Top-20 Cryptos See Major Losses, but Bitcoin Is Up

Sunday, Sept. 22 — crypto markets are seeing a wave of red amid the approaching launch of Bakkt’s physically delivered Bitcoin (BTC) futures on Monday.

Bitcoin is the only cryptocurrency out of the top 20 that is attempting to gain momentum today, while the rest are seeing major losses, with some dropping over 7% in the 24 hours prior to press time.

Market visualization

Market visualization. Source: Coin360

Bitcoin has continued to hover around the $10,000 threshold throughout the day. At press time, Bitcoin is up around 0.6% and is trading at $10,014. Still down nearly 3% over the past 7 days, Bitcoin has seen its dominance on the market edging up almost 1% on the day to account for 68.3% at press time.

Bitcoin 24-hour price chart

Bitcoin 24-hour price chart. Source: Coin360

Ether (ETH), the second cryptocurrency by market cap, is down 4.1% to trade at $207 at press time. Over the past 7 days, the top altcoin is still up 9.5%, following a major bullish move earlier this week.

Ether seven-day price chart

Ether seven-day price chart. Source: Coin360

XRP, the third-largest cryptocurrency by market cap, dropped nearly 6% over the past 24 hours and is trading at $0.272 at press time. However, the coin is still up more than 5% over the past 7 days.

XRP seven-day price chart

XRP seven-day price chart. Source: Coin360

Tron (TRX), the 13th biggest cryptocurrency by market cap, is seeing the largest losses on, down more than 9%. Earlier today, Tron’s founder Justin Sun announced a new plan for Tron’s proof-of-stake mechanism that will focus on the ways of distributing staking revenues and greater engagement of the community.

Total market capitalization saw another drop today, down from $266 billion to $263 billion at press time.

Meanwhile, the current state of the market could be the start of a new bull market, according to Bitcoin investor and entrepreneur Willy Woo. In a tweet on Sept. 21, the trader cited on-chain metrics as potential evidence for “closing up the opening act of the bull market.”

Bakkt’s physical BTC futures to go live in hours

As reported by Fortune, the new wave of red on the market comes just some hours before the launch of Bakkt’s physically delivered Bitcoin futures, one of the most anticipated events in the industry so far.

Meanwhile, the crypto community’s views on whether Bakkt’s physical BTC futures launch will be successful are divided, with 50% of people expecting the platform to flop, according to a public Twitter poll launched by crypto enthusiast Alex Krüger on Sept. 21. At press time, the poll has amassed 2,355 votes.

In a tweet on Sunday, major crypto believer John McAfee supported the bullish trend over Bakkt, claiming that the launch of physical futures on the exchange will increase the level of trust by institutional investors. McAfee added that the event could jump-start crypto adoption.

Keep track of top crypto markets in real time here

Source Cointelegraph

Swiss University Fights Fake Diplomas With Blockchain Technology

The University of St. Gallen in Switzerland is setting its sights on blockchain technology to fight fake diplomas, a type of fraud that has been on the rise globally in recent years.

Degree certification

According to a CNN Money Switzerland interview from Sept. 19, the University of St. Gallen has announced that it is introducing a blockchain-based pilot project to verify the authenticity of its degrees in a matter of seconds rather than several days. The university’s CIO Harald Rotter said:

“I saw that it could be necessary and it could be a valid use case to transfer or to make easier to validate our diplomas based on a digital process on blockchain.”

The University of St. Gallen has chosen to partner with Swiss blockchain startup BlockFactory and will use its certification solution to create immutable diplomas that are registered on the Ethereum blockchain.

Malaysia and Canada also battling fake degrees

Cointelegraph previously reported that the Malaysian Ministry of Education is also trying to tackle the increasing cases of fake educational degrees in its country. Malaysia introduced E-Skrol, an application built on the NEM blockchain to deal with the issue of certificate fraud through the use of blockchain technology.

In June, Cointelegraph reported that a Canadian tech institute also plans to issue blockchain-based diplomas to its next graduating class. More than 4,800 graduating students of the Southern Alberta Institute of Technology will receive its first blockchain-based degrees along with their traditional parchments in 2019.

Similarly, the University of Bahrain announced that it was partnering with the startup Learning Machine to provide its blockchain diplomas at the beginning of 2019.

Source Cointelegraph

Bitcoin Price Remains Uninspired at $10,200, Altcoins Go Into Red

Friday, Sept. 20 — The price of Bitcoin (BTC) remains largely uninspired and is once again trading sideways around the $10,200 price mark.

Market visualization

Market visualization. Source: Coin360

Although BTC is back at trading sideways, Fundstrat Global Advisors co-founder Tom Lee expects this to change with the coming launch of Bakkt and is positive on its ability “to improve trust with institutions to crypto.”

The world’s largest cryptocurrency continues to trade flat, with an intraday high of around $10,280, while slowly trading downward to its current trading price of $10,147, showing a loss of 1.16% on the day, according to data from Coin360.

Bitcoin 24-hour price chart

Bitcoin 24-hour price chart. Source: Coin360

Price analyst Rakesh Upadhyay wrote today that a breakout of the downtrend line of the symmetrical triangle will indicate that the bulls have overpowered the bears and a new trending move will begin. He expects the momentum to carry the price to the yearly high of $13,973. While the rally might face resistance at $12,304.37 and $13,156.96, he expects these levels to be crossed.

While Bitcoin fails to impress, Ether (ETH) is holding on to its recent gains well above the $200 price mark. The most popular altcoin is currently trading at $217.97, while showing a loss of 0.63% on the day.

Ether 24-hour price chart

Ether 24-hour price chart. Source: Coin360

Ripple’s XRP token dropped below the critical $0.30 price point yet again, from an intraday high of $0.3127. At press time, the world’s third-most popular coin is down 1.43% in the last 24 hours.

XRP 7-day price chart

XRP 7-day price chart. Source: Coin360

Top-20 altcoins mostly in the red

Most major altcoins are experiencing a red candlestick day, but EOS is up 1.34% in the last 24 hours and IOTA is showing an impressive gain of more than 6.5% on the day. Cardano (ADA) and Ethereum Classic (ETC) are also both up, 2.44% and 0.11%, respectively.

The biggest top 20 losers of the day are Stellar (XLM) with a massive correction of 7.9%, and Tezos (XTZ) down over 5% on the day. 

The overall cryptocurrency market cap sits near $270 billion, with Bitcoin making up 67.7% of the total.

Keep track of top crypto markets in real time here

Source Cointelegraph

Price Analysis 20/09: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, ADA

Price Analysis 20/09: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, ADA

Source Cointelegraph

Singapore Bank Giant OCBC Joins JPMorgan’s Blockchain Network

OCBC has become the first Singapore-based bank to join JPMorgan Chase’s interbank blockchain network.

According to a Business Times Singapore report on Sept. 20, a total of 134 banks from the Asia-Pacific region are now participants in JPMorgan’s blockchain-powered interbank information network (IIN).

OCBC is the second-largest bank in Southeast Asia by assets and among the larger financial institutions in Asia-Pacific.

343 banks have joined JPMorgan’s network since 2018

These 134 banks comprise almost 40% of the 343 banks that have joined IIN since 2018. The network’s largest national bloc is Japan, where 80 banks are participants. 

IIN first launched as a pilot in 2017, designed with the aim of reducing friction in the interbank exchange of global payments data.

The network is built on JPMorgan’s Ethereum-based, proprietary and permissioned, i.e. private blockchain “Quorum.”

In a statement, John Hunter — global head of clearing at JPMorgan Chase — outlined that:

“The intent with IIN was always to develop a meaningful ecosystem of bank users, all focused on harnessing emerging technologies such as blockchain to better address the complex cross border payments industry.”

Deutsche Bank a recently-announced network member 

As reported, Germany’s largest bank, Deutsche Bank, joined IIN earlier this month.

JPMorgan has said it is targeting a total of 400 agreements with banks by the end of 2019, hinting that further leading banks are poised to join the network in the near future.

Beyond its IIN and other Quorum innovations, the banking giant has been in the industry limelight for its blockchain-powered stablecoin dubbed JPMCoin, unveiled in February of this year.

Source Cointelegraph

After Dip of $500, Bitcoin Price Back to Trading Sideways at $10,200

Thursday, Sept. 19 — Bitcoin (BTC) price is back up and seems to be stabilizing just above the $10,200 price mark after experiencing a sudden drop of $500 in minutes earlier today.

Market visualization. Source: Coin360

Bitcoin is trading sideways again

Bitcoin’s sideways trading behavior has become standard operating procedure in recent months, with long periods of sideways action giving way to sudden drops in prices, only to shoot back up to previous price levels.

Bitcoin price has started to trade sideways once again, currently at around $10,290 per coin, according to data from Coin360.

Bitcoin 24-hour price chart. Source: Coin36

Some have tried to explain why BTC/USD began gaining and losing several hundred dollars within minutes at irregular intervals. One theory revolved around margin trading — an increasingly popular tool offered by major exchanges such as Binance and, most notably, BitMEX.

Twitter account Squeeze noted: “The effect of cascading margin calls and stop loss triggers causing $300 slippage between XBT perpetual swaps on Bitmex vs Spot BTC,”

While Bitcoin is back to showing sideways price movement, Ether (ETH) is continuing its bullish move to just above the $220 price mark. The most popular altcoin is currently trading at $221.39, showing impressive gains of more than 5% on the day.

Ether 24-hour price chart. Source: Coin360

After weeks of sideways trading, Ripple’s XRP token took the lead in the top-20 altcoins with impressive gains just a few days ago. XRP was able to hold on to most of its gains and is currently trading at $0.30, although it is showing a loss of almost 1% on the day.

XRP 7-day price chart. Source: Coin360

Top-20 altcoins mostly in the red

Most of the top-20 altcoins are seeing red today, with the exception of Ether.

The biggest top-20 losers of the day are Monero (XMR) and NEO, with both coins showing losses close to 3%. Ethereum Classic (ETC) and Bitcoin SV (BSV) aren’t faring much better, which are showing losses of around 2% each.

The overall cryptocurrency market cap sits at $272.9 billion, with Bitcoin making up 67.6% of the total.

Keep track of top crypto markets in real time here

Source Cointelegraph

Ethereum Tests 25% Capacity Increase as Network Fees Hit Bitcoin Level

Ethereum network participants are attempting to raise the network’s block size as a direct response to network congestion.

Gas limit on course to become 10 million per block

As various parties including co-founder Vitalik Buterin confirmed this week, testing is currently underway to improve network performance and reduce transaction fees. 

“Given the current #Ethereum network congestion we have started to test raising the block gas limit to 10M gas,” mining pool Bitfly tweeted on Sept. 14.

The move follows considerable upticks in Ethereum network usage, largely due to stablecoin Tether (USDT), which has shifted its reliance from Bitcoin via the Omni Layer to the Ethereum blockchain.

According to research data from monitoring resource Coin Metrics, as of Sept. 15, Ethereum users paid almost as much in daily transaction fees as Bitcoin users: $182,899 versus $185,993, respectively. 

Since Sept. 1, the average Ethereum transaction fee has increased from just over $0.11 to just under $0.39, data from Bitinfocharts shows.

Ether benefits before Bitcoin break

Gas is the token, which Ethereum users pay for performing any operation on the network. A shift to 10 million gas per block is considerable, and would translate to a total capacity increase of 25%. 

News of the changes appeared to buoy market of Ethereum’s native token, Ether (ETH), which earlier this week put in solid gains as other cryptocurrencies tracked sideways. 

A sudden dip in Bitcoin (BTC) subsequently sent altcoin markets lower, ETH/USD still holding onto support above $200 at press time.

Source Cointelegraph

Arab Bank Switzerland Opens Bitcoin Custody, Brokerage Services

Arab Bank Switzerland has partnered with blockchain technology firm Taurus to offer Bitcoin  (BTC) and Ether (ETH) custody and brokerage services to its clients.

Swissinfo reported the development on Sept. 19. 

Serge Robin, the CEO of Arab Bank Switzerland — a Swiss institution that forms part of the Jordan-headquartered Arab Bank group — said: 

“We firmly believe that blockchain will disrupt the financial industry as we know it and we intend to be amongst the first banks to offer digital asset services to our clients in a secure and regulated environment.” 

Switzerland’s blockchain and banking sectors

Last month, Switzerland’s watchdog, the Financial Market Supervisory Authority (FINMA), granted banking and securities dealer licenses to two crypto-focused banks: Seba Crypto AG and Sygnum.

Also in August, FINMA released new guidance on regulatory requirements for blockchain-based payments, targeted at cryptocurrency exchanges, wallet providers and trading platforms.

Among the country’s traditional financial institutions, Swiss private bank Maerki Baumann revealed this summer that it had experienced a deluge of 400 new clients wanting to tap its future blockchain offerings since it revealed its interest in the sector.

While banking support for the nascent industry remains a complex issue in the country — with many legacy institutions maintaining a highly risk-averse position on FINMA’s recommendation — Hypothekarbank Lenzburg took the leap to become the first Swiss bank to provide enterprise accounts for blockchain and crypto-related fintech companies in the summer of 2018.

Source Cointelegraph

BUSD — Binance and Paxos Stablecoin Latest to Get US Regulator Consent

Over the course of the past few weeks, the global cryptocurrency community bore witness to two major announcements related to stablecoins — with the first being the launch of Paxos’s gold-backed Ethereum token, PAX Gold (PAXG), and the other being the release of Binance’s cryptocoin backed by the United States dollar (BUSD). 

Paxos, a global digital asset trust firm, announced the launch of its PAXG token via a press release a few days back. In the document, the firm claims that its product is the world’s first crypto asset to be fully redeemable in exchange for physical gold. Not only that, but the stablecoin has also received a regulatory nod of approval from the New York State Department of Financial Services (NYDFS), with the government body referring to PAXG as the first gold-backed digital currency to become eligible for trading in the state of New York.

Additionally, each PAXG token is backed by 1 fine troy ounce of London Good Delivery gold that has been stocked across discreet vaults spread out around London. If that wasn’t enough, token owners are provided with complete control of the gold that is associated with their holdings and have the option of moving their tokens like any other ERC-20-based crypto, thereby making it significantly easier for people to trade physical gold without having to bother about the logistics. Elaborating further on the utility of PAXG, Dorothy Chang, Paxos’ vice president of marketing and communications, told Cointelegraph: 

“PAX Gold stands out because we uniquely have deep experience in both the traditional gold market as well as in asset tokenization. In the traditional gold market, we have a suite of products that have been used by the legacy gold trading markets. For example, our Confirmation Service has been used to confirm over 500k gold trades worth over $1T. Being this ingrained in the gold market has enabled us to draw on our relationships with leaders in the space — like Brink’s and INTL FCStone — to develop the operational infrastructure to make PAX Gold available and redeemable for physical gold.”

On the topic of whether the market has seen offerings similar to PAXG in the past, Cointelegraph reached out to Andy Hoffman, the founder of CryptoGoldCentral — a professional cryptocurrency consulting firm that provides altcoin enthusiasts and developers with strategies on how to market existing cryptocurrencies as well as those that have yet to be launched. 

He pointed out that while an exact analogous product has not been seen in the market before, PAXG essentially resembles a gold exchange-traded fund (ETF) — such as the HSBC-backed GLD ETF — that carries with it a host of tangible financial risks.

Additionally, Hoffman also highlighted that, having previously spent over six years working as the marketing director of Miles Franklin (a major bullion dealer that manages gold, silver and platinum deposits with Brinks and the Dakota Depository), he couldn’t foresee investors flocking to PAXG: 

“Can’t see why anyone who wanted to exposure to REAL gold would use Paxos, rather than Miles Franklin or even GLD ETF.”

So, what makes PAXG unique?

As mentioned previously, PAXG is an ERC-20 token that has been built on the Ethereum blockchain and is backed by physical gold, meaning it can be traded and moved anywhere around the globe with the touch of a button. Not only that, but the token also allows gold enthusiasts to own a fraction of LBMA-accredited London Good Delivery gold bars. 

Paxos is regulated by the NYDFS and its associated PAXG token is one of just three crypto offerings to have received the regulator’s seal of approval. In this regard, other key facets related to PAXG that are worth highlighting include:

  • The tokens are fully-backed by physical gold that is attested by a third-party auditor on a monthly basis.
  • As things stand, PAX Gold is the only gold token available on the market today that can be exchanged in place of LBMA-accredited Good Delivery gold bullion bars. Smaller amounts can also be redeemed via a host of physical retailers located across the globe. 
  • Institutional players dealing with PAXG have the option of redeeming their tokens in favor of unallocated Loco London Gold. 
  • Using Paxos’ native exchange platform, investors can convert their PAXG holdings into fiat, physical or unallocated gold. Also, PAXG can be traded across a whole host of popular crypto exchanges that support ERC-20 tokens.
  • From a fee standpoint, Paxos charges its users anywhere between 0.03%–1% (based on volume tiers) for redeeming their PAXG coins. Similarly, the company charges a flat 0.02% as on-chain Ethereum transaction fees and, as with any ERC-20 token, nominal Ethereum gas fees are also applicable on all transactions.
  • PAXG holders have the option of looking up niche details (i.e., serial numbers, brand codes, gross weight, etc.) related to their stored gold reserves — a feature that is quite rare these days.

Binance and Paxos launch a dollar-backed stablecoin

Last week, Binance announced that it was entering into a partnership with Paxos in order to launch a USD-backed stablecoin called the BUSD. The digital currency follows in the footsteps of other stablecoins — such as TrueUSD (TUSD), USDCoin (USDC) and Gemini Dollar (GUSD) — and along with PAXG, it is one of the three Paxos created digital currencies to have received a regulatory green light from the NYDFS, with the other one being Paxos Standard (PAX).

On the subject, Chang told Cointelegraph that by gaining approval from the NYDFS for the BUSD stablecoin, Binance was helping to stabilize the global crypto market. She then went on to say: 

“Paxos will be the issuer and custodian of all BUSD tokens. With BUSD, there will be monthly audits and every customer acquiring BUSD through Paxos or Binance will go through our KYC/AML compliance process. We believe that with Binance’s network reach and our trusted, regulated service, we will be able to make a huge impact on the crypto markets. This is an exciting step towards bringing more stability to crypto.”

From a technical standpoint, BUSD will be made available for purchase at a ratio of one-to-one ratio with the U.S. dollar. Additionally, trades against Bitcoin (BTC) can be facilitated via Paxos’s native exchange platform, while those against Binance Coin (BNB) and XRP can be initiated on

Related: Binance to Launch US Platform Soon, Helped by a Little-Known Partner

Lastly, the launch of these crypto offerings suggests that regulatory agencies around the globe might finally be warming up to the idea of digital currencies and the potential they have to offer. On the subject, Hoffman added:

“There are many new stablecoins now — and the fact that they are being regulatorily approved, generally speaking, speaks volumes towards the fact that governments are (begrudgingly) starting to accept the fact that crypto is here to stay — both in the U.S. and globally. The Bakkt futures exchange is one such example, as well as last week’s acceptance of the VanEck/SolidX ETF for 144a investors…and I absolutely expect a broad ETF approval for all investors in the near-term.”

He also believes that the digital age is finally upon us and that by this time next year, investors should not be surprised to see Bitcoin’s hash rate and price scale up to new all-time highs.

What’s the deal with stablecoins? What advantages do they offer?

Most crypto enthusiasts are probably well aware of the volatility that the digital asset market witnesses on a near-daily basis. In this regard, stablecoins can essentially be thought of as crypto offerings whose prices are measured in fiat and have their value pegged to real-world assets such as the U.S. dollar, the euro, yuan or even other commodities such as oil, gold, silver and so on. 

Related: Digital Yuan: Weapon in US Trade War or Attempt to Manipulate Bitcoin?

Also, like many other digital tokens, stablecoins also make use of blockchain technology and are usually decentralized in nature, meaning that they cannot be controlled by a centralized government agency or institution.

Talking about the advantages of PAXG, Chang pointed out that by tokenizing gold, it will become easy for investors to acquire the precious yellow metal without having to physically store it. She further elaborated:

“By putting gold on the blockchain and tokenizing it, we’re making it easier to trade, divide and leverage gold against other investments. We’re making PAX Gold as easy to own and trade as Bitcoin. We are also democratizing investment in gold as there is no minimum investment in PAX Gold and it can be sent anywhere in the world, 24/7.”

Source Cointelegraph

Altcoins Continue Explosive Bull Run While Bitcoin Stalls at $10,200

Tuesday, Sept. 17 — Altcoins are showing massive upward price movements, while the No.1 cryptocurrency trades flat at around $10,200.

Market visualization. Source: Coin360

Market visualization. Source: Coin360

While the number of Bitcoin (BTC) wallet addresses holding a minimum of 10 BTC — worth over $100,000 — has hit an all-time high, the Bitcoin price continues to trade sideways, with an intraday high of around $10,320.

BTC has been slowly trading downwards to its current trading price of $10,216 and is showing a small gain of 0.8% on the day, according to data from Coin360.

Bitcoin 24 hour price chart. Source: Coin360

Bitcoin 24 hour price chart. Source: Coin360

Millenials banking on Bitcoin

Cointelegraph reported previously that London-based law firm Michelmores LLP surveyed affluent millennials in the United Kingdom and discovered that 20% have invested in Bitcoin and other cryptocurrencies. 

That millennials around the world love Bitcoin is supported by the results of another, United States-wide survey which indicated that cryptocurrencies are three times more popular among American millennials as a top-choice, long-term investment option than for Generation X.

While Bitcoin stalls, Ether (ETH) is continuing its bullish move to well above the $200 price mark. The most popular altcoin is currently trading at $208.26, showing impressive gains of 8.76% on the day.

Ether 24-hour price chart. Source: Coin360

Ether 24-hour price chart. Source: Coin360

After weeks of sideways trading, Ripple’s XRP token is taking the lead in the top-20 altcoins with a massive gain of more than 10% on the day. At press time, the world’s third-most popular coin is trading at $0.286 per coin.

XRP 7-day price chart. Source: Coin360

XRP 7-day price chart. Source: Coin360

Cointelegraph reported previously that Ripple’s CEO Brad Garlinghouse rejected accusations that his company manipulates XRP price in an interview with CNN anchor Julia Chatterley. The CEO added that “In the XRP community, Ripple is the largest owner, and we are the most interested party in the success of the XRP ecosystem.”

Top-20 altcoins continue explosive bull run

Altcoins are currently on a roll, with XRP taking the lead, closely followed by Tron (TRX) and Tezos (XTZ), which are showing gains of close to 10% on the day each. Other notable gainers are IOTA and Stellar (XLM) with each more than 7% gain.

The overall cryptocurrency market cap sits at $270.1 billion, with Bitcoin making up 68.3% of the total.

Keep track of top crypto markets in real time here

Source Cointelegraph