Tag: cryptocurrency exchange

Cryptocurrency Market Shows Life, Adds $40 Billion in 2 Days

By Ryan Lau | @agorisms

Over the past several months, the cryptocurrency market has slowed. Its peak market cap of $830 billion has fallen dramatically, losing over two thirds of its value.

However, over the past several days, it is beginning to show life again.

On July 2, Bitcoin finally saw growth after it reached a 12 month low in value. As of June 29, the cryptocurrency had fallen as low as just over $5800 USD. Yet, the value, as of July 3, has soared back to $6658 USD.

This shows nearly a 15% increase in Bitcoin in just four days, which averages to slightly under 4% a day.

Of course, since the cryptocurrency’s fall from a January high of nearly $20000 USD, it has jumped up by these percentages a number of times. Despite this, some investors believe that this rally is longer term.

Sustainable Cryptocurrency Market Gains

As Bitcoin rose, the cryptocurrency market as a whole also saw considerable gains in volume. In the past 48 hours, it has added $40 billion dollars in total volume. As part of this, Bitcoin’s volume rose to $4.6 billion.

Other coins, such as Bitcoin Cash, Cardano, and Ripple, have also risen in value and volume over the same span. Ethereum also showed strong recovery, bouncing from $400 to $467 USD.

Because of the increase in both volume and value, many expect this growth to continue. Some market estimates place a short-term value of Bitcoin at slightly over $7000 USD. If this occurs, it will represent a 21% payout since the cryptocurrency reached its low.

Smaller cryptocurrencies have yet to see the same rebound and uptick in volume. Yet, the market trend suggests that they may soon see similar looking gains, as demand for crypto increases.

The Cryptocurrency Market in U.S. Cities

Clearly, there has been a rapid increase of cryptocurrency market recognition since just one year ago. As this continues, demand not only rises for coin ownership, but for work opportunity. in fact, first quarter 2018 blockchain jobs on the freelance site upwork.com rose a staggering 6000%.

While some, like those on upwork.com, seek employment in blockchain, many others are finding another way to join the market.

Throughout U.S. cities, Bitcoin ATMs are beginning to appear. As of mid-June, over 2,000 of the machines existed in the United States, with almost 100 in the state of Michigan.

For a fee of 7 to 8 percent, consumers may purchase the cryptocurrency in order to hold, invest, or trade.

Generally, the machines exist in low income areas. Of course, many families with lower incomes do not have bank accounts. As an alternative, they may use these ATMs as a cheap alternative means of storing money.

Some even view the machines as an alternative to lottery tickets. With high levels of risk and reward, both are capable of bringing massive success for a small price.

Unlike a lottery, however, the cryptocurrency market shows trends that users can monitor for maximum gain. Detroit gas station owner Andy Attisha says that users of his Bitcoin ATM are doing exactly that.

“A lot of people do day trading on it,” Attisha remarked about his ATM. “I see people coming in here every day messing with the machine.”


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Venezuela Certifies 16 Crypto Exchanges After Petro Pre-Sales

By Mason Mohon | @mohonofficial

Nicolas Maduro has authorized 16 cryptocurrency exchange services in his country in hopes that they will adopt the Venezeualan cryptocurrency “Petro” onto the international market. Maduro was quoted saying:

The certification of these 16 exchanges is a demonstration of confidence in the system of the Petro, as a cryptocurrency, and will allow liquidity and solid transactional volume.

This comes right after Venezuela’s recent crackdown on various cryptocurrency exchanges.

Although there is no confirmation that any of the exchanges are expected to adopt the Petro, they are expected to still move forward with the certification.

The exchanges are: Criptoexchainge, Criptocapital, Asesoría Financiaera CA, Italcambio, Amberes Coin, Cave Blockchainge, Valoratta Casa de Bolsa, Coinsecure.ve, Critiaechainge, Criptolago, Criptoventraige CA, Criptoactivo Menets CA, Criptoactivo Bancar CA, Criptomundo Casa de Intercambio CA, Inversiones Financieras 1444 CA, [and] Criptoactivo Criptoes.

The Venezuelan government offered India a 30% discount on oil if they adopt the Petro.

Maduro also said he wishes to further promote currency by moving “to create an Industrial and Economic Investment Fund in Petro and I have already contributed, for now 8.5 million Petro equivalent of $510 million for credit loans.”


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Japanese Agency Orders Crypto Exchange to Improve Itself

By James Sweet III | Japan

The Japanese Financial Services Agency, shortened to FSA, is a government agency that is responsible for overseeing financial organizations like banks, exchanges, and insurance corporations. Just recently, they issued an order to a cryptocurrency exchange, demanding that they improve their operations to meet the FSA’s standards.

Minnano Bitcoin, a government-approved exchange for cryptocurrencies in Japan, was the exchange that received the “administrative punishment” handed down by the government. The FSA did an inspection of the exchange’s operations, and discovered it was “not performing appropriate verification at the internal audit in addition to the inadequate management and management system.”

The demands state that Minnano Bitcoin must do the following:

Building a business management system; Establishment of a management system for money laundering and terrorist financing; Construction of bookkeeping management system; Establishment of management system related to user protection measures; Construction of system risk management system and outsourcing management system.

May 14 is the deadline the FSA has created for the exchange to improve its internal organization, as well as write a report on its improvements.

Minnano Bitcoin is a “deemed dealer” of cryptocurrencies and other assets, allowing them to operate. Exchanges can become licensed, leading to less intrusion and investigation in the long run. Only two licensed exchanges have been ordered to improve their businesses in some way, while multiple other deemed dealers have been ordered to improve their operations.

No, Cryptocurrency Is Not “Quietly Dying Out”

By Mason Mohon | @mohonofficial

On Sunday, Russia Today posted an article titled “Is the cryptocurrency market quietly dying out?”, which was full of nothing more than explanations of recent cryptocurrency events along with market declines.

The article merely discusses recent market trends but uses a loaded editorialized headline to make it seem like crypto is dying. The recent decline and widespread burns are quite the opposite, though. The market is organic, and consumers have to take responsibility and learn for themselves.
Those who were scammed or bought Bitcoin at $19,000 may be too depressed to ever buy cryptocurrency again, but if they are wise they will see it as a learning experience. People who have been burned will now use a skeptical eye when looking towards any potential investments.
The failure of the cryptos with “broken blockchains” is just creative destruction at work. They couldn’t serve the consumers, so a better and safer technology is coming to take their place.
A decline in the price of popular currencies is not the end of an era. It is a learning opportunity, so take advantage of it and use it as such.
Note: This is not investment advice.

Binance Suspended From Japan, Makes Plans For Malta Move And Fiat Exchange

By Mason Mohon | @mohonofficial

Binance, one of the world’s largest cryptocurrency exchange services, has been suspended by Japanese regulators.

According to RT, the Japanese Financial Services Agency issued a formal warning to Binance on Friday. The Agency stated that Binance was violating Japanese fund-settlement rules, but were unclear as to whether or not it would be a criminal charge.

According to Alexa rankings, Japan accounts for about 9% of Binance’s visitors.

“No need to worry. Some negative news often turn out to be positive in the long term. Chinese have a proverb for this. New (often better) opportunities always emerge during times of change.” – Changpeng Zhao, Binance’s chief executive.

It seems that Binance has found its new opportunity. According to Bloomberg, the organization will now be seeking a fresh start in the Mediterranean. They have yet to provide a timeframe, but Zhao said “We are very confident we can announce a banking partnership there soon…Malta is very progressive when it comes to crypto and fintech.”

The crackdowns on cryptocurrency in China, Japan, and India have made Hong-Kong a difficult base for Binance.

Binance hopes to soon start a “fiat-to-crypto exchange” on the European island nation. This would allow people to exchange fiat currencies, such as the Dollar or Euro, for cryptocurrencies on Binance’s platform.

Currently, buying cryptocurrency with fiat is mostly limited to the cryptocurrencies that are on the Coinbase platform, which include Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. Opening fiat to crypto on Binance would allow users to buy many more kinds of cryptocurrencies.

Their other future plans include the creation of a decentralized exchange, but technology development for it has been slow.


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