Category: Cryptocurrency market news

January 8th, 2018 by VK-edit

Earlier this week, there were over digital currencies with a market cap above $1 billion.

Dogecoin crossed the $2 billion barrier a few days ago, a 70 percent increase compared to last Friday and two weeks after it reached the $1 billion level.

Even Jackson Palmer, the founder of dogecoin who left the team in 2015, is worried about this meteoric increase, especially as they have not released a software update in over 2 years.

A key reason why smaller crypto-currencies are rising so fast is because they are perceived as cheaper coins, compared with bitcoin and ethereum, which are too expensive for many new investors.

Dogecoin was created in 2013. The creators of dogecoin positioned the virtual token as “the internet currency” that can allow users to easily send money online.

You can get dogecoins from several digital currency exchanges or mine them.



Posted in Bitcoin news, Cryptocurrency market news, Ethereum and Ether news

November 2nd, 2017 by VK-edit

There are currently 110 digital currency hedge funds in existence, representing $2.2 bln in assets, with over eighty digital currency hedge funds launching so far in 2017.

However, these hedge funds are generally small, and with a limited track record. The majority of these funds are in the the $5M to $20M range.

The large institutional investors (insurance companies, pension funds, and large mutual funds) are still sitting on the fence. This may be due to the wild digital currency price swings, as well as the relative lack of regulation and limited liquidity. They do not want to put their core business at risk.

In addition, out of all the crypto-currencies in existence, many are unlikely to survive and prosper, and some may also lead to fraud.

Another way for fund managers to invest in the crypto-currency market could be via a basket of hedge funds which include a crypto fund.

Posted in Cryptocurrency exchange news, Cryptocurrency market news

October 27th, 2017 by VK-edit

After the creation of Bitcoin Cash (BTC) in August this year, Bitcoin Gold (BTG) is Bitcoin‘s latest hard fork. Bitcoin Gold is the brainchild of LightningAsic.

However, unlike Bitcoin Cash, Bitcoin Gold lacks institutional support and its community is virtually non existing. This may explain why after an initial price of $500, the bitcoin gold price has dropped very sharply to under $140.

In the long term, bitcoin cash may win over bitcoin gold: it is generally believed that subsequent  bitcoin forks have diminishing returns and cannibalize each another. 

Bitcoin Gold aims to make the crypto-currency more decentralized once again, and reduce the control that larger companies have over the network. 

Under twenty exchanges (including Bleutrade, Bitstar, Bitfinex, Coinnest, HitBTC and Yobit)  support BTG/BTC and BTG/USD trading pairs. However, some of the bigger exchanges still haven’t committed because of perceived security risks.

Bitcoin owners will be issued one Bitcoin Gold for one Bitcoin.


Posted in Bitcoin news, Cryptocurrency market news

October 26th, 2017 by VK-edit

There are many new crypto-currencies being launched every month, with over a thousand already in existence. This can lead to risks for investors and wild swings in price. Also, crypto-currency users who want to jump from one digital currency to another have to go to an online exchange where they can sell their digital currency and buy another one. The process can be complicated and requires exchange fees.

Bloq’s Metronome (MTN) aims to address these issues by make switching between digital currencies fast and easy.

As Metronome can jump between different blockchains, Metronome users can also move their holdings, and will no longer be at risk of infighting among crypto-currency developers. It will also protect them from threats from forks and splits.

Metronome will first be issued on Ethereum, and will gradually expand to the other main crypto-currencies.

Over several days in December 2017, eight of the ten million initial Metronome tokens will be auctioned off, while the remaining two million Metronome tokens will be retained by Bloq to support the new currency. Bloq will not receive any Ethereum proceeds from the auctions.


According to Bloq, the new currency cannot be subverted by hackers.



Posted in Cryptocurrency market news, Ethereum and Ether news

October 23rd, 2017 by VK-edit

Buying and selling digital currencies is still unregulated in Australia because “e-currencies” are defined “an internet-based, electronic means of exchange” backed by something physical like a “precious metal” (gold or silver), or “bullion”, in the Anti-Money Laundering and Counter-Terrorism Financing Act. This definition does not cover digital currencies such as Bitcoin because they are backed by a cryptographic algorithm and not “something physical”.

However, Australia’s Parliament should close this loophole by voting in the coming days on new anti-money laundering regulations. As a result, digital currency exchanges would have to register with AUSTRAC, identify their customers and report any suspicious transaction. As part of the new bill, AUSTRAC would be granted more power to monitor these exchanges.

A couple of months ago, Justice Minister Michael Keenan said “Businesses that trade digital currencies for money, and vice versa, will be required to enrol and register with AUSTRAC”, and that these businesses would need to “establish, implement and maintain an AML/CTF (anti-money laundering and counter-terrorism financing) program”. 

“Unregistered person” will no longer be allowed to provide digital currency exchange services. Also, exchanges will have to “report threshold transactions and suspicious matters to AUSTRAC, and keep appropriate records”.

Lasanka Perera, the Independent Reserve’s director, commented that “these new laws would be good for the industry, it will give more confidence to investors, consumers and businesses to enter the industry,” he said.

There is a growing impetus from various countries to regulate digital currencies. ACIC, the Australian Criminal Intelligence Commission, reported in August that “Virtual currencies, such as Bitcoin, are increasingly being used by serious and organised crime groups. They are a form of currency that can be sold anonymously online, without reliance on a central bank or financial institution to facilitate transactions.”

Posted in Cryptocurrency exchange news, Cryptocurrency market news

October 13th, 2017 by VK-edit

China does not recognize bitcoin as a legal currency, and even compared it to a pyramid scheme. However, China’s Digital Currency Research Institute would support a state-issued digital currency.

Earlier this week, the Digital Currency Research Institute’s Director, Yao Qian asserted that a state-issued digital currency could be a way to stabilize domestic fiat currency and secure the  country’s financial status.

However, he was critical of Bitcoin: “A total cap of 21 million like bitcoin whose current supply also halves every four years is actually driving backward along the currency evolution,” he said.

Yao added “The value of cryptocurrencies such as bitcoin primarily comes from the market speculation. It will be a disaster to recoganize it as a real currency. And the lack of a value anchoring inherently determines that bitcoin can never be a real one.”

However, in his view, a state-owned digital currency can generate real economic value and help stabilize the market position of fiat currencies. “The nature of a state-owned digital currency is a government liability issued to the public. And it’s backed by the sovereign credibility.”


Posted in Cryptocurrency market news

October 12th, 2017 by VK-edit

XBT Provider has announced Ether is now available via two exchange-traded notes (ETN), which track its price and can be traded on Nasdaq Stockholm exchange. The notes are denominated in Swedish krona and  Euro.

Practically, this mean investors can buy Ether via a broker rather than via exchanges. The exchange-traded notes will track the price of ether, as determined by an index rate comprising the average of the three most liquid of chosen exchanges where the currency trades

XBT Provider was acquired by Jersey-based CoinShares last month, which have had a similar investment vehicle for bitcoin since 2015.

This could eventually lead to the creating of an approved exchange-traded fund, or ETF. An ETN is an unsecured debt security, unlike an ETF, which holds the asset it tracks.

Helena Wedin, head of ETP Services for Europe at Nasdaq, stated that “while it is important to acknowledge that exposure to an asset in its early stage of development, such as a digital currency, comes with a risk, trading Ether on Nasdaq Stockholm provides investors with the protection provided by a regulated infrastructure, well-known marketplace and accessibility through their ordinary brokers.”


Posted in Cryptocurrency market news, Ethereum and Ether news

October 10th, 2017 by VK-edit

eSports platform Unikrn has been awarded a gambling license in Malta, allowing their users to  conduct real-money bets via eSports’ UnikoinGold crypto-token. 

Malta, already a pioneer in internet gambling, wants to be at the forefront of the blockchain technology, both for the public sector and in order to attract blockchain companies to its shores. They now plan to allow for crypto-currencies such as Bitcoin at online casinos.

The Malta license will providing Unikrn customers a safe, legal and regulated platform based on the UnikoinGold token. The Malta licence and rollout of the UnikoinGold token are essential to migrate bets to real money, as well as broadening the number of non-betting related uses that a token owner can derive from holding them. This way, Unikrn will transition away from the strictly free-play token. 

Unikrn already offered real-money betting in Australia and the United Kingdom, where the company already holds gambling licenses. Unikrn also offered free betting on several video games.

This was done until now through its free Unikoin tokens, which will be replaced by UnikoinGold (based on Ethereum standard). UnikoinSilver, another token, will be launched to keep players in non-licensed areas engaged, though these tokens can’t be traded on secondary markets.

Tokens can be earned by playing in a tournament or by watching a match, which means gamers or spectators don’t have to wager in order to earn tokens.

The chief executive of Unikrn, Rahul Sood, stated: “The European expansion means there’s going to be a large and soon-growing marketplace of users, including the real-money transition of already established users, who want to buy, exchange and use our token to bet on our platform.”

eSports has generated a lot of interest in the global gambling industry. eSports are the fastest growing sport in the world, with 2017 annual revenues close to $700 million, which could grow to over $1.5 billion by 2020.





Posted in Bitcoin news, Cryptocurrency market news, Ethereum and Ether news

October 9th, 2017 by VK-edit

Two senior IT employees of the Crimean Council of Ministers have been fired for using government computers in order to mine Bitcoins.

The council’s head of the IT department and the department’s head of hardware and technical support have been dismissed for installing malicious software on the government’s server and over a dozen computers. The purpose of the software was to mine new Bitcoins.

The Anti-Corruption Committee of the Republic of Crimea and the Russian Federal Security Service (FSB) discovered the malicious code before the pair had mined a single Bitcoin.

The chairman of the Anti-Corruption Committee of the Republic of Crimea, Alexander Akshatin,  commented  that “they put malicious software on the server of the Crimean government, which opened access to the information stored on it. Concurrently, more than a dozen computers in the basement of the building were also used which gave this same access.”

He added: “They thought that there was nothing wrong with that. But if we were not on the alert, and some limited information went through this channel, you understand the extent to which this could all turn out. Fortunately, this did not happen.”

Crimea has expressed an interest  in digital currencies. A few months ago, Alexey Moiseev, the Russian Deputy Finance Minister, announced plans to use digital currencies in Crimea to boost tourism. And Dmitry Marinichev, Vladimir Putin’s Internet Ombudsman, is pushing for the legalization of crypto-currencies in Crimea.

Posted in Cryptocurrency market news

October 6th, 2017 by VK-edit

In August, the Monetary Authority of Singapore (MAS) clarified its views on initial coin offerings (ICOs), and stated that it considers tokens as securities. “MAS has observed that the function of digital tokens has evolved beyond just being a virtual currency. For example, digital tokens may represent ownership or a security interest over an issuer’s assets or property. Such tokens may therefore be considered an offer of shares or units in a collective investment scheme under the [Securities and Futures Act]. Digital tokens may also represent a debt owed by an issuer and be considered a debenture under the SFA.”

The Monetary Authority of Singapore (MAS) has now unveiled the second phase of “Project Ubin”, whose purpose is to test how a tokenized version of the Singaporean dollar could be created. Project Ubin has grown to include prototype tools from various parts of the interbank settlement process.

The MAS stated “The three software models developed are amongst the first in the world to implement decentralized netting of payments in a manner that preserves transactional privacy. Existing netting programmes used in inter-bank payments rely on a single payment queue visible to the operator to find offsetting payments. Decentralizing the queue, however, potentially exposes payment details to an unauthorized party. The latest models in Project Ubin achieve a superior combination of decentralization and privacy.”

Sopnendu Mohanty, the MAS chief fintech officer, added “We are sharing our learnings and knowledge from Project Ubin to encourage greater experimentation amongst central banks and financial institutions. We look forward to working with other central banks on the use of DLT for cross-border applications”.


Posted in Cryptocurrency market news, Initial Coin Offering ICO news