Vodafone leaves the crypto project Libra
The cryptocurrency project Libra, launched by Facebook, continues to lose investors.
According to the BBC, telecommunications giant, Vodafone announced the withdrawal from the project, but the company continues to adhere to the ideas of innovative development.
Similar statements were made earlier, for example, by MasterCard and PayPal payment systems, which also left the crypto project.
The Vodafone press center said the company’s efforts will now focus on developing the platform for mobile payments M-Pesa. Note that this service is already used by residents of some African countries.
According to the developers, M-Pesa users will be able to send funds to more than 20 countries.
According to observers, the exit of large corporations from the Libra project was the result of increased pressure from the central banks of some countries. Currently, EU regulators are opposed to Libra and are even ready to release their cryptocurrencies to counterbalance the digital asset Facebook.
The cryptocurrency project Libra, launched by Facebook, continues to lose investors.
According to the BBC, telecommunications giant, Vodafone announced the withdrawal from the project, but the company continues to adhere to the ideas of innovative development.
Similar statements were made earlier, for example, by MasterCard and PayPal payment systems, which also left the crypto project.
The Vodafone press center said the company’s efforts will now focus on developing the platform for mobile payments M-Pesa. Note that this service is already used by residents of some African countries.
According to the developers, M-Pesa users will be able to send funds to more than 20 countries.
According to observers, the exit of large corporations from the Libra project was the result of increased pressure from the central banks of some countries. Currently, EU regulators are opposed to Libra and are even ready to release their cryptocurrencies to counterbalance the digital asset Facebook.
The Swiss city of Zermatt now accepts Bitcoin for taxes
Zermatt, the world-famous resort in Switzerland, now allows residents to pay taxes in bitcoin. This was reported by Bitcoin Suisse, which will process payments.
Taxes paid in Bitcoin will be converted by Bitcoin Suisse to Swiss francs and transferred to the municipality's bank account.
“The spirit of innovation is one of Zermatt's trademarks, so we are pleased to support residents in providing them with the necessary solutions,” said Zermatt Mayor Romy Biner-Hauser.
Zermatt is neither the first nor the second Swiss city to start accepting tax payments in bitcoin. Zug began accepting bitcoins for tax payments through Bitcoin Suisse back in 2016; Chiasso launched a similar initiative in 2017. However, in Chiasso, bitcoin is accepted only for small tax payments worth up to 250 Swiss francs ($ 256).
Zermatt, the world-famous resort in Switzerland, now allows residents to pay taxes in bitcoin. This was reported by Bitcoin Suisse, which will process payments.
Taxes paid in Bitcoin will be converted by Bitcoin Suisse to Swiss francs and transferred to the municipality's bank account.
“The spirit of innovation is one of Zermatt's trademarks, so we are pleased to support residents in providing them with the necessary solutions,” said Zermatt Mayor Romy Biner-Hauser.
Zermatt is neither the first nor the second Swiss city to start accepting tax payments in bitcoin. Zug began accepting bitcoins for tax payments through Bitcoin Suisse back in 2016; Chiasso launched a similar initiative in 2017. However, in Chiasso, bitcoin is accepted only for small tax payments worth up to 250 Swiss francs ($ 256).
Binance will reward users adding liquidity to its futures platform
The Binance cryptocurrency exchange will change the program for market makers on its futures platform in order to attract additional liquidity to it.
In accordance with the new conditions, commissions with a negative coefficient in the selected trading pairs will be applied to market makers. A market maker can be a user whose 30-day trading volume exceeds 1,000 BTC on Binance. The exchange is also ready to consider evidence of comparable volumes on third-party sites. In addition, he must have a “quality strategy” that will allow him to effectively place purchase and sale applications where necessary.
As a rule, exchanges are ready to offer reduced fees to such traders, but Binance went further and decided to reward users for adding limit orders to individual trading pairs.
What kind of remuneration market makers can expect and what trading pairs they will have to work with, the exchange does not specify. Assessment of the productivity of program participants will be carried out weekly based on such factors as the volume of applications, the spread between the price of supply and demand and the duration of the relevant functions.
In recent days, Binance has been particularly active in expanding the list of contracts supported by its derivative platform Binance Futures. Only today, the company announced the launch of perpetual contracts for the ZEC / USDT pair with a leverage of up to 50x, and shortly before that, it added contracts for cryptocurrencies such as Dash, Monero, Cardano and Stellar.
The Binance cryptocurrency exchange will change the program for market makers on its futures platform in order to attract additional liquidity to it.
In accordance with the new conditions, commissions with a negative coefficient in the selected trading pairs will be applied to market makers. A market maker can be a user whose 30-day trading volume exceeds 1,000 BTC on Binance. The exchange is also ready to consider evidence of comparable volumes on third-party sites. In addition, he must have a “quality strategy” that will allow him to effectively place purchase and sale applications where necessary.
As a rule, exchanges are ready to offer reduced fees to such traders, but Binance went further and decided to reward users for adding limit orders to individual trading pairs.
What kind of remuneration market makers can expect and what trading pairs they will have to work with, the exchange does not specify. Assessment of the productivity of program participants will be carried out weekly based on such factors as the volume of applications, the spread between the price of supply and demand and the duration of the relevant functions.
In recent days, Binance has been particularly active in expanding the list of contracts supported by its derivative platform Binance Futures. Only today, the company announced the launch of perpetual contracts for the ZEC / USDT pair with a leverage of up to 50x, and shortly before that, it added contracts for cryptocurrencies such as Dash, Monero, Cardano and Stellar.
Amount of assets in DeFi applications exceeded $ 1 billion amid rising ETH
According to DeFi Pulse, the total assets that are recorded in applications and protocols of decentralized finance (DeFi) exceeded $ 1 billion.
Most noteworthy, as early as December 31, 2019, this value was $ 670.77 million. Such a rapid increase in the dollar value of the industry was due to the growth of cryptocurrencies, primarily ETH, on which most DeFi applications are based.
DeFi most often refers to financial instruments on the blockchain, primarily on Ethereum. The first line in the DeFi-space is occupied by the Maker credit protocol - it accounts for approximately 60% of the total assets. Synthetix token exchange with $ 156 million is in second place. The compound lending platform in its contracts contains $ 125 million.
In addition to the above, such representatives of the sphere as Uniswap, Bancor, and Kyber stand out. All of them are showing growth this year. A particularly interesting result is demonstrated by the box project, which over the last 24 hours has grown by almost 25% in dollar terms.
Such a rapid increase in the indicator and, as a result, the achievement of the $ 1 billion marks was made possible thanks to the growth of the air rate against the dollar. If at the beginning of the year its cost was about $ 128, now it has risen above $ 220. Thus, growth is more than 70%.
Electric Capital co-founder Avichal Garg compares the DeFi industry with a fintech startup that has been able to reach the billionth turnover in 2 years of existence:
“Imagine a fintech startup that writes,“ We started two years ago, and today we have $ 1 billion in collateral, and we also issued loans for $ 1 billion! ” Every venture entrepreneur will immediately want to know the reason for such success. This year will be truly outstanding for the cryptocurrency world. ”
According to DeFi Pulse, the total assets that are recorded in applications and protocols of decentralized finance (DeFi) exceeded $ 1 billion.
Most noteworthy, as early as December 31, 2019, this value was $ 670.77 million. Such a rapid increase in the dollar value of the industry was due to the growth of cryptocurrencies, primarily ETH, on which most DeFi applications are based.
DeFi most often refers to financial instruments on the blockchain, primarily on Ethereum. The first line in the DeFi-space is occupied by the Maker credit protocol - it accounts for approximately 60% of the total assets. Synthetix token exchange with $ 156 million is in second place. The compound lending platform in its contracts contains $ 125 million.
In addition to the above, such representatives of the sphere as Uniswap, Bancor, and Kyber stand out. All of them are showing growth this year. A particularly interesting result is demonstrated by the box project, which over the last 24 hours has grown by almost 25% in dollar terms.
Such a rapid increase in the indicator and, as a result, the achievement of the $ 1 billion marks was made possible thanks to the growth of the air rate against the dollar. If at the beginning of the year its cost was about $ 128, now it has risen above $ 220. Thus, growth is more than 70%.
Electric Capital co-founder Avichal Garg compares the DeFi industry with a fintech startup that has been able to reach the billionth turnover in 2 years of existence:
“Imagine a fintech startup that writes,“ We started two years ago, and today we have $ 1 billion in collateral, and we also issued loans for $ 1 billion! ” Every venture entrepreneur will immediately want to know the reason for such success. This year will be truly outstanding for the cryptocurrency world. ”
Binance cryptocurrency exchange has applied for a license in Singapore
Binance Holdings Ltd., the operator of one of the world's largest cryptocurrency exchanges, has applied for a Singapore license in accordance with the new legislation on government payments.
The largest cryptocurrency exchange in the world in terms of trading volume, Binance, was among the first to respond to the requirements of the new legislation.
“We have already submitted an application. Binance Singapore maintains close contact with local regulators and they are positive, ”said Zhao Changpen, founder and CEO of Binance
The Law on Payment Services, which entered into force last month, is the first comprehensive regulation for companies whose activities are somehow related to digital assets, for example, payment services or platforms offering the opportunity to trade cryptocurrencies.
This law not only introduces cryptocurrencies into the legal field, but also empowers the Singapore Monetary Authority to monitor cyber security risks and control money laundering and terrorist financing.
Liquid cryptocurrency exchange, based in Singapore, and Luno, a London-based startup, also announced their intention to obtain the necessary license.
Binance has an office in Singapore, in addition, the company cooperates with Vertex Venture Holdings Ltd., the venture capital of Singapore's Temasek Holdings Pte.
Earlier, the BeInCrypto editors reported that Binance has signed a cooperation agreement with the Ministry of Digital Transformation in Ukraine in order to work together on the legalization of digital currencies in the country.
Binance Holdings Ltd., the operator of one of the world's largest cryptocurrency exchanges, has applied for a Singapore license in accordance with the new legislation on government payments.
The largest cryptocurrency exchange in the world in terms of trading volume, Binance, was among the first to respond to the requirements of the new legislation.
“We have already submitted an application. Binance Singapore maintains close contact with local regulators and they are positive, ”said Zhao Changpen, founder and CEO of Binance
The Law on Payment Services, which entered into force last month, is the first comprehensive regulation for companies whose activities are somehow related to digital assets, for example, payment services or platforms offering the opportunity to trade cryptocurrencies.
This law not only introduces cryptocurrencies into the legal field, but also empowers the Singapore Monetary Authority to monitor cyber security risks and control money laundering and terrorist financing.
Liquid cryptocurrency exchange, based in Singapore, and Luno, a London-based startup, also announced their intention to obtain the necessary license.
Binance has an office in Singapore, in addition, the company cooperates with Vertex Venture Holdings Ltd., the venture capital of Singapore's Temasek Holdings Pte.
Earlier, the BeInCrypto editors reported that Binance has signed a cooperation agreement with the Ministry of Digital Transformation in Ukraine in order to work together on the legalization of digital currencies in the country.
Binance talked about the reasons for the interruptions in the platform last week
The Binance cryptocurrency exchange CEO Changpen Zhao this Monday presented a detailed report on platform performance issues users had to deal with last week.
“The difference between $ 10,000 before and now is that now we have a lot more users. Although this is a sign of a confident recovery in the crypto market, our systems are under serious pressure, ”he writes.
The exchange identifies two main problems observed over the past few days. So, in the user interface, the messages “Too many requests”, “Internal error 5xx”, and “API call timed out” appeared. They were associated with a very fast overload of an intermediate level service, which was aggravated by repeated and repeated calls by users. A short-term solution was introduced, and in the coming days the team will implement a larger-scale correction.
In addition, users may have noticed delays in updating market data, order books, and account balances. According to the exchange, one of the message brokers, which usually processes more than 2.5 GB of data per second, suddenly cut the bandwidth by 100 times, which was one of the reasons for the observed phenomenon. Restarting the system allowed eliminating the manifestations of the problem at that moment; a mid-term solution is being prepared. It is expected that it will increase the maximum bandwidth of the component by 10 times. A long-term solution is also being worked out.
“Speaking of the situation as a whole, we launched many functions during the bear market and tested them as insane, but we could not always get closer to the real conditions, where tens of millions of users from all over the world are present,” writes Zhao, adding that all this problems to be solved, but not excluding the possibility of unforeseen errors in the future.
“If you feel that you are in unfair conditions due to recent problems at Binance.com, please contact support with a detailed description of what happened,” he recommends.
The Binance cryptocurrency exchange CEO Changpen Zhao this Monday presented a detailed report on platform performance issues users had to deal with last week.
“The difference between $ 10,000 before and now is that now we have a lot more users. Although this is a sign of a confident recovery in the crypto market, our systems are under serious pressure, ”he writes.
The exchange identifies two main problems observed over the past few days. So, in the user interface, the messages “Too many requests”, “Internal error 5xx”, and “API call timed out” appeared. They were associated with a very fast overload of an intermediate level service, which was aggravated by repeated and repeated calls by users. A short-term solution was introduced, and in the coming days the team will implement a larger-scale correction.
In addition, users may have noticed delays in updating market data, order books, and account balances. According to the exchange, one of the message brokers, which usually processes more than 2.5 GB of data per second, suddenly cut the bandwidth by 100 times, which was one of the reasons for the observed phenomenon. Restarting the system allowed eliminating the manifestations of the problem at that moment; a mid-term solution is being prepared. It is expected that it will increase the maximum bandwidth of the component by 10 times. A long-term solution is also being worked out.
“Speaking of the situation as a whole, we launched many functions during the bear market and tested them as insane, but we could not always get closer to the real conditions, where tens of millions of users from all over the world are present,” writes Zhao, adding that all this problems to be solved, but not excluding the possibility of unforeseen errors in the future.
“If you feel that you are in unfair conditions due to recent problems at Binance.com, please contact support with a detailed description of what happened,” he recommends.
The court refused to support the Quoine exchange, which canceled the purchase of 3,092 bitcoins for 309 ETH
The Singapore Court of Cassation has refused to support the Quoine cryptocurrency exchange in a case of breach of contract, reports The Straits Times. According to the publication, this is the first cryptocurrency-related trial in the city-state. The court decision puts an end to the case, which lasted almost 3 years.
Quoine stated that it had the right to cancel the transactions executed by the B2C2 broker on its platform, on the basis that they were “erroneous”. According to the exchange, participants in transactions using B2C2 software only created the appearance of acting in fair market conditions, while the broker was aware of an incorrect valuation of the asset.
In April 2017, B2C2 executed seven transactions, during which it sold ether at 10 bitcoins per unit, which was 250 times higher than the market price of 0.04 BTC for 1 ETH. The next day, transactions for exchanging 309 ETH for 3,092 BTC were canceled, and the balance of the B2C2 account was returned to its previous state.
In March 2019, the Singapore Court of International Commercial Affairs admitted that the exchange violated the terms of the contract agreement, after which it tried to challenge this decision. The Court of Cassation did not agree with Quoine’s interpretation of the “fallacy” of transactions in a system with limited human participation and refused to consider such transactions invalid. Now Quoine will have to settle with B2C2 following a court order.
The Singapore Court of Cassation has refused to support the Quoine cryptocurrency exchange in a case of breach of contract, reports The Straits Times. According to the publication, this is the first cryptocurrency-related trial in the city-state. The court decision puts an end to the case, which lasted almost 3 years.
Quoine stated that it had the right to cancel the transactions executed by the B2C2 broker on its platform, on the basis that they were “erroneous”. According to the exchange, participants in transactions using B2C2 software only created the appearance of acting in fair market conditions, while the broker was aware of an incorrect valuation of the asset.
In April 2017, B2C2 executed seven transactions, during which it sold ether at 10 bitcoins per unit, which was 250 times higher than the market price of 0.04 BTC for 1 ETH. The next day, transactions for exchanging 309 ETH for 3,092 BTC were canceled, and the balance of the B2C2 account was returned to its previous state.
In March 2019, the Singapore Court of International Commercial Affairs admitted that the exchange violated the terms of the contract agreement, after which it tried to challenge this decision. The Court of Cassation did not agree with Quoine’s interpretation of the “fallacy” of transactions in a system with limited human participation and refused to consider such transactions invalid. Now Quoine will have to settle with B2C2 following a court order.
Support for Litecoin promised to add to 13,000 ATMs in South Korea
Litecoin Foundation has announced a partnership with MeconCash. As part of the collaboration, Litecoin will be integrated into the M.Pay platform, making it available for withdrawing to fiat currency through more than 13,000 ATMs in South Korea, the press release said.
“This service allows Litecoin holders to quickly receive cash and send money transfers to Korea from abroad. This is only the beginning of our fruitful cooperation. In the future, users can count on new interesting MeconCash and Litecoin Foundation projects, ”the organization writes.
Commenting on the new agreement, Litecoin founder Charlie Lee said: “The integration of Litecoin into the M.Pay platform and a large ATM network is a big step towards expanding the presence of Litecoin in the South Korean market.”
Director of Litecoin Foundation Alan Austin expressed the hope that, due to the possibility of quick withdrawal to fiat currency, Litecoin will be in demand in the international transfer market of South Korea.
MeconCash chairman Cho Jae-do shares these views. “Through cooperation with the Litecoin Foundation, we will increase the presence of Litecoin in the Korean market, starting with a withdrawal service through ATMs. We look forward to positive cooperation in the future, not only in the Korean but also in the global market, ”he said.
At the time of publication, Litecoin is the seventh-largest cryptocurrency with a capitalization of $ 3.86 billion.
Litecoin Foundation has announced a partnership with MeconCash. As part of the collaboration, Litecoin will be integrated into the M.Pay platform, making it available for withdrawing to fiat currency through more than 13,000 ATMs in South Korea, the press release said.
“This service allows Litecoin holders to quickly receive cash and send money transfers to Korea from abroad. This is only the beginning of our fruitful cooperation. In the future, users can count on new interesting MeconCash and Litecoin Foundation projects, ”the organization writes.
Commenting on the new agreement, Litecoin founder Charlie Lee said: “The integration of Litecoin into the M.Pay platform and a large ATM network is a big step towards expanding the presence of Litecoin in the South Korean market.”
Director of Litecoin Foundation Alan Austin expressed the hope that, due to the possibility of quick withdrawal to fiat currency, Litecoin will be in demand in the international transfer market of South Korea.
MeconCash chairman Cho Jae-do shares these views. “Through cooperation with the Litecoin Foundation, we will increase the presence of Litecoin in the Korean market, starting with a withdrawal service through ATMs. We look forward to positive cooperation in the future, not only in the Korean but also in the global market, ”he said.
At the time of publication, Litecoin is the seventh-largest cryptocurrency with a capitalization of $ 3.86 billion.
As Stephen Seagal promoted the Bitcoiin ICO project, he was deceived and remained due to the state
Not only crypto investors risk losing due to participation in dubious crypto projects, but also their celebrity promoters.
The US Securities and Exchange Commission (SEC) on Thursday announced the settlement of claims against the star of the fighters of the 90s and Russian citizen Stephen Seagal.
According to the press release of the department, Seagal did not disclose information about the payment received by him for participating in the promotion of the initial coin offering (ICO). At the beginning of 2018, the actor became the face of the Bitcoiin project, which promised investors “substantial profits from storing B2G token” thanks to the staking mechanism.
“The SEC found that Seagal did not disclose information about the promised $ 250,000 in traditional currency and $ 750,000 in B2G tokens for promotion services, which included messages in his public accounts on social networks, where he urged not to miss out on the Bitcoiin2Gen ICO, and a press release entitled “Zen Master Stephen Seagal has become a representative of the Bitcoiin2Gen brand,” writes SEC.
In addition to unconvincing promises and a deceptive name, Bitcoiin used multi-level marketing schemes in its promotion. To date, the project is no longer active, and its cryptocurrency has near-zero trading volumes and rests on the last pages of Coinmarketcap.
Seagal did not confirm or reject the arguments of the regulator. The actor will pay $ 157,000, which was actually transferred to him for the promotion of the project, a percentage for the period until the decision is made and $ 157,000 in fine. In addition, he agreed not to promote any securities, “digital or any other,” for three years.
“These investors had the right to know about payments received or promised to Seagal for the promotion of investments in order to decide whether his position was biased,” said Christina Littman, head of SEC cyber law enforcement. “Celebrities are not allowed to use their influence on social networks to promote securities without proper disclosure of compensation information.”
In November 2017, the SEC issued a warning aimed at celebrities, where it recalled its responsibilities when working with crypto projects. Later, the regulator brought to justice boxer Floyd Mayweather Jr. and music producer DJ Khaled, who were involved in promoting the fraudulent ICO project Centra Tech.
Not only crypto investors risk losing due to participation in dubious crypto projects, but also their celebrity promoters.
The US Securities and Exchange Commission (SEC) on Thursday announced the settlement of claims against the star of the fighters of the 90s and Russian citizen Stephen Seagal.
According to the press release of the department, Seagal did not disclose information about the payment received by him for participating in the promotion of the initial coin offering (ICO). At the beginning of 2018, the actor became the face of the Bitcoiin project, which promised investors “substantial profits from storing B2G token” thanks to the staking mechanism.
“The SEC found that Seagal did not disclose information about the promised $ 250,000 in traditional currency and $ 750,000 in B2G tokens for promotion services, which included messages in his public accounts on social networks, where he urged not to miss out on the Bitcoiin2Gen ICO, and a press release entitled “Zen Master Stephen Seagal has become a representative of the Bitcoiin2Gen brand,” writes SEC.
In addition to unconvincing promises and a deceptive name, Bitcoiin used multi-level marketing schemes in its promotion. To date, the project is no longer active, and its cryptocurrency has near-zero trading volumes and rests on the last pages of Coinmarketcap.
Seagal did not confirm or reject the arguments of the regulator. The actor will pay $ 157,000, which was actually transferred to him for the promotion of the project, a percentage for the period until the decision is made and $ 157,000 in fine. In addition, he agreed not to promote any securities, “digital or any other,” for three years.
“These investors had the right to know about payments received or promised to Seagal for the promotion of investments in order to decide whether his position was biased,” said Christina Littman, head of SEC cyber law enforcement. “Celebrities are not allowed to use their influence on social networks to promote securities without proper disclosure of compensation information.”
In November 2017, the SEC issued a warning aimed at celebrities, where it recalled its responsibilities when working with crypto projects. Later, the regulator brought to justice boxer Floyd Mayweather Jr. and music producer DJ Khaled, who were involved in promoting the fraudulent ICO project Centra Tech.
Vitalik Buterin: with sharding, Ethereum productivity will reach 100 thousand transactions per second
At the ETHLondonUK conference, Vitalik Buterin and Consensys co-founder Joe Lubin, discussing the future of Ethereum, raised the topic of sharding and the use of public networks in the DeFi sector, the Crypto News Flash portal reports.
Sharding is a first-level scalable solution and uses micro-networks to verify individual transactions on the Ethereum blockchain. This allows you to not check all nodes individually, sharing work for smaller groups of nodes and thereby scaling ETH to 100,000 transactions per second.
He said that the solution is under development and can be implemented already this year when switching to Eth 2.0, noting the inevitability of the product entering the market.
Citing the Tornado Cash project, which implemented the possibility of confidential transactions, Buterin said that users of the Ethereum network will be able to count on increasing privacy next year.
At the ETHLondonUK conference, Vitalik Buterin and Consensys co-founder Joe Lubin, discussing the future of Ethereum, raised the topic of sharding and the use of public networks in the DeFi sector, the Crypto News Flash portal reports.
Sharding is a first-level scalable solution and uses micro-networks to verify individual transactions on the Ethereum blockchain. This allows you to not check all nodes individually, sharing work for smaller groups of nodes and thereby scaling ETH to 100,000 transactions per second.
He said that the solution is under development and can be implemented already this year when switching to Eth 2.0, noting the inevitability of the product entering the market.
Citing the Tornado Cash project, which implemented the possibility of confidential transactions, Buterin said that users of the Ethereum network will be able to count on increasing privacy next year.
Bitcoin price holds above $ 5k amid the widespread stock market decline
On Tuesday, March 16, the price of bitcoin was above the level of $ 5000, while the US stock market saw its worst day since 1987. Traditional markets closed 13% lower than the day before, but the main cryptocurrency calmly continued its lateral movement.
The price of bitcoin moves inside a narrow channel, limited by resistance at the level of $ 5600- $ 5750 and support around $ 4800- $ 4900.
The 4-hour chart shows a clear bullish divergence, which implies the formation of the bottom in the short term and the impulsive price increase. However, for the formation of a trend reversal, a similar divergence should appear on older timeframes, that is, on the daily chart. Another sign of an imminent reversal may be testing lower levels and the formation of a double bottom on low timeframes.
Recently, there has been a massive sale on the stock market, which leads to the fact that the index of fear and greed has reached an extreme value. Traders and investors are already comparing the recent collapse with the legendary market corrections that took place in 1929, 1987 and 2000.
There is a sale of shares at a discount of 30-40%, with individual shares falling by about 70%.
History knows such landslides. Coronavirus, of course, is a unique case, however, markets tend to move according to a certain pattern, which is associated with human psychology.
When the bubbles burst, the initial drop is usually between 35-50%, after which a rebound is observed. This bounce is often called the “dead cat jump” or the “bull trap” that makes investors believe that everything is working out.
Historical data show similar movements. During the 2000 Dot.com bubble, the Nasdaq 100 index fell 40%, after which an upward momentum was observed for 3-4 months.
In January 2018, Bitcoin showed a similar drop immediately after its bubble burst in December 2017. The price fell from $ 19700 to $ 10800, which corresponds to a decrease of 45% from the beginning of the year. After that, bitcoin rose from $ 10800 to $ 17000 before the bearish trend continued.
Since the stock market already has a sale within 30-40% and a bearish bearish momentum is observed, it will not be surprising if a rebound occurs in the coming weeks. Such short-term growth in the stock market will allow the cryptocurrency market to turn green.
This assumption is supported by the fact that recently all markets have shown a positive correlation with each other. Gold and bitcoin fell significantly, due to the fact that investors sought liquidity in order to cover losses in the stock market.
Of course, all this does not prove that the cryptocurrency market has reached its bottom. However, bullish divergence allows us to expect a short-term rally, the main objectives of which will be the levels of $ 5600- $ 5800 and $ 6000-6100. If these zones are not overcome, then we should expect testing of the lower support levels located in the region of $ 4800, $ 4200 or even $ 3750.
Bottom formation takes time, and in the current economic instability it is impossible to predict how long this period will last and when the coronavirus will eventually leave the stage.
On Tuesday, March 16, the price of bitcoin was above the level of $ 5000, while the US stock market saw its worst day since 1987. Traditional markets closed 13% lower than the day before, but the main cryptocurrency calmly continued its lateral movement.
The price of bitcoin moves inside a narrow channel, limited by resistance at the level of $ 5600- $ 5750 and support around $ 4800- $ 4900.
The 4-hour chart shows a clear bullish divergence, which implies the formation of the bottom in the short term and the impulsive price increase. However, for the formation of a trend reversal, a similar divergence should appear on older timeframes, that is, on the daily chart. Another sign of an imminent reversal may be testing lower levels and the formation of a double bottom on low timeframes.
Recently, there has been a massive sale on the stock market, which leads to the fact that the index of fear and greed has reached an extreme value. Traders and investors are already comparing the recent collapse with the legendary market corrections that took place in 1929, 1987 and 2000.
There is a sale of shares at a discount of 30-40%, with individual shares falling by about 70%.
History knows such landslides. Coronavirus, of course, is a unique case, however, markets tend to move according to a certain pattern, which is associated with human psychology.
When the bubbles burst, the initial drop is usually between 35-50%, after which a rebound is observed. This bounce is often called the “dead cat jump” or the “bull trap” that makes investors believe that everything is working out.
Historical data show similar movements. During the 2000 Dot.com bubble, the Nasdaq 100 index fell 40%, after which an upward momentum was observed for 3-4 months.
In January 2018, Bitcoin showed a similar drop immediately after its bubble burst in December 2017. The price fell from $ 19700 to $ 10800, which corresponds to a decrease of 45% from the beginning of the year. After that, bitcoin rose from $ 10800 to $ 17000 before the bearish trend continued.
Since the stock market already has a sale within 30-40% and a bearish bearish momentum is observed, it will not be surprising if a rebound occurs in the coming weeks. Such short-term growth in the stock market will allow the cryptocurrency market to turn green.
This assumption is supported by the fact that recently all markets have shown a positive correlation with each other. Gold and bitcoin fell significantly, due to the fact that investors sought liquidity in order to cover losses in the stock market.
Of course, all this does not prove that the cryptocurrency market has reached its bottom. However, bullish divergence allows us to expect a short-term rally, the main objectives of which will be the levels of $ 5600- $ 5800 and $ 6000-6100. If these zones are not overcome, then we should expect testing of the lower support levels located in the region of $ 4800, $ 4200 or even $ 3750.
Bottom formation takes time, and in the current economic instability it is impossible to predict how long this period will last and when the coronavirus will eventually leave the stage.
Bitcoin price rises above $ 6,000 amid US Federal Reserve statement on unlimited asset purchase
The price of bitcoin on March 23 exceeded $ 6,000 amid reports of new measures to stimulate the economy by the US Federal Reserve.
According to Bloomberg, on Monday the Fed announced a second wave of initiatives to support the US economy, including the purchase of an unlimited number of bonds, and the creation of programs to provide loans for corporations and government agencies.
The Fed will buy Treasury bonds and mortgage-backed securities (MBS) "in the amount necessary to ensure the smooth functioning of the market." Interfering in the corporate bond market is an unprecedented move for the Fed, although central banks in other countries have taken similar measures to support liquidity conditions for corporate borrowers. These Fed actions highlight the magnitude of the problems caused by the outbreak of coronavirus.
In accordance with the new programs, the Fed will make many efforts, many of which are aimed at providing direct assistance to employers, as well as cities and states. “It is necessary to take measures in the public and private sectors to limit the loss of jobs and income, as well as to facilitate quick recovery after overcoming current problems,” the Fed said in a statement.
The price of bitcoin on March 23 exceeded $ 6,000 amid reports of new measures to stimulate the economy by the US Federal Reserve.
According to Bloomberg, on Monday the Fed announced a second wave of initiatives to support the US economy, including the purchase of an unlimited number of bonds, and the creation of programs to provide loans for corporations and government agencies.
The Fed will buy Treasury bonds and mortgage-backed securities (MBS) "in the amount necessary to ensure the smooth functioning of the market." Interfering in the corporate bond market is an unprecedented move for the Fed, although central banks in other countries have taken similar measures to support liquidity conditions for corporate borrowers. These Fed actions highlight the magnitude of the problems caused by the outbreak of coronavirus.
In accordance with the new programs, the Fed will make many efforts, many of which are aimed at providing direct assistance to employers, as well as cities and states. “It is necessary to take measures in the public and private sectors to limit the loss of jobs and income, as well as to facilitate quick recovery after overcoming current problems,” the Fed said in a statement.
How companies reward shareholders with dividends in cryptocurrency and hash power
Digital assets are used outside of investments, payments and tokenization of property. Some companies use them to reward shareholders. Others go even further and offer dividends with which you can mine cryptocurrency yourself.
The Japanese brokerage company Monex Group on Monday confirmed that it will give out small amounts of bitcoin to the holders of its shares as an incentive in connection with the end of fiscal year 2019.
To receive the payment, the shareholder must have an account on the Monex cryptocurrency exchange Coincheck. All Coincheck users who will have Monex shares at their disposal as of March 31 will be able to become participants.
The program is rather aimed at increasing interest in cryptocurrencies in general, rather than real monetary incentives. The payout amount will be only 500 Japanese yen - the equivalent of 0,00077 BTC or $ 4.54 at the current rate.
Initially, Monex plans to support the holders of its shares with cryptocurrency became known last September. Bitcoins will be paid in addition to Monex points, which the company traditionally encourages shareholders. They can also be exchanged for cryptocurrency.
What other companies reward shareholders with cryptocurrency?
Monex is not the only company that has decided to resort to a similar method of stimulating shareholders. Last August, it became known that another Japanese financial holding company - SBI Holdings - will pay investors incentives in the XRP cryptocurrency. To do this, they needed to have at least 100 SBHGF shares. The payment amount was fixed and amounted to 30 XRP - $ 7.60 at the exchange rate at that time and $ 4.50 now.
Interestingly, SBI itself has since depreciated by 40% since then - in full tandem with its American fintech partner.
Mining company United American Corp., previously featured in the news due to an unsuccessful attempt to sue Kraken, Bitmain and Roger Vera, went even further. In February, she announced that she would pay dividends with hash powers.
According to a press release, UnitedCorp will provide 0.5 gigabytes per new share. Thus, the owner of 2 million shares can receive mining power for 1 petache. They can be directed to the mining of bitcoin and other cryptocurrencies in the mining pool at their own discretion. Currently, UnitedCorp has equipment for the extraction of cryptocurrencies based on the SHA-256 algorithm.
Digital assets are used outside of investments, payments and tokenization of property. Some companies use them to reward shareholders. Others go even further and offer dividends with which you can mine cryptocurrency yourself.
The Japanese brokerage company Monex Group on Monday confirmed that it will give out small amounts of bitcoin to the holders of its shares as an incentive in connection with the end of fiscal year 2019.
To receive the payment, the shareholder must have an account on the Monex cryptocurrency exchange Coincheck. All Coincheck users who will have Monex shares at their disposal as of March 31 will be able to become participants.
The program is rather aimed at increasing interest in cryptocurrencies in general, rather than real monetary incentives. The payout amount will be only 500 Japanese yen - the equivalent of 0,00077 BTC or $ 4.54 at the current rate.
Initially, Monex plans to support the holders of its shares with cryptocurrency became known last September. Bitcoins will be paid in addition to Monex points, which the company traditionally encourages shareholders. They can also be exchanged for cryptocurrency.
What other companies reward shareholders with cryptocurrency?
Monex is not the only company that has decided to resort to a similar method of stimulating shareholders. Last August, it became known that another Japanese financial holding company - SBI Holdings - will pay investors incentives in the XRP cryptocurrency. To do this, they needed to have at least 100 SBHGF shares. The payment amount was fixed and amounted to 30 XRP - $ 7.60 at the exchange rate at that time and $ 4.50 now.
Interestingly, SBI itself has since depreciated by 40% since then - in full tandem with its American fintech partner.
Mining company United American Corp., previously featured in the news due to an unsuccessful attempt to sue Kraken, Bitmain and Roger Vera, went even further. In February, she announced that she would pay dividends with hash powers.
According to a press release, UnitedCorp will provide 0.5 gigabytes per new share. Thus, the owner of 2 million shares can receive mining power for 1 petache. They can be directed to the mining of bitcoin and other cryptocurrencies in the mining pool at their own discretion. Currently, UnitedCorp has equipment for the extraction of cryptocurrencies based on the SHA-256 algorithm.
Vollgar botnet attacks thousands of cryptocurrency mining servers running Microsoft SQL
For two years, the Vollgar botnet has been attacking servers using Microsoft SQL databases to mine cryptocurrencies, according to the Hacker News portal.
According to Guardicore Labs, only in recent weeks have attackers managed to infect 2,000 to 3,000 servers daily. The attack is carried out by password guessing on servers with weak protection. After that, hackers can execute the commands they are interested in and install mining software.
The victims of attacks are organizations in the field of healthcare, aviation, education, telecommunications and IT in China, India, South Korea, Turkey and the USA. The main monitoring server for attackers is located in China. By a curious coincidence, he himself was also attacked.
Guardicore Labs unveiled a script on GitHub that will help potential victims identify signs of botnet interference in their systems. The botnet is mining VOLLAR cryptocurrency, from which it got its name.
“Among the files on the monitoring server, we found tools for attacks on MS-SQL that scan IP ranges, hack by brute force and remotely execute commands,” Guardicore Labs said. “We also found two programs with an interface in Chinese.”
Guardicore Labs recommends that server administrators use enhanced security measures to prevent hacking.
“The databases of these servers are attractive to attackers, not only because of the valuable computing power, but also due to the huge amounts of data stored in them. They can contain personal information, including usernames, passwords and credit card information, which hackers can access with a simple brute force, ”the company adds.
For two years, the Vollgar botnet has been attacking servers using Microsoft SQL databases to mine cryptocurrencies, according to the Hacker News portal.
According to Guardicore Labs, only in recent weeks have attackers managed to infect 2,000 to 3,000 servers daily. The attack is carried out by password guessing on servers with weak protection. After that, hackers can execute the commands they are interested in and install mining software.
The victims of attacks are organizations in the field of healthcare, aviation, education, telecommunications and IT in China, India, South Korea, Turkey and the USA. The main monitoring server for attackers is located in China. By a curious coincidence, he himself was also attacked.
Guardicore Labs unveiled a script on GitHub that will help potential victims identify signs of botnet interference in their systems. The botnet is mining VOLLAR cryptocurrency, from which it got its name.
“Among the files on the monitoring server, we found tools for attacks on MS-SQL that scan IP ranges, hack by brute force and remotely execute commands,” Guardicore Labs said. “We also found two programs with an interface in Chinese.”
Guardicore Labs recommends that server administrators use enhanced security measures to prevent hacking.
“The databases of these servers are attractive to attackers, not only because of the valuable computing power, but also due to the huge amounts of data stored in them. They can contain personal information, including usernames, passwords and credit card information, which hackers can access with a simple brute force, ”the company adds.
A district judge in the Southern District of New York rejected Telegram's request for the possibility of issuing its GRAM tokens to non-US investors. The court considers that tokens to US citizens can enter through the secondary market.
https://www.coindesk.com/judge-denies-telegrams-request-to-issue-gram-tokens-to-non-us-investors
https://www.coindesk.com/judge-denies-telegrams-request-to-issue-gram-tokens-to-non-us-investors
In the new ranking of cryptocurrencies in China, bitcoin fell to three positions, the leader is EOS
The China Information Technology Industry Development Center (CCID) has published the next 17th cryptocurrency rating in a row, in which EOS still ranked first. Bitcoin (BTC) moved down to rank 14, skipping ahead Cosmos (ATOM), Stellar (XLM) and DASH.
The three leaders in comparison with the previous assessment in February did not change: the first place among 37 cryptocurrencies is at EOS, the second is Tron, and the third is Ethereum.
The Steemit platform (STEEM), which occupied the fifth line, fell to the fifteenth line against the background of the “revolt of validators” and the hard fork that occurred. As a result, the TOP-5 turned out to be the IOST protocol (IOST).
Halving did not prevent Bitcoin Cash from improving its position and moving from 34th to 31st in the ranking.
From February to March 2020, due to the consequences of the coronavirus pandemic, the updating of individual projects slowed down and the overall index remained virtually unchanged.
The projects included in the rating are evaluated in three main categories: basic technology, applicability and creativity.
The China Information Technology Industry Development Center (CCID) has published the next 17th cryptocurrency rating in a row, in which EOS still ranked first. Bitcoin (BTC) moved down to rank 14, skipping ahead Cosmos (ATOM), Stellar (XLM) and DASH.
The three leaders in comparison with the previous assessment in February did not change: the first place among 37 cryptocurrencies is at EOS, the second is Tron, and the third is Ethereum.
The Steemit platform (STEEM), which occupied the fifth line, fell to the fifteenth line against the background of the “revolt of validators” and the hard fork that occurred. As a result, the TOP-5 turned out to be the IOST protocol (IOST).
Halving did not prevent Bitcoin Cash from improving its position and moving from 34th to 31st in the ranking.
From February to March 2020, due to the consequences of the coronavirus pandemic, the updating of individual projects slowed down and the overall index remained virtually unchanged.
The projects included in the rating are evaluated in three main categories: basic technology, applicability and creativity.
KuCoin Launches Over-The-Counter Platform for Corporate Customers
The Singapore cryptocurrency exchange KuCoin, in collaboration with the DigitalBits blockchain protocol, is launching a new platform for OTC trading (OTC), CoinDesk writes.
The Enterprise Currency Desk (ECD) platform is aimed at companies interested in joining the blockchain and decentralized finance (DeFi) space. It is expected that ECD will allow such companies to buy large amounts of digital currency, which they can then use to authenticate wallets, pay transaction fees or stake.
“A specialized service for obtaining tokens and liquidity will allow companies to easily interact with solutions on the blockchain without the need to attract experienced traders,” KuCoin reports.
DigitalBits will mediate the provision of tokens required by companies to solve specific problems. Thanks to this, they will not have to look for projects that suit their individual interests. For example, this way they will be able to purchase a large amount of stablecoins or get support in launching their own tokens.
“Consumers do not need to know how to access tokens through exchange accounts. We will provide direct interaction with the brand or loyalty system, ”the company said.
At the end of 2018, KuCoin raised $ 20 million in funding from IDG Capital, Matrix Partners and Neo Global Capital.
The Singapore cryptocurrency exchange KuCoin, in collaboration with the DigitalBits blockchain protocol, is launching a new platform for OTC trading (OTC), CoinDesk writes.
The Enterprise Currency Desk (ECD) platform is aimed at companies interested in joining the blockchain and decentralized finance (DeFi) space. It is expected that ECD will allow such companies to buy large amounts of digital currency, which they can then use to authenticate wallets, pay transaction fees or stake.
“A specialized service for obtaining tokens and liquidity will allow companies to easily interact with solutions on the blockchain without the need to attract experienced traders,” KuCoin reports.
DigitalBits will mediate the provision of tokens required by companies to solve specific problems. Thanks to this, they will not have to look for projects that suit their individual interests. For example, this way they will be able to purchase a large amount of stablecoins or get support in launching their own tokens.
“Consumers do not need to know how to access tokens through exchange accounts. We will provide direct interaction with the brand or loyalty system, ”the company said.
At the end of 2018, KuCoin raised $ 20 million in funding from IDG Capital, Matrix Partners and Neo Global Capital.
Report: The XRP community is shrinking rapidly
Ripple's altcoin XRP developers periodically state that their ecosystem continues to expand. Some of them even called the project community the “XRP Army.”
However, the data from TIE and eToro show that the picture is far from being as joyful as it is presented in Ripple startup.
Analysts published a report that drew attention to a sharp reduction in the number of posts and discussions on social networks dedicated to the XRP token.
In parallel, there is a tendency for capital to leave the altcoin. In the first three months of 2020, the coin collapsed by about 10%.
The popularity of Bitcoin, on the contrary, is growing. For comparison, since January, the number of mentions of the largest digital currency on Twitter and other social networks has almost doubled. Moreover, the BTC ecosystem expanded even during periods of falling coin value, as evidenced by the increase in the number of new addresses on the network.
In the Telegram messenger, the number of chat visitors focused on Ripple and XRP has significantly decreased.
In the crypto community, many are extremely skeptical about the prospects for altcoin. Traders have repeatedly stated that XRP will fall in price. Moreover, coin developers themselves periodically resort to its sales, thereby provoking a new phase of asset weakening.
Ripple's altcoin XRP developers periodically state that their ecosystem continues to expand. Some of them even called the project community the “XRP Army.”
However, the data from TIE and eToro show that the picture is far from being as joyful as it is presented in Ripple startup.
Analysts published a report that drew attention to a sharp reduction in the number of posts and discussions on social networks dedicated to the XRP token.
In parallel, there is a tendency for capital to leave the altcoin. In the first three months of 2020, the coin collapsed by about 10%.
The popularity of Bitcoin, on the contrary, is growing. For comparison, since January, the number of mentions of the largest digital currency on Twitter and other social networks has almost doubled. Moreover, the BTC ecosystem expanded even during periods of falling coin value, as evidenced by the increase in the number of new addresses on the network.
In the Telegram messenger, the number of chat visitors focused on Ripple and XRP has significantly decreased.
In the crypto community, many are extremely skeptical about the prospects for altcoin. Traders have repeatedly stated that XRP will fall in price. Moreover, coin developers themselves periodically resort to its sales, thereby provoking a new phase of asset weakening.
The developers of the Chinese EOS wallet hid from $ 52 million users
The developers of the EOS Ecosystem wallet, who promised high interest on deposits in the same cryptocurrency, closed their platform and, presumably, disappeared from $ 52 million, The Block writes about this, citing messages in the Chinese crypto space.
On Monday, investors began reporting that they could not access their wallets through the EOS Ecosystem app. According to the local ChainNews portal, most of the funds also left the service address.
Earlier, ChainNews reported that the EOS Ecosystem does not have its node in the EOS network, contrary to the startup’s statements, and blamed the creators for organizing the financial pyramid. In 2019, the project was sued for organizing a pyramid, allegedly raising 33 million EOS, or about $ 81 million at the current rate.
Since Block.one launched the EOSIO protocol in 2018, a lot of fraudulent schemes have developed around the project, including EOS Vote, EOSCUBE and EOSFIN.
In the meantime, a new dubious project was noticed in the Bitcoin ecosystem, offering investors to take part in the “spiritual mining” of cryptocurrency.
The developers of the EOS Ecosystem wallet, who promised high interest on deposits in the same cryptocurrency, closed their platform and, presumably, disappeared from $ 52 million, The Block writes about this, citing messages in the Chinese crypto space.
On Monday, investors began reporting that they could not access their wallets through the EOS Ecosystem app. According to the local ChainNews portal, most of the funds also left the service address.
Earlier, ChainNews reported that the EOS Ecosystem does not have its node in the EOS network, contrary to the startup’s statements, and blamed the creators for organizing the financial pyramid. In 2019, the project was sued for organizing a pyramid, allegedly raising 33 million EOS, or about $ 81 million at the current rate.
Since Block.one launched the EOSIO protocol in 2018, a lot of fraudulent schemes have developed around the project, including EOS Vote, EOSCUBE and EOSFIN.
In the meantime, a new dubious project was noticed in the Bitcoin ecosystem, offering investors to take part in the “spiritual mining” of cryptocurrency.