Bitcoin, Ethereum, Ripple Drop 3% in $9 Billion Crypto Market Retreat

Advertisement

Get exclusive analysis and cryptocurrency insights on Hacked.com for just $39 per month.

The valuation of the cryptocurrency market has dropped by more than $9 billion over the past 24 hours, as major cryptocurrencies such as bitcoin, Ethereum, Ripple, Bitcoin Cash, and Cardano declined in the range of 2 to 5 percent.

Minor Movement

Yesterday, on June 7, CCN reported that the cryptocurrency market has stabilized to an extent, as both major cryptocurrencies and minor tokens remained in the same region for over a week, struggling to initiate movements on the upside.

Short-term stability in the cryptocurrency market often lead to two outcomes: a significant break to the upside or a slow bleed out to previous support levels. Over the past 24 hours, bitcoin dropped from $7,700 to $7,550, deleting its gains on June 7 and ending its short-term recovery back to $8,800.

If BTC fails to rebound to $7,700 in the upcoming hours, within the next 12 hours maximum, a break below the $7,000 region can be expected. It is likely that BTC falls below $7,000, if a major support level at around $7,400 as seen in the 4-hour chart of BTC below is broken.

The majority of investors including prominent trader Peter Brandt predicted an upside break for BTC throughout this week. But, as CCN emphasized on June 6, predictions on the upside are conditional and based on an assumption that the volume of BTC recovers in the short-term. Throughout the past two weeks, the daily trading volume of BTC has remained relatively low, in comparison to early 2018.

“BTC is setting up for a big move soon. From a pure charting point of view the move could be in either direction. In fact, the burden of truth is on the bulls,” said Brandt on June 7, as BTC seemed to build strong foundation for an upside movement. But, the upside movement ended in the $7,700 region, falling below $7,600 once again.

In the short-term, given the low volume of BTC and Ether, the native cryptocurrency of the Ethereum network, it is likely that BTC falls below the $7,000 mark and altcoins or tokens fall substantially against both the US dollar and BTC.

Most traders agree that BTC will likely initiate a strong rally by the end of the third quarter of 2018, supported by a huge spike in volume and demand. But, in the short-term, investors have to acknowledge the fact that the cryptocurrency market is dealing with a bear cycle, mostly due to the lack of volumes.

Tokens Struggling

Ontology (ONT), Aelf (ELF), 0x (ZRX), and others that have seen an exponential increase in value over the past month have started to struggle against both the US dollar and BTC. If Ether continues to fall influenced by the downward trend of BTC, tokens will likely suffer a larger drop in value than major cryptocurrencies.

Featured image from Shutterstock.

Follow us on Telegram.

Advertisement

‘Chinese Google’ Baidu to Release Interstellar Blockchain Game

Chinese search engine Baidu has created a blockchain-based game called “Du Yuzhou” (The Universe) where users will receive “elements” to build their own planets while using blockchain features, Coindesk reports Friday, June 8.

The website announces an “open blockchain interplanetary journey,” describing the game as “a magical world made up of all kinds of rare elements” with each user having a “unique planet” that can be explored.

The site notes that each user will receive 100 random elements in an air drop when the game launches — the more elements a user has, the larger the planet grows, thus increasing its gravity and allowing it to get more elements that unlock “mysterious functions.”

Earlier this week, Baidu announced the release of a blockchain protocol aimed at reducing mining energy consumption called the “Super Chain.” In April, Baidu had already released a blockchain-based image rights platform that prevents infringement of copyrighted images.

Blockchain-based games are not new to the crypto space. Ethereum’s CryptoKitties, a digital kitten collectibles game, made more than $12 mln in sales last December.

Crypto Exchange Coinone’s Margin Trading is Illegal Gambling: Korean Police

Advertisement

Get exclusive analysis and cryptocurrency insights on Hacked.com for just $39 per month.

Following a 10-month investigation by its cybercrime unit, a South Korean police department confirmed it would recommend prosecuting cryptocurrency exchange giant Coinone on charges of illegal gambling.

According to a Yonhap report, a southern provincial police department in South Korea has determined that Coinone’s margin trading service is akin to illegal gambling, according to existing laws that, that might be used for money laundering of criminal proceeds.

‘Margin trading is similar to credit (borrowed) trading on stock markets,” an excerpt from the report reads, “but it was based on gambling because it did no have permission from the authorities.” Coinone is said to have provided up to 4x of the initial deposit, in addition to gaining commissions for a margin trade. Margin trading was among the earliest services to be barred among crypto trading platforms in China before a broader clampdown on exchanges and a blanket ban on ICOs in 2017.

A 10-month investigation determined that some 19,000 users had participated in Coinone’s margin trading platform, an offering which began in late 2016 Traders were predominantly aged between their 20s to 50s and were unemployed, office workers and self-employed, details from the investigation, which began in August 2017, revealed.

The police specifically narrowed in on 20 high-volume traders after they were alleged to have handled transactions over 3 billion won ($2.78 million) between 3,000 to 13,000 trades through Coinone.

The police department revealed it took nearly a year to investigate the platform since it was the first investigation of its kind to delve into the operations of a domestic cryptocurrency exchange.

Further, the police confirmed plans to push for charges against three senior Coinone executives including chief executive Myunghun Cha and a co-director along with recommending the 20 high-volume trading to the prosecutor’s office.

One of Korea’s largest cryptocurrency exchanges, Coinone has repeatedly denied all charges since the beginning of the investigation, with one unnamed employee telling Yonhap:

We do not consider it illegal because it has been legally reviewed by lawyers before [its launch]. Since we did not receive interest on the part of the lender who saw four times the margins, I cannot see it [as a crime].

Featured image from Shutterstock.

Follow us on Telegram.

Advertisement

Crypto Trading Platform Implements Automated Bots for Major Crypto Exchanges

Having emerged in September 2017, 3Commas, an international crypto trading startup, has introduced a series of automatic trading bots for Binance. The company also has revealed its plans to launch the bots for all other major supported exchanges, like BitFinex, Bittrex, Bitstamp, KuCoin, Poloniex, HitBTC, Cex, Huobi and YOBIT in due course.

The company says the bot is designed to help traders create passive income, while providing safety mechanisms to prevent losses, in case the market goes down.

Choosing the investing tools

According to 3Commas’ website, there are currently over 30,000 active traders on the platform with a total daily volume of transactions worth $10 mln. The service offers Smart-Trade, Indexed Portfolios and AutoTrade Bots.

For instance, the Smart-Trade set enables users to apply concurrent stop-loss and take-profit account settings, a feature that is currently not available in any other cryptocurrency exchanges, the company says. 3Comma representatives told Cointelegraph that trailing features complement the smart-trade function and follow price-action while users can set the percentage deviation to further reduce risk and maximize profits.

For passive investors with a longer investment horizon, the company developed the Portfolio Analysis feature that allows building indexed portfolios by selecting any number of tokens and placing market orders with one click.

As the team reported to Cointelegraph, all risk indicators (Sharpe, Sortino, etc.) and back-tested, 1-month, performance data are automatically displayed while the entire index can be automatically rebalanced to maintain the original asset allocation.

Tips on the autotrade bot

3Commas’ platform presents its autotrade bot as a tool to minimize risk and receive secure passive gains. Once connected to the exchange via an API, the bots can be launched on one or up to 99 trading pairs concurrently using the default settings or can be individually customized to suit each trader’s appetite for risk, trading skills and available crypto funds.  

According to a recent review posted at Bitcoinist.com, 3Commas supports two types of trading bots – simple and complex. A simple trading bot only involves one trading pair while a complex trading bot involves multiple trading pairs.

After making a few manipulations and following set instructions, users may go to 3Commas’ menu and create their first bot by themselves. The minimum requirement to start work with the 3Commas bot is to have a Binance account connected to 3commas via an API, says the 3Comma’s blog at Zendesk.com.

Secure trading mechanisms

After getting the buy signal, the bot buys the chosen coin and immediately places a sell order. In case the price drops, bot automatically places a safety order, which is lower than the last buy-order price every X percent, says the company’s blog.

This means that the bot is “averaging” the buy price and moving the TakeProfit lower, not losing any potential profit. Therefore, if the price is going down, the bot is making additional purchases and “averaging” the buy price, that decreases the sell order in order to sell the coin right after the first bounce and take all the potential profit.

“We strongly recommend you to use the minimum possible volumes and percent of profits in first trades to understand how the bot works and how different settings impact on its workflow”, warns the company’s blog. Not only the volume, but time of purchase depends on these settings as well.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

THEKEY MVP/Testnet – Providing Access to Services We Need Most

Advertisement
This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

Today – The Illusion of Access

ID is everywhere these days. With each new service, there’s a new ID system utilizing a card, gadget, software or a combination of these. Holding all of these items we feel safe, secure, and powerful. But without them, what can we use?

If it’s my points card at a store, not a big deal. I miss out on some points. But what if it’s my bank card, local ID card, social security card, or my mobile phone with 2-factor authentication software? It’s amazing what essential services we lose in this day and age by simply losing our phone or wallet.

Now we can simply say, I would never lose those things. And when life is in our control, we can guarantee that. But how about when life is not in our control. These items we need to access essential services are often lost. Without them we lose our identity and the privileges that come with it.

We need one key to these services that we cannot lose. It needs to be undeniable, unalterable and universally acceptable for the services we need most.

THEKEY MVP/Testnet – The Beginning of the Universal Key to Essential Services

Using Blockchain based Dynamic Multi-Dimension Identification (BDMI) technology, THEKEY has created the first true real-world implementation of this for Smart Medical Insurance Pay in Kaifeng, China. It’s fast, accurate and requires only you. Simply by pressing a button and looking into a camera for a few seconds, the system knows:

  • who you are.
  • what medical insurance you have.
  • what your medical history is.

With this information, medical professionals can give you the treatment you need. No cards, gadgets or software necessary.

How?

Speed – Using a combination of IPFS, private and public blockchain technologies, the service operates just as fast as centralized services.

Who you are – THEKEY project is connected with personal identity data of 210 million people in 66 cities of China, authenticated by the relevant government authorities, on a real-time basis, which constitutes a solid foundation of IDV.

Your medical history – Decentralized Apps are used to request medical history data from hospital HIS systems and store them on IPFS. This provides a universal medical record that can be accessed by any hospital.

Your medical insurance – Decentralized Apps are used to access medical insurance records. Users provide payment to the hospital using TKY.

Benefits

No additional equipment required per user is a massive advantage that yields the following benefits:

  • More reliable results – The supporting data is gathered in real time, is comprehensive, accurate and reliable. The data is also validated in advance by government agencies or other public institutions.
  • Lower cost – Full use of existing data sources. Avoidance of duplicate work for data collection, processing and authentication,
  • Better user experience – It is not necessary for individual users to install any application or upload any information.

This system can be implemented at a national scale with an ease that no other IDV solution can match.

Tomorrow – “THE KEY” to Essential Services

Using the MVP/Testnet, THEKEY has this revolutionary system launched in one city today. This is a feat that no other solution can claim. When mainnet is ready later this year, more IDV scenarios will be involved other than smart medical insurance pay.

China’s President Xi Jinping’s recent pro blockchain speech shows that China intends to become a leader in the blockchain world. Having the highest population of any country in the world, the efficiencies gained from blockchain could give them the greatest benefits at a national level.

However, China is also the country that has banned cryptocurrencies in most respects from local use to protect its citizens. As stated by THEKEY in an AMA, they are having a discussion with the government including central bank to sort out a solution for this issue.

THEKEY uses government authenticated ID as a core element of their system – solid proof that they are working with the Chinese government. In order for THEKEY’s technology to work and be applied to entire cities, it must be government compliant.

Will Bitcoin ever succeed in China? Who knows? With the release of the MVP/Testnet, THEKEY has proven that they already have.

For further info contact:

Marc Bell | [email protected]

Polish Financial Authority Says Crypto Trading Is Legal in Wake of Anti-Crypto Campaign

The financial watchdog of Poland has recently affirmed that cryptocurrency trading is completely legal in the country, according to an official announcement published on its website June 6.

In its recent move, the Polish Financial Oversight Commission (KNF) sought to clarify the status of cryptocurrencies and crypto trading, “recognizing the emerging legal doubts related to the functioning of exchanges and exchange offices.”

The Commission’s notice comes following the country’s ongoing orchestrated campaign against cryptocurrency use in the country.

In their most recent statement, the KNF said that entrepreneurs are not banned from crypto trading since there are “no regulations prohibiting trading […] of cryptocurrencies.”

However, the financial authority noted that the government is focused on the development of regulatory framework for the market to prevent it from risks sometimes associated with crypto, such as money laundering, tax evasion, and terrorist financing.

The KNF mentioned that it is planning to introduce a regulatory system for Bitcoin (BTC) and altcoins that will be officially launched on July 13, 2018.

Last month, the KNF announced plans to conduct a social media campaign on the risks of crypto investments.  Earlier, in mid-February, Poland’s Central Bank admitted that they had secretly funded a $27,000 anti-crypto campaign consisting of one YouTube video about a man losing all his money after investing in cryptocurrencies.

Crypto Auction: $5.6 Million Andy Warhol Art to be Sold via Ethereum Blockchain

Andy Warhol
Advertisement

Get exclusive analysis and cryptocurrency insights on Hacked.com for just $39 per month.

From bond issuances to educational certificates, blockchain technology is increasingly finding new use-cases every day. Stepping aside from its use in financial and industrial sectors, the ethereum blockchain will be utilized in June 2018 to facilitate the auction of Andy Warhol’s 1980 work 14 Small Electric Chairs for cryptocurrencies.

The auction will be carried out by Dadiani Fine Art in London’s Mayfair district, in partnership with blockchain platform Maecenas Fine Art. Overall, 49 percent of Warhol’s works will be up available for sale on June 20, and the auction house will accept bitcoin and ethereum as payment.

Regarding price, the piece is valued at 732 BTC or $5.6 million at the time of writing, and would undoubtedly change as per market conditions on the day of the auction. Reportedly, the reserve price is 25 BTC or $4 million. The auction house strictly requires potential buyers to comply with local regulations.

While will not be the first time an art piece is bought using cryptocurrency, it is thought to be the most expensive and high most high profile. In January 2018,  the Art Stage Singapore witnessed the sale of four paintings in exchange of cryptocurrencies.

The founder of Dadiani Syndicate, Eleesa Dadiani, explained the development:

“We aim to render the future of fine art investments to global reach. The cryptocurrency will broaden the market, bringing a new type of buyer to art and luxury.”

Dadiani fancies herself as the “Queen of Crypto,” and earlier told The Times that the “world’s wealthy are looking for new ways to invest and the millionaire is changing.” Echoing her thoughts is Maecenas Chief Executive, Marcelo García Casil, who believes the sale “would help transform the art market.”

“We’re making history. This Warhol is the first artwork of many more to come,” Casil added.

The auction will be conducted on the Ethereum blockchain, and a smart contract will determine the final price for Warhol’s painting.

While whispers have previously been heard in the art world about blockchain making an impact in their sector, not much of a fruition has been witnessed yet. Undoubtedly, blockchain’s immutable properties can be of great help in the art domain – an industry mired with fakes and unregulated pricing.

At a recent convention in London, the co-founder of blockchain identify company Codex Protocol, Jess Houlgrave, stated that over 40 percent of all art pieces on the market are fraudulent. In this regard, blockchain’s benefits immediately come to mind – specifically the maintenance of traceable records on a public database that art collectors can view to verify their pieces.

Andy Warhol art image from Shutterstock.

Follow us on Telegram.

Advertisement

In Reddit AMA, Binance Labs Says Decentralization is ‘Investment Focus Sector’

Blockchain technology incubator Binance Labs gave an “Ask me Anything” (AMA) session on Reddit June 6, devoted to investments in crypto and blockchain projects.

One of the main topics discussed at the AMA was decentralization. Answering a question about whether a totally decentralized crypto exchange is possible, Binance Lab’s director Benjamin Rameau expressed optimism about future “fully decentralized exchanges,” claiming that the company is running “multiple projects in this space.” Rameau stated that current decentralized exchanges suffer from low transactions speeds and scalability problems:

“We intend to sponsor academia and support multiple projects in this space. Exchanges need to be fast, scalable and avoid problems such as order book front-running. For the time being, most decentralized exchanges demonstrate weaknesses [in] at least one of these factors. Some hybrid models are attempting to get the best of both world[s]. Over time there will be better, more decentralized exchanges available.”

Head of Binance Labs Ella Zhang reiterated Rameau’s statements, saying that the previously announced development of decentralized exchange DEX is “is one of [Binance Lab’s] investment focus sector[s].”

Zhang said that decentralization is “the core value of Bitcoin and blockchain,” stating that the company has launched a number of initiatives in this direction like Dexathon, in addition to partnerships with “top research orgs” to address the most challenging decentralization issues.

According to the recent AMA session, the purpose of Binance Labs fund is to “identify and support projects that will make lasting impacts to the entire ecosystem.”

In regards to how the they select projects in which to invest, Binance Labs’ team member Flora Sun said that the firm has a “very long-term investment horizon,” and it only participates in projects with long-term perspectives. According to Sun, taking the long view on projects gives Binance Labs time ascertain the “founders’ motivations” as well their “ability to deliver on their promises.”

On June 4, Zhang suggested that if the initial coin offering (ICO) bubble bursts, it would be a “good thing for the industry.” She said that current valuations are “high and unreasonable” and that truly valuable products will only come into fruition once the market evens out.

Cryptagio — Your Next Easy Crypto Exchange

Advertisement

This is a sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below.

There are currently plenty of options for buying and selling digital currencies, the fastest growing financial asset class. However, even the largest platforms do not have the capacity to meet the market’s needs in a timely manner. Cryptagio, a trading platform founded at the end of 2017 and released in April, was built in response to the growing demand for an easily accessible, fast, stable and secure cryptocurrency exchange platform.

Thanks to Cryptagio, cryptocurrency holders all over the world can now buy, sell and market eight highly demanded cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), EOS (EOS), Tron (TRX), VeChain (VEN), OmiseGo (OMG), Icon (ICX), Tether (USDT), eosDAC (EOSDAC),and Holo (HOT). Holo and eosDAC are the latest additions to the platform.

Fast, Easy And Safe

Cryptagio incorporates:
• rapid trading mechanisms;
• clear, user-friendly interface;
• multi-factor security system;
• 24/7 support.

Cryptagio’s easy-to-use API and high liquidity can meet the needs of both beginners and experienced cryptocurrency holders.

There is a maker fee of 0.1% and a taker fee of 0.25% for a monthly trading volume of zero to 5 BTC; a maker fee of 0.07% and a taker fee of 0.2% for 5 to 10 BTC; a maker fee of 0.02% and a taker fee of 0.15% for 10 to 100 BTC; and for monthly trading volume over 100 BTC, there is no maker fee and a 0.1% taker fee.

Cryptagio Values

To clarify the goals across its technical and creative teams and to maintain consistent results, Cryptagio has developed a comprehensive set of values to serve as a common ground.

Ease of use is a fundamental principle in Cryptagio’s infrastructure. The name has a connection with Italian, Greek and English.

Cryptagio has values which improve the user experience:
• 24/7 working process to streamline the trading process and speed up the exchange process.
• Sustainable growth strategy supported by the most comprehensive token incentive program.
• Two-step verification using Google Authenticator. Should someone get ahold of a user’s password, they will not be able to access the account. Each time a user signs into their account from a new device, they will need a verification code in addition to their password.

The Cryptagio Token

Cryptagio has designed its own token, CPG, to provide extra value to users and support the platform’s continuous growth. Users will use CPG tokens to pay for trading and will earn tokens as they trade. New users will receive bonuses for trading in CPG tokens, which can later qualify for a 50% trading fee discount or exchanged for other cryptocurrencies.

Users will be able to trade CPG on cryptocurrency exchanges in the near future.

The Road Map

The exchange has a clear development plan, and in June, the team has planned to announce the innovative opportunities for crypto trading. The Cryptagio’s upcoming plans include:
• Releasing of native token
• Launching the referral program
• Developing a mobile app
• Emphasizing on the turnover of fiat money
• Connecting more trading pairs

More To Come

Cryptagio has seized on the need for an easy-to-use crypto trading platform that meets the need for today’s expanding cryptocurrency market, meeting the needs of those who are experienced and new to crypto assets.

The platform will work towards the turnover of fiat money, connect more trading pairs, offer margin trading, and other features, in the nearest future.

Register on Cryptagio and start trading crypto with ease today!

Thailand’s Central Bank Eyes Creating Its Own Digital Currency for Interbank Settlements

The Bank of Thailand (BoT) is considering issuing its own cryptocurrency, the bank’s governor revealed in a speech June 5.

In his keynote on Thai economic development at Nomura Investment Forum Asia (NIFA) in Singapore, BoT governor Veerathai Santiprabhob spoke of a new project in which the central bank and other Thai banks join forces to develop a “new way of conducting interbank settlement” using a central bank-issued digital currency (CBDC).

According the bank, the adoption of its own cryptocurrency by the banking system would reduce the transaction and validation time as well as its costs “due to less intermediation process needed compared to the current systems.”

Santiprabhob noted that the bank is not prioritizing the adoption of CBDCs, but is focused on exploring the potential of the technology. The bank governor stressed that the financial institution is a “facilitator of innovation,” but is also a “regulator to safeguard financial stability”:

“Like other central banks, our goal is not to immediately bring CBDC into use, but rather to explore its potential and implications for back office operations.”

In addition to considering the issuance of CBDCs, Santiprabhob also talked about the benefits of the financial system adopting blockchain technology, claiming that banks are “working closely with the financial industry” to bring the technology to “various banking applications.”

Thailand’s central bank is the latest to consider the adoption of a CDBC. Last month, Norway’s Norges Bank issued a working paper in which it considered developing its own digital currency as a means to supplement cash and to “ensure confidence in money and the monetary system.” Riksbank of neighboring Sweden is also investigating the potential of an e-krona as a result of declining cash circulation.

Earlier today at his annual live Q&A session, Russia’s President Vladimir Putin  claimed that neither Russia nor “any other country” can have its own cryptocurrency “by definition”, given crypto’s borderless nature.