CoinGecko Joins Forces with Coinfirm In an Effort to Fight Against Scams and Hacks Among Others

Coin market ranking chart application, CoinGecko joins forces with blockchain-based financial ecosystem and global leader in regtech for digital assets, Coinfirm. As per the claims made, two things will arise from this partnership:

  1. bettering the former’s exchange, i.e. Trust Score Algorithm
  2. ensuring that users are given the necessary tools to report scams and hacks.

The latter is deemed possible with the help of Coinfirm’s AMLT network and platform, which as per the firm’s guide is described as:

“The first of its kind system where users can report nefarious cryptocurrency addresses related to ransomware, hacks, scams and other fraud, plus also receive protection from further actions by bad players.”

Simply put, said information will be provided to Coinfirm, who will then implement it to its AML platform and block any suspicious users and funds. This system has been created for not only crypto exchanges but also payment processors, wallets, data mining pools, crypto funds and crypto users to name a fraction.

As for how the duo’s partnership will help with the Trust Score Algorithm, CoinGecko plans to make use of Coinfirm’s AMLT Token Network, and its Analytics and AML Platform to strengthen its ranking abilities.

Co-Founder of CoinGecko, Bobby Ong has since expressed that transparency is a vital aspect to the crypto space and, with Coinfirm’s AMLT Network and data, this can be fortified. Furthermore, Ong said:

“Our users will be better able to make judgements on exchanges while also helping provide data to bring even more transparency and security. With this initiative, we hope exchanges will continue improving their practices to ensure a safe trading experience for all users.”

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Author: Nirmala Velupillai

Planned Sell-Off Causes XRP Prices To Crash By 40% On Beaxy Exchange

The crypto market is prone to manipulation. If you don’t believe it, you can just check the many examples that can be easily found. The latest one was a coordinated sell-off of Ripple’s XRP tokens on the Beaxy Exchange.

This new crypto exchange platform was just launched, but it had to suspend its activities for being targeted by manipulators. According to the reports, soon after the launch, the exchange suffering a massive XRP dump with a lot of people selling the asset at the same time.

In order to deal with this obvious market manipulation situation, Beaxy had no choice but to shut down the platform for a few days. It has been a rough start for the exchange, which was launched back in June. So far, technical issues, manipulation and the lack of infrastructure are getting in the way of the company.

Action was taken very quickly, as the abnormal volumes were pretty easy to spot. The prices tanked pretty fast and now all token wallets are frozen, so the manipulators are unable to pull their funds away from the exchange, which prevented more issues from happening.

Fortunately, the exchange will be able to identify the manipulators soon. The company had a Know Your Customer (KYC) system ready since its launch, so the people who caused the crash can be found. However, the exchange did not determine whether it will take action against the scammers or not.

Ripple, the responsible for XRP tokens, has not commented on the situation at the moment.

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Author: Bitcoin Exchange Guide News Team

EtherFlyer DEX is the Top Decentralized Exchange in Daily Trading Volume: DataLight Report

Decentralized exchanges are yet to gain a footing in the cryptocurrency market as their centralized counterparts have according to the latest reports from Data Light, a crypto-analytics company.

While the top reported centralized exchange – Binance – recorded close to $1.3 billion in trade volume, the top decentralized exchange completed $41 million.

Don’t get me wrong. Decentralized exchanges are gradually increasing their numbers as seen from the half year report confirming the volume having tripled in the first half of 2019.

DataLight reports Ether Flyer as the top DEX in daily volumes traded at $41 million USD (Image: Twitter)

EtherFlyer ranks top DEX in daily volume traded. Or did it?

EtherFlyer DEX ranks top of the list in the daily volume traded on the exchange with $41 million USD worth of trades. Binance DEX, built on the Binance Chain, came in a far second with 5 times less the volume reported by the top DEX with $8.1 million USD worth of trades. Ethfinex, IDEX and Bisq close out the top five –and the only other exchanges to post more than $1 million daily volume.

Some traders and crypto enthusiasts are however doubting the volume posted by EtherFlyer, claiming the DEX are faking volumes – similar to centralized exchanges. One Twitter user commented saying,

“Please remove Etherflyer, it is no real exchange, just reporting fake volumes. Look at their Charts, order book and trade history!”

The report further ranks the exchanges with the most pairs in trading whereby IDEX tops the list with 486 pairs. Ethfinex, the sister company to Bitfinex, comes in second with 420 cryptocurrency pairs. DDEX, Cryptobridge and Stellarport have 371, 316, 233 crypto pairs respectively, closing the top five.

Binance currently ranks 12th with 73 cryptocurrency pairs with the exchange always looking to add more tokens on its platform. On Aug 8th, Binance DEX announced the addition of five TrustToken stable coins to its platform including TrueUSD (TUSD).

On Twitter, Waves decentralized exchange leads the pack with 143K followers with Kyber Network and Bancor Network coming in second and third with 97K and 79K followers respectively.

Despite the massive steps towards adoption such as development of secure wallets to store the funds, DEXs are suffering from poor user friendliness. To catch their centralized counterparts more should be dome to ease trading on the platform.

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Author: Lujan Odera

Bithumb Cryptocurrency Exchange Will Enter Singapore Market Via Local Platform BitHolic

Bithumb Cryptocurrency Exchange Will Enter Singapore Market Via Local Platform BitHolic

Bithumb, a prominent South Korean cryptocurrency exchange, is set to enter the crypto market of Singapore soon. According to a local media outlet called News1 Korea, the company has acquired a regulated company in the country to buy its entrance in the market.

The selected company is BitHolic. The media outlet affirmed that BitHolic has recently changed its name to Bithumb Singapore, which is pretty much a great hint of what happened.

An anonymous source who was interviewed by News1 Korea, the equity structures of the deal were not revealed, but Bithumb is trying to advance to international markets and it will start with this close market by acquiring the other company and using it as a base to quickly enter Singapore with licenses already in place.

Part of the reason for choosing BitHolic might because of Park Jeong Hun. He worked as a director on the South Korean company some years ago and now represents the Singaporean company, so he probably acted as the bridge during the deal.

This is a clear move in a very popular trend: move internationally to get more clients because crypto is getting popular. Several companies such as Coinbase and Binance are doing it, so the South Korean giant could not lose this chance.

Despite the expansion, Bithumb is far from being in its best year ever. Earlier in 2019, the company was hacked and it lost USD 19 million, mostly on XRP and EOS tokens. The hack was smaller than the previous one, though, which saw the exchange losing around USD 30 million.

[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: Nirmala Velupillai

Bitcoin Blockchain Brings the Hammer in Hitting a Hash Rate of 80 Quintillion For First Time Ever

Bitcoin-BTC-Hits-Hash-Rate-of-80-Quintillion-For-First-Time-Ever

The Bitcoin market is growing a lot lately. Do you want proof of that? Just look at the hash rates. According to data taken from Bitinfocharts, the BTC hash rate has overcome 80 quintillion SHA256 hashes for the first time in its history.

When there is more computing power being used in order to mine BTC, the hash rates go up, so this means that now the network has more miners than it ever had before.

In recent months, the hash rates had been reaching several new all-time highs. A downtrend was started during the second half of last year, but it has reversed now, starting around April 2019.

With the rise of the hash rates, though, it becomes harder to mine Bitcoin. The difficulty goes up and it takes more time to accomplish. This happens when the network is set to have around a single block mined every ten minutes.

Higher Hash Rates Means More Security

A high hash rate can represent a boost in investor confidence. With more people mining, the network will be more prepared to withstand 50% attacks, which happens when someone is able to control half of the hash power alone. This way, a person can use double spending to basically fake transactions.

With more security, the result is obviously more confidence. Several people criticized the network last year when Bitmain got close to having 50% of the hash power and we are very far from that. More hash power means that the network is often more decentralized and that it will be more stable for the years to come.

[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: Gabriel Machado

Standard Chartered Bank Finalizes Its First Transaction On New Voltron Blockchain

HSBCs-Blockchain-based-Platform-Voltron-To-Reduce-Transaction-Times-By-40-with-ReChainMe

One of the most important banks in the market, Standard Chartered, has recently completed its first transaction using the new Voltron platform. Voltron is a new blockchain platform focused on the oil industry.

According to the bank, the transaction involved shipments of oil that were moved from Thailand to Singapore by IRPC Public Company Limited and PTT International Trading.

By using the blockchain technology, the bank was able to simplify a lot of the process and to digitize it, leaving the paperwork behind. This way, the communication between the companies involved was considerably enhanced.

Samuel Mathew, known as the global head for Standard Chartered’s trade product management division, affirmed that the pilot will be the first one of many that will be done to help the company in order to use this new technology in the most advantageous way. According to him, Voltron can improve the speed and flexibility of the process while reducing risks considerably.

The end result is that most transactions will have their time greatly reduced. Before, some trades actually took days. During the pilot, everything was done in the time span of 12 hours.

Another great advantage is to finally be free from all the related paperwork. Paper is inefficient, costly and hard to store. This way, the blockchain improves the transparency of the process at the same time that its efficiency is largely enhanced.

According to Standard Chartered, the company is currently gathering information about the process in order to improve the product for the future and to offer something even better for its clients.

[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: Nirmala Velupillai

Bitcoin Forming Bullish Breakout Pattern; First Time Since 2016, Indicating A Major Rally Potential

  • Golden Cross is indicative of a bull market on the horizon
  • Macro Outlook: Perfect storm for bitcoin is brewing

The market has turned green after seeing losses for the past few weeks. Bitcoin has jumped above $10,000 currently up 3.15% while trading at $10,800.

As we entered into August, Bitcoin price started pumping on the back of Fed cutting down the interest rate for the first time since 2008 recession and US going for round two of the trade war with China.

Given the way things are going, we might be in for an even bigger surge in the near future as Bitcoin is forming a bullish pattern called Golden Cross. The last time we formed this gold cross pattern was in 2016 when started our way to a new bull cycle that would take us to the all-time high at $20,000 in December 2017.

Golden Cross is indicative of a bull market on the horizon

The golden cross is a pattern which is a bullish signal in which a short-term moving average crosses above a long-term moving average.

The most commonly used moving averages in this bullish breakout pattern are the 50-period and the 200-period moving average. As long term indicators carry more weight, the golden cross gives an indication of a bull market on the horizon and is supported by high trading volumes.

A golden cross is a three-stage process. The first stage requires that a downtrend bottoms out followed by the second stage where shorter moving average forms a crossover up through the larger one to trigger a breakout. This gives the confirmation of a trend reversal. The last stage is continuing upturned.

The golden cross is a technical chart pattern that gives an indication of the potential for a major rally. It can be contrasted with a death cross that indicates a bearish price movement.

Macro Outlook: Perfect Storm for Bitcoin is Brewing

In the short term, we would be seeing a lot of ups and downs but the macro outlook for Bitcoin is extremely bullish.

According to Delphi Digital’s latest report, Bitcoin’s narrative is shifting towards “digital gold,” driven by the growing risk of currency devaluation and rising geopolitical tension because of trade wars.

Meanwhile, global banks are in a race to cut interest rates amidst the backdrop of inflation and slowing economic activity. This week we saw the Federal Reserve cutting down interest rate by 25 bps.

As per Delphi Digital’s in-house macro strategist, the risk of recession in the US is rising fast. As for how Bitcoin will perform during that time, for which BTC lack historical precedent, the firm focuses on the gold performance that surged in value.

Moreover, the shift in sentiment for global banks is fueling a rally in risky stocks such as stocks. Bitcoin, meanwhile, is one of the best performing asset globally YTD.

“We believe BTC will benefit from secular + cyclical trends in the coming years.”

Bitcoin’s price is $10,828.69 BTC/USD exchange rate today. The real-time BTC market cap of $193.35 Billion currently ranks #1 with a chart dominance at 66.18%, daily trading volume of $5.08 Billion and live coin value change of BTC 3.58 in the last 24 hours.

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Author: AnTy

Pro-Crypto SEC Commissioner Urges Regulators to Take a “Forward-Leaning” View on Crypto Matters

Pro-Crypto SEC Commissioner Urges Regulators to Take a “Forward-Leaning” View on Crypto Matters

With the crypto market gradually developing, one might have wondered why President Donald Trump has been keeping his opinions concealed regarding said matters.

Not too long ago, the president along with Treasury Secretary, Steven Mnuchin both shared their distaste for digital assets, where the latter stressed the actuality of “very, very strong” regulations.

As a result, US Securities and Exchange Commission (SEC)’s commissioner, Hester M. Peirce, shared her viewpoint, which as reported by News BTC, seems to be filled with concern with respect to the possible setback it creates for the powerful country. Peirce was referenced saying that her greatest concern for U.S. is that the country,

“will fall behind other countries in attracting crypto-related businesses unless we are more forward-leaning in establishing a regulatory regime with discernible parameters.”

Given the large number of regulators, how things will turn out for cryptocurrencies remains a mystery, as Peirce notes this as being the peculiarity of the American system.

Interestingly, Ripple’s Brad Garlinghouse seems to have tweeted in regard to this matter as well, as he highlighted the fact that “not all crypto is the same.”

This appears to have been addressed in a letter to the U.S Congress to look closely at each project on a case-by-case manner, rather than generalizing the entirety of the market. Here’s an extract from the letter:

“In our view, digital currencies have the opportunity to complement existing currencies like the U.S dollar – not replace them. Without a doubt, blockchain and digital currencies will engender greater financial inclusion and economic growth not unlike the internet’s historic impact […] We urge you to support regulation that does not disadvantage U.S companies using these technologies to innovate responsibly, and classified currencies in a way that recognizes fundamental differences.”

[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: Nirmala Velupillai

XRP’s Next Move Going to be “Explosive,” says Analyst as Ripple Looks to Break Out in 2019

XRP’s Next Move Going to be “Explosive,” says Analyst as Ripple Looks to Break Out in 2019
  • Q2 was packed with good news but lost its market dominance
  • Analyst Magic Poop Cannon: XRP has a real path to over $100

Ripple’s digital currency XRP didn’t have a good start of the year and is still down by 9.74% YTD.

XRP opened January 1st at $0.35 but dropped down to $0.28 at the end of the month. But then it saw a brief rally in mid-February, only to close the quarter trading around $0.30.

Q2 Was Packed With Good News but Lost its Market Dominance

In Q2, XRP got off to a great start just like other cryptocurrencies such as Bitcoin and Ethereum, going to $0.345 in the first few days of April. After having its share of ups and downs, XRP closed Q2 up 29% from where it opened, trading at $0,399 on the last day of trading of the quarter.

During this quarter, Ripple sold $251.51 million XRP, out of which $106.87 million XRP was in institutional direct sales. In Q2 2019, XRP lost about half of its market dominance despite being packed with announcements of partnerships and usage.

We witnessed Spanish bank Santander expanding its Ripple-powered international payments tool One Pay FX to non-customers, Ripple’s global expansion — opening offices in South America in Brazil and Switzerland, and partnership with MoneyGram.

Analyst: XRP has a real path to over $100

In Q3, we already heard of MoneyGram going live on xRapid platform that uses XRP.

Built for enterprise use, XRP offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border payments.

An uptrend seems to be on XRP’s way as trader Credible Crypto points how the digital currency has retarced its move from the prior bull run, seen before with BTC prior to its 125x upside.

According to analyst, Magic Poop Cannon, price-wise “there is a real path to XRP prices well over $100, and even $200.” We just need to watch for a confirmation of support on the bottom of the channel, later this year, he said.

Once, it sees a big bounce there, it will be game over as the third largest cryptocurrency by market cap will “blast into another dimension.”

Magic, who is extremely bullish on XRP says even more important than price is that fact that it is the only cryptocurrency that is working with banks and regulators.

Currently, XRP/USD is trading at $0.317 with 24 hours gains of 0.86 percent. Magic says, it is “really coiling up right now,” and whichever way XRP breaks, it is going to be “very explosive.”

XRP price has a major multi month rising support at the red line and a break out to the upside, according to him, could send it “rapidly” to $0.50.

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Author: AnTy

OMISEGO Price Prediction Today: Daily (OMG) Value Forecast – July 31

OmiseGo Confirms the Acquisition by Thailand Company to be “False”
  • Most of the range market moves of the OMG/USD have featured under the sell signal line of the SMA trading indicator.
  • Traders are enjoined to exercise some degree of caution while placing an order.

OMG/USD Medium-term Trend: Ranging

  • Distribution territories: $1.80, $2, $2.20
  • Accumulation territories: $1.20, $1, $0.80

OMG/USD market territories between $1.60 and $1.40 marks have dominated by a variant of choppy price movements. Most of the range market moves have featured under the sell signal line of the SMA trading indicator.

About a day and several hours until the present, the Bollinger Bands have shrunk into the choppy spots. Like wisely, the 50-day SMA trading indicator has joined with the Bollinger Band at the upper end of range market. The Stochastic Oscillators have moved closer to range 75 with their hairs conjoined to signify the intensity of the on-going range movements.

There has been no tangible move to suggest a clear-cut direction of this market. And that could linger on to the next trading session.

OMG/USD Short-term Trend: Ranging

The OMG/USD short-term trend has been witnessing a more intense ranging price moves. The intensity of the ranging market has spanned from yesterday’s session into the present market trading condition.

All the trading indicators are within the ranges, as earlier mentioned in the paragraph above. The Bollinger Lower Band and the 50-day SMA are joined together in the choppy regions. The Stochastic Oscillators have crossed downwards from range 80 to range 40. And, they now attempt to close the hairs.

It appears the OMG/USD bulls are struggling around the present choppy spots. Traders are enjoined to exercise some degree of caution while placing an order.

OmiseGo:

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.

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Author: Azeez Mustapha