Japanese Internet Giant GMO Postpones Launching Bitcoin Trading Platform to May 31

Japanese Internet Giant GMO Postpones Launching Bitcoin Trading Platform to May 31

Japanese Internet Giant GMO Postpones Launching Bitcoin Trading Platform to May 31

Japanese conglomerate GMO Internet Group previously announced that its full-service bitcoin exchange and trading platform would open its doors to the public on May 24. The company has postponed the launch to May 31.

Also read: GMO Releases Details of Bitcoin Trading Platform to Launch on May 24

One Week Delay

Japanese Internet Giant GMO Postpones Launching Bitcoin Trading Platform to May 31Z.com Coin is GMO Internet Group’s full-service cryptocurrency exchange. Its launch was announced on May 9 as the platform opened for account pre-registration. Bitcoin.com reported on the announcement with details of the trading platform at the time.

However, the company has delayed the launch for a week, due to the growing number of bitcoin and blockchain transactions since its May 9 announcement, stating that (loosely translated):

We will provide customers with a stable trading environment and judge whether it is necessary to conduct additional service verification and system adjustment for the platform to be used with confidence. The start date of the service has been postponed to May 31, 2017.

The company apologized to customers who have pre-registered for accounts. “We deeply apologize for the inconvenience caused to customers who have already applied and are waiting for our service to open.”

Trading on GMO’s Bitcoin Exchange

GMO-Z.com Coin Ltd was established as GMO Wallet Co. Ltd in October 2016 with the purpose of developing a cryptocurrency exchange. In November 2016, the company began testing the system in preparation for the full-scale operation.

Japanese Internet Giant GMO Postpones Launching Bitcoin Trading Platform to May 31Two types of trading will be available at launch; Virtual Currency FX trading and Virtual Currency trading. The former is GMO’s bitcoin margin trading service, which the company described as similar to traditional over-the-counter foreign exchange (FX) margin trading. The latter is a bitcoin exchange service, allowing customers to buy and sell bitcoins.

The company states that trading fees are “0 yen” for all orders. Customers can trade 24-7 on the Z.com Coin exchange, starting at 0.001 bitcoin.

GMO already owns the world’s largest FX brokerage, GMO Click Securities. Bitcoin.com recently reported on a significant group of potential new bitcoin traders. This group is called “Mrs. Watanabe” or retail investors who currently favor FX margin trading, which is a $40 trillion market. Many of them are already trading on GMO Click FX platform, so Z.com Coin bitcoin exchange will offer them a convenient way to start investing in bitcoin. Other Japanese forex brokers that have applied to operate bitcoin exchanges include Money Partners Group and Kabu.com.

How popular do you think GMO’s bitcoin trading platform will be? Let us know in the comments section below.


Images courtesy of Shutterstock and GMO Internet Group


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SEC Wants Companies Issuing Tokens to Protect Their Investors

The Securities and Exchange Commission has not said much about crypto companies issuing new tokens, usually called “ICO’s”, Initial Coin Offerings. The issue has remained silent. Now SEC provided a statement on May 23, saying they want ICO’s to be fair. They want cryptocurrency startups to protect their investors. 

Also readRussia’s Central Bank Drafting Proposal to Classify Bitcoins as Digital Goods

A Reuters article quoted SEC officials, ‘Whether or not you are regulated by the SEC, you still have fiduciary duties to your investors,’ said Valerie Szczepanik, the head of the SEC’s distributed ledger group. “If you want this industry to flourish, protection of investors should be at the forefront.”

This commentary comes as more and more ICO’s are starting to crop up in the bitcoin space, and crypto lovers are calling some of these companies frauds or fakes, who are just trying to scam investors and customers.

Lack of Oversight and the Problem with New Tokens

Allegedly, many of these companies have caused alarm bells to sound off because they are not being regulated by any institution or organization. The SEC said just because a company may not be regulated, it does not mean their monetary responsibilities are negated. The Reuters announcement said,

These ICOs have raised red flags due to a lack of regulatory oversight. Some market participants say ICOs could be illegal because the companies are selling tokens that can be considered securities, which fall under the SEC’s jurisdiction.

In a humorous statement, Peter Van Valkenburgh, director of research at cryptocurrency advocacy group Coin Center, says that calling a new coin an “ICO’ is a bad idea anyway, because that sounds too close to the regulated “IPO.” In other words, it is not intelligent wording for these companies to use. It brings them unwanted regulatory attention.

The Reuters article also quoted him, ‘It’s like painting a target on yourself. Because, what does an organization like the SEC regulate? They regulate IPOs,” said Van Valkenburgh, referring to initial public offerings. ‘Why would you adopt the terminology of the regulator when you’re building a thing you hope they don’t regulate?’

What do you think about SEC getting involved in ICO’s? Is ICO an accurate name to describe new token generation? Let us know in the comments below.


Images via Shutterstock and carbontracker.org


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Bitcoin Experiences an Intense Flow of New Money and Mainstream Attention

mainstream

Over the past month, mainstream media has given Bitcoin the spotlight due to the digital currency’s recent jumps in value. Multiple news reports featured in prominent publications and on television are saying mainstream investors are flocking to cryptocurrencies in great number.

Also read: Are Asian Markets Creating a Bitcoin Price Bubble?

‘The Laughter is Fading’

Mainstream media is giving Bitcoin a lot of attention because the digital asset’s market value has gained significant value in a short period of time. To put the jump in value into perspective, bitcoin’s price has risen by 87% in just thirty days. Now many broadcasts and publications are reporting on bitcoin nearly every day giving the technology quite a bit of exposure.

Bitcoin Experiences an Intense Flow of New Money and Mainstream Attention
John Bollinger, the inventor of the financial analysis indicator Bollinger Bands, mentions bitcoin to his 11,000 Twitter followers.

Bitcoin can be seen on television as news broadcasts such as Fox, NBC, and CNBC are reporting on the subject regularly. Additionally, the decentralized currency is being featured in editorial publications such as Market Watch, Time Magazine, Forbes, Business Insider, Bloomberg, and the New York Time. For instance, on May 26 the investment news outlet Market Watch headline reads;     

Wall Street laughed at a call for bitcoin at $25,000 — but after a 400% surge, the laughter is fading

Bitcoin the Mother of All ‘FOMO Trades’

Bitcoin Experiences an Intense Flow of New Money and Mainstream Attention
IG financial analyst Chris Weston.

More mainstream exposure happened last week as the American socialite and professional poker player, Dan Bilzerian, told his 22.3 million Instagram followers he was buying a lot of bitcoin.

“Just bought a sh*tload of bitcoin — it’s so crazy watching that sh*t f**king go up it’s like… betting a bunch of money on the Super Bowl,” explained Bilzerian.

The well known IG financial analyst Chris Weston also notes the new money flowing into bitcoin is huge. “I genuinely can’t wait to see young tech heads driving down Collins Street in a new Aston, because they had the stones to be able to hold their exposure through what has been an exponential move without ever having taken profit,” explains Weston.  

Bitcoin is the mother of all ‘FOMO (Fear of Missing Out) trades’ — Perhaps the fact I am putting so much focus on bitcoin suggests a top has been seen and I am the taxi driver contrarian indicator. We shall see but flows into bitcoin have been huge.

Replacing the USD and a Whole Lot of Smart Money Coming In

Moreover, on the Australian Broadcasting Corporation’s (ABC) nightly news brief the host detailed that bitcoin could possibly replace the U.S. dollar. During the newscast, ABC said there is a chance alternative monetary systems like cryptocurrencies can become the next de facto world currency in the future.

Bitcoin Experiences an Intense Flow of New Money and Mainstream Attention
Australian Broadcasting Corporation’s (ABC) nightly news host says Bitcoin could replace the U.S. Dollar.

Additionally, many investors were quite surprised to hear how much the Boston-based Fidelity Bank, CEO Abigail Johnson liked bitcoin. Fidelity has added Coinbase accounts to their online banking platform, and the firm has been mining bitcoin with 21 Inc. computers as well. Nick Kirk, a former IBM Researcher, explains, “They basically let the world know they are looking at it.”

The smart money is starting to come in now.

Enormous Momentum

These days there is significant interest in cryptocurrencies stemming from Asia and not just from China anymore. India, Japan, and South Korea are starting to become dominant players within bitcoin trading markets. There definitely seems to be a whole lot of money moving towards cryptocurrencies like never before as the entire market capitalization commands a whopping $83 billion. These valuable currencies are also trading over $4.6 billion USD worth of cryptocurrencies daily, and bitcoin is capturing half this share all by itself. Last but not least another mainstream mogul also is very optimistic in regards to bitcoin adoption. The Former anti-virus tycoon John McAfee believes bitcoin’s price velocity will continue to rise.

“Bitcoin has enormous momentum,” McAfee notes.

Do you think a whole lot of mainstream investors and new money is flowing into cryptocurrencies? Let us know what you think in the comments below.


Images via Shutterstock, Australia’s NBC, IG Financial, and Twitter. 


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Consensus 2017 Recap The Biggest Main Stage Moments

A roundup of the major events that took place on the Consensus 2017 main stage earlier this week. nSource

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Cross Blockchain Trades Lightning Gives New Life to Atomic Swaps

Technologists are on the verge of realizing a new form of decentralized trading called atomic swaps, the idea could replace exchanges entirely.nSource

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Bitcoin’s Price Correction Called in Advance by Analyst

Bitcoin's Price Correction Called in Advance by Analyst

As bitcoin’s price skyrocketed on Thursday May 25, one analyst predicted an imminent correction. The price of bitcoin soon fell sharply before reaching $2,800 as she predicted. She also gave some price forecasts, warning of a downturn for the rest of the year but record highs in 2018.

Also read: Fidelity Integrates with Coinbase, Mines Bitcoin and Accepts Bitcoin at its Cafeteria

Fibonacci Retracement

Bitcoin's Price Correction Called in Advance by AnalystAn analyst at Forex Analytix, Nicola Duke, uses a method called Fibonacci retracement to analyze the price of bitcoin as well as determine its support and resistance levels.

This popular technical analysis tool is based on the idea that markets will retrace a predictable portion of a move before continuing in the original direction. It looks at the peaks and troughs or rallies and falls of historical bitcoin prices in order to forecast future movements.

“According to Fibonacci analysis, the way bull markets typically work is that you’ll have a pullback that stops when it retraces a key percentage of a previous move higher,” CNBC explains, adding that these key percentages come from Fibonacci Ratios. Examples of key ratios which technical traders like to use are .618, .786, 1.27, 1.618, and 2.618.

Bitcoin’s Price Analysis

Duke’s Fibonacci retracement analysis chart, using Bitstamp weekly prices going back to 2013, was published on Tradingview.com on Thursday.

Bitcoin's Price Correction Called in Advance by Analyst with More Predictions
BTCUSD support levels weekly chart (PhotoNicola Duke)

She indicated on the chart that $2,283 is the short-term trend support; another support level above that is $2,800. In addition, bitcoin has two major support levels below $2,283. They are $2,145 and the more likely $1750-80. Both are shown on her chart.

In an interview with CNBC on Thursday morning, Duke explained that “wave two” of bitcoin began in the fall of 2013. The price of bitcoin rallied sharply for several months before falling steadily. It bottomed out in January 2015, then began to climb again. Currently, bitcoin is in “wave three”, the publication relayed her findings:

$2,800 could be the level at which bitcoin begins its fall. The price is likely to hit $1,780, but could even fall as far as $1,470.

Duke expects this next wave, which is the fourth, to last 61.8 percent of how long wave two lasted. 61.8 percent is one of the key Fibonacci ratios.

She believes that the rally after the correction would start in January. “We will see the bottom at the start of January, that is when stock markets typically tend to have a correction as well,” she noted, then explained to CNBC that:

After that, there should be a sustained rally to $3,350 and then $4,480 in 2018.

What do you think of this Fibonacci retracement analysis? Let us know in the comments section below.


Images courtesy of Shutterstock, Twitter, Tradingview, and Nicola Duke


Need to calculate your bitcoin holdings? Check our tools section.

The post Bitcoin’s Price Correction Called in Advance by Analyst appeared first on Bitcoin News.

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Make Most From Crypto-Trading With CryptoPing AI Bot

Make Most From Crypto-Trading With CryptoPing AI Bot

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.

On May 25th the new CryptoPing project for cryptocurrency traders successfully launched its ICO. The crowdsale will continue through June 25 00.00 UTC or until the amount of 1000 BTC is reached.

CryptoPing is an alternative cryptocurrency intelligence bot. It constantly monitors Altcoin markets, generates trading signals and notifies subscribers in Telegram. Soon to appear on Slack as well. The project has been in public beta-testing phase since March 2017 and has already attracted more than 6000 active users, 5000 of which followed CryptoPing a week after bot launch announcement. The project’s roadmap promises fast and efficient development.

Crypto community is expanding rapidly, exchanges see unprecedented number of traders, market capitalisation of altcoins keeps pushing. It this fast moving and changing ecosystem CryptoPing aims to become a handy set of tools and apps which will be used by professional traders as well as beginners.That’s why besides improving bot’s algorithms project’s nearest big goal is to create a social trading and educational platform were experienced traders can share the knowledge and new traders can quickly get into action while avoiding major mistakes.

Cryptoping Tokens will be distributed in a week after ICO ends. In a short period of time they will be added to several exchanges, while their price will be constantly increasing due to limited supply and user base expansion. In total 9,000,000 tokens based on Waves platform are to be issued for ICO worth 1000 BTC. Additional 1,000,000 tokens will be reserved for one-level 10% referral program. Since developers choose to hold the price of CryptoPing high, they’ve made a decision to burn 75% of subscription fees paid in tokens. So eventually, as the majority of tokens will be burned, this means, project is not aiming to get profit from the ICO but seeing raising funds as a opportunity to launch effective service asap as well as to attract new followers to Cryptoping network.

For all ICO participants a generous referral programme is created and already ongoing! It consists of 2 stages:

1.ICO stage. Time limit: ICO dates.
10% of tokens purchased by the friend you invited, will be awarded to your account after ICO ends.
15% discount will be provided for investments of 100 BTC and more.
2. Post-ICO stage: Time limit: starts right after ICO finishes.
You will receive 15% from CryptoPing services purchases of users who have registered using your link.
7% will be received by you from the expenses of the referral of your initial referral.
3% respectively you will get from the person who followed Cryptoping in the 3rd line from your initial referral.

You can join ICO and bonuses of Cryptoping today – check more on Website!

To learn more about CryptoPing:
Visit our website: https://cryptoping.tech/?i=635
Our ICO page: https://cryptoping.tech/ico/?i=635
Our roadmap: https://cryptoping.tech/roadmap/?i=635

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.

The post Make Most From Crypto-Trading With CryptoPing AI Bot appeared first on Bitcoin News.

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Russia’s Central Bank Drafting Proposal to Classify Bitcoins as Digital Goods

Russia's Central Bank Drafting Proposal to Classify Bitcoins as Digital Goods

The Central Bank of Russia has proposed classifying cryptocurrencies including bitcoin as digital goods for tax purposes, according to local publications. The draft proposal is due in one month.

Also read: Russia Considers Recognizing Bitcoin in 2018 to Fight Money Laundering

Classifying Bitcoins as Digital Goods

The Deputy Governor of the Central Bank of Russia, Olga Skorobogatova, revealed on Thursday that the bank has proposed to classify cryptocurrencies, including bitcoin, as digital goods for tax purposes. Sputnik International reported her saying:

Two months ago we held a meeting with ministries and organizations… on how to classify non-state cryptocurrencies, which are de facto used in Russia. We propose to treat them as digital goods, use the digital goods legislation, with certain amendments on taxes, control and record-keeping.

According to Skorobogatova, the proposal was supported by all ministries, and the central bank is planning to deliver the first draft of the regulations in a month. This proposal follows her promise in February for the central bank to decide whether digital currencies are considered assets, cash or securities by mid-2017.

The Central Bank’s Need to Control Bitcoin

Russia's Central Bank Drafting Proposal to Classify Bitcoins as Digital Goods
Olga Skorobogatova

According to RBC, a leading Russian media group headquartered in Moscow, the central bank claims that they need to start controlling cryptocurrencies in Russia or they can quickly become a threat.

Since digital currencies are not backed by gold reserves and are not state controlled, the deputy governor said that they can lead to instability in the financial markets sooner or later.

She then noted that cryptocurrency trading volumes in Russia have increased since last year, and said (loosely translated):

If people are engaged in this, they have to pay money for it. And we must understand how to control these activities.

Russia’s Struggle to Control Cryptocurrencies

The official government stance on cryptocurrencies has been under constant debate for years. Starting with a very strict stance favoring criminalization, Russian lawmakers have become more lenient over time as the benefits of blockchain technology became apparent in the country.

Russia's Central Bank Drafting Proposal to Classify Bitcoins as Digital Goods
Alexey Moiseev

In December 2016, Vadim Kaluhov, the Director of Financial Technology, Projects and Process Management at the Bank of Russia, warned the government against using excessive measures. He conveyed that if the regulations are too strict, then cryptocurrency transactions will move outside of Russia. “By pushing the process of exchange out of the country, we actually lower the level of security and stability,” he detailed.

In January, Deputy Finance Minister Alexey Moiseev told reporters that the central bank and the Federal Financial Monitoring Service had been watching bitcoin. They did not find it to be a threat. In April, he announced that the country was considering recognizing the digital currency in 2018 to fight money laundering.

This month, the largest online retailer in Russia, Ulmart, announced that it will start accepting bitcoin payments in September.

Meanwhile, trading volume has grown steadily. Localbitcoins, the most popular trading platform in Russia, shows that the country has the second largest trading volume, behind only China. Russia has seen over 400 million rubles worth of trading, or over $7 million USD in weekly volumes for three weeks in a row.

Russia's Central Bank Drafting Proposal to Classify Bitcoins as Digital Goods

What do you think of Russia classifying bitcoin as digital goods? Let us know in the comments section below.


Images courtesy of Shutterstock, RBC Group, Euronext, Coin.dance


Need to calculate your bitcoin holdings? Check our tools section.

The post Russia’s Central Bank Drafting Proposal to Classify Bitcoins as Digital Goods appeared first on Bitcoin News.

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Factom Harmony Takes On the Mortgage Industry

Already working with the Department of Homeland Security and the Bill &amp Melinda Gates Foundation to secure records on their blockchain, Factom has now set its sights on the trillion-dollar mortgage industry. Having launched its new Factom Harmony solution in March, the company hopes to attract big banks and host their sensitive mortgage data. By increasing the efficiency of document management, Harmony will allow a seamless transaction process between lenders and brokers, without them

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Bitcoin price tumbles $500 as goldrush knocks world's largest exchange offline

Coinbase suffered an outage on 25 May as investors raced to trade bitcoin and other cryptocurrencies.

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