Crypto News Blocks

eToroX Focused On Using Correct Protocols For API Trading
  • The majority of crypto exchanges aren’t using the correct protocols, causing systems and platforms to lag, offering slower fill times, higher latency and more bottlenecks. eToro’s professional crypto exchange, eToroX, is looking to change that by focusing on the issues at hand to improve API trading.
  • An application programming interface (API) is an interface with the task of defining how it communicates with various software programs. Its job is to coordinate the interactions between various computing interfaces.
  • Despite the potential APIs offer, they are still a work in progress, inhibiting institutional cryptocurrency trading and opening the door to potential security breaches.
  • Many consider FIX (Financial Information eXchange) to be the de facto API protocol. It is used across the financial industry from Wall Street to foreign exchange markets and investment banks, providing a link for the transfer of information.
  • The FIX trading community is large, containing members from industry leaders Goldman Sachs, Barclays, J.P. Morgan and CME.
  • Among the many benefits of FIX include access to liquidity, low latency, privacy and security, and smart order routing (SOR).
  • eToroX has implemented the FIX API protocol to provide its customers with the services, speed, and robustness institutional-grade traders are accustomed to on traditional exchanges.
  • Moreover, FIX API allows eToroX to gives its users better liquidity, faster order execution and greater stability.
  • Read the full story here.
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Posted on August 3, 2020
Posted: August 3, 2020
Ethereum Could Rally Above $400 After Breakout Pattern Emerges
  • After soaring to $417, Ethereum took a dive towards the $300 support. The price recovered sharply above $350 and is now trading above the 100 hourly simple moving average.
  • There is a key contracting triangle forming with resistance near $385 on the hourly chart of ETH/USD, setting up for a fresh bullish break above $390 and $400.
  • As a result, Ethereum is likely to rise towards the $415 and $420 levels in the coming days.
  • Ethereum is also equipped to withstand potential dips. Should there be a bearish break below the triangle support of $378, Ethereum could test the $365 support.
  • The next major support is near the $360 level and the 100 hourly SMA, where the bulls are likely to take a strong stand. Any further losses could lead the price towards the $300 handle.
  • Read the full story here.
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Posted on August 3, 2020
Posted: August 3, 2020
XRP Facing 50% Drop Against Bitcoin
  • On the heels of last week’s breakout, XRP has undergone a strong drop, following in the footsteps of other altcoins.
  • According to one analyst, the drop confirmed that a macro “bearish retest” has formed on XRP’s macro chart against Bitcoin.
  • More specifically, XRP’s failure to surmount the horizontal resistance at 2,800 satoshis during last week’s rally could lead to a 55% correction against Bitcoin.
  • The analyst’s macro price target for XRP, assuming it doesn’t reclaim the 2,800 satoshis resistance, is 1,180 satoshis. That latter level acted as pivotal support for XRP during a rapid correction in late 2017.
  • Social media data supports this claim. Blockchain analytics firm TIE and trading platform eToro found that social media volumes for XRP dove during the second quarter despite the asset’s recovery from the March lows.
  • Read the full story here.
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Posted on August 3, 2020
Posted: August 3, 2020
Tel Aviv Stock Exchange Launching Blockchain Securities Platform In November 2020
  • The Tel Aviv Stock Exchange (TASE) is expected to launch Israel’s first blockchain-based securities lending pool in November 2020.
  • The TASE believes the project, which has been in development since May 2018, will serve an essential function in the country’s capital markets.
  • The new blockchain-based system will concentrate all securities lending activities under one roof and enable direct borrowing among investors across a range of major financial instruments.
  • This past March, the TASE launched a dedicated testing environment for the platform, allowing members to execute loan transactions. The exchange is now adjusting its systems in the run-up to November.
  • Among the benefits blockchain technology provide include support for peer-to-peer transactions, smart contract functionality and increased transaction security.
  • The TASE states these perks will allow the exchange’s custodians and clients to operate at cheaper costs with a higher level of security.
  • Read the full story here.
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Posted on August 3, 2020
Posted: August 3, 2020
YouTube Reinstates Crypto Channel After Banning It For ‘Encouraging Illegal Activities’
  • Brothers Aaron and Austin Arnold, who run the popular “Altcoin Daily” YouTube channel, revealed that the video-sharing platform banned them for allegedly promoting illegal activities.
  • The channel, which boasted over 214,000 subscribers at the time of its termination, has since been reinstated after more than two days offline.
  • The Arnold brothers vehemently denied YouTube’s claim. “We are a news/opinion channel,” they said on Twitter. “We have never promoted anything illegal. Appeal has been submitted.”
  • While the channel was inaccessible, the two brothers reached out to their Twitter followers to urge them to contact YouTube and request reinstatement, using hashtags including #FreeAltcoinDaily.
  • Since December 2019, YouTube has shifted its approach on cryptocurrency-related coverage, deleting a multitude of videos while suspending many notable channels.
  • Among the accounts that were taken down included the official channels of Bitcoin.com and Crypto Beadles’ Robert Beadles.
  • The platform admitted that some of the bans handed out were errors and eventually reversed course.
  • Read the full story here.
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Posted on August 3, 2020
Posted: August 3, 2020
Decentralized Exchanges Experiencing Growth, But Still Well Behind Centralized Exchanges
  • Crypto traders have shown a lot of enthusiasm for decentralized exchanges (DEXs) recently, but the vast majority of crypto trading still take place on centralized exchanges.
  • Decentralized exchanges offer a clear set of benefits in comparison to their centralized counterparts in terms of fund security, flexible custody, and transparency.
  • The glaring issue is that market makers have spent millions of dollars and working hours to build technology and human capital that interface with existing exchanges. These systems are built with certain assumptions around performance and features that are broken by all existing DEXs.
  • Current generation DEXs have been criticized for not scaling, but looking deeper provides three primary issues plaguing DEXs: High latency and low performance, lack of features and non-standing formats, and lack of compliance.
  • Read the full story here

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Posted on August 2, 2020
Posted: August 2, 2020
United States SEC Awards Monitoring Contract To Ciphertrace
  • US Securities and Exchange Commission intends to award a fixed-price contract on a single-source basis to Ciphertrace as it plans to focus on BNB coin and other tokens on the Binance DEX.
  • SEC says it chose Ciphertrace because “its products are the only known blockchain forensics and risk intelligence tool that can support the Binance coin and all tokens on the Binance network.”
  • The SEC noted “the period of performance for the contract is anticipated to be one year with four one year option periods and the total value of the contract shall be below the Simplified Acquisition Threshold.”
  • SEC stressed that “government will give consideration to interested parties that identify their interest and capability to respond to the requirement or submit proposals by the response date of the notice.”
  • Ciphertrace announced support for Binance Coin last November saying at the time that support would enable developers, investors, and regulators to browse the Binance Chain blockchain, identify high-risk addresses and set controls to protect decentralized applications (DApps), exchanges or other cryptocurrency-based applications.
  • Read the full story here
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Posted on August 2, 2020
Posted: August 2, 2020
Coinbase To Review 19 Crypto Assets For Listing Including Blockstack, Wrapped Bitcoin, And Paxos Gold
  • Crypto exchange Coinbase announced that it will review 19 cryptocurrencies for potential listing. The list includes Blockstack, Helium, Kava, Paxos Gold, and Wrapped Bitcoin.
  • Coinbase said the review process includes “significant technical and compliance review and may be subject to regulatory approval in some jurisdictions.” There is no guarantee that crypto assets under review will gain automatic listing.
  • Coinbase added: “As per our listing process, we will add new assets on a jurisdiction-by-jurisdiction basis, subject to applicable review and authorizations. The omission of assets from this publication does not disqualify any such asset from active review and potential listing,”
  • Coinbase has over 35 million users worldwide and indicated that it would continue to evaluate more digital assets, and with time it expects to support “at least 90% of the aggregate market cap of all digital assets in circulation.”
  • Assets that get listed on Coinbase tend to see a sharp increase in their price, but the relationship, known as the ‘Coinbase Effect’ isn’t always linear.
  • Read the full story here
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Posted on August 2, 2020
Posted: August 2, 2020
Blockstack CEO Believes Bitcoin Is A Better DeFi Solution Than Most Think
  • CEO and co-founder of Blockstack Muneeb Ali believes that the best way to bring about a user-owned internet “is to anchor applications and smart contracts to the Bitcoin network in a way that uses Bitcoin as a reserve currency and its powerful blockchain as a security mechanism.”
  • Ali says Bitcoin has been the king of blockchains for more than a decade, as most people have come to recognize that the Bitcoin network is “unparalleled” when it comes to security.
  • Ali: “Bitcoin’s limited scripting language has been seen as a dealbreaker to developers looking to build dapps or deploy smart contracts. As a result, many developers end up building their own blockchains […] One of the results is developers assume Ethereum is better suited for launching smart contracts.”
  • Ali also added that the future of the internet will not be a “tradeoff of convenience for security,” but will instead be tying that security to web applications in a way that uses Bitcoin as a reserve currency along with its blockchain as a security mechanism.
  • Read the full story here
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Posted on August 2, 2020
Posted: August 2, 2020
Is Bitcoin Now On Track To Break 100K??
  • The price of Bitcoin has increased by 17% and broke through a major three year trendline, surpassing $11,700 and PlanB, creator of the S2F model, believes Bitcoin is on track to reach $100,000.
  • In the short term, as Bitcoin sees a profit-taking rally from altcoins, some investors expect BTC to outperform altcoins and the co-founder of Spartan Group Kelvin Koh says “If BTC breaks the resistance at $11.4K, we are going above $12K in no time. Will take the wind out of alts again short term.”
  • A Bitcoin rally following a strong altcoin season is not new. In previous cycles, the top cryptocurrency typically saw a sharp uptrend after altcoins initially gained against BTC, usually materializing because investors seek safer options, like BTC, when the altcoin market gets overheated.
  • Data from Skew shows that tens of millions of dollars worth of short contracts are still getting liquidated, which indicates that a relatively large number of investors are betting against BTC in the near term.
  • Read the full story here
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Posted on August 2, 2020
Posted: August 2, 2020
Binance’s Trust Wallet Reaches 5 Million User Milestone
  • It’s been two years since crypto giant Binance acquired Trust Wallet. In that short space of time, the service has gained 5 million users, and it is now expanding into the burgeoning DeFi sector.
  • Trust Wallet claims that 10% of this rapidly acquired user base is now accessing a wide range of DApps and DeFi platforms.
  • The company now plans to aggressively expand into the sector as crypto investors seek liquidity farming earning opportunities.
  • To keep pace with the DeFi ecosystem, Trust Wallet has integrated token swap platforms such as Kyber as well as its own decentralized exchange, BinanceDEX. 
  • The Android version of the wallet has a built-in dapp browser which gives full access into the DeFi world and a number of popular protocols including Aave and Compound.
  • It also uses an open protocol called Wallet Connect which links DApps to mobile wallets using end-to-end encryption by scanning QR codes.
  • Trust Wallet founder Viktor Radchenko revealed that there are plans to integrate a number of DeFi protocols on both the Trust Wallet iOS and Android apps to increase liquidity.
  • Read the full story here.
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Posted on July 31, 2020
Posted: July 31, 2020
Bank Of Japan Appoints Top Economist To Accelerate Research Into Potential CBDC
  • Though they publicly insist there are no plans to launch a digital yen, the Bank of Japan recently appointed Kazushige Kamiyama, its top economist, to lead a team tasked with accelerating research into a potential central bank digital currency (CBDC).
  • Kamiyama had previously led the bank’s efforts to use big data for conducting econometric analysis in real time. Analysts believe this proved helpful when the Japanese economy was hit by the COVID-19 epidemic earlier this year. 
  • This latest development indicates how seriously the Japanese central bank is exploring the possibility of launching its own CBDC.
  • The Bank of Japan only recently announced its new research team, with a goal of seeking private sector input to increase its current understanding.
  • The Bank of Japan has also worked with several other central banks in a digital currency working group since January of this year.
  • It’s worth noting that the potential issuance of a digital yen has support in the Japanese government. Moreover, consideration of a CBDC has been written into The Honebuto Plan, which is the basis for Japan’s economic and fiscal policy.
  • Read the full story here.
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Posted on July 31, 2020
Posted: July 31, 2020
Digitex Futures Announces Launch Of Zero-Fee Bitcoin Futures Exchange
  • Digitex Futures, the Seychelles-based cryptocurrency startup, has announced the highly anticipated public launch of its Bitcoin Futures exchange.
  • Anyone is permitted to create an account on Digitex Futures and start trading at zero fees.
  • The number of markets available on the platform is currently limited to a BTC/USD perpetual swap. However, a ETH/USD perpetual swap is already available on the testnet, and traditional markets such as oil, gold and S&P 500 could be introduced in the near future.
  • Digitex Futures CEO Adam Todd revealed that he wanted to start with Bitcoin to “concentrate all the liquidity on one popular market,” which in theory would give the company “the best chance of getting the volume cranking.”
  • Digitex Futures’ launch plan has been successful thus far, as its 24-hour trading volume has already surpassed $2.4 billion. Apart from zero fees, the platform’s design and intuitive user interface are notable features that favor the crypto trading community.
  • The Digitex Futures public launch will be followed by an all-day trading event with Adam Todd and some of the biggest influencers in the crypto space. The platform is giving away $250,000 worth of its native DGTX tokens, along with branded merchandise during the event.
  • Read the full story here.
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Posted on July 31, 2020
Posted: July 31, 2020
Australian Experts Suggest Blockchain Can Help Prevent Cyber Attacks
  • Australian experts and government officials believe blockchain technology can be part of the country’s cyber security solution.
  • As attacks increase, blockchain Australia CEO Steve Vallas recently held a panel discussion regarding the technology’s use-case in cyber security with experts from various fields.
  • Among the 300+ attendees included National Blockchain Lead Chloe White from the Department of Industry, Liberal Senator Andrew Bragg, CEO of cyber security firm CyberCX John Paitaridis, and founder and CTO of blockchain database firm ProvenDB Guy Harrison.
  • The experts defined blockchain as a critical component in protecting Australia from future attacks. They went as far as suggesting that the technology should be considered by businesses across the board.
  • During the panel, Paitaridis opined that China was behind the major state actor attacks from June, threatening many industries including the Australian government.
  • Paitaridis added that these types of cybersecurity breaches have increased by almost 80% in the last 12 months with a specific adjustment in their focus.
  • Meanwhile, Harrison suggested that blockchain will need to be used in conjunction with other solutions such as artificial intelligence. 
  • Read the full story here.
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Posted on July 31, 2020
Posted: July 31, 2020
Messari Estimates That 20% Of Ethereum DEX Volume Is Driven By DeFi Aggregators
  • Crypto market data firm Messari estimates that 20% of all decentralized exchange (DEX) volume on Ethereum is driven by DeFi aggregators. 
  • Messari noted that many of the sector’s aggregators “are seeing early product-market-fit” and will be able to capture significant value as the DeFi ecosystem grows.
  • Messari stated that decentralized finance aggregators are funneling user demand into various DeFi protocols. They assist investors by finding the highest possible yields, the lowest slippage and the most robust stablecoins. 
  • Many aggregators are already emerging as leading DeFi projects. For instance, decentralized finance management platform Instadapp is now the sixth-largest protocol with $258.7 million in locked value. 
  • Messari pointed out that Instadapp secures more than 7% of value entering the DeFi space. Yearn.finance, the eight-largest project, is not too far behind, with $177.8 million in locked capital.
  • On the flip side, Messari predicts that some DeFi aggregators “may struggle to capture value as easily as tier FAANG analogues.”
  • Read the full story here.
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Posted on July 31, 2020
Posted: July 31, 2020
Cambodia Banks Preparing For National Blockchain-Based Currency
  • Cambodia made headlines earlier this year when the central bank announced it would be launching a national blockchain-based digital currency in the first quarter of 2020.
  • Now a month into the third quarter, the upcoming CBDC known as “Bakong” still isn’t fully operational.
  • However, the National Bank of Cambodia, Chea Serey, recently indicated that the Bakong launched this month on a trial basis and is now expected to be operational before Q3 ends on September 30.
  • 11 Cambodia banks have already joined the project. Phnom Penh Commercial Bank president Shin Chang Moong revealed that the Bakong will be deployed at all its branches.
  • Chang Moong claimed that the Bakong would be cheaper and more convenient in comparison to conventional payment and currency transfer methods.
  • Bakong won’t be decentralized like a private cryptocurrency; The wallet used for the coin will be linked to users’ bank accounts to facilitate exchange for hard currency. Moreover, all the transactions will be processed on a real-time basis, with records stored at the central bank. 
  • The introduction of Bakong will also help to set a national standard for QR code usage. It is designed to allow “zero possibility of speculation,” as Chang Moong noted.
  • Read the full story here.
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Posted on July 29, 2020
Posted: July 29, 2020
Iran Authorizes Power Plants To Mine Bitcoin
  • Mostafa Rajabi Mashhadi, the deputy head of of the country’s Power Generation, Distribution, and Transmission Company (Tavanir), confirmed that power plants are now authorized to mine Bitcoin.
  • Interested entities must apply for the necessary licenses from the Ministry of Industry, Mine and Trade, and comply with the tariffs set for crypto mining. The power plants must submit their requests and follow the approved tariff set for cryptocurrency mining centers.
  • Miners have been setting up operations in Iran to take advantage of the country’s subsidized electricity rates. Data shows that mining farms in Iran are paying as little as $0.01 to $0.05 for one kilowatt-hour (kWh) of electricity.
  • However, the rates increase four-fold during the peak summer season. To combat this, Tavanir announced that it will reduce up to 47% of the electricity tariffs for miners during the peak consumption periods.
  • Mashhadi noted that permits have recently been issued to 14 cryptocurrency mining farms, each with a capacity of 300 megawatts. All-in-all, more than 1,000 bitcoin mining licenses have been issued.
  • Mashhadi also emphasized that anyone who reports illegal cryptocurrency mining farms will be rewarded.
  • Iran’s President Hassan Rouhani called for the creation of a Muslim cryptocurrency in December last year in cooperation with Turkey and Malaysia. He additionally supports the creation of a national cryptocurrency mining strategy amid U.S. sanctions.
  • Read the full story here.
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Posted on July 29, 2020
Posted: July 29, 2020
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