Bitcoin investors might be suffering under the weight of one of the asset’s heaviest-ever bear markets, but for cryptocurrency derivatives exchanges like BitMEX, the mood is anything but sour.

“What market downturn?,” began a press release sent from a public relations firm representing BitMEX, reporting that the Seychelles-based exchange had on Wednesday crossed 1 million BTC in daily trading volume for the second time.

Altogether, the platform saw 1,027,214.62 bitcoin contracts traded for the day, worth approximately $6.6 billion at the present exchange rate.

“Once again meeting our own record of 1 million bitcoin traded within 24 hours is a major milestone for the crypto-coin market and testament to the strong community BitMEX is growing,” said BitMEX CEO Arthur Hayes.

bitcoin price chart
For cryptocurrency exchanges and derivatives platforms, bear markets are often not nearly as dire as for individual investors. Though aggregate volume generally declines, exchanges can still reap significant profits from intraday volatility.

Hayes attributed the milestone in part to the firm’s recently-launched ETH/USD perpetual swap product, which allows traders to make leveraged bets on the ethereum price without ever holding ether.

The exchange previously crossed the 1 million BTC mark on July 24, notching a record both for the exchange and the industry at large. At the time, those contracts equated to more than $8 billion in 24-hour volume.

BitMEX isn’t the only cryptocurrency derivatives platform that has seen an uptick in trading in spite of the bear market. As CCN reported, U.S. exchanges CME and CBOE have each seen a steady rise in bitcoin futures volume since these products launched in December, with the two platforms accruing a combined $572 million in volume on the same day in which BitMEX crossed 1 million bitcoin contracts for the first time.

LedgerX, a lesser-known U.S. cryptocurrency derivatives exchange that exclusively serves wealthy investors and institutions, also reported that its clients had traded a record $50 million worth of contracts on the CFTC-regulated platform during July.

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This post is credited to CCN

A near dozen financial regulators from countries around the world have collaborated to form a new network to help further the development of financal technologies like blockchain.

Now labeled as the ‘Global Financial Innovation Network (GFIN)’, the alliance sees 11 financial regulators of their respective nations come together under a proposed mandate by the U.K.’s Financial Conduct Authority (FCA) earlier this year. The British regulator is working with 11 counterparts from nations including Australia, Abu Dhabi, Bahrain, Dubai, Hong Kong, Singapore and Canada.

The GFIN’s genesis is based on the idea of a ‘global sandbox’, the FCA said, suggesting the network will help bridge innovative firms to interact with regulators both domestically and internationally “between countries as they look to scale new ideas”, the announcement added.

Now in a preliminary phase that sees the body seek feedback for core objectives, a roadmap and where its priorities should lie, the GFIN stressed its main functions would include bringing firms “with an environment in which to trial cross-border solutions.”

The FCA has already seen 50 responses as feedback to its own consultation call earlier in February 2018 when it embarked on the idea of launching a ‘global sandbox.’ The key takes from the responses included a focus on emerging financial technologies such as blockchain technology and the ‘regulation of securities and Initial Coin Offerings (ICOs),” the latter a radical new form of fundraising in recent years powered by cryptocurrencies.

Coinciding with its launch, the group has published its consultation paper and is seeking public feedback up to mid-October, this year.

Among the member bodies, a number of regulators from Abu Dhabi, Hong Kong, Singapore and Bahrain are already working on blockchain endeavors involving cross-border payments, trade finance and a number of other applications for the decentralized technology.

Featured image from Shutterstock.

This post is credited to CCN

  • Blockchain technology to improve transparency, prevent fraud and establish trust
  • NEM has engaged with the Malaysian government, MDEC and MaGIC

EVERY so often in the tech ecosystem, words like blockchain get bandied about. But what is blockchain and how does it tie with cryptocurrencies like Bitcoin? These are the questions that The NEM Foundation (NEM), a non-profit organisation incorporated in Singapore, seeks to answer.

Since its inception three years ago, the foundation has sought to educate the general public on blockchain technology, its uses and potential to help organisations improve data transaction in a faster and more secure fashion than current technology platforms.

“Blockchain is gaining global traction in diverse industries including financial services, insurance, education, retail and many others,” said NEM.io Foundation Ltd council member and regional head for Southeast Asia Stephen Chia (pic, above).

“Everywhere we go, there is massive interest by people, often asking us how to use blockchain in their own industries,” said Chia.

He elaborated that NEM has already engaged with the Malaysian government as well as agencies like the Malaysian Digital Economy Corporation (MDEC), and MaGIC to teach young people about blockchain. They have also approached institutions like the KLSE and Bank Negara Malaysia on the possibilities of blockchain in trade finance.

Recently NEM took its first steps in establishing its presence in Southeast Asia with the opening of its brand new NEM Blockchain Centre (NBC) in Kuala Lumpur, which will serve as its headquarters for regional operations while also acting as a learning centre, incubator and accelerator for blockchain related startups.

Within the NBC, software developers, business users, startups, exchanges and the Blockchain community are expected to test and develop use cases of the NEM Blockchain technology platform.

“The NEM Foundation has dedicated US$40 million in 2018 to fund its global expansion programmes of which US$5 million has been allocated to supporting blockchain companies incubated in the NBC in Malaysia,” Chia explained.

Sprawled across 11,000-square feet of space, the NBC is claimed by NEM to be the largest of its kind in the region that is fully operated by a blockchain technology organisation.

The NBC is supposed to enable organisations to explore how blockchain technology can help improve data transactions by enhancing speed and security at a lower cost than other technology platforms.

Blockchain is said to be gaining global traction in diverse industries including financial services, insurance, education, retail, telecommunication and logistics.

 The NEM Blockchain is already adopted in a number of industries and services in Asia and around the world.

This includes Appsolutely Inc, a rewards and loyalty programme company in the Philippines; Pundi X a point-of-sale terminal for cryptocurrency for the retail industry in Indonesia and Dragonfly Fintech Pte Ltd a mobile settlement solution from Singapore.

NEM claims to have expanded to nearly every continent in the world with teams in Australia, New Zealand, China, Europe, the United States, Middle East and many others.

This post is credited to DNA

Lucas Duplan, at the height of the Clinkle days. – Clinkle
  • Lucas Duplan, the founder of infamous failed startup Clinkle, is involved in a blockchain company.
  • According to a new report from Wired, the entrepreneur invested in and is linked to Universal Recognition Token.
  • His old startup, Clinkle, raised tens of millions from investors before totally imploding in what’s now considered a Silicon Valley cautionary tale.

Clinkle is a cautionary tale in Silicon Valley – a failed startup that raised tens of millions of dollars before crashing and burning spectacularly and publicly.

Now, its founder is reportedly planning a return to tech. According to a report from Wired’s Erin Griffith, Lucas Duplan is involved in a new cryptocurrency company.

The former CEO is apparently now building a venture capital investment fund, and has invested in a blockchain startup. It’s called Universal Recognition Token, and describes itself as a “blockchain-based corporate rewards marketplace where employees may auction their gifts, rewards and prizes to the general public.”

Duplan isn’t listed on the company’s website as part of the team, but according to anonymous sources who spoke to Wired, he has previously called himself the founder, CEO (a role now apparently filled by another exec), or CIO. However, he told Wired that while he’s “involved” with the company, he didn’t create it and “is not employed by the company and is not involved in day-to-day operations.”

Duplan did not respond to Business Insider’s request for comment. His LinkedIn profile makes no reference to the reported venture capital fund or Universal Recognition Token. Instead, he’s just listed as the founder of corporate perks system Treats, which is said to be a rebranded version of Clinkle.

During the heydey of Clinkle, it raised $30 million before ever launching a product. The idea was that it was a cutting-edge peer-to-peer payments system that would be easier to use than Venmo or apps like it. When it finally debuted in 2014, though, flashy marketing stunts like avending machine full of money didn’t sufficiently set it apart, and it almost went completely bust in 2015 before pivoting to its current form.

All the while, as Business Insider reported in 2014, the company was plagued by dysfunction, with employees and executives leaving en masse ahead of the product launch. It has since become synonymous with the worst excesses of tech industry hype and hubris – as exemplified by a notorious photo of Duplan holding up wads of cash.

This post is credited to BUSINESS INSIDER

This image is credited to Clinkle

Libra, a provider of financial reporting services for the crypto assets ecosystem, has closed a $15 million Series B funding round, bringing the company’s total funding to $24.8 million.

The funding bodes positively for financial institutions interested in expanding into cryptocurrency since Libra has been able to apply the type of reporting tools that such institutions use to the cryptocurrency sector. Libra specialize in transforming crypto transactional data into audit-ready information for financial institutions.

Libra Achieves A Benchmark

“Libra’s mission is to provide a system of record that allows institutions with crypto transactions to meet the reporting requirements of managers, investors, auditors and regulators,” Jake Benson, Libra founder and CEO, said in a prepared statement.

The investors’ commitment will allow Libra to expand its customer offerings, build its team and strengthen its customer base, Benson said.

The company will use its funding to support the development of its Libra Crypto Office platform, in addition to new products to be released later this year.

Libra’s service automates audit, accounting and tax processes for exchanges, trading operations, funds, fund administrators and enterprises.

Expansion Into New Markets

The capital infusion will support the company’s expansion into new markets such as custodians, miners and lenders, as well as supporting its chances for continued growth.

The new round was led by Libra’s previous lead investor, with continued participation from Liberty City Ventures.

Libra’s bitcoin tax accounting service, LibraTax, helps CPAs and businesses account for cryptocurrency transactions. In 2014, the IRS gave guidance that cryptocurrency is taxable as property rather than currency and is classified as a capital tax.

This post is credited to CCN

Featured image from Shutterstock.

The Securities and Exchange Commission (SEC) spoiled the upside gains we had made yesterday in the Bitcoin market. The regulator delayed its decision on the Bitcoin ETF proposed by the VanEck SolidX Bitcoin Trust. The Bitcoin price fell 11% soon after the news broke into the wire.

To ease our pain, we joked and called it a “Wait-a-SEC” moment.

Our analysis from yesterday had defined our upside targets only if the BTC/USD pair could attempt a bullish breakout. That didn’t happen. Instead, the panic sell confirmed that we should stay out of the market for a while. We first broke 7000-fiat, our psychological support, and then decided to put a short towards 6815-fiat, our interim support level. We did manage to squeeze out a decent profit; but overall, our long-term holdings took a shocker as the BTC/USD kept slipping. A falling knife, indeed.

So, where does it bring us? Let’s begin by discussing the analysis first.

BTCUSD Technical Analysis

The falling knife should exhibit a potential trend reversal before anything more can be said. We are now focusing on the ascending channel support depicted in purple that has stopped the downside momentum for a while. The BTC/USD anyway has fallen below its key moving average supports, including 50, 100 and 200H MA. The 100H MA, however, is still above the 200H one, giving us hopes of a potential bullish scenario.

The RSI and Stochastic indicators are now inside their respective oversold areas, indicating a potential bullish correction phase in near-term.

Overall, the BTC/USD market is high on bears.

BTCUSD Intraday Analysis

So the latest downtrend brings us to a new range, which means we should reevaluate our intraday positions without concerning with the trend the BTC/USD would follow. The new range we are watching today is defined by 6815-fiat as our new interim resistance and 6480-fiat as our new interim support. We will, meanwhile, will be looking at the descending channel as a potential breakout indicator.

To begin with, we are first following a wait-and-watch approach to validate an extended consolidation phase post the bear flag formation. We would anyway be waiting for the BTC/USD to break below the interim support at 6480-fiat, before putting in any position. Should it happen, we would enter a short position towards 6280-fiat, our primary downside target while placing out stop loss a four-pips above our entry point to define our risk.

A further break, and we’ll enter a similar position towards 6086-fiat.

Looking the other way around, our breakout positions will only be confirmed when BTC/USD breaks above the channel resistance. Should it happen, our strategy will be intrarange only. With that said, we’ll enter a long position towards 6815-fiat while putting our stop loss at two-pips below the entry point.

For long holders, Wait-a-SEC, please.

This post is credited to CCN

Featured image from Shutterstock. Charts from TradingView.

 

Chicago Blockchain Project (CBP) announced today that it will be hosting its first Voice of Blockchainconference on Aug. 24 and 25 at Chicago’s Navy Pier. The event will be held in partnership with Chicago-based tech co-working space 1871 and decentralized democratic governance protocol Democracy Earth.

“Voice of Blockchain is a two-day conference gathering industry influencers, leaders in blockchain, government and business and 5,000 attendees to shape the ongoing conversation on blockchain today,” according to a press release published by CBP on July 31.

CBP is an organization that focuses on developing Chicago as the premier global blockchain technology hub through education, marketing, software and community development. In line with its vision, the Voice of Blockchain event aims to serve as an educational forum for the future of blockchain technology, in addition to providing network and recruitment opportunities.

“The world is moving from competition to collaboration, and [CBP] aims to accelerate that change starting right here in Chicago,” Joe Hernandez, founder of CBP, said in a press release.

“We believe Chicago can be the go-to place for blockchain technology and expertise, and we couldn’t be more excited to support this event for our community and the tech industry at large,” Betsy Ziegler, CEO at 1871 and partner to the Voice of Blockchain event, said in a press release.

Speakers at the conference will include industry leaders, notable bloggers, popular podcasters, Youtubers and more from the tech space, including:

  • Jimmy Song, Venture Partner at Blockchain Capital LLC
  • Lisa Nestor, Head of Partnerships at Stellar
  • Rumi Morales, Partner at Outlier Ventures
  • Tone Vays, Crypto Scam Podcast
  • Tor Bair, Head of Growth at Enigma
  • Santiago Siri, Founder of Democracy Earth Foundation
  • Meredith Darden, Cryptocurrency Investing Channel
  • Joel Birch, Bitcoin Bravado
  • Joel Comm, Bad Crypto Podcast
  • Juan Hernandez, CEO of Open Finance

Speakers and presentations will delve into pivotal themes in the blockchain technology realm, such as innovation, fintech, #BUIDL, markets and blockchain for social good.

“By focusing on decentralized solutions to the world’s toughest problems, Voice of Blockchain puts Chicago in a leading role building the blockchain ecosystem,” Herb Stephens, President of the Democracy Earth Foundation, said in a press release.

“As one of the largest blockchain events in the country,” Hernandez said, “Voice of Blockchain is arming the Chicago community with the skills to compete in the economy of the future while establishing the city as the blockchain capital of the world — we’re creating a catalyst for impactful change.”

 

This post is credited to CCN

Bitcoin and other forms of crypto may be falling in price, but people are still taking their earnings and investing in cryptocurrency projects. The most recent one comes by way of Madison Holdings Group, a Hong Kong stock exchange-listed wine company. The venture has just purchased shares in BitOcean, a Japan-based cryptocurrency exchange.

BitOcean is one of Japan’s 16 fully licensed crypto trading platforms, having recently garnered full approval from Japan’s Financial Services Agency (FSA). Madison Lab – a subsidiary company of Madison Holdings – has acquired roughly 67 percent of BitOcean, spending about $30 million in the process.

Crypto Investments Remain as Popular as Ever

Madison’s chairman Raymond Ting Pang-wan explains that the maneuver was all part of the company’s attempts to diversify itself and build its investment portfolio:

“Our wine business is stable and profitable, but then it is small. It is hard to make wine trading into a very big business. That’s why we have to diversify into financial technology and the cryptocurrency business – to achieve a better return for our shareholders.”

Despite being home to two of the world’s largest cryptocurrency thefts – Mt. Gox and Coincheck – Japan is, and remains a powerful cryptocurrency hub. The country’s FSA pledged to become more involved in crypto-based operations following the Coincheck debacle in January 2018, an event that saw more than $500 million in cryptocurrency funds disappear overnight.

The FSA began issuing warnings to several cryptocurrency exchanges, claiming that they would now have to undergo a registration process to continue their operations and that they would be required to improve their safety protocols or face being shut down.

This regulatory framework and Japan’s ongoing pro-crypto attitude is why, according to Pang-wan, now was the best time to obtain a stake in the crypto arena:

“Japan represents about 20 percent of bitcoin trading worldwide. Japan and the United States are the only two markets that have a licensing system for such trading platforms. We wanted to invest in a platform that was under proper regulation.”

Crypto Investments Everywhere

In a related story, HDR Global Trading – which owns the BitMEX Exchange in Hong Kong – is now looking into purchasing a 51 percent stake in Madison Labs. The deal has not taken part at press time, though it’s estimated the purchase will cost roughly $17 million.

Unlike Japan and the U.S., Hong Kong has yet to enforce an official licensing structure for cryptocurrency-related businesses, though it’s now working on a temporary system that would slowly begin to introduce regulatory tactics.

Will a deal like this cause competing companies to invest in crypto? Post your comments below.

This post is credited to livebitcoinnews