Overview of the top news in the cryptocurrency industry over the past few days
1. It became known recently, that the second project on the platform of initial exchange offers (IEO) Huobi Prime will be Newton. Start of selling tokens is April 16, 16:00 Moscow time.
Developers committed for this campaign 2 billion coins NEW – this is 2% of the total emission of tokens. There will be available 3 stages for investors. At the first they will be able to purchase 400 million coins, at the second – 600 million, and at the third –the other1 billion. The price of the token will increase at each stage. At the first, it will be $ 0.001667 for a coin, at the second – $ 0.002000 and at the third, it will increase to $ 0.002400.
2. The first decentralized Bitcoin exchange Sparkswap with the support of atomic swaps Lightning Network was successfully launched. At the moment, this is only a beta version, where users have the chance to place buy and sell orders, as well as to perform network exchange of cryptocurrencies by using atomic swaps.
During beta testing, there will be only one trading pair available – BTC / LTC. However, the site also supports other cryptocurrencies which are suitable for atomic swaps – DCR, VTC and KMD.
3. Recently, we talked about the increase in trading volumes on cryptocurrency exchanges, confirming this information by the increase of this indicator for Bitcoin futures on the Chicago CME commodity exchange. Today, the company Diar has published its new research data, according to which the trading amounts of institutional investment products based on Bitcoin has been increased for the fourth month in a row. The rate increased by 15% in January, by 17% in February and by 18% in March. We are talking about three products – Bitcoin futures on the commodity exchanges CME and CBOE; and Grayscale GBTC investment trust.
4. Mitsubishi UFJ Financial Group (MUFG), the Japanese banking group, plans to release its own stablecoin this year. This was stated by Kanetsugu Mike,the newly appointed president of the fifth largest bank in the world, in an interview with the local newspaper Asahi Shimbun. It is reported, that the Japanese yen will provide a stablecoin in the familiar ratio 1×1.
5. The cryptocurrency industry was excited by the news that the Chinese National Development and Reform Commission (NDRC) called Bitcoin mining an «undesirable» activity and recommended to local authorities ban the work of this industry in the country. It is noted, that this activity uses electricity, which is subsidized by the government of the country, but it doesn`t bring any benefit, but only pollutes the environment.
There is a actively discussing of this news and creating a FUD in the thematic chats. This is a pressing issue, since China is still the center of the mining industry because of regions with cheap electricity. For example, it became known recently, that the company Bitmain plans to expand its computing power by installing about 200,000 pieces of equipment in the region.
We would like to add, that this is currently not a law, but only a bill that can be amended before May 7.
6. Another DoS attack was launched on the popular Electrum cryptocurrency wallet. For the operation were involved 140,000 infected devices. Hackers try to disable the server wallet by this way and, at the same time, they send hacked versions of Electrum to users.«The total amount of stolen funds is several million dollars. One user lost $ 140,000. DoS-attacks have taken a new level» one of the computer security experts commented this event.
7. Rumors about Facebook are beginning to gain more and more publicity. It became known recently, that the largest social network is planning to attract $ 1 billion in investment for its stablecoin. Nathaniel Popper, NY Times reporter, analyzed a cycle of notes on the social network Twitter and made conclusion that this amount will be necessary to ensure the coin by real money.
«Sources, which I cannot name, say that the Facebook leadership is seeking funding from large venture capital firms. We are talking about large amounts like one billion dollars at least» Popper wrote.
8. Chinese investors are actively buying USDT at a higher price than the nominal price on Huobi and OKEx OTC platforms. Twitter user under the nickname cnLedger announced this. As a confirmation of his words, he added the screen of the applications list, on which USDT purchases at a price of 7 CNY are clearly visible, although the official rate is 6.7 CNY.
9. G20 countries plan to discuss international anti-money laundering (AML) rules in the cryptocurrency industry on June 8 and 9 in Fukuoka, Japan. This information was shared by local news agency Kyodo.
It is also reported, that central bank managers and finance ministers of G20 member countries will take part in the discussion.
10. Mike McGlone, Bloomberg analyst, believes that Bitcoin is currently overbought. Just like it was overbought at the end of 2017. He noted that after a sharp increase, which was observed on April 2 in the morning, the same strong fall will occur. He also supported the opinion of David Tawil, the ProChain Capital cryptocurrency hedge-fund president, that the market will continue its decline, which has been going on for over a year, because the recent positive action is not supported by any real events.
It should be noted, that McGlone had already predicted a decline in the rate of the first cryptocurrency in mid-March, but history has shown that the analyst’s forecast doesn`t always became a reality.