Major United States-based crypto exchange Coinbase is “exploring” the possibility of providing trading support for over 30 cryptocurrencies. Potential new additions include Ripple (XRP), EOS and Cardano (ADA), according to a press release published Friday, Dec. 7.
The company has revealed a list of 31 cryptocurrencies, including the aforementioned three, as well as NEO, Tezos (XTZ), and others. Coinbase states that it “will be working with local banks and regulators to add them in as many jurisdictions as possible.”
List of cryptocurrencies Coinbase is considering to add. Source: blog.coinbase.com
Coinbase added that a cryptocurrency being present in the list is not a guarantee that it will ultimately be added, as any coins could face some restrictions or might not be listed at all, after their evaluation is finished:
“Adding new assets requires significant exploratory work from both a technical and compliance standpoint, and we cannot guarantee that all the assets we are evaluating will ultimately be listed for trading. Furthermore, our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet.”
Back in September, Coinbase announced a new listing process that would allow it to add digital assets faster than before. However, the crypto exchange has pointed out that the new procedure only applied to digital assets that were compliant with their local regulations. Thus, certain assets listed by Coinbase might only be available to customers in particular jurisdictions.
In November, the U.S.-based crypto exchange added Ethereum Classic (ETC) and later Zcash (ZEC) trading to its platform.
Swiss Post and Swisscom will take advantage of their trusted reputation in Switzerland to create a blockchain platform for use by themselves and others that will be based on Hyperledger Fabric2.
Swiss Post is publicly owned and the country’s second largest employer. It already uses blockchain technology to record temperature data while transporting pharmaceuticals in the national postal network. It is also running an energy provision and billing pilot for power generating landlords to accurately charge their tenants in collaboration with Energie Wasser Bern.
Swisscom is 51% publicly owned and a major telecommunications provider in Switzerland. It’s working on a blockchain platform, alongside law firm MME, for securely issuing and transferring shares called “C-Share.”
The announcement read:
“Swiss Post and Swisscom are connecting their existing private infrastructures for blockchain applications. On the basis of distributed ledger technology, the two instances check each other and thus help to establish trust.”
It goes on to confirm the new blockchain platform will be used for their own blockchain-based applications, and be made available to other companies.
The development will be a private blockchain infrastructure, limited to its own blockchain users and hence, says the release, requiring less power than other public blockchains.
Blockchain Data will Remain in Switzerland
Explaining that Swiss Post and Swisscom are “known for their reliable handling of sensitive information,” the release also confirms that data on their blockchain platform will stay solely in Switzerland and meet the “high security” requirements of banks.
“Swiss Post and Swisscom are thus creating attractive advantages for companies in all sectors and therefore also for Switzerland as a business location,” an excerpt from the press release added.
The pair plan to launch the first pilot applications on the new blockchain platform in the second-quarter of 2019, and will focus on working with companies and public authorities in the country as well as being open to other key partners for the project.
A National Blockchain?
Considering the public ownership of both companies, the development could almost be termed a national blockchain platform provision, and thus potentially a first for blockchain.
It’s no surprise this kind of progression emerges from Switzerland, both a financial innovator in its own right and a proven supporter of cryptocurrencies and blockchain technology.
The credibility of the two companies in Switzerland may attract interest in the platform and further accelerate blockchain adoption in the European Union (EU) country.
The Swiss exchange SIX has created its own cryptocurrency and exchange and approved the first listing of a cryptocurrency-based exchange-traded fund (ETF). The Swiss government is still investigating the possibility of its own digital currency the “e-franc.” And, one of the first cryptocurrency hubs in the world, the city of Zug, was one of the first to trial blockchain-based e-voting.
Featured image from Shutterstock.
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When trying to predict the future price of bitcoin, it’s impossible to do so without first looking at its past.
No matter how it’s examined, the cyclical nature of bitcoin’s price action can’t be ignored especially when considering its notorious “boom and bust” cycles.
If the latest plunge below the long-lasting support level of $6,000 after an explosive rise to nearly $20,000 is any indication, it’s clear the history repeating trend has yet to cease. If the cyclical nature of bitcoin is indeed alive and well, then, in all likelyhood, the current bubble will reach a similar conclusion as was the case with past bubbles.
This line of thought is potentially revealing since the breakdown of several bitcoin bubbles have followed an “opposite but equal” theme.
In other words, bitcoin’s price tends to consolidate in a specific pattern when in a bubble state, which eventually breaks down in the opposite direction to a near-identical distance as the height of the pattern.
Using this logic, a bottom for the current bear market can be extrapolated, as explored below.
Symmetrical triangle breakdowns
A symmetrical triangle in technical analysis consists of two simultaneously converging trendlines, and is generally a continuation pattern in nature.
Like many patterns, a rough estimate for a triangle breakout or breakdown target can be predicted.
Generally, the pattern height is either added or subtracted from the breakout/down point to create a target, but with BTC, using the top-to-bottom distance of the base range (percentage) seems to be a more accurate unit of measurement.
A large triangle formed in June-July of 2016 with a 30 percent base range (left frame). Using the ‘opposite but equal’ breakdown/out logic from before, the price should bottom out 30 percent lower than the breakdown point.
As the left frame shows, the 30 percent drop was achieved almost exactly, to the tune of -29.5 percent.
The same measure rule came into play the following year when price formed another symmetrical triangle pattern. This example has the base range of 28 percent which, using the same measuring logic as before, provided the perfect bottom 28 percent below the breakdown point.
Descending triangle breakdown
The bearish member of the triangle family is the descending triangle, which consists of a flat bottom and ‘descending’ top. This pattern, too, abides by the ‘opposite but equal’ breakdown rule.
Take the bear market of 2011 for example in the upper frame. Although the price action is not as clean – likely due to BTC being relatively illiquid on Bitstamp at the time – it’s clear that a descending triangle was the backbone of the market structure with a clear base at $5.43.
Once again, using the measuring logic from before, price should have fallen 26 percent below its breakdown point based off of its base range. As can be seen, BTC eventually did bottom out at a price level nearly 24 percent below the point.
The 2014 bear market is, in a sense, a larger scale of the 2011 bear market pattern.
As seen in the bottom frame of the above chart, the base range of this triangle is 65 percent. Perhaps unsurprisingly, when subtracted to the bottom of the triangle, another very similar ‘opposite but equal’ 62 percent drop marked the bottom of this market downturn.
Will history repeat?
Now, looking at the current 2018 bear market, history has already told us there is a high likelihood the price of bitcoin will breakdown from this triangle to a similar distance as its base range,
With that logic in mind, there are two possible targets for the current bear market bottom that can be created.
Since the base range of this descending triangle is 54 percent, a subtraction from the breakdown point of the triangle provides a target of $2,676.
Usually, this would be the ideal spot for the market to bottom (give or take a few percentage points) but since the price history above $13k does not fit in the triangle, a secondary target should be created due to the nature of bitcoin breaking down to an opposite but equal distance as its run up.
The range from bitcoin’s all time high of $19,666 to the breakdown point is 70 percent, so when when subtracted from the breakdown point, the target of $1,725 is created.
In conclusion, bitcoin’s price tends to follow an ‘opposite but equal’ rule when recording a triangle pattern breakdown.
Using that logic, an ideal bottom zone for the cryptocurrency’s most recent bear market is between $2,676 and $1,725 – give or take a few percentage points in either direction.
Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing.
Crash test dummy image via Shutterstock
Cryptocurrency exchange Wex, successor of the infamous BTC-e, has a new owner. Dmitry Havchenko, a former Ukrainian entrepreneur turned separatist fighter, has reportedly bought the coin trading platform through a family member. He now wants to restore it and also to track down the lost “Vinnik’s treasure.”
Also read: BTC-e Operator Alexander Vinnik to Go on Hunger Strike, Lawyer Says
Wex Sold to Former Pro-Russian Fighter in Ukraine
Wex’s operator, Singapore-based World Exchange Services, has been officially acquired by Havchenko’s daughter, 29-year-old Darya, BBC Russian Service reported. Local authorities did not allow her father to register the company under his name, probably because of his participation in the armed conflict in the region of Donbass.
Wex has been practically out of service for months, with reports of very limited activity and only a few coins available for trading and withdrawal. A number of users have already informed Russian police they are unable to withdraw their funds from the platform. Wex recently lost its .nz domain and after changing its web address several times is currently hosted on another domain, wex1.in.
The exchange inherited BTC-e, once the largest cryptocurrency trading platform in the Russian-speaking world, which was relaunched under the Wex name in mid-September 2017. Toward the end of last year, its daily volume reached $80 million and it was among the top 20 digital asset trading platforms in the world, according to data from Coinmarketcap, quoted by RBC.
World Exchange Services, reportedly registered by one of BTC-e’s biggest clients, Belarusian native Dmitry Vasiliev, kept BTC-e’s interface and user accounts, although it has denied any connection with the previous operator, Seychelles-based Canton Business Corp. According to some reports, one of the supposed founders of BTC-e, simply known by his “admin” nickname, has also been involved in the rebranding. In the summer of this year, Havchenko made his first attempt to acquire Wex but the deal failed.
According to U.S. authorities, BTC-e has been used to launder billions of dollars, including cryptocurrency stolen in the Mt Gox hack. Its suspected co-owner Alexander Vinnik was arrested in Greece last summer and is awaiting the outcome of his extradition trial. He is wanted for a number of crimes in the U.S., France and his native Russia, but has always maintained his innocence, claiming he was only consulting BTC-e. Recently, Vinnik went on a hunger strike to protest his treatment by the Greek judiciary.
Tracking ‘Vinnik’s Treasure’
Dmitry Havchenko, also known by his wartime call sign “Moryachok,” now wants to restore Wex and establish its headquarters in Crimea, the Autonomous republic which seceded from Ukraine and joined the Russian Federation. He told the BBC he plans to use the platform to provide financial support to other unrecognized pro-Russian entities in the post-Soviet space, including the two self-proclaimed republics in Eastern Ukraine, Donetsk and Lugansk, Transnistria in Moldova, and Abkhazia and South Ossetia in Georgia. “Our goal is to fight the domination of the dollar,” Havchenko declared.
The new owner also promised to restore the funds lost by Wex users. “The main task now is to return the missing crypto assets. A whole team of lawyers and collectors will be working to achieve that,” he said speaking to the BBC. Havchenko hinted he could also seek help from Russian law enforcement agencies. However, he declined to give any timeframe as to when the exchange might reopen.
Another goal set by the entrepreneur is to track down the digital funds that disappeared after BTC-e went offline, the so-called “Vinnik’s treasure.” He was referring to money accumulated from exchange fees collected by the platform as well as users’ funds that were not withdrawn after its demise. The BBC is quoting different estimates of the total amount which range from $150 to $500 million.
According to the report, BTC-e was working with at least 15 entities registered in different offshore jurisdictions, from Cyprus to Belize, and using a number of bank accounts around the world, including one with the National Investment Bank of Mongolia. Many have been searching for Vinnik’s treasure, including the U.S. government. In 2017, the Treasury Department’s Financial Crimes Enforcement Network decided to fine the exchange $110 million and Vinnik another $12 million for various violations of U.S. anti-money laundering laws.
What are your expectations for the future of the Wex cryptocurrency exchange? Share your thoughts on the subject in the comments section below.
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