Author Archives: jetencila

Exciting News! For 40 Days, Bitcoin is in a Price High – Would it Hit 5,000 USD?

This month, Bitcoin’s path reached another breakthrough when on Tuesday the famous Cryptocurrency reached the 4,000 USD line — for the first time in more than 30 days.

The Cryptocurrency exchange got in the US trading session on a downward trend, then quickly recovered and rose following its spike on February 8.

Immediately past 2:40 PM UTC, one or multiple considerable buy orders made Bitcoin price to spike until it touched the 4,000 USD mark, before it plummets and stayed at a value of 3,955 USD, according to Bitstamp.

This activity carried Bitcoin to a high lasting for more than a month, as the previous record when Bitcoin reached 4,000 USD was last January 10.

BTC rally pulls other crypto up

Along with Bitcoin, other popular Cryptocurrencies are showing great increase in value too, like EOS which performed best based on a single-day performance at 12.06 percent, Stellar at 10.76 percent. Generally, the Cryptocurrency market capitalization gained almost 6 Billion USD starting last Monday.

The performance of the Cryptocurrency market as we speak would certainly help the argument that the Crypto bear market has actually, finally came to an end.

Analysts, along with Mati Greenspan of eToro, stated that key Psychological and Technical Resistance at the 5,000 USD mark does mean an even more exact testament to the recovery of the digital currency market this time.

The whole of the virtual currency markets have been showing bullish price actions these past few days, with Bitcoin testing the resistance at nearly 4,000 USD for 5 days this week. Because it did so, it has broken through the 100-day moving average for the first time in the past 272 days.

(Jet Encila is a journalist, editor and freelance writer from the Philippines)

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Source: Bitcoin News

Analysts Expect Another Breakout as Bitcoin (BTC) Nears $4,000

Digital currency assets in key markets across the globe have shown a very remarkable performance in just less than two days.

The price of bitcoin (BTC) has now come close to the $4,000 mark as altcoins, in particular Ethereum (ETH) and EOS, breached their individual weekly peaks by double-digits.

Although bitcoin’s impressive climb early this morning looks similar to advances projected by the bears during the previous weeks’ sessions, what’s taking shape this time is something distinct.

Based on data generated by crypto investment analytics firm Skew Markets, Monday’s digital currency trading in a single day was the biggest so far for this year.

Proof of this heightened activity towards the green region are figures reported by well-known crypto exchanges BitMEX, Deribit, Kraken and OKeX, that all had surging BTC futures volume not seen in many years.

Strong ascent proves bitcoin’s resilience

e-Toro in-house crypto investor Mati Greenspan is among those who quickly shared his positive thoughts on bitcoin’s surprise ascent, saying that crypto volume across the board was pegged at $35 billion, a “level not seen since last April.”

While the reputed trading analyst disclosed “more meaningful moves” usually go hand-in-hand in terms of higher volumes, Greenspan hinted that this upward momentum surely resembles a bullish breakout.

Similarly, Canadian bitcoin analyst Kevin Rooke, concurs with Greenspan’s opinion.

In a tweet, Rooke emphasized that Bitcoin just witnessed nearly $10 billion in exchange volume last Monday, its most impressive reading of this magnitude since May last year.

Bitcoin’s current positive outlook have led many crypto advocates to believe that another breakout is in the offing.

(Jet Encila is a journalist, editor and freelance writer from the Philippines)

 

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Source: Bitcoin News

30 File Complaint Against Crypto Mining Firm in Thailand for Alleged Scam

A possible cryptocurrency mining scam involving an estimated 42 million Thai Baht (USD $1.34M) has been exposed in Thailand when 30 alleged victims showed up at the office of the Technology Crime Suppression Division (TCSD) in Bangkok to file an official complaint against CryptoMining.farm, a business that has been offering crypto mining contracts to investors since 2014.

The victims allege that they were lured by the website owner’s promise of a 70% annual ROI on their investments.  Indeed, videos made by CryptoMining.farm investors showing the profits they have made on the platform abound on YouTube.

With a lot to gain, and with the company having business addresses in both Chiang Mai and Bangkok (addresses which can no longer be found online), the new crypto enthusiasts went ahead and purchased mining contracts.

Too good to be true

Varied BTC mining contracts can be purchased from the platform with the following terms: 3 months, 6 months, 1 year, 3 years, 15 years, and Lifetime.

There were no limits to fund withdrawals at the onset.

But as one disappointed investor said:

“From August [2018] the owner began imposing conditions for withdrawing the money.  Then at the start of this month [February 2019], the site announced it would start paying back investors in 84 installments which would take over seven years to complete. The payments were supposed to be made in foreign currencies [which] is not permitted by Thai laws.”

Although 30 people showed up to lodge a complaint at the Thai police headquarters, officials estimate that as many as 140 people may be affected.

Cryptomining platforms have been having a problem releasing funds since Bitcoin prices fell last year.  Hashflare, a crypto cloud mining service, terminated BTC mining contracts in 2018 citing unprofitability as the main cause.

(Jet Encila is a journalist, editor and freelance writer from the Philippines)

The post 30 File Complaint Against Crypto Mining Firm in Thailand for Alleged Scam appeared first on Live Bitcoin News.

Source: Bitcoin News

‘Japanese Amazon’ Rakuten Tries Hand on Crypto

A big Japanese e-commerce company, dubbed the Amazon of Japan, Rakuten, released a statement about their plans on making Bitcoin and other cryptocurrency as form of payment processor.

Rakuten Pay, the app platform, is expected to release a new version in the next 4 weeks, attached with a Cryptocurrency payment choice, alongside cash.

Rakuten’s foray into the world of Cryptocurrency paves the way for other e-commerce companies to follow suit.

Actually, it’s not the first time that Rakuten has gotten interested in offering Cryptocurrency as an option for payment. Last January, Rakuten has been reported to begin making changes to its corporate structure to create their own Cryptocurrency exchange called ‘Everybody’s Bitcoin’ to make it their new payment processing subsidiary.

Everybody’s Bitcoin has been bought by Rakuten for 2.4 Million USD, last August 2018.

New payment option

Additionally, this announcement also talked about updating Rakuten’s prepaid card service, the Rakuten Edy. Updates would comprise a QR code scanning integration for payments processing.

It also showed optimism for Cryptocurrency capitalists willing to know about the effect of Rakuten’s offering for Bitcoin as payment option. Based on a report released by Rakuten, its net income grew by almost 1-thirds of a percent in the last year, summing to a total of 1.3 Billion USD.

Regardless of the unstable traction of the Cryptocurrency due to the downward trend it showed last January, it’s starting to look like it’s going to be a really prosperous year for Bitcoin and Cryptocurrency and the acceptance of primary currencies.

Along with the development with e-commerce companies like Rakuten, expecting that its update this coming March, would integrate Cryptocurrency, the organic way of growth that a lot of industry old-timers have demanded is looking to be happening already.

(Jet Encila is a journalist, editor and freelance writer from the Philippines)

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Source: Bitcoin News

Bitcoin (BTC) Nears $4,000 Mark as Bulls Remain Impatient

Bitcoin (BTC) has yet to make a decent showing following weeks of instability. In major markets around the world as of this writing, the premiere crypto is near the $4,000 mark at $3,900 although some exchanges have pegged it around $3,850.

It’s rival Ethereum (ETH) likewise has to make an impression itself, with a so-so breach beyond the $140 border early this morning; some analysts think the crypto might hit $150 before sessions end. Bitcoin Cash is not far behind, even Bitcoin SV, which just reached $68 after $155 million in trades.

Among the leading digital currencies, only four were performing badly: One was Paxos Standard, while the other three go by the name of Aurora, Ark and Power Ledger.

Together, these cryptos made a paltry $50 million in a 24-hour volume, and Ark was the single top decliner, shedding 15 pct. This may be the result of investors converting their assets to Bitcoin or Ethereum, and trying to stay afloat.

How are the others faring?

Meanwhile, here’s a quick overview of bitcoins and other coins trading in the market today:

BTC nearly had $10 billion in total market volume as Bulls ushered Monday rather impatiently. The premier digital money made a slow climb late last night, Eastern time, but that’s all it could muster.

Bitcoin Cash was the solid gainer for the day, trailed by Bitcoin SV. Ethereum, which earned more than $10 in other markets, paced along with Bitcoin and rallied a few notches up.

Litecoin is also making its presence felt just below BTC percentage-wise courtesy of its lower value and made a little over $1.3 billion in volume during the last day.

Meanwhile, Binance had another rough day inching upwards, but it’s moving and that’s not a bad sign.

(Jet Encila is a journalist, editor and freelance writer from the Philippines)

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Source: Bitcoin News

These Days Cryptocurrency is Considered Better than Credit Cards, Here Are 9 Reasons Why

1.  When using Cryptocurrency, it would need the wallet owner’s authorization.

Part of the main quintessential distinction between Cryptocurrency and a credit card is that with the Cryptocurrency, it requires the user’s complete authentication before it allows usage.

2.  Credit cards are fundamentally susceptible to security breach and fraudulent tendencies.

Credit cards are so unsafe because of the way they function when being used. On the other hand with Cryptocurrency, for receiving payment transactions, the seller must display a destination address, which is a public key, when the buyer would start the payment process using an exclusive access to the wallet.

3. Cryptocurrencies do not have downtime and time consuming registration procedures.

Basically, setting up new accounts or getting a new credit card entail procedures, extensive paperworks and a lot of time.

4.  Credit cards require personal identification, relatively adds to the hassle of getting into.

Continuing with my previous point, credit cards is associated to your identity and any supporting documents about you.

5.  Cryptocurrencies do not record your every transaction and sell it to advertising companies.

Customer data is being collected by the credit card companies in a certain way and sell it to advertising companies for profits.

6.  Peer-to-peer technology is something unheard of by the credit cards.

This is one of the best features of the Cryptocurrency, the capability to process transactions for businesses and personal accounts using the same way of processing.

7.  Majority of Cryptocurrencies have crazy low transaction fees.

Speaking of the best features of the Cryptocurrency, this is one of them, it is what made the Cryptocurrency gained popularity in the first place.

8.  Credit card companies can, at random update, increase fees.

The Cryptocurrency’s advantage here is that because it’s decentralized, no one could ever change the terms of its operation, and the fees as well obviously.

9.  Cryptocurrencies cannot be banned or quickly brought down.

Still going on about the fact that they are decentralized, if a node went down, the whole operation is relatively unaffected.

(Jet Encila is a journalist, editor and freelance writer from the Philippines)

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Source: Bitcoin News

Bitcoin (BTC) Forms Green Candle on Monthly Chart After 6 Months

Ever since the crypto bubble burst early last year, Bitcoin has been in a spiral trend which saw it drop from its all time high price of USD $19,891.00 on December 17, 2017 based on Bitfinex historical data.  Since then it has been struggling to recover, posting six months of red candles stretching from August 2018 to January 2019, acheiving an all time low price of USD $3,215.20 in December of last year.

As of the time of this writing, Bitcoin is on an up trend, trading at $3,828.50, marking a 2.29% change in 24 hours.  The upward movement has seen its market capitalization grow from USD $64 Trillion to $USD 65.9 Trillion, owning 52.14% of the total cryptocurrency market cap.

Bitcoin’s climb up the charts has swept all the altcoins in a big wave, pulling their prices upward as well.  Among the top ten digital assets, Ethereum (ETH) has posted the biggest gain, seeing a 10.41% 24-hour change, trading at 139.14 to the US dollar.  Ethereum is followed by Bitcoin Cash (BCH) with 6.68% growth, and EOS (EOS) recording a 4.34% increase.

Speculation around the crypto space abound with regards to what has triggered this dramatic upheaval.  Staunch Bitcoin believers attribute the growth to several factors, including:

  1. New York Stock Exchange (NYSE) might be allowed by the SEC to offer Bitcoin futures trading in a month and a half
  2. JP Morgan’s release of its own cryptocurrency, the JPM Coin.
  3. Rakuten’s rumoured planned acceptance of cryptocurrencies as a mode of payment.
  4. Fidelity’s and Bakkt’s launch of their crypto platforms for institutional investors

At the moment though, nothing definite can be pegged down as the reason to the positive price action.

(Jet Encila is a journalist, editor and freelance writer from the Philippines)

The post Bitcoin (BTC) Forms Green Candle on Monthly Chart After 6 Months appeared first on Live Bitcoin News.

Source: Bitcoin News

CA Engineer Just Lost $500K on QuadrigaCX, Would Assistance be Offered?

An engineer based in California has lost his entire savings after he used the QuadrigaCX Cryptocurrency exchange for remittance purposes.

Aged 30, Tong Zou, described to an interview with Bloomberg the opening of a withdrawal request from his account on QuadrigaCX in October of last year.

He explained that he is preparing to move to Canada during those times. His thinking was, that using a Cryptocurrency exchange for moving his money would save him on fees. What happened is that he bought Bitcoins in the US and sent them to his QuadrigaCX account based in Canada for him to convert to cash.

Where did the money go?

Unfortunately, all the withdrawal transaction requests by Zhou and 115 Thousand other QuadrigaCX users were not processed, because the Cryptocurrency exchange has labeled itself bankrupt.

QuadrigaCX has explained that a 190 Million USD equivalent of Cryptocurrencies just went out of their control. It happened after the founder of QuadrigaCX founder, Gerald Cotton unexpectedly died while on a charity trip in India.

It was noted that Cotton was the only one who had been granted access to the exchange’s Cryptocurrency Wallets. After his demise, QuadrigaCX has ruled to discontinue the services they offer and it filed on a local court a Creditor Protection.

Inevitably, the waiting is taking forever. In a statement he made for Bloomberg, he told them that he already moved to Vancouver. But after losing money on the aforementioned exchange, he wasn’t able to provide himself a decent place to live. Also, he is planning to work at a job while living off his savings, but he can’t.

Would his money be refunded?

Along with other Quadriga CX users, Zou is having a conversation thru a Telegram message group. They are turning to Bennett Jones LLP and McInnes Cooper to help then in Quadriga’s ongoing Creditor Protection process in the Nova Scotia Supreme Court.

Last February 5, Quadriga got a 1-month immunity from possible lawsuits. They are looking to get in to Cotton’s computer to get the lost money.

(Jet Encila is a journalist, editor and freelance writer from the Philippines).

 

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Source: Bitcoin News

Ripple CEO Explains Why He’s Not Bothered By JP Morgan’s Cryptocurrency

A Threat to Ripple?

Ripple had an idea that JP Morgan, an international banking titan, had also made use of the Blockchain to conduct transactions from anywhere faster, cheaper and more efficient than conventional banking systems. JP Morgan has changed Ripple’s distributed ledger with the Quorum Blockchain that came from Ethereum and changed the XRP Coin with its own, JPM Coin.

JP Morgan claims that JPM Coin, which theoretically shouldn’t have even been called a Cryptocurrency, combines both traditional finance and Cryptocurrency. It uses Blockchain technology to perform intercontinental transactions faster while avoiding the volatility like that of XRP’s.

The JPM Coin can be sent and received by JP Morgan customers back and forth, which directly exchange them from USD on a ratio of 1 to 1, and makes it more appealing than XRP, which is highly volatile.

In other words, a big company has copied a startup company and has made their business better. These kinds of things don’t really work when startup companies do them. But in defense of the CEO of Ripple, Brad Garlinghouse, they are not afraid fighting the titans of Wall Street.

Missing the Point

In a Tweet he sent, Garlinghouse stated that JP Morgan’s Cryptocurrency misses the point. A former executive from Yahoo defined that JPM Coin relies on an “isolated network”, which doesn’t really make it innovative.

It all boils down to this: are XRP users loyal, guessers, or are they both? Loyal users will use XRP to pay for transactions for its underlying technology. The user would only use XRP for purchases because it’s relatively cheaper and quicker. Then on the receiving end, XRP would be traded to traditional money instantly.

Guessers, on the other hand, would buy XRP in the hope that it goes up in value and then would sell it once it’s high enough. The same situation won’t apply for a bank coin just like JPM Coin, the job of which is to perform processes in real time.

JP Morgan has the potential of getting the customers of XRP who use them for remittance, and Ripple would have to get its objective pointing on the right direction. A Coin that isn’t volatile that would be used for transactions between banks could be the solution.

(Jet Encila is a journalist, editor and freelance writer from the Philippines).

 

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Source: Bitcoin News

JP Morgan’s Coin is Ridiculous, Says American Economist, Compares it to XRP

Known for having to be anti-Cryptocurrency, Nouriel Roubini Tweets about JP Morgan’s Coin, which says otherwise about his views on Cryptocurrency and Blockchain.

JP Morgan is a major American bank and financial institution. They recently introduced their JPM Coin, their own Cryptocurrency, that they claim is for payment transactions between their clients. In the US, they became the first to roll-out their Cryptocurrency.

The community did not like JP Morgan’s move, and they are showing their displeasure about it, and positioned it as centralized and it contradicts the fundamental attributes of Cryptocurrency and the Blockchain. The said Coin, they argued, is putting the control back to centralized authorities.

It follows the same concept as the Stablecoins, in a way that it is valued at roughly 1 USD. According to CNBC, their clients would receive the corresponding amount of Coins once they deposit the money. Once the Coin has been used on a transaction, it gets destroyed and the client gets the same amount of cash, correspondingly.

Ridiculous

On a Tweet he sent out, Nouriel Roubini said that JP Morgan’s Coin is as ridiculous as Ripple’s XRP.

“Ditto for XRP. It is as much of a joke as the new JPMorgan new pseudo crypto coin.”

There are people who appreciate the idea of banks issuing Cryptocurrency, like Twitter user @Tusharjain who showed his appreciation on his Tweet below, although a lot hated it.

“Banks were obviously never going to use XRP for settlements and enrich Ripple Inc (who owns more than half of all XRP). They would rather enrich themselves instead! Kudos to JPM for being first. They are going to wipe the floor with Ripple.”

In which the founder and CEO of The Block, Miked Dudas replied:

“JP Morgan, the bank whose CEO Jamie Dimon has called Bitcoin a “scam” and said “I don’t really give a shit about Bitcoin” is launching its own cryptocurrency. When @TheBlock inquired a month ago, JP Morgan blockchain execs denied this was in the works.”

(Jet Encila is a journalist, editor and freelance writer from the Philippines).

 

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Source: Bitcoin News

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