Bitcoin surpasses $ 9,000 and drops to $ 8,200 in five hours. Mining becoming very difficult and expensive. Downward correction for most coins. Coinbase retail now offering EOS. Money exodus from China could fuel crypto markets. Japan OK’s crypto law.
At pixel time (05:40 UTC), Bitcoin trades at around USD 8,204, or 6% less than 24 hours ago. The absolute majority of the top 100 coins by market capitalization are also in red. Nevertheless, USD value of bitcoins received by merchant services in January dropped by 70%.
Osato Avan-Nomayo · @3rdPesinSingula | May 31, 2019 | 11:00 Bitcoin mining difficulty has surged by more than 11 percent to reach a new all-time (ATH) for the network. Images via Twitter @kerooke and @maxkeiser, BTC.com The Rundown Bitcoin Mining Difficulty Reaches ATHMore Secure Network Re-enforces Bull Market Argument
As bitcoin price jumped by around 60% in May and competition among miners of the most popular cryptocurrency increased, Bitcoin mining difficulty reached its new all-time high today, making it more difficult for miners to win the precious reward of BTC 12.5.
BTC pullback came before the level everyone was expecting Please read retweets from the last couple days Majority have been front run all year and this is another case Could still bounce from low $8ks to $9k+ but would like to see a daily close above $8200 Bulls stepping in pic.twitter.com/dDrhe6Mudc — Josh Rager 📈 (@Josh_Rager) May 30, 2019 At the time of writing Bitcoin had stabilized above $8,200 after dropping over ten percent in a few hours yesterday.
Novogratz concluded:“We really do feel significantly better about the business.”As Cointelegraph recently reported, Novogratz has suggested that one of the crypto assets created by social media giants will succeed.Yesterday, news broke that digital currency investment firm Dadiani Syndicate has reportedly been approached by a wealthy client to buy as close to 25% of the bitcoin supply as possible.
Given the recent bullishness throughout the market, it’s also not surprising that a handful of these same analysts are generally unmoved by today’s pullback and are calling for Bitcoin to blast through the $10k mark over the next week.
As a result, BTC/USD started a major decline and traded below the USD 8,550 and USD 8,450 support levels. Ethereum price declined more than 10% and broke the USD 275, USD 265 and USD 250 support levels. To sum up, bitcoin price was rejected near the USD 9,000 level and declined heavily below USD 8,500.
Nearly all of the top 50 cryptocurrencies are in the red at press time, according to data from Coin360.Market visualization courtesy of Coin360After peaking at a 52 week high of over $9,000, BTC is down by 3.91% on the day, and is trading at $8,333 according to CoinMarketCap. The leading cryptocurrency currently has a market cap of $147.8 billion at press time.Bitcoin 24-hour price chart.
Finance Guru Says Bitcoin (BTC) Could Hit $8 Million – Plus Ripple and XRP, Ethereum, Litecoin, Stellar, CardanoThe Daily Hodl
Bitcoin Best-selling finance author, managing director of Formula Capital and one of the top 10 influencers on LinkedIn, James Altucher, says he still believes Bitcoin can hit $1 million – and $8 million per BTC is not out of the question. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets.
Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Binance Coin, Bitcoin SV, Stellar, Cardano: Price Analysis May 31CoinTelegraph
If successful, another rise to the overhead resistance zone is probable.Though both the moving averages are sloping up and the RSI is in the positive zone, the negative divergence on the RSI is giving a warning signal.A breakdown of the 20-day EMA can sink the ETH/USD pair to $225.39.
Bitcoin cash price rallied above the $455 resistance before correcting lower against the US Dollar.The price traded towards the $482 level before starting a downside correction.There is a major ascending channel forming with support at $410 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).The pair remains well supported on the downside and it could bounce back above $430 and $440.
The second-largest altcoin, XRP, has a market cap of $17.8 billion at press time.CoinMarketCap data shows that ETH has seen virtually no movement over the last 24 hours.
IOTA also dropped fiercely with an 11% decline and traded at the $0.46 mark on Friday after having reached a high of $0.55 on Thursday.Smaller market cap coins also showed considerable declines with Ethereum Classic (ETC) down by 7% to the $8.05 level, whilst VET, ICX and LINK also demonstrated steep drops of between 6 and 15%.
The valuation relies on Bitcoin replacing paper currency, although Altucher believes that Bitcoin’s superior qualities should see this happening either fully or partially in the long run. Several other analysts have made predictions of Bitcoin going to $1 million. Do you agree with Altucher’s bitcoin price prediction?
Despite that, SCMP theorized that because of the escalating U.S-China trade war, SAFE might be protecting against a metaphorical run on the bank, with citizens looking to safeguard their wealth in other currencies, or abroad.ZeroHedge theorizes that if this is happening to numerous wealthy Chinese businessmen, this could be part of why the cryptocurrency markets are currently pumping.
Exchanges, Mixers & Miners
Instead, she said that the company sends its orders to multiple trading venues including market makers, brokers and exchanges.Robinhood acquired the coveted BitLicense from the New York Department of Financial Services and began offering trading of Bitcoin SV (BSV) and other cryptos this month.
This time around, the coin being added is EOS, currently the fifth-largest cryptocurrency by market cap. Though this is pure speculation at press time, it’s wondered if perhaps the company did so to avoid allegations of insider trading, like those it faced when it first added bitcoin cash.
Singapore-based Huobi Global has reportedly taken extra steps to ensure that wash trading isn’t happening on its platform after it was named by BitWise Asset Management as a crypto exchange suffering from fake trading volume earlier this year. Still, the report alleging that Huobi has a wash trading problem came as a “surprise” to the Huobi team, Weng said.
The president and chief operating officer at Coinbase, Asiff Hirji, is parting ways with the No. 1 US cryptocurrency exchange after providing services to the firm for 18 months. Michael Li, a former data executive at LinkedIn that joined Coinbase in March 2018 replaces Hirji in the COO role, the company announced today.
Coinbase users can now buy, sell, receive, convert, and store crypto on the platform as well as exchange it against fiat currencies that are supported. According to Coinbase, EOS will be available in most jurisdictions where the exchange operates, except for the state of New York and the United Kingdom with the former having reportedly been strict towards crypto assets of all kinds.
Binance announced the development in an official blog post on May 30.The Binance for Children Special Impact Education Project Uganda reportedly aims to provide a number of new supplies to schools in Uganda, such as solar panels, sanitary pads, school supplies, LED screens, as well as breakfast and lunch for students.According to the CEO of Safe Future, Mula Anthony, these developments will reach 100,000 students and 160 schools in the region.
Bitcoin Moves Half A Billion In Minutes Data from Whale Alerts, which monitors transactions on cryptocurrency blockchains, initially worried commentators after showing a series of transactions worth over $500 million. With fees remaining low over the past six months, the cryptocurrency easily beats alternative funds transfer options on both time and expense.
Some users reportedly missed the short time window and were not able to withdraw their funds, as one user said on the aforementioned forum:“I recently came to know about the shutting down process of bitblender, I had much coins saved onto it.
Squire agrees to purchase companies with cloud computing assets totaling 2,985 petahash to become one of the world’s largest public crypto mining companiesCoinGeek
In such circumstances, Squire would be obligated to pay to Calvin Ayre liquidated damages equal to USD$1,000,000 and shall have no obligation thereafter.Prior to Closing, at Squire’s request and subject to certain expense sharing between the Parties and indemnification from Squire in respect of any extended period of non-operation of such units, the Companies will cause certain of the units to be relocated from their current location for strategic reasons.Further information regarding the Transaction will be included in the information circular that Squire will prepare, file, and mail in due course to its shareholders in connection with the Shareholders Meeting.
Scams, Hacks & Legal Matters
The Australian Securities and Investments Commission (ASIC) has published an update on how it intends to regulate crypto-related businesses and initial coin offerings (ICOs).In this guideline, the financial regulator outlines requirements that need to be followed for cryptocurrency businesses to be compliant with the ASIC Act.This update is noteworthy as the country continues to battle crypto scams, losing almost $4.3 million in 2018.Going forward, companies issuing crypto assets deemed to be financial products will be required by law to procure an Australian Financial Services (AFS) license.
U.S. citizen Morgan Rockcoons has been sentenced to fines and prison time for running unlicensed money exchange services on LocalBitcoins.Advertising himself on the peer-to-peer bitcoin trading network, Rockcoons made more than 1,000 transactions with hundreds of different users.
In a notice posted on its Twitter page, the Banki Nkuru y’u Rwanda (BNR) urged the public to beware of these scams that promise quick wealth in a short period.The scams can take various forms including pyramid schemes, multi-level marketing schemes or the issuance of a fake initial coin offering, the notice stated.
While the pilot project disappointed on cost-effectiveness and speed, it “fulfilled all basic regulatory features for financial transactions.” “The blockchain solutions did not fare better in every way: the process took a bit longer and resulted in relatively high computational costs,” said the central bank president in Frankfurt.
The phishing attempt had similar characteristics to previous attacks by the Soo-ki group against South Korean government agencies.Adding to the ingeniousness of their attack, the malicious file was password protected with the world “UPBIT,” preventing anti-malware software from analyzing the file.
Per Nikkei, the amendments “include measures to strengthen the regulations governing cryptocurrency exchanges and transactions.” The legal changes are expected to come into effect as of April 2020.
Until the user balance database is reconciled with the crypto-asset wallets operated by the company, we cannot confirm the value of Customer holdings.” According to the report, the exchange had $691,229 in cash at the time of liquidation along with a loan of $150,000.
He noted that tools are out there that could have prevented the hack that started this whole problem, but many exchanges simply aren’t using them out of a lack of legal obligation to do so.Although Cryptopia is a New Zealand exchange, the majority of the funds put into the exchange came from the U.S., suggesting that American customers now have to hope American courts compel a U.S. data company to hand over data it’s holding hostage from a foreign company so that they can get their money back.This is now a crossroads for the cryptocurrency community.
Everyone can be Satoshi Nakamoto.” The copyright office listed Liu’s filing a month after Australian computer scientist Craig Wright submitted his copyright registrations for Bitcoin’s white paper and original code, amid ongoing lawsuits related to his claims that he is the true creator of BTC.
It noted, “We are still investigating on the issue and can’t disclose more details on the overall situation.”In a front-page spread in a local newspaper, an expose found a bitcoin mining facility that had been constructed in Ginkang station, and had been running at 60% capacity, with scope for up to 50,000 mining units.A spokesperson for the Bureau said in any event, it was important to investigate whether these constructions were legal:“If [a BTC mining farm] is built within the authorized area of a power station for electricity consumption, we need to verify if their usage is legal.
The Australian securities regulator has published new guidance aimed at companies involved in promoting cryptocurrency assets and ICOs, in an attempt to bring greater regulatory clarity to the sector.The Australian Securities and Investments Commission (ASIC) released the updated guidance Thursday, which spells out the legal obligations cryptocurrency firms must discharge to operate lawfully, covering the ASIC Act, the Corporations Act and other applicable laws.In a statement, the regulator said the measures were necessary to protect consumers coming into contact with the industry.
Japan’s parliament has approved amendments to two financial laws – officially changing the legal name for cryptocurrencies to “crypto assets,” and outlawing market manipulation. Per Nikkei, the amendments “include measures to strengthen the regulations governing cryptocurrency exchanges and transactions.” The legal changes are expected to come into effect as of April 2020.
“To that end, the CPMI has been developing analytical reports and frameworks to aid central banks in their assessments, frequently partnering with other SSBs and central bank committees.” Concerns around crypto Though many bodies are working on the adaptation of the crypto assets, others are skeptics and raised concerns about the impact of digital currencies on financial stability.
One example is the first FinTech Forum scheduled for today.This meeting calls together commissioners from the SEC with individuals working in finance and crypto to descend on the SEC’s headquarters in Washington, DC to talk about digital assets, distributed ledger technology (DLT) and more.
Bitcoin Has ‘Big Risks’ Speaking to the country’s parliament, the Duma, about the Bank of Russia’s impact over 2018, Elvira Nabiullina continued an increasingly bearish stance on cryptocurrency. Russian Court In Cryptocurrency First Russia’s largest state-owned bank also poured water on its future interaction with the crypto industry.
In a front-page spread in a local newspaper, an expose found a bitcoin mining facility that had been constructed in Ginkang station, and had been running at 60% capacity, with scope for up to 50,000 mining units.A spokesperson for the Bureau said in any event, it was important to investigate whether these constructions were legal:“If [a BTC mining farm] is built within the authorized area of a power station for electricity consumption, we need to verify if their usage is legal.
As reported, at the meeting that will be held at Fukuoka, Japan, on June 8-9th, the groups finance ministers and central bankers will be discussing a number of issues regarding digital assets, most prominently money laundering, as well as the ever-important customer protection.
Blockchain Projects & Insurance
The coverage was made possible through a partnership with insurance broker Aon, the same company that secures Coinbase’s assets.Anchorage co-founder and CEO Nathan McCauley says in his blog post that the insurance will help protect users from activity such as hacks and fraud that have plagued other platforms.
The United Services Automobile Association (USAA) and State Farm are testing blockchain technology as they seek to automate insurance claims at the subrogation stage. You can imagine the time and resource required to complete these transactions.”USAA and State Farm are testing blockchain technology in the insurance process to gain efficiencies.
This platform is not new, as it has been used with Deloitte and the Institute of Banking as an education platform, but it has been discovered that this platform will work perfectly to aid in the verification and tracking of educational and regulatory qualifications and credentials for employees.For AIB, many have to wonder if the financial institution is looking for ways to improve its security across all of its platforms by implementing this new blockchain technology.
Still, the release “is not intended to be a production-ready application and we do not recommend that you use it as such.” Instead, the paper warns:“It is an experimental solution and still being actively developed.”In April, EY also released two new blockchain developments, a new version of its Blockchain Analyzer and a zero knowledge proof protocol.As Cointelegraph explained in the recently released dedicated analysis, the recent government crackdown on cryptocurrency mixers, which help add privacy through anonymity to crypto transactions, has caused outrage in the crypto community.
News Cryptocurrency data aggregator and wallet provider Blockchain.info will launch trading of its fifth coin, paxos standard token (PAX), on Monday, the company told industry news outlet CoinDesk on May 31.Paxos is a United States dollar-pegged stablecoin, and its addition will be a first for Blockchain.info in the stablecoin space.Blockchain currently supports four cryptocurrencies: bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH) and stellar (XLM), having removed its limited bitcoin SV (BSV) options earlier this month.The company had hinted about the move for some time, surveying users about their relationship with stablecoins and releasing publicity material.
Between January and April of this year, exchange-related transactions nonetheless continued to account for 89.7% of all bitcoin activity — down just a fraction from 91.9% for the whole of 2018, Chainalysis’ data indicates.This month, major U.S.-based cryptocurrency exchange Coinbase announced that Coinbase Commerce — its crypto payment processor for merchants — would begin supporting Circle’s stablecoin USD Coin (USDC).