. Cardano is getting crushed by more than 10% and Stellar is not that far behind, dumping more than 9%. XRP, Bitcoin Cash and EOS are all declining and have dropped by 7%. The only coin which is staying afloat is Binance Coin, trading above $30 with a loss of only 2%, as the altcoin news show.c
Big trouble is also facing the top twenty at the moment with the crypto market retreat. As Bitcoin SV (BSV) dumps 12% of its epic gains yesterday, the US Copyright Office already stated that it does not investigate the connection between the claimant, Craig Wright – and the pseudonymous BTC code author.
During the crypto market reversal, there are many double digit dumps. What’s interesting and featured by many best cryptocurrency news sites is the MATIC altcoin, which has recently added another 20% to its price following its embellishment from the world’s largest exchange. On top of this altcoin, the Crypto.com owned Chain also revived and added 10% against the bad flow today preparing for a new run on the upside.
To sum things up, the total crypto market capitalization has been smashed with $14 billion and it seems that almost every coin is dropping.
The South Korean government and the Ministry of Science and ICT are running a follow-up study on blockchain regulations, as the latest cryptocurrency news show.
According to a report on Yohnap News published on May 21, the study will be the second in the series to explore the situation regarding the regulation of blockchain technology. Named the “Blockchain Regulation Improvement Study Group,” it is part of an initiative that is run by the South Korean government and its science and tech arms – helping it figure out how regulations could be improved so that blockchain technology could achieve widespread institutional adoption.
“The second phase of the Regulatory Improvement Study Group plans to select five strategic industries, including logistics, distribution, public services, healthcare, finance and energy, which are likely to spread the blockchain,” the report featured in our altcoin news section reads.
The Blockchain Regulation Improvement Study Group was originally introduced and launched in June 2018. Initially, it was focused on improving legal regulations which pertained to blockchain tech such as smart contracts, personal privacy, electronic documents, distributed computing systems as well as digital signatures.
This year, the South Korean government wants it to focus on the five institutional areas where blockchain technology can achieve adoption, which include:
Logistics and distribution
The capital of South Korea, Seoul, will reportedly add blockchain technology to its citizen cards. This, as the news show, will purportedly allow the card holders to easily verify their identity and access the administrative services.
Aside from the South Korean government, the mayor of Seoul Park Won-soon was quoted by many best cryptocurrency news sites recently for implementing other blockchain-based administrative services including mobile e-voting. Moreover, the government of Seoul stated that it has gathered over $1 billion to fund blockchain and fintech startups over the course of the next 3 years.
As we previously reported in our cryptocurrency news, the South Korean government is not the first one to make such leap forward. The truth is, governments in countries all around the world are doing the same – and we can see clear examples on implemented blockchain strategies for economic development in countries such as New Zealand, Australia, Germany and the United Arab Emirates (UAE).