Category Archives: Cryptocurrency
Alipays Progress in Developing the Official Chinese Cryptocurrency Amidst the Global Chaos – TWJ News
If/when cryptocurrencies based on official legal tenders become the new banter of the financial market, China has the potential to top the list by being one of the early adopters.
China introducing its own cryptocurrency based on its legal tender Yuan is one of the much-anticipated news of the cryptospace. Nevertheless, things have slowed down due to numerous reasons such as the Bitcoin crash, the current pandemic Coronavirus and much more.
While companies are laying off employees, and people are reporting bankruptcy, Alibabas Alipay has been registering several patents for Chinas own cryptocurrency.
Recently, a Chinese local blog reported that Alipay has been making preparations for the central banks cryptocurrency.
From February 21st to March 17th, 2020, Alipay has disclosed five patents related to the digital currency of the central bank. [You can find all the patents here]
On 21st, Method and device for executing transactions with digital currencies and electronic devices was registered followed by A method and device for managing accounts in digital currency on the 25th.
On 28th they published, a method and device for opening a wallet in digital currency and electronic device and recently on March 17, Alipay issued a patent on a digital currency-based anonymous transaction method and system.
The Chinese central banks digital currency DCEP adopts a two-tiered structure and requires operating institutions to participate in the secondary issuance of digital currency. This patent revealed in the background introduction that Alipay is likely to participate in secondary issuance, which is on an equal footing with commercial banks.
The decision-makers have also stated that the cryptocurrency may not have a blockchain necessarily but will comply with the traceability requirements of the digital asset. That said, the registered patents most important invention is how digital currencies can be traced.
Alipay decided to split the digital currency transactions into two; transaction execution instructions corresponding to each participant, and priority-based execution instruction. By sorting the results of transaction execution instructions, digital currency transactions can be traced back to the entire life cycle of digital currency circulation, while concurrent processing can be satisfied, which facilitates the controlled and anonymous circulation of cryptocurrencies.
Not just this, the second patent introduces a specific form of front-end encryption machine.
It can be a hardware device equipped with a secure computing environment. In the secure computing environment equipped with this hardware device, the public and private key equivalent data of the central bank can be maintained. This secure computing The environment can take on some of the cryptographic operations involved in the DC / EP distribution process.
Additionally, the patent released on 25th Feb provides a solution for the lack of supervision on crypto accounts. The patent introduces a method/device for controlling a digital currency account. Certain account restrictions will be deployed between each supervisor and the operating agency on the wallet server. This will help regulators to keep an account of the transactions.
Lastly, the most recent patent released on 17th March is about making transactions anonymous and how the cryptocurrency would be separate from cash money. The patent describes that digital currency is different from the electronic amount in the existing electronic account, but is the digitization of cash banknotes, which has the characteristics of a virtual entity.
Huobi (HT) Buying Bitcoin and Other Cryptocurrency Is Easier With Huobi Lite – The Cryptocurrency Analytics
Huobi retweeted Sal Miah tweet that read: Buying Bitcoin Just Got Tremendously Simple with the Introduction of Huobi Lite!
Huobi Lite can be used to exchange Bitcoin and other kinds of cryptocurrencies for different fiat currencies. Fiat can also be used to buy cryptocurrency.
Huobi Wallet is the multi-currency decentralized wallet app developed by Huobi Group. It provides for storing BTC, ETH, BCH, LTC, TRX, XRP, USDT, ADA, DOGE, ONG, IOST, and ATOM.
The trend has been a friend for traders all the while. Anyone following a trend will have a bias. Choosing to go with a trend is just a beginning; however, the end result will not always be favorable. When to flip past the trend is something that comes to a decision making with practice and experience.
Huobi Charity recently tweeted: Momentum is showing in China where #COVID-19 cases are decreasing due to the great efforts of medical teams and assistant from communities around the globe. Thank you to everyone, including all medical staff & anyone who has provided information or donations. #HuobiCares.
Sydney Ifergan, the crypto expert, tweeted: The amount of money the investor has in Huobi Global will be automatically visible and tradable in Huobi Lite; includes USD, MYR, HKD, VNY, CNY Minimum and Maximum Trading Limits applicable. Feature Works.
Buying and selling cryptocurrency on Huobi Lite is a lot easier now.
Anyone into the cryptocurrency space has been dependent on the general direction of the market price of a particular cryptocurrency, whether Huobi Token (HT) or otherwise.
There are many ways to identify a trend, and each one has a particular way of identifying a trend. The first tool in analyzing a trend is a trend line. While not all trend lines are reliable, but the so-called reliable one will be able to give some direction about the progression of the trade. A valid trend line should have 3 touches.
Whether with the Candle Stick or other trend indicators, a downtrend is seen by lower highs and lower lows. When major support levels of price are broken, there is a lot of selling taking place, and it is considered to be a declining trend.
Trends can also be identified using indicators like the Exponential moving averages (EMAs) and Simple Moving Averages (SMAs); however, when it comes to price action, the EMA is very reactive. Spotting the trend is a crucial skill for any trader. Difficult for beginners, but it only gets better with practice.
No matter what token, one invests in whether in the Huobi Token (HT) or other Altcoins or Bitcoin stop loss is crucial.
Lukka, which makes a tax preparation platform for cryptocurrency, has debuted Lukka Library, an interactive collection of academic papers dealing with controversial legal and tax questions that lack official guidance or regulatory frameworks.
The papers are mostly short form, and each addresses a specific issue and is meant to provide viewers with cutting-edge perspectives on issues related to the crypto ecosystems most hotly debated topics. Currently, more than two dozen authors from companies and firms are contributing to this library of information including McDermott Will & Emery; Steptoe & Johnson; Mayer Brown; Baker & Hostetler; Ivins Phillips & Barker; Simmons & Simmons; and the University of Pennsylvania.Some topics available to browse now include identifying the options a crypto holder has to file their taxes, and suggestions on how to value a cryptocurrency that fluctuates frequently. The content will provide insights not only for the existing crypto ecosystem, but is intended to empower existing companies and professionals to break into the crypto market.
Readers of the Lukka Library can submit requests for more topics, adding to the 170 already identified for creation. The collection also provides complete transparency and access to the authors, so that subscribers can solicit opinions and conversations from subject matter experts who wish to be contacted.
The Lukka Library is a unique and important new resource for the crypto tax and legal community, said Andrea Kramer, partner at McDermott, Will & Emery, in a statement. It provides thought leaders from many different, leading firms a platform to share their unique perspectives. At the same time, it offers subscribers a central database from which to gather various points of view to make informed decisions, a task that could normally cost clients many thousands of consulting dollars and potentially weeks to research.
We dont know of any resource that exists today for professionals that provides this level of knowledge from independent sources, added Roger Brown, Lukkas head of tax and regulatory affairs, and one of the content authors. While the IRS has continued to provide guidance on crypto assets, weve assembled comprehensive viewpoints on a number of issues that remain unsolved. Centralizing knowledge in the library reduces the cost of guidance, aligning with our mission to make tax and legal knowledge more accessible to everybody.
Currently, an individual subscription to access all of the Lukka Library content costs $99.95 per year.
Information and access to Lukka Library can be found at https://www.lukkalibrary.com/.
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Lukka debuts resource library on all things cryptocurrency - Accounting Today
While headlines about tanking bitcoin prices serve ideal opportunities for investors to enter the cryptocurrency market, one top analyst thinks the asset is lacking new buyers.
Alex Saunders, the CEO & Founder of Australia-based Nugget News, offered a wave of discouraging catalysts that might have driven people out of cryptocurrencies, including a wrecked US job report. More than three million Americans filed for unemployment last week, providing first-hand information about how the Coronavirus pandemic is affecting the US economy.
A downside is [now] likely for stocks & crypto, asserted Mr. Saunders. Im predicting it by next week. Are new investors entering crypto? Im not convinced.
The statements suggested a potential drop in bitcoins retail demand as jobless people turn to cash as their last resort amidst a pandemic. Meanwhile, institutional investors are also reducing their exposure in the cryptocurrency market for cash liquidity: to cover their margin calls or just hold it near to find buying opportunities in a wider bearish market.
Bitcoin has long enjoyed the status of an offbeat, non-correlated asset that could behave as safe-haven for investors in times of economic crisis. But in its first face-off with the one, the cryptocurrency has chosen to follow the bearish moves of stocks and similar risk-on assets.
For some, bitcoins long-term bias remains bullish. Brad Mills, partners at US-based private investment firm Xsquared Ventures, admitted that he sold some of its bitcoin holdings believing that the next three months will be bad for every asset. But he added that he will buy again.
Im still long term bullish, but the next 3 mths will not be good for any asset. the analyst said. Theres volume to exit now. Bitcoin will eventually decouple, but when the gravity of [Coronavirus] and the recession hits the USA, we will see another huge selloff. Thats when I buy.
As the hunt for the next-best buying opportunity continues, bitcoin has marked a fresh downside target in the $4,200-4,400 area following its latest move on Saturday.
The bitcoin-to-dollar exchange rate has broken out of its Rising Wedge pattern, confirming a broader move to the south. Mr. Saunders earlier noted that the pair could confirm the classic bearish indicator with a plunge, further validating it with the double top formation near the $6,900-area.
BTCUSD breaks Rising Wedge support | Source: TradingView.com, Alex Saunders
The $4,200-support could offer investors the opportunity to enter the bitcoin market again. Nevertheless, a further breakdown could leave the cryptocurrency with the possibility of testing lower $3,000 levels.
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Not Convinced New Investors are Buying Bitcoin, Top Analyst Says - newsBTC
How to identify when a cryptocurrency is about to skyrocket? | The Home of Altcoins: All About Crypto, Bitcoin & Altcoins – Coinlist
By Coinlist Posted on 27 March, 2020 0 Comments
One of the most recurring problems of the contemporary trader is detecting price movements before it is too late. In the cryptocurrency market, which trades tirelessly in an environment where volatility reigns, the challenge of identifying price actions in time can be even more difficult. However, there are several strategies that can help you be one of the first to enter at the right time. Find out how to identify when a cryptocurrency is about to skyrocket.
If you have technical analysis knowledge, you will know that there are a series of signals and indicators that can help the investor understand which direction the price of an asset is likely to take. In the case of the crypto industry, it is very important to detect them in time, since market cycles are usually shorter and less stable.
There are different types of breakouts. For example, when the price of a digital currency demonstrates a clear bearish channel, a bullish break is said to have been reached. When the opposite occurs and a well-established bullish guideline is broken, analysts call the case a bearish breakout. But these are not the only cases to identify. There are simple moving average crosses for different periods that allow changes in price movement to be detected. The crossing of death and the golden crossover are very important.
In any case, these will require some experience, or the follow-up analyses published by experts. Also, some of the more advanced platforms allow you to configure price alerts once you identify interest levels. This is an extremely useful tool, but it is only recommended to use for analysis with larger time frames in order to receive notifications that are really worthwhile.
TradingView charting platform allows you to configure notifications in your browser. Other investment platforms are even more powerful and allow you to configure notifications that you can receive through your mobile phone. Some examples include Coinbase and the eToro exchange platform.
Coinbase is one of the first places that made it easy to buy bitcoin and has since become a widely trusted exchange in the market.
eToro is a multi-asset investment platform with more than 2000 assets, including FX, stocks, Crypto, ETFs, indices and commodities. eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
The Internet is used to heavily influence the media and social networks. Thus, it is important to identify which digital currencies are setting the trend. Many analysts find a correlation between price movements and search interest on a digital currency through Google, for example.
In this case, Google Trends can be a strong ally to identify search interest in specific cryptocurrencies. In relation to social networks, the most important discussed topics related to bitcoin, blockchain and altcoins are often found on Twitter and Telegram. If you make a living through trading, then you will want to be subscribed to the most important cryptocurrency forums.
A little-known tool of CoinMarketCap is the summary of winners and losers over a given period. This shows a list of the cryptocurrencies with the highest percentage movement in three different time frames: 1 hour, 24 hours and 7 days. With this tool, the user can get an idea of where there is a significant price action, both up and down. However, to narrow the sample more precisely, we suggest filtering those currencies with very low trading volume. The latter are more volatile and the risk when investing rises considerably.
Other similar portals like Coin360 can also give similar metrics that help identify which cryptocurrencies are experiencing significant moves.
The list closes with the favourite of those who prefer to opt for smaller alternatives. When a small-cap cryptocurrency hits a large exchange like Coinbase or Binance, its price tends to gain traction. These platforms follow a rigorous process to admit new currencies into their offerings, a factor that may be considered positive and encourages them to invest in smaller projects that could gain importance in the future.
Making the analogy to the great market leaders, it is the equivalent of what happens when BTC or Ethereum start trading on institutional financial platforms, for example, futures at Bakkt or the CME Group in Chicago.
A report from Hootsuite has found the Philippines as the nation with the highest amount of cryptocurrency owners with three of the top ten countries coming from the Asian continent.
The research, which cited GlobalWebIndex, saw the Philippines top with 17% of internet users holding crypto. Thailand came in fourth behind South Africa and Brazil in second.
Indonesia, which placed sixth worldwide, gained the headlines as 11% of internet users had cryptocurrencies. With the countrys enormous population of 270 million, that means a huge number of people are holding cryptocurrency in the nation.
However, whether the statistics put forward by the report are wholly accurate remains to be seen. Another Statista report on blockchain wallet ownership worldwide put the global figure at 44 million users.
In Indonesia, only 64% of the country has access to the internet making the 11% figure of cryptocurrency even more interesting, as well as less plausible. As any commentators looked to see the positives of the report, others, like Twitter user @DouglasTan30 have called for calm.
Although the statistics may have overstated the numbers, it is not right to say that the nations of Indonesia and the top-ranked country, the Philippines. Both governments have strong crypto communities and regulations to match this growing trend.
Digital payments have been apart of the landscape for a while too. 7 Eleven stores across the Philippines accept Bitcoin. Whatsapp have looked into making digital payments on its Indonesian version.
Continue reading here:
Report: Asian Nations are Increasing Cryptocurrency Usage - Asia Crypto Today
Coronavirus Crisis Shows Benefits of Virtual Reality to Cryptocurrency Enthusiasts – The Merkle Hash
During the coronavirus crisis, a lot of focus has shifted to online meetings and virtual communication. All of this seems to indicate that virtual reality will become more popular, even in the cryptocurrency space.
Virtual reality remains a very niche technology for most consumers and companies.
It is something no one really needs, despite its potential.
During the coronavirus crisis, the demand for online social solutions is on the rise.
As such, now is the time to shine for virtual reality, even in the world of cryptocurrencies.
Several cryptocurrency-oriented meetings have already taken place in VR over the past few months.
Although the user pool is still relatively small, it shows how much potential this technology has.
That being said, there is still a lack of VR-oriented crypto and blockchain projects.
So far, it seems Decentraland is the only real option worth exploring, at least for now.
Until VR takes off on a larger scale, there isnt any real need for developers to explore that technology either.
Only time will tell whether VR and crypto can flourish together, or remain separate niche markets.
It is evident that innovative technologies will need to get to the next level of adoption.
Right now, it appears that such a shift will happen for cryptocurrency, but not necessarily for virtual reality.
President of Brazilian banking On cryptocurrency: They do not fulfill any of the classic functions of currency – Crypto Daily
Murilo Portugal, the President of the Brazilian banking Federation has argued this week that digital currencies such as bitcoin are not actual currencies.
Portugal was speaking in a debate in regards to the impact of the digital revolution in the world of finance. The debating question looked into the impact of new technologies and how they are having changed the financial world as we know it. This includes things like blockchain, cryptocurrency, AI, financial technologies and big data.
Portugal made the argument that cryptocurrency doesn't actually fulfill any of these traditional functions of money. He added that they are not a unit of account nor a means of exchange. He further said:
"They are actually called coins but they are not coins, which is why it is cryptocurrency. They do not fulfill any of the classic functions of the currency, which is to serve as an account unit, where people can express prices. They do not serve as a means of payment or as a store of value because the volatility is very high."
When it comes to the world of finance, Portugal is a well-respected name. As well as having a degree in economic development from the University of Cambridge, Portugal served as an executive director of the World Bank and International monetary fund.
Finishing off, he went on to theorise that money and information are becoming one in the same. He predicted that data and information could end up becoming a regulated entity in the same way money is.
For more news on this and other crypto updates, keep it with CryptoDaily!
Cryptocurrency accounting company, Lukka, has announced the launch of the Lukka Library an interactive collection of academic papers addressing legal, accounting, and tax questions pertaining to crypto assets.
On March 26, Cointelegraph spoke to Lukka co-CEO, Robert Materazzi, and Lukka Library creator and head of tax and regulatory affairs, Roger Brown.
Materazzi states that the company was formed under its former brand, Libra, in 2014 after the founder Googled how to pay his capital gains tax and found that there wasn't any solution that was out there.
The experience prompted the founder to rope together some developers to build what Robert claims was the first cryptocurrency tax calculator. However, the product failed to make an impact as people werent interested in paying their taxes in 2014 relating to crypto.
After the 2017 bull run pushed Bitcoin (BTC) towards the mainstream and gave rise to a proliferation in crypto hedge funds, the firm decided to shift its focus towards institutions.
Brown states that they then set about drafting a list of 170 issues relating to crypto tax for which they state there was either no IRS guidance, or the IRS guidance on the topic was overly broad and missed the nuances in their facts.
Roger asserts that more than 75 topics are currently covered in the Lukka Library, including a wide array of taxation strategies for crypto traders, and suggestions on how to value digital assets that experience high volatility for institutions.
The resource currently contains articles written by more than two dozen authors, including the University of Pennsylvania, in addition to legal firms McDermott Will & Emery, Steptoe & Johnson, Mayer Brown, and Baker & Hostetler.
Lukkas users can also request articles addressing desired topics and can access the authors featured in the librarys collection.
Annual access to the Lukka Library is currently priced at $99.95 per year.
Roger adds that the platform is soliciting content internationally, starting with an emphasis on the U.K.
Looking forward, Materazzi asserts that Lukka believes crypto assets and digital assets are the future, adding: finally all the regulators and governments are catching up to this right now.
Brown agrees, contending that the said future may be arriving sooner than previously anticipated, citing recent proposals for a U.S.-government backed digital dollar.
The US has two bills in Congress and one in the House, one in the Senate that talk about digitizing the dollar and the digitization not only just at the institutional level [...] but they're also going to creating a digital wallet for each U.S. person to, in effect, no longer have to deal with currency. And that's incredibly important. Not only for technology, the savings around sending it, the security also associated with it[...] but digital assets are more traceable than cash. So that could be part of the reason why Congress is enacting it.
He adds: People say you could get the coronavirus from touching money in coins, you can't do that by touching digital assets.
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Cryptocurrency Accounting Firm Launches Library of Legal and Tax Advice - Cointelegraph
Aaron Gong, vice president of futures at major cryptocurrency exchange Binance, explained to Cointelegraph how the firm managed to become one of the top crypto futures trading platforms.
As Cointelegraph reported earlier this week, Binance recently overtook BitMEX and became the second-largest platform in terms of 24-hour Bitcoin (BTC) futures trading volume. When asked whether he is surprised by such success, Gong said that the firm created the product with the plan of becoming the top Bitcoin futures trading platform:
We knew we would be there soon, and we made it in slightly more than 6 months time.
According to Gong, the three primary reasons behind the success of Binances futures products are the low taker fees, new features and a large amount of altcoin pairs. He said that too many exchanges offer negative maker fees:
Too many other exchanges offer negative maker fees, where most orders are just computerized market makers competing for best bid and ask with extremely limited taker interest during periods of low-volatility.
Gong also said that innovation also drives trading volumes when it comes to Binances futures. He claimed that the exchange has had a few firsts when it comes to the crypto futures market:
We are the first major crypto exchange to launch max 125X leverage for BTC contracts, and the first of its kind to launch cross collateral and smart liquidation mechanism. These features have gained tremendous popularity amongst our users.
The third reason for the success of Binances futures contracts, Gong explained, is the number of altcoin contracts. He said that the firm launched 24 futures contracts on the platform, adding:
As of today, Binance Futures houses half of the top 10 most liquid altcoin contracts, many of which are also the most traded pairs amongst all futures exchanges.
Gongs strategy to drive the volume of futures contracts on Binance is to continue bringing more functionalities and products to the industry. He said that he believes Binance has outdone its competitors, as other crypto trading platforms suffered problems such as overloads, poor risk management, and counterintuitive product designs. He explained that Binances design was largely driven by users complaints about other platforms:
We specifically aimed to address these issues and improve the users experience. As such, we put tremendous efforts to build an industry-leading matching engine that is able to process more than 100,000 orders per second. [...] Whilst there were issues of system overloads, outages, glitches, and even rollbacks elsewhere, weve proven time and again to be a safe, reliable, cheap and liquid venue for hedging.
It is worth noting that Binances trading platform ran into a number of issues in February. On Feb. 19, the exchange halted trading to resolve an unexpected technical issue with its infrastructure.
As a Feb. 25 Cointelegraph analysis illustrated, this incident took place after a week in which the platform was often unresponsive to trader input as the exchange was unable to manage a large uptick in user volume.
In early March, Binance halted trading again to fix a malfunction. The exchanges co-founder and CEO Changpeng Zhao purportedly blocked Jay Hao the CEO of competing exchange OKEx on Twitter, after he publicly offered to help fix the infrastructure.
However, Gong said that the malfunctions did not affect Binances futures trading infrastructure and that futures traders were not affected:
Our futures system has been proving to be performing well during the most volatile period since we launched. The futures market is running on a separate matching engine.