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Binance CEO Believes Bitcoin Is ‘Still In A Good Position’

The founder and CEO of the largest cryptocurrency exchange named Binance, Changpeng Zhao, has recently said that Bitcoin is (still) in a positive position – even considering the 70% fall since early 2018 and the strong rally towards the end of 2017.

According to Zhao, the cryptocurrency sector is in a better position than a year ago – in terms of its infrastructure, price, volume and mainstream interest. As he said:

“Just checked, btc price was $2500 a year ago, today $6800. Trading volume for btc was 780m a year ago, today is 3.4b. There you go,”

If we go backward, we can see the price of Bitcoin increasing from $890 to $20,000 which marks a growth of more than 2150%. In comparison to last year’s growth, the volume of Bitcoin has increased by five-fold which signifies a big surge in demand and interest towards cryptocurrencies as an emerging asset class.

However, Zhao believes that in mid-2017, the cryptocurrency sector was not built to this level in terms of infrastructure – especially for retail and institutional investors. As of July 2018, however, the crypto market has the institutional platform that Coinbase Custody established through which pensions, hedge funds and academic institutions can purchase digital assets in the value of millions of dollars.

Aside from this, major banks and financial institutions have publicly disclosed their desire to fill the growing demand in the traditional finance sector with cryptocurrencies – mostly by operating digital asset trading desks and exchanges in the future – once proper regulations is in place.

Last year, the CEO of Goldman Sachs said that if government-issued fiat currencies can dominate the financial system, other new currencies can also emerge as dominant mediums of exchange. As he pointed:

“If you go through that fiat currency where they say this is worth what it’s worth because I, the government, says it is, why couldn’t you have a consensus currency? And so it’s not for me, I don’t do it, I own no bitcoin. Goldman Sachs as far as I know… has no bitcoin, but if it does work out, I could give you the historical path why that could have happened. I’m not in this school of saying… because it’s uncomfortable with me, because it’s unfamiliar, this can’t happen, that’s too arrogant.”

In the end, the reality is that Bitcoin is dropping and we all need to face that – despite the recognition of cryptocurrencies as an emerging asset class by banks.

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EOS Surges 15% In 48 Hours, Followed By Other Altcoins In A New Market Recovery

It seems like the cryptocurrency market is in a recovery this week, after a slight rally that pushed most of the coins to new heights.

The greatest increase was led by EOS, which rose 10% to trade and went over the $7.90 level after dropping to as low as $6.50 last week. Still, the increase was not limited to EOS exclusively.

Other coins also surged, including Stellar Lumens (XLM) which pushed forward over the $.22 mark in the past 24 hours. Cardano (ADA) also rose by 5%, trading at the $0.145 level and showing significant momentum after dropping below $.13 a couple of days ago.

EOS had an excellent 48 hours, rising more than 15% in 2 days. Ripple also showed a positive movement – after dipping close to the $0.40 level, it rose and touched $0.47.

Ethereum is also up by around 7% in the past two days and is currently trading at $474. Bitcoin Cash maintained a price between $780 and $795 and is now moving closer to another milestone which is the $800 mark. NEO showed a positive movement forward too, this time rising by about 8% and trading around $36 at press time.

DASH was among the coins that measured a slow recovery, followed by IOTA. Both of the coins measured 3% and 5% growth, leading DASH to a current price of $248 and IOTA to $1.07 respectively.

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Messaging Giant LINE Launches A Global Cryptocurrency Exchange

LINE, which is one of the biggest messaging platforms in Japan, recently launched a cryptocurrency exchange. Named BITBOX, the exchange will offer support for 30 cryptocurrencies including Bitcoin.

The announcement came this Tuesday, with LINE confirming the exchange and stating that it will only support crypto-exclusive trading pairs with no trading offered between cryptocurrencies and fiat currencies.

Currently, around 30 coins are being traded – including Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin. All of them went through “a very rigorous evaluation process” by the screening communities within the exchange.

The CEO of LINE stated the following:

“LINE has built its reputation on providing a great social experience for our users, and now we intend to bring that know-how to the world of digital tokens with our BITBOX exchange.”

Right now, LINE sees more than 600 million registered users and 200 million monthly active users worldwide. As such, the exclusion of Japan will definitely have an impact on BITBOX’s growth since the country has the most influential market.

Meanwhile, LINE filed a crypto exchange application within the Financial Services Agency (FSA) in Japan earlier this year – all in order to conduct domestic operations. However, the application is still under review.

“The BitGo wallet is the only institutional-grade, multi-signature, multi-coin hot wallet.” LINE said.

The exchange (BITBOX) will offer zero trading fees for all listed coins in the first month of operations post-launch, welcoming more than 2 million registered customers with a ‘reward equivalent to US$10 in August’ which can be traded on the exchange.

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70% Of Premier League Football Teams Are In Discussions Over Crypto Sponsorships

After the advertising crackdown which stopped cryptocurrency-related companies from advertising on platforms like Google and Facebook, many companies have been eyeing alternative methods to promote their businesses.

Football, on the other hand, is one of the most popular sports with a global appeal – and the English Premier League is one of the targets for crypto companies. According to statistics, the Premier League is broadcast in 212 countries, reaching a potential audience of 4.7 billion people.

This, according to many, is why crypto companies are already discussing potential sponsorships with around 70% of the Premier League football teams. Aside from discussions, two companies managed to strike a deal and place their logos on the jerseys of two prestigious English Premier League teams.

One of them is the club popularly known as “Wolves” – or Wolverhampton Wanderers, which has signed a sponsorship with the Polish cryptocurrency platform CoinDeal. After raising millions of dollars over the past years, CoinDeal wants to further promote its crypto platform and reach mass appeal.

The Premier League club Arsenal has also signed a similar crypto deal in January 2018 – followed by big players like James Rodriguez, Eden Hazard, and Lionel Messi, all of which promoting various ventures.

According to experts, there are discussions taking place behind the scenes and we will definitely see more of such advertising in the near future. Just like any new market, it will take time.

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LocalBitcoins Trader Sentenced After Selling Narcotics On The Exchange

Theresa Lynn Tetley, also known by her alias “Bitcoin Maven” has been sentenced to 1 year and a day in prison, as well as a $20,000 fine and three years supervision after release for laundering Bitcoin. According to the US Attorney’s Office for the Central District of California, Tetley sold narcotics in an illegal bitcoin-for-cash exchange.

Tetley was also ordered to give up all of her illegal cash and crypto which summed up to $292,264 in cash, 25 gold bars, and 40 Bitcoins. The US District Judge Manual Real sentenced the 50-year old “Bitcoin Maven” for engaging in illegal Bitcoin transactions. The one-time real estate investor pleaded guilty to one count of money laundering and one count of operating a money transmitting business without a license.

After failing to register as a money service business with the Financial Crimes Enforcement Network (FinCEN), Tetley did not follow any anti-money laundering practices and customer due diligence. According to the reports, she used the peer-to-peer trading platform LocalBitcoins to exchange a total of $6 million to $9.5 million for customers nationwide.

Her unregistered company also gave a tip to the police that something fishy is going on, and that is how they pinpointed the illegal activities that Tetley had already set up. After exchanging BTC for cash with an undercover agent, the IRS led by Puneet Kakkar, prosecuted the case and sentenced her to 1 year in prison.

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