By Harold Vandelay on Feb 03, 2019 09:00 pm
Australia continues its pro-cryptocurrency stance with the country’s financial regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC) now having officially registered 246 cryptocurrency exchanges. The land down under continues to maintain its cryptocurrency profile in the global arena. The eastern state of Queensland largely leads the way with AUSTRAC issuing its latest cryptocurrency license in December to US-based cryptocurrency exchange, CoinZoom. Regulation is the key, according to many in the industry who feel it’s the reason Australia is becoming more accepting of the new technology than some other nations around the globe. Australia's new prime minister Scott Morrison has also noted that the contributions of distributed ledger technology (DLT) and blockchain in the financial sector, suggesting that the new technology is opening "massive opportunities." Although the registration process with AUSTRAC can be an exacting, one industry player, Adrian Przelozny – the head of cryptocurrency exchange Independent Reserve, sees the importance of regulation in today's crypto space. “We always had the feeling that regulation is important to bring cryptocurrency into the mainstream,” he said, adding that the Australian banking system should be utilizing the technology in order to revamp areas of consumer data rights, open banking reforms, and new legislation. All companies advertising cryptocurrency products must now register with AUSTRAC as new legislation was passed at the end of 2018 to protect users. Non-compliance with government agency rules will now be met with a registration refusal. Michael McCarthy, chief market strategist at CMC Markets (which also offers Bitcoin trading) argues that the wild west attitudes have gone and, whereas in the past, government interference would have been met with disdain. The industry in Australian is now in a better space. He argues “Those newer participants in the market generally do seek regulation, they seek safety.” Follow BitcoinNews.com on Twitter: @BitcoinNewsCom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: Pixabay The post Australian Regulators Pushing Crypto Into the Mainstream With Latest Move appeared first on BitcoinNews.com.
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By Peter on Feb 03, 2019 07:00 pm
The week that ends today was not special or critical. The general situation in the market has not changed. During the whole week, buyers tried to break through the price zone of $3560-$3580. A daily timetable clearly shows that correction after the growth from December 17 still continues. Throughout the week, there were small volumes, inherent for consolidation: The price moves in the wedge and at the moment buyers cannot break through this wedge up. The bottom line of this wedge runs near the price zone of $3230-$3330. For several weeks, we expect this price to test buyers for durability. In the previous analysis, we wrote that the price zone of $3560-$3580 would be the first test for buyers on the ability to continue to grow. Therefore, at the moment there are two critical points from which the price will depend globally. These are $3230-$3330 and $3560-$3580. What happened during the week on smaller timeframes? Buyers are trying to squeeze the price closer to the price zone of $ 3560-3580 and constantly reduce the range of trade: These triangles are more likely to break through upwards. However, as the current consolidation has formed under the price zone we believe that sellers simply exhaust the strength of the buyers to continue their downfall with the ultimate target in the price zone of $3230-$3330. Moreover, the buyers did not show their strength during the local turnout from January 29 and the impression was that the sellers just stopped and gave the opportunity for buyers to trifle: Comparing the current growth, which lasts a week with a previous fall which lasted 3 days, it is clear that the attempts of buyers are more like a correction and do not pose a threat to change the trend. Marginal buyers' positions increased during the week. However, it is clear now that the doubts appeared: Though, buyers look more confident in their mood than sellers. Sellers’ margin positions are sharply closed when there is a danger. This suggests the fear of sellers to remain in a loss-making position: According to the wave analysis, wave I is still formed which should complete the growth correction from December 17: Since this wave is formed in the form of a wedge, we can conclude that the sellers at the moment are weak and cannot organize a strong movement down without allowing profound corrections. Therefore, our main scenario remains unchanged for several weeks and after testing the price zone $3230-$3330 we expect growth from December 17 with the first target of $4050 and the ultimate target of $5150-$5200: Meanwhile, we have to look at weak price movements that occur without volumes and wait for control points. We wish you patience, calm and do not make trading decisions when it’s easy to manipulate on the market due to lack of volumes. See you in the next analysis! Follow BitcoinNews.com on Twitter: @BitcoinNewsCom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. About the Author: Peter Oleshchuk is a trader and technical analyst. He has spent two years studying and analyzing the crypto market. Image Courtesy: The post Bitcoin Market Analysis 3rd February 2019 appeared first on BitcoinNews.com.
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By Peter on Feb 03, 2019 04:00 pm
After breaking through the price zone of $115-$120, the sellers stopped at around $100. We wrote about this scenario in the previous weekly analysis. However, if we analyze the nature of the price movement and the enthusiasm of buyers we think that the fall has not ended yet. The week started pretty well. Buyers have tried to organize growth on big volumes, but to overcome the falling trend, one candle with a large volume is not enough. Moreover, this did not happen on the big timeframe: We did not see much interest among buyers to purchase at $ 100. The volumes were not enlarged with a local reversal. When sellers saw the opposition they just stopped selling and decided to relax and see what buyers can do: Though buyers could not even test the liquid price zone of $117-$120, a large amount of liquidity has gathered in this zone. Only at the third attempt, sellers were able to break through the price zone down. Please pay attention to large volumes which were at the first attempt: Inasmuch as during the month, the volumes of the market are constantly falling and has practically come to a standstill. So, we do not see the preconditions for growth in this situation. It is much more probable to continue the fall and breakthrough $100 with the ultimate target of $ 89. Marginal buyers’ positions look bad. Now they are at the historical high and we do not see the preconditions for their increase. There are still a lot of buyers on the market who keep this coin and it can be badly affected during the fall. If buyers in panic begin closing their positions they will only aggravate the fall (and buyers have a good prospect to continue closing their margin positions). Therefore, only the interest of those buyers who have remained outside the market can help in this situation. Sellers are also not self-confident and have undefined mood: On a weekly timetable it is clear that the price is looking for support to continue the growth: We are not sure that the price of $100 will be this support because the current growth pattern is more like a correction and buyers need to go through another test and keep the price in the range of $100 so that we can be sure of their intentions. Meanwhile, the probability of a continuation of the fall to $89 is more likely. Wave analysis confirms that $89 is the last hope of buyers to continue growth. The wave Y is forming now. In the price of $89-$90 wave Y = W * 1.618. This is the maximum meaning that is acceptable for a correction that began in December 24th. Also, liquidity is concentrated in this price which can be seen in horizontal volumes. Therefore, if sellers increase their aggression and breakthrough $100 at a price of $89- $90 we should see what buyers are capable of. After this test, we will understand what will await this coin in the near future. Meanwhile, we are keeping an eye on $100 and expecting an increase in volumes. Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. About the Author: Peter Oleshchuk is a trader and technical analyst. He is studying and analyzing the crypto market for about 2 years. Image Courtesy: The post Ethereum Market Analysis 3rd February 2019 appeared first on BitcoinNews.com.
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By Harold Vandelay on Feb 03, 2019 01:00 pm
The activity known as "SIM swapping" has been put on notice in New York, following the latest announcement made in an official press release by the Manhattan District Attorney's Office. SIM swapping is a type of identity theft in which a victim's cellular information is rerouted to the perpetrator’s SIM card by convincing wireless service providers to carry out the procedure. The latest perpetrator of SIM swapping, and the first in New York to be indicted for such an offence, Dawson Bakies, is accused of stealing the identities of over 50 victims in the United States, while stealing USD 10,000 in cryptocurrency from three of the victims and attempting to extort one of the victims by asking for a BTC payment. Bakies managed to redirect the traffic of his victims to multiple iPhones, thereby accessing 18 Google and crypto accounts, then changing the owners account passwords so they couldn't be accessed and protected. Manhattan DA Cyrus R. Vance Jr. has thrown out a strong warning to would be SIM swappers who might be thinking of casting their net in New York, commenting that his office is: "…putting the small handful of sophisticated 'SIM Swappers' out there on notice," adding, "we know what you're doing, we know how to find you, and we will hold you criminally accountable, no matter where you are." DA Vance also warned service providers to show more vigilance and take action to ensure such a practice does not become commonplace: "..wake up to the new reality that by quickly porting SIMs – in order to ease new activations and provide speedy customer service – you are exposing unwitting, law-abiding customers to massive identity theft and fraud." Follow BitcoinNews.com on Twitter: @BitcoinNewsCom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: Pixabay The post New York Sees First Sim Swapping Indictment as DA Says Keep Out appeared first on BitcoinNews.com.
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By Harold Vandelay on Feb 03, 2019 10:00 am
A Florida appeals court has overturned an acquittal that based its original decision on the grounds that Bitcoin was not actually classified as money at the time. The original decision had thrown out charges against Michell Espinoza, who sold bitcoin worth around $1350 to an undercover police detective in 2014, on the grounds that Bitcoin was not legally money, but more like "poker chips that people are willing to buy from you," according to a witness at the 2016 hearing. A Third District Appeal Court hearing in Miami has now overturned that decision, which will result in Espinoza facing a trial by jury. According to the court "Espinoza's bitcoins-for-cash business requires him to register as a payment instrument seller and money transmitter." The implications of this latest case are far-reaching, basically asserting that Bitcoin can be classified as legal tender, thereby opening the door to similar cases from the past. In December, a bipartisan bill was put before Congress aiming to exempt cryptocurrencies from securities law. Florida has been attempting to get to grips with crypto scams in the state in order to strengthen the cryptocurrency industry for bona fide users. Last year, the chief financial officer of the state of Florida, Jimmy Patronis announced the appointment of a cryptocurrency chief to provide oversight for the growing cryptocurrency industry. It was thought that the new role would not deter the innovation and expansion of cryptocurrency in Florida, but support it. Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: Pixabay The post Bitcoin is Money Says Florida Judge After Court Ruling appeared first on BitcoinNews.com.
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By Manuel on Feb 03, 2019 07:00 am
The US State of Wyoming has recently thrown more weight behind the existence of cryptocurrency by allowing the class of asset to be treated as financial assets under the existing law, according to a bill passed on Thursday last week. The bill sponsored by Senator Nethercott, Driskill, Perkins and Rothfuss and Representatives Harshman, Lindholm, Loucks, Olsen and Wilson, was first introduced on 18 January. It identified and classified digital assets into three categories: "digital consumer assets, digital securities, and virtual currency." The bill mentioned that virtual currency is "intangible personal property and shall be considered money," and also made provisions to authorize banks to accept the existence of crypto stating that: "A bank providing custodial services under W.S. 34‑29‑104 shall be considered to meet the requirements of W.S. 34.1‑8‑102(a)(xiv)." The state of Wyoming continues to build legislative bridges between the cryptocurrency system, its underlying blockchain technology and legacy financial laws of the state. Efforts so far have been channeled towards innovation and improved economic activities of digital assets. Earlier last month, BitcoinNews reported on two new bills – House Bill 62 and House Bill 57 – that were introduced to the house aimed at fostering a supportive regulatory environment for blockchain and cryptocurrency. Both bills provided statutory recognition of both utility tokens and securities. More regulatory frameworks within the US continue to show promise for the future of all classes of digital assets, as the industry has been plagued by uncertainties drawn from the indecisive or hostile environments of most jurisdictions globally. Another recent positive regulatory objectivity came from the State of Indiana, where a bill was introduced to allow tax payments in cryptocurrency. The recent weeks have seen quite an unpleasant market downturn. However, with this new development, the adoption of cryptocurrency is furthered on a positive note and clearly proves that the market conditions, however, are a poor yardstick for measuring crypto adoption. BitcoinNews.com on Twitter: @BitcoinNewsCom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: Pixabay The post US State of Wyoming: Bill Recognizes Cryptocurrency as Money appeared first on BitcoinNews.com.
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By Harold Vandelay on Feb 03, 2019 04:00 am
DOVU, a London-based startup aiming to become the "the global marketplace for transport data," is to incorporate cryptocurrency earning as part of its latest project. The company has always had strong support since its launch two years ago backed by seed funding from InMotion Ventures, Jaguar Land Rover's investment arm, and Creative England — a fund backed by the government. DOVU is a blockchain powered reward platform that lets users earn tokens for sharing data or changing the way they travel, then spend them on mobility-related products or services. Irfon Watkins, company founder wants to incorporate blockchain solutions and data tokenization within its marketplace for transport data, alongside working with other companies such as vehicle hire, insurance companies, and ridesharing operations in order to create a network of pooled data. As part of the new project, DOVU plans to work with the London FTSE 250 listed rail service provider Go-Ahead. The company currently provides bus and rail services to more than a billion passengers a year within the UK. The startup will now begin work with the rail company to improve the experience for their rail customers. Go-Ahead will benefit from DOVU's blockchain-powered reward platform by gaining more knowledge about passenger behaviour. The first arena for the new project will be Go-Ahead's Thameslink and Southern Rail services. Now participating travellers will be able to earn crypto as they travel by sharing such data with the company as a type of loyalty reward for using the service. Follow BitcoinNews.com on Twitter: @BitcoinNewsCom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: Pixabay The post Brit Rail Passengers Earning Crypto Whilst They Travel With New DOVU Project appeared first on BitcoinNews.com.
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By Manuel on Feb 03, 2019 01:00 am
The flagship dapp platform Ethereum has been undergoing several upgrades to relaunch as Ethereum 2.0, featuring its Constantinople and Serenity upgrade. Developers have been sprinting for months now to scale to the platform's next and final developmental milestone. Notification of the update was released on GitHub. The Ethereum developers' community explained how this is the first release – dubbed the Phase 0 pre-release – which is approaching stable, and that also, more updates will be released through the month of February. The Ethereum 2.0 update, as a series of updates is expected to lead to a more efficient, faster and scalable Ethereum. The scaling will feature Sharding, Proof of Stake, and eWasm. The Constantinople update was scheduled to be released earlier, however, the road to the transition has not been exactly smooth. A failed testnet launch occurred back in October 2018 which caused a minor ruckus in the community as a conflict of interest between miners and investors may have ensued, but the developers are working tirelessly to ensure the upgrade works. Secondly, in January, there was a vulnerability in the smart contract code when it was being audited and the initial release had to be delayed to effect the necessary changes. Serenity is an important and last upgrade for the Ethereum dapp platform which is essential for it to mark the hallmark of its development as it moves from the proof of work to proof of stakes consensus. Perhaps, Ethereum will see new price gains in its new outlook. Ethereum has so far suffered a huge price loss from its all-time high of USD 1,400 and now trades at USD 107 at press time. Moreover, it is now ranked as number 2 altcoin by market capitalization with Ripple coin overtaking. Ether began hitting new levels of low late last year, probably due to a host of scaling problems on the network as well as smart contract and alternate dapp development environments being introduced by competitors. It would seem that there are high expectations of a reversal in the downtrend once the full version has been released. So this is good news for Ethereum-based dapps and supporters. Follow BitcoinNews.com on Twitter: @BitcoinNewsCom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: Pixabay The post Ethereum 2.0 Nears With Phase-0 Pre-Release Approaching Stable appeared first on BitcoinNews.com.
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Recap - Day in Crypto - BitcoinNews.com for 02/03/2019