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Bitcoin News

Experimental Phase Over: Tezos Blockchain To Launch Tomorrow

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As of today, the Tezos Foundation stated that the experimental phase of the Tezos blockchain is coming to an end.

They say that they will launch the protocol tomorrow right when the platform will get over the beta trial, and, will be ready to fully operate on Monday. The token supply of the platform is valued at more than $1 billion.

Tezos did launch a blockchain version of the software this summer and this when all the XTZ tokens became available to trade. The blockchain was used for that operation only but the number of network participants grew incredibly so the blockchain wasn’t able to process all of the transactions happening. So, the foundation decided not to pause the blockchain, on the contrary, they decided it make run even smoother.

Ryan Jesperson from the Tezos Foundation said in an interview:

‘’We have been happy to see the network operating smoothly and efficiently over the last few months. The community has been actively engaged with more than 400 validators scheduled for an upcoming cycle and the community has been developing an array of exciting technologies.’’

In July, there was a slight problem with the blocks when they weren’t validating for more than an hour but the problem was quickly taken care of. That same month, the foundation let third-party validators to help solve the problem. In February this year, the now previous president of the foundation Johann Gevers, stepped down of his position because many saw him as oppressing the launch of a new protocol that ended up eventually gathering $232 million as the largest ICO of all time. Since then, the foundation partnered with many popular companies that wanted to contribute to the crypto ecosystem.

The current market cap for XTZ is around $882 million with more than $3 million in trading in the past 24 hours.

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Bitcoin News

ECB Board Member: Bitcoin Is ‘The Evil Spawn Of The Financial Crisis’

An executive board member of the European Central Bank, Benoit Coeure is in the crypto news today for his statement that he considers Bitcoin as the ‘evil spawn of the financial crises. Coeure made this statement at the Bank for International Settlements in Basel. The bank’s general manager has also shown skeptical thoughts about cryptocurrencies especially describing Bitcoin as a combination of a Ponzi scheme, a bubble, and an environmental disaster. The executive board member continued his criticism towards the number one cryptocurrency by referencing the aftermath of the Lehman Brothers bankruptcy ten years ago. He believes that to be the reason for the economic disaster that happened and the entire global recession. He explained:
“Few remember that Satoshi Nakamoto, the inventor of Bitcoin, embedded the genesis block with a Times headline from January 2009 about U.K. banks’ bailout. In more ways than one, Bitcoin is the evil spawn of the financial crisis.”
He acknowledges the enormous interest in this technology but he believes that it is highly unlikely that a central bank digital currency will be issued soon, especially not in the next ten years. The director of the International Monetary Fund Christine Lagarde spoke at the Singapore Fintech Festival where Lagarde urged the entire community to really consider endorsing central-bank issued digital currencies because they could potentially satisfy public policy goals such as financial inclusion. Of course, Coeure’s arguments were totally on the contrary. Also, Stanley Yong’s opinions who is the Chief Technical Officer of IBM, totally different from those of Couere’s, noting that the central-bank issued digital currencies are the only way to mitigate risks that once happened in the Lehman case back in 2008.
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Altcoin News

5% Of Moscow Residents Who Use Non-Cash Methods Are Open To Using Cryptocurrencies

A new poll went viral in the latest cryptocurrency news, this time carried out in Moscow, the capital of Russia. As Forbes Russia first reported on November 13th, more than five percent of all residents of Moscow that use non-cash payment methods are open to exploring the use of cryptocurrencies such as Bitcoin. Carried out by the Russian payment service Yandex.Money as well as the Moscow Information Technology Department (ITD), the poll surveyed more than 1,000 Moscow residents of various age categories over the phone. The researchers found that among the residents who use non-cash methods, 5% are willing to start using cryptocurrency to pay for their purchases - while 1% already use digital currencies. Among the most common forms of non-cash payments in Russia are bank cards (96%) followed by mobile bank apps (40%), Internet banking (32%) and e-money (16%). The head of the analytics department at ITD, Ivan Buturlin, recently stated that “34 percent of Moscow residents use primarily non-cash methods of payment, wherein 63 percent conduct electronic transactions at least once a day.” When asked why they refrain from using cashless payment systems, about 40% of the respondents pointed to security concerns, 22% of them said they don't want to pay extra fees and 11% said they did not understand how to use the non-cash payment services, while 9% said that they don't know what cashless payment methods are. As the CEO of Yandex.Money summed up following the publish of the results of this survey:
“In order for non-cash payments to penetrate into the lives of a larger number of citizens, people should also change their perception to understand that this is a safe method of payment.”
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Altcoin News

Crypto Market Capitalization Has Fallen To A New 2018 Low

The latest news on our DC Forecasts crypto news site clearly show d0wnward movements for both Bitcoin and many altcoins in the market. The prices of major cryptocurrencies have dropped significantly. Currently, Bitcoin is trading at around $5,639 falling by more than 12% on the day and showing big signs of volatility as a leader in terms of market capitalization. Speaking of which, the market cap behind Bitcoin dropped below the $100 billion level for the first time since November 12th last year. In the past 12 hours, the total market capitalization fell from $210 billion to the current $180 billion, depreciating by 15% and leading the market to the lowest value since October 31st of last year. There are many other major cryptocurrencies that are reporting declines in excess of 10% on the day. Some of them are Ethereum, Ripple (XRP) and Bitcoin Cash - the latter of which holds the record for its continuous decline over the past week. What's also important to note is the fact that Ripple (XRP) is now the second largest cryptocurrency by market cap - overcoming Ethereum (ETH) overnight. No one knows if the situation will continue like this. Analysts believe that if a quick bullish run initiates, everyone might be able to 'forget' this sad Thursday for crypto. However, an action like that would force Bitcoin to immediately gain control over $6,000 and altcoins to follow, which is beyond impossible at this moment.
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Analysis

Bitcoin Drops 11% In 24 Hours, Sinking To A New Yearly Low

In the latest Bitcoin news, we have a new bloodbath on the market which led the price of Bitcoin, the most dominant cryptocurrency, to below $6,000 and to the lowest price it has ever seen this year. The yearly low was $5,280, after which the Bitcoin price managed to correct. However, the BTC/USD index managed to fall more than 12% ahead of the US trading session and is now trading at $5,647. It seems like the pair was trading comfortably inside a narrow trading range since September this year, leading many to believe that Bitcoin had established a bottom around $6,000. However, the latest selling action showed the very opposite. In the crash, the market lost more than $26 billion and digital assets managed to drop by additional 15% to 20%, led by the downward trend set by Bitcoin. The flash-crash, as the analysts label it, managed to change the dynamics and technical indicators of Bitcoin. According to some fresh analysis, Bitcoin has a potential to fall to as low as $4,500 before it attempts a brief rebound towards the upper trend line of the wedge formation. What's safe to say is that the BTC/USD pair has established a new yearly low which serves a decent interim support level. In case Bitcoin breaks above the $5,650 resistance level, a long position towards $5,750 looks achievable. Nonetheless, a breakdown action is definitely possible at this moment - and no one knows how far this downtrend can go.
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