Bitcoin On-Chain Transactions Have Been Dropping Since June, BTC HOLDers Staying Strong

Glassnode, a market intelligence portal, has revealed that Bitcoin has dropped by 50% in the past five months, but investors are still holding on to the cryptocurrency. The platform said that investors are still keeping their coins hoping for an upsurge, despite the current poor performance of the cryptocurrency.

According to Glassnode, UTXOs would be created for fewer transactions. But the dwindling price has caused the number of UTXOs to increase considerably in the past few weeks. This shows that a lot of investors are still keeping faith in Bitcoin, even though there could be more dip in the value of the cryptocurrency. They are still hoping that the dip in value will be straightened in due cause to pave the way to rise.

Investors not Unfazed by the Short-term Pullback

As the bear market continues in December, experts are saying this trend will continue for a while. But investors are still holding on tight to their Bitcoin, as they are anticipating an upturn in their fortunes. The investors are hoping that the bear market in Bitcoin is gradually coming to an end, and would not want to miss out when it starts rising again.

Why Investors are still Holding On

There are no serious events in the next few weeks that suggest Bitcoin could bounce back. But there are few events they are hoping to capitalize on next year. In 2020, there will be more regulated cryptocurrency custodians. Also, May next year would see the beginning of block reward halving. These two events could pave the way for the rise of cryptocurrency.

Investors are hoping that these events could help the rise in the value of Bitcoin. Consequently, the Skew crypto data platform shows that investors are currently hanging on for this rise, which they believe would not take long.

Last month, the most active crypto market was the European market. Recently, billionaires like Bill Pulte and Mark Cuban have started paying more attention to Bitcoin. It shows that the traditional financial sector is still paying attention to the activities of Bitcoin, despite its drop in volume and value.

For this reason, investors believe the bear market of Bitcoin would not last long since there are so many indices that indicate so. A lot of stakeholders are paying close attention to the cryptocurrency. And the regulation of cryptocurrency custodians would help to keep the coin in good shape.

Investors still have to be Alert

Investors still need to evaluate market fundamentals such as transaction value in USD, unique addresses, as well as hashrate. These are important long term indices that could determine the value of Bitcoin in the market.

For the short term, investors need to look at the likelihood of miner capitulation, lower time frame levels, and the volume of Bitcoin. Experts have noted that anything is possible in a volatile market.

The fact that Bitcoin has risen to unprecedented levels within a space of few years means it could still depreciate father than its current value. According to Josh Rager, a cryptocurrency expert, Bitcoin could still fall below the $5000 if the sentiment around the cryptocurrency changes.

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Author: Ali Raza

Block.One Now Part of EOS Elections as Centralization OF EOS Network Rages On

Block.One revealed that it will become part of EOS election as the issue centralization of the platform emerges yet again. The company behind EOSIO platform now says it will be taking part in all electoral aspects in order to select Block Producers within the EOS blockchain, Cointelegraph reports.

Through a series of tweets one of the EOS Block Producers known as EOS New York revealed that one company was in control of 6 Block Producers which led to intense criticism that EOS blockchain was being centralized.

For months, EOS has always claimed that it is secured via proof-of-stake which is a delegated model and 21 Block Producers have been designated to take over the operations of the EOS token holders with the sole aim of operating the platform’s nodes. Block.One has always insisted that this model is aimed at offering enhancement to proof-of-work model where the highest performance output is achieved utilizing very minimal energy.

Block.One also explains that maintenance, as well as verification of the EOS platform, needs the coordination of just a fraction of nodes which makes the network have the capability to produce blocks in half a second.

In mid November, the company made an announcement saying it will become part of the participants in elections in order to delegate the EOS Block Producers. The company stated that it held a small portion of EOS token and it also looks forward to using the EOS public blockchain. The company also explained that it held not more than 9.5% of the entire supply of EOS token in circulation. The announcement also explained that that Block.One’s participation was helpful in making sure the EOS network hold on to its health.

The current tweets by EOS New York comprised of screenshots from Whois search results which showed that the domains from EOS Block producers, eosunioniobp, stargalaxybp, eoszeusiobp1, eosathenabp1, validatoreos as well as eosrainbowbp came from one identity going by the name ‘fun eos’ located in Shenzhen, China. The revelations led to massive criticism from industry heavyweights ranging from Vitalik Buterin to Larry Sanger.

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Author: Joseph Kibe

Zilliqa (ZIL) Partners with Elliptic Blockchain For AML Compliance

Blockchain services provider, Zilliqa has revealed that it has partnered with Elliptic to enhance anti-money laundering compliance, CoinDesk reports.

According to deal Elliptic will now track all the transactions in Zilliqa blockchain network comprising of Ziliqa’s cryptocurrency, ZIL, as well as the expected Singaporean backed XSGD stablecoin which will be introduced in the crypto space in December.

The deal means that Elliptic will protect Ziliqa from any security risks and ensure that government policymakers and regulators are aware that no trafficking will happen within the Zilliqa network.

According to Elliptic’s head, Tom Robinson,

“Our tools enable these services to identify whether funds are being laundered through their businesses, by tracing each crypto-asset transaction all the way through the blockchain, to its source,” he said. “If this source is one of the illicit wallets we have previously identified, the business is alerted and can take steps to prevent the money laundering from taking place.”

The new partnership follows increasing pressure from financial watchdogs around the world. In June this year, the Financial Action Task Force came with ‘Travel Rule’ framework to enhance compliance within the crypto space.

Zilliqa is hopeful that the strict AML compliance rules will attract more firms to utilize its network. According to Zilliqa’s president, Amrit Kumar said,

“While the promise of the digital economy is a truly exciting one, it is also imperative that established standards around security and compliance remain uncompromised.”

Kumar also explained that Zilliqa will employ more engineers to add to the current 25 team members.

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Author: Joseph Kibe

Bitfinex and Tether Get Dragged to Court for Second Lawsuit, Alleging BTC Price Manipulation

Bitfinex was previously brought to court over research that revealed that Bitfinex and Tether participated in price manipulation. Bitfinex stated that the research is “foundationally flawed.”

Bitfinex and Tether have become no strangers to the legal system recently with the plentiful media attention on their honesty (or lack thereof) over what their platforms hold. Now, as if one lawsuit wasn’t good enough, the twosome has been hit with another class-action suit, which was filed this week. According to an article by Finance Magnates, Bitfinex is rejecting the claims made against it.

As Bitfinex sees it, the lawsuit has been brought on by a “copycat” that is against Bitfinex and Tether, stating that they’ve been manipulating Bitcoin prices with the stablecoin’s use.

The lawsuit, which was filed with the US District Court for the Western District of Washington, was filed on Friday, and was the second of its kind. The lawsuit was preceded by similar action by lawyers that brought the exchange to the US District Court for the Southern District of New York. The exchange stated,

“As we predicted last month, mercenary lawyers continue to try to use Bitfinex and Tether to obtain a payday. To be clear, there will be no nuisance settlements or settlements of any kind reached. Instead, all claims raised across both actions will be vigorously contested and ultimately disposed of in due course. Once they are, Bitfinex and Tether will fully evaluate their legal options against those bringing and promoting the baseless claims.”

iFinex operates both Bitfinex and Tether as the parent company, and the executives of iFinex control both companies, which has likely led to many of the controversies. There’s been research published by two academics, revealing that Tether was manipulating Bitcoin prices ahead of the 2017 rally.

However, the plot thickened as Bitfinex was used to manipulate the market in this circumstance, which put both of the companies on the line. Even with this research, Bitfinex and Tether have both attempted to shut down the claims, stating that the study was “foundationally flawed.”

Bitfinex added that neither they nor their affiliates had manipulated the market or the price of tokens with Tether tokens. They added,

“It is irresponsible to suggest that Tether or Bitfinex enable illicit activity due to the efficiency, liquidity, and wide-scale applicability of Tether’s products within the cryptocurrency economy.”

Controversy is already common in the cryptocurrency industry, based on consumers that have still yet to catch up with the trend. However, the issues surrounding Bitfinex and Tether continue to follow the platform, as yet another lawsuit has come against them for price manipulation.

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Author: Krystle M

2020 Democratic Presidential Andrew Yang Proposes Cryptocurrency Regulations If Elected

Democratic presidential hopeful Andrew Yang has revealed that he will regulate the crypto industry if he is elected in the upcoming presidential election, Cointelegraph reports.

In a blog written on Nov.14, Yang who is eyeing the Democratic ticket for the 2020 presidential election suggested that the high rate of fraud cases in the crypto industry is due to proper regulations. According to Yang, other nations have developed their own regulations and have become market leaders in the crypto industry and the US can only catch up.

Yang stated that cryptos and other virtual assets compose a significant part of the economic activity in the US. however, the government has shown laxity in the development of a legal framework to guide the nascent industry. Yang blamed the laxity on in-fighting between different government agencies on who should control the crypto industry.

Yang’s plan is to regulate the entire tech sector who have prioritized profit maximization compared to the wellbeing of the US citizens. He promised to advocate for the legislation of the crypto market through coming up with a clear definition of what constitutes a token, what is a crypto-security as well as well defined taxation process for crypto-asset owners/holders, sellers as well as traders.

Yang aimed a jibe to Congress for the failure of understanding how emerging innovations work. He opined that effective regulation can only be achieved if the policymakers understand the basics of blockchain as well as cryptos.

The presidential candidate said it was extremely embarrassing to notice the level of ignorance of certain Congress members when they questioned Mark Zuckerberg about the Libra project.

Yang is a tech enthusiast and in August revealed that he will come up with a blockchain-based voting system if given a chance to become the next US president. He also explained that the voting would be mobile-based and blockchain technology would help in verification of the voters.

However, CCN reports that Yang’s plan is likely to boomerang on him as it is difficult to regulate the tech industry. The article argues that regulating the industry would equate to tyrannical deeds by a ‘President Yang’ as it would go against the constitution.

“}” data-sheets-userformat=”{“2″:13057,”3”:{“1″:0},”11″:3,”12″:0,”15″:”Open Sans”,”16″:11}”>Latest Andrew Yang Blockchain and Crypto News Updates

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Author: Joseph Kibe