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

Litecoin One Step Closer to MimbleWimble, MW LIP Published on LTC Git Repository

Earlier this year, Litecoin creator Charlie Lee announced that soon confidential transactions and MimbleWimble implementation would be introduced to the 6th largest cryptocurrency.

Last month, it has been announced that the Litecoin Project is working with David Burkett, a Grin ++ developer to add MimbleWimble support to the Litecoin network.

Now, a draft of two Litecoin Improvement Proposals to implement MimbleWimble through Extension Blocks has been proposed on GitHub.

The LIP introduces opt-in MimbleWimble (MW) as a new transaction format through extension blocks. These blocks run alongside the main chain blocks at the same interval of 2.5 minutes. Inside the EB is where MW transactions occur.

Initially, it would be opt-in, meaning it’s up to users to use MW by using coins in and out of the EB through an integrating transaction.

MW with EB, the proposal states can be soft forked in via version bits. Old clients won’t be aware of the EB side but will only see the coins ending up in the anyone-can-spend address.

What are the Options?

Due to the fact that transaction history can be publicly traced, it hinders Litecoin’s fungibility. The private transaction is one solution to the problem that provides financial privacy and allows for plausible deniability. But such transactions can be selectively disclosed and validating them requires processing the entire history of transactions.

The team looked at other options like Confidential Transactions and Zk-Stark as well but decided to not go with them because while the former one would have been very expensive with large transaction sizes, the latter came with an estimated 20kb transaction size.

So, they decided to go with MW, which not only hides the amount being sent but also deletes the transaction history from the ledger.

However, it has its own disadvantages in the way that transactions must be built interactively, impossible to implement as a typical soft fork and makes private Litecoin attractions BOLT incompatible. Also, it’s currently unsuitable for the Lightning Network.

But it can be implemented without a hard fork through extension blocks.

As such, Litecoin will be using MimbleWimble protocol whose two components, Transaction Kernels and Transaction Cut-Through the team will be leveraging.

This new privacy protocol will be activated with BIP8. One year from the day the implementation is released, the soft fork will be activated, reads the proposal. The miners will be able to activate it “early with a 75% signaling threshold.”

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Author: AnTy

Binance DEX Adds BNB/BUSD Trading Pair, Burns $36.7 million worth of Binance Coin

The decentralized exchange rolled on by crypto exchange giant Binance earlier this year is now offering it’s clients a new service to purchase and sell Binance’s new USD-pegged stablecoin with BNB.

On Oct 17, on its official Twitter platform, Binance DEX announced a new listing on its platform, BNB/BUSD Trading Pair. the pairing means that traders will now have the option to buy and sell BUSD using the Binance Coin (BNB).

BUSD Gets Regulator’s NOD

In the recent past the crypto space has witnessed a significant growth in the number of stablecoins. These are assets which are pegged or backed by physical or touchable assets and, in most cases, the US dollar, the world’s reserve currency. Some of the most popular ones include Tether (USDT), USD Coin (USDC), Gemini Dollar (GUSD), among others. Recently, Binance joined the fray as one of the coin emitters with its Binance USD (BUSD).

Recently BUSD was approved by the New York State Department Of Financial Services (NYDFS). According to Binance, the launching of BNB/BUSD trading pairs will help in adding liquidity in the market to the advantage of the customers. At the moment BUSD is ranked number 287 among the most popular cryptos in the market.

Binance Burns More BNB

Meanwhile, Binance CEO Chaopeng Zhao popularly known as CZ, has announced that the company has burned 2,061,888 BNB worth about $36.7 million. This is the ninth BNB burn and represents about 1.1% of the total BNB supply.

According to U Today, coin burning can be described as the permanent removal of coins from circulation, thereby reducing the amount of coins in circulation. Binance burns BNB coins on the basis of the volume of trades made within its exchange over the last 3 months. Therefore, in every quarter, the crypto exchange giant burns some BNB coins.

According to CZ, the high amount of BNB burn shows significant growth and he credits it to the launching of fresh services like margin trading and futures trading.

Binance plans to keep on burning BNB within its possession until there are only 100 million left.

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Author: Joseph Kibe

Bitcoin Mining Difficulty Is Set To Grow 60% Quarterly as BTC Miners Get Bullish

The mining difficulty of the Bitcoin (BTC) network is set to grow at least 60% in the third quarter of the year. Data from Kevin Rooke, a well-known crypto analyst, seems to indicate that the mining difficulty will have expanded a lot when the quarter is over.

Rooke affirmed that the mining difficulty has gone up around 42% per quarter since 2016, but that this time the difficulty will get even higher. According to him, the growth has been big ever since the bear market was ended. The difficulty was already at an all-time high when the last quarter ended, so it is going to reach new highs soon.

In case you are not familiar with how the difficulty of mining is handled, you should know that it goes up when more people are mining and down when miners decide to stop mining. This is done in order that a single BTC block is mined around 10 minutes. The difficulty is adjusted every two weeks.

These recent changes seem to indicate that Bitcoin metrics are getting stronger than they ever were, which can be considered a great sign for the network. The difficulty is just one of the fundamentals that affect how well the network is faring, but most indicators seem to be going along fine.

The hash rate, for instance, is also reaching all time=highs and the prices may not be going up, as the $10,000 USD price range seems to be a strong barrier, but they are certainly holding up pretty well. This puts miners on bullish mode as they believe that prices will go up a lot in the next few months.

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Author: Gabriel Machado

Bitcoin QR Generator Crypto Scams Running Rampant On Google; Hampering BTC Adoption

Bitcoin trading has gone up this year as bulls have returned to the market with renewed interest in the leading cryptocurrency. The cryptocurrency has surged past $10,000 this year, and the price rise seems to be continuing into the later parts of the year.

Bitcoin Not Living Up To its Full Potential Due To Negative Perception

Despite the run that Bitcoin is on, researchers suggest that the crypto asset is not growing at the rate that it actually should be. Many people associate cryptocurrencies with scams, theft, and fraud, and this negative perception is hampering the advancement of Bitcoin. Several governments and regulators have created unfriendly policies for the crypto industry because of the fears that citizens within their jurisdictions will fall victim to crypto related scams. Billions of dollars have been lost to scammers who used cryptocurrency schemes, and the effects of these have been detrimental to the progress of Bitcoin.

QR Code Scams on the Rise

Recent research suggests that 80% of the results that come up when one searches for a “Bitcoin QR generator” lead to a fraudulent website. QR code generators are used by Bitcoin traders to create QR codes for wallet addresses to enable easy and quick transfer of cryptocurrency from one holder to another. However, most of the code generators that are popping up on Google give a user a QR code which leads to a Bitcoin wallet address of a scammer, and several people have lost their funds to this scam.

According to Tal Be’ery from ZenGo, the fake websites create a QR code that you which carries an address belonging to the scammers instead of the address requested by a user. All payments made end up in the scammers’ wallet. Be’ery went on to say that the scammers use a blockchain explorer API to generate the QR code for their address.

The research available shows that over $20,000 has been lost to QR scams in recent times, and researchers say that this figure is just the tip of the iceberg. The chances are high that there are more people who have lost their Bitcoin to scammers who use this method. These scammers are constantly changing the QR codes and the address they use, which makes it difficult to identify them and blacklist the addresses.

Be’ery said that QR are not humanly readable, and this makes it easy for scammers to use them to defraud crypto users. Over the first six months of 2019, it is estimated that the total amount of cryptocurrency stolen by scammers and hackers is worth over $4 billion. Most of the stolen loot was accessed directly from crypto exchanges by hackers, but scams also contributed significantly to this amount.

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Author: Ali Raza

Bitcoin Futures Become More Popular Among Institutional Investors as CME Numbers Rise

The trading of Bitcoin futures has surged over this year as the leading cryptocurrency found its way back to the heights associated with it. Cryptocurrency trading has become more popular, and more investors are beginning to consider the asset class for the portfolios.

Chicago Mercantile Exchange (CME) has reported high record trading volumes for Bitcoin futures. The exchange is experiencing an average trade volume of 7,237 contracts daily as more traders are moving into Bitcoin futures.

This trading volume represents a growth of 132% from the same period in 2018. It is impossible to ignore the amount of growth that Bitcoin futures have gone through this year, and this is only driving more investors towards the asset class.

Growth of Bitcoin Futures

Starting late December 2018, Bitcoin entered a rally that saw the leading cryptocurrency’s price rise by over 300%. Bitcoin was trading at a low of around $3,000 before it went on a bull run that saw the crypto asset trade at almost $14,000 in June.

When Bitcoin broke the $6,000 resistance in May, it was quite clear that it was well on its way to reach record high prices.

For CME, August reflected continuous growth of the popularity of Bitcoin futures among institutional investors. Tim McCourt, CME’s managing director, said that the group had its most successful month with regards to Bitcoin futures.

McCourt went on to say that there is growing investor interest in digital assets and a growing interest in the various blockchain and cryptocurrency applications that are being developed across multiple industries. He added that it will be interesting to see how the technologies continue to develop and how the markets will respond to this development.

CME’s managing director reaffirmed the fact that the Group remains focused on its provision of crypto products. CME also provides its clients with educational tools about cryptocurrency in a bid to help these customers become more acquainted with digital assets and make better decisions when they are trading these assets.

CME’s Impact on Bitcoin Prices

It has long been assumed that the settlement of CME Bitcoin futures has a direct impact on the price of Bitcoin. Many crypto analysts share this belief, and Josh Olszewisz says that the bear market which commenced in December 2017 was a direct result of the settlement of Bitcoin futures on CME.

If this theory is anything to go by, Bitcoin traders can expect a period of high volatility by the end of the coming week. CME Bitcoin futures are expected to be settled within this week, and this may affect the cryptocurrency’s price.

The expiry of CME’s Bitcoin futures has met with the launch of Bakkt’s physically settled Bitcoin futures. These two occurrences may be enough to push Bitcoin out of the consolidation phase that it has been in for the last two months or so.

Whatever the case, Bitcoin traders will be paying close attention to the markets to see how the crypto asset performs over the next few weeks.

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Author: Ali Raza

Telegram’s 300 Million Users Will Be Able To Trade Bitcoin On The App Soon

Bitcoin has been rising in both price and fame this year and the people behind Telegram know that. This is possibly why the company has recently started a new partnership with Button Wallet to enable its clients to use crypto.

Button Wallet is set to help Telegram users to enter the Bitcoin world by integrating its wallet with the popular messaging app. According to Alex Safonov, the co-founder of Button Wallet, most people are still wary of using crypto because they deem it to be dangerous.

Part of the reason for the partnership was to boost adoption in a safe way. The wallet allows the user to hold BTC, Ethereum (ETH), Litecoin (LTC) and other popular tokens.

The company will also enable people to use the Telegram Open Network and to receive 6.6 GRAM tokens for using the testnet.

Safonov also talked about Facebook’s Libra project and how the company also wants to offer people the ability to make these transactions safely. Crypto use on Telegram would not be so different than using Libra on WhatsApp, just more decentralized, which is always good.

It seems that the company has chosen the right time for the experiment. Bitcoin grew quite slowly in popularity until now, but it has been growing a lot in popularity. With Telegram about to finally launch its own open network, it seems that the company is also ready to embrace cryptos.

Safonov believes that all that stands in the way now is to show people how easy it is to use crypto and there is no better way to do it than by integrating it into a popular application.

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Author: Gabriel Machado

Arcane Research Puts Bitcoin (BTC) Dominance Higher Than 90% in Market Capitalization

Bitcoin’s dominance went up a lot this year, soaring above 70%. Now, a new study made by Arcane Research has shown that the actual level of BTC dominance may be considerably higher than most people thought. According to this new study, dominance can be over 90% right now, it really just depends on what kinds of metrics you are using.

It was argued that to measure the dominance more accurately, someone should use the liquidity as well, not only the whole market cap. The researchers believe that it is easy to sell the tokens at their official prices when you only need to sell a few, but what if you needed to sell a million tokens? Is there enough liquidity? This is the main question.

So they used trading volume to indicate liquidity and recalculated the market cap. Bitcoin’s dominance went through the roof, figuring at around 90%. Despite other tokens also being valuable, most of the time only Bitcoin is being traded.

Altcoins were removed from the study, though, as the researchers believe that they are not really competing directly with cryptocurrencies that have their own intrinsic value.

Will Altcoins Cease To Exist?

Now that it was proven that the dominance of BTC is even higher, will altcoins be doomed? Some people, such as the famous trader Max Keiser, have affirmed that the era of altcoins and hard forks was over and that only Bitcoin was the future.

It is, however, hard to tell for certain what will happen, as it depends on many variables. It does not look like any other crypto will topple Bitcoin, but there seems to exist space for more assets.

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Author: Gabriel Machado

Bitpay Reports Bitcoin and Crypto Real Estate Spending on Pace to Double This Year

It may be because prices went up this year, but people are really starting to use Bitcoin in order to acquire real estate. Bitpay has recently affirmed that the spending of crypto on real estate is set to double in 2019.

If it depends on the company, it certainly will. Bitpay has recently started a new partnership with a luxury condominium complex in the city of Orlando that will allow people to buy properties using their crypto wallets.

According to Bitpay’s Chief Commercial Officer Sonny Singh, nearly $20 million was spent in real estate using the company’s platform back in 2017. The bear market made the spending go down last year, though, and only $6 million was used. However, this year it’s expected that people will spend over $12 million in this market again.

As Bitpay is the largest payment processor in the world right now, with over $1 billion USD processed each year, the company can really be considered an authority in payments. Singh affirmed that the new partnership is among many others that the company has with real estate companies and that they will drive investment in these areas upward.

According to David D’Ambrosio, who works with real estate, several clients from Brazil, China and Turkey inquired about crypto payments recently. He believes that there is a market for this and that it will grow a lot in the future. Soon after the contact of these clients, he started a partnership with Bitpay in order to enable these traders.

Bitpay is seen as one of the best ways to settle these transactions because, despite the fees of 1%, the transactions are settled very fast.

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Author: Bitcoin Exchange Guide News Team

Bakkt Announces Physically-delivered Bitcoin Futures Launch on Sep 23

Finally, the long-awaited Bakkt is launching next month, on September 23rd.

A year later since Bakkt first shared this idea, it is all set to launch the custody and physically delivered daily and monthly bitcoin futures contracts.

Kelly Loeffller, CEO of Bakkt shared in the medium post that they have received the green light from the CFTC via self-certification process.

User acceptance testing has already begun.

In addition, Bakkt warehouse — that will custody Bitcoin for physically delivered future — has gotten approval by the New York State Department of Financial Services to create a qualified custodian Bakkt Trust Company.

Bakkt’s bitcoin futures will be exchange-traded on ICE Futures US and cleared on ICE Clear US, both federally regulated by CFTC.

These contracts will be further covered by the existing guaranty fund at ICE Clear US. Additional $35 million is contributed to this fund.

Bakkt Warehouse that will provide regulated, secure custody of Bitcoin is protected by $125 million in insurance.

To build a trusted ecosystem, the platform will be employing an institutional compliance and anti-money laundering program. It further involves a guaranty fund contribution and insurance and settlement prices that are distinct from unregulated spot prices.

Loeffller said all the concerns related to market quality and regulation, operational risks, lack of liquidity, and issues with reliability and fees will be addressed with a transparent offering.

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Author: AnTy