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CHINA CRACKDOWN? A draft proposal from China's economic planning commission labels bitcoin mining as an industry that needs to be "eliminated." But this won't automatically amount to an outright mining ban. Local governments are supposed to follow the commission's guidance, but to take action against an industry they need a basis in law, too. Further, past examples of "undesirable" industries have sometimes been re-categorized because phasing them out would conflict with local interests, and the miners are arguing that they soak up excess electricity that would otherwise go to waste. Full Story
EXEMPTED TOKEN: Blockstack, the blockchain software provider launched in 2017 to create the infrastructure for a decentralized internet, plans to raise $50 million in a token sale that would leverage the SEC's Regulation A+ crowdfunding exemption. While the move still requires regulatory review, the sale would enable the firm to raise capital through the U.S. securities markets via a subsidiary, Blockstack Token LLC, which would sell a token called Blockstack Stacks (STX) in a securities offering designed to be more flexible than an IPO. Full Story
DEPOSITORIES TRIAL: Indian IT giant Tata Consultancy Services (TCS) has completed a blockchain trial of cross-border securities settlement between two central securities depositories (CSDs). The firm said the “successful” pilot created a set of equity and fixed income securities for Morocco’s Maroclear depository and the Kuwait Clearing Company on the BaNCS Network using its Quartz blockchain. In tests conducted by the CSDs, the securities were matched and settled “instantaneously” using the blockchain, TCS said, with settlement being made in its own stablecoin. Full Story
COINBASE CARD: Cryptocurrency exchange Coinbase has launched a Visa debit card allowing customers in the U.K. and EU to spend cryptocurrencies directly from their accounts. The “Coinbase Card,” will let users spend bitcoin (BTC), ether (ETH), litecoin (LTC) and all other cryptocurrencies supported by the platform “as effortlessly as the money in their bank,” Coinbase said. The exchange will “instantly” convert the cryptocurrency to fiat currency when customers complete a transaction using the card. Full Story
BITLICENSE REJECTION: Seattle-based crypto exchange Bittrex's application for one of New York's coveted BitLicenses was rejected Wednesday by the New York Department of Financial Services (NYDFS). The regulator outlined a host of concerns it had, ranging from the exchange's compliance procedures to its token listing processes. Bittrex, in turn, claims that NYDFS' letter omits crucial details, and that its internal policies have improved over the past two years. Full Story |
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| FALLING BACK: A false breakout of yesterday's ascending triangle pattern quickly turned into sizeable dip below $5,000 early this morning. Bitcoin is now looking to print its first meaningful higher-low since surging about $5,000 last week in order to preserve the bullish market structure. If its price does not defend the $4,900 area, it will likely drop to test the 200-day moving average as support, which tends to act as the dividing line between a market that is strong and one that is not. Full Story |
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BEST OF THE BEST
ARREST SPIKE: Following the ousting of Julian Assange from the Ecuadorian embassy in London and his subsequent arrest today, Wikileaks has seen an increase in bitcoin donations, The Next Web reports. The site’s official bitcoin address has seen a total of 161 donations, of which 40 had arrived since the arrest. The sums are relatively small though, amounting to just $15,000 in total. Wikileaks also accepts payments in zcash (as well as fiat), but that address is largely unused, says TNW.
THE REST
BLOCKCHAIN SALE: The UK's first blockchain-based house sale has been carried out as part of HM Land Registry's Digital Street R&D project, according to a piece in UK Tech News. The trial – which included participation from Barclays and SheildPay – was aimed to demonstrate how buying and selling a property can be made simpler and quicker through digital transfer of ownership. The seller of the house said: “It shows how technology like this can help make everything so much quicker and you can see clearly what’s happening at every stage.”
DAPP NUMBERS: Over 504 new decentralized apps (dapps) were listed in Q1 2019, with over half running on ethereum, according to a Dapp.com report. Ethereum is lagging behind on the activity front, however, with almost 600 dapps being classed as “inactive.” On the other hand, 95 percent of EOS dapps remained active, as did over 80 percent of dapps built on the Steem and TRON networks. Notably, gambling dapps are driving new users in the space, bringing in nearly 350,000 users in Q1.
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WHO WON #CRYPTOTWITTER  |
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