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Another Exchange Says Goodbye To The Cryptocurrency Operations

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Many best cryptocurrency news sites recently reported that the competitive arena has taken a toll on Asian cryptocurrency exchanges, with two of them deciding to leave the market this month. Now, it appears that we have another exchange saying goodbye to the cryptocurrency operations and closing down its venture.

The smaller local player and Osaka-based operator of the Zaif exchange has stopped its cryptocurrency operations. As you probably know, Zaif was one of the first exchanges in Japan and was one of the first to gain an operating license from the regulatory Financial Services Agency (FSA). Zaif launched in March 2015, two and a half years before the FSA launched its licensing program.

As the altcoin news last year showed, it was a crippling hack which brought financial chaos for the Zaif exchange. This is how the exchange got bailed out by Tech Bureau’s rival FISCO. Since then, FISCO has had plans to take on Zaif’s customers, transferring the accounts onto its own crypto exchange platform. Now, it seems like Zaif is another exchange shutting down after being unable to compensate all of the customers that had been affected by the hack.

As the source Tech Bureau confirmed, Zaif will be closing down with any remaining crypto business being transferred to FISCO:

“The Company has been considering for various possibility of the customers who has not accepted the contract succession, however, we announce here that the Company has came up to the conclusion to discontinue our cryptocurrency exchange business once we complete the refunds for all customers who possess remaining balance which refunds can be made,” Tech Bureau said, without providing more information about the date when it will be closing.

The latest cryptocurrency news show that the FSA recently confirmed that Zaif is another exchange which is forced to close because of hacks. Nikkei says that Tech Bureau will now focus on “blockchain development.”

Meanwhile, another exchange in South Korea – and a member of the “big four” there – named Coinone is shutting down its Malta-based Coinone Global Exchange (CGEX) on September 18. This comes in less than a year after it opened, and the operator said that it had “decided” that it “could no longer maintain service.”

 

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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Bitcoin Gold Whales Reportedly Control Half Of The Coin’s Supply

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According to new research, the Bitcoin Gold Whales are allegedly in control of the market prices by holding a significant portion of the coin’s supply in circulation. The Bitcoin Gold network was hit by a 51 percent attack that caused two major reorganizations as we are reading in the Bitcoin Gold news. The team of the Bitcoin Gold developers introduced a new soft work that is called ‘’Cross-Chain Block Notarization Protocol’’ in order to fight away any 51% attacks going forward. The forked cryptocurrency known as bitcoin Gold captured the attention of the entire crypto community for a number of reasons. During the last week of January, Bitcoin Gold’s blockchain got attacked after malicious miners were able to double-spend more than $72,000 worth of BTG at the time. The last time that Bitcoin Gold was attacked and lost more than $18 million worth of BTG while many of the speculators blamed the hashrate rental service Nicehash for the problems. Right after the 51% against Bitcoin Gold, the software developer James Lovejoy noted that the miners flipped the hashrate and spent more than $1,200 to rent hash from Nicehash to be able to perform the attack. The second major assault on the Bitcoin Gold network called in question the relevance of the blockchains that are prone to these kinds of attacks. However, the Bitcoin Gold development team has a plan to stop these malicious miners from overtaking the network with a second blockchain. What this means is that the CCBN will make it easier for the Bitcoin gold blocks to get notarized to another public blockchain making the blocks trivial to get back. The notarization contains complete BTG block headers with a new solution so they cannot be hacked. The developers also say that if a secret miner notarizes the blocks, they will become public and when the mining entity doesn’t notarize, they will publish the secret chain:
 “Either the first spend is refused by [an] exchange, or the second spend is refused by the chain. Either way, a double-spend fails.”
As per the research, the Bitcoin Gold whales manipulated the prices since the altcoin got quite volatile and saw a number of pump and dumps over the past six months. BTG Could be manipulated by the single whale that controls a major proportion of the coin in circulation.
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BAT Suffers A Downfall In Price Due To Hash Global Factors

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BAT suffers
The Basic Attention Token or BAT suffers a downfall in prices because of the worsening global factors and harsh market climate. Basic Attention token is still performing well with an overall profit of 0.08 percent which brings the level to 0.00002211 as we are reading in the following BAT news. The BAT prices are falling and there are dramatic variations below the resistance level of $0.140. Basic Attention Token currently cannot make a climb and the market conditions are not getting better either. There is a major bearish dominance on the markets which makes perfect conditions for the gradual downfall. BAT suffers another $-5.89% loss in the price and is now holding on the support of the price level at $0.1350 which is trying to help the prices by developing a gradual positive nature. There is also a resistance of $.140 which is now allowing the prices to make another positive move. The price levels are having a hard time while the market capitalization of BAT is at $199,852,439 with a traded volume of $67,175,309.The circulating supply of BAT is 1,442,592,564. According to the technical charts, the prices are falling within a bearish momentum as they are going down along the market. There is also a positive trade but that will not be enough to increase the price of the bearish zone. The technical indicators are showing a huge increase in selling volume because of the bearish dominance and the MACD levels are also suffering heavy bearish momentum with a high selling volume because of the negative nature of the market. The MACD level did have bullish momentum as well but it faded away quickly. The RSI is having a hard time establishing a presence in the bullish region of the normal zone and is trying to climb up above the 50 significant levels. The CCI reached the lowest possible limit in the overselling region and is now trying its best to climb back into the normal zone. Meanwhile, news from the market shows that BTC is above $6,069 once again, ETH is above $127 and XRP cleared the $0.1707 mark today. All of these were crucial wins for the market, which is now around$180 billion in total.
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Stablecoins Will Have to Adapt To Survive The Current Recession

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The coming altcoin news feature stablecoins as the focus group that is facing new challenges. As it stands, stablecoins will have to adapt to the recession caused by the COVID-19 and the fact that it is hard to earn a profit simply by holding USD in reserve or by purchasing US Treasury bills. While some stablecoins operate using alternative business models, the ones which rely on such rates and yields for their revenues are now in a serious bind. Analysts believe that relying on interest rates will no longer be possible in the current environment. However, they are not expecting any major stablecoin issuers to go bust soon. As the cryptonews show, most stablecoins will have to adapt and weather the storm by operating at a loss during the crisis - or be forced to diversify their sources of revenue in order to manage.
"Many stablecoins fund operational expenses through interest on funds held to back their issued coins, but a 0% or negative interest rate environment would definitely create problems for this model," explains one research analyst named Brant Downes.
Downes works for Smith + Crown. In this specific example surrounding stablecoins, he is referring to Tether (USDT), USD Coin (USDC), TrueUSD (TUSD) and Paxos Standard Token (PAX). Normally, their reserves of USD would bring the stablecoin issuers a steady stream of income. Now, however, such income is likely to dry up.
"There are several factors that influence how this will unfold,” Downes adds. “One is the extent to which interest rates descend to 0%, or below, and the length of time at which they might remain there. Another is the range of revenue sources stablecoin issuers maintain. Those merely operating a fiat-backed stablecoin will be impacted earlier and more severely,” the analyst noted.
Stablecoins have to adapt to the current recession and could definitely have a "tough time surviving" under the current circumstances. However, some analysts believe that there are always other ways for stablecoin issuers to prosper. One of them is the possibility of carrying out market-making activities and charging fees for issuing and redeeming their coins. At the end of the day, a collapse of stablecoins is still something that is unlikely. However, stablecoins moving away from their pegs for shorter periods could be imagined.
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Altcoins Are Highly Risky Right Now, Top Analysts Explain

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Bitcoin has been underperforming its cryptocurrency status over the past few weeks. The Bitcoin price news did not show much increases and online data suggests that Bitcoin's dominance - the percentage of the market made up by BTC - has fallen from 66% to 64.9% in the past three days. The top crypto analysts believe that altcoins are highly risky to invest in right now, mostly because of the downtrend that BTC initiated as of lately. In order to contextualize this, at the time of writing, the price of Bitcoin is down by 6% and is at $6,150 while both Ethereum and XRP have posted strong performances compared to it. There is only a little to explain this trend - a top cryptocurrency fund recently reduced its exposure to altcoins and increased its allocation to Bitcoin. Below, we are posting the reason for this move. The “Crypto In This Crisis: Pantera Blockchain Letter, March 2020" is a review where Dan Morehead and Joey Krug (the co-founders of the blockchain centric fund Pantera Capital) explained that Bitcoin will "probably outperform other tokens for a while." They said that it is one of the crypto projects that are entrenched and do not rely on funding per se:
"It’s a project that’s already built, it works, it has an 11-year track record. Many newer blockchain and smart contract projects are still in development and might be stressed to raise funding to complete their development," their statement reads.
Morehead and Krug were in the focus of the crypto news for explaining that "there is typically a fight to quality" or flight to safety “where people want to put money in the mega-caps, the safest asset, “the Treasuries” of the industry." In the case of cryptocurrency assets, Bitcoin is a Treasury bond as it is much more liquid than the rest. Altcoins are highly risky to invest in right now mostly because of the fact that the market recentralizes around BTC. Earlier in the letter, Morehead said that the unorthodox monetary and fiscal response to the crisis will be what is extremely bullish for Bitcoin.
"As governments increase the quantity of paper money, it takes more pieces of paper money to buy things that have fixed quantities, like stocks and real estate, above where they would settle absent an increase in the amount of money. The corollary is they’ll also inflate the price of other things, like gold, bitcoin, and other cryptocurrencies," he wrote.
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