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The Slippening: Ethereum, Bitcoin Prices in Free Fall

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As CCN reported, official Shanghai media source Yicai Global alleged that the Shanghai Financial Office has “verbally halted” bitcoin exchanges from operating within the city. Shortly after, Shanghai-based bitcoin exchange BTCC announced it is suspending trading effective at the end of September, although it cited last week’s initial coin offering ban as the reason for its trading platform closure.

Also this morning, China Internet Finance Association (NIFA) member Zero One Finance published a newsletter claiming that a government regulator had “asked the major currency exchanges to close the program,” according to a rough translation. Although the closures might not take effect for several months, the regulator stated that “Banning Bitcoin exchange is certain.”

As of writing, regional cryptocurrency news service cnLedger was reporting that OKCoin and Huobi had not received closure notices from regulators.
The Slippening: Market Plunges Below $120 Billion

These events sent the cryptocurrency markets into free fall. Less than a week ago, the total value of cryptocurrencies was above $160 billion. The markets declined throughout the week as the rumor mill grew, eventually resting at $135 billion on Wednesday.

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Bitcoin Transactions vs Credit Card Transactions: A Comparison

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The Diner’s Club card can take the claim to fame of being the first ever credit card, used as early as the 1950s. Think of everything humankind has achieved since then, we’ve put people on the moon, we’ve invented the internet, and now we even have the world of cryptocurrencies to take over from the older generations of payments. 

Credit cards are used more in some places than others, and are alternatives to debit cards where the money is not borrowed at all. Credit cards can be an expensive way of doing things if you don’t pay them off rapidly due to the fact that they are technically a form of lending (and often an expensive one).

Bitcoin changed the game, and though there aren’t as many Bitcoin transactions as credit cards (yet) the numbers are getting closer together. 

The Bitcoin and Crypto Revolution

Bitcoin and cryptocurrencies are embraced more by some industries than others, but most have accepted that this is the direction in which the world is going. Estimates say that as many as 20% of Americans use cryptocurrencies and that even more are starting to embrace them. In countries like Australia that percentage is even higher. 

The gambling industry has led the way in the embracing of crypto, and some studies suggest that the majority of Bitcoin transactions are now in the gambling industry. When…

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Litecoin Price Slips 8% as Concerns Over the US Debt Ceiling Talks Grow

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Litecoin price crashed more than 8% on Wednesday as investors fret over the impasse around the US debt ceiling talks. Litecoin, the silver to Bitcoin’s gold, was trading 6.75% lower at $85.50 at press time. The asset’s market cap has plunged to $6.2 billion over the last day, while its total volume inched lower. The altcoin currently ranks 12th after TRON and ahead of Polkadot.

Why is LTC Crashing?

Litecoin price was in freefall mode on Wednesday as global markets fell against the backdrop of uncertainty around the US debt ceiling negotiations in Washington. The global crypto market was in the red, with the global crypto market cap falling more than 3% over the last day to $1.10 trillion. The total crypto market volume increased by more than 12% over the same period, while Bitcoin’s dominance slipped.

Crypto heavyweights, Bitcoin and Ethereum, fell by more than 3% each during Wall Street’s trading session. At the time of writing, the Bitcoin price was trading below its crucial support level of $26,500 at $26,263.25, while the Ethereum price was trading at 1,789.60. Most altcoins, including Shiba Inu, Dogecoin, Solana, and Avalanche, followed closely behind, moving in tandem with the heavyweight’s performance.

Global markets have been in the red for the past few days amid uncertainty around the US debt ceiling negotiations and a fast-approaching deadline. Traders have grown nervous at the prospect of an unprecedented US…

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12 Peers Capital Markets Purchases DigitalBits XDB Token

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12 Peers Capital Markets , a broker-dealer and capital markets firm has announced its support for DigitalBits, a blockchain protocol focused on consumer digital assets such as loyalty points, rewards, and branded stablecoins.  The traditional market brokerage firm has purchased the DigitalBits XDB token, after recently announcing “a new found investment thesis focused on identifying blockchain projects that improve efficiencies across global markets,” it said in today’s announcement.

DigitalBits is an enterprise-grade blockchain protocol for supporting consumer digital assets, specifically branded currencies.  The company believes that branded currencies play an integral role in driving consumer behavior, but many of these programs are dated by today’s technological standards.  “These limitations have stifled value transfer, resulting in the accumulation of large amounts of idle capital – in 2017 US corporations held in excess of $100 billion in unused points liability,” the DigitalBits experts explain.  

The DigitalBits blockchain supports tokenization of existing and new consumer digital assets.  The XDB Foundation, which was formed earlier this year, is a neutral agnostic non-profit organization to enhance the DigitalBits blockchain and ecosystem, engage partnerships and building a robust ecosystem for users. Commenting on the 12 Peers Capital Market announcement, XDB Foundation’s Managing Director Michael Gord said that it is great to see traditional firms show interest in blockchain technology. …

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