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  • South Korean National Assembly Holds Regulation Debate With Local Crypto Exchanges
    by Ana Berman on December 11, 2018 at 12:11 am

    Major Korean crypto exchanges have arranged a crypto regulation debate in the National Assembly, discussing Anti-Money Laundering policies and customer protection. South Korea’s representative body, the National Assembly, has held a crypto regulation debate arranged by major local cryptocurrency exchanges, IT media oulet ZdNet Korea reports Monday, Dec. 10.According to local business outlet Financial Leaders, the topics of the debate were proposed by seven crypto exchanges — Bithumb, CobitCoin, Coinone, Upbit, Gopax, Coinplug and Hanbitco.The debate was attended both by crypto entrepreneurs and politicians, such as Democratic Party member Kim Byung-wook and representatives for the Liberty Korea and Bareunmirae parties, both with a significant number of seats in the National Assembly. The country’s financial watchdog, the Financial Services Commission (FSC), also sent a representative to the discussion.ZDNet reports that Lee Seok-wu, CEO of Dunamu — a subsidiary of Kakao that operates Upbit — led a discussion that was attended by FSC members and the president of Gopax, among others. The discussion reportedly focused on Anti-Money Laundering (AML), customer protection and Know Your Customer (KYC) practices..The debate in the National Assembly was preceded by the FSC’s decision to allow banks to service crypto exchanges, as soon as they have adequate AML safeguards and apply KYC checks.At the same time, South Korea has a strict policy against Initial Coin Offerings (ICOs), issuing strong warnings against them back in 2017. However, local blockchain startup, Presto, is reportedly going to file a constitutional appeal over this policy.According to a recent report prepared by CryptoCompare, the crypto industry in South Korea is consistently growing. In November Korean crypto exchanges overtook Maltese competitors by average daily trade volume. As per report, major Korean players produced over $1.4 billion daily. […]

  • Report: Stablecoins See Significant Growth in Adoption Over Recent Months
    by Ana Alexandre on December 10, 2018 at 11:15 pm

    A recent analysis by Diar has found that stablecoins are becoming more widely adopted, seeing significant growth in on-chain transactions. According to analysis by research firm Diar published Dec. 10, the adoption of stablecoins is growing based on the increasing number of on-chain transactions.Per Diar, four major stablecoins to date — USDC, True USD (TUSD), Paxos (PAX) and the Gemini dollar (GUSD) — have broken the $5 billion mark in on-chain transactions within the three-month period.November reportedly saw a massive 1,032 percent surge in on-chain transactions compared to September, when the stablecoin market breached the $2.3 billion mark at the end of last month.Diar notes that Paxos has recorded over $1.8 billion on the Ethereum (ETH) blockchain alone during the past three months. The figure is reportedly double the number of USDC jointly developed by major U.S. cryptocurrency exchange Coinbase and blockchain payment company Circle.Cryptocurrency exchanges have been increasingly adding stablecoins to their platforms. Recently, crypto exchange Bitfinex and its spin-off Ethfinex added support for USDC, TUSD, PAX, and GUSD to already supported Ethereum-backed coin DAI and the industry stalwart, Tether (USDT). The move was made in a bid to keep the platforms “agnostic.”Major cryptocurrency exchange Binance renamed its Tether Market to be a combined Stablecoin Market (USDⓈ), which will purportedly allow the exchange to support more trading pairs of stablecoins. Prior to that, Binance added support for PAX, TUSD, and USDC.Last week Cointelegraph reported that Chinese crypto investor Li Xiaolai will lead a stablecoin project within the Hong Kong-based blockchain fund Grandshores Technology. The new stablecoin will purportedly represent a “stable digital currency system” that will be focused on global mainstream currencies. […]

  • State Farm Tests Blockchain Solution to Speed Up Auto Insurance Claims
    by Ana Alexandre on December 10, 2018 at 10:29 pm

    American insurance giant State Farm is testing a blockchain product to speed up the subrogation process for auto claims. U.S.-based insurance company State Farm is testing a blockchain-based solution to speed up the subrogation process for auto claims, according to an announcement published Dec. 10.State Farm is a large group of insurance and financial services firms that provides auto insurance in the U.S. The organization was ranked 38th on the 2018 Fortune 500 list of companies. Per the company’s website, it processes 38,300 claims per day and has nearly 519,000 accounts in mutual funds.State Farm is working on blockchain-based solution to speed up the subrogation processes in the insurance industry. Subrogation is a legal right held by most insurance carriers to legally pursue a third party that caused an insurance loss to the insured, and is usually the last part of an insurance claims process.State Farm is reportedly testing a blockchain solution collaboratively with another insurer, to see whether it can reduce the time needed to complete the subrogation process by automatically compiling all subrogation payment amounts.According to Mike Fields, State Farm’s innovation executive, “subrogation is a relatively manual, time-consuming process often requiring physical checks to be mailed on a claim-by-claim basis between insurers.” He added:“It [blockchain] helps us automate a manual process securely and creates a permanent transaction record of each payment which can easily be verified for accuracy. It also has the potential to decrease the amount of time for consumers to receive their deductible reimbursement.”Insurance companies globally have been integrating blockchain technology into their operations. Last month, Japanese insurance company Sompo partnered with pan-African digital payment platform BTC Africa, also known as BitPesa. The partnership is focused on the “digitalization of global remittance services.”In September, major insurance firm the People's Insurance Company of China (PICC) partnered with blockchain platform VeChain and global quality assurance and risk management company DNV GL to make their business more time and cost efficient. The partnership also aims improve fraud prevention, Know Your Customer (KYC) compliance, as well as the claims experience.Meanwhile, market research firm MarketsandMarkets predicted that blockchain in insurance market will grow to $1.4 billion by the end of 2023, at a compound annual growth rate of 84.9 percent. […]

  • UNICEF Innovation Fund to Invest in Blockchain-Related Projects
    by Ana Alexandre on December 10, 2018 at 9:57 pm

    The UNICEF Innovation Fund will invest $100,000 in six international firms to develop blockchain-based projects. The UNICEF Innovation Fund is investing $100,000 in six companies for developing blockchain projects, according to an announcement published Dec. 10.The UNICEF Innovation Fund was launched specifically to finance early stage and open-source technology that can benefit children. The fund identifies solutions in tech areas like blockchain, machine learning, quantum computing, artificial intelligence (AI), and others.Today’s announcement reads that the Fund will invest up to $100,000 in Argentinian software development firm Atix Labs, Mexican tech companies Onesmart and Prescrypto, Indian startup Statwig, Tunisian apps development startup Utopixar, and web apps development firm W3 Engineers from Bangladesh.The companies will separately build prototypes and systems that aim to address global problems like transparency in healthcare delivery, affordable access to mobile communications, as well as the ability to allocate finances and resources in social initiatives.The newly announced companies will reportedly join 20 other tech startups, which are already under management by the Fund in fields like data science, drones, and virtual reality.Per the announcement, the investments are part of UNICEF’s larger blockchain initiative for using smart contracts for organizational efficiency, and efforts to learn about and understand distributed ledger technology (DLT).“Blockchain technology is still at an early stage — and there is a great deal of experimentation, failure, and learning ahead of us as we see how, and where, we can use this technology to create a better world,” said Chris Fabian, Principal Adviser at UNICEF Innovation.In April, UNICEF Australia announced an initiative that would allow the public to use their computer’s processing power to mine cryptocurrency as a donation to the charity. Tony Andres Tang, the digital brand and content manager of UNICEF Australia, rsaid that they “are transparent in the fact [they] are borrowing a computer’s processing power, and provide the ability to choose how much power is donated.”In February, UNICEF started a kind of charity drive for Syrian children, by asking PC gamers to use their computers to mine Ethereum (ETH) and donate their earnings. UNICEF said it would use the donated Ethereum to give children access to water, education, and health and hygiene services. […]

  • Bitcoin, Ripple, Ethereum, Stellar, Bitcoin Cash, Bitcoin SV, EOS, Litecoin, TRON, Cardano: Price Analysis, Dec. 10
    by Rakesh Upadhyay on December 10, 2018 at 9:28 pm

    The trade volume of retail investors has been dropping and there is still a lack of participation from traditional investors like investment banks. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.The market data is provided by the HitBTC exchange.November has seen the overall trade volume of retail-focused crypto exchanges drop, while the trade volume of exchanges preferred by larger players has increased instead. After an extended decline, when retail activity drops and institutional activity picks up, a market bottom usually approaches.However, there is still a lack of participation from traditional investors such as investment banks, pension funds and asset managers. These investors are fairly conservative due to regulatory issues, and are likely to gradually enter the space after the groundwork regarding compliance with regulations and custody solutions has been completed.In the cryptocurrency market, more than 50 percent of transactions are done through over-the-counter (OTC) trading, and the competition to attract institutional investors is heating up. Coinbase, Poloniex and MV Index Solutions are some of the latest entrants into the lucrative OTC space.Chart data supports our view that a bottom in crypto markets is near. However, it is difficult to pinpoint the lowest price range. Therefore, investors and traders should start building positions on dips to the $3,000–$3,500 area.BTC/USDBitcoin is attempting to stage a recovery from the Dec. 7 low of $3,329.05. Currently, the pullback is facing resistance at $3,387.33. The bulls haven’t even managed to reach the 20-day EMA after breaking down of the $5,900 line in mid-November. This shows that the sellers are in a hurry to establish short positions on every small pullback.Both moving averages are sloping down, and the RSI is near the oversold levels, confirming a strong downtrend. The only silver lining is that a positive divergence is developing on the RSI.After a two-day pullback, the bears might attempt to resume the downtrend. A break down of $3,329.05 can result in a fall to $3,000, which is an important support. Below this level, the next support is at $2,416.52.However, we believe that the $3,000–$3,500 zone will offer a strong support. If the $3,329.05 level holds, the BTC/USD pair can rise to the 20-day EMA, close to $4,100.The next fall — if the price holds above $3,329.05 — can be a buying opportunity. We recommend going long with 50 percent of the usual position size in the $3,000–$3,500 zone. We shall suggest increasing the position after the pair moves in our favor.XRP/USDRipple held the support line of the descending channel on Dec. 7. However, the ensuing bounce could not scale the immediate overhead resistance of $0.33108.The bears will try to sink the XRP/USD pair below the channel. If successful, a retest of $0.24508 will be on the cards. The moving averages are falling and the RSI continues to trade close to the oversold zone. This shows that the sellers have an upper hand.If the bulls defend the zone between $0.24508 and the support line of the channel, the virtual currency might enter into a consolidation. Traders should wait for the trend to change before adding to their existing positions.ETH/USDEthereum continues to be in a strong downtrend. For the past three days, the bulls have failed to sustain above $100, which is close to the previous support-turned-resistance of $102.2. This suggests a lack of buying by the market participants.If the ETH/USD pair breaks down of Dec. 7 low of $83, the downtrend will resume. The next stop on the downside is way lower at $66.On the other hand — if the bulls defend the support — the virtual currency might consolidate for a few days, before starting a new uptrend. Traders should wait for the confirmation of a bottom formation before attempting to buy the coin.XLM/USDThe pullback in Stellar could not scale the overhead resistance of $0.13427050. The failure of the bulls to rise above the first resistance shows that the supply is outstripping demand.If the bears succeed in breaking down of a Dec. 7 low of $0.10488320, the fall can extend to the next support at $0.08. The downward moving averages and the RSI in the oversold zone show that the path of least resistance is to the downside.Contrary to our opinion, if the bulls defend the Dec. 7 low, the XLM/USD pair might consolidate between $0.10488320 and $0.13427050 for a few days. There are no bullish setups yet, hence, we are not proposing any trades in it.BCH/USDBitcoin Cash is unable to find buying support at higher levels. Though the fall in the past few weeks has been sharp, the pullbacks have been weak and short-lived.After trading inside a range for the past three days, the bears are attempting to break down of the support at $94 and resume the downtrend. There is a strong support at $91.78. If the BCH/USD pair stages a recovery from the support zone, a pullback to the 20-day EMA is probable.We suggest traders wait for the decline to stall and a buy setup to form before turning positive. As there are no bullish setups, we suggest traders remain on the sidelines for a few more days.BSV/USDBitcoin SV has been an outperformer among the top cryptocurrencies in terms of market capitalization. It has been trading inside the range of $80.352–$123.98 since Nov. 26.Trading inside the range is likely to remain volatile, without any clear sense of direction. The next decisive move in the BSV/USD pair will happen either on a breakout or on a breakdown from the range.A breakout will confirm that the buyers have overpowered the sellers and a rally to the pattern target of $167.608 is possible. On the other hand, a breakdown can result in a retest of the bottom. We suggest traders either buy above the range, or if the overall sentiment improves, a trade can be attempted closer to the bottom of the range at $80.EOS/USDAfter a prolonged downtrend, EOS found some buying at the $1.55 level. It has pulled back to the downtrend line, which is acting as a resistance.In a strong downtrend, the pullback usually lasts from one to three days. If the EOS/USD pair turns down from the current levels, it can retest the support on the downside at $1.5257–$1.55. If this support breaks, the downtrend will resume.On the upside, a break out of the downtrend line can result in a relief rally that can extend to the 20-day EMA, which will act as a stiff resistance. The short-term traders can stay on the long side of the trade if the price sustains above the downtrend line. Swing traders, however, should wait for the trend to change before initiating long positions.LTC/USDLitecoin has been facing resistance at just below the $28 level for the past three days. A break out of $28 can result in a pullback to the 20-day EMA at $32.If the LTC/USD pair fails to scale $28, a retest of a Dec. 7 low of $23.1 is probable. A break down of this can extend the downtrend to the next support at $20.The moving averages are sloping down, and the RSI is in the oversold zone. This confirms that the trend is still down. Though it is forming a positive divergence, traders should wait for the price to follow through to the upside, before buying it.TRX/USDTRON continues to face resistance at the 20-day EMA, which is showing signs of flattening out. The RSI has also been trading close to the 40 levels since Nov. 29. This points to a likely consolidation in the next few days.We continue to like the TRX/USD pair because it has not fallen to a new year-to-date low since Nov. 25. A breakout above the overhead resistance of $0.0183 will signal a likely bottom.Conversely, if the virtual currency turns down from the current levels and breaks down of $0.01089965, it can fall to the next support of $0.00844479. We are waiting for a bullish pattern to develop before suggesting a trade in it.ADA/USDCardano has been facing resistance at the breakdown level for the past three days. If the bulls succeed in sustaining above $0.035, a pullback to the 20-day EMA is probable.Though the RSI is still in the oversold zone, it is showing signs of a positive divergence. However, traders should wait for the price to bottom out before buying it.If the bears defend the overhead resistance or the 20-day EMA, the ADA/USD pair might remain in a range for a few days. On the downside, a break below the Dec. 7 low can result in a fall to $0.025954.The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView. […]