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Bitcoin News

Bitcoin Exchange HitBTC Freezes Its Customer Accounts Ahead Of Annual Proof Of Keys Event



In the latest cryptocurrency news, we are covering the cryptocurrency exchange HitBTC and its recent freezing of its customers’ accounts ahead of a major annual proof of keys event. Just before the New Year, the company responded to an open complaint on Reddit after the user accused them of suspending his Bitcoin withdrawal requests.

The Redditor with a handle PEDXS also said that he had dutifully passed the know-your-customer test after waiting six months to access his HitBTC trading account. He also said that while he had already withdrawn a large portion of his money already, he had still left some of it back in his public address reserved for day trading.

As he said in the complaint:

“After months of sending 40 plus emails, HitBTC finally unfroze my account. I immediately withdrew most of my funds but left a small amount to day trade. I did that because HITBTC promised that “No further automated restrictions will be applied.”

Another Redditor with an alias LOOKATMYIQ confirmed that he was another user that faced withdrawal rejects from the exchange. As he complained:

“Submitted all my documents/evidence for KYC days ago and now support [is] going cold on me. Have I been scammed? I have been trading crypto for years on all kind of exchanges and never had my funds locked without warning like this. Support [was] fast to respond when asking for additional (over the top) information but since I have given them everything they have asked for they’ve just disappeared on me.”

This led a lot of Redditors and users of HitBTC to doubt if the exchange is intentionally locking users’ accounts fearing massive coin withdrawals on the annual Proof of Keys event.

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Altcoin News

Bitcoin Drops In Rating According To CCID, What’s The Reason Behind It?

The China Electronic Information Industry Development (CCID) released its new ranking on cryptocurrencies for this month where more than 30 crypto assets were rated including Ethereum, EOS, TRON, Bitcoin and Ontology. In the latest altcoin news, we see how the digital currencies did and where they are on the list. The most shocking ranking turns out to be the one of Bitcoin which dropped from 13th to 15th place in just a month while TRON climbed up the ladder and it’s now on the second position. EOS stays on the top and Etehreum is at the third position. Many investors and traders were surprised to see that Bitcoin dropped a couple of places but they should know that the criteria CCID uses is not the general opinion of the public but the they are trying to find the best blockchain projects according to them. EOS, TRON and Ethereum are all dApp-focused blockchain networks which make possible for all of the developers to build decentralized apps by using the blockchain technology. According to the official statement of the CCID published two days ago, the blockchain networks should support dApps that are higher on the list rather than those who are further below, based on its criteria. Many governments are now experimenting with blockchain technology and aim to run services on the public ledger. For example, China’s Ministry of Civil Affairs expressed their plans on implementing blockchain technology:
 “Build a tamper-proof charity organization information query system and enhance the authority, transparency and public trust of information publishing and search services.”
Due to Bitcoin’s hashrate, it is still the most reliable blockchain network on the market. Given the time that bitcoin has been on the market, investors can’t cope with the fact that bitcoin is ranked 15th and cryptocurrencies with two-year experiences are above it. BTC still remains as a cryptocurrency that sees an increase in hashrate despite the prolonged bear market. As for its historical performance, this data is not including in the parameters of the CCID. The CCID usually sees the dApp and scalabilty-focused networks so this could be one of the reasons why Bitcoin is down on their list. The ranking does not provide a good-enough contexts for investors to make decisions and to track the performance of the cryptocurrencies.
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Key Technical Indicators Show That BTC Could Surge Up To $5,500: Analysis

The bitcoin price has circled around the $4,200 resistance level over the past three months and was struggling to maintain momentum above the $4,000 price point. In today’s bitcoin news, we have an analysis of the price of the number one cryptocurrency according to multiple crypto traders and crypto enthusiasts. Many traders expressed their concerns over the past period about the stability of the cryptocurrency because, in late 2018, Bitcoin recorded a drop of around 50 percent after the three months of stagnation between the $6,300 and $6,500 range.
 “According to Bulkowski’s study, more than 60% of ascending triangles with declining volume end up breaking upwards with an average price rise of 35%. That gives us a target of $5500 BTC once the breakout is confirmed.”
Other traders are optimistic about the price of Bitcoin but are a little concerned about it being incapable of breaking out the $4,000 price range and are worried about whether it would test other major resistance levels. Over the past week, BTC managed to stay relatively stable in the $4,000 range but it was unable to rebound to the $4,200 level. Alex Kruger, a well-known crypto market analyst said that Bitcoin is going through a short-term correction by saying:
 “It is a simple stops run. Prices had just gone up vertically for 16 days without a pullback. Take $ETH for example: +38% without a pullback. Lots of levered longs piled up. And people FOMOed in. BTC reached the first level strong resistance ($4200) and a correction ensued. As it is with any other asset class or market, the analyst emphasized that a prolonged bullish movement is often met with a large pullback.”
On the technical side, Bitcoin is having a hard time finding a decent momentum and it could require a slight push that will boost the price to escape from the $4,200 level in the near-term. While Bitcoin recorded slight losses on the day, many crypto assets like TRON, OmiseGo, and Cardano showed slight gains up to 10 percent with Cardano leading against Bitcoin. It is also important to notice the hashrate of BTC because the gap between it and the price explains that the miners are willing to mine for almost no profit because they expect for the price to increase in the long run.
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Altcoin News

Twitch Apparently Removed Bitcoin (BTC) And Bitcoin Cash (BCH) As Payment Options

The leading streaming service out there, Twitch, has allegedly removed Bitcoin (BTC) and Bitcoin Cash (BCH) as the official payment options for subscriptions. The latest cryptocurrency news echoed everywhere after a Reddit user reported the change on March 23, noting that the options to pay for a sub with crypto are now gone. The user also noted that Twitch offered an option to pay with BTC and BCH with BitPay as a payment processor - but has since "removed it in the last couple of weeks as a payment method for all countries.” One user was frustrated and noted that they cancelled all of the Twitch subscriptions and sent an assistance ticket to the company.  Another user replied to his comment stating:

"One of BTC's weaknesses, automatic sheduled payments are something either a wallet must do, or been written inside some smart contract which requires ETH or some similar blockchain. BCH doesn't need DAPPS but something along timed payments. Any custodial wallet should offer the feature."

There are some optimistic comments on Reddit though, just like this one from one user who scratched the surface of a feature which would make paying for subscriptions easier:
"Feature, not a bug. This allows the consumer full control over automatic payments, not companies which will quickly charge your card with a rate hike with little or no notification leaving the onus on the consumer to recover over charges. Smart contracts will vastly improve automatic payments models."
This is interesting because on March 20, another Reddit user claimed that Streamlabs (which is another popular streaming website used by Twitch to receive tips) also removed support for cryptocurrency. As the user said, a new version of the software that has been released no longer contains support for the crypto donations. The comment section also features one comment which states:
"It's sad because it's a vicious circle with companies doing stuff like this. They've probably removed it through the lack of people using it but there's a lack of people using it because they just had no idea about it, like myself, had no clue either."
Twitch hasn't responded to the request for comment on this move by press time. As we reported on our site, Twitch previously offered support for Bitcoin as a payment option using Coinbase as the go-to payment processor.
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Bitcoin News

Bitcoin Expertise Is ‘Exploding’ Among Insurance Professionals In 2019: Study

A new study highlights the Bitcoin and blockchain expertise in the insurance industry, mentioning how it "exploded" over the past two years. The insurers who ignore blockchain technology, according to it, do so at their own peril. The report made the crypto news today. Created by Aite Group which is a global research and advisory firm, it showed that Bitcoin is among the strong sides of professionals in the insurance industry. As it showed in detail, individuals with technical expertise in both Bitcoin and insurance soared from 102 in April 2017 to 5,418 this January 2019. The ones with expertise in blockchain and insurance, on the other hand, rose even more dramatically - going from 96 in 2017 to 29,355 in January this year. Even though blockchain is not a completely immature technology in the insurance industry, there is still a lot of development ahead. More specifically, many different platforms are coming to market in the past two years as the report shows. Named “Blockchain in Insurance, 2019: A Market Overview,” this report was based on 40 phone interviews with blockchain experts, innovation directors, C-level executives, insurers, reinsurers, consulting firms and venture capitalists between October 2018 and January 2019.
“If you are not already involved in a blockchain project, you need to start looking for opportunities to test the waters with a limited use case or low-impact proof of concept,” is what Greg Donaldson said in the report, namely a senior analyst at Aite Group.
When it comes to the actual growth and the need for blockchain experts, it is constantly increasing. 'Talent growth' is a category that we can see in the report which shows dramatic results. For example, only seven individuals showed their Bitcoin expertise in April 2017 - but 390 of them did in January 2019. Similarly, only two claimed both insurance and blockchain in their expertise - but 2,260 were skilled in both in January 2019.
“The interest in this technology has created an extreme need for more experts who can help the insurance industry develop solutions using blockchain,” the report notes.
To sum things up, the report says that there is one system that is already implemented by some companies - which actually makes the insurance process more transparent and efficient. It keeps all of the customer information on a 'permissioned' blockchain - starting from the moment when a customer is offered a price quotation for a policy.
“Then once the customer purchases the policy, the customer knows the status and receives a policy and proof of insurance almost instantly,” explains Aite.
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