Bitcoin Price Breakout ‘Only a Matter of Time’ Says Analyst

There could be a potential breakout for Bitcoin price as it nears the end of a flat cycle, according to an analyst.

Only a Matter of Time
The price of Bitcoin seems to have settled down again after its recent surge to $7,000. At the time of writing, it is trading at $6,535, according to CoinMarketCap.

For several weeks, the number one cryptocurrency has remained within the $6,200 and $6,800 range. For many, this may signal that Bitcoin is reaching a less volatile state. However, according to one analyst, this may soon change. Speaking of a potential breakout for the currency, Mati Greenspan, senior market analyst at eToro, said “it’s only a matter of time,” reports MarketWatch. He added:
Of course, the flatline pattern could easily remain for another few months and that wouldn’t be a bad thing, however, there are signs of excitement boiling underneath the cool price action exterior.
Elsewhere in the market, the price of Ether remains floating about $200, whereas XRP, which rose to around $0.70 following the announcement of Ripple’s xRapid launch, is trading at $0.45.
Ox, which is currently ranked as the 23rd most valuable altcoin, recently saw its value shoot up by 15 percent in a 24-hour period. This was following news that Coinbase had launched the ZRX token on its Coinbase Pro platform. However, at the time of publishing, though, Ox has seen a near 10.50 percent drop in the past 24 hours. Some in the space, though, are reporting that there may have been insider trading.

The potential for insider dealing here stinks.
Former Coinbase Employee and current 0x advisor @ljxie, advised Coinbase on their digital asset listing guidelines. https://t.co/6GsMZdlL7j
— Kevin ''Thuggish'' Pham (@_Kevin_Pham) October 16, 2018

Exciting Projects
The cryptocurrency market is still attracting interest. Positively, institutional investors are seeking ways of getting involved. As a result, different options are beginning to open to them as a way of storing their assets securely.
San Francisco-based crypto exchange Coinbase is one such example. Earlier this year, it launched its Coinbase Custody service aimed at institutional investors. However, while it is aiding bigger investors, they may need something more to bring them in.
What may see this coming about was an announcement made earlier this week. Asset management firm Fidelity Investments became the first major U.S. company to offer a custody service for Bitcoin and Ethereum. As the fourth largest asset manager that has the credentials to go with it, this move may help drive investor adoption.
Of course, only time will tell.
Do you think institutional investors will drive market prices up? Let us know in the comments below.

Images courtesy of Shutterstock and Twitter/@_Kevin_Pham.
The post Bitcoin Price Breakout ‘Only a Matter of Time’ Says Analyst appeared first on Live Bitcoin News.

Bithumb Launches Decentralized Exchange on the Ethereum Network

South Korean cryptocurrency exchange Bithumb announced the launch of its Decentralized Exchange (DEX) which is structured on the Ethereum blockchain. The move comes days after the exchange sold a majority stake of its equity for $353 million.

Bithumb’s DEX is Live
Bithumb’s decentralized exchange went live on October 15, following the trend of other major cryptocurrency exchanges to launch their very own decentralized solutions.
In a commemorative tweet, the exchange said that in order to celebrate the event, users can take advantage of an Airdrop and of free transactions fees until November 15th.

Bithumb DEX Grand Open Event!In order to celebrate the opening of the Bithumb DEX, the following event will be held.
1. Free Transaction Fee Event2. Airdrop Event
For more information, Please check the link below. * https://t.co/dxhXaHM7Nl pic.twitter.com/5Z5oIhEcne
— Bithumb (@BithumbOfficial) October 16, 2018

The new platform will initially enable DENT, INS, POA20, RNT, and WTC trading pairs with Ethereum (ETH). However, it’s likely that more trading pairs will be added in time.
Quick Recovery
Earlier this year, Live Bitcoin News reported that Bithumb felt victim to a hacking attack, losing about 45 percent of the coins which were traded on the exchange or about $31 million. Shortly after, the exchange announced that it has managed to recover $14 million of the stolen digital currencies, outlining:
The main reason for the reduction of the damage is due to the ongoing participation, support, and cooperation of cryptocurrency exchanges and cryptocurrency foundations across the world.
The company confirmed that all those who lost their cryptocurrencies will be reimbursed.
Despite the heist, Bithumb still managed to turn a profit of about $35.3 million in the first two quarters of 2018.
Just a few days ago, Bithumb sold the lion share of its company to Singapore’s BK Global Consortium. The deal reportedly went for $353 million, implying a valuation of about $700 million. Speaking on the matter, a representative from BK Global Consortium said:
Kim Byung-gun demonstrated his multinational management ability in the field of medical care, fintech, and blockchain in Singapore. He is the right person to pursue the systemization and globalization of the virtual currency exchange.
What do you think of Bithumb’s decentralized exchange? Don’t hesitate to let us know in the comments below!

Images courtesy of Twitter (@BithumbOfficial) and ShutterStock
The post Bithumb Launches Decentralized Exchange on the Ethereum Network appeared first on Live Bitcoin News.

Bitcoin Futures Trading Grew by 41 Percent in Q3 2018, Says CME Group

The Chicago Mercantile Exchange (CME) Group says its Bitcoin futures contract trading grew by 41 percent in the third quarter of 2018. CME also said that Asia contributed to half of the overseas BTC futures trading volume.

Bitcoin Futures Trading No Longer Stagnant
In a tweet posted on Wednesday (October 17, 2018), CME announced the Q3 performance of its BTC futures contract. According to CME, the average daily volume (ADV) stood at 5,000 contracts which meant an increase of 41 percent from Q2 figures (3,577 contracts). Q3 results also indicate an almost 170 percent from Q1’s performance – 1,854 contracts.

In Q3, Bitcoin futures average daily volume rose 41% and open interest was up 19% over Q2 . Learn how market participants are using BTC to manage risk in changing markets. https://t.co/Yt41SzsHku pic.twitter.com/Kw4OX0QaKT
— CMEGroup (@CMEGroup) October 17, 2018

The open interest (OI) also rose by 2,870 individual contracts, an increase of 19 percent from Q2 (2,400) and 93 percent from Q1 (1,500). It appears the declining price of the underlying asset has done little to dampen the enthusiasm for the futures trading product. In August, Live Bitcoin News reported that CME futures still held sway over Coinbase spot trading volume.
Bitcoin has declined by more than 60 percent since the start of the year. It has also spent the last few months caught in a sideways trading loop though some observers say a breakout is imminent.
The Q3 increase comes despite a period of stagnation in August. At the time, CME reported that its BTC futures contract had stalled for three straight trading sessions with less than 2,500 BTC transactions. This period of stagnation caused a fall of almost 70 percent in about eight days.
Asia Leads the Foreign Markets in Bitcoin Futures Trading
In September, CME revealed that Asia was leading the overseas market for BTC futures trading. According to the CME Group managing director and equity products and alternative investments chief, Tim McCourt:
Out of the 40 percent of bitcoin futures trading on CME that’s outside the United States, approximately 21 percent are coming from Asia.
Plans to Launch Altcoin Trading Products
There are reports that the CME plans to launch altcoin trading products based on the success of their BTC futures trading. According to a recent post from the CME, it is mulling the creation of a reference rate and real-time index for the Ether-Dollar pair.
The CME launched its BTC futures contract in December 2017 coinciding (and maybe even contributing) to the meteoric rise in BTC price that saw the top-ranked cryptocurrency almost reach $20,000. The CBOE also launched its BTC futures during the same period.
Are you surprised to see an increase in Bitcoin futures trading despite the sideways price action for the top-ranked cryptocurrency? Let us know your thoughts in the comment section below.

Image courtesy of Twitter (@CMEGroup) and ShutterStock

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IOTA Is Bringing On A Tangle Based Biometric Verification System

The IOTA foundation after announcing its desire to start working on reusable cryptocurrency addresses has also announced a major breakthrough in the use of its Tangle software. The company will have its major software being used for a biometric verification process to authenticate the identities of people. The initiative which will be called IAMPASS Proof of Concept is expected to use open source digital ledger technology to verify and validate people’s identity via palm veins of users.
The process will create an entirely unique and valid identity for every single person after the palms are scanned and the pattern of veins determined. The system is said to allow users in accessing platforms with very high security levels, permissioned facilities etc.
The developers believe that the very moment such a system is active people will now have the freedom and privilege to totally control their own accounts and data as well as check the level of theft with or in their accounts.
The official twitter page for the newly created open ledger software development tweeted saying
IOTA’s co-founder made it clear to the general public that this new proof-of-concept system was what was going to be used to in addressing issues of authentication and theft in the cryptocurrency community. Dominik Scheiner, in his speech stated

“This is why we are excited about IAMPASS Proof of Concept, which uses the IOTA permission-less distributed ledger to make identity not only portable, but also give users assess and ownership over their own data. With the maturation of identity solutions like these, we will see the IOTA ecosystem providing a key technical puzzle piece for the adoption of distributed ledgers.”

Amalgamation of digital identity security as well as individual data by various institutions was now going to be much easier because of IOTA’s Tangle design. The director for the business development and cloud platform of IOTA, Toan Nguyen, mentioned

“Together, we expect the IOTA ecosystem and IAMPASS to help drive the next phase of digital identity management for high secure environments like data centers and in the smart city.”

To him, these two had to be given great attention considering the fact that the two were very much woven into each other.
IAMPASS is but he latest of the constantly innovative ideas that IOTA is always spewing into the crypto space to address identity authentication or verification processes. Its Qubic update and the Digiatl CarPass are but a few other honourable mentions.
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Zebpay Lives! Malta Rolls Out Welcome Mat to Indian Crypto Exchange

Malta has done it again. It’s favorable and clear regulations have enticed previously MIA Indian exchange, Zebpay, to enjoy island life and crypto-friendly legislation.

Did you ever lose a favorite item like a necklace or a pair of sunglasses, and then one day you find it and all is right with the world again? This could be what previous customers of Zebpay were feeling when it was recently reported that the crypto exchange has opened its doors again.

Crackdowns and Bans
Last month, Live Bitcoin News reported that one of India’s most popular exchanges had closed up shop due to the country’s reserve bank’s controversial ban. In addition, India, like many countries, has no clear guideline or framework when it comes to regulations.
That didn’t stop the country’s tax authorities from cracking down on exchanges, one of which was Zebpay. This, coupled with the ban and murky regulations, led to the exchange closing down. At the time of closure, a statement on the platform’s blog read:
The curb on bank accounts has crippled our, and our customers’, ability to transact business meaningfully. At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business. As a result, we are stopping our exchange activities.
After news broke, Indian-based exchange, Bitbns, gallantly offered a helping hand in the form of assisting Zebpay’s three million customers to move to their exchange.

Zebpay Moves to Malta
However, according to Quartz India, Zebpay has now been welcomed with open arms to the “blockchain island” of Malta.
The picturesque island nation continues to attract big industry names including Binance and Bittrex. Its government has drafted legislation and its Prime Minister has even spoken about how crypto and blockchain could be the driving forces of the future at a recent UN address.
Zebpay will be providing services to 20 countries which include France, Germany, Sweden and, of course, Malta. One country that will not be serviced though is India. While the exchange has issued no official statement as yet, their website does list a Maltese location as an address for the company.
This is another example of what happens when governments fail to capitalize on the potential that crypto presents. Gone are the days when a business’s location was dependent on where they started. In the world of disruptive technology, it is dependent on where they will receive the most favorable regulations. This is what Malta understands and why they continue to explore and implement this technology in their country.
Straddling the fence when it comes to developing clear guidelines could result in bright talent and innovative platforms leaving countries and taking their money with them.
Do you think that Zebpay will thrive now that they’re in the crypto-friendly country of Malta? Let us know in the comments below!

Images courtesy of Shutterstock.
The post Zebpay Lives! Malta Rolls Out Welcome Mat to Indian Crypto Exchange appeared first on Live Bitcoin News.

Malta Rolls out the Welcome Mat to Indian Exchange Zebpay

Malta has done it again. It’s favorable and clear regulations have enticed previously MIA Indian exchange, Zebpay, to enjoy island life and crypto-friendly legislation.

Did you ever lose a favorite item like a necklace or a pair of sunglasses, and then one day you find it and all is right with the world again? This could be what previous customers of Zebpay were feeling when it was recently reported that the crypto exchange has opened its doors again.

Crackdowns and Bans
Last month, Live Bitcoin News reported that one of India’s most popular exchanges had closed up shop due to the country’s reserve bank’s controversial ban. In addition, India, like many countries, has no clear guideline or framework when it comes to regulations.
That didn’t stop the country’s tax authorities from cracking down on exchanges, one of which was Zebpay. This, coupled with the ban and murky regulations, led to the exchange closing down. At the time of closure, a statement on the platform’s blog read:
The curb on bank accounts has crippled our, and our customers’, ability to transact business meaningfully. At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business. As a result, we are stopping our exchange activities.
After news broke, Indian-based exchange, Bitbns, gallantly offered a helping hand in the form of assisting Zebpay’s three million customers to move to their exchange.

Zebpay Moves to Malta
However, according to Quartz India, Zebpay has now been welcomed with open arms to the “blockchain island” of Malta.
The picturesque island nation continues to attract big industry names including Binance and Bittrex. Its government has drafted legislation and its Prime Minister has even spoken about how crypto and blockchain could be the driving forces of the future at a recent UN address.
Zebpay will be providing services to 20 countries which include France, Germany, Sweden and, of course, Malta. One country that will not be serviced though is India. While the exchange has issued no official statement as yet, their website does list a Maltese location as an address for the company.
This is another example of what happens when governments fail to capitalize on the potential that crypto presents. Gone are the days when a business’s location was dependent on where they started. In the world of disruptive technology, it is dependent on where they will receive the most favorable regulations. This is what Malta understands and why they continue to explore and implement this technology in their country.
Straddling the fence when it comes to developing clear guidelines could result in bright talent and innovative platforms leaving countries and taking their money with them.
Do you think that Zebpay will thrive now that they’re in the crypto-friendly country of Malta? Let us know in the comments below!

Images courtesy of Shutterstock.
The post Malta Rolls out the Welcome Mat to Indian Exchange Zebpay appeared first on Live Bitcoin News.

Bank of Spain Believes Blockchain Technology Has Potential to Revolutionize the Financial System

Several companies are currently investing in blockchain technology. Firms all over the world know that blockchain has an incredible potential to revolutionize several industries, including the financial world. And this is in line with what the Bank of Spain thinks about it.
Bank of Spain Recognizes Blockchain’s Potential
A Bank of Spain’s representative believes that blockchain is able to revolutionize the financial world. However, he mentions that banks and financial institutions need to continue investing and researching on the matter.
José Luis Romero Ugarte, member of the General Directorate of Operations, Markets and Payment Systems at the Bank of Spain, said that the financial sector could improve by introducing this technology. In an article, he explains how the technology works and how it is possible to make financial transactions more transparent and efficient.
Transnational payments could be improved by embracing this technology. It provides transparency, reduces transaction times and costs. One of the companies and banks that is already using this technology is Santander.
Although he believes that there are several positive points in the technology, he makes some critics to decentralized systems. Ugarte considers that this technology is not yet tested and that it needs time to be improved. Another important point he marked is that distributed ledger technology (DLT) consumes important amounts of energy to operate.
Furthermore, he explains that a regulatory framework should be created around blockchain technology.
He commented on the matter:
“Although in some models every single node has a copy of the complete registry and visibility over every single transaction, when applied to the financial sector, according to the interests of the participants, access to information could be restricted.”
Additionally, Ugarte says that institutions should always follow the latest innovations and how they can improve the financial market. There are some financial companies that have already talked about how they could be affected by the emergence of new technologies and financial startups.
Back in May, the Governor of the Bank of Spain mentioned that cryptocurrencies have more risks than benefits. However, he seemed enthusiastic about possible applications related to blockchain technology.
Spain is trying to improve the crypto ecosystem by regulating the market. It is imposing flexible regulations and asking the European Union to address virtual currencies in a regional way.
At CoinStaker we have written several times about how Spain and other countries are working with this revolutionary technology. In the future, more banks and financial institutions could start implementing it to improve their services and products.
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Sammie Zhang, Former Financial PR Director, Officially Joins BitKan as Brand Director of Marketing

Sammie will use her skills to help BitKan expand further into the global market.
Financial Media and PR Background
Sammie has an impressive seven-year career in the financial and media industries. She started out as a financial reporter in Hong Kong, using the opportunity to build a media network.
She then devoted her career specifically to the financial PR industry, at global public relations and integrated communications agency Hill+Knowlton Strategies. From there she moved to Wonderful Sky Financial Group (1260.HK), a leading financial PR communications group in Hong Kong.
Sammie then went on to provide professional public relations and investor relations services for over 50 listed companies, most of them TMT clients from China and technology firms based in Silicon Valley. Over the past few years, she took responsibility for over 10 IPO projects, which in 2018 alone have raised over $10 billion USD in the market. She said:
“I was so lucky to have been involved in almost all major projects regarding new economy IPOs during the past few years, and have gained successful experiences and international branding insights from these projects.”
Why Did You Choose to Work at BitKan?
“Gandhi said ‘be the change you want to see in the world’. The cryptocurrency and blockchain industry is that ‘change’ for me. BitKan, established in 2012, is one of the most influential all-in-one platforms for the cryptocurrency and blockchain field. Its branches spread globally including Hong Kong, Japan and Singapore. BitKan’s management team is composed of experienced industry experts and its management combines a wealth of talent and international experience in product research and development, community and content operations.”
“I am very honored to join BitKan’s big family. In the future, I wish to have more in-depth communications with the management and the marketing team, and provide what I learnt from past successful experiences in traditional financial markets, with an aim to expanding business opportunities, strengthening the company’s global brand influence, and leading BitKan to new milestones.”
What Do You Expect to See in Crypto Markets in the Near Future?
“A bear market is always presented to me as an opportunity. We can get a chance to reallocate our resources, re-establish our branding image, and utilize this period to strengthen our leading position in the industry. I do trust that cryptocurrency will change the world and BitKan will take a significant position in that new world.”
The addition of Sammie Zhang will be an invaluable asset to the BitKan team as it grows the company’s influence globally.
About BitKan
BitKan was founded by four former employees of Huawei Technology in 2012. The startup has rapidly scaled to become one of China’s leading providers of cryptocurrency data and services, with recent expansion into Singapore, Tokyo and Hong Kong.
Visit the BitKan homepage and download the mobile app here:
Website: https://www.bitkan.com
App: https://bitkan.com/app
The post Sammie Zhang, Former Financial PR Director, Officially Joins BitKan as Brand Director of Marketing appeared first on CoinSpeaker.

Upgraded BitKan App Now Much Faster, Wallet Supports Most ERC20 Tokens

The app’s wallet now supports most ERC20 tokens on the market today, as well as adding more news sources, optimizing startup speed, and shortening users’ waiting time, registration and login process.
Major Improvements for Token Support
With this upgrade, the wallet function has undergone major improvements. Up until now, the BitKan wallet has supported mainstream cryptocurrencies such as BTC, BCH, ETH, QTUM, DASH, SAFE. That now includes all tokens based on the ERC20 standard and Bitcoin (BTS).
All this means it now covers over 98 percent of available cryptocurrencies in the market. The update will add Bitcoin (BTS) wallets and GAT wallets, as well as the USDC stablecoin wallet from Circle. Users can now do an ERC20 token search and add new token functionality.
‘Community Wallet’ Concept
The new version of the “community wallet” concept promotes a more ecological layout for paying for content, plus community rewards and one-click airdrops for different projects.
BitKan first launched its wallet function in 2013. It has proved well-secured thus far, and is supported and trusted by millions of users. The mobile app is available for both Android and iOS.
BitKan thanks all its users, past, present and future, for their support.
About BitKan
BitKan was founded by four former employees of Huawei Technology in 2012. The startup has rapidly scaled to become one of China’s leading providers of cryptocurrency data and services, with recent expansion into Singapore, Tokyo and Hong Kong.
Visit the BitKan homepage and download the mobile app here:
Website: https://www.bitkan.com
App: https://bitkan.com/app
The post Upgraded BitKan App Now Much Faster, Wallet Supports Most ERC20 Tokens appeared first on CoinSpeaker.

Cobo Launches a Self-Destructing Bitcoin Hardware Wallet

Bitcoin wallet security can come in many different ways. Using a password for extra security or a dedicated hardware solution are two popular solutions. Cobo, a Chinese startup, is taking this concept to a whole new level with its Vault hardware wallet. Any successful attempt to hack the device will lead to its destruction.

Cobo Takes Security Seriously
A wide range of software and hardware Bitcoin wallet options exist today. None of them is 100% secure and foolproof, as such a thing does not exist. Cobo’s Vault hardware wallet comes awfully close to perfection, although it boasts some pretty “wacky” features. At the same time, any extra security in this day and age is no unnecessary luxury.
Several aspects of the Vault stand out. It is a physical Bitcoin wallet for all intents and purposes. This is achieved in a completely offline manner. Unlike other hardware wallets, the Vault is not capable of connecting to other devices. It is completely off-the-grid, which will be of great interest to more paranoid Bitcoin users.
Under the hood is where the magic happens. Cobo opts for some extensive security measures before allowing device access. A companion app needs to be installed to power the Cobo Vault. Users are presented with a 24-word seed phrase and are asked to enter a complex password of 10 characters or more. They also need to scan a QR code through the companion app. Once all of these steps are complete, the Cobo Vault becomes accessible to users. A very extensive and painstaking process, but security and convenience don’t always go hand-in-hand.

Hacking Makes It Go Kaboom
That is not all there is to know about Cobo’s device. Any attempt to hack the device will result in a self-destruction process. No physical explosion will take place, yet the device will wipe itself clean. This is a very interesting extra security measure. Most users might not even see the merit of this addition. Those who own big amounts of cryptocurrency, on the other hand, won’t mind a bit of extra device security.
It is not the first time Bitcoin wallet providers take extreme measures. Samourai Wallet, for example, has some very similar features. Its software is also capable of wiping data if an intrusion is detected. With Cobo exploring a similar option, there appears to be some demand for such features. Taking this concept and adding it to a hardware wallet is an industry-first. It also explains why the retail price will be $479. Early backers of the crowdfunding campaign can obtain a unit for $300.
This is another key example of how the Bitcoin industry continues to evolve. Demand for secure storage solutions is not slowing down. Instead, users want to keep their portfolio safe at all times. Despite less convenience, Cobo’s hardware wallet makes for a compelling product. As more users enter cryptocurrency, security becomes an even bigger priority. Products like these show it can be done, albeit at a relatively steep price.
What do you think about a self-destructing Bitcoin wallet? Do the merits outweigh the potential risks? Let us know in the comments below.

Images courtesy of Shutterstock
The post Cobo Launches a Self-Destructing Bitcoin Hardware Wallet appeared first on Live Bitcoin News.