Business

  • First Mover: Bitcoin Market, Like Wall Street, Shrugs Off Nationwide Protests

    There, in the midst of a protest against police brutality in Austin, Texas, stood a man holding a makeshift cardboard sign that read, “Bitcoin will save us.”  The image, tweeted earlier this week by the ProPublica journalist Jessica Huseman, generated 789 retweets and 2,400 likes. Some twitterati said bitcoin had nothing to do with the protests, while others argued that flaws in the current financial economic system have contributed to the wealth inequality now helping to fuel the foment. The protests, some of which turned violent and led to vandalism and looting, have spread internationally following the death of George Floyd, 46, a black American who died in Minneapolis after being taken into police custody followin a report that a $20 counterfeit bill had been passed at a nearby corner store. You’re reading First Mover, CoinDesk’s daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you don’t have to. You can subscribe here. ,

    Jun 4, 2020
  • China Planning to Use Blockchain to Create a Free Trade Port in Hainan

    Jun 04, 2020 at 11:13 // News China is promoting the construction of a free trade port in Hainan as a substitute for Hong Kong (HK). The Chinese authorities expressed their willingness to actively foster free trade ports by using cutting-edge tools including blockchain and distributed ledger tech (DLT). DLT has the potential to construct efficient management networks As per Xinhua News Agency’s report, the Communist Party of China and the State Council announced the Overall Strategy for the Construction of Hainan Free Trade Port (HFTP) to foster Hainan into China’s financial, trade and investment centre. The strategy to construct the HFTP has three stages for each period. By 2025, the Party looks forward to creating a basic structure for free trade ports (FTPs) through liberalization of trade and investment. It is the completion of global FTP. In order to spellbind regional headquarters for multinational corporations, the government has implemented industry-friendly policies such as concession duty zones and a 15% reduction in corporate income tax. In addition, it is fostering the advancement of the economy through intensive construction of latter-day…

    Jun 4, 2020
  • Genius Brands (GNUS) Stock Up 2.500% Since May, Market Cap $496M

    Shares of Genius Brands continue rising ahead of the launch of its network brand “Kartoon Channel” later this month. Shares of a not-so-famous children’s media company have rocketed as much as 2,496% since May 1. Genius Brands International Inc (NASDAQ: GNUS), the company behind animated children shows like “Rainbow Rangers” and “Stan Lee’s Superhero Kindergarten”, has seen its market cap explode from $9 million on May 1 to $496 million today. GNUS stock jumped 97% on Tuesday and have doubled since Monday. Yesterday, Genius Brands stock hit $7.93. Today in the pre-market, it is around 10% up and is trading at $8.80. A year ago the shares were going for $1.73. “Rainbow Rangers” currently airs on Nickelodeon Jr., while Amazon Prime recently bought the rights to “Stan Lee’s Superhero Kindergarten.” “Superhero Kindergarten” stars Arnold Schwarzenegger as “Captain Courage,” and was made in cooperation with Alibaba Group (NYSE: BABA). The company stock price began to jump when it revealed on May 5 that its “Rainbow Rangers” toy made by Mattel Inc (NASDAQ: MAT) would start to sell in Walmart Inc (NYSE: WMT) stores…

    Jun 4, 2020
  • Could BTC return to it’s high of $20,000? New Bloomberg report suggests so

    Bloomberg recently released a report that reveals that the company is expecting bitcoin to potentially return to its all-time high of $20,000, if not $28,000… The report goes on to suggest that COVID-19 sped up the shore nature of bitcoin as an asset. Bloomberg recently released a report that reveals that the company is expecting the leading cryptocurrency, bitcoin to look back on 2017 and potentially return to its all-time high of $20,000, if not $28,000… The report by Bloomberg goes on to suggest that the current pandemic brought on by COVID-19 sped up the shore nature of bitcoin as an asset. It is showing strength and this is all during times of economic turmoil in the world. The report further highlights that the increase in appetite for many institutional investors have/are playing a big role in the future of the leading coin. “So far this year, its increasing AUM has consumed about 25% of new Bitcoin-mined coins vs. less than 10% in 2019. Our graphic depicts the rapidly rising 30-day average of GBTC AUM near 340,000 in Bitcoin equivalents,…

    Jun 4, 2020
  • Bitcoin, Stocks Fall as Dollar Rebounds ahead of U.S. Trade Data

    Spot bitcoin fell 1.45 percent to $9,501 as of 0900 UTC as the U.S. dollar rebounded from its seven-day plunge. The cryptocurrency’s downside move surfaced ahead of a fresh U.S. trade and unemployment data release at 0830 ET on Thursday. The U.S. stock market, which remains positively correlated to bitcoin, also dived as investors booked short-term profits. Bitcoin continued to tail the moves in the global stock market this Thursday. The benchmark cryptocurrency fell by 1.45 percent to $9,501 minutes after 0900 UTC. The downside swing mainly came as a part of a short-term technical correction, wherein traders booked their intraday profits near the top of $9,689. So it seems, certain macro factors also kept traders from holding Bitcoin. BTCUSD holding above psychological support of $9,500 | Source: TradingView.com, Coinbase ,

    Jun 4, 2020
  • Litecoin [LTC] Developer’s Reveal Timelines For Litecoin’s MimbleWimble Testnet Launch |

    Litecoin’s MimbleWimble integration has taken a huge leap as David Burkett, Grin++, and Litecoin developer revealed that the first MimbleWimble testnet is all set to release in September 2020. MimbleWimble On The Litecoin Network MimbleWimble is much more than a tongue-tying curse from Harry Potter. The term “MimbleWimble” has been surfing the crypto-verse for quite some time now. Charlie Lee-led Litecoin network has been working on the implementation of the MimbleWimble (MW) protocol onto the network. However, the network received immense backlash as the community feared the conversion of LTC into a privacy coin. However, Lee’s inclination towards the implementation of MW while using the extension blocks to resolve privacy as well as scalability issues seemed to be stronger than the FUD that spread. The project took off on 29 December 2019 and  Burkett has been updating the community with details of the progress of MimbleWimble every month. Updating the month May’s progress, Burkett wrote, style=”display:block; text-align:center;” data-ad-layout=”in-article” data-ad-format=”fluid” data-ad-client=”ca-pub-4791668236379065″ data-ad-slot=”8840547438″>,

    Jun 4, 2020
  • ‘Careless’ Users Are Ruining Ethereum’s Privacy: Paper

    Ethereum is losing its privacy, warns a new paper, as “careless” users make linking their addresses to real-world identities easy. With the disquieting title, “Blockchain is Watching You,” the paper – a joint-publication from researchers at the Institute for Computer Science and Control in Hungary, Eötvös Loránd University, Széchenyi István University and HashCloak – argues governments and private-entities are quickly learning how to strip away anonymity from Ethereum. And that’s in part because users are making it easy for them. “Careless usage easily reveals links between deposits and withdraws and also impact the anonymity of other users, since if a deposit can be linked to a withdraw, it will no longer belong to the anonymity set,” the authors write. The researchers argue that Ethereum’s account-based model makes it more susceptible to surveillance than some other protocols, such as Bitcoin. ,

    Jun 4, 2020
  • Cardano Price Rallies 60% Following Shelley Proof-of-Stake Upgrade Announcement

    The price of Cardano (ADA) has increased 60% in the week following Cardano co-founder Charles Hoskinson revealing the roadmap for the Shelley upgrade in a YouTube podcast with Lark Davis, aka Cryptolark.  Shelley will see the network upgraded from a centralized network to a distributed one through the Shelley protocol upgrade by July 7, viewers were told, in conjunction with details about staking rewards and the hard fork. This is the biggest change in protocols from any blockchain project, according to Hoskinson: “This is like Ripple changing its consensus protocol […] No cryptocurrency has really done this to this scale after they’ve rolled out.” With the launch date less than a month away, the price has seen significant increases from $0.055 to $0.088 and daily trading volume increasing by more than four fold. style=”display:block; text-align:center;” data-ad-layout=”in-article” data-ad-format=”fluid” data-ad-client=”ca-pub-4791668236379065″ data-ad-slot=”8840547438″>,

    Jun 4, 2020
  • Ethereum Has Become Bitcoin’s Top Off-Chain Destination

    The most popular way to use bitcoin off-chain is on Ethereum, recent data indicates.  Since 2016, software engineers have worked to extend the oldest and largest cryptocurrency’s use cases through a variety of companion protocols, like the Lightning Network for payments or the Liquid Network for trading. But to date, the most popular off-chain protocols that use bitcoin (the currency, with a small “b”) run on the largest rival to Bitcoin (the network, uppercase). In fact, Ethereum projects including WBTC and imBTC hold 70% more bitcoins than Lightning or Liquid. This is “ironic” to Camila Russo, author of “The Infinite Machine“, a forthcoming book about Ethereum, but she’s not surprised.  ,

    Jun 4, 2020
  • Bitcoin to Paint ‘Institutional’ Golden Cross That Last Shot Price 78% Higher

    Bitcoin Futures listed on the Chicago Mercantile Exchange could form a Golden Cross in June 2020. The bullish pattern would confirm the growing presence of institutional investors in an emerging Bitcoin market. The derivative’s last Golden Cross had sent its contracts’ value up by 78.5 percent higher. As the Bitcoin spot price hovers below $10,000-$10,500 resistance range, its derivatives market is signaling a breakout scenario ahead. A potentially bullish technical indicator is forming on the Chicago Mercantile Exchange’s Bitcoin Futures‘ one-day chart. So it seems, the futures’ 50-day moving average is going to rally above its 200-day moving average in June 2020. The crossover has happened only once since the CME’s bitcoin futures listing in December 2017. On May 17, 2019, the so-called “Golden Cross” formed. Its occurrence led the rate per contract from $7,940 to as high as $14,170 in less than three months. That is nearly a 78 percent jump. Bitcoin Futures inching closer to confirming a Golden Cross pattern | Source: TradingView.com, CME In other words, since the last Golden Cross produced massive gains, its subsequent formation…

    Jun 4, 2020
  • Bittrex and Poloniex Targeted in Class-Action Crypto Manipulation Suit

    The plaintiffs behind a class-action alleging that Bittrex and Tether drove the 2017 bull run through market manipulation have requested the issuance of summons to exchanges Bittrex and Poloniex.  The lawsuit, first filed in October 2019, alleges that veteran cryptocurrency exchange Bitfinex and its sister company Tether inflated the supply of Tether’s USDT stablecoin without proper US dollar backing to drive up crypto prices during 2017’s all-time high. The suit is on behalf of investors who purchased crypto assets at what they believe are artificially inflated prices. The Plaintiffs have requested that the Court award reasonable costs of suit, pre- and post-judgment interest, and reasonable attorneys’ fees. Bittrex and Poloniex embroiled The lawsuit claims that Tether “issued billions of USDT to itself with no U.S. dollar backing— simply creating the USDT out of thin air.” The USDT was used to purchase crypto assets causing prices “to spike far above their legitimate value in the largest bubble in human history, and ultimately resulting in billions of dollars of damage to innocent crypto commodity purchasers”. The amended filing alleges that the altcoin-focused…

    Jun 4, 2020
  • The Economy is Fine, Everything Else Isn’t. Here’s How Crypto Experts View the Change |

    The events of recent times have been far more than historic. The year 2020 has seen the worst possible events in war-like tension, riots, climatic change disasters and above all the pandemic spread of disease. Before, it would have been a recipe for an economic disaster as well. But lately, the economy seems just fine, while it really isn’t. Mati Greenspan, the founder of Quantum Economics, tweeted, Here’s a graph of the Dow Jones index since #GeorgeFlyodMurder. As you can see, it just keeps going up.The poor are in pain, the country is on fire, but the rich keep getting richer. Dow Jones Index after the George Floyd Incident (Source: Tweet) What will be the Right Form of Protest Today? Bitcoin and cryptocurrency supporter have long-held the idea of decentralization above anything. Taking away financial power from the governments will eventually cripple the ones in power. However, the co-founder of Ethereum, Vitalik Buterin feels otherwise. For him, the times have changed in the last decade. Just trying to obtain financial freedom won’t be enough. He says, Yes, the money printer…

    Jun 4, 2020
  • Rumored Star Wars Battlefront 3 Means One Thing – More Controversy

    Star Wars Battlefront 3 may be in development, suggests an end-user license agreement found on Steam. The game’s EULA teases a “classic” mode which could potentially provide gameplay like Star Wars Battlefront 2. However, some may be concerned that the game will be as controversial as Star Wars Battlefront 2 which was criticized for its loot boxes. A report by DSOGaming reveals than an end-user license agreement, or EULA, for Star Wars Battlefront 3 has popped up on Steam. The EULA reads: Haze Studios, Free Radical Design, Lucasfilm, Disney are the owners of the copyright of this STAR WARS  Battlefront III (Classic, 2019). Star Wars Battlefront 3 Won’t Be a Star Wars Battlefront 2 Sequel If this Star Wars Battlefront 3 is going to be released, the game is likely to be a completed version of a cancelled title and not a sequel to 2017’s Star Wars Battlefront 2. Free Radical Design, which was later renamed to Crytek UK and closed down in 2014, was developing Star Wars Battlefront 3 before that project was cancelled between 2008 to 2009. It’s…

    Jun 4, 2020
  • Litecoin Signaling Fresh Increase To $50: Here’s How It Could Refuel Bitcoin

    Litecoin retreated from the $50.00 resistance and found support near $45.00 against the US Dollar. The price is currently rising and it could surge if it clears the $48.00 resistance. There is a major bullish trend line forming with support near $46.50 on the 4-hours chart of the LTC/USD pair (data feed from Kraken). Bitcoin price could also continue higher above $9,800 if LTC first clears the $48.00 resistance. Litecoin price is rising again from the $45.00 support zone against the US Dollar. LTC is likely to first break higher and it might fuel a fresh increase in bitcoin and ETH. Litecoin Price Could Retest $50 Earlier this week, litecoin price climbed higher above the $45.00 and $48.00 resistance levels against the US Dollar. However, LTC price failed to clear the $50.00 resistance area. A high was formed near $49.94 before the price started a sharp downside correction. It broke a few important supports near $48.00, but it remained well bid above the 100 simple moving average (4-hours). A low is formed near $44.58 and the price is currently rising….

    Jun 4, 2020
  • The Future of Gambling: Cryptocurrency and Online Casinos

    The advent of technology is a lot like the gift horse that keeps on giving. The innovation that brought about online casinos introduced convenience on monumental levels. Many avid gamblers realized that they could access their beloved casino games not only in the comfort of their homes but also on the go via internet-enabled mobile devices. Besides, sifting through the chaff to find top online casinos became as easy as clicking a few buttons. Cryptocurrencies are further heightening this convenience by allowing users to make deposits and seek withdrawals while incurring near-nil transaction costs. Besides, cryptocurrency transactions are pseudo-anonymous, an important feature for individuals that prefer that their gambling activities remain private. The place of crypto in the future of online casino is cemented by these three facts; the coins offer online safety and security as well as anonymity, well…to a wide extent. The Context The discourse about the future of online casinos has looked more in terms of the union between crypto and the gambling houses. A decent approach, however, should look at the two independent variables and evaluate…

    Jun 4, 2020
  • Pro-Crypto Democrat Jonathan Herzog Running for US Congress

    Cryptocurrency advocate Jonathan Herzog is running for election to the U.S. House of Representatives in the primary against fellow Democrat Jerry Nadler, who has represented New York‘s 10th Congressional District since 2013. A former staffer of ex-presidential candidate Andrew Yang, Herzog first announced his intention to run for office in 2019, but has recently become much more vocal about cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).  “Time for a representative who knows what Bitcoin is,” Herzog tweeted to his 5,900 followers on May 23, followed by a message today which said the future would be “decentralized and open source.” Following in Yang’s footsteps Like the pro-crypto presidential candidate Yang, Herzog supports universal basic income (UBI) and is pushing for digital assets as a campaign issue. He has taken Nadler to task, calling the Congressman “asleep at the switch on cryptocurrencies.” Hopeful but realistic expectations  The 26-year-old candidate has had a positive reception to his campaign from the crypto community, although many dismiss his efforts as useful only in terms of promoting UBI and digital currency.  style=”display:block; text-align:center;” data-ad-layout=”in-article” data-ad-format=”fluid” data-ad-client=”ca-pub-4791668236379065″…

    Jun 4, 2020