Cryptocurrency looking for a foothold

Analytics

Analytical Department ICBF shares DeCenter the latest news of cryptomeria, and also spoke about the key trends of the week.

The dynamics of the market capitalization of cryptocurrencies and the majority of its assets, more can be compared with the temperature fluctuations in the Northern hemisphere of our planet — the closer the coming of winter and the coming of the New year, the lower falls and the price of the leading crypto-assets. But as we wrote in the previous review, let’s not pay attention to external «noise» and calmly sort out the facts.

Market capitalization of crypto-currencies steadily falling and is approaching frightening to the value of $100 billion, although nearly 11 months ago, the peak value was set at $830 billion, and then it seemed that the market may roll down somewhere. But today we live in a complete opposite compared to last year’s situation.

A graph of the dynamics of capitalization of the stock market. Source.

Yet a clear explanation for why developing one of the most catastrophic scenarios in the market in addition to conspiracy theories large capital for the purchase of falling prices, it is difficult to provide. Constantly appear on the market news, able to lead prices up, however, cryptologist now more like paralyzed by fear of man.

The number of short positions in the market (transactions aimed at sale of the underlying asset) on the Bitfinex team continues to grow and at the time of writing the review already exceeds 39,800 against gradually decreasing the number of positions on the purchase of 26,900. Note that the absolute record was set at the level of 40,200 in August of this year. If this figure will be reached again or even overcome, the sellers may finally disappear the opportunity to push further the price down. This is another signal in the Treasury of the probability of imminent market reversal and recommendations not to follow actively current trend.

But it should be noted that we observed the situation is only the tip of the iceberg. When small investors are in a panic to close your position urgently take money in Fiat, and some even curse myself for dealing with the stock market, in this time of major capital follows the rule the most successful traders — «Buy on the low and on expectations, sell on fact».

Let us note that besides the traditional for many traders Bitfinex exchanges, Binance, OKEx, and others, there are more OTC platforms, for which there is a circulation of tens of thousands of bitcoins, sometimes in only one transaction. Agree, this is a substantial amount, which could crash the market or cause its dramatic rise. To avoid such volatility, there are platforms where traders with a large capital to trade safely.

To estimate the extent of this movement cannot be fully, but its effects can be analyzed. So, in early December began a phased purchase of capital one of the large purses, which has already managed to make transactions with bitcoins 608,000. That is, until some traders take losses and panic, the other at the time begin to buy a highly depreciating assets. This is a very good sign for those who with a cool head ready to assess the situation on the market.

Another interesting event can be considered the fact that started a transaction from the wallet that was active in 2014. By volume of concentrated funds in bitcoins he was in the top 20 wallets. This week, more than 66,000 units of the first cryptocurrency, which at the current exchange rate is about $257 million, were sent to unknown addresses, which are likely to belong to off-exchange markets OTC and the next day, a similar transaction was repeated 2 more times. In total almost 200,000 bitcoins were distributed in different locations and later combined again on the purses, which, according to unconfirmed reports, over-the-counter platform JuBTC. By the way, the Commission in each of these three major transactions averaged $48, well below the Bank for similar services.

Do not forget about the banking community that the words actively resists the advent of blockchain and cryptocurrency, and in fact is already trying to integrate this system. In addition to news last week about the launch of a netting blockchain-service CLSNet for netting of transactions in the cryptocurrency between the largest U.S. investment banks Goldman Sachs and Morgan Stanley, you can also mention a recently performed experiment with securities purchased via the blockchain. So, Sberbank of Russia held a unique for the world of REPO transactions (the granting of financing against pledge of securities) using a blockchain to record transactions and smart contract that he entered into the transaction and filed documents in the Depository NSD to a mutual settlement. Another no less interesting news: the Swiss subsidiary of a Russian Bank Gazprombank (occupies the third place, the growth rate of assets in the rating of portal.ru) together with the company Metaco will create by the middle of 2019 tools for asset management Silo, which, in addition to traditional financial instruments in the form of shares, you can also keep crypto-assets on the wallets and make operations on them.

Another good news could be the approach of the SEC to «sentencing» by the very anticipated fall issue — to be or not to be the world’s first regulated bitcoin ETF. But because of the collapse of the exchange rate of the cryptocurrency, this issue has faded into the background, which was associated with the increased volatility of the underlying ETF of the asset and loss of stability due to massive sales. And again, the U.S. regulatory Agency decided to resume consideration of this subject, taking into account collected prior to the beginning of November more than 1500 expert opinions both in favor of launching a bitcoin ETF and against. The final date of the decision on this issue should be February 27, 2019. Just before this time can be obtained approval for priority applications from professional financial institutions VanEck, SolidX and exchange CBOE.

Recall that previously occurred several shifts review of this issue because of the uncertainty of the commissioners of the SEC in matters of the lack of manipulation and the strong volatility of the underlying asset the generated tool — bitcoin. And recently, their fears have been confirmed. Until the end of February next year, according to the rules the agencies must be given a clear answer «Yes» or «no» about the prospects for the start. If you receive a positive decision, it will be another reason for the growing optimism among investors towards bitcoin.

We maintain the relevance of long-term ideas about the possibility of a reversal bitcoin and other cryptocurrencies in the upcoming months, although it is necessary that they were obtained on the chart.

Bitcoin

Preserving still the honorary first place in terms of capitalization, the cryptocurrency for this indicator is already below $60 billion, and after breaking through support in the area of consolidation $4150−$4500 rushed down to the first target of $3530, which was also confidently taken. Retain the relevance of the forecasts to reach values of $3200 and even collapse to the $2950−$3000−$3100. But from these values, the price may head up in December 2018 — early 2019, proof of which will be the output of the above cluster $5280−$6000. At the moment, better not to open new positions in the coming weeks and move closer profitable stop orders on previously open trades for sale. Now the best strategy is to do nothing!

Chart BTC/USDT, day timeframe. Source.

Altcoins and Ethereum

The air continued to decline after breaking a value of $100, which led to the achievement of our district goal of $76−$80. It seems unlikely the scenario with the continuation of the decline deep down, but as a potential target again previously submitted $54. Here also it is necessary to say that the brainchild of Vitalik Buterin may begin to pivot together with all the market in the coming months. Litecoin also successfully achieved goals in the areas of $27 and even the marks on the support of $24. The next target for collapse can be $20.

Schedule ETH/USD daily timeframe. Source.

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In Telegram appeared bot to conduct a transaction with Litecoin

The developers of the project Zulu Republic reported that using them FOR Lite.im users can now spend Litecoin transaction via text messages in the Telegram, and later the opportunity will be open to holders of all mobile phones via SMS.

According to them, the Telegram-bot Lite.im wishing allows you to check balances, open Litecoin-address for shipment or to send the bitcoin how to Litecoin address and the email. In the version for work with SMS tools can be sent to a phone number – without needing to know whether the recipient of the cryptocurrency wallet. Private keys in both cases the use is encrypted using the RSA algorithm and private password, which should ensure the users safety.

Recall before it became known that the Californian company Intuit, specializing in the development of financial software, has received a patent for the decision describing the conduct bitcoin transactions via text messages.

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Test network Lightning became available for use

Test network Lightning became available for testing. This was reported by a Reddit user under the nickname Nabugu.

To try out the new functionality, you need to go to the website https://htlc.me/, click on «Got it, I wrote it down», to tBTC («t» from the word «testnet»), and then make a purchase on the website https://yalls.org/ or https://starblocks.acinq.co/. Both resources were created by developer Alex Bosworth specifically for testing Lightning transactions.

Comment from discussion You can try a testnet Bitcoin transaction Lightning right now !.

To make the payment through Lightning, you need to copy «payment request» site where you want to buy the product, and paste it in Lightning-wallet htlc.me.

When the transaction is confirmed, the information is displayed instantly on the website from which you placed your order.

We should not forget that this functionality is still in development.

Recall that earlier this month, blockchain developers ACINQ, Blockstream and Lightning Labs has announced the release of version 1.0 Protocol specification Lightning. They also successfully tested payments through the Lightning in the core network of bitcoin on all three implementations. These events are seen as important steps toward standardization.

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The pros and cons of the crypto valley in Belarus

Article

«High technology Park» — a special legal regime, which is aimed at development of IT-sector in Belarus. Special regime of HTP was introduced by Decree No. 12 of the President of the Republic of Belarus and throughout the country company to a resident is not necessarily physically located on the territory of HTP.

For the overall coordination of activities meets the HTP Supervisory Board, which consists of 11 members and approved by the President.

Directly by the management of PVT is engaged in the Administration, consisting of 4 members. Today the head of the Administration Director Yanchevskii Vsevolod V., which is also appointed by the President.

The HTP can be only Belarusian legal entities and individual entrepreneurs implementing or planning to implement one or more of the activities specified in the regulations on the OEM.

To register a company as a HTP resident must submit an application, copies of constituent documents, business-project proposed to implement as a resident of HTP.

Tax and other benefits

Residents of HTP are exempt from income tax and from VAT in case of realization of goods, services and property rights in the country.

The income of a resident of HTP is obtained in the form of interest, income from the disposal of shares in authorized capitals of the organizations and from the sale of securities and dividends from sources outside the Republic are taxed on profit at the rate of 9%.

The income of employees of the HTP residents are subject to income tax from natural persons at the rate of 9%. Mandatory social insurance contributions amount to 35%, with credited and paid the actual wage of the employee per month, and average monthly wages before the month has to be paid compulsory insurance contributions. By the way, the average wage for the February 2018 850.4 made up the Belarusian ruble — by approximately $420.

Residents of the HTP are also exempt from offshore tax in respect of funds transferred to non-residents registered in offshore zones, mediation, marketing and advertising services.

With the adoption of Decree No. 8 with the purchase of an HTP resident foreign organizations licenses, advertising, marketing, consulting services, database design and some other in-demand IT business services, the resident is exempt from paying VAT. In respect of income of foreign organizations from the provision HTP of data management services, web hosting, advertising, brokerage and certain other services, as well as in respect of income in the form of interest and royalties applies a zero rate of withholding tax.

The inspections of controlling authorities in respect of the HTP resident-companies without prior approval from the HTP Administration is not allowed. In addition, in Belarus there is a ban on the conduct of inspections within two years from the date of state registration of the company. Despite the ban, the HTP residents are obliged to conduct annual statutory audit of the annual accounting (financial) statements and submit an audit opinion the audit of these statements in the HTP administration.

Document

The changes that were introduced with the adoption of Decree No. 8, also referred to the document in the direction of its simplification. Now when making business transactions with non-residents of the Republic of Belarus HTP resident-companies have the right to unilaterally be the primary accounting document on the basis of which economic operation is reflected in the accounts; to issue one primary accounting document uniform transactions in one month; subject to certain conditions, to use as a primary accounting document received from non-resident document or information in a foreign language; use of facsimile in the design of the primary accounting document.

Agreements with employees

The HTP resident in accordance with the Decree No. 8 entitled:

To enter into with their employees about non-compete agreements;

To conclude with third parties agreements providing for liability for poaching employees.

Foreign employees

For foreign citizens, attracted by the HTP resident for employment or are founders of the HTP residents or workers of their founders, established a visa-free regime for entry and exit in Belarus with the right to stay in the country for 180 days a year. Foreign citizens who have concluded an employment contract with a resident of the HTP, is not required to obtain a work permit in Belarus, and the period of the contract, they will be able to obtain a temporary residence permit in the country.

Blockchain technology and cryptocurrencies

Decree No. 8 establishes the ground rules for relations associated with the use of blockchain technology, as well as the definitions of such key concepts as the blockchain, tokens, cryptocurrency, mining, smart contracts.

Legal entities and individuals are free to own tokens and store them in virtual wallets.

Through the HTP resident-legal entity is entitled to make transactions with tokens, including to acquire and dispose them to hold ICO in Belarus and abroad, that is to create and post your own tokens.

HTP resident-companies can provide services as crypturi, criptomeria, services, event ICO. They also have the right to carry out mining and other activities with the use of tokens, including creating and placing their own tokens.

The activities of individuals in the mining, acquisition and disposal of tokens not recognized entrepreneurial and tokens are not subject to Declaration.

2023 a number of tax benefits for transactions with tokens. For example, income from activities in the mining, acquisition and disposal of tokens are not taxable for individuals and HTP resident-companies. Funds received by legal entities as an investment by creating and placing their own tokens using the HTP resident will not be taxable revenue.

Banking legislation, currency legislation, legislation on securities, the law on licensing does not apply to the activities of HTP using tokens.

Possible future clarification

It is expected that the Ministry of Finance of the Republic of Belarus will prepare an accounting of the tokens and operations with their use;

Delineation of the mode of crypto-currencies and other tokens will be made in the special regulation;

«This is not supposed the possibility of direct interaction between international organizations and HTP resident-companies, in terms of the ability to embed such foreign organizations of their tokens via the Belarusian operators crypto-platforms. Apparently, this will be the subject of further clarification from regulators,» suggests Savelyev.

What are the cons

The variability of legislation and authoritarian regime;

It is impossible to predict how existing rules will apply in practice and, importantly, how they will use the courts;

Occasionally there are «stains» of Belarus with foreign investors, during which country representatives behave incorrectly.

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The Bitcoin price crossed the $4700

On 31 August the price of Bitcoin first crossed the $4700, thereby setting a new historical record. This is evidenced by CoinMarketCap.

At 14:04 UTC the price of Bitcoin exceeded $4702 per unit. The total market capitalization of crypto currency also reached a new maximum – $77,75 billion.

However, half an hour later, at 14:34 UTC, the price had dropped to $4691. As of 18:11 Moscow time the price of bitcoin was $4672, and the market capitalization of foreign currency – $77,26 billion.

Recall that the rapid increase in the price of Bitcoin began after the separation of the new Bitcoin Cash, which took place on 1 August.

August 5, the value of Bitcoin exceeded $3000, 8 Aug – $3500 and 12 August – $4000. The last historical record of bitcoin was set at $4580. However, after reducing the rate to $3814,54 two weeks ago, some experts started talking about the end of an uptrend. When it sounded forecasts that the price of Bitcoin in the future can reach $10 thousand and $20 thousand.

According to the latest forecast analyst Goldman Sach Sheba Jafari, the price of bitcoin will rise until it reaches $4827. After that there will be market correction and the price drops to $2,221 per unit.

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Central Bank of Brazil has returned to test the blockchain platform Corda

Central Bank of Brazil resumed the testing blockchain platform Corda R3 a few months after the cessation of work with her since found the technology immature. It is reported by CoinDesk.

The reason for the regulator to reconsider the decision was the release in October blockchain consortium final version of the platform — Corda 1.0.

Now the Banco Central do Brasil implements a proof of concept (proof of concept) for projects in four different blockchain platforms: Ethereum, Quorum JPMorgan, Hyperledger Fabric consortium headed by the Linux Foundation and Corda. Projects aimed at use of technology of the distributed registry to backup the existing system of calculations of the Central Bank in real time (RTGS).

“We are the Central Bank, and we like greater stability, but we need to think about the changes. We need to think about a different business model. So, for us it is the most difficult part of this kind of work, we are talking about innovation,” — said the head of the IT Department of the Central Bank of the Aristides Andrade Cavalcante Neto (Aristides Andrade Cavalcante Neto).

The Bank considered several options for using blockchain technology, including the possibility of foreign trade in local currencies and the identity management system. Ultimately for testing were chosen RTGS it is made of a relatively small number of transactions and a number of Central banks have chosen it for the development of blockchain-based solutions.

In that time, RTGS is the main focus of work with bloccano for the Central Bank, he is also testing the information exchange on the basis of this technology.

We will remind, earlier it was reported that the Brazilian government had successfully launched the pilot project of verification of documents and signatures, based on the technology of the blockchain Ethereum.

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Re-audit confirmed the USD Coin security stablon hard currency

Released by Circle and Coinbase stablon USD Coin (USDC) has passed the re-audit that confirmed its security stated number of dollars.

The audit was conducted by Grant Thornton LLP of Chicago, one of the largest accounting firms in the United States.

According to its conclusion, as at 30 November 2018, the number of issued and outstanding tokens USDC was 177 190 279. At the same time cash reserves, which, as stated, secured the coin, was $180 192 792.

Therefore, the number of issued and outstanding tokens does not exceed the cash reserves for their support.

According to the statement Circle, this situation will continue in the future and the number of coins in circulation will never exceed dollar reserves, while reserves may exceed the amount of coins.

According to CoinMarketCap, currently in circulation 214,2 million tokens USDC.

Previous audit USDC was held last month and showed as of October 31 127 408 827 USDC, which were secured by $ 127 412 240.

Earlier in December about adding trading pairs with USDС to your combined market tablconv (USDⓈ) reported exchange Binance.


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Mike Novogratz announced the near completion of the bearish trend on the cryptocurrency markets

American entrepreneur and the head of the Galaxy Digital Mike Novogratz thinks bitcoin price almost coped with lingering bearish trend in the near future will be in the hallway between $3000 and $6000. This opinion he expressed in an interview with Bloomberg.

He also said that while the global economy is also experiencing serious problems, macrotrading becomes even more interesting than the market of digital currencies.

«We are entering a new era of macrotrading. Cryptocurrencies already seem so interesting. Many years macrotrading was very boring, and cryptocurrency is delighted», he said.

Recognizing that cryptocurrency bubble burst, which resulted in a significant correction many digital assets (in some cases up to 95%), Mike Novogratz, however, notes that the technology continues to evolve, entrepreneurs are still interested in this industry, and this is especially noticeable progress with an infrastructure point of view.

For this reason, the Novogratz quite optimistic about the future and I am sure that a digital store of value will inevitably appear, and probably, according to him, it will be bitcoin.

He also expressed confidence in the emergence of Web 3.0, where there are a number licenzirovanie objects from limited partnerships and funds to art.

Previously Mike Novogratz said that with the arrival on the market of institutional investors in the first half of 2019, bitcoin has the potential to reach a new historical height.


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Startup Eidoo potrollit Jamie Daimon in the Wall Street Journal

Startup Eidoo decided to draw attention to the ongoing ICO full-page ads in The Wall Street Journal trolling the General Director of JPMorgan Jamie diamond Jamie Dimon — known criticism of bitcoin.

Last month, the head of JPMorgan made a loud statement, calling bitcoin a “hoax” and comparing it with the “Tulip mania” of the 17th century. He also promised to fire any employee that sells cryptocurrency. Later, the Daimon continued his criticism of cryptocurrencies and the ICO, adding that “buttonmania” will end badly.

Last week the crypto-startup Eidoo posted in The Wall Street Journal full-page ad with the text:

“Maybe Jamie will fire you. But you will be able to trade in the crypto-world.”

Below the slogan a startup posted a link as a QR code on their app for smartphones — multi-currency wallet and exchange hybrid.

Advertising cost the company dearly — ad to the page in the WSJ can cost more than $350 thousand. However, the company felt the move is successful. The representative Eidoo said that “the response was stunning”. After advertising the number of downloads per day has jumped by 65%.

However, by the company’s ICO 5 hours before the end of the sale of tokens (the time of this writing) fulfilled the declared volume only 53%, collecting a little more than 82 thousand Ethereum. But the current rate is more than $28 million received investment.

“Jamie has not responded,” — said the representative Eidoo.

However, CEO of JPMorgan at the end of last week continued his criticism of bitcoin, and had to promise not to talk more about bitcoin and to break his promise.

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In Russia will create the Association blockchain economy

April 24, at a joint press conference BCLawyers and law RU, «Blockchain: legal risks and opportunities, regulation» there was established the Association of lawyers blockchain economy. This was announced by Alexander Zhuravlev is the managing partner of the legal company «Effective business resources» and co-founder of the program of additional education BCLawyers «Legal framework and legal practice working with cryptocurrency and blockchain projects.»

«The new structure will be a platform for exchange of views and experiences, which will bring together all experts of the legal community in the field of digital economy,» – said Zhuravlev.

As noted by the Director of the program of additional education BCLawyers on the blockchain Igor Sudets, the Association will make the legal environment blockchain economy in the Russian Federation more comfortable.

«The framework of the Association we will study the experience of legal regulation of the digital economy in different countries, to analyze actual problems of development of the Russian legislation, to monitor the enforcement on this basis to develop a regulatory framework acts, and in the process of interaction with state bodies to amend laws and regulations, and develop new ones» – said Igor Suds.

According to a member of the expert Council of the state Duma of the Russian Federation on the digital economy and the blockchain technology, which also acts as a co-founder of the program BCLawyers, Denis Aharonov, the Association will serve as an excellent tool synergy business.

«Any business, an entrepreneur who, for example, wants to take his project to the ICO, will have access to the community of lawyers providing expert legal support such projects,» he said.

In the work of the group will also include issues related to international activities. The Association will deal with issues of international and scientific cooperation, as well as conferences and round tables in the field of digital economy.

In addition, the Association will provide participants with a variety of preferences, including the ability to work with projects of the digital economy in need of expert evaluation, to comment on the regulation of the blockchain technology, mining, ICO, cryptocurrency in the national media and to engage in research activities.

The Association also will enhance the skills of participants through training through educational programs and events, it will collaborate with leading Russian universities and foreign universities.

The initiator of creation of the Association of legal company «Effective business resources and IT-technology.» Chairman of the Association will perform Alexander Zhuravlev, and its members can be individuals and legal entities.

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