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Bitcoin And China’s Yuan Are Inversely Correlated, Blockchain.com Research Says

BTC Spiked As The RMB Fell Evidence is purportedly mounting that Bitcoin and the Chinese Renminbi (RMB), known as the Yuan, are tied to each other. A report from the South China Morning Post recently noted that after Donald Trump, the president of the U.S., announced tariff changes on Chinese imports, BTC began to rally. Simultaneously, the yuan purportedly fell to its lowest level in six months, as China looked to move against Trump. Garrick Hileman, the head of research at industry startup Blockchain.com, told the SCMP that his team, in fact, sees a “strong inverse correlation” between the two assets. He does add that Blockchain.com can’t be “100% certain that Bitcoin’s recent price increase is being driven by trade tensions”, but subsequently noted that the Yuan has traded inversely to the RMB in the past. As seen in the Twitter post below, there are some eerie similarities in the charts. Maybe just a coincidence but you tell me Bitcoin is winning the trade war while China and US is a lose-lose pic.twitter.com/8FmVcaHjjh— Dovey Wan 🗝 🦖 (@DoveyWan) May 13, 2019 What gives this theory even more credence is that over the past few months, regulators in Beijing have begun to crack down on cryptocurrency en-masse. Most recently, social media and technology giant WeChat revealed that it would be disallowing merchants from making crypto-related transactions, especially those that involve over-the-counter trades. As Primitive’s Dovey Wan explains, this ban may “impact local liquidity to some extent,” citing her experience and knowledge as an insider of the local cryptocurrency space. It is important to note that this move is very similar to Alipay’s purge of Bitcoin OTC accounts. Some, however, believe that this correlation was recently deemed moot. Macro analyst Alex Krüger recently pointed out that Friday’s sell-off shows that BTC is a hedge against trade wars is “nonsensical”. Citing the fact that the Bitstamp sell-off was practically engineered by one entity, which many speculate was trying to turn a profit on BitMEX, he adds that Bitcoin’s recent parabolic rally likely is a result of “a handful of parties.” He goes on to joke that the Bitcoin and RMB narrative is just as foolish as those saying that the cryptocurrency is correlated with avocados, which has spiked alongside BTC. The Bitcoin – Chinese Renminbi correlation that the world has been spinning is similar to the Bitcoin – Avocado correlation. pic.twitter.com/yHkeTI8Z3B— Alex Krüger (@krugermacro) May 17, 2019 Bitcoin Is A Hedge, Make No Mistake Despite this, some are sure that Bitcoin is great as a digital gold, or gold 2.0 if you will. Hildeman explains: We also continue to see growing recognition of bitcoin as ‘digital gold’ and it being used as a hedge against various macroeconomic risks.” Indeed, just the other day, Travis Kling of Ikigai, formerly of Wall Street, told TD Ameritrade that Bitcoin is a perfect hedge against “irresponsibility from governments and central bankers”, adding that BTC is an insurance policy against inflationary tactics imposed by the incumbents. And this might just be what boosts the cryptocurrency in the long term, as Brendan Bernstein noted. Title Image of Yiran Ding Via Unsplash The post Bitcoin And China’s Yuan Are Inversely Correlated, Blockchain.com Research Says appeared first on Ethereum World News.
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Study Finds Several “Important Discrepancies” in Ripple’s Reports. Did They Lie?

Ripple has been a company known for projecting an image of seriousness and transparency (despite not having the support of the most purists within the crypto be seen). Its business strategy has allowed it not only to position itself as one of the most popular blockchain companies in the financial sector but also to place its XRP token in the top 3 of the global marketcap. However, a recent report published by analysis firm Coin Metrics suggests that Ripple’s reports did not correctly express reality, and the methodology applied to escrow the unused XRP is different from what they theoretically proposed. The report, published on May 16, 2019, explains extensively that some of the movements made by Ripple were not congruent with the reports they presented to the public: “In doing so, Coin Metrics found several important discrepancies between what was publicly reported by Ripple and what was visible on the XRP ledger:•    Two quarterly markets reports under-reported the number of XRP released from escrow by a total of 200 million XRP ($84 million at current prices)•    The “escrow queue” is implemented differently than announced, leading to a faster future release of escrowed funds compared to the announced schedule •    Other party/parties, potentially associated with Ripple, have released 55 million XRP from an unknown escrow address not connected to the main Ripple escrow account” The Escrow System allows Ripple to partially control the liquidity of XRP to stabilize its market. According to an article published by Brad Garlinghouse, Ripple CEO, on May 16, 2017, Ripple would implement an escrow system that would lock funds for 55 months:  “We’ll use Escrow to establish 55 contracts of 1 billion XRP each that will expire on the first day of every month from months 0 to 54. As each contract expires, the XRP will become available for Ripple’s use … We’ll then return whatever is unused at the end of each month to the back of the escrow queue. For example, if 500M XRP remain unspent at the end of the first month, those 500M XRP will be placed into a new escrow account set to expire in month 55” However, Coin Metrics revealed that Ripple slightly changed the way it put funds under escrow: While the announcement article mentioned “55 contracts of 1 billion XRP”, the actual implementation was 25 contracts of 1 billion XRP, expiring monthly from January 2018 to January 2020 and another 60 contracts of 500 million XRP each with two expiring at the beginning of each month from February 2020 to July 2022. While the spirit of the announcement was respected, the implementation differed slightly. But there is one find that seems even more delicate. It seems that Ripple failed to put 200 Million XRP on escrow, despite reporting them as such: 1. Two quarterly markets reports under-reported the number of XRP released from escrow by a total of 200 million XRP ($84 million at current prices)— CoinMetrics.io (@coinmetrics) May 16, 2019 This action would have increased the total circulating XRP. According to Coin Metrics, “[Ripple’s] modified [XRP release] scheme has in effect accelerated the release schedule of XRP, compared to the strict escrow scheme as was understood by the majority of news outlets and analysts at the time it was reported and as illustrated in Ripple’s examples of how the scheme works.” courtesy: Coin Metrics After the news, Ripple’s CTO David Schwartz explained that everything is a timely issue and not a manipulation of information. We tweaked the timeline in 2018 to reflect transactions that happened each month of the quarter rather than linking returns to date of initial escrow release. Ex: a March escrow release returned in April is considered a Q2 event, not Q1.— David Schwartz (@JoelKatz) May 17, 2019 In the end, it’s up to each user to determine wether Ripple did the correct thing or not. The blockchain is transparent, and could be seen as a real-time report and that’s the beauty of this technology. The post Study Finds Several “Important Discrepancies” in Ripple’s Reports. Did They Lie? appeared first on Ethereum World News.
Ethereum World News

Data shows mainstream interest in Bitcoin is surging

Cryptocurrencies have grown from a niche market to a huge industry with a $230 billion market cap in less than a decade, but are yet to become a financial norm in a large part of the world. However, there has been a steady increase in the amount of recognition the industry gets, from organic Google listings to traditional news outlets reporting on bitcoin. We explore all the ways crypto has entered the mainstream and what does this mean for the industry. The ultimate goal for crypto—mainstream adoption Ever since the first Bitcoin block was mined in January 2009, the goal of the crypto industry was to challenge traditional finance. And while the number of enthusiasts that gathered around Bitcoin increased year after year, it still may take decades before it would reach the number of people needed to make it become “mainstream.” Increased pressure from financial regulators also didn’t help—while some countries such as China, Taiwan, Pakistan, and Iran have outright banned crypto trading, others have imposed banking bans and made it impossible for crypto companies to effectively operate. Related: Congressman calls for a bill to outlaw cryptocurrency in the US Even in the United States, where owning and trading cryptocurrencies is currently legal, there is a small, but not insignificant movement calling for a ban on crypto trading. However, cryptocurrencies have managed to defy all odds and reach heights few could have imagined just a few years ago. New evidence proving that mainstream adoption is just around the corner is popping up everywhere—from Google listings and major news coverage to more inconspicuous places like the Apple App Store. Google says Bitcoin is worth a look Getting a direct recommendation on Google Search would be a cause for celebration for any business, but it’s especially so in the case of Bitcoin. When googling “USD,” Bitcoin appears in the recommended searches. A quick check using a different browser, a VPN, and incognito mode proved the claim correct—Google does recommend Bitcoin when searching for USD. This, however, isn’t a result of any kind of lobbying or intentional influence, as Google’s algorithm highlights the most searched word combination. This means that not only has the usage of Bitcoin increased, so too has the interest in the cryptocurrency and its value in US dollars. Omar Bham, a crypto news curator, recently tweeted a chart showing that interest in Bitcoin has surged on Google Search Trends. Bitcoin interest has SURGED on Google Search Trends. Ethereum/Cryptocurrency has not gone exponential… if BTC continues climbing, expect your alt portfolios to explode. Mark my words. pic.twitter.com/Eoh5LdZxTL — Omar Bham (Crypt0) (@crypt0snews) May 15, 2019 The surge preceded Bitcoin’s latest price spike so it wouldn’t be bold to assume that it was a result of an organic increase in interest. This can also be seen in the number of tweets mentioning Bitcoin—over the last 24-hours, the 7-day average tweets per day were 23,500, up from 17,400 this time last month. More people own bitcoin than ever before It’s not just that people are talking about crypto—they own it, too. Kevin Rooke, a cryptocurrency analyst, recently shared a graph showing the increase in the number of addresses that own more than 1 Bitcoin. The Bitcoin virus continues to spread. 732,982 Bitcoin addresses now own more than 1 BTC. 🚀 pic.twitter.com/pcmQkqa5fq — Kevin Rooke (@kerooke) May 16, 2019 According to his data, there are currently 733,000 Bitcoin addresses that hold 1 or more BTC. While this is a slight increase since last year, comparing the number with any previous year shows an enormous change. In May 2013, just over 200,000 addresses owned more than 1 BTC, while in  2010, that number was less than 50,000. Apart from owning more, people are also trading more, especially when it comes to Bitcoin. The world’s largest cryptocurrency has seen a 20 percent increase in the number of active addresses on its network since last year, while Dogecoin, Ripple’s XRP, and Dash increased by 27, 38, and 58 percent, respectively. Judging by the previously mentioned stats, more trading equals more attention, which helps bring Bitcoin closer to a much larger audience. Some of the world’s largest corporations opened their doors to crypto The increase in attention caused by a surge in trading has opened up new doors for cryptocurrencies. Crypto payments are no longer a thing that’s bound to happen in the future—it’s a reality for some of the biggest merchants across the world. Related: Bitcoin, Ethereum, and Bitcoin Cash now accepted at thousands of retail locations including Whole Foods, Lowe’s, and Nordstrom Earlier this month, crypto payments have been enabled at tens of thousands of merchants in the US on the Flexa network. Flexa’s first app, SPEDN, allows users to spend crypto at some of the biggest brands in the US, including Whole Foods, Barnes & Noble, and dozens of others. After retailers such as Steam and Twitch have reversed their decisions to accept crypto payments, exposing such a large number of globally known merchants is regarded as a major win for crypto acceptance. Brian Armstrong, the CEO of Coinbase, pointed out that crypto is slowly going from niche to mainstream. During this week’s Consensus conference in New York, he said: “In crypto, the most mainstream thing you can think of is swiping your credit card at Starbucks. That will probably be the last area that’s disrupted by crypto.” And while cryptocurrencies might come to Starbucks in the near future, Coinbase itself has come to a much larger audience than anyone could have expected. The largest cryptocurrency exchange to come out of the United States has made it to the list of trending apps on the Apple App Store. Some Twitter users have pointed out that the last time Coinbase, or any other crypto exchange for that matter, was trending on the App Store was almost a year and a half ago. Increased interest brings a more stable market Having the interest in the crypto market frequently go up and down isn’t a new thing—mentions of Bitcoin on Twitter peaked at the beginning of December 2017 but fell to a historic low just a month later. However, what we have seen in the past six months is a slow but steady increase in the attention cryptocurrencies receive. This makes it more likely that the entire industry’s market capitalization will follow that growth. Steady growth, followed by an increased interest in owning and trading cryptocurrencies will ultimately be what brings stability to the industry. The post Data shows mainstream interest in Bitcoin is surging appeared first on CryptoSlate.
Cryptoslate

Stansberry Research 2019 Bear Market Survival Event: Massive Shift and Crash Coming?

Upcoming Online Event, “The Coming Crash Will Be FAR Worse Than 2008,” to Help Prepare People for the Worse Did you know that one in three Americans have yet to recover from the 2008 financial crisis? According to the claims made, we aren’t too far away from yet another financial crisis. What were deemed “important […]
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DIGEST

Zcash unveiled an already fixed vulnerability, US presidential candidate McAfee the debtor, QuadrigaCX seeking protection and justice, Kraken's new partnership, evidence of BTC decentralization improvements, rumors as for Bakkt, a bunch of news from Ripple and Telegram TON updates

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HIGHLIGHT

There are 4k crypto ATM worldwide, according to Сoinatmradar. The leader is North America with 71.3% of all machines installed, following by Europe (25%) and Asia (2.56%). The most popular altcoins are LTC and ETH, correspondingly. Rates come up to 8.85% buying rate and 7.9% selling rate on average

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DIGEST

eToro supports universal basic income ideas, Axoni raises additional $36M, Binance welcomes institutional investors when Bloomberg proves their interest in investing in crypto is low, hopes as for BTC ETFs, ConsenSys, Japan’s Shinsei Bank, Nippon Wealth, and Tribay Capital become partners, Alprockz and Geneva Swiss Bank collaborate to create a stablecoin

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Twitter Spoof: BitConnect 2.0 to Return in July; BCC Token to Rise from the Crypto Graveyard?

Bitcoinnect is known for its high yield investment platform Bitconnect.co. The company had a cryptocurrency Bitconnect Coin (BCC) which investors bought with Bitcoin to gain a 0,25% daily interest. The company also has a lending platform and exchange which closed due to warnings from Texas and North Carolina authorities. Some unknown person is however working […]
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MakerDAO Token Holders Vote on Whether to Lower DAI Stability Fee by 2%

MakerDAO Token Holders Vote on Whether to Lower DAI Stability Fee by 2% A vote about whether to decrease the so-called stability fee for MakerDAO’s ethereum blockchain-baseddecentralized stablecoin DAI has started. The vote was announced on the organization’s blog on May 17. If approved, the latest proposal would decrease the stability fee by 2% to […] Cet article MakerDAO Token Holders Vote on Whether to Lower DAI Stability Fee by 2% est apparu en premier sur Bitcoin Central.
Bitcoin Central

Crypto-Market Top Weekly Performers: Bitcoin, Ethereum, XRP, Stellar, Tezos, Binance

Bitcoin bulls have turned out to be more relentless than the most have predicted from its historic prices. However, the fundamentals around Bitcoin [BTC] seem to be stronger than ever with the Bitcoin virus apparently spreading to the east now. Mati Greenspan, the senior market analyst at eToro tweeted, “BTC on the move again… Asian market certainly doing their bit today.” This is coming after a huge pullback on 17th May 2019. A Bullish Marubuzo with was seen in the 0: 00-4: 00 Hours UTC on 19th May as the market broke above $8000 again. This the second time the market has attempted to break it after a huge correction. BTC/USD 1-Day Chart on Bitstamp (TradingView) The other four performing coins Opening Price: $6968 Closing Price: $8109 The weekly gains: 11% Weekly High/Low: $8390/$6178 Binance [BNB] Coin Binance [BNB] coin was trading in the red in the last week’s update trading around $20. Nevertheless, the token started picking up value again as normal operations began at Binance Exchange after the hack. This week Binance also initiated the process of burning token from the Ethereum blockchain to process them on the native Binance Blockchain. BNB/USD 1-Day Chart on TradingView Opening Price: $20 Closing Price: $29.5 The weekly gains: 40.6% Weekly High/Low: $32.2/$19.9 Stellar [XLM] Stellar’s rise was higher than most coins during the week as it held gained 35% on a weekly scale. The Stellar validators were reportedly shut down for two hours on 15th May 2019. As Bitcoin continued to correct and rise, Stellar held it gains above 0.00001750 BTC. XLM/USD 1-Day Chart on Bitfinex (TradingView) Opening Price: $0.10 Closing Price: $0.14 The weekly gains: 46% Weekly High/Low: $0.16/$0.117 Ethereum [ETH] Ethereum has been the top performer in leading altcoin gains in terms of total market capitalization. The total market capitalization of Ethereum is above $25 billion. It still accounts for more than 10% of the total capitalization of cryptocurrency markets. Also Read: Ripple’s XRP and Ethereum Fight for 2nd Place Behind Bitcoin In The Wake of a Bull Run ETH/USD 1-Day Chat on Coinbase (TradingView) Opening Price: $188 Closing Price: $259 The weekly gains: 38% Weekly High/Low: $281/$185 Tezos [XTZ] Tezos [XTZ] has been one of the best performing coins of the year. It has gained more than 100% before the bull run on Bitcoin began. The gain was influenced by the Coinbase allowing Tezos [XTZ] as the first coin which could be staked/forged on the Coinbase Custody platform. It was on the rise again this week as the market seems to have broken bullish since the beginning of the month. It broke above $1.75 as it set sights on to $2. XTZ/USD 1-Day Chart on Bitfinex (TradingView) Opening Price: $1 Closing Price: $194 The weekly gains: 25.4% Weekly High/Low: $207/$157   XRP, Dash, IOTA, and Cosmos [ATOM] The almost all altcoins were in the green on a weekly scale. While the above-mentioned cryptocurrencies rose higher than the rest, XRP, Dash, IOTA, and Cosmo [ATOM] also registered more than 20% gains. The gain in XRP was considerable as it broke above the $18 billion market capitalization. Moreover, the weekly rise is about 25%. The dominance of XRP over cryptocurrency market is about 7%. The rise of Dash, IOTA, and ATOM is 21%, 31% and 23$ respectively on a weekly scale. XRP/USD 1-Day Chart on Bitstamp (TradingView) *The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $0.5 billion is 0.23%. Hence, for Analysis purpose we will only consider cryptocurrencies with a total market capitalization $0.5 billion or more. For future analysis, we’ll try to maintain 0.25% as a standard for the calculation. **The data is taken at around 11: 00 Hours UTC on 19th May 2019.  The post Crypto-Market Top Weekly Performers: Bitcoin, Ethereum, XRP, Stellar, Tezos, Binance appeared first on Coingape.
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