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Xi’s Blockchain Endorsement Starts Buying Frenzy For Chinese Cryptos

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Xi’s Blockchain endorsement started a massive buying frenzy in the country especially for Chinese cryptocurrencies following the latest announcements made on Tuesday aiming to make the country the leader in the emerging field of blockchain as we read in the previous blockchain news.

Just a few days after the announcement that was warmly welcomed in the crypto community, the country passed a cryptography law in preparation for the release of China’s own digital currency and this was a move made by the Chinese Communist Party that led the market participants to start buying.

It took some time before the entire market really understood the seriousness of China’s latest moves. The leading Chinese cryptocurrencies posted strong gains in both US and BTC pairs. The rally lasted only until early morning Monday in Beijing before profit-taking started. For example, the Chinese cryptocurrency EOS, surged and climbed above $13 on Monday and posted an increase of more than 46 percent in two days against the US dollar. NEO also performed very well against Bitcoin climbing by more than 40 percent in 48 hours. The price later retraced over the last 14 hours but it is still up since October 26.

It’s the same for Qtum. The China-based blockchain project also skyrocketed by more than 50 percent in a matter of days. Against Bitcoin, Qtum grew by more than 40 percent in the same time period. TRON (TRX) followed. The decentralized platform by Justin Sun rose by more than 30 percent against the US dollar in the past two days before the rally faded. In the BTC base pair, TRON ascended by more than 30 percent.

Some other Chinese coins also performed well with their BTC pairs. For example, Ontology increased by more than 70 percent, Nebulas increased by over 56 percent and HyperCash grew by more than 37 percent between October 27 and 28th. Many believe that the renaissance of Chinese cryptocurrency is nothing spectacular and it is only because of Xi’s blockchain endorsement comments.  However, the trader and economist Alex Kruger disagrees. Mati Greenspan, the senior market analyst at eToro, also shares Kruger’s opinion as he said:

‘’Yes, the excitement is definitely warranted. The President of China just said he wants to embrace blockchain. These are the leading Chinese compliant blockchains right now.’’

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Japan’s Financial Authority Considers National Cryptocurrency

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Japan’s financial authority is speeding up the process of creating its own cryptocurrency. The Ministry of Finance, the Bank of Japan and the Financial Services Agency have held an unknown number of meetings in order to determine a clear vision before the eventual launch of a central bank digital currency (CBDC) as we are reading further in the altcoin news today. A new local report informs about the meetings that were held by the Bank of Japan, the Financial Services Agency and the Ministry of Finance. The document states that the most important financial authorities of the nation have discussed the potential benefits and disadvantages as a consequence of launching a cryptocurrency. Japan’s financial authority thinks that a central bank digital currency (CBDC) can have a strengthening influence on the online presence of Japan, because of lower costs for cross-border financial transactions and quite easier access. But the monetary authorities mention also the possibility of illegal usage. According to them, cryptocurrencies can bring opportunities for money laundering and other financial illegal activities. The report also states that Yoshiki Takeuchi, the Vice Minister for international affairs of the Ministry of Finance, Ryozo Himino the Vice Minister for international affairs of the Financial Services Agency and Shinichi Uchida the Executive Director for international affairs of the Bank of Japan have attended the meeting. Besides all the topics, one topic was the impact of cryptocurrency on the current dollar-centered world financial system. The Governor of the Bank of Japan, Haruhiko Kuroda thinks that the launching of a central bank digital currency (CBDC) needs much more extensive research to comply on various requirements:
 “We are advancing research and study from the technical and legal perspectives so that we will be able to move in an appropriate way when there is a growing need.”
In the first half of this month, Japan stated that it will release drafted proposals for the creation of a central bank digital currency. This move was seen as a direct response to the progress made by China in this sphere. A senior lawmaker of the ruling Liberal Democratic Party of Japan said that Japan needs the United States if it wants to be competitive:
 “Without the U.S., we cannot counter China’s efforts to challenge the existing reserve currency and international settlement system.”
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Crypto Education: Which Are The Leading Universities In 2020?

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If you are reading our cryptocurrency news daily, you probably know that 56% of the world's top 50 universities now offer at least one course on cryptocurrency or blockchain. This is a number that is up from 42% in 2018 - and something that shows that crypto education is getting mainstream. Twice as many students report having taken a crypto or blockchain course compared to the 2018 levels - and nearly 70% of the crypto and blockchain classes are in departments outside of computer science which include law, humanities and economics. Stats aside, are you wondering which are the actual leaders in crypto education out there? A report by Coinbase on Higher Education pictures all of the leaders and crypto classes from 2019. This is actually a second annual study which was carried out by the leading exchange which broadened their methodology, analyzing a more comprehensive set of determining factors. In order to access the current landscape of cryptocurrency in higher education, Coinbase reviewed the course catalogs of the top 50 global universities (rankings from US News And World Report) in a study that focused on classes available to undergraduate and graduate-level students in 2019 for which information was available online. Now, the list shows that the leaders in crypto education are the following:
  1. Cornell University
  2. Massachusetts Institute of Technology
  3. New York University
  4. Stanford University
  5. Ecole Polytechnique Federale of Lausanne
  6. University of California - Berkeley
  7. Columbia University
  8. Swiss Federal Institute of Technology Zurich
  9. University of Copenhagen
  10. National University of Singapore
Crypto education is getting more mainstream and these universities are changing the industry as we know it. Cornell, as the leading university, offers 14 classes on cryptocurrency and/or blockchain (up from 9 in 2018) and its IC3 group brings together researchers from top universities around the world. Stanford, which is fourth on this list, is a crypto education university which had the largest number of courses on crypto and blockchain (even 10) in 2018, followed by Cornell (9) and the University of Pennsylvania (6). In 2019, the numbers show that Stanford was offering 8 courses and the University of Pennsylvania offered 2 courses. Meanwhile, the focus on our Bitcoin and altcoin news shows that the student interest is also growing. Crypto and blockchain are looking like topics which students start liking very much - even 34% of them expressed interest in taking a course compared to 28% in 2018 as per the report.
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Namecoin Market Cap Is Again Stable, Price At $0.56 Now

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The Namecoin market cap has recently increased and as the crypto news today show, now it is over $8 million while the coin is trading stable at $0.56. Over the last week, Namecoin has traded 15.4% lower against the US dollar but even despite that managed to rise and increase its market cap above $8 million. One Namecoin token can now be purchased for around $0.56 on cryptocurrency exchanges such as Altcoin Trader, Cryptopia, YoBit and C-Patex. And for those of you who don't know, the NMC token offers a proof-of-work concept that uses the SHA-256 algorithm. According to the latest altcoin news sites out there, the Namecoin market cap is poised to increase in the near future and the cryptocurrency is based on the code of bitcoin and uses the same proof-of-work algorithm. What's interesting is that Namecoin is limited to 21 million coins and each record consists of a key and a value which can be up to 520 bytes in size. Each key in the cryptocurrency project actually presents a path with the namespace preceding the name of the record. The key signifies a record stored in the DNS namespace with the name example and corresponds to the record for the example.bit website. The current fee for a record that Namecoin charges is 0.01 NMC and the records expire after 36,000 blocks (nearly 200 days) unless updated or renewed. Namecoins used to purchase records are marked as used and destroyed, as giving the fee to miners would enable larger miners to step up and register names at a significant discount. The Namecoin market cap is getting larger and more traders are turning to this coin. For those of you who don't know, this cryptocurrency can be bought or sold on exchanges such as Altcoin Trader, YoBit, Trade By Trade, Bittylicious, Tux Exchange, Livecoin, SouthXchange, Bleutrade, WEX, C-Patex, Bitsane, Cryptopia, Poloniex and BX Thailand. Even though it is not possible to purchase alternative cryptocurrencies (altcoins) such as Namecoin directly using US dollars, investors seeking to acquire this coin should first purchase Bitcoin (BTC) or Ethereum (ETH) using an exchange which deals in US dollars such as Coinbase or GDAX. Investors can then swap their Bitcoin or Ethereum to purchase Namecoin using one of these exchanges.
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Major Airline Bets On Crypto Payments To Increase Profit

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Norwegian Airlines is the low-cost air carrier that is headquartered in Oslo, Norway and is the new major airline that bets on cryptocurrency payments to increase its profit. As the latest news show, Norwegian allows customers to pay for air tickets using cryptocurrency now and hopes that it will help improve results of the company. An interview with the CEO of the crypto exchange Norwegian Block Exchange (NBX) in the crypto news today suggests this. As per the interview which is published by the local business newspaper DN, the NBX boss Stig Kjos-Mathisen said that “everything is ready from our side" and that the major airline is now prepared for the long-awaited implementation of ticket purchases with crypto. The communications director at Norwegian, Lasse Sandaker-Nielsen, was a bit more hesitant to offer specifics and only said that the team is "working on a solution, but we don’t have anything concrete to report about a launch.” The implementation of a crypto payment solution is seen as a new attempt which can help the airline further cut costs and improve its profitability, preventing the financial difficulties of becoming higher. Ever since the father and founder of the airline Bjorn Kjos stepped down as CEO, the major airline has been in trouble in terms of financials. Meanwhile, the NBX CEO further explained that airlines right now pay 1.5% to 2.5% of the ticket price as a fee to credit card companies and that this cost is carried by the consumer. Meanwhile, tickets are bought 30 to 60 days before a trip is made but due to credit card companies that withhold the payments until the time of the departure, the major airline is forced to arrange costly financing from other sources in the meantime.
“Both of these costs will disappear with the implementation of crypto payments,” Kjos-Mathisen said, expressing some optimism on the potential for the payment solution. “If this ends up being cheaper for merchants, and easier and faster for consumers, it can get big. It’s impossible to say how big, but we will be a serious actor who is early in the game."
NBX now supports trading in BTC/USDC, ETH/USDC, ETH/BTC as well as fiat trading in Bitcoin/Norwegian kroner. It is regulated by the Norwegian Financial Supervisory Authority.
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