Markets, News, Signals, Trends

Etherium in the Green

Could Etherium really be showing signs of recovery? If so, those who have adopted the strategy of a “healthier portfolio” and traded shitcoins against Etherium at its lowest have made the right choice.
etherium recovery

While Bitcoin is in the green too, if Sunday trading is indicative of anything it is of retail investors attempting to fight off institutional pressure. Time will tell.

Buying Cryptocurrency, Coins, Markets, News

The Korean phenomenon, LitePay shuts down and more.

Reportedly, a third of Korean adult population owns cryptocurrency, which explains the public uproar which followed the news of ICO regulation. South Korea benefits from its geographical proximity to China and as we see multibillion-dollar corporations funding exchanges, we understand that Malta’s ambitions to become a leading “cryptonation” are of the “in your dreams” category; Binance or not.

The LitePay startup, which ambitiously promised to introduce a debit card, wallet, etc., thus finally achieving a long-standing dream of integrating a currency into everyday payments and which fuelled the LiteCoin market price for days, has been denounced by Charlie Lee and  ingloriously shut down. “I am sorry for having hyped up this company and vow to do better due diligence in the future.”, – Charlie Lee.

CoinBase is by far not the only exchange which allows its users to effortlessly buy Bitcoin with a credit or debit card. EXMO, an established exchange with only a few pairs, but impressive trade volume, proportionate to its size,  as well as low fees. A partnership with Simplex, a payment processor, allows EXMO users to deposit EUR, USD and PLN straight to exchange using VISA and MasterCard.

“Simplex – is a payment processor providing the online payment handling, ensuring the integrity and security of the operations, and also contributing to fraud prevention within the financial sector.”

exmo buy bitcoin visa mastercard

Register at EXMO.

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Markets, News, Trends

NEWS: Binance moves its headquarters to Malta, upcoming EU data privacy framework and more.

Binance Logo

Without going much further, let’s just say that these are excellent news for the cryptocurrency market as a whole.

The impact of whatever happens to Binance upon the price of BTC is significant: paraphrasing a popular statement, when Binance sneezes, the market catches a cold. The impact of whatever happens to BTC upon whatever happens to the market as a whole needs no mention.

Becoming a Maltese company de-jure (although it actually os moving its headquarters and planning to employ over 200 staff) offers the  exchange and its clients some of so-much-needed stability, especially in light of cautiously positive statements European Ministers of Finance are giving towards Blockchain as a whole.

Currently, the total cryptocurrencies market cap is just over $320 billion. Bitcoin dominates the market at 41% of all transactions.

24 hour volume of Bitcoin transactions is just over $4,5 billion.

Binance was responsible for USD $1,7 billion of 24 hour trade volume on Sunday.

Binance trade volume

“This is a clear vote of confidence in our country and the work being done in this sector, mainly by the latest policy launched to offer a regulatory framework of DLT operations. It is obvious that Malta has become a natural point of reference on the international sphere and companies such as Binance will continue to look into Malta to further expand their operations or establish a base. Binance’s presence in Malta sustains our vision, that of making Malta ‘The Blockchain Island”, – Silvio Schembri, Malta’s Parliamentary Secretary for Financial Services, Digital Economy & Innovation. 

Register at Binance

Malta Binance Headquarters

Meanwhile, as the market was jubilating for a short period of time, the EU has finally concluded its development of a framework on how corporations should handle their clients’ data. Although the privacy-focussed set of regulations is targeted against companies storing clients’ (notably, – EU citizens’, both within the EU and abroad) personal data, it inadvertently affects the cryptocurrency market… how? Well, i. e. all Bitcoin transactions are forever stored on a public ledger…

EU data privacy

On a brighter note, the Buenos Aires G20 cryptocurrency market discussion ended with a statement that although some regulation is to be developed in the future (a blank statement), at present, the market will be more or less left in peace.

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Featured, Markets, News, Trends

NEWS: Yahoo big in Japan, Snapchat vs. ICOs and more:

yahoo cryptocurrencies

Japan, one of the Asian tigers of the cryptocurrency market is under direct attention from the country’s regulatory bodies following the multi-million dollar hack of one of the local exchanges. Binance, a Hong Kong-based exchange is under notice for operating without a license in the country (the news affected the price of Bitcoin, highlighting the significance of Binance; yet Yahoo intends to buy into one of the local exchanges, already operating and licensed in the market. 40% stake, reportedly valued at $19 million, will give the internet giant effortless market entry, with further investments expected in early 2019.

Noteworthy, Yahoo only partially followed Google/Youtube, Facebook/Instagram, Twitter and Snapchat (think investing in crypto? Think Snapchat…yes that is sarcasm) and others in restricting cryptocurrency-related advertisement. While Microsoft, a company well-known for its positive attitude and even enthusiasm towards cryptocurrency markets (one can use Bitcoin to purchase Microsoft products), Bing and Linkedin have not followed the popular trend.

More on future regulation: from G20’s discussion on cryptocurrencies France’s Minister of Finance stated:

“We agree that crypto-assets can be very interesting for everyone. And we – obviously – are in favor of blockchain technology, which can provide very good support to financial assets in Europe or anywhere in the world. We are in favor of these technologies, but we want these technologies to be secure and therefore we need to define very clear measures for their regulation.“

In other words, quoting older news based on JP Morgan’s internal report, cryptocurrencies are here to stay. Whether ICO adverts are banned by Snapchat or not.

Sources:
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