China: don't "speculate" on crypto / Bitcoin hits 3-month high / Russian mining

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Presented by Subscribe | View in browser Market Watch: Bitcoin remains above $9,000 Tuesday trading; however, the biggest surprise comes from altcoin Noah Coin, which is, reportedly, up over 1,000 percent over 24 hours. Bitcoin: $9,341 (⬇️ 0.49%) // $168.3 billion market cap. Ethereum: $185 (⬆️ 1.63%) // $20.1 billion market cap. XRP: $0.302 (⬆️ 1.54%) // $13.07 billion market cap. Bitcoin Cash: $285 (⬆️ 6.69%) // $5.1 billion market cap. Top 100 Winner: Noah Coin: $0.004 (⬆️ 1.442.11%) // $140 million market cap. Top 100 Loser: Swipe: $1.45 (⬇️ 14.38%) // $88 million market cap. Prices are as of 2:25 p.m. EDT.       1. A Chinese state paper is urging for calm following President Xi Jinping's comments about the blockchain, stating that people shouldn't "speculate" in cryptocurrencies. The People's Daily newspaper, which is published by China's ruling Communist Party, stated that while blockchain's future is here, people must "remain rational." The publication went on to say that while there is a rising interest in the blockchain, that doesn't mean cryptocurrencies should be speculated on. The remarks come at a time when Xi said last week that China should "seize the opportunity" with blockchain adoption. –REUTERS Why it Matters: China's position of cryptocurrencies hasn't changed just because its president has given the green light to embrace the blockchain. However, the market has recovered positively despite the country's ban on digital assets.       2. Worldwide searches for the term Bitcoin have hit a three-month high, according to Google Trends. The last time interest was this high was back in August when Bitcoin was around $11,700. Of the regions that have seen the most searches, Nigeria, South Africa, Austria, Ghana, and Brazil make up the top five. However, blockchain searches haven't been as significant despite China's President Xi Jinping calling for the country to adopt the technology. Experts have long argued that there is a correlation between search activity for Bitcoin and the coin's price. –COINTELEGRAPH       3. Russian Mining Company (RMC) is planning to open a new Bitcoin mining facility and corner 20 percent of the international market. The RMC is hoping to reuse a Russian factory that was closed in 2018 due to U.S. sanctions. According to ombudsman CEO Dmitry Marinichev, the idea is to convert the factory and sell the computing power as a service. Those involved have said that mining crypto, in particular, Bitcoin, is still profitable. The announcement comes at a time when Bitman revealed last week that it was opening, what it called, the world's largest facility for mining Bitcoin in Texas. –RBC       4. The German federal parliament has said that cryptocurrencies such as Bitcoin aren't real money. As per an announcement published yesterday, it reads that crypto tokens "at best only very limitedly fulfill the economic functions of money in the classical sense." Going further, the writer states that stablecoins "do not establish themselves as an alternative to state currencies, thereby calling the existing monetary system into question."  Highlighting Facebook's Libra currency, the German parliament added that it had yet to determine whether it was lawful with German law. The whitepaper published by the project is not a reliable source to answer this, according to the announcement. –GERMAN FEDERAL PARLIAMENT       5. China's Communist Party (CPC) has asked its members to pledge their support for the blockchain. Following President Xi Jinping's "seize the opportunity," comment regarding blockchain adoption in the country, the CPC's dapp, "Original Intentions Onchain," allows members to support the technology and record it on the blockchain, which can then be seen by others. Last week, Jinping said that the technology should be seen as an "important breakthrough for independent innovation of core technologies." –COIN DESK       6. Over 60 percent are not in favor of Ethereum reversing transactions. Vitalik Buterin posted a survey on Twitter over the weekend asking for his followers' opinion in reversing chain activity in the event of a hack. However, 63 percent of the 14,577 people who answered said that "intervention [is] never okay." He also asked how many coins need to be at stake for users to support a potential reversal, with 16 percent stating between 10-100 million, 12 percent for less than a million, and nine percent for between one and 10 million. –@vitalikbuterin       7. Libra "should be banned" if it can't abide by international foreign exchange regulations, according to a senior Chinese regulator. Making an address at the Bund Summit in Shanghai, Sun Tianqi, chief accountant of China's State Administration of Foreign Exchange (SAFE), said that while financial technology can boost innovation, it could also increase illegal cross-border financial activities. –REUTERS       8. Huang Qifan, vice chair of China Center for International Economic Exchanges (CCIEE), is of the opinion that China's central bank, the People's Bank of China (PBoC), will be the first to launch a digital currency. Speaking of the SWIFT payment system, Qifan argued that it is "outdated, inefficient, and costly." Even though the PBoC said it's central bank digital currency was ready in August. However, a month later it stated that "no timetable" had been set for it. –PANDAILY       9. The Korea Internet Security Agency (KISA) is to support blockchain-related projects next year, providing around $9 million in funding. In 2020, 10 projects will be picked, with one or two receiving funding for several years. The maximum amount of funding that each project can get is $1.2 million. This will be the third year that the section from the Korean government will provide funding. –COIN DESK       10. In 2020, enterprises should turn their attention to integrating the blockchain with data systems and making sure they can communicate with other blockchains, research shows. According to Forrester Research's 2020 Predictions report, even though there is still excitement around the technology, attention was now being focused on how the blockchain can "deliver a particular benefit." –COMPUTER WEEKLY       This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. Connect with her on Twitter. Editor: David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology).       Ad If you want to invest better, you want The Motley Fool.

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Sponsored by   October 28, 2019 STARBUCKS CONFIRMED: Bakkt plans to launch a consumer app for retail shopping using cryptocurrencies. Chief product officer Mike Blandina hinted that the app might support more than just bitcoin, which is currently the only digital asset Bakkt and its parent company Intercontinental Exchange provide futures contracts for. Notably, Starbucks will be Bakkt’s first launch partner when the app goes live sometime in the first half of 2020. Full story BLOCKCHAIN RAMIFICATIONS? China passed a cryptography law on Saturday to tackle emerging regulatory and legal challenges in commercial cryptography, as the country pushes to be more competitive in the blockchain space. Effective starting January 1, 2020, the draft legislation was published ahead of the launch of the nation's digital currency. Full story BLOCKCHAIN 500: More than 500 blockchain projects have been registered with the Chinese government since March, according to data published by the Cyberspace Administration of China. The filings reveal some of the largest Chinese banks and tech companies are working with the technology. Further, several government offices, including courts and tax bureaus, are testing blockchain platforms to execute administrative tasks. Full story CHINA CALL: The head of the technology department at the People’s Bank of China has called for commercial banks to adopt blockchain technology in digital finance. As reported by Reuters, bank official Li Wei spoke Monday at a forum in Shanghai on commercial bank adoption. The central bank is already currently developing its own digital yuan that is expected to launch soon to counter the potential launch of the Facebook-led Libra. Full story CRYPTO CHARGES: Oz Yosef, principal of payment processor Crypto Capital, has been indicted by the U.S. Attorney’s Office of the Southern District of New York on Wednesday. According to court documents, Yosef was charged with conspiracy to commit bank fraud, bank fraud and conspiracy to operate an unlicensed money transmitting business. Following criminal investigations by multiple international bodies, including U.S. authorities, this spring, Crypto Capital’s funds were frozen – of which $880 million belonged to crypto exchange Bitfinex. Full story SPONSOR SECTION Building on the strong growth of CME Bitcoin futures (BTC) and demand for ways to manage bitcoin exposure, CME Group will launch options on BTC in Q1 2020 (pending regulatory approval). The contract will track the CME CF Bitcoin Reference Rate and settle into BTC, which averages nearly 7K contracts a day. ​​​​​​​--> Explore BTC options STILL BEARISH: Despite a 16 percent climb, bitcoin remains trapped in a four-month-long bear trend. The cryptocurrency now risks falling to the former resistance-turned-support of $8,800, as the intraday charts are now reporting signs of buyer exhaustion. A sustained move above $9,700 is needed to confirm an end of the interim bear trend and a resumption of the rally from the low near $4,000 seen in the beginning of April. Full story GROWING PAINS: Finding the technology immature or hard to sell, a number of founders that started blockchain businesses are now shying away from the technology, reports Wired . Natalia Karayaneva, CEO of Propy, a land-registry startup, said the term blockchain rarely appears in its marketing materials meant to woo customers and investors, who soured on the subject. Amos Meiri, CEO of Colu, a startup that issues city-specific tokens to spur local shopping, exited blockchain altogether. “You can make the experience work with Amazon AWS, just like any other payments or rewards platform,” he said.  WHO WON #CRYPTOTWITTER   Copyright © 2019 CoinDesk, All rights reserved.  Our mailing address is:  250 Park Avenue South New York, NY, 10003, US  Want to change how you receive these emails? You can update your preferences or unsubscribe from this list