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NANO Leading Recovery, 300K Purchase on Binance

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NANO (NANO)–In the midst of a small recovery for cryptocurrency, after shedding nearly 85 billion USD in market capitalization over the last week, NANO led the way with a 20% increase in price. Investors on Binance will have noticed, around 6am Eastern U.S. time, the price of NANO shot as high as 5172 satoshis before selling off to the 4400 satoshi range.

While Redditors were quick to pick up on the sudden pump in price, it has led to speculation over the reason for such a large purchase, all done through a market order (meaning the buyer was accepting whatever sell price was available to fill the order). As some users pointed out, the lack of liquidity in the market (i.e. not enough volume of coins being moved), could have led to an investor making such a large purchase impacting the price outright:

It’s unusual to see an investor, particularly one with enough capital to move the entire currency valuation 22% in a single trade, employ such a heavy-handed maneuver. The result has led to several speculative inquiries into what’s going on with NANO:

Whale Attempting to Bulk Up. NANO’s price has been under the pressure of whale-like behavior for several months, with a single seller dumping 20-60K worth of NANO on exchanges per day. Some have pointed out that the amount of NANO being sold is relatively small compared to total volume, and therefore should not have the dramatic price suppression the currency is experiencing as it reaches near-daily all time lows. However, the sheer size of NANO being held in the account (1.3 million coins at one point, down to about 500K as of writing), which equates to almost 1% of all circulating NANO, is enough to create price manipulation. The massive purchase that occurred this morning could be from a similar individual looking to manipulate the price of NANO by purchasing the currency at a 93% decrease in value from January’s all time high. If so, NANO could be in for several months longer of price manipulation, at least until buy volume rises above the price suppression of whales.

Investor Buying at a Low. Again, it’s entirely possible that a single investor was looking to get into NANO at a 93% discount, with no intention of operating whale behavior or market manipulation. While whales operate by making massive buys when the currency sinks to its lowest point, thereby inspiring the market to reinvest in a project that has lost a massive amount of value through price suppression, a single individual who believes in the NANO project could have been attempting to lock in the price of 2.50 USD. Because the market order fills units at the next available sell rate, the investor inadvertently triggered a buying price much higher than the going rate at the time of 4200 satoshis–which is, again, suspicious of whale behavior.

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Blockchain Real Estate Platform: ‘Security Token Would Kill Our Business’

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Industry experts and lawyers discussed whether companies should issue security tokens in a panel debate at real estate-focused event BitcoinCRE on June 14.

Part of London Tech Week, the event looked at regulations across the world and happened hours before Ether was declared ‘not a security‘ by the SEC.

In favour of issuing a security token, Lior Abehassera, co-founder of Leaseum Partners, a real estate agent token backed paying out dividends, said that it isn’t the easiest option, but that if done with good partners, ‘will help you from ending up in jail.’ He advised to be wary of market restrictions and to commit to performing know-your-customer (KYC) and anti-money laundering (AML) checks on investors.

Abehassera said: “The challenge is what happens on the secondary market where there can be money laundering. If you’re selling a security token, you don’t want that. How to deal with compliance on the secondary market? You embed into your token a whitelist. When anyone has your token they have to go through whitelisting.”

In contrast, the founder of CPROP, Sandy Selman, highlighted the risks of tokens being classified as securities and blamed the lack of global regulation on the lack of consensus between regulators.

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Bitcoin Price Drop To $3200 Would Still Continue Uptrend, Fundstrat Confirms

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What do you think about Fundstrat’s Bitcoin price forecast? Let us know in the comments section below! 

The price of Bitcoin may be heading down to $3200, new research has warned — as the first and foremost cryptocurrency fails to find support at its April lows of $6450.

The Bigger Picture

In a detailed transaction analysis released June 13, Fundstrat Global Advisors concluded that — due to the lack of support — BTC/USD could hit February’s $6900 low before rebounding and subsequently falling further to somewhere between $5000 and $5500.

The findings begin:

This week, with almost all [cryptocurrencies] breeching important support at the prior week’s lows (BTC 7355, 7058) many are now stress testing/breaking next important support levels notably BTC at the April lows at 6450.

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Ripple (XRP) Solution is Not Saving Money in Transfers Until Now: Western Union CEO

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A not so pleasant and welcomed fact was made known by the CEO of Western Union – Hikmet Ersek. Despite that many have put money on the partnership between Ripple and Western Union, it is turning out not to be that efficient.

Ripple & Western Union

Around three months ago, EthereumWorldNews reported on how one of the global financial services giants – Western Union, is testing and trying to work with the blockchain-based platform. Raj Agrawal – WU Chief Financial Officer has stated out in an interview for Bloomberg [Feb 14] that the service is testing out transactions that are backed up by Ripple’s [XRP] blockchain-based system.

If everything turns out the right way as planned, adopting the cryptocurrency would mark down one of the strongest signature of confidence in the community to date. Western Union is used by millions of people worldwide to transfer cash when traditional banking services are unavailable. At present, fees for these services can be very expensive due to the difficulty of wiring money between the markets that Western Union operates in, many of which have poor infrastructure.

Various analysts strongly supported the idea and that Ripple will lower the fees for moving money around, however according to WU CEO it has still yet to be seen.

Hikmet Ersek on the Case

“We are always criticized that Western Union is not cost-efficient, blah blah blah, but we did not see that part of the efficiency yet during our tests,” Ersek told Fortune in an interview Wednesday at the Economic Club of New York.

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New Research Claims Bitcoin Price was Manipulated using Tether (USDT)

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New research out of the University of Texas alleges that the price of Bitcoin throughout its bull run in 2017 was being manipulated using Bitfinex’s Tether currency.

Tether May Have Been Used to Prop Up Bitcoin

A recently published paper by Professor John Griffin and graduate student Amin Shams examined the traffic of cryptocurrencies on the Bitfinex exchange and found a correlation between price slumps in Bitcoin and other coins and instances when Tether was issued and sold by the owners of the exchange. The paper alleges that these instances may account for about 50% of the price increases of Bitcoin and 64% of others trading in the top ten.

Professor Griffin emphasized that the pattern of transactions that he and his research partner found played a significant role in last years unprecedented price gains in the crypto market in a recent interview with the New York Times. He told the paper,

“There were obviously tremendous price increases last year, and this paper indicates that manipulation played a large part in those price increases.”

Tether, as its name suggests, is pegged to the value of the US dollar and can be used to buy other crypto coins. J.L.. Van der Velde responded to the accusation in the paper with a statement that reads “Tether issuances cannot be used to prop up the price of Bitcoin or any other coin/token on Bitfinex,”

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Bitcoin a ‘Valued Investment Opportunity’ Says Arizona State University Professor

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Do you agree with Professor Boscovic? What’s your take on Bitcoin entering Wall Street? Let us know in the comments below!

A slight beam of good news shines over the bleeding cryptocurrency market as Arizona State University Professor Dragan Boscovic discusses the future of Bitcoin from a trading standpoint. The scholar seems to think that Bitcoin is regarded by investors as a ‘valued investment opportunity’.

Dragan Boscovic is a computer science research professor at Arizona State University (ASU) and also a director of the Blockchain Research Lab – a project that aims to further the development blockchain-based technology’s applications. In a recent interview with ASU Now, Boscovic offers his insight on Bitcoin’s past, present, and future as an investment asset.

Bitcoin Goes to Wall Street

In December 2017, with the eyes of the financial world firmly fixed on Bitcoin, two major futures exchanges – CBOE and CME Group – began offering bitcoin futures. It was an exciting time for the cryptocurrency. The launch of futures trading marked a turning point in Wall Street’s sentiment toward the crypto industry, allowing for a gradual, but nonetheless definitive, entry into mainstream adoption.

The excitement continued into the new year as the Intercontinental Exchange (ICE), which also owns the New York Stock Exchange (NYSE), announced that it was developing a cryptocurrency data feed. The service, which gives financial firms access to “streaming real-time, end of day and historical data for the most actively traded digital currencies,” was rolled out in March. In addition, the NYSE is developing its own online trading platform.

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Ripple: Blockchain is About Growth Not Cost Savings

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A Ripple Executive has downplayed the cost-savings of blockchain technology over traditional banking arguing that growth is a stronger message for attracting business clients, including banks.

Blockchain: Next Evolution of the Internet

Danny Aranda, Managing Director of Strategic Growth at Ripple, discussed how the firm attracts banks to their payment solutions and how they work with regulators. In an interview at the CryptoCompare MJAC conference in London, he said the crypto community need to look past cost savings to the element of growth.

Aranda said:

“I don’t think the real value proposition will come around cost savings. I think it’s about growth, about revenue potential. A lot of times when we speak with banks it’s more about how you can offer a new kind of service to your customers and how you will be able to pursue new customers and break into new kinds of markets.”

Aranda also argued that the lack of a global bank and global payments system provides the problem for blockchain technology to solve. He said that “blockchain is the next evolution of the internet. There will be a new internet and money will be embedded in it.”

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European Exchange Expansion Continues as Binance Heads to Jersey

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The world’s largest crypto exchange by trade volume, Binance, is expanding its European ambitions by heading to Jersey.

Hong Kong based Binance, which currently handles $1.6 billion in daily crypto trade, has announced that it will create 40 new jobs in Jersey, part of the Channel Islands. The move follows its initial move into European waters when the exchange setup shop in Malta at the end of March. The plan involves the signing of a memorandum of understanding with local organization Digital Jersey which aims to establish Crown dependent Jersey as an ‘internationally recognised centre of digital excellence.’

CEO of Binance, Changpeng Zhao, said that the move was the ‘next big step’ in its global expansion strategy;

“We have chosen Jersey to be the next big step in our global expansion strategy for its clear and pro-crypto investment and regulatory environment. With its local economy based on a major currency (GBP), and its close proximity to the UK and Western Europe, we are confident the cooperation with Jersey will not only benefit the local economy, but also form a strong operational foundation for our expansion into the rest of Europe.”

The Binance Foundation will be providing training and support for the island’s blockchain ecosystem. Additionally Binance Labs will direct capital from its billion dollar venture fund toward local startups. The firm intends to open a cryptocurrency exchange on the island with the aid of its new partners. The establishment of local banking relationships and procurement of exchange licensing form the government will be provided by Digital Jersey.

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International Watchdog to Introduce Binding Regulations for Cryptocurrency Exchanges

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Do you think binding regulations will improve the performance of cryptocurrency exchanges and enhance security? Don’t hesitate to let us know in the comments below!

The Financial Action Task Force (FATF) – a multi-national agency tasked with combating global financial criminal activity, will discuss developing and introducing legally binding rules for governing cryptocurrency exchanges later this month.

Reuters reports that the Paris-based agency – comprised of 37 countries – will meet with both the Gulf Cooperation Council and the European Commission in an attempt to establish legally binding regulations governing cryptocurrency exchanges.

Developing Binding Guidelines

The push for the development of said guidelines comes after a call on behalf of financial policymakers from G20 economies earlier in March. The current rules, which were set back in 2015, are non-binding, making enforcement among the countries challenging and inconsistent, to say the least.

According to the guidelines which are currently in place, cryptocurrency exchanges need to be registered or licensed and they need to verify the identity of their customers in order to prevent money laundering. Yet, due to their non-binding nature, 68% of cryptocurrency exchanges fail to comply with the KYC requirements.

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Binance Announces Decision to List Siacoin (SC)

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Binance, the most important exchange by trading volume published a tweet minutes ago announcing its decision to list Siacoin (SC)

The community welcomed the news because although it was surprising, several rumors were already circulating about it.

The post available on Binance’s website does not provide further details, merely the presentation and an invitation to deposit Siacoins and prepare for trading:

“Fellow Binancians,

Binance will open trading for SC/BNB, SC/BTC and SC/ETH trading pairs at 2018/06/14 11:00 AM (UTC). Users can now start depositing SC in preparation for trading.”

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