Free Bitmex Trading Signals groups on Telegram: August 2020

Saturday, August 29, 2020

###Here is Why AN ANALYST THINKS BITCOIN WILL HIT $12,000 NEXT WEEK

For more latest update on Cryptocurrency, Free Bitmex ByBit Binance future signals with 80-90% accuracy & BitMEX ByBit trading BOT which does trades automatically in your account join above given Telegram group

Bitcoin has pressed higher after the 3-4% correction on Thursday.

As of this article’s writing, the asset trades for approximately $11,500.

While this is above a notable price point already, analysts think that Bitcoin will extend its gains in the near future.

One trader noted that there are clear signs that BTC will soon trade back above $12,000.

This bullish price action is somewhat dependent on the value of the U.S. dollar.

BITCOIN COULD HIT $12,000 IN THE NEAR FUTURE: HERE’S WHY

Bitcoin has pressed higher in the past 24 hours, moving to $11,500 as of this article’s writing. The asset topped around $11,550 in this near-term rally.

The asset is poised to move higher in the coming days towards $12,000, one trader thinks. He cited three trends formed on Bitcoin’s four-hour chart: the creation of a divergence between the price action and the RSI, an “exhausted” supply region around $11,000-11,300, and the price currently attempting to claim the 200 simple moving average as support.

14 BTC & 95,000 Free Spins for every player, only in mBitcasino’s Exotic Crypto Paradise! Play Now!

These three technical signs suggest that the price of Bitcoin is prepared to move higher, likely towards the year-to-date highs near $12,400 once again.

“My $BTC plan is still intact. Long if price reclaim 11.5k: – 4H bullish divergence confirmed. – Exhausted supply. – Price fighting to reclaim 200MA as support. I think we’ll see 12k next week.”

##US Tech Stocks Worth More Than European Stock Market

Visit - https://t.me/freebitmexsignals

Technology stocks in the US, which include some crypto and blockchain firms, are now valued higher than the entirety of the European equity market.

In brief

American tech stocks are now valued higher than the European stock market, including the UK.

Observers said investors rushed to tech investments as the sector was relatively sheltered from the financial impact of social distancing.

Prices of Bitcoin and other cryptocurrencies have grown in tandem as well.

US technology stocks now have a higher valuation than all of Europe’s equity markets, according to a report on markets outlet Business Insider. Cryptocurrencies and blockchain technology play a vital part in propping up the US tech stocks.

Tech stocks' market cap totaled $9.1 trillion as of Thursday, Bank of America executives reportedly told clients. The figures meant the sector's stocks have, for the first time, eclipsed equity markets in all of Europe.

Investors largely shifted their capital into tech players at the start of the ongoing coronavirus pandemic in March 2020 based on the sector’s large cash piles and insulation from lockdowns, the report said.

Heading the list are the so-called FAANG tech darlings: Facebook, Amazon, Apple, Netflix, and Google (now restructured as Alphabet). They account for a collective $7.5 trillion of the tech sector’s total valuation; Apple alone is worth $2.1 trillion as of August 28, while Amazon is valued at over $1.7 trillion.

Many large companies in the US stock market also build on blockchain. Nvidia, which sells its graphics cards to crypto miners, has a market cap of $324 billion. IBM, which builds blockchain products, among them a blockchain-based supply chain system used by Walmart, has a market cap of $111 billion. J.P. Morgan, which creates the Quorum blockchain network, has a market cap of $313.2 billion.

Companies exclusively devoted to crypto have, so far, remained a humble player in the broader US stock market. As per equity data site Barcharts, these include mining companies like Riot Blockchain, and Hut 8 Mining, with market caps of $170 million and $104 million respectively, crypto advisory firms like Blockchain Inc, and the Grayscale Bitcoin Trust, which is currently worth $2.3 billion.

However, firms like Coinbase, a regulated crypto exchange based in San Francisco, aim to change that. The firm reportedly made plans for an initial public offering earlier this year. Insiders tout an $8 billion valuation for its business—based on the SEC’s approval, according to Reuters.

However, while the blockchain, crypto mining, and tech firms are enjoying a moment in the US markets, the country’s financial giants have faced the ill-effects of an economic downturn. ForexSchoolOnline found that of all US banks, JP Morgan Chase decreased in value the most—the bank’s market capitalization plunged by $142.6 billion between December 2019 and July this year.

The rise in the valuation of tech stocks coincides with Bitcoin’s price increase this year. The pioneer crypto asset has risen over 60% since March 2020. It trades at $11,500 as of August 29.

##Bitcoin Is the Most Advanced Form of Money Ever Created, Says Economist Saifedean Ammous

Visit - https://t.me/freebitmexsignals

Economist and author of The Bitcoin Standard, Saifedean Ammous, says BTC is so advanced that it is essentially the definition of “sound money”.

On the latest edition of the Unchained podcast, Ammous cites principles from the Austrian school of economics, and says Bitcoin’s fixed supply and its resistance to inflation is key to Bitcoin’s superiority as a currency.

“From the Austrian perspective, there’s a recognition that money is a unique good whose entire quantity does not matter. The number of monetary units does not matter, what matters is their purchasing power. So, people don’t prefer 10 yens to one US dollar, they’ll still rather take one US dollar over 10 yens because the value of one US dollar is more than 10 yens. So, it’s not the number that you get of the units, it’s the purchasing power. And if you think in that way then there’s no reason why a fixed supply monetary asset can’t work as money. In fact, you would argue that this is better money… This is the most advanced form of money that was ever invented, precisely because it’s something whose supply is completely resistant to inflation.”

According to Ammous, one of the most incredible things about Bitcoin is the fact that it’s reached a significant level of adoption without the help of legislators or any form of central planning.

“For me the astonishing thing about Bitcoin is that it’s achieved adoption as money without anybody passing a law for it to do it and so this is really why you know, I make the contention that here’s the definition of sound money and Bitcoin fits the bill because you know, you may not like it, you may not want to use it but all of this value is out there and people are using it. It works, it fulfills the functions of money for the people who use it for that and it’s chosen freely on the market.”

Ammous says Bitcoin’s “crowning achievement” is the difficulty adjustment, which automatically evaluates network activity and changes the amount of computing power necessary to process transactions – ensuring miners can continue to earn a profit as BTC becomes increasingly scarce.

“…The difficulty adjustment essentially is what ensures that the Bitcoin supply sticks to the schedule that is outlined from the beginning of Bitcoin because it’s different from every other liquid asset that we’ve had…

Whether it was gold or copper or silver or oil, if somebody were to use it as a monetary asset the value would rise significantly… So, the higher the value of gold goes up the more people dig for it and more people find it.

On the other hand with Bitcoin, Bitcoin’s mining process is more like a sports competition where rather than you know, if more people mine gold we get more gold but if more people compete in the 100-meter dash in the Olympics, we don’t get more Olympic medals being handed out, it just gets harder and harder to win the race.”

Although Ammous is bullish on Bitcoin, he refuses to give a forecast on the price of the top cryptocurrency. He says his only prediction is that BTC will continue to create a new block every 10 minutes.

##Simple Strategy Can Turn Crypto Traders Into Whales, Says One of the Wealthiest Known Bitcoin Investors

Visit - https://t.me/freebitmexsignals

A Bitcoin whale known for making his opinions very public is promoting an investment strategy that he says most crypto traders overlook.

The pseudonymous trader known as Joe007 says smart traders monitor Bitcoin’s long-term price movements, selling their position when BTC has increased 10x and buying when Bitcoin has decreased 5x from its top. The trader, who is known for placing large bets on the exchange Bitfinex, calls the method a “simple and effective investment strategy that allows anyone to become a whale within reasonable timeframe.”

Although diminishing returns will eventually kick in and eliminate the viability of the strategy, Joe believes the 10x/5x rule will hold up for at least the next couple of cycles. The trader believes Bitcoin is currently too volatile to take the “buy and never sell” approach.

Joe says the repeating waves of highs and lows match the buzz on the street about BTC.

“Buy BTC when it’s way down and everyone and their dog barks about how it’s going to zero soon, and sell it when it’s way up and a boomer neighbor asks you for tips how to get into ‘the next bit coin'”.

Joe007 also says Bitcoin’s halvings will start to matter less cycle-to-cycle.

“Halvings may have served as major drivers of supply/demand imbalance in early cycles but over time changes in demand side will be playing a much bigger role, IMHO.”

In terms of his personal portfolio, the trader says that in addition to Bitcoin, he parks a “non-trivial” amount of his fiat in Tether (USDT) to hedge against “banking system failure”.

#Neo Joins Coinbase-led Blockchain Framework

Visit - https://t.me/freebitmexsignals

Rosetta is a framework to help blockchains speak to each other. Now, they can speak to Neo.

In brief

Neo has joined Rosetta.

Rosetta, a Coinbase-led project, is a framework that lets blockchains talk to each other.

Neo rose in price after the news.

Coinbase-led Rosetta, an open-source set of tools to help developers integrate other blockchains into their services, just got a new signup: Neo, a blockchain platform that is itself focused on interoperability.

Rosetta, which launched on June 17, is a standardization tool to make it easier for blockchains to speak to each other. Each blockchain is different, making it difficult and time-consuming for crypto project developers to integrate other blockchains.

“The process requires careful analysis of the unique aspects of each blockchain and extensive communication with its developers to understand the best strategies to deploy nodes, recognize deposits, and broadcast transactions,” wrote Neo in a blog post today. “Project developers spend countless hours answering similar support questions for each team integrating their blockchain, rather than spending time working on their blockchain.”

It’s theoretically easier for crypto companies to integrate a blockchain that adheres to Rosetta’s framework, since they roughly know how such a blockchain works.

That’s good for everyone. It’s beneficial for the blockchain’s developers, who want to get their blockchain’s coin listed on exchanges and integrated with other services. And it’s also beneficial for those integrating another blockchain, since they can improve their own products with new services.

Today, then, things got a lot easier for Neo, a Chinese blockchain platform started by Da Hongfei and Erik Zhang in 2014. Neo focuses on crypto trading, digital identity and smart contracts—it’s a little like Ethereum. It’s also one of the founding members of PolyNetwork, a blockchain interoperability platform, and runs an interoperable DeFi platform, Flamingo.

Despite the Rosetta integration, however, Coinbase has still not listed Neo’s coin as the exchange requires a coin to overcome several regulatory hurdles.

After today’s announcement, Neo’s price shot up 6%, though it likely wasn't related to the news; most top coins had similarly rosy days. Its current price is $18.23, according to data from metrics site CoinMarketCap.

Friday, August 28, 2020

##Tether moves 3 million USDT to OMG Network

Visit - https://t.me/freebitmexsignals

Stablecoin issuer Tether has moved 3 million USDT coins, tied 1:1 to the U.S. dollar, to the OMG Network from Ethereum.

The move appears to be the first major transaction after Tether integrated with the OMG Network last week. OMG is a layer-2 scaling solution and is designed to reduce congestion on the Ethereum blockchain.

Tether CTO Paolo Ardoino told The Block that layer-2 solutions, in general, are growing in popularity as a scalability mechanism for popular blockchains — Lightning Network for Bitcoin, and OMG and zkRollups for Ethereum. These networks provide “extremely scalable layers that allow users to send many orders of magnitude, more transactions (with cheaper fees), still relying on the security of the main chain,” said Ardoino.

“I believe this is the most correct and clean approach from a technical and future proof point of view,” Ardoino added.

Tether, the largest stablecoin in the market with over 85% market share, currently works on seven blockchains: Algorand, Ethereum, EOS, Liquid Network, Omni, OMG Network, and Tron. Ethereum by far remains the largest value settler for Tether, as The Block reported recently.

#Top Investors Bet $7 Million that DeFi Will Move to Polkadot Network

Visit - https://t.me/freebitmexsignals

Polkadot continues to attract DeFi developers and investors alike as the newly-launched network looks to take on Ethereum.

Acala, a DAO established on the newly-launched Polkadot network, has announced a successful series A funding from 15 high profile investors, such as Pantera Capital, Arrington XRP Capital, ParaFi Capital, CoinFund, DCG, Spartan Group, and others.

Santiago Roel Santos, Partner at ParaFi Capital, says:

“At ParaFi, we envision a constellation of DeFi ecosystems spanning multiple chains and believe that would be a win-win for the broader crypto industry. Acala is our first DeFi investment in Polkadot, and one of our first outside Ethereum. We are encouraged by the pace of development and innovation by Acala and are excited to join the team in their journey to become the primary DeFi hub of the Polkadot ecosystem.”

The investment is a simple agreement for future tokens (SAFT) deal and was led by Pantera Capital. According to Coindesk, the total amount raised is around $7 million.

Acala is a financial primitives platform that will provide an alternative infrastructure for DeFi on Polkadot’s multi-chain ecosystem. The Acala platform will feature a MakerDAO-like governance structure with split governance (ACA) and stablecoin (aUSD) tokens on the Polkadot network.

However, it plans to go beyond MakerDAO’s current capabilities with a decentralized exchange (DEX) on top.

The need for a fast and cheap blockchain is rising, as Ethereum-based DeFi continues to be an unattainable investment for small retail investors. The rising gas fees are just one example of this, and may ultimately result in an investor migration from Ethereum to Polkadot.

Regardless of the short term implications of Polkadot’s launch and Acala’s fundraising success, in the long run, Ethereum competition is extremely beneficial for everybody involved in crypto.

##Digital Currency Group Enters the Bitcoin Mining Industry

Visit - https://t.me/freebitmexsignals

Grayscale's parent company DCG has announced a subsidiary targeting the Bitcoin mining industry.

In brief

Digital Currency Group (DCG) has just announced Foundry, a wholly-owned subsidiary that was previously operating in stealth.

Following its launch in 2019, Foundry has already emerged as one of the largest Bitcoin mining firms in North America.

Through a $100 million investment, DCG seeks to position Foundry as a bridge between mining hardware manufacturers and capital.

Crypto-focused venture capital company Digital Currency Group (DGC) is now moving into the cryptocurrency mining industry with a subsidiary: Foundry.

Following the inception of Bitcoin mining in 2009, the cryptocurrency mining industry initially emerged as a lucrative market for solo miners mining Bitcoin with their laptops or computers. But in recent years, the barrier to entry has dramatically increased as massive corporate entities now dominate the landscape and a large chunk of the Bitcoin hash rate.

According to a press release, Foundry was designed to help institutional investors better access the cryptocurrency mining and staking industry—which has been largely dominated by private firms like Bitmain and Canaan Creative. Foundry's involvement in the cryptocurrency mining industry currently encompasses equipment financing and procurement, as well as mining, staking, and advisory services.

We want to empower decentralized infrastructure in the new digital economy, and our work will support the development and growth of mining operations—particularly in North America,” said Mike Colyer, CEO of Foundry.

Since being established in 2019, Foundry has emerged as one of the largest Bitcoin mining firms in North America and assisted with procuring around half of the mining hardware delivered to the region. Now, Foundry will give vetted mining hardware manufacturers and distributors access to capital resources, and help individuals and firm with an interest in the cryptocurrency mining space build and maintain decentralized networks.

“Digital asset mining and staking provide the backbone of the blockchain technology that will drive that advancement. Foundry is bringing critical resources and guidance to an essential corner of the industry, and Mike Colyer and his team have the expertise, credibility, and integrity to support the evolving needs of miners and manufacturers,” said Barry Silbert, Founder and CEO of DCG.

To help Foundry break way in the cryptocurrency mining space, Digital Currency Group will be investing more than $100 million into the initiative through to 2021.

##Mexico Finance Agency: Banks Biggest Money Laundering Threat

Visit - https://t.me/freebitmexsignals

Criminals still prefer traditional financial institutions to launder their dirty proceeds, according to a new report from the Mexican Financial Intelligence Unit.

In brief

The biggest banks in Mexico are the most attractive option for money launderers, a report claims.

Fintech and cryptocurrency is not mentioned in the report—despite being attractive to criminals elsewhere.

Mexican banks have long had problems with money laundering.

Banks in Mexico are the most attractive to money launderers in the country, a new report has claimed. As originally reported by Mexican daily El Economista, the largest banks in Mexico—the G7—are at the most risk of being used for money laundering.

The news report published last week looks at the results of the National Risk Assessment (ENR) of money laundering and financing of terrorism by the country’s Financial Intelligence Unit (UIF) of the Ministry of Finance and Public Credit.

Its findings say that despite the G7 banks being the most regulated, the highest amount of dirty money passes through them. The G7 comprises the biggest banks in Mexico: Citibanamex, BBVA Bancomer, Banco Santander Mexico, Banorte, HSBC Mexico, Scotiabank Inverlat, and Banco Inbursa.

The report says that, previously, four sectors of the financial system were considered most likely to be used for money laundering. But now, the G7 and banks that carry out foreign exchange activity are the most likely culprits out of any financial institutions in Latin America’s second-largest economy.

The report fails to mention the risks of cryptocurrency exchanges or fintech companies—both typically thought to be attractive for those wanting to “wash” dirty proceeds. Mexico is home to the most fintech startups in Latin America. And the country is also home to Tauros, the region’s first crypto debit card.

Though, according to the report, at least, criminal groups in the country still prefer traditional finance.

Banks in Mexico have long had trouble with money laundering. In 2012, HSBC agreed to pay a record $1.92 billion in fines to US authorities after Mexican and Colombian drug cartels were found to be using the bank to launder drug money.

##Crypto Exchange Komid’s Executives Sentenced for Stealing $25 Million

Visit - https://t.me/freebitmexsignals

Two executives of South Korean crypto exchange Komid will each serve at least two years in prison for trading with non-existent money.

In brief

Two executives of South Korean crypto exchange Komid will serve several years in prison for falsifying trading volumes.

Choi Mo and Park Mo created a fake trading account with a balance of 50 billion won ($42 million).

They used these non-existent funds to trade with the exchange's clients and steal around $25 million.

South Korea’s Supreme Court has upheld the respective sentences—handed out in two previous trials—for two managers of crypto exchange Komid. They have been convicted of organizing fraudulent activities on their platform and embezzling around $25 million, local outlet Kakao reported on Thursday.

The CEO of the exchange, Choi Mo, will have to serve his assigned three years of imprisonment, while Park Mo, the second person involved in the case who was responsible for the financial operations of the company, will serve two years.

In January 2018, two Komid executives falsified trading volumes on their own platform in order to distort the perception of customer activity. According to investigators, they fabricated records of a balance in South Korean won using a fake account. None of these funds actually existed.

After that, Choi and Park used the non-existent 50 billion won ($42 million) to trade with Komid’s customers and received around 30 billion won (roughly $25 million) of real funds.

“Mister Choi and others have committed fraudulent activities over a significant period of time, targeting a large number of unidentified victims,” the judge said at the time, adding that “Mr. Choi and others used false account balances to carry out real cryptocurrency transactions,” according to Blockinpress.

During the first and second trials, the court took into account the fact that the defendants returned part of the funds to the clients and decided against overly severe sentences.

“As a result, customer confidence in the virtual currency exchange was undermined, and the domestic market was negatively affected,” the judge noted.

Earlier this week, Seoul police also raided the offices of Korean cryptocurrency exchange Coinbit, whose management is suspected of falsifying 99% of its trading volumes.

Thursday, August 27, 2020

##These 7 Stocks Alone Gained $282 Billion Yesterday Which Is Nearly The Total Crypto Market Cap

Visit - https://t.me/freebitmexsignals

Seven Wall Street companies gained nearly $300 billion in a day in total market cap – almost as much as the entire cryptocurrency market is worth.

Seven US-based giant companies, namely Facebook Inc, Apple Inc, Amazon.com Inc, Microsoft Corp, Alphabet Inc, Tesla Inc, and Salesforce.com Inc, gained nearly $300 billion in total market cap during yesterday’s trading session on Wall Street.

This only goes to show how small the digital asset field is compared to the giants, as their one-day combined gains represent almost the entire crypto market cap.

$282B Gained In A Day By 7 US Companies

Green dominated most tech-oriented stocks on Wall Street yesterday. Facebook’s shares (FB) exploded by over 8% to a new all-time high of over $300. The company’s total market cap increased by nearly $66 billion in just a day.

Apple’s stocks (AAPL) jumped by 1.36%, and one AAPL is more than $500. Apple’s TMC conquered the $2 trillion mark last week, and it has continued growing since then. Just during yesterday’s session, it went from $2,135 trillion to $2,164 trillion (gains worth $28 billion.) Interestingly, Apple’s market cap is larger than the GDP of countries such as Brazil, Canada, and Russia.

Amazon.com CEO Jeff Bezos became the first person ever to be worth over $200 billion after his company’s stocks (AMZN) soared by almost 3% to $3,442. Amazon’s TMC grew by $48 billion from $1,676 trillion to $1,724 trillion in a day.

Alphabet Inc, Google’s parent company, saw its market cap increase by $30 billion from $1,094 trillion to $1,124 trillion. The one-day TMC growth of Microsoft equaled $36 billion, Elon Musk’s Tesla’s – $24 billion, and Salesforce – over $50 billion.

As a result, all seven companies had their combined total market cap increase by roughly $282 billion.

The Crypto Market: How Small And Early It Really Is?

Outsiders of the cryptocurrency space often wonder if they have missed the train as Bitcoin’s price is in the five-digit territory, and it used to trade for much less just a few years ago. Other cryptocurrencies have also surged in value since inception, so investors worry that if it isn’t too late to enter.

However, by merely comparing the entire digital asset market with the information above, it’s easy to see that it may not be late to join the party. After all, the entire cryptocurrency market is worth about $355 billion at the time of this writing – slightly more than the gains marked by only seven companies in just one day.

Moreover, the cryptocurrency TMC was less than $280 billion in mid-July. In fact, even if we examine the top reached during the parabolic price increase in 2017/2018 of $830 billion, it’s still worth less than the market cap of Facebook and almost three times less than Apple’s.

Some may argue that most of these companies have been around for much longer than Bitcoin. However, while this is true for names like Microsoft (founded in 1975) and Apple (1976), it’s not entirely accurate for others such as Facebook (2004) and Tesla (2003).

Ultimately, this could showcase that although the cryptocurrency market contains thousands of digital assets, it’s still very early in its adoption cycle compared to the traditional financial field.

##Venezuela Opposition Blocked from Using Bitcoin to Pay Health Staff

Visit - https://t.me/freebitmexsignals

An initiative to send $17 million to Venezuelan healthcare workers is struggling because the exchange to move the funds has been blocked in the country since 2018.

In brief

Venezuela’s opposition has launched a project to get $17 million to healthcare workers in the country using crypto exchange AirTM.

But the project is struggling due to the website being blocked in the country.

Venezuelans are slowly but surely finding ways to access the funds.

Millions of dollars aimed at helping healthcare workers in crisis-stricken Venezuela cannot enter the country because the cryptocurrency exchange helping the project has been blocked.

An initiative was launched last week by main opposition leader, Juan Guaido, to unlock frozen Venezuelan government funds and transfer them to the South American country. The project, Heroes of Health, hopes to send $17 million to 62,000 underpaid healthcare workers in a bid to help them fight the spread of COVID-19.

But the exchange supposed to help the movement of funds, AirTM, said that the project is struggling to take off because users are unable to access the website, according to an Associated Press report.

AirTM uses a digital wallet connected to banks and blockchains in order to send money abroad. It has become popular in Venezuela—which has the world’s highest inflation—in recent years as people try to get dollars or crypto into the country.

The exchange has been blocked in the country since 2018, but users have found ways of using it, primarily VPNs.

Now, though, when it is most needed, healthcare workers are struggling to access it.

At the time of writing, a new website with a different address appeared to pop up, helping healthcare workers access the funds, Venezuelan citizens informed Decrypt

The exchange has been blocked in the country since 2018, but users have found ways of using it, primarily VPNs.

Now, though, when it is most needed, healthcare workers are struggling to access it.

At the time of writing, a new website with a different address appeared to pop up, helping healthcare workers access the funds, Venezuelan citizens informed Decrypt

##Blockchain Now Powers Parts of China’s Social Credit System

Visit - https://t.me/freebitmexsignals

Data sharing of social credit scores across provinces is now possible thanks to Remin Chain, a permissioned blockchain product from Hangzhou’s Hyperchain Technology.

In Brief:

China's social credit system is getting an upgrade thanks to blockchain.

Right now the system is siloed along provincial borders, meaning data is not transferred when someone moves from province-to-province.

While many perceive blockchain to be a tool for popular liberation, it's being used in China to increase state monitoring of individuals.

The public opinion monitoring arm of China’s social credit system is getting an upgrade that will allow it to share data across platforms and provinces using blockchain technology.

According to a report from state-run media, “Remin Chain,” from Hangzhou’s Hyperchain Technology, will be integrated into the People’s Daily Online Public Opinion Monitoring Center—the government apparatchik responsible for monitoring and analyzing every comment made online by China’s 800 million netizens. As the name implies, the center is run by People’s Daily, one of the mouthpieces of the Communist Party.

China’s social credit system is a complicated leviathan. On one hand, it’s not exactly the Black Mirror-esque ‘Big Brother’ Orwellian system that everyone imagines. On the other hand it does attach a real ID to everyone’s online handle so that social media users with a history of “problematic” comments can be identified and dealt with.

Up until now, there hasn’t been a nationwide “social credit” scoring system that ties online comments to a credit-bureau-like score that dictates the ability of people to access real financial credit.

Instead, most of this system is run at the provincial-level, on separate platforms built by different tech companies. The provinces track everything from local infractions, parking tickets, and payment history on rent and debt—along with online comments—as a way of generating a score. In theory, scofflaws and political dissidents can hop from province to province for a fresh start.

Remin Chain’s ‘Super ID’ system will curb that. The platform proposes to break down these silos and provide a national system for tracking social credit. The company also proposes to use this data to enhance the ability of small and medium-sized enterprises, which are often ignored by lenders, to build up trust and access credit at a lower rate.

##Korean Crypto Firm Partners With Major Bank for Blockchain Product

Visit - https://t.me/freebitmexsignals

For more latest update on Cryptocurrency, Free Bitmex ByBit Binance future signals with 80-90% accuracy & Bitmex ByBit trading BOT which does trades automatically in your account join above given Telegram group

Shinhan bank customers can soon open accounts and access other financial services using a blockchain-based mobile app.

In brief

A top Korean bank will use blockchain-based KYC to remotely open customer accounts.

Korean crypto firm Iconloop will provide the underlying blockchain.

The country's government is betting big on blockchain to spur economic growth.

One of Korea’s most prominent crypto and blockchain firms, Iconloop, announced a partnership yesterday with Shinhan Bank, the country’s second-largest commercial bank, to issue Know-Your-Customer (KYC) compliance certificates, as per a release.

It is one in a long list of blockchain and crypto-based projects to be launched in Korea’s public domain this year. Others include an Ethereum-powered beach payments system and the use of blockchain-based apps for verifying driver’s licenses, with Iconloop’s new development one of the first instances of a bank-crypto firm partnership.

Through its mobile app Zzeung—which uses the firm's blockchain-based decentralized identity (DID) service—Iconloop will issue a KYC certificate accessible on its native blockchain for any interested users, who can then remotely open a Shinhan bank account using just their mobile app. This eliminates the need for paper documents and other extensive compliance demands, the release said.

Shinhan Bank-issued compliance certificates will be also applied to various other identity verification services used to access Shinhan’s mobile banking services, including mobile password issuances, password changes, and other customer verification needs.

Users holding the compliance certificates can also use the KYC facility with Shinhan’s partner companies, making it faster for them to access financial services, such as brokerage, credit card, and insurance accounts.

Jong-hyup Kim, the founder of Iconloop, commented on the launch, "This issuance of compliance certification with Shinhan Bank is of great significance because it is the first commercialization of DID services used in the financial sector in Korea.”

Zzeung is one of the main players of the MyID Alliance, a blockchain-focused—and government-recognized—consortium in Korea with over 77 members ranging from commercial banks to local governments and e-commerce companies.

This year, the country’s Financial Services Commission approved Zzeung into its financial sandbox to allow the development of compliance certifications and other identity verification services using blockchain technology.

The development comes as the Korean government is touting a massive investment in blockchain and other rising technologies such as AI. It has already put aside $400 million in a special investment vehicle for the purpose and is even pursuing research on a potential digital won, Korea’s digital alternative to its fiat.

Wednesday, August 26, 2020

##Google Trends data shows retail investors may soon flood into the Crypto market

Visit - https://t.me/freebitmexsignals

For more latest update on Cryptocurrency, Free Bitmex signals with 80-90% accuracy & BitMEX ByBit trading BOT which does trades automatically in your account join above given Telegram group

Retail investors have proven to be a powerful, market-moving force many times over the past several years. The first clear example of their power to move assets was seen within the crypto market in late-2017.

Their strength was once again showcased earlier this year when an army of investors on Robinhood began pumping the prices of multiple stocks – including bankrupt companies like Hertz.

According to new data from Google Trends, it appears that a flood of retail investors may now be looking to foray into the crypto market.

This trend is elucidated while looking towards a massive uptick in search volume for the term “buy crypto” on Google, suggesting that non-crypto savvy investors are interested in gaining some exposure to the market.

Google Trend volume suggests investors are growing interested in buying crypto

It has been a mixed year for the cryptocurrency market, with Bitcoin starting the year around $7,000, rallying up to $10,500, and then seeing a cascade of buy-side liquidations in mid-March that sent it reeling down to lows of $3,800.

Since this time, BTC has been caught within the throes of a firm and slow uptrend, which ultimately allowed it to set fresh yearly highs of $12,400 just over a week ago.

Despite facing some weakness in the time since hitting these highs, investors are still growing increasingly interested in entering the volatile crypto market.

Google Trend data for the term “buy crypto” shines a light on this trend, with search volumes now being at the highest levels seen since late-2017 – far higher than that seen in late-June of 2019.

“Google searches for ‘buy crypto’ is now at the highest level since January 2018, when the crypto market peaked… This is definitely a sign of new investors who are curious on the cryptocurrency space, but we’re still far from the retail euphoria that was seen back in Jan ’18.”

It is important to note that while investors are growing increasingly interested in learning how to “buy crypto,” this same enthusiasm has not led to an uptick in the number of searches for the term “buy Bitcoin.”

##Global banks lost trillions of dollars in Stock value in 2020

Visit - https://t.me/freebitmexsignals

For more latest update on Cryptocurrency, Free Bitmex signals with 80-90% accuracy & BitMEX ByBit trading BOT which does trades automatically in your account join above given Telegram group

Global banks lost trillions of dollars in stock value in 2020

In brief

Global banks have suffered a $2 trillion drop in equity valuations this year.

The drop came as the coronavirus pandemic led to a weakened outlook among investors.

US banks were hit the worst, followed by Chinese players.

The equity performance of banks and financial institutions was strongly impacted this year causing their valuations to fall by trillions of dollars, according to a report by trading firm ForexSchoolOnline.

The main factor behind the plunge was the coronavirus outbreak that caused significant instability and led to high volatility in global capital markets, resulting in the global banking market fall to $7.4 trillion in the second quarter of 2020. The figure was a 28% drop compared to 2019.

Data shows the combined market capitalization of the world’s largest financial institutions slumped by $465.1 billion amid the coronavirus outbreak, falling from $1.46 billion in December 2019 to $999.8 billion in July.

Among all global banks, US-based JP Morgan Chase saw the most significant decrease in value—the bank’s market capitalization plunged by $142.6 billion between December 2019 and July this year. Bank of America, another influential US bank and the second-largest financial institution in the world, came next on the list, suffering a $101.2 billion hit since January 2020.

However, in terms of percentage, US bank Wells Fargo took the largest hit. Statistics showed its market cap value suffered a 55% fall since January this year, with the figure falling to $99.9 billion in July from over $200 billion earlier.

Chinese banks also struggled. The combined market capitalization of the two largest Chinese institutions, the Industrial and Commercial Bank of China and China Construction Bank, plunged by a total of $93.7 billion this year, falling from $483.5 billion in December to $389.8 billion last month.

The plunge came after years of steady upward growth across the world’s banking stocks, the report said. Reasons for the previous rise included access to low-interest (even zero interest) business loans that led to inflated valuations globally. However, not everyone was convinced—with some past reports calling it the “everything bubble.”

The drop in banking valuations coincides with a rise in Bitcoin prices. This growth has even caused established firms like enterprise software provider MicroStrategy to turn to buy Bitcoin to protect against economic risks.

###IRS Sends Warning Letters to Suspected Crypto Tax Evaders

Visit - https://t.me/freebitmexsignals

For more latest update on Cryptocurrency, Free Bitmex signals with 80-90% accuracy & BitMEX ByBit trading BOT which does trades automatically in your account join above given Telegram group

The letters from the IRS warn US taxpayers to pay taxes on all cryptocurrency transactions.

In brief

The IRS has sent out a second round of letters to US cryptocurrency HODLers, asking them to file their taxes correctly.

The letter asks taxpayers to “file amended returns or delinquent returns”and warns that those who fail to accurately report crypto transactions “may be subject to future civil and criminal enforcement activity.”

The IRS is getting very serious about cryptocurrency tax compliance.

The US tax-collecting agency, the Internal Revenue Service (IRS), has sent out another round of letters to US cryptocurrency HODLers they believe haven’t filed their taxes correctly.

A copy of the letter, dated August 14, was published by CoinTracker, software that helps crypto traders prepare their taxes.

“We have information that you have or had one or more accounts containing virtual currency but may not have properly reported your transactions involving virtual currency, which include cryptocurrency and non-crypto virtual currencies,” it reads.

The letter instructs people to “file amended returns or delinquent returns” if they’ve not filed their crypto taxes correctly. The IRS warned that those who fail to accurately report crypto transactions “may be subject to future civil and criminal enforcement activity.”

Three types of letters were sent.

The first two, "Letter 6171 and 6174-A, are less severe educational letters,” tweeted Shehan Chandrasekera, CoinTracker’s head of tax and strategy. “If you believe you filed your crypto taxes right, no action is needed. “If you missed any crypto portion when you filed or you didn't file a return, you must amend or file a new return.” The third, Letter 6173, is more severe and requires a response.

Others on Reddit have reported receiving the same letters. CoinTracker does not know how many letters were sent.

What disclosures are the IRS requesting?

The IRS requests that US taxpayers answer the following question when filing their tax returns: “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”

The IRS asked that question of taxpayers last year, but the question appeared on a 1040 Schedule 1 form, which taxpayers had to specifically request. Ignorance, whether feigned or real, meant that lots of US taxpayers did not report their cryptocurrency holdings.

In the US, trading cryptocurrency is a taxable event, subject to capital gains tax. That means that every time you buy or sell cryptocurrencies—trades some execute multiple times per day—you must calculate and report your gains or losses. Those receiving salaries in cryptocurrencies must also report this as income.

How does the IRS know who owns cryptocurrencies?

This is at least the second time the IRS has sent letters to taxpayers asking them to cough up the money. The first batch went out last year.

How did the IRS get hold of this information? Potentially from exchanges. Chandan Lodha, co-founder of CoinTracker, told Decrypt that Coinbase is “a common exchange synced across users who are receiving these letters.” The IRS in 2016 subpoenaed Coinbase for information about its users’ holdings and transactions.

New Hampshire resident James Harper last month filed a complaint against the IRS, alleging that it illegally gained access to this data, and “unlawfully violated” his Fourth and Fifth amendment rights.

The complaint said: "Where once it lacked the authority to peek into a person's private papers even with the use of a subpoena, the Internal Revenue Service has now acquired the power to demand access to anyone's private information without any judicial process.”

Lodha added that the US government has subpoenaed non-US exchanges like Bitstamp, and are using blockchain analytics software like Chainanalysis, Coinbase analytics, and Palantir. “They have even gone so as far as to start trying to de-anonymize on-chain privacy coin transactions,” he said.

“The trend seems to be pretty clear: the IRS is getting very serious about cryptocurrency tax compliance. The implication for users is pretty clear — if you want to stay out of the IRS' crosshairs, make sure you are staying compliant with the cryptocurrency tax rules,” he said.

##Korean Crypto Exchange Seized After Banking $85 Million in 'Illegal Profits'

Visit - https://t.me/freebitmexsignals

For more latest update on Cryptocurrency, Free Bitmex signals with 80-90% accuracy & BitMEX ByBit trading BOT which does trades automatically in your account join above given Telegram group

Authorities stormed into Coinbit’s offices today after they found the exchange had faked over 99% of its trading volume.

In brief

Coinbit was seized by authorities earlier today after manipulating volume on its exchange.

Police said the business made over $85 million in illegal income.

Investigations are ongoing.

Seoul police have raided the offices of Coinbit, one of the largest crypto exchanges in South Korea, this morning after they found the firm had used illicit methods to generate trading volume and earn millions of dollars, according to local outlet Seoul News. Coinbit allegedly faked over 99% of its volume using the scheme.

Fake volumes are a rampant feature in crypto markets globally, with researchers stating over 90% of all transactions on exchanges could be bots trading back and forth with each other to generate the illusion of an active market. This is referred to as “wash trading.”

Coinbit utilized a similar scheme, said the police. The exchange’s owner, Choi Mo, and other team members were alleged to have bought and sold various tokens between different accounts on the exchange, which authorities said affected Coinbit’s 252,000 monthly active users.

The modus operandi was as follows: Coinbit made two exchange accounts containing all user funds. One account wash traded on major cryptocurrencies such as Bitcoin, Ethereum, XRP, and Tether trading pairs with “ghost” accounts.

The other account was allegedly used exclusively for trading obscure altcoins and initial exchange offerings—where a coin is available only on one exchange—by controlling their supply, manipulating their prices to higher values, and eventually dumping the tokens on unsuspecting retail traders.

Doing so allowed Coinbit to attain over 100 billion won ($85 million) in fraudulent income coupled with their wash trading method that spurred the legal action, the report claimed.

Accounting fraud and more crackdowns ahead

Authorities have also raised questions about Coinbit's accounting practices, which point towards the possibility of additional malpractice and embezzlement, the report said.

An anonymous tax accountant told the local reporters, "The fact that Coinbit rejected the opinions from external auditors means that the company's operation was done in an out-of-the-box fashion, and in fact, its accounting cannot be trusted at all."

Saturday, August 22, 2020

##Top Cryptocurrency Wallets of 2020

Visit - https://t.me/freebitmexsignals

For more latest update on Cryptocurrency, Free Bitmex signals with 80-90% accuracy & BitMEX ByBit trading BOT which does trades automatically in your account join above given Telegram group

One of the major points of contention when entering the cryptocurrency industry either as a trader or a HODLer is the security of digital assets. Many investors are on the fence when it comes to participating in this budding industry just because of the infamous incidents of hacks and cyber-attacks on crypto exchange platforms that have swindled investors to the tune of millions of dollars. As a measure to safeguard their investments, seasoned investors store their digital assets only on the most trusted and reputable crypto wallets.

In this article, we look at four of the most trustworthy and secure crypto wallets in the market today – CryptX, Ledger, Bitamp, and Electrum.

Differentiation Between Hot Wallets and Cold Wallets

Before we delve deeper into the aforementioned cryptocurrency wallets, it’s important to know about the different kinds of cryptocurrency wallets.

Primarily, cryptocurrency wallets can be divided between hot wallets and cold wallets.

What Are Hot Wallets?

Hot wallets, as the name suggests, are digital wallets that are connected to the Internet. Due to their online nature, hot wallets enable rapid access to digital assets. There is no dearth of secure hot wallets in the industry, with some of the most popular of them being MyCelium, Bread, Edge, Bitamp, and Electrum, among others.

Hot Wallets are optimal for those who require ‘on-the-go’ access to their digital assets for quick trades. As the price movement in the cryptocurrency industry is notoriously volatile, having or not having quick access to crypto investments can make or break the game for investors. Therefore, if you’re a trader or even just want to HODL cryptocurrencies for the long-term, you can bet your money on hot wallets. Investors can add an extra layer of security to their wallets by enabling PIN password and two-factor authorization.

What Are Cold Wallets?

As the name might suggest, cold wallets are ‘cold’ in the sense that they’re disconnected from the Internet. Cold wallets from companies such as Ledger and Trezor are becoming increasingly popular among novice and veteran investors alike courtesy of their unparalleled security.

However, due to their offline nature, they might not be the ideal choice for investors who are actively trading cryptocurrencies to make profits. Despite that, the stellar security provided by cold wallets makes them an ideal choice for those who want to store large amounts of crypto assets for the long-term.

Some of the Top Cryptocurrency Wallets

CryptX

Dubbed the “Swiss Bank for Digital Coins,” CryptX is a leading cryptocurrency wallet that offers its users enterprise custodial services with institutional-grade security. It is fast and easy to onboard.

(Source: CryptX)

With an intuitive and sleek user-interface, CryptX provides the simplest and most convenient way of sending, receiving, and managing crypto assets at minimal fees. The wallet secures users’ private keys in the impenetrable Swiss bank-grade Hardware Security Modules (HSM) that are developed, manufactured, and programmed in Switzerland. This, in essence, means that CryptX users can rest assured that no one is gaining unauthorized access to their private keys.

CryptX cryptocurrency wallet supports a wide array of digital assets and regularly introduces support for new ones, thereby eliminating the need for individuals to maintain multiple crypto wallets.

At present, CryptX can be used to manage more than 100 cryptocurrencies including top digital assets such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Tether (USDT), and Chainlink (LINK), among several others. CryptX also supports other crypto-specific events such as forks, and token airdrops so that users do not have to shuffle and move their digital assets to other wallets.

All secure information related to accessing the cryptocurrencies supported by CryptX are stored in Swiss HSM devices which can be managed through the wallet’s secure APIs via Two-Factor Authentication. In addition, CryptX also leverages several other robust security mechanisms such as wallet freezing, and address whitelisting.

CryptX provides its users with cutting-edge trading features.

For instance, consider the CryptX Auto Swap functionality that automatically swaps BTC, ETH, BCH, LTC, and USDT within the user’s wallet to eliminate exchange rate risk involved in cryptocurrency operations. In simpler terms, the Auto Swap feature ensures that users do not lose their investments on volatility. Users can tap this feature to safeguard their digital assets from undesirable price swings.

Last but not the least, CryptX is cognizant of how big a pain enormous transaction fees can be for users. In that regard, CryptX offers SegWit, transaction batching, and other fee management tools to ensure its users have minimal exposure to unnecessary expenses.

Interested individuals can book a CryptX wallet Demo on their official website here.

Ledger

Ledger is a leading hardware or cold wallet firm based out of France. Ledger’s two flagship products – Ledger Nano S and Ledger Nano X, are often considered the industry-benchmark for hardware wallets because of their robust and cutting-edge security mechanism.

Ledger Nano S supports a swathe of cryptocurrencies, including some of the most popular digital assets, such as Bitcoin (BTC), Ether (ETH), XRP, Litecoin (LTC), and Bitcoin Cash (BCH), among others.

Bitamp

A leading Bitcoin (BTC) wallet, Bitamp is a trusted name in the cryptocurrency wallet space. Bitamp is an open-source, client-side, Bitcoin wallet that enables users to seamlessly send and receive the premier cryptocurrency from anywhere in the world.

The wallet keeps user privacy at its core and requires no user information at all. Users are not required to share their email addresses or any other personal information to enjoy the benefits of this free Bitcoin wallet. Bitmain strives to preserve user’s anonymity and, in that regard, never stores the seed phrase, private key, IP address, or user browser details.

Electrum

One of the oldest digital wallets in the industry, Electrum has successfully maintained its reputation throughout the years.

Electrum is a desktop Bitcoin wallet compatible with various operating platforms such as Windows, Mac, and Linux. Because it’s an open-source wallet, Electrum has continually undergone important additions from the best programmers and security enthusiasts in the crypto space. The continual refinement has cemented Electrum as one of the most respected Bitcoin wallets in existence today. Just like Bitamp, Electrum can also be integrated with several leading hardware wallets including Ledger, Trezor, and others.