Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, NEM, NEO, EOS: Price Analysis, Jan. 31

EOS and NEO have joined the club.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

With the news from South Korea confirming government’s positive stance on cryptocurrencies trading, the market still remains volatile.

If it doesn’t recover within the next few days, negative news might prompt the bulls selling, that will lead to long liquidation.

However, if the bulls succeed in defending the critical support levels, we might see a sharp pullback and the money sitting on the sidelines will rush into the markets, providing a further boost to the upside.

We believe that we should see a strong move up or down within the next 3-5 days. Let’s see how we can capitalize on this.   

BTC/USD

Bitcoin price went down yesterday, January 30, resulting in a sharp decline. Currently, it is finding support just below the critical level of $9,920.02.  

Yesterday, January 30, was the first close below the December 22 lows of $10,704.99. This shows that the sellers are gaining an upper hand at lower levels.

If the bears build on their advantage and break below the $9,300 levels, we should see a slump to $8,000. If the BTC/USD pair makes a new low, we shall not buy.

However, if the bulls regroup themselves and buy aggressively, pushing prices above the downtrend line, it will signal a likely reversal. That’s why we suggest buying on a close above $12,200 with an initial stop loss of $9,600. We expect the bounce to face strong resistance at $14,000 levels.

Though this trade doesn’t offer a good risk to reward ratio, we suggest taking it because the goal to buy as close to the bottom as possible. We should close the position quickly if it doesn’t gain momentum above $12,200.

As the chances of a whipsaw are high, please keep the allocation size at 50 percent of normal.

ETH/USD

Ethereum continues to be strong as it is still trading above the uptrend line and above both moving averages. We are holding 50 percent of our original purchase done at $1,000 levels with the stops at breakeven.

We remain bullish on the ETH/USD pair because it continues to form a higher low on the charts. This shows that the bulls are eager to buy on dips, so they don’t let prices fall.

But the up move is facing profit booking at higher levels. As a result, the 20-day EMA has turned flat, which points to a consolidation in the short-term. The 50-day SMA continues to rise indicating the uptrend continuation.

Our bullish view will be invalidated if the cryptocurrency plunges below the uptrend line and the 50-day SMA.  

BCH/USD

Bitcoin Cash is down around 64 percent from its peak of $4,139.0893, that was reached on December 20, 2017.

$1,364.9657 is an important support level on the downside. If the BCH/USD pair breaks below this, we anticipate a fall to $1,150 levels, which is the next major support.

If this level holds, the bulls will attempt to break out of the 20-day EMA and the downtrend line. In case they succeed, we can expect the cryptocurrency to remain range-bound between $1,364.9657 and $2,072.6853.

XRP/USD

Ripple continues to be under pressure. It is unable to settle at any support level. Currently, it is taking support at the psychological level of $1.

If this level breaks down, we can expect a slide to the lower end of the range at $0.87. If we find strong buying emerge at this support level, we may consider initiating long positions.

Until then, we don’t find any buy setups on the XRP/USD pair, so we don’t recommend any trade on it.       

XLM/USD

Stellar has broken down of the trendline immediate support and the price is quoting below the 20-day EMA.

Its next support is at the 50-day SMA and below it at the $0.41 levels.

On the upside, the XLM/USD pair is likely to face resistance at the trendline and the recent swing high at $0.634 levels.

Initiating long positions only above $0.65 levels might be a good move in this case.

LTC/USD

Litecoin broke below the critical support of $175, which completes the bearish descending triangle pattern. The bears are likely to push the price down to $140.001 and after that to $85 levels.

On the other hand, the bulls will try to quickly reclaim the $175 levels. The LTC/USD pair will turn positive only after it crosses the downtrend line. It might be a good idea to wait for the trend to change before suggesting any trade.

XEM/USD

NEM has turned down after failing to break out of the moving averages. It is currently trying to hold the support at the downtrend line 1. If this support breaks, we might see a fall to the $0.60.

The XEM/USD pair will show signs of bottoming out once it breaks out of the downtrend line 2 and sustains above $1.1.

It seems reasonable to wait for a reliable buy setup to form before initiating any long positions on it.

NEO/USD

NEO has been in a strong uptrend since December 2017. During the recent correction, it has not given up much ground, which makes it a relative outperformer. It is quoting above both the 20-day EMA and the 50-day SMA, which is a bullish sign.

It has formed a symmetrical triangle, which is a continuation pattern. A breakout of this pattern might resume the uptrend and carry the NEO/USD pair to the highs and then towards its target objective of $275.

This way long positions can be initiated at $170 and the stop loss can be kept at $130.

Our bullish view will be invalidated if the cryptocurrency breaks down of the triangle, which can push it down towards the support zone of $85 to $100.

EOS/USD

EOS is in an uptrend from November 2017. The price has bounced off the trendline on four occasions. Currently, the price has again declined to the trendline.

The 50-day SMA is also placed at the same level, and we expect the bulls to defend $10.5 levels.

However, any pullback from the trendline will face resistance at the $14 levels. We expect a few more days of consolidation before a breakout. Long positions might be initiated if the EOS/USD pair holds the trendline for the next couple of days.

In case the cryptocurrency breaks below the trendline, our bullish view will be invalidated.

The market data is provided by the HitBTC exchange; the charts for the analysis are provided by TradingView.

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The Tax Man is Finally Catching Up On the Crypto Market

Just like regulators are starting to take action, the tax man is catching up to the crypto world.

When Bitcoin was still deeply buried underground in the world of unknown technology and the dark web, it was hardly seen as a threat, or even legitimate by those in power. However, it soon proved many in the mainstream wrong as it’s popularity and price skyrocketed.

Both of these factors have caused regulators and governmental institutions to sit up and take notice. But more than that, they have been forced to take action in response. Regulators are indeed catching up to Bitcoin, as more and more hard-nosed approaches begin to make the news. It now looks as if the taxation authorities of some countries are also starting to get to grips with this fast moving, and mostly anonymous, monetary system/growing asset.

Just like death and taxes

It is hardly confusing as to why the tax man would want to come knocking on the Bitcoin community’s door. The power of this digital currency, along with others, has handed huge amounts of growth and prosperity to investors, prosperity that has up til now, been largely kept off the grid.

The amount of money, growth, and returns on investment mean that there is room for governments to stake their claim, but their methods in doing so are far more difficult in the grey area of crypto earnings. In normal circumstances, banks and other centralised financial institutions are obliged to disclose finances to taxation authorities. However, the same cannot be said for Bitcoin. There is currently no obligation on exchanges to disclose user information. In fact, it is unconstitutional in most settings, as the USA’s Internal Revenue Service (IRS) found out when they requested data and were turned down by the courts.

Additionally, Blockchain offers a transparent window into wallet addresses and transactions, but with anonymous IDs, these are no good to anyone trying to track down the owners of funds and their respective growth. This is also why there is a widely held fear of money laundering in the Bitcoin world.

How do they do it — from US to Australia

Given the difficulty in pegging down Bitcoin assets, different nations are trying different methods to try and claim tax from profits made by Bitcoin investors. The IRS, for example, has tried asking people nicely to declare their tax, and only 802 listened. The reset merely scoffed and remained in the shadows.

In Australia, the government has deemed that cryptocurrencies are “a form of property”, and therefore: "Any financial gains made from the selling of Bitcoin will generally be subject to capital gains tax (CGT) and must be reported to the Australian Tax Office," a spokesperson from the tax office said.

While this is still a grey area, there has been a warning issued. The Australian Tax Office has warned it will be looking out for tell-tale signs of crypto tax dodgers living beyond their means:

"The Australian Tax Office is here to help those that are genuinely trying to meet their tax obligations. However, where people attempt to deliberately avoid these obligations, we will take strong action."

This includes using "a range of existing powers" which are used to address "unexplained wealth and conspicuous consumption that may arise through profits derived from cryptocurrency investment".

The South African Revenue Services (SARS) said in December last year that it would be exploring ways in which to track cryptocurrency trades in the hopes of addressing tax avoidance. In the meantime, it is looking to provide its own guidance for citizens on the tax treatment of cryptocurrencies, its first foray into controlling the gains made. As Asheer Jaywant Ram, senior lecturer in the School of Accountancy at the University of the Witwatersrand, puts it:

“I think there is enough interest and enough scope for SARS to be looking into this space, but now the question becomes, are they really going to accept taxpayers declaring their gains as capital gains tax or are they going to just say it is all revenue in nature?”

Income or capital?

This is a key question that a lot of nations will have to put to the sword as, should it be taxed as income, as opposed to capital, it will be at a higher rate. Proving that it was indeed a long-term investment, and thus subject to gains tax, is far more difficult in the fast moving ecosystem that is Bitcoin. Ram adds:

“Those sorts of debates on the nature of Bitcoin – I think those are coming – and I think it would be very interesting to actually see the outcome of those debates”

It is the very nature of cryptocurrencies that as they emerge more in the mainstream, they will be subjected to more scrutiny and regulations. While Blockchain and cryptocurrencies are a disruptive force, scaring longstanding institutions such as banks, it is doubtful that they will be able to avoid tax forever. It would be more pertinent for a resolution to be met between tax authorities and crypto investors, lest there be bigger issues down the line.

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Formerly Top Cryptocurrency Exchange Huobi To Open Office In US

Cryptocurrency exchange Huobi, formerly based in China, is about to open an office in the Silicon Valley, US.

Huobi, one of the largest cryptocurrency exchanges that was originally founded in China, has revealed its plans to open an office in San Francisco. The announcement took place during the Blockchain Connect conference Friday, Jan. 26.

Blockchain Connect, an event that focused on the cooperation between the US’ and China’s cryptocurrency markets, took place on Friday, Jan. 26 in San Francisco.

The Huobi exchange was one of the presenters at the conference, during which they have announced their intention to start doing business in the United States. The company’s new office is already under construction in the Silicon Valley.

“The U.S. will be our focus right now,” said Huobi’s Chief Strategy Officer Cai Kailong.

Founded in 2013, Huobi Group provides exchange services in Singapore, Hong Kong, South Korea, Japan and other countries. The company was forced to leave China, its original jurisdiction, after local regulators demanded all cryptocurrency exchanges to close in September 2017.

In December 2017, Huobi announced a partnership with Japan’s financial conglomerate SBI Group in order to help the latter launch its own cryptocurrency exchange.

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Kodak Postpones KodakCoin ICO, Future Is Blurred

The post Kodak Postpones KodakCoin ICO, Future Is Blurred appeared first on CCN

The much-hyped $20 million KodakCoin ICO was supposed to debut on Jan. 31.  Instead, the iconic brand announced the night before launch they needed at least several more weeks to get to know their customers better, as they enter the “accredited investor verification phase,” leaving the 40,000-plus potential buyers who want dibs on Kodak’s “photo-centric cryptocurrency” waiting. Skittish

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NEM Foundation: Stolen Coincheck Funds Not Sent to Exchanges

The 58 billion yen worth of XEM tokens are on the move, according to the NEM Foundation, but no attempt to sell them on exchanges has been made.

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Taipei Partners With IOTA To Become A Blockchain-Powered Smart City

Taipei hopes to become a ‘leading’ smart city with the help of IOTA’s Tangle technology.

Taipei, Taiwan is seeking to become a smart city by utilizing the power of Distributed Ledger Technology (DLT), or Blockchain. The city has chosen to partner with IOTA, the inventors of the so-called Tangle technology for the Internet of Things (IoT), to provide a number of new technology features for residents.

Wei-bin Lee, Commissioner of the Department of Information Technology in Taipei City Government, suggested in an official press release that the ‘unique technology’ offered by IOTA will usher in a ‘new era of smart cities for the citizens of Taipei’.

The first project on the docket is the creation of citizen ID cards built on the Tangle technology. Called ‘TangleID’ cards, the creation is designed to eliminate risks of identity theft and voter fraud, while at the same time providing a simple means for tracking health history and other data for government-related services.

The company is already working on a side project for the city to create a palm-sized card with sensors that would detect light, temperature, humidity and pollution. The design is intended to give the citizens of Taipei up-to-date information about pollution levels in real time.

IOTA Foundation co-founder David Sønstebø sees the adoption as a massive step forward, noting that ‘the technology is ready for real-world use cases and is more than just a theory’.

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“Crypto Nation”: Switzerland Embraces Cryptocurrencies as an ICO Haven

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The Swiss are bucking an otherwise resistant trend among the world’s regulators toward cryptocurrencies. Instead, Switzerland is embracing the culture of cryptocurrencies, as evidenced by a leadership role for the domiciling of upcoming ICOs, as reported in the FT. As home to Crypto Valley, the Swiss version of Silicon Valley located in the canton of Zug and filled

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SEC, CFTC Chiefs Set for Senate Crypto Hearing Next Week

The heads of the SEC and the SEC are set to testify on cryptocurrencies before Congress next week.

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Ranging Reactions to Facebook Cryptocurrency Ad Ban

Facebook has banned cryptocurrency adverts - prompting ranging reactions on social media.

Facebook users will no longer be bombarded by cryptocurrency, initial coin offering and Bitcoin adverts on the social media platform.

The company has instituted an all-out ban on cryptocurrency, ICO or Bitcoin adverts - citing “financial products and services frequently associated with misleading or deceptive promotional practices."

Unfortunately, legitimate financial service providers will also be painted with the same brush- which effectively rules out any advertising of cryptocurrencies or related products on Facebook.

Adverts failing to comply will be banned from Facebook, and its partner platform Instagram as well as its advertising platform Audience Network.

Facebook’s advertising tech director Rob Leathern said the ban was ‘intentionally broad’ in an effort to weed out ‘deceptive and misleading’ advertising.

Social media reacts

As per usual, a gander at social media timelines provides some interesting reading- with varying opinions on the latest development in the cryptocurrency space.

Facebook’s advertising move was met with varying degrees of skepticism on Twitter.

Twitter user Armin van Bitcoin took a subtle dig at Facebook founder Mark Zuckerberg, who recently made positive comments about Blockchain technology:

Three weeks ago: "I'm interested in learning more about decentralization and how to put the power back into people's hands."

Today: "Facebook bans ads promoting #bitcoin."#hypocrite #greed https://t.co/mGRi5kJbRx

— Armin van Bitcoin ⚡ (@ArminVanBitcoin) January 30, 2018

Another user simply used the hashtag #decentralized as he questioned why Facebook has made the move:

#decentralized

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Russia’s Largest State Bank To Open Cryptocurrency Exchange In Europe

Sberbank, the largest state-owned bank in Russia, is planning to launch institutional cryptocurrency trading in its Swiss branch.

Sberbank, the largest state bank of Russia, is planning to launch a cryptocurrency exchange in its Swiss branch, Sberbank Switzerland AG, local media group RBC reported on Tuesday Jan. 30.

The bank’s Head of Global Markets Andrey Shemetov told RBC that the Russian bank chose Switzerland for the exchange location because Russian authorities do not currently allow cryptocurrency operations, while cryptocurrency exchange is legal in Switzerland.

“We wish to serve our customers’ interests, that’s why we think that we need to have strategic access to all kinds of products and services,” Shemetov claimed.

As RBC reports, Sberbank is currently developing their trading infrastructure, but Shemetov did not specify when the exchange is expected to be launched.

Sberbank does not plan to provide cryptocurrency exchange to retail investors, but is looking to operate on the institutional level.  “Cryptocurrency exchange operations will be available for legal entities only,” Shemetov stated, adding that cryptocurrency investments are high risk due to market volatility.

Earlier this month, the head of Sberbank, Herman Gref, declared that cryptocurrency should not be banned “under any circumstances”, calling both cryptocurrencies and Blockchain

“new huge technologies whose power cannot be realized at the moment.”

On Jan. 25, Russian authorities presented the Digital Assets Regulation Bill, which defines and establishes a regulatory system for cryptocurrencies, ICOs, mining and trading.

According to the latest update of the bill, the Ministry of Finance is aiming to legally adopt cryptocurrency trading, since it would reduce the risks of fraud and increase the government’s tax revenue, due to the potential for fiscal transparency.

According to local crypto news site Forklog, the final version of the bill will be officially released no later than July 1, 2018, which means the current version could still be altered before the law goes into effect.

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Goldman Sachs Isn’t Launching a Bitcoin Trading Desk (Because It Already Owns One)

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Recently, Goldman Sachs chief executive Lloyd Blankfein shot down longstanding rumors that the investment bank was launching a cryptocurrency trading desk. Now, we know the reason why: the bank already owns one. Goldman Sachs ‘Not’ Launching Bitcoin Trading Desk As early as October last year, there were rumors that Goldman Sachs was considering opening the

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UK’s Royal Mint Launches Gold-Backed Cryptocurrency

The UK’s Royal Mint has launched its own gold-backed cryptocurrency, Royal Mint Gold (RMG) — one coin is equal to one gram of gold.

The UK’s Royal Mint, the institution responsible for producing all the physical money the country has for circulation, has announced the launch of its own gold-backed cryptocurrency.

The Blockchain-based coin, called Royal Mint Gold (RMG), is a digital representation of gold stored in The Royal Mint vault.

The Royal Mint Bullion, the Royal Mint company that sells physical gold, is the first company to allow customers to hold gold-backed assets on Blockchain, Tom Coghill, RMG’s Commercial Lead, stated in an interview with Express.co.uk. Coghill also mentioned that one RMG coin is equal to one gram of gold, adding that “it’s real gold you’re holding when you’re holding our RMG.”

A recent report published by the World Gold Council (WGC) compared Bitcoin and gold, declaring that though Bitcoin saw a higher growth in value in 2017, gold would remain an important store-of-value investment.

Coghill claimed that Bitcoin investments are more uncertain than investments in gold:

“Gold has probably had an argument that it’s been a store of value for 6,000 years, bitcoin’s a bit younger and the future of bitcoin is uncertain.”

The RMG project was first unveiled by the Royal Mint in December 2016.

The UK is not the only country to create a precious metals-backed cryptocurrency. Last week local sources in Australia reported that the country’s largest precious metal refinery, Perth Mint, was set to develop its own cryptocurrency backed by physical precious metals.

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South Korea Customs Service Reports $600 Mln Of Illegal Crypto Trades

The South Korea Customs Service reported more than $600 mln of illegal trading in cryptocurrencies, promises to investigate in the future.

The Korea Customs Service (KCS) published a press release on Jan. 31 on the status of illegal foreign currency exchanges using digital currency, which reportedly totals 637.5 bln won (about $600 mln).

The report gave examples of the largest cases when digital currency was illegally exchanged, citing 416.9 bln won ($391,886,000) illegally exchanged and 21.5 bln ($20,113,250) remitted due to insufficient funds between Australia and South Korea.

Another example involves Japan, where reportedly 53.7 bln won ($50,478,000) was illegally remitted from Japan to South Korea.

The KCS report ended:

“In the future, the KCS will investigate illegal foreign exchange transactions and money laundering charges against foreign exchange operators or virtual currency buying agents [...] it will continue systematic and continuous crackdowns such as [on] [...] the act of portraying tariffs or using virtual currencies as trading funds for smuggled tobacco, drugs and other illegal goods.”

South Korean crypto markets have seen turmoil this past month after stricter regulations on crypto trading were introduced, including prohibiting the opening and use of anonymous trading accounts, a law which took effect Jan. 30, and a false report of a country-wide crypto ban. CT reported earlier today that the South Korean finance minister has reaffirmed that there will be no ban on crypto in the country.

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Goldman Sachs Is Not Starting A Crypto Trading Desk, But They Did Invest In One

Goldman Sachs’ CEO Leo Blankfein says Sachs will not be opening a crypto trading desk, even though the bank invested in crypto trading desk Circle in 2015.

Leo Blankfein, CEO of Goldman Sachs, refuted the Bloomberg report that Goldman Sachs will be opening a crypto trading desk in an interview with CNBC, although the New York bank has owned a stake in a crypto trading desk since 2015.

In 2015, Goldman Sachs’ principal investment strategy group, which invests specifically in technology companies, participated in a $50 mln funding round with Bitcoin-startup Circle Internet Financial.

The deal closed on April 29, 2015, when Bitcoin (BTC) was trading at around $225.59, according to CoinMarketCap. By press time, BTC was trading around $10,040, about a 4400 percent increase from when Goldman Sachs invested in the Bitcoin-startup.

Circle is made up of Circle Pay, which is a fiat money sending services with a social messaging component, but also Circle Trade, which is a liquidity provider of cryptocurrencies. The company plans to open Circle Invest in 2018, a product designed for retail customers to more easily invest in crypto markets.

Goldman Sachs only recently released a report that referred to digital currencies as real money, in reference specifically to its use in developing economies. Previously, in November 2017, Blankfein had said that while he believes that Bitcoin will probably not work out in the long term, he’s open to the idea of BTC trading if it ever becomes more established as a currency.

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Tezos Foundation President Vows to “Step Back,” Then Back Pedals

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It’s perhaps what one might expect from the infamous ICO that was Tezos. Tezos is one of those blockchain startups that gripped the crypto community, first for its ability to raise $230 million in an ICO and then for how quickly they let it all slip away. Now Johann Gevers, the head of the startup’s Swiss

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KodakCoin Token Sale Delayed By 'Several Weeks'

Photo company Kodak announced it was delaying its token sale by "several weeks" on Wednesday, the day it was originally supposed to launch.

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Square Adds Bitcoin Buying for More Cash App Users

Digital payments company Square has rolled bitcoin payments out to most of its Cash App users.

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Bitcoin Tax Payments Bill Advances in Arizona

Lawmakers in Arizona have advanced a proposal that would allow residents in the state to pay their taxes in bitcoin.

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Proxy Card Launches Proxy Wallet in Partnership with eBitcoin Foundation

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This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. As cryptocurrencies march towards the mainstream, financial services must evolve without jeopardizing cybersecurity. A result of a strategic partnership between Proxy Card and eBitcoin Foundation, Proxy Wallet has developed a secure,

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Big Investors Coming: A New Decentralized Exchange Makes Plans to Lure Them All

sponsored

A projects bets on innovative hybrid protocol mixing Blockchain and proprietary centralized platform.

The Legolas project, founded in France in 2017, is going to launch an innovative cryptocurrency and fiat exchange in Q3 2018. Despite its relatively recent emersion on the Blockchain startups map, the Legolas Exchange has definitely made a splash, having raised over 1,500 BTC (about $15 mln) during its private sale that was closed at the beginning of 2018. Previously, in November 2017, the project team announced a partnership with the Makor Group, an international brokerage firm specialized in cash equities, fixed income, derivatives and FX.

Forecasting a huge catch

Together, Legolas Exchange and the Makor Group plan to build the first regulated and secure cryptocurrency exchange corresponding to the needs of institutional investors.

Over the last 10 years, institutional money managers have been steadily increasing their holdings in alternative investments in order to diversify their portfolios and increase expected risk-adjusted long-term returns. According to PriceWaterhouseCooper, by 2020 global assets in alternative investments will grow to $18.1 tln, from $10 tln today.

Frederic Montagnon, CEO Legolas Exchange, explains: "Institutional investors want to build crypto portfolios, but they struggle with unregulated exchanges and are uncomfortable with the complexity of holding tokens and rampant price manipulation." According to Montagnon, Legolas Exchange will implement its decentralized order book and matching protocol in order to provide full transparency regarding the price of transactions and prevent price manipulation.

Through this Legolas-Makor partnership, clients will have access to both a fiat currency account as well as a multi-signature cryptocurrency account managed by Legolas Exchange. Both companies obviously make a strategic partnership.

The Makor group, established in 2011, provides its clients with access to 24-hour global trading and specialized in risk arbitrage, special situations, relative value and event-driven opportunities for clients. So, the cryptocurrency trading will just become the cherry on this cake, based on risk investments profile.

What is Hybrid Protocol about?

Today Legolas is working on a premium hybrid exchange that incorporates a decentralized ledger within its proprietary centralized platform. It’s expected that Legolas Exchange will bring large-scale crypto trading to a level of quality and transparency that has never been seen yet.

“The protocol itself is a semi-decentralized order matching protocol. Incoming orders and transactions are encrypted, timestamped and stored in a Blockchain, while order matching is made off-chain,” says Hugo Renaudin, Legolas’ Chief Product Officer, in his blog on Medium. According to Renaudin, the decentralization of orders and transactions information allows for transparent price formation, transaction auditability and zero front-running. Centralization of order pooling and order matching leads to efficiency and scalability, bypassing current Blockchain limitations.

Legolas is to launch its public sale tom on Feb. 1 at 12 p.m. GMT, with a cap of 2,000 BTC. Development of the exchange is progressing on track. “We plan to have a beta version at the end of Q1 2018 on which we’ll have large institutions at first. We will gradually open the platform to more users as we go and release newer versions of the exchange. Of course, we will prioritize users who participated in our token sale,” according to the website.

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Samsung ASIC Chips - Positive News for Miners

Samsung’s foray into ASIC chip manufacturing is good news for the global mining community.

Technology giants Samsung are said to be entering the cryptocurrency world in a move that has positive ramifications for miners at large.

As reported earlier this week in Korean news outlet The Bell, the South Korean conglomerate will produce Application-Specific Integrated Circuits (ASIC) processing chips in its own foundry in a deal with Taiwanese manufacturer TSMC. Ironically, TSMC provides the ASIC chips used in Bitmain’s Antminers, but it’s new partnership with Samsung could well provide the first real competitor to Bitmain’s chip manufacturing ventures.

Bitmain’s stranglehold

Chinese mining giant Bitmain has long had a monopoly on the mining community. Having developed ASIC chips, Bitmain quickly turned the Bitcoin mining game on its head.

ASIC miners, which are highly efficient at solving the SHA256 algorithm used to confirm transactions on the Bitcoin blockchain, outperform traditional GPUs - which muscled hobby miners and their existing graphics cards out of the market.

With its own mining farms powered by its in-house, signature ASIC Antminers, Bitmain has become somewhat of a black sheep in the mining community due to its 29% global hashing power dominance through its Antpool and BTC.com mining pools.

The big dogs enter mining

Samsung’s foray into the cryptocurrency mining space has a number of ramifications for the mining community. It signals the arrival of a mainstream, global electronics conglomerate to the cryptocurrency space. Samsung has established itself as one of the top global producers of high quality electronics, and its looking likely that its ASIC chips will be highly efficient and powerful.

A number of mainstream tech firms may consider following suit - given the massive demand for ASIC mining units worldwide. One only needs to look at the demand for Bitmain’s flagship S9 Antminers. Recent batches launched on its website have sold out within minutes - highlighting the voracious appetite for quality ASIC miners.

A household name like Samsung further legitimises cryptocurrency mining as a viable business venture.  While it will almost certainly be a revenue booster for Samsung, the company shied away from making any financial predictions on its new venture. The true tester will be the mining community’s feedback once the new chips are launched.

Reports suggest that mass production of the chips began in January 2018, while Samsung are said to developing GPU mining chips which will be focused on altcoin mining algorithms. This could be a boon for Ethereum miners in particular, however further announcements will be needed to provide clarity there.

Samsung are said to be producing chips for the Chinese market first and foremost so it’s not clear when the rest of the world will have access to Samsung-powered ASIC miners.

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Portfolio Chiefs Quit World’s Largest Asset Manager to Launch Cryptocurrency Hedge Fund

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Two senior portfolio managers have tendered their resignations at BlackRock ahead of launching a cryptocurrency hedge fund. Michael Wong, a senior portfolio manager who led BlackRock’s fixed income asset allocation division, and fellow fixed income specialist Adam Grimsley left the world’s largest asset manager to found Prime Factor Capital. The duo will be joined at

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(+) ICO Analysis: Ethearnal

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Lisk Price Spikes 65% on BitFlyer Listing

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The Lisk price surged more than 65 percent following its listing on Japan-based cryptocurrency exchange bitFlyer. Lisk Price Makes 65 Percent Advance Wednesday has been brutal for the cryptocurrency markets. The Bitcoin price dropped below the $10,000 barrier, while the cryptocurrency market cap entered sub-$500 million territory for the first time since Jan. 17. One

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Media’s Role in Blockchain and Crypto, Interview With TechCrunch’s Mike Butcher

Cointelegraph caught up with the experienced Tech Journalist, Editor-at-Large at TechCrunch Mike Butcher to talk about the World Economic Forum in Davos, media coverage of crypto, and highlights on Blockchain development.

Cointelegraph had a chance to work together with different incredible media at the World Economic Forum in Davos. We were exchanging ideas, feedbacking on events, chasing speakers together to get an interview. But with one colleague we just couldn’t help making an interview ourselves- Mike Butcher is the one who set a trend of quality for tech journalism, the one who made first steps of media covering the development of Blockchain and crypto, the editor-at-large at TechCrunch.

We discussed with Mike the media’s role in the digital economy and media driven market volatility,
the modern reporter’s responsibility to the market and their readers, as well as his work in reporting on Telegram's TON ICO and crypto going mainstream.

CT: Thank you very much for joining us. So we are here in Davos and the first subject that is discussed is the digital economy. Blockchain is the word that is heard everywhere. How do you feel the media are handling now all that is related to Blockchain and crypto?

Mike Butcher: It’s interesting because the mainstream media are very much trying to play catch-up in these subjects. Most of the journalists even in tech aren’t necessarily in up to the speed on it as well, because the industry of Blockchain and cryptocurrency has only really become a big issue in the last year. Prior to that, it was considered an interesting technology, but people weren’t quite interested in it as they are now.

So the mainstream media is playing catch-up and you see a lot of simple mistakes made about mixing up the differences between tokens and coins. It’s a tricky one. I think we will get there, but it’s certainly a fascinating time.

CT: How would you evaluate the influence of media towards the market volatility now in fintech?

MB: I think that there’s a bit of a problem because that needs to be much more robust journalism about this space. A lot of it is certainly press-releasing. I think we need to do a better job. It would be good if everyone could do that a little bit more like independent journalism would be better.

CT: What for you is  news that is worth being published? I mean that now companies are using Blockchain in their names or launching ICOs and think this is newsworthy. What is for you the thing that catches your attention?

MB: The thing about TechCrunch is that we are fundamentally interested in the actual underlying technologies of all this new world, so we don’t really go in for writing about ICOs and things like that. We prefer to talk about the underlying technology, the actual applications, what it’s going to disrupt, those kind of things. Sure, it’s fine to mention the fact they might be doing an ICO, but that’s not what really for me what should lead the news. And also I think some ICOs that are interesting, many are not. It’s the fundamental technology that counts.

CT: You are one of the first that caught the launching of TON ICO, Telegram ICO, so how would you evaluate the project?  What actually attracted your attention?

MB: I wasn’t just one of the first. TechCrunch and my story I did with Josh Constine was the first deep dive into what the Telegram ICO will consist of, how it will operate in the economy in its own right. What that means: generally, for the long-term survival ability of Telegram itself and there are enormous implications as well of how it’s going to affect other existing social networks like Facebook, for instance, which of course is hugely valuable now at this point.

So what interests us is that it appeared to be that they are going to move towards having their own currency similarly to the way people are using WeChat in China to swap value with each other and to pay for goods and services. I think it’s fascinating because Telegram’s ICO and therefore the TON currency that is going to come with, it means basically that this will be the first ever mainstream consumer application with a currency attached to it, which nobody has ever done before. It’s really a big deal, so for obvious reasons, that’s a big news story for TechCrunch.

CT: What about the other highlights of the year of 2017? What caught up your attention the most? What influenced and inspired you in Fintech and news about it?

MB: I think it was fascinating to see the roll-up rise of challenger banks, like Revolut or Starling in Europe. So challenger banks suddenly starting, I think, that’s going to give consumers a taste for brand new banking systems and banking brands. And then once they have a taste for that, they might also be interested in what’s going on in the crypto world. It’s fascinating to see the rise of Coinbase as really the first really common major consumer application in this area. Who knows what 2018 will bring? I think many interesting things in this space.

CT: What are your expectations?

MB: I have no expectations. I just have to write the raging bullets for a while. I think a lot of people are about a market correction. I think that probably will happen in the real-world economy, as well as in the crypto world. Actually, funny enough, with those market corrections, you actually get a lot more innovation, so the cycle continues.

CT:  What about the public attitude towards crypto and Blockchain? How did it evolve during that time that you were working for the tech-related media and what do you think will come in the following years?

MB: I think that 2017 was when we saw crypto become a mainstream discussion. When you have taxi drivers talking to you about Bitcoin – that’s when you know it’s pretty mainstream, so that’s a big deal. For various reasons that is not necessarily a fabulous thing because it does mean it’s very bubble-ish. It’s a very bubble market at the moment. But I think the fundamental underlying technology of what Blockchain technology is all about is not going away. It is here to stay. It’s the authentication layer for the Internet that the Internet always needed and from here the sky is the limit.

CT: What about Davos and the crypto community here? Is it different from other crypto communities at different events that you’ve met? Do you think that the level of discussion is different here or the views towards Blockchain and crypto?

MB: I think there’s a lot of hype. Remember that most of the people attending Davos are really in the finance community and asset management. Now that means anyway they are actually quite naturally predisposed to understanding the concepts around cryptographic assets. But in terms of technology, they are often still behind, so you go to see people at dinner and they talk about Blockchain, but they don’t really know what they are talking about. It’s really fascinating to watch. It’s not as geeky, shall we say, as some of the events I’ve been to, to cover the space, but it’s also very interesting and it’s worthwhile, I think. But as somebody said to me the other day, “Why are we doing crypto in Davos when we should actually just be doing our own version of Davos for the crypto community?” And that’s probably what will happen.

CT: Great! Well, enjoy your time in Davos and thank you very much.

MB: My pleasure. Thanks!

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Italy's Economy Minister Blasts Crypto Market Bad Behavior

Italian Economy Minister Pier Carlo Padoan warned on Wednesday that cryptocurrencies are dangerous, but that blockchain technology is not to blame.

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Venezuela's President Announces 'Petro' Token Pre-Sale

The president of Venezuela has said the pre-sale of the country's proposed oil-backed cryptocurrency will launch next month.

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South Korea Ends Anonymous Cryptocurrency Trading, Exchanges to Finally Add New Users

As of Jan. 30, South Korean cryptocurrency traders will no longer be able to trade cryptocurrencies like Bitcoin and Ethereum anonymously.

As of Jan. 30, South Korean cryptocurrency traders will no longer be able to trade cryptocurrencies like Bitcoin and Ethereum anonymously.

Last week, major cryptocurrency exchanges in the local market including Korbit and Bithumb announced that starting Jan. 30, anonymous traders will be prohibited from investing in the market. Beginning today, investors are required to undergo a rigorous verification process to invest in the market.

The Korbit team said in a statement obtained by Cointelegraph:

“Non-Korean nationals, both resident and non-resident, will not be allowed to deposit KRW at any domestic cryptocurrency exchanges when the new KRW deposit method is implemented. In order to comply with the identification and anti-money laundering regulations being enforced by the government, the current KRW deposit method will be terminated by the end of January 2018.”

Kookmin Bank, the country’s largest bank, has also stopped providing virtual bank accounts to cryptocurrency exchanges. In South Korea, trading platforms provide each trader with a virtual bank account with which traders can use to withdraw and deposit Korean won without using actual bank accounts. From the virtual bank account, traders can then withdraw to their real bank accounts.

Instead, Shinhan Bank, South Korea’s second-biggest bank, along with five more financial service providers have started to support cryptocurrency businesses and investors. Existing traders are required by local exchanges to use bank accounts from Shinhan Bank and other banks in the country that support cryptocurrency investment.

In early December of last year, South Korea’s Justice Minister Park Sang-ki was heavily criticized for his premature statement on a non-existent cryptocurrency trading ban bill. Evidently, since then, the South Korean government has worked towards regulating the market, ensuring that investors are protected and businesses are compliant with regulations.

It is optimistic that the South Korean government has taken the approach of regulating the market rather than banning cryptocurrency trading, as minister Park suggested in December. But, experts fear that the South Korean government is imposing excessive regulations onto the local market that may hinder developments within the cryptocurrency sector.

Earlier this month, Yoon Seok-Hyun, a professor at South Korea’s most prestigious university in Seoul National University, stated that the government is rushing the implementation of strict regulations that could negatively affect businesses and investors in the sector. Yoo noted:

“The false and premature cryptocurrency trading ban proposal introduced by the country’s Justice Minister was rushed and unnecessary. The government must prepare for public Blockchains to be used as innovative platforms after excessive speculation in the cryptocurrency market decreases. It is important for the government to regulate the market properly in an uncertain sector like the cryptocurrency market.”

Taxation policy

Most investors outside of the South Korean market are not aware of the fact that cryptocurrency exchanges will soon be asked to send details of any transaction that goes above a certain amount to the South Korean tax authorities.

Holding onto cryptocurrencies as savings does not leave investors subject to taxes. But, selling cryptocurrencies after recording earnings from the investment can be subject to capital gain tax. Local tax authorities have requested South Korean exchanges to implement a system that autonomously transfer transaction details of users trading large amounts for tax investigation.

Conclusively, the approach of the South Korean government is optimistic given that it has moved on from banning cryptocurrency trading altogether. But, moving forward, it will be difficult for local investors to trade large amounts of cryptocurrencies freely.

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Bitcoin Futures Prompt CFTC to ‘Reconsider’ Relaxed Approach to Derivatives Markets

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The launch of Bitcoin futures contracts is prompting US regulators to reconsider their hands-off approach to new derivatives products. On Wednesday, the Commodity Futures Trading Commission (CFTC) — the top US derivatives regulator — will hold a public meeting to discuss the self-certification process by which exchanges are allowed to list new products without prior

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Blockchain Startup to Bring a Casino Platform You Don’t Need to Trust

sponsored

‘Don’t trust us; trust the code’: The company aims to overcome the obstacles plaguing the gambling industry, even in the decentralized world.

Gambling has been part of human history since the very beginning and its reputation never really has improved over time. The arrival of Blockchain technology might truly make a difference. SP8DE, a new Blockchain-based gaming project, aims to bring a platform capable of supplying unbiased public randomness for developing and running casino apps.

No more trust issues

SP8DE is built on Ouroboros, the POS protocol underlying Cardano Blockchain. The company intends to overcome the obstacles plaguing the gambling industry, even in the decentralized world.

First, each block has to be mined which can cause delays in the settlement of values, something no casino can afford if they want to keep their gamblers happy in the highly competitive industry. Blockchain settlement fees can also climb up pretty high scaring away newbie players taking the chance with low amounts.

When it comes to big money, you should trust no one and this is exactly the bizarre ethos of SP8DE- don’t trust us, but trust the code as they emphasize through their white paper.

For anyone with a great idea, the company wants to provide a platform where they can develop a compelling gambling application with no house edge, next to nothing for transaction fees, and generating provably fair random numbers.

Las Vegas 3.0

According to the company’s white paper, SP8DE’s protocol is transparent, autonomous and easy to understand. Their scripting language is the heart of the platform emphasizing the importance of simplicity and flexibility. All apps the developers will bring to life on SP8DE will be based on smart contracts using SPX, the platform’s native cryptocurrency. Each outcome from each game on the Blockchain will be conditioned upon the realizations of the coin tossing mechanism that fuels the Ouroboros protocol.

Thrilling as gambling in itself, SP8DE decided to bring the fun even to its token sale. Everyone who decides to gamble on SP8DE and purchase SPX coins during their Sale stages will be part of their Jackpot game where additional tokens will be distributed randomly among contributors. Just like in a casino, but here everyone wins. Though, those who join the sale earlier and buy more coins will have more chance to take on the house and win a larger share.

A fair game for everyone

The online gambling industry has really taken off since the dawn of the Internet, the early 1990s. It’s already an industry worth billions of dollars, but it projected growth can even reach one tln dollars by 2021.

No surprise, the crypto-economy has quickly sucked in the gambling industry, though it still mostly exists as a trendy option rather than the only. Without a doubt, providing anonymity for its users- ‘no need for documentation or even an account’- is one of its most appealing features for gamblers. Transparency is also an important aspect, but what makes the actual difference is it really opened up the door to people to make use of the cryptocurrency loophole in places where gambling regulations only apply to fiat money.

Casinos might never have a good reputation, they could be in Las Vegas or the digital world, but SP8DE might make the game a bit fairer using the Blockchain technology to its full potential.

SP8DE’s ICO has started on Jan. 8 and runs until March 8.

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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South Korea Finance Minister Confirms ‘No Ban’ On Cryptocurrency

South Korea has “no intention” to ban or restrict cryptocurrency markets, its finance minister Kim Dong-yeon has said.

South Korea Finance Minister Kim Dong-yeon has reaffirmed that the government will not ban or otherwise “suppress” cryptocurrency in the country, according to a statement reported by Reuters today, Jan. 31.

In the latest update to the country’s ongoing regulatory overhaul of cryptocurrency exchange, Kim firmly distanced Seoul from previous comments about a potential outright ban, which had caused public outrage earlier this month.

“There is no intention to ban or suppress cryptocurrency (market),” he said in the statement.

Kim and Justice Minister Park Sang-ki caused an uproar earlier this month after the latter said in a press conference that a ban on cryptocurrency exchange was in the works. Mainstream media then published misleading reports that the ban was certain, which helped push a cryptocurrency sell-off.

A public petition that called to have both ministers removed from their jobs and to lessen regulation subsequently gathered over 200,000 signatures, which means the government must formally respond to it.

Regulatory steps are now a priority for lawmakers, Kim continued, as reports emerge about a customs crackdown on alleged “illegal” trading involving cryptocurrencies.

Having identified a trade worth almost $600mln, enforcement is now investigating transactions that openly flout fresh anti-anonymous trading laws, which went into effect Tuesday, Jan. 30.

“[The] Customs service has been closely looking at illegal foreign exchange trading using cryptocurrency as part of the government’s task force,” a statement announced.

The anonymous bank accounts ban is already facing its share of problems, as it emerged that the increased workload for banks that the new system demands could make smaller exchanges face anything from existing in a regulatory “blind spot” to being forced to cease trading.

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US Court Freezes BitConnect Assets as Lawsuits Mount

A temporary restraining order freezing BitConnect's assets has been granted in the U.S. after a second lawsuit was filed against the exchange Monday.

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Bull Breakout? LSK Jumps 60 Percent on Exchange Listing

The price of the cryptocurrency LSK saw a boom Wednesday on news it will list on a major exchange and see a rebranding soon.

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Crypto Exchange Bittrex Outlines Token Listing Criteria

Cryptocurrency exchange Bittrex has exclusively shared with CoinDesk its list of criteria for listing and delisting tokens on its platform.

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Hackers Behind $530 Million Coincheck Heist Begin Moving Stolen Funds

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The hackers behind last week’s $530 million Coincheck heist have once again begun moving the stolen XEM tokens, marking the beginning of what will likely be a cat-and-mouse game to launder the funds. Blockchain data demonstrates that the hackers made a litany of transfers from their primary address to a variety of other addresses on

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Venezuela Says Crypto Mining Now ‘Perfectly Legal,’ Announces Petro Presale

While announcing Petro coin presale, Venezuela has dramatically U-turned on its cryptocurrency mining policy, announcing it is now “perfectly legal”.

Venezuela’s government has said cryptocurrency mining is now “completely legal” as it plans the presale of its Petro coin for next month.

In comments during a TV address quoted by local news outlet TeleSur, the country’s newly-dubbed ‘cryptocurrency superintendent’ Carlos Vargas confirmed that citizens mining Bitcoin and other cryptocurrencies were not breaking the law.

Last year, Venezuela made headlines on several occasions after reports emerged that police were cracking down on mining operations, accusing those involved of sapping power from the national grid.

“It is an activity that is now perfectly legal,” Vargas announced in a dramatic U-turn. He continued:

“We have had meetings with the Supreme Court so that people who have been victims of seizures and arrests in previous years will have charges dismissed.”

In the same address, Vargas confirmed that the highly controversial Petro cryptocurrency, initiated by President Nicolas Maduro, would go ahead with a presale February 20.

Petro had faced an uncertain future almost as soon as Maduro announced the scheme, with commentators suggesting investors would be hard to find given the raft of sanctions against Venezuela, which the President hoped the coin could help circumvent.

Venezuela’s opposition-run parliament, which has worked against the President at every chance it’s had since 2016, called the coin a 'fraud' earlier this month.

Petro is designed to be backed by Venezuela’s oil reserves, with one token equalling one barrel. This would give the entire 100 million supply of Petro a market value of almost $6 bln.

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Over 1 Mln People Sign Up For Early Access To Robinhood’s Zero-Fees Trading Service

Zero-fee crypto trading could really throw a cat among the exchange pigeons as Robinhood breaks the mold.

One of the biggest gripes in the current crypto space, especially with the most popular Bitcoin being at the helm, is the expensive fees that are part and parcel of trading. Robinhood, however, took the whole scaling issue and flipped it on its head simply by offering zero-fees.

It is a bold move by the mobile trading app, and the one that immediately challenges the hegemony of the major exchanges that currently rule the crypto space, such as Coinbase.

Coinbase and other major exchanges are not fully decentralized, and they are using their power to hold a monopoly over the space. So, when a company like Robinhood comes in, using equally centralized methods, but methods that take away this power from those at the top, perhaps this is a revolutionary idea.

Zero-fees are certainly enticing

Currently, users on Coinbase, are facing fees ranging from 0.1 percent to as high as four percent per transaction. Firstly, this is not something that Bitcoin promised when it came into existence, it was never meant to be expensive to use. However, because it became so with the network getting bust, there has to be a solution to attract those not willing to pay.

Robinhood has gone straight for this problem, and made it zero-fee, even though it will essentially be a ‘loss leader’ meaning they will not be making money off of this feature. Robinhood are more interested in growing their crypto community base, and by growing their base, they will also be taking users away from those who are profiting from the fees.

It has certainly worked in getting the hype up for cryptocurrencies as it was reported that just days after the announcement, their waiting list had swelled to over a million people who signed up for early access. If all these people on the list become clients, it will add more than 30 percent to the company’s overall user base of more than three mln.

Take from the rich

Currency, even though the crypto space is supposed to be fully decentralized and free market, the way in which the major exchanges operate cannot be described as fully decentralized. Users are essentially trading with the exchange as they keep a liquid stock of crypto coins in order to make the payments, collecting their fees. This sounds much like a central bank in many regards.

Because of this centralized nature, the exchanges can set fees and other regulations, which again sounds like a bank. And, with this control, and this hegemony over the exchange marketplaces like Coinbase have a full monopoly. However, Robinhood, while still acting as a centralized exchange, is offering something that other exchanges can’t and as such, is promising to break their control and hegemony.

Not solving the Blockchain issue

It’s only in the future when we might or might not witness the success of Robinhood and how its users above profits approach will affect the mainstream exchanges and their hold. By breaking down one of the core problems of Blockchain and taking on the fees themselves, Robinhood declares a noble mission. However, they aren’t fixing the true scaling issue.

Still, with a host of investors entering with no technical know-how of the crypto economy, being told they don't have to pay extra fees is as good as it gets.

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State Retirement Funds in Tennessee Could Face Bitcoin Restriction

Tennessee lawmakers have put forward a new bill that would bar state government retirement funds from investing in cryptocurrencies.

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Davos Elites Still Don't Get Blockchain

"It's not useful for anything," Krugman and his cohort claim. The problem of this blinkered mindset is that it fails to recognize the cost of trust.

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Bitcoin Back Above $10K But Gains Could Be Short-Lived

Bitcoin is back above the $10,000 mark, but may soon head back below $9,800, the technical charts indicate.

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Line Pay App to Launch Cryptocurrency Services

Japanese messaging app provider Line Corporation has announced the launch of a new company that will provide in-app cryptocurrency services.

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Investing in the Next 'It' Blockchain Isn't So Easy

With ICO burnout coming, investors at the Blockchain Connect conference last week discussed what projects really pique their interest.

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Bitcoin Price Holds Above $10,000 But Markets Remain Firmly in the Red

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The cryptocurrency markets extended their decline for another consecutive day on Wednesday, as just five of the 100 largest coins and tokens managed to post an advance against the dollar. The Bitcoin price, meanwhile, recovered past $10,000 after yesterday’s report that US regulators had subpoenaed Bitfinex and Tether briefly caused it to dip into four-figure

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Bitfury Launches New Software To Fight Bitcoin Crime

Blockchain tech group Bitfury launches Crystal — a software stack designed to fight crime that involves Bitcoin.

Blockchain tech group Bitfury, founded in 2011 as a Bitcoin mining company, has launched a software stack called Crystal that is designed to help fight crimes involving Bitcoin, according to a press release issued Tuesday, Jan. 30.

Crystal will allow users to detect and examine criminal activity that takes place on the Bitcoin Blockchain and avoid interacting with coins that are associated with illegal transactions.

Crystal’s free demo version is available for individuals starting Jan. 30, while a full version for corporate clients will begin shipping in March 2018.

According to Bitfury, it took about two years to develop Crystal. The company set out in 2015 with the idea to provide a tool that would help financial and government institutions fight against criminal activity committed with Bitcoin.

“The industry needs some very user-friendly tools so that you can track bitcoin transactions and see if this bitcoin address that you're getting money from is green or black,” said Valery Vavilov, the CEO of Bitfury.

Crystal’s key tool is the so-called “detailed risk scoring” solution that is capable of tracing “suspicious” transactions to the final address or withdrawal point. It can also calculate the risk score of any address, which is estimated based on how closely that address is associated with known illegal activities.

Other tools include autonomous monitoring of Bitcoin addresses, compilation and sharing of security reports and the REST Application Programming Interface (API) that will allow third-party platforms to build customized solutions on top of Crystal’s tools.

A case of cryptocurrency robbery — the first of its kind in the UK — was reported on Sunday Jan. 28. Four armed men broke into the house of a cryptocurrency trader and forced him to transfer all of his bitcoins to the robbers.

On Jan. 26, the US Federal Bureau of Investigation (FBI) issued a warning about the increasing occurrence of fake email death threats in California that are used as a tool of cryptocurrency extortion.

Bitfury’s Crystal solution can potentially help in cases such as these by tracking the stolen bitcoins to their eventual point of withdrawal, whereby criminals can be caught red-handed.

Earlier this month, Bitfury made a strategic investment in Emercoin, the cryptocurrency developed to support future-oriented hi-tech projects.

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Coinfirm Gets over 16K ETH in Token Sale and Adds Internationally Recognized Joey Garcia to Advisory Board

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This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned

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