Investors Cannot Sell Their Digital Assets Due To Minimum Limits

  • Crypto investors are not being able to sell their virtual currencies due to high minimum limits
  • Blockchain.com says they have increased their limits to remain updated with network fees

It seems that there are several users that cannot sell their digital assets to the market because they are having trouble with the limit imposed by crypto wallets. Many wallets have imposed minimums that are currently close to $100 and small investors would not be able to leave the market if they want to sell.

Should Minimums Be Lowered?

Users that have less than $100 in Bitcoin or other cryptocurrencies might find it difficult to sell or transact their funds due to the minimums imposed by crypto wallets and platforms. According to a recent article released by Telegraph Money, many of those that purchased small amounts of Bitcoin (BTC) in 2017 and are trying to sell they are not able to do it.

Some of these platforms include the popular Blockchain.com wallet that has established very high limits for users to sell their funds. For example, Telegraph Money explains that there is a user that purchased 0.0062 of a cryptocurrency and found out that the minimum amount he could sell was 0.008. After some time, the user checked and the minimum amount moved to 0.01.

According to what Blockchain.com says, these minimums are established taking into account network fees. A spokesperson for Blockchain.com explained that they have evolved minimums to ensure users don’t pay uneconomical fees to move small amounts of money.

A recent analysis released by Interactive Investor shows that the minimums established by Blockchain.com seem very high compared to other companies. There are almost 18 million wallets that hold less than the necessary Bitcoin to reach the limit imposed by Blockchain.com.

In general, cryptocurrency exchanges have larger minimums for users to deal with virtual currencies. Trade and withdrawal limits also have very high limits. That shows that there are many things that companies in the space have to change, improve and enhance if they want to attract more investors to the market.

There are alternatives such as decentralized exchanges (DEX) and open-source wallets that would give users a different alternative to deal with digital assets and cryptocurrencies. However, newcomers tend to go to the most popular and recognized crypto wallets and services rather than using open source and decentralized platforms, which yet need to become mainstream.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Carl T

Coinmarketcap Makes Acquisition of Hashtag Capital to Enhance ‘True Price’ Crypto Market Data

Coinmarketcap Makes Acquisition of Hashtag Capital to Enhance 'True Price' Crypto Market Data

Because so much of the focus in the crypto world surrounds the current price of various tokens as well as the many transactions that take place, there is great importance placed on the accuracy of data being reported by various platforms.

One of the most popular of these platforms is Coinmarketcap which reports on daily values and figures within the crypto market.

They have now announced that they have made their first acquisition in a bid to provide the true price for cryptocurrencies. This has been discussed in the industry recently as misreported figures could lead to significant losses for traders and investors. The acquisition in question is Hashtag Capital, a startup that develops algorithms to analyze all available points of liquidity and this will enable Coinmarketcap to better report the value of assets.

Previously Coinmarketcap had been an absolute returns crypto trading fund but then began working on ways to create better quality market data which is a part of its fund management services. It was the aspect of quality market data that attracted Coinmarketcap to their business and according to the official release, the Hashtag Capital team will be moving to the Coinmarketcap team once the acquisition is fully completed.

This is not the first move made by Coinmarketcap to provide more accurate and transparent data for users as they previously launched a transparency initiative on May 1, 2019, with a number of cryptocurrency exchanges.

This move saw the creation of the Data Accountability and Transparency Alliance which helps to seek out ways to better crypto data reporting and provide better information to the users of such data. The members of this alliance include Binance, Bittrex, OKEx, Huobi, Liquid, Upbit, KuCoin, HitBTC Gate.io, OceanEx, and Bitfinex.

The alliance mandated that all the exchanges who joined must provide live tracking and order book data at all times or they would be removed from the platform’s adjusted volumes calculation.

This was a testament to just how serious the matter of data reporting as Bitwise, a cryptocurrency index fund provider has previously claimed that 95 percent of all bitcoin trading volume that is reported as fake and that the true sports markets for bitcoin only existing about 10 exchanges.

In 2018, a number of arrests were made in South Korea after executives of a particular exchange were found to fake a large percentage of their transaction volume which made the first ever arrest for that purpose.

“We are excited to push the envelope on cryptocurrency pricing at CoinMarketCap, going beyond our traditional volume-weighted average prices to even more sophisticated price algorithms and analyses,” said Brandon Chez, CEO, and founder of CoinMarketCap. “The Hashtag Capital team will be able to add significantly to our data efforts, and drive the next phase of CoinMarketCap in providing data products to the market.”

As the industry is maturing, there is the need for accurate data as much as possible as it damages the industry’s credibility if such data is not available and if fake figures are constantly being thrown around in the market. Hopefully, these efforts being made by Coinmarketcap and others will achieve the desired results.

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Author: Tokoni Uti

Tesla Reigns Supreme as Abra’s Bitcoin-Based Stock Trading Heats Up

Tesla Reigns Supreme as Abra’s Bitcoin-Based Stock Trading Heats Up

Barely a month after launching a crypto trading app for its global clients, Abra is back with lots of eye-opening information. The investment firm has been busy collecting reviews and responses to its Bitcoin-powered stock and ETF site. And the outcome so far is positive, highlighting a massive demand for timely and affordable investment solutions.

Exclusively Serves Traders Located Outside the US

The whole concept Abra employ for its non-US based clients is simple and super-effective. First, the firm opted for Bitcoin when trading stock and ETF trading. It then embarked on launching the app, ensuring it goes live in more than 150 countries.

Since rolling it out, the investment company has immensely eased the overall stock trading procedure. It has also decentralized how financial services could be accessed while bringing on board active users in more than 82 countries.

Interestingly, the app enables its users to invest in popular traditional stocks, including that of Tesla, Uber, Facebook, and Alibaba, besides going for ETFs such as gold SPDR. They do this conveniently and off their smartphones using Bitcoin.

Abra, excited by the findings, couldn’t remain silent about them. The firm’s Twitter outlet posted a series of tweets on how the app had faired on after a month’s use by traders from across the world. The tweets told the whole journey, from Abra launching Bitcoin-based stock and ETF investing for its non-US based traders.

Everything aside, the whole service now highlights how Bitcoin can help bypass borders while allowing crypto traders to markets that are geographically impossible to reach. According to Abra, 43% of its client base said that BTC had eased the overall process of investing in financial markets. A further 35% said they now invest in all popular stocks without breaking a sweat.

Speaking to BitcoinMagazine, the platform’s founder and CEO, Bill Barhydt, was equally elated by the findings. He spoke of how they launched their wait-list in February, but had to wait till May before rolling out the app for their international clients. Yet, despite the app going live for such a short time had it reached about 14,000 equity wallets.

From the Statistics, Millennials love Tesla

According to the survey, the most sought after stock among investors using the app is Tesla. The Global Investor Insights further reported that the world is crazy over tech and immensely loves Tesla, as evidenced by the firm’s findings. Generally, the statistics revealed that any medium investment in Tesla was comparatively higher, unlike investing the same in a different platform.

The phenomenon, according to Barhydt, is because of the vast millennial investors. He added that the whole scenario was a testament to their vibrancy in investing in whatever they believed on. The project that Elon Musk is creating clearly endears many millennial’s to Tesla’s stocks.

Five countries where Tesla is trending hot, according to the statistics are his birthplace; South Africa, Argentina, France, the Philippines, and Austria. Besides Tesla, top ranking stocks include e-commerce giants Amazon and Alibaba as well as tech behemoths Apple and Google.

Ultimately, the findings highlight what many probably see across the world; preference for tech stocks.

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Author: Lillian Peter

Crypto Mining Demand Now Exceeds Supply as Bitcoin Price Surge Excites New Interest

Crypto Mining Demand Now Exceeds Supply as Bitcoin Price Surge Excites New Interest

The crypto world breathed a sigh of collective relief last week when the price of Bitcoin broke above $10,000, effectively ending a months-long bear market which saw the loss of several thousand dollars in value for cryptos across the board.

This increase in Bitcoin price has coincided with the increase in institutional funds that are being pumped into the crypto industry overall and they are seeing a new phase of maturation within the industry itself.

As it has been shown several times, the price of Bitcoin has an effect on the industry that goes beyond investors making or losing money as it is directly tied to the fortunes of the mining industry.

When bitcoin saw a price slump in late 2018, several prominent firms were forced to close up shop and others were forced to downsize and sell off their equipment. Now that the bear market has ended, and we are seeing growth within the crypto price, the reverse is taking place.

Demand and Supply

The most recent bull run has sparked not just profits for crypto investors but also a demand for new mining equipment which is putting pressure on manufacturers as there is currently more demand than there is supply.

It should also be kept in mind that many of these plans reduced their production rate in the middle of the bear market and now that crypto is seeing a boom there is a sudden increase in demand.

“The surge in bitcoin resulted in increased demand and supplies were already short,” said Steven Mosher, head of global sales and marketing at Canaan Creative, maker of the Avalon miner.

While Mosher did not disclose the details of the firm’s order numbers, he did tell CoinDesk the current state of the industry is that inventories are low but the demand has gotten higher.

There has also been a decrease in the amount of time it will take for mining equipment to pay for itself as previously it took 150 days of making use of mining equipment to make enough money to cover the cost but now it has dropped to 60 days which is a decrease from the previous range of 120 to 280 days.

“It looks like a return to the 2017 Q3, Q4 conditions, where demand was three times the supply,” he said.

In a bid to take advantage of the current market, price Canaan has launched a new mining model in the last month called the Avalon Miner 1041 which, according to its official description, can compute as much as 37 tera hashes per second with electricity consumption at 2,361 Watts per hour.

This is an improvement compared to the previous model The Avalon 851 which computed 14.5 tera hashes per second and consumed 1,451 watts hour. There has also been a healthy demand for such models as Mosher pointed out that pre-orders are filled to as late as October 2019 with a lot of interest coming from large customers who wish to buy in bulk.

Bitmain, another crypto mining company, has released an improved version of its antminer S9 model which is called the antminer S9 SE and S9k in the last week and shipment of the first batch is scheduled for August 2019.

With these changes floating in the air, it is obvious that this resurgence in price is sending benefits to all aspects of the crypto industry.

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Author: Tokoni Uti

Minnesota House Bill Looks to Halt Any and All Crypto Donations For Political Campaigns

Minnesota House Bill Looks to Halt Any and All Crypto Donations For Political Campaigns
  • Crypto donations could be banned in Minnesota
  • There are political candidates that accept digital assets to fund their campaigns

There is a group of Democratic Minnesota House Representatives that do not want cryptocurrency donations for political campaigns. The Minnesota House Bill 2884 that was introduced by a group of democratic representatives wants to outlaw donations in cryptocurrencies.

Minnesota House Bill Wants To Ban Crypto Donations

As cryptocurrencies expanded all around the world, they have also been used to donate funds for political campaigns. The new Bill 2884 was introduced by Rep. Rick Hansen, Rep. Jamie Becker-finn, Rep. Raymond Dehn, and Rep. Peter Fischer and it wants to ban donations in digital currencies.

At the moment, there is no current information on whether stablecoins backed by fiat currencies would enter in this category. The Bill reads as follows:

“An individual, political committee, political fund, principal campaign committee, or party unit that knowingly solicits or accepts any digital unit of exchange is subject to a civil penalty imposed by the board of up to $3,000.”

One of the first candidates to accept Bitcoin was Andrew Hemingway, that accepted donations in the most popular cryptocurrency as early as 2014. Now, Andrew Yang is also accepting cryptocurrency donations for his presidential bid for the democratic party. Mr. Yang proposes economic policies such as a basic income.

Bitcoin is the most popular digital asset in the market and the most valuable. According to CoinMarketCap, the virtual currency is currently being traded around $11,380 and it has a market capitalization of $202 billion.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Carl T

Electroneum Price Prediction Today: Daily (ETN) Value Forecast – June 24

electroneum
  • The ETN market was on a downward correction to a low at Ƀ0.00000053.
  • If the bearish trend continues, the crypto will reach the low at Ƀ0.00000046.

ETN /BTC Medium-term Trend: Bullish

  • Resistance Levels: : Ƀ0.00000060, Ƀ0.00000065, Ƀ0.00000070
  • Support Levels: Ƀ0.00000050, Ƀ0.00000045, Ƀ0.00000035

Last week the price of ETN was in a bullish trend. On June 17, the crypto’s price reached a high of Ƀ0.00000070 but was resisted. The ETN market was a downward correction to a low at Ƀ0.00000053. Meanwhile, the crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. If the bearish trend continues, the crypto will reach the low at Ƀ0.00000046.

From the Fibonacci tool, ETN price has broken the continuation zone of 0.236 and 0.382 Fib. retracement level. The crypto’s price has also broken the downtrend zones but found support at the 0.786 Fib. retracement level. The current trend of ETN has been reversed. Meanwhile, the price of ETN is in the oversold region of the daily stochastic but above 20% range. This indicates that the price of ETN is in a bullish momentum and a buy signal.

ETN/BTC Short-term Trend: Ranging

On the 1-hour chart, the price of ETN is in a sideways trend. The 12-day EMA and the 26-day EMA are sloping horizontally. The price of ETN is below and above the EMAs which indicates that price is in a sideways trend. However, the ETN price is in the oversold region of the daily stochastic but above the 20% range. This indicates the price is in a bullish momentum and a buy signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \ Investment Disclaimer

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Author: Azeez Mustapha

Crypto Could Help Save on Tax Payments as Rising Bitcoin Price Ushers in New Benefits

Crypto-Could-Help-Save-on--Tax-Payment

The topic of crypto and taxes is a tricky one because it combines two of the most complex issues in the financial world; the very volatile world of cryptocurrency and the also the very confusing world of taxation.

For quite some time, jurisdictions around the world refused to implement proper cryptocurrency tax laws. Refusing to take the Industry seriously. However, crypto use has seen an increase in the last few years and there has been a distinct need for the creation of clear and concise crypto taxation laws.

This has been done in many countries around the globe, but the US has been falling behind. The US state of Ohio made news in 2018 for becoming the first state in the United States to accept bitcoin as a form of tax payment. This heralded a brand new era of adoption as those within Ohio can pay tax in the form of bitcoin.

According to Robert W Wood, a tax lawyer, there are some increased benefits to paying taxes within Ohio in form of cryptocurrency as it could make the process cheaper for the individual considering the volatile nature of the crypto market.

Saving With Bitcoin

According to Wood, selling cryptocurrency could trigger taxes for capital gains, or losses depending on if you made a profit. Those losses could be spread to the next year to help pay for future gains. The option of paying taxes with cryptocurrencies could expand beyond bitcoin in the near future.

In Ohio, there is a transaction free 3-month introductory period after which there is a 1 percent fee. However, this option is available only for businesses that operate in Ohio and should a business fall under this category, they can register on Ohiocrypto.com and the funds will be converted into dollars before they are deposited into the state account. It is also important, he says, to note that in 2018, the IRS decided that crypto is considered property and this has certain tax consequences which are further accentuated by its volatile nature.

Most people would assume that they would only need to pay the bitcoin equivalent of whatever amount they owe in taxes but because the transfer of crypto to the tax authority is considered a sale, more taxes could be incurred from the year of payment.

The amount the token was worth when during the purchase and during the sale will also be taken into consideration as taxes could be made lower as a result for federal tax purposes. Should crypto be bought and then transferred when it has reached a lower value the sale could trigger a loss which might be applicable onto the tax bill. At the same time, a number of transfers can trigger various taxes.

Woods also delved into the protocol for independent contractors who are paying with crypto. Independent contractors will need to issue a 1099 IRS form and the payment must be stated in dollars as of the time of payment and the cryptocurrency must be reported in the same way as other property. Also, a sale by the Independent contractor could trigger a gain or loss depending on their tax bases. If the asset is held for more than a year, it is best considered a long-term capital gain. This is determined by whether the digital currency is being held as a capital asset as most people would say they are investors in crypto but not traders using it for their business.

At the same time, ordinary income vs long-term capital gain could spell a great difference in the amount of money being taxed and every time crypto is transpired a loss or gain might incur. As such, when digital assets are received as payment, its fair market value must be recorded as income.

All of Today’s Bitcoin Price Analysis, Chart Forecasts and Industry News

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Author: Tokoni Uti

Another 100 Million USDT Minted At Tether Treasury as Stablecoin Presence Continues Upward

Another-100-Million-USDT-Minted-At-Tether-Treasury

Bitcoin has been soaring like it is the end of 2017 and now the entire crypto ecosystem wants to keep up. Popular Twitter account Whale Alert that tracks down huge movement in the crypto community noted that 100,000,000 USDT was minted at Tether Treasury.

The cryptocurrency has been sent to Tether’s treasury account and all of the newly printed USDT is based on Ethereum’s blockchain.

Naturally, a move of the kind sparks quite a lot of curiosity amid the cryptocurrency community, with most of the people thinking that there is some sort of a large price move incoming. The crypto community accuses Tether of not having sufficient fiat reserves to back all of the Tether coins that are currently in circulation, posing a threat to the overall market integrity. Fears of Tether being insolvent came to a head in advance of the November 2018 drop to deeper lows.

However, at this point, it’s rather premature to come to any conclusions based on the words of Bitfinex’s CTO. The amount of USDT which has been printed hasn’t hit the market yet and it’s questionable when and if it will do so.

Regarding previously mentioned accusations, Tether had issued a statement saying:

“Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, “reserves”). Every tether is also 1-to-1 pegged to the dollar, so 1 USD₮ is always valued by Tether at 1 USD.”

In the past, fast issuances of USDT have been linked to a price climb for BTC, a trend still noticeable in 2019. The fact that Tether has issued over $350 million in a couple of months has some analysts looking at the company very closely.

Latest Tether News and USDT Market Updates

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Sritanshu Sinha

Japanese Financial Regulators Warn FISCO Exchange To Improve Business Practices

Japanese-Financial-Regulators-Warn-FISCO-Exchange-To-Improve-Business-Practices

Japanese crypto exchange, FISCO, based out of Osaka has been asked for an administrative action by Financial Services Agency (FSA). There was an onsite inspection conducted by the watchdogs at the offices of the Exchange in Feb 2019 which revealed a set of law violations by the company pertaining to its business management.

An example of the ill business practice noticed by the FSA was that the Board of Directors did not discuss important management issues like business plans. Additionally, there were also problems with the risk management system for anti-money laundering and terrorism financing, and the external management system concerning outsourcing.

FSA told the company to take 9 steps and submit the improvement plan by 22nd July. The 9 steps were:

  1. Establishment of a management system (including establishment of a system in which the functions of the internal management department and the audit department can be fully realized)
  2. Construction of a legal compliance.
  3. Construction of risk management system for laundering and financing of terrorism
  4. Construction of system risk management system
  5. Construction of outsourcing management system
  6. Construction of risk management system concerning new handling of virtual currency
  7. Construction of book document management system
  8. Construction of management system for safety management of user information
  9. Construction of audit system

    Last year saw tightening of the regulatory environment for virtual currency exchanges in Japan. There were a number of business improvement orders issued. Notably, Fisco took over the ownership and management of Japanese exchange Zaif in 2018, a few months after the exchange was hacked leading to a loss of cryptos worth $59.7 million. FSA has done on-site inspections in 12 crypto exchanges with 7 remaining. However, four exchanges are yet to be established while three are awaiting the regulator to inspect them.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \ Investment Disclaimer

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Author: Sritanshu Sinha

Bithumb Korea Indicted for Leakage of Private Data and Failure to Prevent Hacking

Bithumb Korea Indicted for Leakage of Private Data and Failure to Prevent Hacking

South Korea’s crypto exchange giant, Bithumb and its top officials have been prosecuted on charges of failure to prevent hacking attacks and leakage of private data.

Prosecutors are accusing the crypto exchange platform of leaking sensitive financial data on around 31,000 of its customers. The prosecutors allege that the exchange failed to employ the necessary measures to safeguard private information that was presumably used by fraudsters to steal millions from the platform, Cointelegraph reports.

According to the prosecutors are accusing the company of data leakage leading to a loss of a combined 7 billion won ($5.9 million) worth of digital currency in the second hack.

The prosecutor alleges that data on the 31,000 customers affected was stored on a single Bithumb employee’s PC – and that the employee in question was not running antivirus software on their device, nor had they installed basic security updates.

The charges are in contravention of an article contained in the country’s Information Communication Network Act. Under the Act a provider of information and communications services is obliged to come up with measures to protect personal information.

The leaked data allegedly comprises of user names, cell numbers, email addresses as well as crypto transaction histories. However, customer IDs as well as passwords and other login details were however not compromised.

The prosecution appears keen to draw a link between the data leak and the hack. The prosecutor’s office stated:

“We submitted [Bithumb’s] case to the court because personal information with […] economic value was leaked on a large scale, and further damage then occurred.”

Formal Apology

On 19 April, Bithumb offered a formal apology saying that it will do its best to safeguard customers. It also refuted the prosecutor’s claims linking the data leakages and the subsequent hack. A spokesperson from the company said:

“We respect the opinion of the prosecution, but [the 2017 hack] was not related to any personal information leak or theft of customers’ cryptocurrency holdings.”

A Series of Hacks

By the end of spring this year, Bithumb was hacked for the third time and about $13 million worth of cryptos was stolen. The management alleged that the heist was an inside job and investigations are still ongoing.

A similar attack also occurred in the summer of 2018 where approximately $31 million worth of cryptos was estimated to have been lost but the figure was adjusted to $17 million.

Following the spring attack, Bithumb hired an independent auditor who conducted an audit on the company’s funds and reported that the lost cryptos were the firm’s funds and that the remaining cryptos had been relocated to a cold wallet following the heist.

So far, seven major crypto exchanges have suffered large scale attacks including the giant crypto exchange Binance.

Bithumb was not the only company to be prosecuted as charges were also preferred to two other tech based companies, travel agency Hana Tour and With Innovation, the operator of hotel booking app Yeogi Eottae.

What’s your take on Bithumb’s prosecution? Let us know in the comments section.

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Author: Joseph Kibe