Digital assets in the cryptocurrency market are maintaining a bullish momentum and trend for the second day in a row. Although there were setbacks over the weekend as prices retreated from Fridays highs, this weeks potential and recovery optimism remain high.

According to the data provided by CoinMarketCap, the recovery across the board has seen the total market cap grow by $22 billion from $163 billion recorded on Monday to $185 billion at the time of writing. The trading volume has also grown significantly from $131 billion to $162 in the same period. Bitcoins dominance has also grown by 0.7% from 65% as reported on Monday to 65.7%.

While Bitcoin is in the green with gains more than 3%, it is not the best performing cryptocurrency. Monero(XMR) is leading the recovery in the market with over 15% in gains followed closely by Dash (DASH) with gains more than 12%. Ethereum Classic (ETC) and Ripple (XRP) are not very far behind due to their 7.7% and 7.39% respective growth on the day.

BTC/USD is trading at $6,744 after touching $6,861 (intraday high). Bulls are largely in control but the sellers are keen to ensure that Bitcoin does not break above $7,000. If the critical resistance at $7,000 is overcome, I expect a technical breakout with gains eyeing $8,000.

DASH/USD is trading at $70.27 after adjusting lower from an intraday high of $71.57. The prevailing trend is strongly bullish. At the same time, the bullish momentum is supported by the expanding volatility and volume. In other words, Dash price is likely to soar especially if the rest of the market is moving higher.

XMR/USD remains at the helm of the crypto market recovery on Tuesday. It is trading at $44.10 after correcting from $44.4 (intraday high). The bulls are in the driver seat owing to the strong bullish momentum and a sustained uptrend. Stability is expected in the coming sessions but bulls will most certainly push for more action above $50.

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Cryptocurrency Market Update: Dash and Monero edge above Bitcoin to lead a remarkable recovery - FXStreet

Despite the delay, the Peoples Bank of China (PBC) is closer to launching its official digital currency. By working together with several large private companies, the nations central bank has finished the development process and is working on the proper legislation before the CBDC is released.

After the COVID-19 outbreak, the Chinese central bank digital currency (CBDC) was delayed indefinitely. However, as the country is portraying initial stages of recovering after the deadly virus, a new report informed that the CBDCs launch is closer than anticipated.

The Chinese central bank has completed the development process by collaborating with several local firms, including Huawei, China Merchants Bank, Tencent, and the tech giant Alibaba.

The latter has reportedly publicized five patents related to the future digital currency from January 21st to March 17th. The patents cover various areas of the digital currencys future usage. Those include issuance, digital wallets, transaction recording, anonymous trading support, and assistance in supervising and dealing with illegal accounts.

Aside from all patents, the digital currency has to comply with local legislation as well. This, according to the report, could raise issues, because the currency has to operate with banking and insurance regulators on supervision. This process could be quite lengthy. Therefore, the exact time of the CBDC launch cannot be determined yet.

As the world is arguably entering the next, long-awaited, recession, most central banks are taking extreme measures to fight the economy curtail. The U.S. Fed, for example, cut the interest rates in an unprecedented manner and even announced unlimited quantitative easing.

Chinas approach for stabilizing its economy might differ substantially with the digital currency launch. Cao Yan, managing director of Digital Renaissance Foundation, believes that the PBC should accelerate the development of the CBDC.

He outlined two main merits; firstly, it would establish Chinas leadership position in this new digitally-oriented world. Secondly, a CBDC could be more efficient during times of uncertainty than simply lowering rates.

If there is a chance China is considering lowering its interest rate into negative territory as a final option and directing such policy to commercial loans and lending, a circulated digital currency rather than M0 will be able to achieve that. he explained.

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Chinas Cryptocurrency Is Closer Than Expected, Already Working On Legislation - CryptoPotato

During the coronavirus crisis, a lot of focus has shifted to online meetings and virtual communication. All of this seems to indicate that virtual reality will become more popular, even in the cryptocurrency space.

Virtual reality remains a very niche technology for most consumers and companies.

It is something no one really needs, despite its potential.

During the coronavirus crisis, the demand for online social solutions is on the rise.

As such, now is the time to shine for virtual reality, even in the world of cryptocurrencies.

Several cryptocurrency-oriented meetings have already taken place in VR over the past few months.

Although the user pool is still relatively small, it shows how much potential this technology has.

That being said, there is still a lack of VR-oriented crypto and blockchain projects.

So far, it seems Decentraland is the only real option worth exploring, at least for now.

Until VR takes off on a larger scale, there isnt any real need for developers to explore that technology either.

Only time will tell whether VR and crypto can flourish together, or remain separate niche markets.

It is evident that innovative technologies will need to get to the next level of adoption.

Right now, it appears that such a shift will happen for cryptocurrency, but not necessarily for virtual reality.

Image(s): Shutterstock.com

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Coronavirus Crisis Shows Benefits of Virtual Reality to Cryptocurrency Enthusiasts - The Merkle Hash

A report from Hootsuite has found the Philippines as the nation with the highest amount of cryptocurrency owners with three of the top ten countries coming from the Asian continent.

The research, which cited GlobalWebIndex, saw the Philippines top with 17% of internet users holding crypto. Thailand came in fourth behind South Africa and Brazil in second.

Indonesia, which placed sixth worldwide, gained the headlines as 11% of internet users had cryptocurrencies. With the countrys enormous population of 270 million, that means a huge number of people are holding cryptocurrency in the nation.

However, whether the statistics put forward by the report are wholly accurate remains to be seen. Another Statista report on blockchain wallet ownership worldwide put the global figure at 44 million users.

In Indonesia, only 64% of the country has access to the internet making the 11% figure of cryptocurrency even more interesting, as well as less plausible. As any commentators looked to see the positives of the report, others, like Twitter user @DouglasTan30 have called for calm.

Although the statistics may have overstated the numbers, it is not right to say that the nations of Indonesia and the top-ranked country, the Philippines. Both governments have strong crypto communities and regulations to match this growing trend.

Digital payments have been apart of the landscape for a while too. 7 Eleven stores across the Philippines accept Bitcoin. Whatsapp have looked into making digital payments on its Indonesian version.

Read more from the original source:

Report: Asian Nations are Increasing Cryptocurrency Usage - Asia Crypto Today

Murilo Portugal, the President of the Brazilian banking Federation has argued this week that digital currencies such as bitcoin are not actual currencies.

Portugal was speaking in a debate in regards to the impact of the digital revolution in the world of finance. The debating question looked into the impact of new technologies and how they are having changed the financial world as we know it. This includes things like blockchain, cryptocurrency, AI, financial technologies and big data.

Portugal made the argument that cryptocurrency doesn't actually fulfill any of these traditional functions of money. He added that they are not a unit of account nor a means of exchange. He further said:

"They are actually called coins but they are not coins, which is why it is cryptocurrency. They do not fulfill any of the classic functions of the currency, which is to serve as an account unit, where people can express prices. They do not serve as a means of payment or as a store of value because the volatility is very high."

When it comes to the world of finance, Portugal is a well-respected name. As well as having a degree in economic development from the University of Cambridge, Portugal served as an executive director of the World Bank and International monetary fund.

Finishing off, he went on to theorise that money and information are becoming one in the same. He predicted that data and information could end up becoming a regulated entity in the same way money is.

For more news on this and other crypto updates, keep it with CryptoDaily!

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President of Brazilian banking On cryptocurrency: They do not fulfill any of the classic functions of currency - Crypto Daily

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CryptoCompare is the perfect place to learn about crypto currencies and start to understand some of the fundamental concepts behind the blockchain.

Cryptocurrency exchanges have evolved throughout the years, to the point its now relatively easy to buy and sell cryptocurrencies. These on-ramps, however, have a major problem and thats trust.

Mining Bitcoin has become increasingly popular over the years as the price of Bitcoin has skyrocketed from its humble beginnings. At first thought, Bitcoin mining might sound like a good strategy for acquiring passive income. However, many factors co

The rise of decentralized applications has been notable. One of the very first use cases of decentralized applications were gambling dApps. These let players gamble on specific games based on blockchain randomizers.

Leading the charge for the next generation of fintech innovators is GoldFinX, a breakthrough platform focused on addressing a gaping need in a market that has remained underserved while breaking down barriers to entry for smaller investors.

eToros copy trading features allow new traders to at the very least allocate a portion of their portfolio to copy professional traders. Those who dont feel comfortable yet may even use their entire balance to copy professional traders to learn from

The live music sector is hitting record sales, as fans flock to see big-name artists. Live performances are now a primary source of artist revenue and ticket prices are higher than ever.But new technology is evolving to make attending live events

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1

Block Reward: 730.00

Blocks: 3,931,323

Block Time: 30.00 second(s)

Scrypt

8,202,927.08 XVG

$5.04 for electricity

2

Block Reward: 70.00

Blocks: 4,290,711

Block Time: 42.00 second(s)

X11

2,954.01 CANN

$3.60 for electricity

3

Block Reward: 4.00

Blocks: 10,058,659

Block Time: 15.00 second(s)

EtHash

19,318.86 ETC

$1.80 for electricity

4

Block Reward: 2.00

Blocks: 9,744,925

Block Time: 15.00 second(s)

EtHash

32,720.41 ETH

$1.80 for electricity

5

Block Reward: 5.00

Blocks: 774,311

Block Time: 1.25 minute(s)

Equihash

42,835.59 ZEC

$3.72 for electricity

6

Block Reward: 6.25

Blocks: 4,012,616

Block Time: 40.00 second(s)

Scrypt

128,246.77 FLO

$5.04 for electricity

7

Block Reward: 12.50

Blocks: 622,962

Block Time: 10.00 minute(s)

SHA-256

$4.74 for electricity

8

Block Reward: 7.50

Blocks: 696,808

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Equihash

12,932.48 ZEN

$3.72 for electricity

9

Block Reward: 55.17265345

Blocks: 488,975

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SHA-256

12,115.15 PPC

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What is a cryptocurrency? How does cryptocurrency work? What are the different types of cryptocurrency?

Getting started in cryptocurrencies raises many questions.

In this guide, youll learn everything you need to know about cryptocurrencies and how to invest in crypto assets.

In a lot of ways, cryptocurrencies have a bad name. The word cryptography often implies secret, hidden, or guarded. But in reality, cryptocurrencies are generally open, transparent, and verifiable.

The currency part of cryptocurrency is also somewhat problematic because while cryptocurrencies can act as a peer-to-peer form of payment, they also have a wide variety of other uses ranging from a programmable financial infrastructure layer to a digital store of value and a new form of computing.

But the reason that cryptocurrencies are called cryptocurrencies is that they all have the commonality of being a digital asset or decentralized system of exchange that uses public-key cryptography to create a system of wallets and private keys.

A cryptocurrencys main objectives are to secure financial transactions, control the creation of additional units, and verify the transfer of assets.

New kinds of cryptocurrencies are constantly being created to serve different purposes. Most of the cryptocurrencies that are described below fall into the category of permissionless blockchains.

A cryptocurrency is a unit of account on a blockchain, which is like a massive ledger.

Cryptocurrency wallets hold the cryptographic keys necessary to interact with the digital assets that are stored on the blockchains ledger.

Cryptocurrencies are digital assets that are also known as cryptoassets. Depending on the designed use case, cryptocurrencies have properties similar to traditional currencies they can be exchanged or used as a means of payment, for example while cryptoassets act more like an independent investable asset class, such as stocks, bonds, or real estate.

Cryptocurrencies dont depend on a central server or computer. Instead, cryptocurrencies are part of a decentralized network comprised of thousands of distributed computers.

The advantages of cryptocurrencies over more traditional fiat currencies:

Fraud-proofWhen new cryptocurrencies are created, the coins, their owners information, and the transaction details are stored in a public ledger. Although this ledger is public, the owners identities are encrypted and protected via the key system mentioned earlier.

Transaction Legitimacy (solving double spend)Before cryptocurrency can be sent, a wallet address is checked by the ledger to ensure adequate funds are owned by the sender. The digital ledger the blockchain, maintains a record of all the transactions that take place between digital wallets.

Instant settlementUnlike traditional money transfer services, cryptocurrencies work more like digital cash, and the final settlement happens within minutes (the exact times are subject to the mining process described below), which is a massive financial innovation. Rather than complex and proprietary infrastructure to complete transactions, all people need to send and receive cryptocurrencies is a smart device and an internet connection.

OwnershipPermissionless cryptocurrencies are not owned or controlled by any corporation or government, although cryptocurrency use is regulated in certain countries.

AccessibleCryptocurrencies have the potential to increase financial inclusion (check out the infographic section on this page for more background)by driving down the costs per transaction (especially for sending money across borders or around the world) since they do not require a bank or credit card account to use. Most times, all thats required to get started with cryptocurrencies is a smartphone and a trustworthy cryptocurrency wallet (like Abra).

The most popular cryptocurrencies to buy based on market cap:

Bitcoin (BTC) is the cryptocurrency market leader.

Bitcoin is the first massively adopted cryptocurrency getting most of the attention and dominating other cryptocurrencies.

Bitcoin was born in 2008 when an unknown person or group of people named Satoshi Nakamoto published the Bitcoin whitepaper.

Since then, many other cryptocurrency systems (including many in the rest of this list) have considered Bitcoin as a model and created other kinds of cryptocurrencies based on the same concept and open-source computer code (in fact, if you want to, you can also take Bitcoins code and build your own cryptocurrency, you can find all of the code on GitHub).

Looking for more about the history of Bitcoin? Check out this illustrated history called Code meets money.

On January 12, 2009, Satoshi Nakamoto performed the first Bitcoin (BTC) transaction by sending 10 BTC to a coder named Hal Finney.

By 2010, Nakamoto disappeared along with an estimated one million BTC. Bitcoins development and maintenance was taken over by the Bitcoin Foundation in 2012. Since then, and over the last ten years, the bitcoin price has continued to rise.

Watch: Abra founder and CEO in conversation with Bitcoin.com CEO Roger Ver.

Bitcoin Cash was created following a split (or a fork) of the original Bitcoin blockchain.

The split was the culmination of a long debate surrounding ideas about increasing Bitcoins block size, or the number of transactions that can be processed per 10-minute block cycle.

A hard fork is a tool that developers and communities of cryptocurrency use to make changes and modifications to the blockchains.

The main purpose of increasing the block size was to increase the ability of bitcoin to confirm more transactions per block, the speed of network times, and reduce the cost per transaction. Bitcoin Cash advocates thought that Bitcoin should act more like cash, which requires speed and low costs.

The Bitcoin Cash movement was largely spearheaded by Roger Ver, a well-known Bitcoin supporter since its early days.

Eventually, Ver thought that Bitcoin was losing its way as a better peer-to-peer digital payment system, mainly because the block sizes were too small and the transactions were becoming too expensive so he helped create Bitcoin Cash as an alternative.

Ethereum is the second-ranking cryptocurrency by market cap. It was created in 2015 by Vitalik Buterin.

Check out part two in our illustrated history of cryptocurrencies: Ethereum and the reinvented internet.

Ethereum is not just a digital currency, but a blockchain-based distributed computing platform and operating system that offers smart contract functionality.

What are smart contracts?

Smart contracts outline conditions that need to be fulfilled on the blockchain. A smart contract is basically a computer program that executes a transaction after a series of requirements are met.

Smart contracts have a wide variety of applications including traditional business operations, but they also enable new kinds of technologies and innovations, like micropayments, or machines interacting with other machines.

Ethereum is the oldest and so far the most popular smart contract-based cryptocurrency platform.

Ethereum at a glance

A computer programmer and contributor to Bitcoin Magazine, Vitalik Buterin, wanted to create a cryptocurrency that made it easier for blockchain developers to build decentralized applications.

Working with others interested in the idea of a smart contract platform, he developed the Ethereum framework. And then he published the Ethereum white paper.

Ethereums creation enabled digital decentralization using smart contracts, which created a new roadmap for the future of the internet.

Ripples XRP does not fit squarely with the definition of a decentralized, permissionless cryptocurrency system. Instead, its more accurately defined as a real-time gross settlement system (RTGS), currency exchange, and remittance network.

XRP at a glance

XRP was created by the company Ripple Labs Inc. with the purpose of speeding up international payment transfers and making them cheaper and more efficient.

XRP eliminates the challenges current banking and financial systems have in transferring money which is slow and expensive. The speed, efficiency, and cheaper costs for global payment transfers make it more acceptable for the banks and other financial institutions.

Unlike other cryptocurrencies, XRP is more like a gateway or bridge to transfer fiat currency, which makes it an interesting alternative for established banks and other financial institutions.

Litecoin was invented to improve on Bitcoin by decreasing the block generation time, increasing the maximum number of coins created by changing the hashing algorithm.

Litecoin at a glance

In 2011, Charlie Lee created Litecoin to speed up blockchain-based transactions at lower rates (similar to the idea that inspired Bitcoin Cash). The launch of the Litecoin network by Lee, an ex-Google employee, gained huge recognition and was adopted by a large number of Bitcoin enthusiasts.

In 2013, Litecoin reached $1 billion market capitalization.

Why do people invest in Litecoin?

One of Ethereums co-founders, Charles Hoskinson, created another very popular cryptocurrency, Cardano (ADA).

Like Ethereum, Cardano is used as a platform to build smart contracts and decentralized apps. Cardano was developed to improve on the technology part of Ethereums blockchain.

Monero was launched in 2014. This cryptocurrency is donation-based and has strong support from cryptocurrency enthusiasts.

Monero uses a security technique, ring signatures, that doubles the privacy of users and transactions, making it one of the top cryptocurrencies.

NEO was created in 2014 by Da Hongfei. Previously known as AntShares, NEO works in a similar way to Ethereum.

The NEO network is used for building smart contracts and launching initial coin offerings (ICOs). NEO has the advantage of being supported by the government of China.

After its launch in late 2016, cryptocurrency enthusiasts were attracted to Zcash because of its focus on security and privacy. Zcash reveals fewer identifying transaction details such as the sender, recipient, and other transactional information.

Created by Evan Duffield, Dash makes fast digital transactions untraceable using its decentralized master nodes network. Previously known as Darkcoin, Dash has been one of the most popular privacy-oriented cryptocurrencies since its launch in 2014. Today, Dash developers are working to make the currency more useful in retail environments by creating faster transactions.

One of the big mantras in the cryptocurrency investing space is do your own research. It makes a lot of sense to read up on and understand how different cryptocurrencies work before starting to invest in them. Here are a few key points about how cryptocurrency works (the following explanation is a high-level overview of blockchains that operate using proof-of-work, which is explained in greater depth below).

Cryptocurrencies rely on consensus algorithms in order to function in a distributed way without a centralized gatekeeper or controlling authority. There are a number of consensus algorithms that various cryptocurrency projects are using, but the two most popular are proof-of-work and proof-of-stake.

Proof-of-work

The most common process for creating a cryptocurrency is proof-of-work (POW).

During the proof-of-work process, miners have to solve a complex mathematical puzzle to gather transactions together on the blockchain. Its the same process as when you have a lock whose combination is difficult to crack. You try one combination after another to open the lock. The same is the case with the proof-of-work process for creating a cryptocurrency.

Every miner is trying various combinations on the same blockchain network. Once a miners software finds the solution, other miners can verify the block easily and see that the block is correct. The new blocks are added sequentially in the existing chain of blocks (which is where blockchain gets its name).

To mine, you need to use the computer processing power to solve the puzzle. The energy-intensive nature of POW is part of what helps secure the network because it would cost a lot in terms of time and resources for a bad actor or a group to coordinate and gain control of the blockchain.

Miners are compensated for their work in verifying transactions by solving complex computation in the form of a block reward, which is the issuance of new coins. As a blockchain network increases in value it because increasingly more difficult to mine, which makes it more secure. If you crack the puzzle, you are rewarded.

Proof-of-stake

The proof-of-stake (POS) process for creating cryptocurrency means that participants in the network stake their coins as collateral to vouch for the legitimacy of transactions.

This process requires less computational power and reduced electricity costs and is viewed as an alternative form of consensus. However, there are concerns surrounding the overall security of the proof-of-stake method. Ethereum is scheduled to move from a POW method to a POS in the near future.

This chart shows the growth of the Bitcoin market cap between April 2013 and July 2019.

There are a few reasons why cryptocurrencies gain value, including the idea of digital scarcity, network effects, internet-native exchange of value, and speculation about future values.

Limited supply

Some cryptocurrencies, like Bitcoin, have a pre-programmed limit, which creates a scarcity pressure similar to gold.

A strong and loyal following

The leading cryptocurrencies have strong communities of developers, advocates, and promoters that help spread adoption and usage. In some ways, getting involved with cryptocurrency communities is a lot like following sports teams, complete with crazy fans who help spread the message around the world.

Utility

People use cryptocurrencies to pay for goods, quickly and cheaply send money across borders, as a digital store of value, and as a hedge against inflation in places where fiat currency is becoming less valuable. A lot of newer cryptocurrencies are trying to use the functionality of blockchain and smart contracts to solve problems such as better ways to monetize the internet or rent computer space, or even create a hybrid form of digital money by creating stablecoins.

Market speculation

Another big driver of increasing cryptocurrency prices is that early investors are speculating that cryptocurrency protocols like Bitcoin and Ethereum are going to be worth more in the future once more use cases and supporting technologies are developed. Right now the total market cap for cryptocurrencies is only a small fraction of other valuable markets such as gold, real estate, or global equities. If cryptocurrencies as a market can capture liquidity similar to some of those other valuable markets, then over time the overall value of the cryptocurrency market could increase dramatically.

Cryptocurrencies often get lumped together in one big category, but there are many different types of cryptocurrencies that developers are creating to try and solve a number of problems.

There are over 2,200 cryptocurrencies listed on publically traded markets. More cryptocurrencies are being launched every day, while other projects are fading away.

Cryptocurrency market observers and pundits often refer to altcoins. Altcoins are the alternative cryptocurrency to the market leader, Bitcoin.

The term comes from cryptocurrencys early days when Bitcoin was the first massively adopted cryptocurrency. As other coins followed, people started creating different types of cryptocurrencies in an attempt to become as successful as Bitcoin.

Many altcoins work in a very similar way to Bitcoin (in fact many altcoins are forks of Bitcoin), while others such as Ethereum, Zcash, and Monero, are building completely different kinds of protocols to solve different kinds of problems, such as privacy, security, and decentralized computing.

Namecoin was developed in 2011 and is considered the first altcoin. Namecoin is a fork of Bitcoin and uses the same proof-of-work algorithm.

After Namecoin, hundreds of altcoins came into existence to solve more specific problems or to have a different form of governance.

Today, there are thousands of different kinds of altcoins and it seems like new projects and companies are being announced regularly, signaling massive growth in the space.

A crypto token is a type of virtual tradeable asset that is developed for specific purposes on a blockchain.

An example is a new startup that issues tokens to represent a position in a new product or a software license.

Another example of crypto tokens can be of ERC20 tokens. An ERC20 token is a digital standard used on Ethereum blockchain for smart contracts and is used in the exchange of tokens and other forms of value.

The difference between a cryptocurrency coin and a crypto token is that cryptocurrency is a digital or virtual currency that is designed to act as a unit of exchange (or a peer-to-peer digital cash-like system), while tokens are designed to fulfill some kind of utility on a blockchain network.

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How to invest in cryptocurrencies | Abra

Fear, Uncertainty, and Doubt. These three words are the bane of Bitcoiners existence. Cryptocurrency enthusiasts use the acronym FUD to describe any negativity that might be swirling around the market that causes prices to drop. And the FUD was strong this week, when the whole cryptocurrency ecosphere got fucked.

Two major corrections over the last month have caused the price of bitcoin to plummet by 45 percent, and the entire cryptocurrency market has fallen with it. So, has the bubble burst? Probably not just yet. When will it? Nobody knows.

All thats certain is that people who bought in at the peak of cryptocurrency fervor are currently getting their asses handed to them. Meanwhile, reports of people taking out loans and mortgages for the privilege of getting hosed are more common than ever. Financial outlets are already charting the rise and fall of Bitcoin, and on January 15, the normally unflappable loyalists on Reddit were straight up admitting that doomsday had come.

Why is this happening? FUD.

Over the course of 2017, the price of one bitcoin went from around $900 to just over $19,000. This led to average Joes wondering what they were missing and trying to figure out how to buy into this whole Bitcoin thing. In a month, bitcoins price jumped by 200 percent, hitting yet another all-time high. It seemed like it couldnt falluntil it did. And then it did it again.

There are a lot of factors driving fear in cryptocurrency markets at the moment, but from a big picture perspective, you can really focus on three factors: governments, whales, and ICO madness.

In 2017, none of these factors seemed to be capable of taking down Bitcoin. Governments would make a comment about reviewing potential cryptocurrency regulation, the price would dip for a day and then rocket to the moon for a week. But lately, governments have been paying a little bit too much attention for anyone to feel comfortable.

China has recently been particularly concerning to the cryptocurrency market. The country previously banned initial coin offerings and exchangestwo moves that had minor impacts on pricesChinas continued regulatory scrutiny is starting to have a more lasting effect.

This week, Chinese state media reported that authorities were broadening their crackdown and scrutinizing exchange-like services. Simply put, China wants to eliminate all cryptocurrency trading thats managed to continue under the current bans. This announcement came two weeks after the country imposed new rules that will adversely affect the many cryptocurrency miners in China, who are already struggling.. Until last year, China was the most active market for cryptocurrency trading, but its fallen to number 18 in the world according to market tracker Coinhills. Nevertheless, China is still the home of the worlds biggest mining operations.

Since Chinas participation in the market has slowed, interest in South Korea has become more intense. But that interest comes with its own set of fears. The Korean Won is now the third most traded fiat currency, and that has made the South Korean government increasingly nervous about Bitcoin and its relatives. South Korean authorities have made several market-shaking moves in recent months, and more recently, conflicting statements from Seoul have suggested that an outright cryptocurrency ban might be imminent.

On the purely speculative end, Matthew Klein advanced an intriguing theory in the Financial Times. Klein thinks its possible that South Korea and China are coordinating their crackdowns on cryptocurrency in an effort to put more financial pressure on North Korea in the ongoing standoff over its nuclear program. North Korea is believed to have a large stake in cryptocurrencies and its state-sponsored hackers are often blamed for attacks on exchanges and spreading ransomware that seeks payment through digital cash. Its an interesting scenario, but again, speculative.

While many governments are trying to figure out what kind of limits they want to put on the market, others are introducing their own digital coins. Estonia has a coin in the works that would be used to reward foreigners who set up online businesses in the country. More disconcertingly, Venezuela and Russia have announced digital versions of their currencies in an effort thats widely seen as a way of getting around international sanctions. In the case of government issued coins, its unknown if they will be a harbinger of a crackdown on non-state-sponsored cryptocurrency. In short: more FUD.

And then, theres the phenomenon of Bitcoin whales. Whales are people who own a lot of bitcoin. Market researchers at AQR Capital Management estimated that just 1,000 people own 40 percent of all the bitcoin in existence, giving just a few individuals have a tremendous amount of power to manipulate the market. That happened in November, when one person moved $159 million worth of bitcoin onto an online exchange and sent analysts scrambling to guess whether or not this whale was intending to sell out while the price is right.

Whats most concerning about whales recently is the fear that some of them might be playing both sides of the field. In December, Wall Street started offering futures trading on bitcoin. Anyone can essentially place a bet on what the price of bitcoin will be by a certain date. This has led to speculation that whales could be participating in futures trading while pulling out or pumping in bitcoin to manipulate the price. On Wednesday, the first futures contract closed and those who shorted bitcoin won.

And whales arent the only individuals who can swing the market. A recent study published in the Journal of Monetary Economics took a look at the potential for price manipulation in the bitcoin ecosystem. It concluded that when the price of bitcoin jumped from $150 to $1000 over two months in 2013, it was all thanks to two bots named Markus and Willy that were likely controlled by a single person. The bots were capable of taking advantage of a bug on the Mt. Gox exchange that made it appear as if they were performing valid trades with lots of bitcoin that didnt really exist.

Another source of FUD is the explosion of initial coin offering activity, also known as an ICO. An ICO is similar to the initial public offering on the stock market as well as an entrepreneur seeking venture capital funding. Someone comes up with an idea, they present a plan, and people fund it with cryptocurrency. But unlike the businesses on the stock market, an ICO can be practically anything. People have funded a single afterparty through an ICO. An ICO can also include the launch of its own branded cryptocurrency or altcoin.

Ethereum was the most important ICO pioneer. Its a unique blockchain technology with numerous applications for businesses, and its a currency called ether. While Bitcoins price went up 1,000 percent in 2017, Ethers price rose by 8,000 percent. This has sparked a wave of offerings and a mess of people throwing money at any of them. Prior to last year, the money raised through ICOs was extremely insignificant. But in 2017, $3.5 billion flooded the ICO space.

The ICO trend seems shady, too. Its tough to say how many of the hundreds of ICOs out there are scams, but its a large number. OneCoin was a particularly prominent Ponzi scheme that bilked investors around the world out of $350 million, seems to have never issued an actual coin, and resulted in the arrest of numerous organizers. Plenty of other scam ICOs are still flying under the radar, arent necessarily illegal, so they will probably never amount to anything.

In the end, governments, whales, and ICO madness are just three sources of fear, uncertainty, and doubt. But there are plenty of other reasons that Bitcoin is such a risky investment. The fact is, no one on can actually give you good advice on cryptocurrencies except the whales, and they dont really go around broadcasting their next moves.

So for now, the FUD has people backing away, but one big swing in the other direction will have noobs coming back to the gold rush. If youre thinking about becoming one of them, just know that the deck is stacked against you.

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What the Heck Happened to the Cryptocurrency This Week?!

1 Bitcoin BTC $122.58B $6,702.89 $43,587,525,086 $ N/A N/A 18.29M Own Blockchain +1.05% +25.77% 2 Ethereum ETH $15.19B $137.821 $13,116,381,902 $ N/A N/A 110.25M Own Blockchain +0.04% +17.91% 3 XRP XRP $7.09B $0.16141 $2,089,344,970 $ N/A N/A 43.91B Own Blockchain -0.14% +10.72% 4 Tether USDT $4.65B $1.00172 $51,000,604,473 $ N/A N/A 4.64B Omni -0.08% +1.17% 5 Bitcoin Cash BCH $4.14B $225.577 $3,596,753,500 $ N/A N/A 18.35M Own Blockchain +1.01% +24.58% 6 Bitcoin SV BSV $3.19B $173.745 $2,510,502,930 $ N/A N/A 18.35M Own Blockchain +0.82% +44.33% 7 Litecoin LTC $2.55B $39.6600 $3,057,998,601 $ N/A N/A 64.36M Own Blockchain -0.31% +15.33% 8 EOS EOS $2.13B $2.31550 $2,595,766,347 $ N/A N/A 921.24M Own Blockchain -0.08% +16.8% 9 Binance Coin BNB $1.93B $12.4194 $288,810,743 $ N/A N/A 155.54M Own Blockchain +1.02% +19.22% 10 Tezos XTZ $1.23B $1.73812 $135,512,603 $ N/A N/A 704.91M Own Blockchain +2.07% +24.71% 11 UNUS SED LEO LEO $1.01B $1.01090 $9,386,212 $ N/A N/A 999.5M Ethereum (ERC20) -0.3% +4.76% 12 Monero XMR $847.06M $48.4101 $155,918,459 $ N/A N/A 17.5M Own Blockchain +4.21% +31.86% 13 Stellar XLM $830.08M $0.04092 $308,295,348 $ N/A N/A 20.29B Own Blockchain +2.61% +10.58% 14 Chainlink LINK $797.45M $2.27844 $252,605,024 $ N/A N/A 350M Ethereum (ERC677) +0.38% +17.76% 15 Cardano ADA $774.83M $0.02989 $84,263,552 $ N/A N/A 25.93B Own Blockchain +0.13% +13.76% 16 TRON TRX $764.67M $0.01147 $1,036,456,714 $ N/A N/A 66.68B Own Blockchain +0.76% +12.2% 17 Huobi Token HT $764.3M $3.37746 $150,134,806 $ N/A N/A 226.29M Ethereum (ERC20) -0.2% +13.85% 18 USD Coin USDC $684.88M $0.99982 $720,526,951 $ N/A N/A 685M Ethereum (ERC20) +0.02% +1.24% 19 Dash DASH $641.27M $68.2202 $618,880,202 $ N/A N/A 9.4M Own Blockchain +0.33% +16.55% 20 Crypto.com Coin CRO $628.63M $0.04417 $13,744,855 $ N/A N/A 14.23B Ethereum (ERC20) +2.26% +25.42% 21 Ethereum Classic ETC $587.05M $5.04711 $1,743,869,606 $ N/A N/A 116.31M Own Blockchain +0.21% +11.35% 22 HedgeTrade HEDG $491.14M $1.70410 $447,886 $ N/A N/A 288.21M Ethereum (ERC20) -0.26% +25.03% 23 Neo NEO $482.32M $6.83760 $477,027,472 $ N/A N/A 70.54M Own Blockchain +1.07% +19.37% 24 Cosmos ATOM $402.67M $2.11166 $125,349,657 $ N/A N/A 190.69M Own Blockchain +0.31% +17.17% 25 IOTA MIOTA $398.28M $0.14329 $10,668,183 $ N/A N/A 2.78B Own Blockchain -1.52% +13.55% 26 NEM XEM $348.39M $0.03871 $18,810,714 $ N/A N/A 9B Own Blockchain -0.98% +8.13% 27 Zcash ZEC $306.13M $32.0430 $270,365,964 $ N/A N/A 9.55M Own Blockchain +0.43% +10.78% 28 Maker MKR $284.41M $283.619 $4,400,767 $ N/A N/A 1M Ethereum (ERC20) +2.96% +30.69% 29 Paxos Standard PAX $262.41M $0.99867 $933,851,458 $ N/A N/A 262.76M Ethereum (ERC20) -0.13% +1.14% 30 OKB OKB $261.88M $4.36469 $248,286,964 $ N/A N/A 60M Ethereum (ERC20) -0.45% +19.69% 31 Ontology ONT $241.44M $0.37555 $80,440,370 $ N/A N/A 642.91M NEO -0.26% +11.87% 32 FTX Token FTT $237.26M $2.47753 $2,128,675 $ N/A N/A 95.76M Ethereum (ERC20) +0.87% +17.82% 33 Dogecoin DOGE $230.37M $0.00186 $165,292,540 $ N/A N/A 123.88B Own Blockchain +1.04% +16.55% 34 Basic Attention Token BAT $215.04M $0.14906 $85,096,586 $ N/A N/A 1.44B Ethereum (ERC20) -5.76% +21.86% 35 Binance USD BUSD $182.71M $0.99834 $87,361,394 $ N/A N/A 183.02M Ethereum (ERC20) -0.18% +1.15% 36 VeChain VET $170.47M $0.00307 $92,880,328 $ N/A N/A 55.45B Own Blockchain +1.76% +20.66% 37 TrueUSD TUSD $139.13M $0.99757 $714,675,769 $ N/A N/A 139.47M Ethereum (ERC20) -0.04% +1.14% 38 Bitcoin Gold BTG $132.47M $7.56350 $21,792,443 $ N/A N/A 17.51M Own Blockchain +1.06% +20.22% 39 Hedera Hashgraph HBAR $129.13M $0.03384 $10,073,872 $ N/A N/A 3.82B Own Blockchain -1.38% -5.69% 40 Decred DCR $127.63M $11.8322 $51,833,910 $ N/A N/A 10.79M Own Blockchain +2.55% +18.58% 41 Lisk LSK $124.63M $1.01560 $5,424,895 $ N/A N/A 122.71M Lisk -3.05% -2.43% 42 Qtum QTUM $121.84M $1.26288 $369,454,942 $ N/A N/A 96.48M QTUM +1.58% +13.98% 43 ICON ICX $111.12M $0.20954 $14,211,442 $ N/A N/A 530.31M Own Blockchain +1.99% +12.16% 44 ZB Token ZB $107.64M $0.23234 $39,090,575 $ N/A N/A 463.29M Ethereum (ERC20) -1.05% +8.45% 45 Augur REP $105.21M $9.56483 $34,600,850 $ N/A N/A 11M Ethereum (ERC20) +12.75% +17.47% 46 Algorand ALGO $102.54M $0.15486 $56,303,637 $ N/A N/A 662.13M Own Blockchain -1.98% +6.83% 47 0x ZRX $99.99M $0.15583 $16,046,895 $ N/A N/A 641.64M Ethereum (ERC20) +2.66% +4.89% 48 Synthetix Network Token SNX $97.44M $0.55514 $1,506,551 $ N/A N/A 175.52M Ethereum (ERC20) +10.62% +30.09% 49 Ravencoin RVN $93.19M $0.01606 $7,978,723 $ N/A N/A 5.8B Own Blockchain +7.64% +22.97% 50 Bitcoin Diamond BCD $93.11M $0.49925 $7,520,321 $ N/A N/A 186.49M Own Blockchain +0.98% +24.42% 51 Waves WAVES $92.01M $0.90657 $52,265,169 $ N/A N/A 101.49M Waves -1.43% +2.94% 52 KuCoin Shares KCS $88.48M $1.08096 $6,607,351 $ N/A N/A 81.85M Ethereum (ERC20) -5.62% +3.58% 53 Kyber Network KNC $83.55M $0.46511 $37,517,400 $ N/A N/A 179.63M Ethereum (ERC20) -0.51% +2.95% 54 MonaCoin MONA $82.56M $1.25601 $5,471,388 $ N/A N/A 65.73M Own Blockchain -0.49% +16.24% 55 Multi-collateral DAI DAI $81.5M $1.00793 $12,358,956 $ N/A N/A 80.86M Ethereum (ERC20) +0.77% -0.11% 56 Crypto.com MCO $73.97M $4.68343 $35,165,721 $ N/A N/A 15.79M Ethereum (ERC20) +0.89% +46.41% 57 OmiseGO OMG $72.44M $0.51652 $146,414,657 $ N/A N/A 140.25M Ethereum (ERC20) +0.06% +8.5% 58 Enjin Coin ENJ $68.2M $0.08371 $6,395,701 $ N/A N/A 814.77M Ethereum (ERC20) +6.24% +34.95% 59 Steem STEEM $67.18M $0.18269 $8,138,815 $ N/A N/A 367.74M Own Blockchain +3.26% -40.03% 60 Nano NANO $66.73M $0.50080 $4,462,968 $ N/A N/A 133.25M Own Blockchain +3.65% +22.95% 61 DxChain Token DX $65.33M $0.00131 $1,396,023 $ N/A N/A 50B Ethereum (ERC20) -1.53% +5.2% 62 Theta THETA $61.97M $0.07119 $3,780,549 $ N/A N/A 870.5M Ethereum (ERC20) +1.09% +20.27% 63 Nexo NEXO $60.25M $0.10758 $9,302,685 $ N/A N/A 560M Ethereum (ERC20) +5.7% +21.59% 64 Bytom BTM $58.02M $0.05788 $13,162,128 $ N/A N/A 1B Ethereum (ERC20) -0.62% +13.82% 65 Siacoin SC $54.06M $0.00129 $674,342 $ N/A N/A 41.82B Own Blockchain -1.59% +16.65% 66 ABBC Coin ABBC $53.31M $0.09598 $33,215,942 $ N/A N/A 555.42M Own Blockchain +1.43% -3.89% 67 Holo HOT $53.26M $0.00032 $6,152,803 $ N/A N/A 163.92B Ethereum (ERC20) -2.2% +6.16% 68 DigixDAO DGD $53.09M $26.5449 $859,592 $ N/A N/A 2M Ethereum (ERC20) -0.02% +24.24% 69 Status SNT $52.25M $0.01506 $32,976,498 $ N/A N/A 3.47B Ethereum (ERC20) +5.46% +24.8% 70 Nervos Network CKB $51.23M $0.00370 $4,516,484 $ N/A N/A 13.83B Own Blockchain +3.2% +17.07% 71 DigiByte DGB $51.05M $0.00394 $1,239,677 $ N/A N/A 12.96B Own Blockchain +10.97% +25.95% 72 EDC Blockchain EDC $47.92M $0.01794 $88,603 $ N/A N/A 2.67B Own Blockchain +854.92% +700.47% 73 Horizen ZEN $47.53M $5.45661 $2,555,152 $ N/A N/A 8.71M Own Blockchain +2.18% +12.4% 74 V Systems VSYS $47.41M $0.02426 $5,296,264 $ N/A N/A 1.95B Own Blockchain -0.21% +25.77% 75 Komodo KMD $46.67M $0.39239 $1,553,984 $ N/A N/A 118.95M Own Blockchain -1.09% +20.59% 76 BitTorrent BTT $46.53M $0.00022 $58,420,407 $ N/A N/A 212.12B Tron (TRC10) +0.91% +8.7% 77 BitShares BTS $45.25M $0.01645 $3,854,452 $ N/A N/A 2.75B BitShares -2.33% +4.31% 78 HyperCash HC $44.91M $1.00792 $19,431,574 $ N/A N/A 44.55M Own Blockchain -0.39% +8.46% 79 Bytecoin BCN $42.9M $0.00023 $9,797 $ N/A N/A 184.07B Own Blockchain -3.84% +2.09% 80 Terra LUNA $41.89M $0.14558 $3,423,597 $ N/A N/A 287.77M Own Blockchain -2.24% +15.49% 81 Energi NRG $41.71M $1.52275 $766,658 $ N/A N/A 27.39M Own Blockchain +1.95% +35.79% 82 Verge XVG $40.37M $0.00249 $579,458 $ N/A N/A 16.22B Own Blockchain +2.49% +21.15% 83 Zilliqa ZIL $39.28M $0.00393 $6,738,121 $ N/A N/A 10B Ethereum (ERC20) +1.89% +9.07% 84 IOStoken IOST $38.35M $0.00319 $29,364,364 $ N/A N/A 12.01B Own Blockchain -0.76% +25.89% 85 Seele SEELE $35.69M $0.05101 $12,071,546 $ N/A N/A 699.59M Ethereum (ERC20) -0.16% +12.53% 86 Ren REN $35.08M $0.04122 $1,769,288 $ N/A N/A 851.25M Own Blockchain +2.76% +19.98% 87 Numeraire NMR $34.07M $14.4468 $1,278,126 $ N/A N/A 2.36M Ethereum (ERC20) +8.1% +46.18% 88 STASIS EURO EURS $34.03M $1.06416 $760,626 $ N/A N/A 31.98M Ethereum (ERC20) +0.61% +0.01% 89 Golem GNT $33.65M $0.03433 $3,280,346 $ N/A N/A 980.05M Ethereum (ERC20) +1.85% +9.03% 90 Ardor ARDR $33.47M $0.03351 $1,758,392 $ N/A N/A 999M Nxt -0.17% +4.14% 91 WAX WAXP $33.42M $0.03090 $1,217,528 $ N/A N/A 1.08B Ethereum (ERC20) -2.94% -8.57% 92 Quant QNT $32.97M $2.73096 $2,286,337 $ N/A N/A 12.07M Ethereum (ERC20) +9% +30.55% 93 Tachyon Protocol IPX $31.88M $0.11947 $28,422,919 $ N/A N/A 266.86M Own Blockchain +27.61% +25.1% 94 Matic Network MATIC $31.81M $0.01153 $14,156,197 $ N/A N/A 2.76B Ethereum (ERC20) +3.83% +24.7% 95 Zcoin XZC $31.61M $3.23956 $16,089,386 $ N/A N/A 9.76M Own Blockchain -0.15% -2.47% 96 Yap Stone YAP $31.43M $0.20955 $11,507,840 $ N/A N/A 150M Ethereum (ERC20) +1.74% +20.16% 97 Molecular Future MOF $30.44M $0.35851 $10,308,252 $ N/A N/A 84.89M Own Blockchain -2.54% +1.4% 98 Aeternity AE $30.4M $0.09955 $9,350,544 $ N/A N/A 305.35M Ethereum (ERC20) -1.08% +5.46% 99 aelf ELF $30.27M $0.05559 $25,730,602 $ N/A N/A 544.48M Ethereum (ERC20) +0.22% +8.8% 100 Blockstack STX $30.15M $0.08452 $158,563 $ N/A N/A 356.72M Own Blockchain +1.15% +20.3%

The rest is here:

Cryptocurrency Rankings | CryptoSlate

The launch of cryptocurrency ETFs could potentially bring an inflow of new money into the digital asset markets, which could lead to new all-time highs for many digital currencies and tokens. However, we are still waiting for the first Bitcoin ETF to hit a US exchange.

In this article, you will be introduced to cryptocurrency ETFs and what alternative investment opportunities there are in this market.

An exchange-traded fund, simply enough, is just a market-tradable security that tracks an index, a commodity, a bond, or a basket of assets. Unlike a mutual fund, shares in the ETF are tradable like stock. The best ETFs regularly outperform mutual funds, making these attractive options in the traditional market.

The idea of ETFs being available for crypto assets would solve several of the problems blocking cryptocurrencys mass adoption. A managed asset would belay some of the effects of volatility, as well as the challenges in storing and maintaining a crypto portfolio and wallet. As some of the assets that would be included in these ETFs would be crypto futures, it would also expand the options available for investors. Some traditional ETFs have allowed for speculation and hedging strategies, which could be useful on the crypto market.

While cryptocurrency is largely unregulated, regulators have been anxious when it comes to altcoins acting like securities. The SEC and Commodities Future Trading Commissions positions are that a new asset must be shown to be safe in order to be regulated in the United States. The 2017 bitcoin price spike and allegations of market manipulations, however, have made regulators skeptical.

This skepticism has largely stopped ETF approvals in their tracks. A market that has yet to start recovery is also to blame for the lack of development in ETF assets. Largely, the list of crypto ETFs available look like ourlist of bitcoin ETF assets:

The future of crypto ETFs is, like most things in the crypto-fintech sphere, connected in the markets ability to self-correct from its current bear state. Should the market emerge as bullish, it is safe to believe that the number of ETFs will surge.

For now, the fate of crypto ETFs is linked to the declining prospects of cryptocurrency futures.

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Cryptocurrency ETFs: What They Are and How to Invest in 2020 ...

We have listed the top 20 cryptocurrencies by market cap and price as an aggregate from top cryptocurrency exchanges. We also have the cryptocurrency price change from the past 24 hours, 7 days and 30 days. Bitcoin is currently the top cryptocurrency so we compare each of the cryptocurrencies on the list to Bitcoin. We also have the cryptocurrency trade volume that have been traded at exchanges (Coinbase, Binance, etc.) over the past 24 hours.

Bitcoin (BTC)Bitcoin was the very first cryptocurrency. Invented by an anonymous person(s) in 2009, it kick-started a revolution of new digital money and decentralized information networks. Bitcoin is likened to digital gold because it has a limited supply and can act as a store of value. It is censorship-resistant, pseudonymous, and an effective means of cross-border payments.

Ripple (XRP)Ripple is a real-time gross settlement network and payment network meant for regulated financial institutions to use. It is meant to streamline the onerous process for banks and eliminate third-parties like clearinghouses. Ripples native currency is called XRP.

Ethereum (ETH)Ethereum is meant to be a decentralized world computer. It works as a general programming platform upon which other blockchain apps can be built. It uses its native currency ether as a way to exchange value and pay for computing power.

EOS (EOS)EOS is also meant to function as a decentralized computing platform. It allows for other decentralized applications of all type to use it to power themselves. It is a competitor to Ethereum and other similar blockchains, much like how Windows OS and Mac OS compete.

Bitcoin Cash (BCH)Bitcoin Cash is a fork of Bitcoin. Bitcoin Cash differs in certain technical elements that allow for more transactions per second on chain. Proponents think it is more important to function as payments system rather than as a store of value.

Litecoin (LTC)Litecoin is one of the earliest cryptocurrencies, as well. It is a non-malicious fork of Bitcoin that gave it high transactions per second and a different mining algorithm. Litecoin is sometimes likened to silver in comparison to Bitcoin as gold. In history, silver was used more frequently for smaller transactions and gold was used less for larger sums.

Binance Coin (BNB)Binance Coin is a utility coin that is integrated in the Binance crypto exchange platform. Investors and traders on Binance can use BNB for discounts on trading fees. It is a major trading pair and is featured on its new decentralized exchange.

Tether (USDT)Tether is a stablecoin. This means that it is pegged to the US dollar and rarely fluctuates beyond a 1:1 ratio. Tether is often used by traders to escape the massive volatility in crypto prices. One USDT is redeemable for 1 USD on select exchanges.

Stellar (XLM)Stellar is an open-source payment network that relies on distributed ledger technology. Stellar is tackling the problem of making cross-border payments faster, cheaper and easier. It connects financial institutions and small businesses in different countries through its software, utilizing its native token Lumen, or XLM, as an intermediary to exchange between different currencies.

Cardano (ADA)Cardano is a protocol-layer blockchain platform that will support decentralized applications and the use of smart contracts. Cardano is aiming to add unique features, such as side chains and atomic swaps, for interoperability with other blockchains. It is also looking to add optional features like KYC/AML for financial institutions to help with regulations.

Tron (TRX)Tron is a blockchain-based platform that is looking to become a place for peer-to-peer sharing of digital entertainment content. It will allow developers to build applications on top of its protocol to introduce a more decentralized way to consume and share media.

Huobi Token (HT)Huobi Token is the native cryptocurrency within the Huobi exchange trading platform. It is modeled after the Binance Coin with a few extra perks. Investors and traders on Huobi get discounts on fees, airdrops of various coins, and can vote on certain decision within the exchange, such as new coin listings.

Monero (XLR)Monero is a privacy-centric cryptocurrency aiming to allow all transactions to be completely anonymous and untraceable. Monero uses highly technical cryptography, such as ring signatures and stealth address, to make it virtually impossible for third-parties to track. By obscuring all addresses and transactions, proponents say it makes for a more useful and fungible currency.

Dash (DASH)Dash is an open-source privacy-centric cryptocurrency that was started in early 2014. Dash is short for digital cash. Its two priorities are privacy and scalability. It uses a coin-mixing process to make transactions harder to trace and uses proof-of-stake to allow for a higher transaction throughput.

Bitcoin SV (BSV)Bitcoin SV stands for Bitcoin Satoshis Vision. It was created after a fork of Bitcoin Cash (which was originally a fork of Bitcoin). Similarly, the Bitcoin SV team wanted to make technical upgrades that allowed the network the capacity to handle an even larger volume of transactions.

IOTA (IOT)The IOTA project is focused on creating a decentralized network for connecting the Internet of Things, like smart devices and vehicles. It is aiming to make nanopayments between machines efficient and automated. It uses a different form of distributed ledger technology called Directed Acyclic Graph (DAG).

Ontology (ONT)Ontology is an open-source blockchain project that focuses on tackling issues of identity, data storage and data exchange for enterprise use cases. Ontology aims to solve problems that arise around proprietary data for large companies. It was launched in late 2017 by a Chinese company called OnChain.

NEO (NEO)NEO is meant to be a base-layer protocol that acts a platform for other decentralized applications to be built on. NEO is based in China and is sometimes referred to as the Chinese Ethereum. It aims to have better scalability and implement an identity system for all users.

Basic Attention Token (BAT)Basic Attention Token is a utility coin used in an internet browser called Brave that exchanges value between advertisers, web-sites and users in a peer-to-peer fashion. Users can earn money paid directly from advertisers for not blocking ads and websites can earn money directly from users activity on their pages.

Ethereum Classic (ETC)Ethereum Classic is the original version of the Ethereum blockchain. It only appeared following the events of the 2016 DAO Hack. Ethereum Classic was the version that decided not to fork following a dramatic debate within the community. Additionally, unlike its similarly named counterpart, Ethereum Classic has instituted a supply hard cap and remains using a proof-of-work system.

Originally posted here:

Cryptocurrency Price List - Top 20 Cryptocurrency Prices Today

What is Cryptocurrency? https://blockgeeks.com/

A digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature.

Cryptocurrencies have skyrocketed in value over the last few years. Almost everyone has heard about Bitcoin, but how many people actually know what Bitcoin is? How many people know where they come from and how they work? Our video Cryptocurrency Explained will tell you everything you need to know about cryptocurrencies in an easy to understand format.

Cryptocurrencies emerged as a side product of another invention. Satoshi Nakamoto, the unknown inventor of Bitcoin, the first and still most important cryptocurrency, never intended to invent a currency.

In his announcement of Bitcoin in late 2008, Satoshi said he developed A Peer-to-Peer Electronic Cash System.

His goal was to invent something; many people failed to create before digital cash.

Announcing the first release of Bitcoin, a new electronic cash system that uses a peer-to-peer network to prevent double-spending. Its completely decentralized with no server or central authority. Satoshi Nakamoto, 09 January 2009, announcing Bitcoin on SourceForge.

The single most important part of Satoshis invention was that he found a way to build a decentralized digital cash system. In the nineties, there have been many attempts to create digital money, but they all failed.

after more than a decade of failed Trusted Third Party based systems (Digicash, etc), they see it as a lost cause. I hope they can make the distinction, that this is the first time I know of that were trying a non-trust based system. Satoshi Nakamoto in an E-Mail to Dustin Trammell

After seeing all the centralized attempts fail, Satoshi tried to build a digital cash system without a central entity. Like a Peer-to-Peer network for file sharing.

This decision became the birth of cryptocurrency. They are the missing piece Satoshi found to realize digital cash. The reason why is a bit technical and complex, but if you get it, youll know more about cryptocurrencies than most people do. So, lets try to make it as easy as possible:

To realize digital cash you need a payment network with accounts, balances, and transaction. Thats easy to understand. One major problem every payment network has to solve is to prevent the so-called double spending: to prevent that one entity spends the same amount twice. Usually, this is done by a central server who keeps record about the balances.

In a decentralized network, you dont have this server. So you need every single entity of the network to do this job. Every peer in the network needs to have a list with all transactions to check if future transactions are valid or an attempt to double spend.

But how can these entities keep a consensus about this records?

If the peers of the network disagree about only one single, minor balance, everything is broken. They need an absolute consensus. Usually, you take, again, a central authority to declare the correct state of balances. But how can you achieve consensus without a central authority?

Nobody did know until Satoshi emerged out of nowhere. In fact, nobody believed it was even possible.

For more blockchain guides, content, and videos, visit us at http://www.blockgeeks.com

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What is Cryptocurrency? A Simple Explanation

The action-movie star Steven Seagal gets slapped by the SEC.

Digital transactions are faster and globally accessible.

Nearly 25 million people around the world use bitcoin.

"We will work to build a payment network that makes money easier to access," the company said.

The U.S. government on Tuesday is auctioning more than4,000 bitcoins ---worth nearly$39million--- that were recovered from criminal cases.

The agency issued updated guidance after initially including "Fortnites" V-bucks as an example of a convertible virtual currency.

One Bitcoin is worth nearly $10,000 as of Feb. 8.

Each cryptocurrency transaction is a unique exchange between two parties.

Billionaire investor Tim Draper said bitcoin is the key for millennials who want to ensure they have enough money in retirement

The largest cryptocurrency by market capitalization, with a total value of $162 billion, bitcoin has gained 23 percent so far this year

Paypal co-founder Max Levchin said the United States runs the risk of losing the digital currency battle if it doesn't fully digitize the dollar.

Matthew Goettsche, 37, was arrested Tuesday in Colorado, while Jobadiah Weeks, 38, was taken into custody in Florida and Joseph Abel, 49, was arrested in California, according to the U.S. attorney's office.

Suspect told North Koreans they could use cryptocurrency to 'achieve independence from the global banking system,' according to a criminal complaint.

We may all be paying indirectly for private bitcoin mining operations.

Trust is crucial in financial services, but it is something Facebook Mark Zuckerberg lacks, Ripple CEO Brad Garlinghouse says.

The social network's founderestimated that six out of the top 10 companies coming out of China don't share "American values."

The association appointed five board members at a meeting in Geneva on Monday, as it lays the groundwork for forward progress.

Bitcoin, the first cryptocurrency, launched just over a decade ago.

Bitcoin.com and HTC are partnering to develop crypto technologies, the companies announced Monday.

Facebook's Libra cryptocurrency is not getting a lot of love from world financial leaders.

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Cryptocurrency | Category | Fox Business

Cryptocurrency and ransomware have had a long history together. They are so closely intertwined, in fact, that many have blamed the rise of cryptocurrency for a parallel rise in ransomware attacks.

Ransomware attacks are certainly increasing they rose by 118% in 2018 but its not clear that this is due to cryptocurrency. While the vast majority of ransoms are paid in crypto, the transparent nature of these currencies actually means that they are a pretty bad place to hide stolen funds.

In this article, well take a look at the relationship between cryptocurrency and ransomware, as well as what the future holds.

There are at least two ways in which cryptocurrency is important for ransomware attacks. The first one is the most obvious the majority of the ransoms paid during these kinds of attacks are generally in cryptocurrency. This was the case, for instance, in the WannaCry ransomware attacks, still the largest attack of its kind in history. Victims of the attack were instructed to send roughly $300 of Bitcoin (BTC) to their attackers.

There is another way in which crypto and ransomware are intertwined, though. Today, plenty of hackers are offering ransomware as a service, essentially letting anyone hire a hacker from online marketplaces. If you are so inclined, you can even buy ransomware off-the-shelf from these marketplaces. Both of these services can be paid for in youve guessed it cryptocurrency.

Cryptocurrency is also implicated in many other forms of cyberattack. Cryptojacking a form of attack that uses victims computers to mine cryptocurrencies is also on the rise, and new forms of malware such as Adylkuzz can be used by almost anyone with even a slight level of technical knowledge. Though these forms of attack are not technically ransomware, they further suggest the deep relationship between cryptocurrency and cybercrime.

At first glance, it seems obvious that ransomware hackers would demand payment in cryptocurrency. Surely these currencies, based on anonymity and encryption, offer the best place to store stolen funds?

Well, not really. There is actually a different reason why ransomware attacks make use of cryptocurrencies. As Coin Center director of research Peter Van Valkenburgh wrote in 2017, it is the efficiency of cryptocurrency networks, rather than their secrecy, that attracts hackers. As he later put it:

Its electronic cash, so its easy to write software that can automatically demand payment and automatically demand that payment has been made.

The value of cryptocurrency during a ransomware attack is actually the transparency of cryptocurrency exchanges. A hacker can simply watch the public blockchain to see if victims have paid up, and can automate the process of giving a victim their files back once this payment has been received.

This point also suggests a slightly curious aspect of the role of crypto in ransomware attacks: Cryptocurrency is, perhaps, the worst place to store ransom money. The open, transparent, nature of Bitcoin blockchain transactions means that the global community is closely watching the ransom money. That makes it extremely difficult to convert these funds into another currency, and means that they can be tracked by law enforcement.

As the director of research at Coin Center, Peter Van Valkenburgh, stated:

In the U.S., every major bitcoin exchange is regulated by FINCEN. Right now the $50,000 extorted from victims is just sitting on the bitcoin network. ... That [exchange into local currency] is where youre vulnerable to being identified.

The fact that stolen funds can be tracked in this way doesnt necessarily mean that the hackers who stole them can be brought to justice, of course. The anonymity of cryptocurrency means that it is often impossible for law enforcement agencies to uncover the true identity of ransomware hackers, though of course there are exceptions.

Chief among these, according to Coin Center, is that the blockchain allows one to trace all transactions involving a given bitcoin address, all the way back to the first transaction. That gives law enforcement the records it needs to follow the money in a way that would never be possible with cash.

Because of that, and also in response to a number of recent high-profile ransomware attacks, some have called for cryptocurrency to be regulated more closely. Regulation will need to be implemented carefully, however, because one of the major attractions of cryptocurrency for ordinary citizens and hackers alike is the fact that it is anonymous.

This means that attempts to regulate the space may make catching criminals even more difficult. As pointed out by Will Ellis, head of research at community advocacy group Privacy Australia, cryptocurrency bans led to a rise in VPN use, as investors seek to circumvent Know Your Customer and Anti-Money Laundering requirements in their home countries.

In addition, most governments simply dont have the understanding or the resources to regulate the crypto space effectively. Some are so far behind that they arent even certain how to define what cryptocurrencies are. In this context, it is difficult to see how the close link between ransomware and cryptocurrency can ever be broken.

Related: From the UK to Malaysia: How Countries Have Been Classifying Crypto Across the World

The lack of governmental oversight of cryptocurrency, combined with the rapid rise in ransomware attacks, means that individuals need to protect themselves.

Some companies and individuals have taken unusual approaches. Companies have stockpiled Bitcoin not as an investment, but rather in case they need to pay a ransom as part of a future attack. Some enterprising individuals have even taken matters into their own hands, such as the German programmer who hacked back following a cyberattack using his own systems.

For most of us, though, protecting against ransomware attacks means doing the basics correctly. You should ensure that all of your systems are up to date, subscribe to a secure cloud storage provider and backup frequently. Companies of all sizes should partner with a managed security services provider to monitor enterprise networks, perform risk assessments and make recommendations specific to their data environment.

Ultimately, the relationship between cryptocurrency and ransomware is unlikely to be broken anytime soon. And while cryptocurrencies are certainly involved in the majority of ransomware attacks, we should not make the mistake of blaming crime on the currency it is conducted in.

The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Sam Bocetta is a freelance journalist specializing in U.S. diplomacy and national security, with an emphasis on technology trends in cyber warfare, cyber defense and cryptography. Previously, Sam was a defense contractor for the United States Department of Defense, working in partnership with architects and developers to mitigate controls for vulnerabilities identified across applications.

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The Role of Cryptocurrencies in the Rise of Ransomware - Cointelegraph

Interest in Cryptocurrency, a digital currency based on a revolutionary technology called blockchain, is growing steadily in Africa. Its adopters range from businesses using it for payments, fintech startups using it for making new innovative products as well as individuals using it to transfer money cross border and storing value.

The idea of Cryptocurrency was conceptualized in 2008 by Satoshi Nakamoto in the post-recession era to make global payments easier and secure without any central control or bank. Satoshi believed that traditional banking and financial system were not transparent and secure enough, were designed to fail and ordinary people dont need to rely on them for payments. By adopting autonomous and decentralized currency, one could avoid the effects of future market downfall.

Since then cryptocurrencies like Bitcoin (BTC) and its clones, also known as altcoins, have been growing in popularity and in use globally with various applications including banking, payments and investing/speculation. Such that the total daily trading volume of BTC, the most popular cryptocurrency, is around US$46 billion and market cap touching US$115.482 billion on 23rd March 2020.

Cryptocurrency adoption and demand in Africa has been growing steadily, based on trading volume data from popular exchanges in the region. According to popular exchange LocalBitcoins, its daily volume in South Africa, Nigeria, Kenya, and Tanzania was around US$615,370 (R10.9 million ZAR), US$1.3 million (N498 million Naira), US$3,57,394 (38 million KES), US$55,341.80 (126 Million TZS) respectively on 21st March 2020.

Another popular exchange Luno reported volume of 2550 BTC and 13655 BTC in March month for Nigeria and South Africa respectively.

Africans mainly use cryptocurrencies like Bitcoin, Litecoin & Ethereum for applications in Money Transfers, Banking, Fintech & Investing.

Reasons for adoption of Cryptocurrency in Africa

There are many reasons for the growth of crypto usage in Africa, but unstable local currencies could be a major contributing factor among other reasons.

Rahul Sharma, forex market analyst from Forex Brokers South Africa suggested that hyper Inflation in most African countries is making their local currencies unstable and very volatile, so the users prefer the digital currencies that are much stable and widely accepted across the world.

Instability of economies in most of Africa makes digital currency viable medium for investments and, also for storing the value in some cases, he added.

For consumers and business, it is a better medium to pay and get paid from anyone in the world for shopping, paying suppliers and remittance to and from relatives abroad as it has low fees than traditional banks in Africa which charge higher fees in volatile currency markets and unstable political & economic environment.

Easily available Internet access and Mobile Penetration and growth have made the adoption of digital currency accessible to everyone via mobile apps. United Nations Africa Renewal magazine reported that cryptocurrency-based remittance services and exchanges are opening in every corner of Africa to meet this demand.

Cryptocurrency adoption is increasing among African Businesses, Fintech Sector & Investors

New technologies and applications based on Blockchain are being discovered on a daily basis by African entrepreneurs and innovators that can be implemented in other countries for their benefit. Some economists believe that Blockchain will empower innovation and blossom on the continent.

Fintech sector which is very disruptive in Africa in adopting new technologies like mobile money. They are also experimenting with Cryptocurrency and Blockchain in streamlining their operations across African borders and worldwide. Many fintech startups have built money remittance services, crypto exchanges and blockchain apps catering to various applications.

Many African Businesses and Startups are now accepting and paying in Cryptocurrency to reach global suppliers and buyers. This has been made possible by a growing number of disruptive payment gateways and exchanges in Africa and globally namely Luno, Payfast, Paychant, Bitpay (global gateway), CoinGate, Coinbase, Binance (global exchange with presence in Africa), etc.

About 15+ cryptocurrency-related operations began in Africa in the recent 2-3 years which include main names like VALR, Luno, Abra, Geopay, Bitmari, etc.

South Africabased Luno Exchange, the leading crypto exchange in Africa was established in 2013. It now has 1.5 million customers in over 40 countries worldwide and is the first crypto exchange to be based in Africa with a presence in SA and Nigeria. They also offer ZAR/BTC, NGN/BTC crypto trading pairs.

VALR is the second-largest crypto exchange in Africa, like Luno it is also based in South Africa. It has 1000s of customers in Africa and recently crossed the daily volume of 500 BTC on 11th December 2019.

Investing and trading in Bitcoin and other cryptos are also growing in African countries with services like Crypto Exchanges and Crypto CFD brokers growing in popularity among African traders. Like in South Africa, many brokers are offering bitcoin as a CFD trading instrument to SA traders.

There are 4 major crypto exchanges in Africa namely Luno, VALR, iceCUBED (ice3x) and BitPesa and dozens of CFD brokers under FSCA are also offering BTC and Crypto trading.

Meanwhile, there are also many cryptocurrency-based remittance services that are opening in various countries. These services include Abra working in Malawi and Morocco, GeoPay in South Africa, BitMari in Zimbabwe and London-based Kobocoin working in Nigeria.

Kenyas BitPesa allows virtual remittances and money transfers to and from African and international locations competing with banks and services like Moneygram and Western Union with their competitive rates, using Cryptocurrency as a transfer medium. Individuals can use their mobile wallets like MPesa to easily send and receive money using a global cryptocurrency network.

Innovative applications like Plaas are using BTC and blockchain to enable farmers to manage their stock, help them in price and market discovery by listing the stock on commodities and futures contracts market.

Regional Governments also dont want to be left out in this crypto and blockchain growth as many governments like Tunisia, Senegal have recently issued their own digital currencies.

Risky medium to hold currency value and investing

Many experts and pioneers in this field argue and warn that Cryptocurrencies are risky medium to hold monetary value and cant be considered a viable currency, some even go ahead in comparing it with Ponzi scheme in which the last entrant loses the most.

Many Central Banks have warned against the use of cryptocurrency labeling crypto-assets like digital currencies as not legal tender and advised to apply own discretion while using them.

Cryptocurrencies like Bitcoin were designed in the post-2008 recession period with a motive of a decentralized currency with transparency and control to masses advocating its low fees, security and easy accessibility over the internet.

But they have become merely a tool for speculation as they are being promoted to the masses as investment and speculative instruments, and this is undermining its base principle of autonomous currency with low fees and banking the unbanked.

Some reports even suggest that most demand for BTC is speculative in nature in major African countries like South Africa and Nigeria where investors are using it more for speculation than in other applications as demand has a direct correlation to Google Searches denoting rising demand with rising BTC value. And all the trading is done on unregulated exchanges, which are not governed by local jurisdictions, making the legal redress very difficult for the users.

Cryptos are not safe for investors as they dont hold value like commodities i.e: gold or oil and It is difficult to predict their movement using market technical and fundamental analysis as their price movements are purely based on demand, human sentiment and unknown factors, unlike other instruments that are based on economic and geopolitical factors.

BTC is very volatile it fell sharply in 2018, 2019 and recently in March 2020 (during coronavirus crisis) where it lost almost 60-70 percent of its value in a single month making it a risky medium for value holding and investing.

Crypto Regulations in Africa are slow-paced

Crypto Regulations in most of Africa are yet in development and slow-paced and are not catching up with the fast adoption rate. Some countries have moved forward in regulating the crypto industry with draft rules. While some countries have entirely banned virtual currencies. But in most of Africa, it remains a grey area, so cryptocurrency user safety is a big concern.

In Southern Africa South Africa, which is the largest crypto trading market in Africa is moving towards regulating the cryptos and imposing strict restrictions. But for now, the market remains largely unregulated, and SAs market regulator FSCA warned public cryptocurrencies are not regulated in South Africa. Anybody trading in cryptocurrencies in South Africa should do so at their own risk.

At the end of 2019, it was reported that the South Africa Reserve Bank (SARB), was planning on introducing regulations on the use of cryptocurrencies for currency control. Many South Africans use Cryptocurrency as a method to send money out of the country higher than the allowed annual foreign investment limits. This move is said to be in an effort to control this unregulated currency exchange.

Also, some big banks in SA like the First National Bank (FNB) started to restrict companies that deal in cryptocurrencies by closing bank accounts of such businesses. South African Revenue Service classifies Bitcoin as an intangible asset, that is subject to income tax.

In East Africa Bank of Tanzania (BoT) has banned the use of cryptocurrencies. So, it is illegal to trade or hold cryptocurrencies in Tanzania.

Also, the Central Bank of Kenya (CBK) released public notice highlighting the risks of cryptocurrencies under their public release title Caution to the Public on Virtual Currencies such as bitcoin. Virtual currencies are not legal tender and remain unregulated in Kenya, so there is no investor/user protection in case the exchange goes under.

In West Africa Nigeria is the largest crypto hub, but its use and trading are still unregulated. The Central Bank of Nigeria has declared cryptocurrencies as being non-legal tender.

But the use of cryptocurrencies has not been banned entirely. It was reported that Nigerias Securities and Exchange Commission (SEC) set up a committee in 2019 to create a framework for the regulation of virtual assets (VFAs) and local exchanges in Nigeria. So, there could be some new framework in the future for a regulated environment for Cryptos.

Originally posted here:

Cryptocurrency growth in Africa: Is it a boon or curse? - Ventures Africa

CoreWeave, the largest U.S. miner on the Ethereum blockchain, is redirecting the processing power of 6,000 specialized computer chips toward research to find a therapy for the coronavirus.

These graphics processing units (GPUs) will be pointed toward Stanford University's Folding@home, a long-standing research effort that unveiled a project on Feb. 27 specifically to boost coronavirus research by way of a unique approach to developing pharmaceutical drugs: connecting thousands of computers from around the world to form a distributed supercomputer for disease research.

CoreWeave co-founder and Chief Technology Officer (CTO) Brian Venturo said the project has at least a shot at finding a drug for the virus. As such, CoreWeave has responded by doubling the power of the entire network with its GPUs, which are designed to handle repetitive calculations.

According to Venturo, those 6,000 GPUs made up about 0.2 percent of Ethereum's total hashrate, earning roughly 28 ETH per day, worth about $3,600 at press time.

There is no cure for the coronavirus just yet (though various groups are working on vaccines and research to combat the disease, including IBM's supercomputer). Venturo noted that Folding@home has been used to contribute to breakthroughs in the creation of other important drugs.

"Their research had profound impacts on the development of front-line HIV defense drugs, and we are hoping our [computing power] will aid in the fight against coronavirus," Venturo said.

The coronavirus is taking a toll across the world. Italy and Spain are on lockdown. Conferences, stores and restaurants are closing to stem the spread of the disease; by stoking fears, it's slamming the financial markets in the process.

World computer

When the idea of using GPUs for coronavirus research was mentioned to CoreWeave, the team didn't think twice.

They had a test system up and running "within minutes," Venturo said. Since then, the project quickly snowballed. CoreWeave has been contributing over half of the overall computing power going into the coronavirus wing of Folding@home.

"The idea of 'should we do this?' was never really brought up, it kind of just happened. We were all enthusiastic that we might be able to help," Venturo added.

Folding@home is a decentralized project in the same vein as Bitcoin. Instead of one research firm alone using a massive computer to do research, Folding@home uses the computing power of anyone who wants to participate from around the world even if it's just a single laptop with a little unused computing power to spare.

In this case, the computing power is used to find helpful information relating to the coronavirus. Much like in bitcoin mining, one user might detect a "solution" to the problem at hand, distributing this information to the rest of the group.

"Their protein simulations attempt to find potential 'pockets' where existing [U.S. federal agency Food and Drug Administration (FDA)] approved drugs or other known compounds could help inhibit or treat the virus," Venturo said.

Viruses have proteins "that they use to suppress our immune systems and reproduce themselves. To help tackle coronavirus, we want to understand how these viral proteins work and how we can design therapeutics to stop them," a Folding@home blog post explains.

Simulating these proteins and then looking at them from different angles helps scientists to understand them better, with the potential of finding an antidote. Computers accelerate this process by shuffling through the variations very quickly.

"Our specialty is in using computer simulations to understand proteins moving parts. Watching how the atoms in a protein move relative to one another is important because it captures valuable information that is inaccessible by any other means," the post reads.

Long shot

Folding@home could use even more power. Venturo urges other GPU miners to join the cause.

Even without these calls for participation, though, miners of other cryptocurrencies are already independently taking action. Tulip.tools founder Johann Tanzer put out a call to action to Tezos bakers (that blockchains equivalent of miners) last week, promising to send the leading contributor to Folding@home a modest 15 XTZ, worth roughly $20 at press time.

The initiative blew up, to Tanzer's surprise. Though they might not be contributing as much power as CoreWeave, 20 groups of Tezos miners are now contributing a slice of their hashing power to the cause. Tanzer's pot has swelled to roughly $600 as Tezos users caught wind of the effort and donated.

But that's not to say all miners can participate. While GPUs are flexible, application-specific integrated circuits (ASICs), a type of chip designed specifically for mining, aren't, according to Venturo. Though ASICs are more powerful than GPUs, they're really only made for one thing: To mine cryptocurrency. This is one advantage Venturo thinks Ethereum has over Bitcoin, since GPU mining still works on the former, whereas the latter is now dominated by ASICs.

"This is one of the great things about the Ethereum mining ecosystem, it's basically the largest GPU compute resource on the planet. We were able to redeploy our hardware to help fight a global pandemic in minutes," Venturo said. (However, it's worth noting that Ethereum has seen ASICs enter the fray. Not to mention, ether miners might soon go extinct when a pivotal upgrade makes its way into the network.)

ASICs are useless for the Folding@Home effort, but if bitcoin miners have old GPUs lying around from the early days that they could contribute, too.

Even if other miners join up, though, it's still a long shot that the effort will lead to a helpful drug.

"After discussing with some industry experts [...] we believe the chance of success in utilizing the work done on Folding@Home to deliver a drug to market to be in the 2-5% range," Venturo said.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Thousands of These Computers Were Mining Cryptocurrency. Now They're Working on Coronavirus Research - CoinDesk

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In our earlier CNPupdate article published on 9 May 2018, we discussed theregulatory approach to cryptocurrency and bitcoin exchanges inSingapore. In this article, we look at the regulatory developmentsfollowing the commencement of the Payment Services Act 2019("PS Act") on 28 January 2020.

Along with the PS Act, the following key regulations relating tothe new payment services framework have also come into effect on 28January 2020:-

Entities who operate or intend to operate Cryptocurrency andBitcoin Exchanges in Singapore (collectively,"Exchange Operators") may be required tocomply with the licensing requirements for providing a"digital payment token service" and operating a"digital payment token exchange" under the PSAct.

The Monetary Authority of Singapore (the"MAS") formed a new Payments Departmentin February 2020 to supervise the payment services industry inSingapore the ("PD"). The PD isresponsible for supervising the regulation of the payments industryin Singapore. The PD formulates policies on the regulation ofpayment services, and supervises payment services providers (e.g.cross-border money transfer service providers, digital paymenttoken service providers and money-changers) as well as paymentsystems (e.g. GIRO, FAST, NETS Electronic Funds Transfer atPoint-of-Sale). PD also supervises non-bank credit and charge cardissuers regulated under the Banking Act, and credit bureausregulated under the Credit Bureau Act.

Over recent months, there have also been some notabledevelopments in the cryptocurrency landscape in Singapore. iSTOX, adigitised securities trading platform, graduated from the MAS'Fintech Regulatory Sandbox on 1 February 2020 [link]. Intercontinental Exchange, an approvedexchange regulated by the MAS, launched the Bakkt bitcoincash-settled monthly futures contract in Singapore on 9 December2019 [link]. Xfers, a provider of e-money issuanceservice, announced on 7 November 2019 that it plans to issue theXSGD token (powered by Zilliqa), a Singapore-dollar backed andpegged "stablecoin" under the project nameStraitsX [link].

This update is provided to you for general information andshould not be relied upon as legal advice.

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The nearly two-year long challenge by Indian cryptocurrency users, traders and exchanges, against the April 6, 2018 RBI circular[1], which cut off such users' access to the formal economy has come to a close.

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FinTech Comparative Guide for the jurisdiction of Hong Kong, check out our comparative guides section to compare across multiple countries

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Regulatory And Other Developments In Singapore On Cryptocurrency And Bitcoin Exchanges - Technology - Singapore - Mondaq News Alerts

The city of Ashburn, Virginia has more cryptocurrency users per capita than anywhere else in the United States, but users in San Francisco are the wealthiest according to new research published last week by tax software startup CoinTracker.

The startup said it examined tens of thousands of anonymized user accounts to present a snapshot of US crypto users by location, wealth and their favorite cryptocurrencies.

The data suggest that more than 50% of cryptocurrency users hold Bitcoin, and nearly 30% have Ether, the second-most popular cryptocurrency by market cap.

The mid-Atlantic tech hub Ashburn, VA had the most users per capita, followed by Redmond, Washington, the headquarters of Microsoft.

US cities with most crypto owners per capita. Source: CoinTracker

But larger cities dominated when it came to total number of crypto holders, with San Francisco coming first, followed by New York and Los Angeles.

US cities with most crypto owners. (Image: CoinTracker)

San Francisco is also home to the wealthiest cryptocurrency holders. The average user has over $55,000 in their crypto portfolio. In fact, the Bay Area dominates the list of places with the wealthiest users, with San Francisco, Palo Alto, Santa Clara and San Mateo capturing each of the top four spots.

US cities with the richest crypto owners. (Image: CoinTracker)

San Francisco users also standout as having made over half of their crypto wealth from Ethereum, according to the CoinTracker data. But San Diego leads the country in concentration of Ether wealth, with 66% of users owning the cryptocurrency.

CoinTracker said its data was obtained from people who used the companys services for calculating crypto taxes between 2013 and 2020. The startup was launched in 2017 and is backed by investors including former Coinbase CTO Balaji S. Srinivasan, tennis ace Serena Williams. YCombinator, and Initialized Capital.

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Ranked: US cities with the most crypto owners - Decrypt

Mr. Jimnez was fairly insulated. He had founded a start-up, The Social Us, that connected Venezuelan programmers and designers with American companies looking for cheap labor. Like many wealthier Venezuelans, Mr. Jimnez kept almost all his money in dollars, but this made transactions a headache. He had to illegally swap currency every few days, and a taxi ride would require a stack of bolvars so thick that most drivers accepted only wire transfers.

The situation rekindled Mr. Jimnezs long-running interest in cryptocurrencies. He began paying his employees in a digital coin; even with the crazy volatility of the crypto markets, it was more stable than a Venezuelan bank account, and it wasnt subject to the Maduro regimes diktats. The staff at The Social Us began touting cryptocurrency as a way for ordinary Venezuelans growing numbers of whom were buying Bitcoin on the street to deal with practical problems. One project they designed was a payment terminal that bypassed government limits on spending.

Initially, the Maduro regime saw Bitcoin as a threat. The technology, after all, used a decentralized network to create and move money, and no authority was in charge. But then some members of the government noticed that this cut both ways. Cryptocurrency could also be a way for Venezuela to escape sanctions levied by the United States and international organizations.

In September 2017, an official loyal to Mr. Maduro floated the idea of a digital currency backed by Venezuelas oil reserves. This was unorthodox: One of the tenets of Bitcoin is that its value does not derive from a natural resource or government fiat,only the laws of mathematics. But the distinction faded in the face of Venezuelas desperation. The official, Carlos Vargas, read about Mr. Jimnezs crypto work in a local publication and asked for a meeting.

Soon the hulking form of Mr. Vargas arrived at the office of The Social Us. As he consumed an entire bag of potato chips, Mr. Vargas flattered the young digital workers, saying they were among the only people in Venezuela capable of creating what he had proposed. The idea was exactly what Mr. Jimnez had hoped to hear. The goal was to create a new Venezuelan currency that would move freely over an open network, like Bitcoin. The government would be unable to control or bungle it. Mr. Vargas wanted to call it the Petro Global Coin, but Mr. Jimnez suggested something simpler: the Petro.

The Social Us put together a short pitch deck for the Petro project. But Venezuela is filled with people proposing crazy schemes, and Mr. Jimnez didnt put too much stock in it. Then, in early December, when Mr. Jimnez was at a conference in Colombia, he got an urgent text. Mr. Maduro had just announced a national cryptocurrency called the Petro. Mr. Jimnez threw open his laptop and found a video of the president, in his usual workmans shirt, telling a whooping crowd, This is something momentous.

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The Coder and the Dictator - The New York Times