Ether’s recovery from 13-month lows is being backed by daily trading volume not seen for a year.
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Crypto’s Largest Daily Dump of the Year as $40 Billion Exits Markets
FOMO Moments
2018’s biggest daily purge has seen cryptos crash; Ethereum, Bitcoin Cash, EOS, Monero and Dash in a hurt locker.
Crypto markets have been absolutely smashed following a Bitcoin selloff that started yesterday. From recovering to almost 0 billion in market capitalization, cryptocurrencies have crashed almost 16% in 24 hours dumping nearly billion and plummeting towards another yearly low level.
The purge was initiated by Bitcoin bears which started selling it with fervor this time yesterday. Since then BTC has plunged 12% to ,460 wiping out all gains in the past fortnight. It has returned to a previous support level of ,400 but further losses could be forthcoming. Ethereum, which was already at a very low level, has dumped even further crashing by 18% on the day to 0. It is the lowest level ETH has been since September 15, 2017.
Altcoins have been hammered as expected with Bitcoin Cash, EOS and Monero taking the biggest falls in the top ten, all losing over 20% on the day. Litecoin and Cardano are not far behind with 18% dives and XRP and Stellar have only lost 13% at the time of writing.
Damage in the top twenty is even worse with Dash taking the largest dump at 23% to 8. Iota and Neo are also in a bad way with over 20% losses on the day and the rest are all hurting almost as bad. Tron, Ethereum Classic, Nem, VeChain and Zcash have all ditched 17-18 percent over the past 24 hours.
Only Dogecoin is under a double figure decline at the moment, losing just 5% on the day. There are no gainers in the top one hundred today as all altcoins are still in free fall. The biggest hit has been taken by Bitcoin Diamond following its unnatural pump yesterday; BCD is down 32% on the day. Also suffering heavily and losing over 25% at the moment are Bytecoin, IOST, Stratis and Bitcoin Dark.
Total crypto market capitalization has crashed over 15% in a single day marking the year’s worst daily decline. Two huge purges resulted in this massive loss which has currently settled at 3 billion. Technical indicators are all extremely bearish and markets could well slip to another 2018 low point over the next few days.
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
The post Crypto’s Largest Daily Dump of the Year as Billion Exits Markets appeared first on NewsBTC.
Korea’s 2nd Largest Crypto Exchange Sees $250 Million Of Fake Volume Daily
Over the past week, as the crypto market began its slow move upwards, volume saw a resurgence, with the daily volume posted by exchanges rising from an average of billion to billion. Although some investors saw the rising volume as an evident sign of the return of retail interest, some pundits claimed that it may not be cut and dried.
0 Million Of Fake Volume On Bithumb Everyday
It goes without saying that markets can often be erratic on a day-to-day basis, but the unpredictability and volatility in the crypto market are unprecedented. Keeping this in mind, when investors saw an abnormal influx of volume on South Korea’s Bithumb exchange each and every day over the past week, there were suspicions, to say the least. Cynics chalked it up to classic manipulation, while others noted that it could just be an odd API error.
But Alex Kruger, an Argentinian crypto trader and analyst, took to Twitter on Sunday to reveal that that something sinister was afoot. The analyst first posted the following image, which outlines the daily occurrence of extremely pronounced volume candles at 11:00 AM (KST) sharp.
![](https://pbs.twimg.com/media/DmG5lvmW0AImOCR.jpg:large)
Image Courtesy of Alex Kruger
He later issued a “tweetstorm” regarding the image (seen above) in a bid to bring more clarity to the situation. Opening the thread, the commentator highlighted Bithumb’s “airdrop”, noting how the event, which was ostensibly created in goodwill, directly caused over 0 million in “fake volume” to be traded every day since August 25th.
1/ There currently are USD 250 million of fake volume traded at Korean crypto exchange Bithumb, every day at 11AM Korean Time, since August/25. Tweetstorm covers the math behind it in simple terms. #washtrading illustrated.
— Alex Krüger
(@Crypto_Macro) September 2, 2018
Kruger then dove into the statistics that backed his claim. First off, the analyst highlighted Bithumb’s airdrop system, writing:
“Bithumb offers 120% payback of trading fees as an airdrop. Daily limit is one billion Korean Won (0,000), first come first served… Trading fees are 0.15% taker. Wash trading conducted by entering two opposite limit orders => Total fees 0.3%. Rebate is for 120% => 0.36%.”
Crunching the numbers, Kruger then added that for traders to claim the full 0,000 rebate, a single trader (or group of traders) will have to incur over 279 billion KRW (0 million) of volume in a single day.
As this is a “first come, first served” system, it was made clear that some traders decided to game the system by manufacturing over 0 million in wash volumes in minutes to claim the full trading fee airdrop, as corroborated by the 31,000 BTC volume candles seen on the image above. After subtracting trading fees, those who partake in the wash trading scheme will reportedly rake in over 0,000 each and every day, or until the promotional airdrop ends that is. As Kruger puts it “(that is an) expensive marketing campaign.”
As it stands, Bithumb has not commented on the situation, but it seems that the Korean firm initiated this airdrop with no malicious intent but clearly left a loophole for wash traders to exploit.
However, some claim that the exchange made this move to regain popularity within cryptocurrency circles as it reopens account registrations. As reported by NewsBTC just days ago, Bithumb has just partnered with Nonghyup Bank to reinstate its account registration procedure that was shut down in January due to regulatory scrutiny.
Analysts expect that Bithumb reopening its doors to the Korean public may result in an influx of capital, as the thousands of sidelined individuals will finally be able to inject fiat into the shaky cryptocurrency market.
Featured Image From Shutterstock
The post Korea’s 2nd Largest Crypto Exchange Sees 0 Million Of Fake Volume Daily appeared first on NewsBTC.
Traders Expect Bullish Bitcoin Move After Daily Candle Close, Tokens Rising
Yesterday, the majority of investors in the cryptocurrency market were bearish towards the short-term movement of major digital assets like Bitcoin, as BTC dipped below the ,900 mark.
In the past 24 hours, Bitcoin has recovered from ,800 to ,000, during a period in which analysts expected the price of BTC to fall to major support levels at ,500 and ,300.
Optimistic Daily Close
On August 31, the daily candle of BTC as seen below was formally closed, establishing an optimistic short-term trend that will highly likely be sustained throughout this week. Bitcoin, which traders predicted to fall to the mid-,000 region, rebounded strongly to ,000 and if BTC breaks out above the ,100 mark in the next 24 hours, a move to ,000 is said to be a possibility.
![](https://s3.amazonaws.com/main-newsbtc-images/2018/08/31061650/xxxx-600x188.png)
1-day Bitcoin price chart taken from Cryptowat.ch
Lil Uzi Vertcoin, a widely recognized technical analyst, said on August 30:
“BTC topped the bollinger bands and rejected the ichimoku cloud resistance here, ,130 is the resistance to break but it looks more difficult now, expecting ,700 to ,500 to be good support. I’ll probably long if we test ,500-,600 again.”
Some traders have suggested that the reverse trend of BTC can be attributed to the expiration of the CME Bitcoin futures market on September 1, which may create a short squeeze and trigger an upward movement for BTC.
Previously, CNBC Fast Money contributor and BKCM CEO Brian Kelly stated that a short squeeze created by the US Bitcoin futures market can contribute to a 10 to 15 percent short-term rally for Bitcoin, leading other tokens and small market cap cryptocurrencies to also recover by intensified margins.
“They (altcoins) are still quite correlated (with Bitcoin). Over the last 60 days or so, Bitcoin has really been the leader — a lot of that had to do with the speculation about an ETF. But what you did see today is stuff like Ethereum almost 10% off yesterday’s lows, stuff like Stellar Lumens — still holding up quite well. So yes, if you get a 10 or 15 percent run on Bitcoin on a short squeeze, it should bring everything else backup,” Kelly said earlier this month.
If the expiration of Bitcoin futures have a similar impact on the price of BTC as it did in early August, then a positive upward movement can be expected.
Stability
In previous months, BTC was wildly volatile in the ,000 to ,000 range, spiking from ,000 to ,000 within 30 minutes and plunging from ,000 to ,000 in hours.
Researchers at Diar said:
Month-on-month volatility has decreased from December 2017 peak, when futures began trading, from 8% now down to 3% (see chart). Whether or not Bitcoin Futures are at play in this instance would be speculative considering that both CME and CBOE Bitcoin Futures trading volume account for a mere 2% against spot trading (Diar, 6 August).
In August, BTC demonstrated the highest level of stability in 14 months, showing that the worst part of the bear market has gradually come to an end and the market has become more stable from the 80 percent correction it has experienced since early 2018.
The post Traders Expect Bullish Bitcoin Move After Daily Candle Close, Tokens Rising appeared first on NewsBTC.
Daily Recap: Crypto Market Surges as Tokens Including VeChain Spike 50%
The cryptocurrency market has shown a marked recovery from its bearish mood which saw Bitcoin drop below ,000 to a near 2018 low. While Bitcoin stands at ,500 today – an increase of over 2% in 24 hours, crypto analysts say that only an upward movement above key resistance at ,675 would indicate a bullish reversal.
Several other cryptocurrencies have also witnessed a significant upward price movement in the last 24 hours. Ethereum, at 0, is up by over 4% today, while Ripple has grown by nearly 8%. However, the top crypto performers have risen by 20% or more. Lisk, Ontology, Nano, and Verge have spiked 21%, 37%, 32% and 29% respectively. VeChain has shown the strongest recovery with a price rise of nearly 80%.
VeChain’s surge stems from its impending listing on Coinbase, among other factors. VeChain’s X Node binding service has closed, and the VET token swap service in the VeChainThor mobile wallet has been initiated. The company also announced in a blog post recently that it has been tasked with developing a Drug and Vaccine Traceability solution in China by 2020. The solution is being developed and tested in Shanghai in collaboration with DNV GL, and it will soon be implemented across the entire country. Owing to its comeback, the cryptocurrency has achieved a market capitalization of 0 million, and ranks 19th on CoinMarketCap.
The rest of the cryptocurrency market is reaping the benefits of other positive news which have come out this week.
Exchange Traded Note (ETN) for American Investors is here
Bitcoin Tracker One, an exchange-traded note, which is listed and regulated in Sweden, will also be available to American investors now. The product, which was listed on the Nasdaq Stockholm exchange in 2015, is now quoted in U.S. dollars under the ticker CXBTF, and is being looked at as a gateway to bitcoin investment for American investors. According to OTC Markets Group, American investors will be able to purchase the so-called F shares, and while the trades will be executed in U.S. dollars, they will be settled, cleared and held in custody in their “home market”.
The move is is being deemed as a big win for Bitcoin after the US SEC rejected the Winklevoss brothers’ proposed ETF last month and postponed its decision on the ETFs from VanEck Associates Corp. and SolidX Partners Inc.
Coinbase has filed a patent for Bitcoin payments system
Crypto experts often cite the lack of adoption as a major reason behind the high volatility of cryptocurrencies. In an attempt to solve the problem, Coinbase has filed a patent for a payment portal which would allow users to make payments in Bitcoin directly from their digital wallet.
The system entails the setting up of a “key ceremony” which creates key shares that are combined into an operational master key, which is encrypted and secured with the users’ passphrases. The operational master key can then be used for for private key encryption during checkout and for signing transactions during payments, and deleted after use. The product, coming from one of the top cryptocurrency exchanges worldwide, could significantly boost Bitcoin’s utility value.
According to Brian Armstrong, the CEO of Coinbase, cryptocurrency adoption is growing, as he revealed that from 500 people a day signing up on the platform in 2012/2013, the number has grown to 50,000 a day.
The surge in bitcoin and the cryptocurrency market is also being attributed to heavy buying in Turkey as the Lira plummets. The Turkish Lira has tumbled 20% recently as US dollar grows stronger and investors are flocking to Bitcoin for refuge. Turkey’s biggest cryptocurrency exchanges, Koinim, BTCTurk, and Paribu have reported an increase of 63%, 35% and 100% increase in bitcoin trading volume, respectively.
The post Daily Recap: Crypto Market Surges as Tokens Including VeChain Spike 50% appeared first on NewsBTC.
Waves Decentralized Exchange Sees $5 Million Daily Volume, Crypto Traders Move to DEX
Leading smart contracts blockchain Waves has initiated an overhaul of the design, user interface, and internal engine of its decentralized exchange to attract both casual and professional crypto traders.
Benefits of Decentralized Exchanges
In 2018, data privacy has become one of the most-widely discussed topics in both politics and the technology sector, primarily because of the Facebook and Cambridge Analytica scandal. Consequently, an increasing number of individuals have started to become aware of the importance of data privacy and the value of personal information to advertisers and governments.
On cryptocurrency exchanges, even on cryptocurrency-only trading platforms that do not deal with bank accounts and fiat deposits, users are asked to submit a significant amount of personal data, such as passport scans, address, social security number, and more. The acquisition of user information leaves cryptocurrency exchanges vulnerable to security breaches and hacking attacks, and potentially to costly lawsuits.
The evident weaknesses of centralized exchanges have led traders to decentralized exchanges – and over the past few months, the demand for decentralized trading platforms has only intensified. Indeed, demand has reached a point where centralized trading platforms like Binance have entered the sector to compete against existing decentralized trading platforms like the Waves DEX.
Changes in Waves DEX
The struggle for decentralized exchanges regarding adoption and growth has been their inefficient user interfaces and complex engines that create a difficult ecosystem for day-to-day traders and casual users.
In its major update, developers of the Waves DEX implemented significant changes to the watchlist, order book, open orders, and order submissions, to facilitate the growing demand for the Waves DEX and its increasing liquidity.
Already, the Waves decentralized exchange has seen more than million in average daily trading volumes, which is primarily attributable to its low fees, fast execution, unlimited withdrawals, and support for trading of any cryptocurrency pair.
To appeal to professional traders, the Waves DEX has also implemented major changes to enable traders to easily evaluate previous trades, access detailed trading history, balances of coins and tokens held, and more efficient categorization of crypto trading pairs.
In an interview with former Goldman Sachs executive turned CEO of Coinfi, Timothy Tam, Kyber Network CEO Loi Luu stated that user experience has been the main weakness of decentralized exchanges. Luu explained:
“I think it’s because the UI isn’t good enough. The users aren’t familiar with the Decentralized Exchanges; they’re more familiar with Binance or Bittrex. So that’s why we wanted to make it really easy for the user to use. So we don’t focus on the decentralized aspect of it. We focus more on the usability aspect of it.”
Similarly, Waves has also focused on the user interface and usability aspect of their decentralized exchange to ensure that users have a platform on which they can seamlessly trade digital assets.
https://t.co/GsyNsEuQZi $waves community wants #waves DEX as a separate full scale decentralized exchange
— sasha ivanov (@sasha35625) June 30, 2018
Moving forward, the internal engine and base layer can be improved to enhance the overall performance of the exchange, but in the current phase, improving user accessibility is a priority.
The post Waves Decentralized Exchange Sees Million Daily Volume, Crypto Traders Move to DEX appeared first on NewsBTC.
Tether has $3 Billion Daily Volume 76% Higher Than Ethereum, Bad Market Condition
Tether, better known for its ticker USDT, is a cryptocurrency whose value is hedged to that of the US dollar. As of June, the daily trading volume of Tether remains above billion, 7 percent higher than the volume of Ethereum.
Merely months ago, Ethereum had the second highest daily trading volume at around billion, while the volume of bitcoin remained above billion. Amidst the third worst correction in the history of the cryptocurrency market, the daily trading volume of bitcoin has fallen to .4 billion, while the volume of Ethereum has fallen to .7 billion.
Tether is a Good Indicator of the State of Cryptocurrency Market
On cryptocurrency-only exchanges like Binance, the world’s second largest cryptocurrency trading platform behind Coinbase, that do not support reserve currency or fiat currency pairs, traders primarily utilize USDT to hedge the value of major cryptocurrencies such as bitcoin, Ethereum, and tokens to the US dollar.
The daily trading volume of USDT can be considered as a direct representation of the volatility in the cryptocurrency market; if the volume of Tether is abnormally large in a downward trend, it signifies that traders are selling cryptocurrencies to USDT, and if the volume of Tether is unusually large in a bull market, it demonstrates that traders are selling their USDT reserves to acquire more cryptocurrencies.
As of late June, in consideration of the billion daily trading volume of Tether and given that USDT is the second most traded cryptocurrency in the global market, it can be said that cryptocurrency holders are purchasing more USDT expecting the downward trend of the market to continue.
Willy Woo, a prominent cryptocurrency researcher and investor, previously stated in late May that bitcoin will likely experience a slow bleed out to the ,500 region due to the lack of volume in the market and the overly strong hand of bears.
“I think we are gonna go to ,500 – ,700 next, I can’t see ,000 holding. Most likely we’ll balance a bit, then we’ll slide through. Long timeframes here, looking into June for rough timing of this to play out at a best guess,” Woo said, adding that the price of bitcoin probably will not fall below the ,000 mark.
“I don’t necessarily think we’ll fall through the ,000s. Sure it’s a possibility but it doesn’t have to. It’s not a repeat, it’s not Mt Gox and Willybot pushing up price with faked orders, we aren’t detoxing from a scam bubble. Technically ,000s is a very strong support band.”
Tether is Fine
Over the past few weeks, the rising volume and activity of Tether triggered investors to express concerns over the state of the market and the reliability of USDT.
This week, Washington-based law firm FSS composed of three former federal judges and former director of the FBI, revealed the audit results of USDT and concluded that billions of dollars stored in the bank accounts of Tether were verified.
“In conjunction with receiving the above balance information, FSS requested the Chief Financial Officer and the General Counsel of Tether to certify, by sworn statement, the amount of fully-backed USD Tethers that were in circulation as of the close of business on June 1st, 2018. The amount certified to FSS was ,538,090,823.52 USD Tethers,” FSS said.
The post Tether has Billion Daily Volume 76% Higher Than Ethereum, Bad Market Condition appeared first on NewsBTC.
Blockchain Will Reduce Dominance of Tech Giants Over Consumers’ Daily Lives
Blockchain technology can transform many business models known today. Distributed ledgers are making vast inroads among various sectors and industries. Especially in the technology industry, powerhouses such as Google, Facebook and Amazon may be on the brink of losing their dominant position.
Tech Companies Embrace Blockchain
For most technology firms, innovative technologies are always worth checking out. This also means these companies are experimenting with blockchain and distributed ledgers. Although most efforts are kept under wraps rather than made public, these undertakings shouldn’t be ignored. This space will primarily be dominated by banks, but other companies are making their mark.
Apple, for example, is relatively quiet on the blockchain front. That doesn’t mean the company isn’t actively exploring these opportunities. A recent patent filing shows Apple wants to use DLT to timestamp specific data. A rather vague development, albeit one with potentially major implications. Having an immutable record of timestamps and data can be of great value to any technology firm.
Additional companies are also looking into this industry as of right now. That list includes Microsoft, Alphabet, and Walmart, among others. It is evident there is a bright future ahead for distributed technologies. What all these companies are trying to achieve exactly, remains to be determined. A lot of different options remain on the table at this time.
Threatening the Dominance of Companies
While it is good to see these technology giants focus on blockchain, there are some caveats too. More specifically, these companies have such a dominant position thanks to their centralized position. As such, it is a bit counterproductive to see such firms explore technology which can effectively render them irrelevant in the long run. Not all technology companies will suffer such a fate, but some companies may be replaced by blockchain solutions in the long run.
Especially in the social media department, big changes can be expected. Recent issues affecting Facebook, Twitter, and Google all show there is a need for more decentralization. Companies sharing data and determining which content users can view is not the right way forward. Once these concepts become decentralized with no “one” authority, the future will look very different in a few years from today.
Having such a diversity of companies focus on blockchain is a positive sign. Bitcoin, the concept which put blockchain on the map, is driving a whole wave of innovation right now. That doesn’t mean there are no use cases outside of the financial sector. Less reliance on central authorities – especially when it comes to data – can only be considered to be a good thing. As such, data farms such as Google, Facebook and others are on the verge of losing a dominant position.
Image from Shutterstock
The post Blockchain Will Reduce Dominance of Tech Giants Over Consumers’ Daily Lives appeared first on NewsBTC.
A Daily Show Comedian Showed Up to Roast an Ethereum Conference
No one knows what the !$ is going on.nn
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