Cryptocurrency News Now!: ETH Whale on the move

Saturday, August 25, 2018

ETH Whale on the move

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QUOTE OF THE DAY

"Put not your trust in money, but put your money in trust."

- Oliver Holmes

Happy Saturday! If you were playing crypto roulette and had one coin to put all your chips on in Vegas, what coin do you pick?

Cheers,
Blockchain Brew Team

MARKET

COIN	PRICE	24H

BTC	$6,709.384411	+2.38%

ETH	$279.371569	+0.84%

XRP	$0.325734	+0.3%

BCH	$530.326071	+0.06%

EOS	$4.977148	+1.39%

*Information as of 9:30 AM EST

NEWS

ETH Whale on the move

20,000 ETH Has Been Moved From A Genesis Block Wallet To Bitfinex This Week

OG WHALE

One of the first Ethereum investors may be contemplating selling a portion of their original investment in Ethereum made during the crowd sale in 2015
A wallet that received 314,000 ETH from the network's genesis block has moved 20,000 ETH to Bitfinex
This is not the first time the wallet has moved funds to an exchange, starting in May, the same wallet move 116,000 ETH to exchanges over multiple transactions

IDENTITY SPECULATION

With such a massive amount of ETH being moved around by this one wallet, crypto enthusiasts have begun trying to guess who is behind the public address
Some are speculating that it could only be Vitalik Buterin himself, but this is unlikely, with such a stake in Ethereum, it would be out of character for Vitalik to sell in this manner
Whoever is behind the wallet was smart enough to get into Ethereum at the very beginning and now must have a motivation to sell

CAUSE OF DOWNTREND?

Ethereum has been rocked harder than most currencies during this bear market (although all currencies have been hit hard)
Investors speculated that ICO-funded startups were dumping their capital raises to pay for their projects and that caused selling pressure in the market
This new evidence is another force that explains Ethereum slipping price, a large sale order like this can have substantial negative effects on the price

REGULATION

Japan's Financial Service Agency Says It Will Not Excessively Regulate Crypto

JAPAN & CRYPTO

Earlier this year, the Japanese crypto exchange Coincheck was hacked resulting in more than $500 million dollars worth of crypto being stolen
As a result of the theft, the Japanese Financial Services Agency has made efforts to make cryptocurrency trading within the country more secure
Japan has been a crypto friendly country and the FSA wishes to protect investors and prevent money laundering, not ban cryptocurrency totally
The country became the first nation to recognize Bitcoin as a legal method of payment and regulates exchanges under a national licensing program

NEW PRO CRYPTO REGULATOR

The Japanese FSA has a new head financial regulator and to the delight of Japan's crypto enthusiasts, he is a proponent of cryptocurrencies
As emphasized in the past by the Agency, the new head of the FSA says that he will try to find a balance between protecting investors and allowing companies to innovate

The new regulatory head spoke in an interview:

“We have no intention to curb [the cryptocurrency sector] excessively. We would like to see it grow under appropriate regulation.”

ADOPTION

Why A Popular Car Auction Is Now Accepting Bitcoin

BONHAM'S CAR AUCTION

One of the most famous car auctions in the world is hosted annually by the Bonham's Auction House
Antique cars to high-performance, ultra-luxury sports cars are sold in the auctions to bidders into the millions of dollars
Bidders come from all around the world to bid on these rare cars and some even remotely bid in the auction without traveling to the actual auction location

CURRENCY PROBLEM

While Bonham's is proud to attract bidders from all sides of the globe, it does create one problem: they all have their own native currencies
Bonham's faces a problem when a bidder wants to pay in a certain currency and the seller wants to be paid in another
Sales can take weeks or even months to close because of this issue

BTC SOLUTION

This currency dilemma has inspired Bonham to start accepting Bitcoin as payment in the auction
Bitcoin is a perfect fit for this use case, as funds can be transferred directly between two parties much more quickly than a bank can transfer and exchange foreign currency

Elizabeth White, CEO of The White Company, who often uses cryptocurrency to transact luxury items explains:

“The great benefit of cryptocurrency is that it is a global currency, and is perfect for auction situations when you have bidders from all over the world."

NEWS

WeChat and Alipay to Prohibit Cryptocurrency Transactions

QUICK RESPONSE

Not long after five different regulatory agencies released warnings against cryptocurrency-related activities including initial coin offerings and trading, WeChat and Alipay stepped up to help
Tencent, the company who owns WeChat Pay, released a statement yesterday that identifies three measures including real-time monitoring and pay limits to regulate "problematic" crypto-related platforms
Likewise, Alipay announced in an interview that depending on the situation, Alipay has the ability to permanently ban crypto-related accounts

CHINA'S BLOCKCHAIN BRAIN DRAIN

Many of China's crypto-related businesses have created new headquarters outside of China in order to explore cryptocurrencies
Binance, one of the world's leading crypto exchanges, moved some operations to Malta to escape strict regulations on Chinese soil
As for WeChat and Alipay, this move shows they are willing to work with the government to help aid China's crackdown on cryptocurrencies

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BREW BITS

Ohio regulators pitched their state as the future hub for blockchain by creating welcoming blockchain and cryptocurrency regulations.
A New York district judge ruled that the CFTC can ban a crypto-firm for acting maliciously.
Bank of America applied for a patent that details a crypto storage system.

TODAY IN CRYPTO

Cardano (ADA)

Vietnam Meetup

First Vietnam Cardano meetup in Ho Chi Minh City, Vietnam from 6-8PM.

PROOF | SOURCE

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LEARN LINGO

Atomic Swap

noun

A protocol allowing users to exchange cryptocurrencies with one another. It allows users to cross-trade different cryptocurrencies without relying on centralized parties.

COIN OF THE DAY

Elastos (ELS)
Elastos will be a platform for decentralized applications (Dapps) that runs on a peer-to-peer network with no centralized control.
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