Category Crypto Currency

Insurance Providers Venture into Cryptocurrency

There is nothing worse for cryptocurrency enthusiasts than having one’s Bitcoin balance stolen. If this involves an exchange or online wallet, there’s a chance money will be recovered eventually. In every other case, however, there is no recourse or way to get the money back. This situation temps a few global insurers to offer protection against cryptocurrency theft. It is another positive development for the overall ecosystem. Whether or not people will effectively buy these new insurance products, remains to be seen. It is not the first time insurers venture into the world of cryptocurrency. We have seen a few similar efforts in the past few months. However, there is no real “major traction” for these types of insurance products. A few of the world’s biggest insurers will make this bold move regardless. Offering protection against cryptocurrency is a pretty interesting development. These companies task themselves with tackling daunting challenges. How all of that will work in real life, remains a bit unclear, for the time being. Providing Insurance in the Cryptocurrency Ecosystem A few companies already actively provide these new insurance products. Names such as XL Caitin and Mitsui Sumitomo Insurance do not have an international ring to them. Other service providers around the world are also looking into this business model. For now, it appears the big focus is on offering such protection for companies. This mainly indicates exchanges and trading providers will benefit from these new solutions. The average consumer, on the other hand, may not see any major effort in this regard for the time being. Considering how cryptocurrency is largely unregulated, an insurance product can be pretty interesting. Even though it will not apply to consumers, this is a very peculiar development. If this market were to take off in the coming years, things will get very interesting. This news comes on the heels of the massive Coincheck hack which occurred last week. It was another strong reminder of how cryptocurrency exchanges are not immune to hacking whatsoever. It is the price users pay for relying on centralized trading platforms. This new industry is not without major challenges for insurers either. Providing cryptocurrency insurance comes with many different challenges. Covering the risks for customers they know next to nothing about is one of the biggest challenges. There will be a very steep learning curve for all parties involved. Most of the insurance providers work based on their own knowledge of the cryptocurrency ecosystem. Only time will tell if that is sufficient to protect their future clients. The post Insurance Providers Venture into Cryptocurrency appeared first on NewsBTC.

Breaking: India Signals Crackdown on Bitcoin, Cryptocurrency Usage

The post Breaking: India Signals Crackdown on Bitcoin, Cryptocurrency Usage appeared first on CCN In presenting the country’s budget plan for 2018 today, Indian finance Minister doubled down on refusing to recognize cryptocurrencies like bitcoin as legal tender amid talk of a wider crackdown on their usage. Speaking at the Indian Parliament while presenting the Union Budget 2018-19 today, India’s finance minister Arun Jaitley said: The Government does not The post Breaking: India Signals Crackdown on Bitcoin, Cryptocurrency Usage appeared first on CCN

India Signals Crackdown on Bitcoin, Cryptocurrency Usage

The post India Signals Crackdown on Bitcoin, Cryptocurrency Usage appeared first on CCN In presenting the country’s budget plan for 2018 today, Indian finance Minister doubled down on refusing to recognize cryptocurrencies like bitcoin as legal tender amid talk of a wider crackdown on their usage. Speaking at the Indian Parliament while presenting the Union Budget 2018-19 today, India’s finance minister Arun Jaitley said: The Government does not The post India Signals Crackdown on Bitcoin, Cryptocurrency Usage appeared first on CCN

Rebranded SportyCo Set to Score with Platform Launch

This year has already witnessed an unprecedented number of new startups with innovative blockchain solutions to everyday problems, and it is only a month old. One such company, previously known as SportyFi, has rebranded to SportyCo but still offers the same innovative approach to sports and athletes. The concept is a unique one which facilitates a change how sports and athletes are being financed to achieve athletic success. There is a lofty entry barrier for professional sports in today’s highly competitive world. Emerging athletes face a growing number of issues when it comes to funding their training and participation in global professional and amateur events. A blockchain based financing platform could be the solution for athletes and investors alike. By disrupting the existing model SportyCo aims to democratize and decentralize sports investment in order to achieve greater athletic success. Rebranding for platform launch A rebranding was necessary due to close links with the name SportyFi and a popular music sharing app that dominates the internet search engines. The London based team has decided to kick off with a brand new name to coincide with the imminent launch of its platform in March. The developers are hard at work putting the final touches on the platform while the design team is re-working all of the online materials. The name SportyFi may appear from time to time but from now on the company is fully rebranded to SportyCo. Over the coming week there will be a number of new and exciting announcements about the platform and new brand. One of the world’s leading blockchain development companies, Spartan Solutions, has teamed up with SportyCo to provide a raft of exciting new features and services for the platform. The two firms are continuously in contact and cooperation as the platform launch draws near. The combined knowledge of SportyCo’s sports industry acumen and Spartan’s blockchain and technology insights will bring several ideas and concepts to reality for the new platform. Professional endorsement A number of high profile soccer stars have endorsed SportyCo and among them is Roberto Carlos who joins the team as Partnership Manager. Carlos is a footballing legend who won the FIFA World Cup with Brazil in 2002. He has since won several more Champions League and La Liga titles with Real Madrid and is an ambassador for the sport. His role will include reaching out to sports organizations, clubs and other sports entities around the globe and bringing them onboard with the SportyCo project. In addition to world class footballers SportyCo also has ambassadors from other professional sports including basketball, skiing and boxing. With such a strong team of technical experts and sporting legends the project is bound to achieve a big score in the world of sports and athletics. Find out more here: https://sportyco.io/ The post Rebranded SportyCo Set to Score with Platform Launch appeared first on NewsBTC.

World’s Oldest Bitcoin Exchange BTCC Acquired by Hong Kong Investment Fund

The post World’s Oldest Bitcoin Exchange BTCC Acquired by Hong Kong Investment Fund appeared first on CCN Former ‘big three’ Chinese bitcoin exchange BTCC has been acquired by a Hong Kong-based blockchain investment fund. In an announcement this week, BTCC confirmed its acquisition by a blockchain investment fund based out of Hong Kong. While details remain scarce and the terms of the deal are yet to be disclosed, the acquisition breathes new The post World’s Oldest Bitcoin Exchange BTCC Acquired by Hong Kong Investment Fund appeared first on CCN

Nano Makes Moves as Rebranded RaiBlocks

It often does not take much to generate momentum and an upwards price movement in cryptocurrencies. A shill or an announcement on social media can be enough. A facelift or rebrand is also a good way to get traders looking at the project again. RaiBlocks has done just that with an announcement on a new name to resonate with investors. In a Medium post yesterday the Nano core team announced that as the new brand for RaiBlocks. All altcoins have suffered heavy losses this week as the crypto market shed 20% falling from just under $600 billion to $480 billion before reviving a little to just over $500 billion. Drowning in a sea of mainstream media FUD crypto currencies are in need of a boost and a rebrand can do just that. New Nano Rising RaiBlocks works on a ‘block lattice’ or grid configuration called Directed Acyclic Graph instead of a traditional blockchain. This has the effect of producing multiple chains which reduces the transaction times and costs substantially. The team wanted the functionality of their platform to be reflected in its name; “In November, the team gathered to discuss the future of Raiblocks and develop plans to further the project’s growth. One topic discussed was the name itself (“Is it, ray or rye?,” “Ditch the Blocks!,” “Just call it Rai!”). Feedback from the community suggested that improvements could be made to better resonate with the public and a mainstream audience. Because of this, our team made the decision to rebrand.” The post went on to explain; “The Core Team wanted a name that represented the simplicity and speed of the project, and Nano does just that. The new logo uses several nodes, playing on the block-lattice design of the network, that connect to form an “N.” All social media accounts will be updated to reflect the name and logo changes. The new website is nano.org.” The team continued to reassure XRB holders that their assets would not be affected; “All funds, wallets, and transactions will still operate as they have been. Addresses will continue to start with xrb_ for the moment. In the future we will introduce nano_ addresses with the rest of the current addresses being consistent.” Upward movement Analysis website Coinmarketcap has already changed the XRB page from RaiBlocks to Nano. A positive impact on price has already been noticed and it is up 20% over the past 24 hours. With other altcoins, apart from Lisk, making only small gains XRB is already standing out. It traded this time last week just under $14 and is currently trading at $18.65, an increase of over 33% on the week. The majority of trade volume is in South Korea on the Kucoin exchange which has 40% of the total. At the time of writing $54 million has been traded in the past 24 hours. The post Nano Makes Moves as Rebranded RaiBlocks appeared first on NewsBTC.

Ethereum Classic Price Technical Analysis – Can ETC/USD Gain Further?

Key Highlights Ethereum classic price recovered slightly after trading as low as $25.47 against the US dollar. There was a break above a crucial bearish trend line with resistance at $27.40 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair is struggling to gain momentum above the $28.00-28.20 and is currently correcting lower. Ethereum classic price is slowly recovering against the US Dollar and Bitcoin. ETC/USD needs to break the $28.00-28.20 resistance for further gains in the near term. Ethereum Classic Price Trend Recently, we saw a decline in ETC price below the $26.00 level against the US dollar. The price traded as low as $25.47 before it started an upside recovery. There was a break above the 23.6% Fib retracement level of the last decline from the $30.08 high to $25.47 low. The upside move was positive since the price was able to move above the $26.00 level. There was even a break above a crucial bearish trend line with resistance at $27.40 on the hourly chart of the ETC/USD pair. The pair traded above the 50% Fib retracement level of the last decline from the $30.08 high to $25.47 low. Moreover, there was a break above the $28.00 level, but the pair was not able to gain momentum. The upside move was capped by the 61.8% Fib retracement level of the last decline from the $30.08 high to $25.47 low. It seems like the $28.00-28.20 level is acting as a strong barrier for buyers. Once there a break above $28.20, the pair could accelerate above $30.00. On the downside, an initial support is around the $27.20 level. However, the most important supports sits around the $25.00 level. Hourly MACD – The MACD for ETC/USD is now slowly moving back in the bullish zone. Hourly RSI – The RSI for ETC/USD is currently moving lower towards the 50 level. Major Support Level – $25.00 Major Resistance Level – $28.20 Charts courtesy – Trading View, Kraken The post Ethereum Classic Price Technical Analysis – Can ETC/USD Gain Further? appeared first on NewsBTC.

Ripple Price Technical Analysis – XRP/USD Recovery is Fading?

Key Highlights Ripple price started an upside recovery after trading as low as $0.9599 against the US dollar. There was a break above a short-term connecting bearish trend line at $1.0500 on the hourly chart of the XRP/USD pair (data source from SimpleFx). The pair seems to be struggling to recover above $1.0880 and is moving lower once again. Ripple price is recovering against the US Dollar and Bitcoin. However, XRP/USD seems to be struggling to gain momentum and it could decline once again. Ripple Price Resistance Yesterday, we saw a major decline from the $1.1250 swing high in Ripple price against the US Dollar. The price made a downside move and declined below the $1.0000 support area. It traded as low as $0.9599 before starting an upside correction. It managed to move above the 23.6% Fib retracement level of the last drop from the $1.3419 high to $0.9599 low. Moreover, there was a break above a short-term connecting bearish trend line at $1.0500 on the hourly chart of the XRP/USD pair. The pair traded close to the 38.2% Fib retracement level of the last drop from the $1.3419 high to $0.9599 low. However, the pair faced a lot of sellers near the $1.0800 and $1.0900 levels. The mentioned $1.0800 level was a support earlier and now it is acting as a resistance. At the moment, it seems like the current recovery is facing and the price may move back below $1.0000. On the upside, a proper break above the 1.0900 level is needed. Above the mentioned $1.0900 level, the next hurdle is near the 50% Fib retracement level of the last drop from the $1.3419 high to $0.9599 low at $1.1509. Looking at the technical indicators: Hourly MACD – The MACD for XRP/USD has reduced most of its bearish slope. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is once again moving lower and is currently below 50. Major Support Level – $1.0000 Major Resistance Level – $1.0900 Charts courtesy – SimpleFX The post Ripple Price Technical Analysis – XRP/USD Recovery is Fading? appeared first on NewsBTC.

South Korea: $600 million uncovered in Illegal cryptocurrency Forex trading

The post South Korea: $600 million uncovered in Illegal cryptocurrency Forex trading appeared first on CCN The Korea Customs Service (KCS) has revealed an investigation into illicit Forex trading practices, and uncovered $600 million (637.5 billion won) worth cryptocurrencies that were exchanged illegally in South Korea. The statement further disclosed four instances of illegal tradings. In the first case, money was transferred from Japan to an unknown country whereby 53.7 billion won The post South Korea: $600 million uncovered in Illegal cryptocurrency Forex trading appeared first on CCN

Ethereum Price Technical Analysis – ETH/USD to Resume Uptrend?

Key Highlights ETH price recovered well from the $1,009 low and is currently trading above $1,110 against the US Dollar. Yesterday’s highlighted major bearish trend line with resistance at $1,090 was broken on the hourly chart of ETH/USD (data feed via SimpleFX). The pair is currently showing a lot of positive signs and it could continue to move above $1,140. Ethereum price is showing a lot of positive signs against the US Dollar and Bitcoin. ETH/USD is trading above $1,110 and it seems to be resuming its uptrend. Ethereum Price Support Yesterday, we saw a major decline in ETH price to well below $1,040 against the US Dollar. The price traded near the $1,000 level and formed a low at $1,009. Later, an upside correction was initiated and the price was able to move above $1,060. There was also a break above the 23.6% Fib retracement level of the last major drop from the $1,229 high to $1,009 low. It opened the doors for more gains and the price moved above $1,075. Most importantly, yesterday’s highlighted major bearish trend line with resistance at $1,090 was broken on the hourly chart of ETH/USD. At the moment, the price is trading above the 50% Fib retracement level of the last major drop from the $1,229 high to $1,009 low. There are a lot of positive signs above $1,110, but the price has to break the 100 hourly simple moving average at $1,130. Once there is an hourly close above $1,130 and 100 SMA, the price could move further higher. On the downside, the broken resistance at $1,110 and $1,100 may now act as a support. It seems like the pair is back in an uptrend and it could continue to move higher towards $1,200. Hourly MACD – The MACD is back in the bullish zone. Hourly RSI – The RSI is currently well above the 50 level and is moving higher. Major Support Level – $1,110 Major Resistance Level – $1,130 Charts courtesy – SimpleFX The post Ethereum Price Technical Analysis – ETH/USD to Resume Uptrend? appeared first on NewsBTC.