U.S. Representative Tom Emmer plans to introduce three blockchain-focused bills to Congress in the coming weeks aimed at spurring development.
The cryptocurrency markets have produced a significant rally today – with just three of the top fifty crypto markets by capitalization posting losses for the last 24 hours of trade action as of this writing. The most notable gainer has been XRP – gaining over 50% in the last day to overtake ETH as the second largest cryptocurrency by market capitalization.
BTC Break Above Resistance at $6,500 USD
BTC has broken above the $6,500 resistance area, following roughly two weeks of sideways price action between approximately $6,000 and $6,500.
As of this writing, BTC is trading for approximately $6,700 after appearing to establish roughly $6,800 as local resistance when looking at intraday price action. BTC has gained roughly 4% in the last 24 hours.
Looking at the stochastic RSI on the weekly charts shows that momentum is coiling into an increasingly tightening mid-level range – suggesting that the markets may be primed for a strong move in either direction.
Bitcoin Core has a total capitalization of $115.7 billion and a market dominance 52%.
BCH Tests $500 Area
Bitcoin Cash gained roughly 12% in the last 24 hours – bouncing from approximately $430 to currently be trading for $483.
BCH also gained nearly 7% over BTC today – rallying from 0.067 BTC to 0.0735 BTC, before retracing to the current price area of 0.072 BTC.
The BCH/BTC rally appears to coincide with a bounce of the upper-side of the descending trend line that has guided price action since May. BCH currently has a market cap of $8.34 billion and a dominance of 3.75%.
Dramatic XRP Rally Elevates Ripple to Second Largest Crypto by Market Cap
XRP posted the largest gains of the top cryptocurrency markets – rallying by 100% before violently retracing to post daily gains of approximately 50% as of this writing. The markets quickly bounced from roughly $0.4 to $0.8, before retrace to the current $0.6 price area.
XRP posted similarly impressive gains over BTC also – rallying 90% from 0.000062 BTC to test 0.000117, before retracing to the current price are of 0.0000875 BTC.
The dramatic XRP rally drove Ripple to overtake Ethereum to rank as the second largest cryptocurrency by capitalization for the third time in the last 18 months. Ripple currently has a market capitalization of $23.5 billion and a dominance of roughly 10.5%.
ETH Bumped Down to Third-Largest Crypto
Despite a slight slide Ethereum’s ranking by market cap, ETH also produced bullish price action today – gaining by over 10% in the 24 hours from $210 to currently be trading above $230 after breaking the descending trend line that has guided USD price action since May.
Looking at the ETH/BTC chart, it appears that Ethereum has broken out of the descending channel in which it has traded since mid-July – gaining almost 5% in the last day to currently be trading for approximately 0.036 BTC.
Ethereum has a market capitalization of $23.3 billion and a dominance of roughly 10.5%.
Stellar and Cardano Also Post Double-Digit Gains for Today
XLM and ADA were the second and third strongest performing of the top ten crypto markets by capitalization today.
Stellar’s current price of $0.255 comprises a daily gain of 18.5%, however, similar to XRP, the markets XLM market produced a parabolic spike of 30% on the intraday charts before retracing to current price levels. Stellar is also trading for 0.00003835 BTC and has a market cap of $4.72 billion – making it the sixth-ranked cryptocurrency by capitalization.
ADA gained 13% today – rallying from $0.076 to the current price area of roughly $0.086. Cardano is also trading for 0.00001300 BTC and is the ninth largest cryptocurrency with a market cap of roughly $2.19 billion.
Do you think XRP can hold its position as the second largest cryptocurrency market by capitalization? Or do you expect that ETH will quickly reclaim such? Tell us your thoughts in the comments section below!
Images courtesy of Shutterstock
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The post Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto appeared first on Bitcoin News.
Michael Novogratz, the founder of the cryptocurrency asset management firm Galaxy Digital, believes the market has hit a bottom.
A report by a group of cybersecurity researchers found that cryptojacking instances jumped more than 400 percent in a year.
The China Center for Information Industry Development has updated its crypto rankings. The list contains 33 crypto projects, ranked overall and in three separate categories. High up in the overall ranking are EOS, Ethereum, and Bitshares. Bitcoin, however, has been downgraded.
China’s Fifth Ranking
The China Center for Information Industry Development (CCID), under the country’s Ministry of Industry and Information Technology, officially published its fifth crypto rankings on Sept. 20. Thirty-three crypto projects are ranked. Each is given an overall score and a separate score for each of the three categories – basic technology, applicability, and creativity.
In the overall ranking published Thursday, the center put EOS at the top of the list, followed by Ethereum, and then Bitshares. EOS and Ethereum were also at the top of last month’s overall ranking. Bitshares, however, jumped from the 12th place the 3rd place.
BTC was downgraded from the 10th place to the 16th place while BCH fell a few places, from the 29th place to the 31st place. In the creativity category, however, BTC tops the list, with EOS in the 3rd place.
The center started ranking 28 crypto projects in May. Two more projects were added in June, one in July, and two in August. Last month BTC made the top ten list in the overall category for the first time.
The center explained that there were some improvements in the latest evaluation methodology compared to the previous month, stating:
The evaluation of the public chain development tools was classified and refined, and the accounting method of the actual throughput of the public chain was optimized.
The basic technology category “mainly evaluates the technical realization level of the public chain, and examines the function, performance, safety and decentralization of the public chain,” the center described. This category accounts for 65 percent of the overall ranking.
The applicability category “mainly evaluates the comprehensive level of public chain support for practical applications, involving node deployment, wallet application, development support and application implementation,” the CCID explained. This category accounts for 20 percent of the overall ranking.
Creativity only carries a weight of 15 percent in the overall ranking. This category “focuses on the continuous innovation of the public chain, including developer size, code update and code impact,” the center detailed.
Referring to the latest ranking, the CCID wrote:
Compared with the previous period, the EOS and Ethereum indices decreased by 13.2 and 5.3 respectively, and Bitshares rose by 9.9. The position of Bitshares also jumped from the 12th in the previous period to the 3rd place.
What do you think of China’s latest crypto ranking? Let us know in the comments section below.
Images courtesy of Shutterstock and CCID.
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This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
iCoinbay released a new trading campaign entitled [Trading Premium Gain]; iCoinbay is a tokenized, community-based digital asset exchange. This new campaign allows traders who use the platform to increase their earnings through normal trading activities. According to publicly released information, the plan can be summarized as follows:
1.Issuance of TPG tokens worth 100% the value of transaction fees
According to their released “TPG White Paper”, iCoinbay thinks that users’ normal usage of the platform should count as contribution to the community. With each transaction, a corresponding amount of the platform’s token, TPG, will be issued to the trader(s).
2.70% of exchange income distributed to TPG holders
As described in their white paper, holders of the platform’s TPG tokens have the right to income distribution. Each week, iCoinbay will distribute 70% of previous week’s income to community members, based on the proportion of TPG held.
3.Pioneer insurance system designed specifically to protect TPG value
The interesting part is that iCoinbay has also rolled out an insurance system. In order to better protect TPG holders from price fluctuations on the secondary market, iCoinbay’s campaign includes an insurance policy specifically made for TPG tokens. No matter how the market moves, after 100 days, holders of TPG will be able exchange them for stablecoins at their originally issued price.
iCoinbay uses the theory of a token economy as the basis for their platform, and develops each aspect of their business with three values in mind: joint development, joint success, and joint responsibility.
Although tokens and blockchain are two different things, the driving force behind blockchain’s recent explosion in popularity has actually been the token economies that developed around Bitcoin, Ethereum, etc. Another way to put it is that blockchain is the stage for a new world, and tokens are the main actors on this stage. Based on this, iCoinbay is concentrating on building an exchange that allows community members to trade safely while using traditional financial measures (such as insurance) to protect the value of traded assets.
Contact Email Address
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
At the World Digital Mining Summit in Tbilisi, Georgia the blockchain firm and mining manufacturer, Bitmain Technologies, announced a new Antminer will be launched soon equipped with 7nm semiconductor technology. The firm’s CEO Jihan Wu reported that Bitmain’s next-generation ASIC BM1391 Finfet chip integrates more than a billion transistors for optimal SHA256 mining performance.
Bitmain Announces the Production of New Antminers With 7nm Technology
Over the past few months, a slew of new SHA256 mining rigs and new semiconductors have been revealed to the public. New mining rig models with far better performance and efficiency are being manufactured by GMO Group, Canaan, and other companies. Bitmain Technologies has been releasing new miners, but most of them have been for different consensus algorithms and not SHA256. The last Bitcoin (SHA256) miner the company revealed was a new water-cooled Antminer that focuses more on operation longevity. On Friday, the firm’s CEO Jihan Wu made an announcement at the World Digital Mining Summit in Tbilisi, Georgia, revealing the next Antminer is coming soon.
On stage, Mr. Wu explains that Bitmain has created a new 7nm semiconductor that integrates more than a billion transistors called the BM1391 chip. According to the company the 7nm Finfet design is built for maximum efficiency. Mr. Wu emphasizes the new model creates a circuit structure that can process a significant hashrate while keeping low energy at the same time. According to BM1391 tests, Bitmain notes the ratio of energy consumption to the mining capacity is as low as 42J/TH.
Blockchain Innovation Bolstering Hardware and Software Acceleration
Mr. Wu also detailed during his keynote speech at the summit, the firm will begin mass production of the new 7nm equipped Antminers. The Bitmain CEO explains he is a big believer in blockchain technology and as “applications continue to develop, the industry’s market capitalization as a whole will drive growth.” This, in turn, produces better data processing, and hardware and software acceleration tethered to this innovative protocol, Mr. Wu explains at the summit. Mr. Wu notes the competitive process Bitcoin has unleashed on the mining industry in particular.
Mr. Wu declared on stage at the summit:
Even if someone makes a better chip in the future, we will make a better one. Bitmain will continue to develop the best ASICs in the world.
As we mentioned above, there’s been a bunch of new chips and SHA256 mining rigs announced this year, and just recently we also reported on the significant demand for 10nm and 7nm semiconductors. Limited availability has made 10nm and 7nm chips harder to obtain, but it seems Bitmain has been able to gain access to the next generation 7nm tape out process with one of the large foundries. For instance, the recently announced Whatsminer M10 uses older 16nm chips, but still claims the machine can process upwards of 30+TH/s. Just yesterday the blockchain firm and mining company Bitfury detailed the launch of a 14nm chip using older generation semiconductor technology.
Overall the introduction of new chipsets and mining rigs from various manufacturers, and the new Antminers with 7nm technology, the competition should increase the Bitcoin protocol’s SHA256 mining security and decentralization at the same time.
What do you think about the latest announcement from Bitmain Technologies? Let us know what you think about this subject in the comment section below.
Images via Shutterstock, Twitter, and Bitmain Technologies.
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The post Bitmain Announces Next-Generation Antminer Equipped With 7nm Chip appeared first on Bitcoin News.
A U.S. Navy command is exploring blockchain tech as part of a plan to reduce paper-based processes in tracking aircraft and weapons parts.
‘œI am skeptical about this concept of doing a securities issuance and then trying to escape liability by converting the token you used for that issuance into something else, this is not how liability works. If you violate the securities law you are liable no matter what you do afterwards.’
‘” Jake Chervinsky
Interview location: Skype
Interview date: Wed 19th September 2018
Company: Kobre & Kim
Role: Associate Lawyer
The growth of Cryptocurrencies has increasingly come under the lens of regulators. From Wall Street adoption to raising finance, Cryptocurrencies are rubbing shoulders with traditional finance. As regulators work to ensure that Cryptocurrencies are following due process, the industry is watching closely.
In this episode I talk to lawyer Jake Chervinsky from Kobre & Kim, a firm who represents Cryptocurrency companies about:
The Banking Secrecy Act
This episode is also on:
Cryptocurrency trading platform Poloniex has delisted eight coins with low liquidity, while another US-based exchange, Gemini, is adding litecoin to its offerings. Also in The Daily, Ironx has been licensed to offer exchange services from Estonia, and Bitmain’s Antpool will sponsor NBA team Houston Rockets with bitcoin cash.
Poloniex Delists 8 Cryptocurrencies
US-based crypto exchange Poloniex has decided to delist eight coins – bitcoindark (BTCD), bitmark (BTM), einsteinium (EMC2), gridcoin (GRC), neoscoin (NEOS), potcoin (POT), vericoin (VRC), and bitcoin plus (XBC). These digital currencies will be excluded from the platform’s offerings on Tuesday, September 25, at 12:00 ET, according to an announcement published on Twitter this week.
The Delaware-headquartered company advised its customers to finalize all trades and close any positions in these cryptos prior to this date. “Once delisted, you will have 30 days to withdraw any balances in these assets,” Poloniex tweeted. No reasons were given for the delisting but none of the coins ranks in Coinmarketcap’s top 100 which indicates low liquidity may be the main motive, Forklog commented.
In a blog post, Poloniex explains that once the deadline has been reached, withdrawals will be disabled and the assets will be fully decommissioned. “From this point forward, we will be unable to process withdrawals of impacted assets. It is imperative that customers withdraw delisted tokens by the withdrawal deadline,” the exchange informed its users.
Gemini Adds Litecoin to Its Offerings
Gemini, another US cryptocurrency exchange, is adding support for litecoin (LTC) next month. The announcement was made during the Litecoin Summit in San Francisco. LTC will be listed on the New York-based trading platform on October 13, which is also the coin’s birthday, the Litecoin Foundation noted in a tweet.
Recently, Gemini Trust announced it’s launching Gemini Dollar (GUSD), a new stable coin pegged to the US fiat currency. The move was approved by the New York State Department of Financial Services (DFS). The regulatory body is responsible for Bitlicense, the state’s licensing regime for business activities involving cryptocurrencies. According to a study released this week, GUSD accounts can be frozen by the exchange.
New Crypto Exchange Granted License in Estonia
The upcoming trading platform Ironx has been granted regulatory approval by the Estonian Financial Intelligence Unit. The license will allow it to operate as a regulated cryptocurrency exchange from the Baltic country, an EU member-state and a leader in digitization on the Old Continent. Ironx is a joint venture between the online brokerage firm Ironfx Group and Emurgohk, the builder of the Cardano blockchain. The exchange is among the first to receive such approval by a European financial regulator, Finance Magnates reported.
Two crypto companies were approved by regulators in Tallinn this past June. Ibinex, a provider of white-label solutions for crypto exchanges and trading software, obtained a license in Estonia giving it the opportunity to launch exchange and wallet services in a European jurisdiction. Cryptocurrency trading platform Coinmetro announced it had secured two licenses in Estonia for crypto-fiat exchange operations and fiat currency e-wallet services.
Earlier this month, Ironfx Group said it expected to launch its crypto exchange in the fourth quarter of this year. Following approval from Estonian authorities, the Ironx Exchange is likely to commence operations in beta by the end of September, initially only for IRX token holders, and the official launch is scheduled for December.
Antpool to Sponsor NBA Houston Rockets with BCH
The National Basketball Association’s team Houston Rockets has agreed to accept sponsorship in bitcoin cash (BCH) from Antpool, one of the world’s largest bitcoin mining pools, 8BTC reported. Antpool is owned by the Chinese mining giant and hardware manufacturer Bitmain. The sponsorship deal is covering the upcoming 2018-2019 season. Its announcement comes weeks after Antpool chose the city of Houston to begin its expansion in the United States where the company plans to grow its client base in the crypto mining industry. A luxury car retailer owned by Houston Rockets owner, billionaire businessman Tilman Fertitta, also accepts payments in bitcoin cash (BCH) and bitcoin core (BTC). Earlier this year, the owner of Dallas Mavericks, entrepreneur and investor Mark Cuban, announced his team will start accepting cryptocurrency for tickets.
What are your thoughts on today’s news tidbits? Tell us in the comments section below.
Images courtesy of Shutterstock, Antpool (Facebook).
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The post The Daily: Poloniex Drops 8 Coins, New Exchange Licensed in Estonia appeared first on Bitcoin News.