Bitcoin and Gold Feeling the Pressure while Stock Market Makes a Fresh Record

Today, the market has hit yet new highs.

The benchmark S&P 500 Index, up 22.7% so far this year, is on track to rise for a fifth week in a row while Nasdaq is eyeing its sixth straight week of gains. The Dow Jones Average that spiked 150 points yearly has its 2019 gains climbing to 18%.

These gains came on the back of the comments from senior officials in Beijing, suggesting that the US and China will cancel planned tariffs on each other’s billions worth of goods in stages, as part of the first trade pact between the world’s two biggest economies that is due to be signed in the next few weeks.

“In the past two weeks, the lead negotiators from both sides have had serious and constructive discussions on resolving various core concerns appropriately,”

Ministry of Commerce spokesman Gao Feng told reporters in Beijing.

“Both sides have agreed to cancel additional tariffs in different phases, as both sides make progress in their negotiations,”

added Gao.

However, strategists are concerned that the market is placing too much emphasis on the “Phase One’ of the trade deal coming to fruition.

Meanwhile, as global stocks extended multi-year and multi-month highs, US equity spiked on the comments as well.

The European market also rallied, with Stoxx 600 benchmark is hitting a four-year high. Global oil prices went up amidst the broad market rally.

While the stock market is surging gold is in the red hitting new daily lows.

Bitcoin has been outperforming gold for the past nine years but today the digital gold is falling the same as gold.

The leading cryptocurrency is trading at $9,199 with 24 hours loss of 1.13%, as per Coincodex while managing the daily trading volume of just about $200 million.

Bitcoin might not be seeing the greens currently but as we reported the market is giving the signs that we are getting ready for an “explosive” move. The low volume, tight range, CME gap being filled and BTC entering the overbought levels are pointing towards this move.

Another positive factor for BTC is the open interest on Bakkt that has doubled to $2 million, as reported by Skew Markets. As Bitcoin Exchange Guide shared, these increasing numbers suggest that new money might be coming into the market.

This current phase, according to prominent analyst Willy Woo is just a “prolonged consolidation inside a macro bull market.”

Many have already called out the bottom of the market and being in the “blow-off” phase, the question remains whether we are taking a detour around $8k first or going straight to a new 2019 high.

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Author: AnTy

Institutional Investors Buying the Dip? Bakkt Volume Shoots up to Hit ATH As BTC Price Crashes

Bitcoin is bleeding today, having lost about $700 in a few hours.

The leading cryptocurrency went down hard today, going as low as below $7,300 on Bitstamp. But soon after it recovered $200 back.

Currently, Bitcoin is trading at $7,500 with 24 hours loss of 8.38%, as per Coincodex. Reported trading Volume, meanwhile is over $20 billion on all spot exchanges and $653.5 million, up from $200 million last weekend, on top ten exchanges with real volume.

As Bitcoin takes a fall, institutions seem to have taken to buy this dip as evident from the huge spike in the trading volume of Bakkt.

Today, Bakkt has been breaking into a new record one after another.

At the time of writing, Bakkt’s monthly bitcoin contracts recorded a volume of 558 BTC (last updated) equivalent of over $4.185 million (at $7,500 per BTC rate). We still have a few hours left in the day, so it’s to be seen what will be the new record that Bakkt will make.

Given the fact that the day BTC price crashed, Bakkt volume took flight, it can be said that Bakkt’s institutional investors are buying the dip and filling their bags.

The current figure is a significant increase from just 72 BTC the physically-settled bitcoin contracts platform got in just 24 hours of its launch.

Up until now actually, Bakkt has been a “Flopkkt,” a moniker given by economist and trader Alex Kruger in the light of disappointing volume registered by the ICE-backed platform in the past month.

Could this mean, Bakkt is finally starting to see the growth it was meant and expected to? Well, this time this surge in volume seems to be coinciding with the drop in BTC price, so, it’s hard to tell if it’s the sign that institutional interest in BTC has come knocking in full force. But they sure seem to be all-in in this dip.

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Author: AnTy

Fidelity-Backed KNØX Launches Today With Full Insurance

KNØX, a crypto custody provider backed by Fidelity Investments, has been launched today. The company affirms that it can provide up to 100% insurance for its clients using a solution provided by Marsh. The co-founder of the company, Alex Daskalov, affirmed that the company can provide complete insurance to the assets of its customers, as reported by The Block Crypto.

The company, which is based in Canada, received over $6.2 million USD in investments recently from companies such as Fidelity Investments Canada, FJ Labs, iNovia, Ferst Capital and others. The seed round happened in June 2018 and the company has operated “silently” for around a year after that.

Now, the company has opened up its services for other people and asset managers, exchanges and liquidity providers can sign up on the platform to receive custody for their digital assets.

Marsh provides up to 100% insurance coverage of the assets, something that is pretty rare in the crypto industry. This is why, according to Daskalov, the company provides good custodial services that can take care of the assets and ensure their safety.

The CEO affirmed that full insurance is needed because partial insurance gives people the false impression that they are protected when they are not. For instance, if a company has insurance for $100 million USD and it has a total of $1 billion USD in assets, a customer with $100 million USD there is not 100% protected.

In fact, the customer is only 10% protected in case the company loses all of its money. This gives people a false sense of security, something that can backfire. KNØX wants to act differently and to really be able to really protect its customers.

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Author: Gabriel Machado

CryptoKitties Creator Receives $11 From Warner Music And Others For A New ‘Flow’ Blockchain

The company behind cryptokitties, Dapper Labs, has today announced garnering of $11 million in funding to develop a new blockchain that will allow decentralized apps at large scale known as Flow.

The funding round was led by Andreessen Horowitz and a participation by Warner Music Group. Other major venture companies like Accomplice, AppWorks, Autonomous Partners, Fenbushi Digital, among others also participated.

Dapper CEO Roham Gharegozlou, revealed that the project has been under research for two years and that Flow has been developed from scratch to boost high performance of applications as well as games while at the same time adhering to decentralization. Gharegozlou explained that just like the way Bitcoin has opened the financial sector, Flow aims to do the same in the world of entertainment as well as culture.

According to a report by Forbes, Flow aims at supporting artists as well as bands through crypto tokens to offer their fans with new ways of fandom. When it comes to games, Flow will also reward players who add value and allow composability with assets as well as identities.

The head of innovation at Warner Music, Jeff Bronikowski, explained that the company is always active in identifying fresh opportunities for artists especially in the emerging technology front. Bronikowski explained that his company and Dapper Labs have similar visions hence the strategic investment. Based on this agreement, Warner has reportedly invested about $1 million in terms of convertible security. Bronikowski also explained that the new blockchain platform can be utilized to develop unique as well as tradeable merchandize if the transaction volume challenges will be solved.

Flow is said to have a high transaction volume compared to the Ethereum blockchain where it developed its cryptokitties game.

Bronikowski gave a hint that the new platform will bring a new way to share Warner Music’s content and new way of engaging with the signed artists He explained that the new platform will help the company to form a new avenue where the fans can engage with the artists in a different way than before.

Forbes reports that the funds raised will specifically be used to finish the new blockchain platform as well as develop apps on it. Accredited investors will also be awarded part of the company’s stock.

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Author: Joseph Kibe

Binance’s USD-Pegged Stablecoin In Partnership With Paxos, BUSD, To Start Trading Next Week

Crypto exchange giant, Binance, has today announced that its Dollar backed stablecoin will be available on its platform for trading next week on Sep 16 and several BUSD trading pairs will added the same day.

The new date to roll out the new coin as well as its listing was announced by Wei Zhou, Binance CFO as well as Co-Founder and CEO Asia of Paxos Trust Company, Richmond Teo.

Teo said that the coin will offer more stablecoin trading options for Binance clients. Teo continued that the Binance US dollar will be available for trading on Sep 16 against some trading pairs like BTC, XRP and BNB.

According to CoinDesk Paxos Trust Company already has its own dollar pegged and gold pegged stablecoins and at the start of this month, it was awarded extra licensing by the New York State Department of Financial Services (NYDFS) to offer BUSD.

According to Zhou, introducing a stablecoin that is licensed by the New York State Department of Financial Services (NYDFS) is within the exchange’s strategic plan to offer on-chain financial services to its clients from all corners of the world.

While BUSD is licensed by NYDFS, which is a regulator that is famous for stringent crypto regulations, Binance US will not be launched in New York since it has no BitLicence.

Binance has other stablecoins on its crypto exchange platform. In late July, the Jersey wing of Binance created and enabled the trading of a British pound pegged stablecoin known as Binance GBP dubbed BGBP.

Zhou said that Binance is hopeful of creating more compliant stablecoins that are pegged on different fiat reserves in the near future. Zhou believes that many stablecoins in the crypto industry will help in enhancing stability in the crypto space.

The new stablecoin shows that Binance is willing to cooperate with US regulators even as it plans to expand in the US. Binance has already indicated that it plans to be the crypto exchange offering the most crypto tokens in the US.

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Author: Joseph Kibe

PlusToken 10 Million ETH Cryptocurrency Scam and Token Heist Explained

Going by the market price today, 10 million ETH is equal to about $2 billion USD. this is the much that PlusToken Ponzi scheme is alleged to have stolen from more than 800,000 people in ETH alone.

The theft of the funds has remained a mystery even when it came to the public limelight, it is not yet known what transpired and the amount of funds that was stolen.

To unravel the mystery, Elemntus decided to follow PlusToken’s activities on Ethereum. Using the Elementus Query Engine, the company was able to come up with various results which it claims can be verified using the Ethereum blockchain.

The company reveals that the data collected shows that PlusToken was able to amass almost 10 million ETH using 100 addresses that can be found in the Ethereum blockchain from approximately 800,000 participants. From the amount raised, about 820,000 ETH is still available in PlusToken’s chain and there have been no funds movement whether in or out from the end of June, 2019.

According to Elementus, approximately 9 million ETH was moved from PlusToken’s wallets to around 248,000 different addresses. The researchers also recognized that only less thousands of the said accounts have the majority of the ETH in volume.

The researchers at Elementus were unable to unearth how many of the large transfers went to users at s. the top of the pyramid scheme as winnings. Similarly, the researchers were unable to unearth the transfers that went to PlusToken insiders disguised as an exit scam in a complex withdrawal trend.

The research also unveiled that most of the funds were sent to different exchanges ut there was an unusually high percentage of 48 percent that was sent to Huobi. The researchers did not identify any connections between the scammers and Huobi exchange but the high amount moved to the exchange raises some questions.

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Author: Joseph Kibe

Crypto Investors Can Now Store Coins Tezos (XTZ) and Stellar (XLM) at Anchorage Custodian Firm

Starting today, customers of Anchorage will be able to store both Stellar and Tezos tokens on the custodian’s wallet. Anchorage is an institutional crypto custodian that was backed by the giant of venture capital Andreessen Horowitz.

According to a blog post on the company’s blog, the two new tokens were added for investors today and are already operational. This marks the first time that a fully regulated company lets its customers hold Stellar. At the moment, only Coinbase Custody offers Tezos.

The main reason to list these assets, as explained in the blog post, is that they offer big staking rewards to clients. The rewards range from 1% to 7% and are considered very high in the industry. Customers who decide to store these tokens will be able to determine their staking set-up from a range of options.

According to the company, the clients can have their support in generating a yield from staking these tokens. Full tax-assistance is offered by the company, as well as low fees. All assets are also subject to end-to-end insurance, so even if something happens to them, the clients will not lose their money.

This can be seen as Anchorage’s latest move to face giants of the market such as Coinbase Custody, Fidelity Digital Assets and BitGo. Most of these companies are well-positioned into the market and Anchorage was launched this year, so it needs unique assets and features to be able to compete with them properly.

In related news, Anchorage was recently able to raise $40 million USD from its Series B round, which was led by Blockchain Capital and Visa.

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Author: Gabriel Machado

Bitcoin Suisse Crypto Startup in Switzerland Bids For Swiss Banking Licence

Bitcoin Suisse Crypto Startup in Switzerland Bids For Swiss Banking Licence

Crypto finance firm Bitcoin Suisse announced today that it has applied for a banking license. Bitcoin Suisse has applied for a license from the financial supervisor and is also seeking authorization to trade securities.

In a press statement, Bitcoin Suisse AG announced that it has submitted an application to the Finma (Swiss Financial Markets Supervision Authority) for a Swiss banking license according to the Swiss Banking Act Art. 1a, combined with an application for a securities dealer license, regulated under the Stock Exchange and Securities Trading Act (SESTA).

These licenses would allow Bitcoin Suisse to further expand its offering with regulated services and products, thereby strengthening its position as a key provider of crypto financial services. Bitcoin Suisse is adapting to a changing regulatory landscape, where more and more crypto assets and services fall under securities and banking law.

Bitcoin Suisse joins two other crypto-based firms, SEBA, and Sygnum in bidding for a banking license from FINMA. The three firms are focusing on the crypto-assets market, although the authorization they are seeking is no different from any other banking or securities dealer license.

The company’s head of risk management who is coordinating the license application, David Riegelnig, said the application was to help the company adapt to the rapidly changing regulatory landscape in Switzerland and enhance the company’s market. He explained:

“A securities dealer license would enable us to trade crypto tokens that have been classified as securities by the financial regulator. This would include our own crypto franc product. And we anticipate more securitized digital assets arriving in the marketplace.”

The manager indicated that a banking license would open the door to Bitcoin Suisse to offer structured products and derivatives such as swaps. It would also consider offering corporate banking services for blockchain start-ups, but says it would be selective in choosing firms.

In readiness for the license, Bitcoin Suisse has placed 45 million Swiss Franc ($45.7 million) that will soon be extended to 55 million Swiss Franc with an anonymous Swiss bank, as collateral for a default bank guarantee, securing client fiat deposits and pooled crypto deposits.

FINMA Yet To Respond

FINMA has remained tight-lipped about when – and indeed if – it will grant such licenses. Some observers believe the financial supervisor will announce several license awards together to avoid giving anyone company a competitive advantage.

Although Bitcoin Suisse is several months behind the applications of other budding banks that are starting from scratch, the company believes its six-year track record of business growth will stand it in good stead.

Riegelnig said that the firm already has working anti-money laundering control and has demonstrated prudent balance sheet management, which he believes will assist the firm to acquire the license.

Cointelegraph reports that earlier this year, Bitcoin Suisse published financial results for the first time, reporting revenues of 44m Swiss Franc ($44.4m), a net income of 25m Swiss Francand total equity of 50m Swiss Franc for 2018. The equity of Bitcoin Suisse is projected to further grow in 2019.

Currently, the Zug-based company has 95 employees based in Switzerland, Denmark, and Liechtenstein. It plans to apply for a Liechtenstein banking license in the future, having opened a branch there last year.

Will Bitcoin Suisse become the first crypto-based company to acquire a banking license in Switzerland? Let us know in the comments section.

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Author: Joseph Kibe

Spend Bitcoin At Amazon, Uber and Starbucks Using Fold’s BTC Lightning Network App

Spend-Bitcoin-At-Amazon-Uber-and-Starbucks-Using-Folds-BTC-Lightning-Network-App

A payment platform called Fold has announced today that it will use the Bitcoin Lightning Protocol in order to enable its clients to buy goods from several stores such as Amazon, Starbucks, Whole Foods, Southwest Airlines and Home Depot. The cryptocurrency can also be used in services such as Uber.

It was also revealed that the company is currently focused on letting the users be more free with their BTC by not needing to pass any Know Your Customer (KYC) procedures. This is partly because all the payments will be done via the LN, not directly on wallets that belong to the company.

Fold is often remembered by some old BTC users. This was one of the first startups to start working in the field. Back in 2014, the main functionality of the app was to allow people to save 20% when using BTC to pay for coffee on Starbucks. Unfortunately, the congestion in the BTC chain caused some problems for the company when people started to massively use it.

The CEO of the company, Will Reeves, affirmed that they soon noticed that they could not use a layer 1 solution, which is why the team decided to change to the Lightning Network, which works as a layer 2 solution.

According to him, the long confirmation times and high fees were the two main problems. It was simply not profitable to use BTC for such small transactions. With the LN becoming considerably famous today and growing a lot recently, it is becoming a popular option and this is why it was chosen to be used in this app.

Other options were tested before, though. For instance, Fold tested the Lightning Pizza service before committing to the LN for all these services. It was, in fact, Lightning Pizza that made the CEO understand how powerful the solution was.

People used it a lot and they were blown away by the results, according to him. While there were some UX and technical issues, the test worked out very well.

With the new update, the company intends to make Bitcoin users and merchants join forces in order to finally make BTC payments mainstream. Merchants will not need to accept the BTC, though, they can receive in whatever currency they want, which eliminates some of the resistance for this.

As the integration with the system will not require a big effort from the merchants nor the installation of any specific hardware, the team believe that it will be easier to see this system be widely accepted.

The whole process from payment to the merchant receiving is set to take only half a minute, which is considerably more efficient than the prior method used by the company.

Discounts Will Be Brought Back In The Future

As we affirmed before, most of the users still remember a time in which they got 20% discounts by using the app. These discounts are not currently being offered at the moment, but the company is planning to get them back.

While they are not back, however, there is a rewards program that is being implemented. The service will reward the users for using Bitcoin, although they will not receive such big discounts.

This startup is currently being incubated by Thesis.co, which is a venture company based in the U. S.

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

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Author: Gabriel Machado

NEM Price Prediction Today: Daily (XEM) Value Forecast – July 1

NEM XEM S South East Asian Leader clarifies on consensus
  • The price of NEM is trading between the levels of $0.7000 and $0.1000. Today, the bulls may likely test the upper price .
  • However, the bulls pulled back price to break the EMAs.

XEM /USD Medium-term Trend: Ranging

  • Resistance Levels: $0.1000, $0.1100, $0.1200
  • Support Levels: $0.0800, $0.0700, $0.0600

In the previous week the price of NEM had been in a sideways trend. There had been no significant price change. The moving averages were trending horizontally in between the price range. The price of NEM is trading between the levels of $0.7000 and $0.1000. Today, the bulls may likely test the upper price .

Nevertheless, the small body candlesticks like the Doji and spinning tops are responsible for the range bound move. The candlesticks describe the indecision between the buyers and sellers at the current market price. These Doji and Spinning tops contribute to the consolidation of price action. The crypto has choppy price action. Nevertheless, the price of NEM is in the oversold region of the daily Stochastic but above 40% range. This indicates that price is in a bullish momentum and a buy signal.

XEM/USD Short-term Trend: Ranging


On the 1-hour chart, the price of NEM is in a sideways trend zone. The moving averages are sloping horizontally. On June 23, the bears broke the 12-day EMA and the 26-day EMA to the $0.0890 price level.

However, the bulls pulled back price to break the EMAs. Meanwhile, the stochastic is in the overbought region above the 60% range. This indicates that 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.

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Author: Azeez Mustapha