Category Archives: Cryptocurrency
Bitcoin's price has remained steady,for months but it moved above the $10,000 mark on Sunday for the first time since June. It still remains some way off its December 2017 high of $19,166.
Coindesk, the cryptocurrency trading app, reported that the expectation of Bitcoin returning to that high has improved in recent months, with the probability of it breaching $20,000 before the end of the year placed at 7pc.
Joe DiPasquale, chief executive of cryptocurrency investor BitBull,said that there were significant changes in the way institutional investors viewed Bitcoin since March.
Now that institutions have moved into Bitcoin in 2020, the price has shown more support over the last couple of months, Mr DiPasquale said in an interview with Forbes.
We will not see a repeat of the March crash, but bitcoin will still remain somewhat more volatile than equities."
Crypto trading is becoming increasingly commonplace among investors with fintechs like Revolut offering the option for customers to buy into the currency.
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Bitcoin surges past 8,400 as investors look for 'safe haven' - The Telegraph
Blockchain has had a short but fascinating history. Though the general concept of the technology was outlined a few decades ago, it has only been in practice for a handful of years. And over the span of that briefhistory of blockchain, the defining achievement has undoubtedly been facilitating the launch of cryptocurrency. In this article, lets understand blockchain and how it can change construction.
Blockchain technology functions as a digital ledger that verifies, conducts, and keeps records of digital transactions. It is only via a system of this nature that bitcoin and now dozens (if not hundreds) of other cryptocurrencies can exist. These currencies are purely digital, and the blockchain essentially serves to make them legitimate, helping to establish their value and in a sense serving as a marketplace for their activity.
The initial idea was that bitcoin and other cryptocurrencies would become everyday alternatives to what we might refer to as ordinary money. This hasnt exactly panned out, though there are certainly ways to spend or transfer cryptocurrency via blockchain transactions. What weve really seen, though, is how quickly blockchain-related concepts can evolve. Even with regard to cryptocurrency specifically, one can argue that investment is now a more important function on the blockchain than actual spending.
Also Read: Benefits of Blockchain in IoT
Today, its common practice tobuy or sell cryptocurrencyas a means of investment. There are ways to do this without actual direct transactions, such a through CFD or futures trading. For the most part though, cryptocurrency trading occurs over the blockchain, with quantities of different assets being bought and sold in an attempt at financial gain. This alone shows how quickly and profoundly blockchains purpose can evolve, even with regard to cryptocurrency. In a matter of years, it has advanced beyond being a digital ledger, and is now effectively a trading platform as well.
Even as this change has happened in the cryptocurrency world though, the blockchain has evolved to suit other purposes as well. At this point in fact, there are numerous industries that are beingdisrupted by blockchain, including banking, real estate, healthcare, and others. And one more industry that doesnt always get as much attention, but which will absolutely be changed by blockchain, is construction.
Upon first thought, especially if you arent particularly familiar with blockchain, this might sound like an odd fit. We think of construction as a very hands-on industry with little to do with the digital world, and thus it doesnt naturally come to mind as a fit for blockchain disruption. The reality, however, is that there is a lot about this industry that blockchain might be more or less ideally suited for.
Also Read: How can unmanned flights be monitored with the help of blockchain
One article on this topic looked into blockchains potential toimpact constructionand pointed out some of the factors that could make the technology particularly useful. The article highlighted contractual processes and paperwork relating to building codes, safety regulations, and project management to say nothing of inventory control and any and all involved transactions. All of these things are vital to real estate projects, and all of them, in theory, could be moved to the blockchain. There, they would be at least partially automated, and its likely that a great deal of time would be saved (and hassle avoided).The basic idea here is that blockchain tech can be used to perform cause-and-effect functions. So, for example, a construction company can input a function that transfers funds to a supplier when the company receives material; it might organize agreements regarding safety and regulation to be digitally catalogued once all involved parties have signed. From these examples, you can begin to see how any number of necessary functions in a standard construction project might be made more exact and more efficient via the blockchain.
For the most part, this disruption hasnt quite taken effect just yet. With blockchain tech continuing to spread into new industries though, and with such clear potential benefits, construction is a likely candidate to integrate the tech in the near future.
Also Read: 3 quick benefits of using blockchain in the current healthcare system
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Blockchain and how it can change construction - Geospatial World
Barry Silbert, the CEO of Digital Currency Group (DCC), has predicted that there will be publicly-traded cryptocurrency companies in 2020. He said that special-purpose acquisition companies (SPACs) have been approaching him with merger pitches in a recent tweet.
SPACs are shell companies that raise money from IPO investors to invest in operating businesses later. While going through the usual IPO can take months, going public through a SPAC IPO is possible within just a few weeks.
Ripple CEO Brad Garlinghouse had made a similar prediction at the World Economic Forum in Davos in January. He claimed that there would be IPOs in the blockchain space and Ripple would lead that trend.
In the next 12 months, youll see IPOs in the crypto/blockchain space. Were not going to be the first and were not going to be the last, but I expect us to be on the leading side its a natural evolution for our company.
Coinsquare Ltd. CEO Cole Diamond will step down after securities regulators accused the cryptocurrency company of misleading investors and manipulating the market.
Founder and president Virgile Rostand will also step aside from the Toronto-based company, which creates tools for people to access digital currency markets, as part of the settlement agreement approved on Tuesday by the Ontario Securities Commission.
The company inflated 90 per cent of its trading volumes between July 2018 and December 2019 with fake trades, according to the settlement agreement from the OSC.
In addition to paying costs for the OSC investigation, Diamond and Rostand will pay fines of $1 million and $900,000, respectively, and the company will be required to create an independent board of directors.
Jeff Kehoe, the OSC's director of enforcement, says the settlement is also an important milestone as it marks the first time a company has been disciplined under 2016 laws barring reprisal against a whistleblower.
A company spokesperson for Coinsquare told The Canadian Press that the company acted on wrong legal advice but the company put clients, employees and shareholders first, and that the increased volume did not impact cryptocurrency prices.
Ethereum (ETH) whales have been active lately. Data feed on advanced crypto tracker Whale alert revealed whales moved 935,746 ETH worth $255,458,658 in 8 transactions within minutes showing a large number of transactions taking place in the Ethereum market.
READ: What will you investN1 millioninif you have the following options?
Quick fact; In the ETH industry, traders or investors who own a large number of ETH are typically called ETH whales. This means an ETH whale would be a single Ethereum address owning around 1,000 Ethereum or more.
Data obtained from Coinmarketcap, revealed Ethereum is the second most valuable cryptocurrency with a market capitalization of $30.5 billion, trading at $272.61 up 3.5%, at the time this report was drafted.
READ MORE: $945 millionworth of BTCsoptions expiring this week
Is it time to buy ETH? With ETH finally breaking out of its long $200-$250 daily close range, it is time to revisit its historical model that illustrates the number of times a daily close transition has occurred between psychological support levels.
ETH is sitting in its sweet spot where the most polarization has historically unfolded (between the $200 and $300 levels) during its five-year history. A close above $300 in the near future would be the 42nd instance of the price closing above or below it.
READ ALSO: Satoshi Nakamotos unspent BTCs worth $10.9 billion
ETH is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.
Ethereum is a decentralized system, fully independent, and is not under anybodys authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means its almost impossible for ETH to go offline.
READ MORE: Aliko Dangote and his slide from $25 billion to $7 billion
Like with many other crypto assets, speculating with Ethereum can be highly profitable and has had a good history of giving its investors huge returns. However, there are also many other options to make income from Ethereum. These options include Ethereum mining, Ethereum faucets, and ETH staking.
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Why it is time to invest in Ethereum - Nairametrics
Chainalysis Introduces New Website, Market Intel, which gives Digital Asset Managers and Regulators Access to Meaningful Insight about Crypto Activity…
Leading blockchain analysis firm, Chainalysis, which recently secured $49 million in capital through a Series B round, announced on July 27, 2020, that it has launched Market Intel, its newly designed website for asset managers and regulatory agencies. The new site may be used to gain access to live data and insights on cryptocurrency transactions, and also the health and growth of the digital asset markets.
As mentioned in a release shared with Crowdfund Insider:
Market Intel is powered by Chainalysiss proprietary data, which the company has been systematically collecting and linking to real world entities since 2014.
Jonathan Levin, Co-Founder and Chief Strategy Officer, Chainalysis, said that the company was established to help financial service providers and world governments with gaining access to trusted data sources. Chainalysis aims to help financial institutions and regulators feel comfortable with cryptocurrency so that these alternative assets can achieve mainstream adoption.
Levin explained that Market Intel is the next logical step in realizing Chainalysis vision. He added the company aims to help asset managers and regulators by providing metrics and context for cryptocurrency transactions.
Chainalysis focuses on assisting its customers with leveraging the transparency of public blockchains so that they can make more informed, data-driven decisions about why and how to invest in cryptocurrencies and ensure the markets function safely and efficiently, Levin noted.
Financial crime and compliance professionals frequently use Chainalysis on-chain data, which aims to offer detailed insight into cryptocurrency activity that is conducted on the blockchain, in order to identify and investigate potentially fraudulent and illicit transactions.
As mentioned in the announcement:
Market Intel harnesses the same trusted dataset to provide insight into economic activity. While roughly $10 billion of cryptocurrency was transferred on-chain for illicit purposes in 2019, about that same amount is transferred on-chain every week for investment and trading.
Philip Gradwell, Chief Economist, Chainalysis, believes that decentralized cryptocurrencies are on their way to becoming a mainstream asset class, however, fund managers and regulatory authorities require reliable data and insight into whats really taking place in the crypto markets to meaningfully invest and effectively oversee the space,
With Market Intel, were leveraging our unique dataset to give an accurate and complete description of the real world use of cryptocurrencies, rather than providing partial, noisy data or focusing on technical blockchain metrics.
Chainalysis Market Intel offers daily on-chain metrics on cryptocurrency trading, demand, supply, generation, and the potential risk of cryptos. The software aims to identify what it considers the most important daily changes.
As noted in the release:
Insights include how much cryptocurrency is flowing to and from exchanges, how and where in the world cryptocurrency is moving, how long supply is held, the percentage of new assets going to exchanges, the percentage of transaction volume related to illicit activity, and more.
Market Intel is currently available only in beta mode for free. It allows users to access key metrics and insights on the Bitcoin (BTC), Ethereum (ETH), Tether USDT (on Bitcoin and Ethereum), Bitcoin Cash (BCH), and Litecoin (LTC) blockchains. Chainalysis said it will be introducing improvements and other features in the future.
The blockchain analysis firm is also introducing the weekly Market Intel Report, which is an email summary of the most important on-chain events and trends in cryptocurrency, focusing on their short-term implications for cryptocurrency markets and the long-term evolution of cryptocurrencies as an asset class.
A leading cryptocurrency exchange has voiced its concerns after hackers took over its Twitter account along with more than 100 others belonging to some of the worlds most influential people and companies.
KuCoin, which since being founded in 2017 has grown to become one of the worlds most popular crypto exchange services with five million users, lost control of its official Twitter account during the cyberattack this week.
For a company that depends on providing high levels of security to its users, the breach at Twitter was of particular concern.
A spokesman for the company, Jing Cheung, told The National: We are actually quite shocked at whats happening at Twitter.
As a crypto exchange, security is our top priority, he said.
We have implemented plenty of security mechanisms to protect account security. Thats why its hard to imagine such a hack could happen to Twitter.
The cyberattack is the biggest to have hit Twitter in its history.
Hackers are believed to have accessed Twitters internal systems to compromise the accounts of some of the platform's top voices, including US presidential candidate Joe Biden, reality TV star Kim Kardashian, former US president Barack Obama and billionaire entrepreneur Elon Musk, and use them to solicit digital currency.
The high-profile accounts that were hacked also included rapper Kanye West, Amazon founder Jeff Bezos, investor Warren Buffett, Microsoft co-founder Bill Gates and the corporate accounts for Uber and Apple.
In its latest statement, Twitter said the hackers were able to gain control to a "small subset" of the targeted accounts and send tweets from them.
The FBI is leading an inquiry into the incident, with several US politicians also calling for an explanation of how it happened.
The investigative agency said that cyber attackers committed cryptocurrency fraud in the incident.
Freely available blockchain records show the apparent scammers received more than $100,000 (Dh367,000) worth of cryptocurrency.
KuCoin said it was working closely with Twitter to investigate the hacking which, it added, was handling the matter carefully and transparently.
The company said it was looking into using a new, decentralised social media channel using the same blockchain technology that protects cryptocurrency transactions to provide greater security.
Updated: July 17, 2020 08:54 PM
Samsung Added Support for Stellar (XLM) Cryptocurrency to its Blockchain Keystore, Allows Millions of Users to Access the Digital Asset – Crowdfund…
The Stellar Development Foundation (SDF), a non-profit entity established in 2014 to support the development and growth of the open-source Stellar (XLM) protocol, recently announced that Samsung added support for the XLM digital currency to its Samsung Blockchain Keystore.
XLM (or lumens) is now available to blockchain or distributed ledger tech (DLT) apps on recent Galaxy smartphones.
As mentioned in the announcement:
To make storage of Stellar lumens and other Stellar-based assets safer, SatoshiPay will utilize the Samsung Blockchain Keystore in its Solar wallet and its upcoming SatoshiPay B2B mobile app.
According to the release, Samsung observed that many of its customers were using blockchain-enabled apps, so the electronics giant decided to leverage its hardware advantage to launch a first instalment of their blockchain strategy.
Last year, the electronics firm introduced the Samsung Blockchain Keystore, which is a hardware-protected storage facility for private keys associated with crypto-assets.
Samsungs keystore has been physically isolated from the shared data storage available on smartphones and other mobile devices using the Samsung Knox TrustZone hardware facility.
Samsung has certified the apps that have access to the keystore. Users are able to link the app to the keystore initially, by using a password or some form of biometric authentication like their fingerprints.
As noted in the announcement:
The keystore is available on selected recent Samsung Galaxy devices, like S10, S20 or Note10, and in selected regions. App developers can integrate the keystore by using the official Samsung Blockchain Keystore SDK.
Blockchains presently being supported by the SDK (software development kit) include: Ethereum (v1.0, 27 Jun 2019), Bitcoin (v1.1, 8 Aug 2019), Klaytn (v1.1, 8 Aug 2019), Tron (v1.2, 29 Oct 2019), and Stellar (v1.3, 17 Feb 2020).
(For more details about the keystore and related information, check here.)
As mentioned in the release, the SatoshiPay B2B cross-border money transfer service may be accessed via a standard web interface. It will also be accessible as a stand-alone application in the future. This cross-platform software will reportedly use a similar approach to Solar (Stellar wallet software) for users that want to be sole custodians of their own private keys.
Stablecoins are used as quote currencies in cryptoasset trading pairs, far more than fiat currencies on most exchanges. Unsurprisingly, a large majority of stablecoin trading volume is dominated by Tether.
There are more USDT (Tether) quote pairs in our coverage (out of the exchanges in our sample) than all other stablecoin trading pairs combined.
Data from coinmarketcap revealed that this most valuable stablecoin is trading at about $1, with a market capitalization of about $9.3 billion, and a daily trading volume of about $15 billion, at the time this report was drafted.
READ MORE: NNPC spends N535.9 billion on subsidy, FAAC in Q1 2020
Tether (USDT), the first successful stablecoin and still by far the biggest, was launched in late 2014 by a group called Tether Limited. It introduced a relatively simple concept for creating a crypto asset that maintained a stable price.
For every USDT issued, the Tether Foundation kept $1 USD in reserve (at least in theory). This kept the USDT price stabilized around $1 since each unit of USDT could be redeemed for one of the US Dollars in the reserve.
Quick fact: Tether is designed as a blockchain-based cryptocurrency whose digital coins in circulation are backed by the same value of traditional fiat currencies like the U.S dollar, Japanese Yen, or the Euro. It trades under the ticker symbol USDT.
READ MORE: Within 72 hours USDC Treasury transfers over 50,000,000 USDC to wallet
In this sense, Tether was basically a digital wrapper for a dollar-denominated liability, starting off relatively slowly, with little activity in its first year.
However, when Bitcoins price began to rise in 2017, Tether started to take off. Its supply passed 1M for the first time in January 2016. By January 2017 it was a little less than 10M. By January 2018, as Bitcoins price was peaking at close to $20K, the Tether supply had grown to over 1.4B.
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$30 billion worth of BTCs disappears forever - Nairametrics
As Africa remains the leading market in the crypto industry, Africas fastest-growing financial media company, Nairametrics, exclusively covered the African session of the 3rd-year anniversary of Binance, the worlds largest crypto exchange, with key African crypto stakeholders deliberating on the crypto industry in Africa.
Senegalese-American music celebrity, Akon who was one of the guests in one of the sessions spoke on crypto adoption in present-day Africa, having popular Hollywood film producer and Akoin co-founder, Jon Karas with Binance CEO Changpeng Zhao moderating the session.
Akon spoke about his upcoming cryptocurrency known as Akoin, detailing how it is easier to exchange the digital coin through an internal conversion mechanism, which will allow users to convert in and out of other fiat currencies or crypto assets.
He also spoke about the payments revolution the crypto industry will bring to Africa that is preceded by poor mismanagement of resources, unstable currencies, amongst other limiting factors. According to Akon, Africa stands a chance of becoming the frontier in the global crypto market accompanied by a wider increased investment interest in cryptocurrencies.
READ MORE: With just N60million: 3 fundamental reasons why you should buy into the LeonardoBySujimoto
In a prelude to Akons interview, Yele Bademosi, founder & CEO of Bundle, spoke about the need for crypto stakeholders to do more in educating the worlds fastest-growing market, Africa, as many young Africans are still on their learning curve trying to understand the advantages and usage of blockchain and cryptocurrencies.
In addition, Chuta Chimezie a leading crypto expert, spoke on the importance of regulatory stakeholders in supporting the future of payment as governments not regulating cryptocurrency may be a limiting factor in spurring its growth on the continent. He also advised that the inclusion of leading African banks will boost the crypto African market, as their role cant be underestimated.
The session ended with BNB tokens and gifts disbursed to some participants of the session, marking the third anniversary of the worlds largest crypto exchange,Binance.
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Popular singer, Akon and other leading experts speak on Africa's Crypto - Nairametrics