Crypto Markets See Sharp Rebound, but Total Market Cap Still Below $200 Billion

Sunday, September 9: following the bloodbath after this week’s market crash, Bitcoin’s (BTC) price spiked sharply today. Altcoins have mostly followed suit, making markets a mix of red and green, as data from Coin360 data shows. Market visualization from Coin360 Bitcoin (BTC) jumped over 3 percent in under an hour today, proceeding to trade sideways just under the $6,400 mark for several hours, before dropping again in the hour to press time. At press time, Bitcoin is up about 1 percent on the day to trade at $6,241, according to…

Despite Ban, China Keeps Trading Cryptocurrency Thanks to Tether and VPNs, Says Report

Chinese traders are using virtual private networks (VPNs) as a major tool to circumvent the ongoing government crackdown on cryptocurrency trading, local media outlet South China Morning Post (SCMP) reported September 8. According to SCMP, referencing reports from Beijing-affiliated Shanghai Securities Times, traders have begun leveraging stablecoin Tether (USDT) as a means of entering and exiting cryptocurrency markets. Combined with a VPN, two traders can use an exchange platform notionally registered outside China as an intermediary to swap cryptocurrency for fiat currency and vice versa. “[T]wo individuals who have both…

Bitcoin Fell Due to Regulatory & Sell Pressure, Will Recover Soon

According to Jonathan Cheesman, a partner at investment firm Distributed Global, Bitcoin has fallen due to five major reasons: macro trend, speculative dominance, regulatory uncertainty, short selling, and scams. But, as the market and cryptocurrencies as an asset class continue to see improvements in infrastructure and regulation, Cheesman explained that a growing number of investors will recognize cryptocurrencies as robust and legitimate stores of value. He said: “For some, things are even more acute now — Venezuela and Turkey being the most obvious examples — and debt sustainability is a…

How Cryptocurrencies Are Regulated in the Middle East

On Sept. 4, the government of Bahrain, a constitutional monarchy in the Persian Gulf, emphasized the importance of blockchain for the country’s economy. While the kingdom seems to be taking a rather positive approach toward crypto, the Middle East at large has proven to be a difficult region for virtual currencies, as a large chunk of countries there have banned crypto trading. Nevertheless, the Middle East seems to be on its way to become the global blockchain powerhouse: From Dubai to Tel Aviv, the technology is being thoroughly researched and…

Crypto, Blockchain Space Won’t See ‘1,000-Times Growth’ Again

There is no chance that the cryptocurrency and blockchain space will see “1,000-times growth” again, Ethereum (ETH) co-founder Vitalik Buterin stated in an interview with Bloomberg September 8. At an Ethereum and blockchain conference in Hong Kong, Buterin told Bloomberg that the rapid growth of crypto and blockchain industry is now reaching a “ceiling,” and is moving from “just people being interested” to the stage of “real applications of real economic activity.” Buterin explained that the period of explosive growth in the sphere is likely coming to an end because…

Goldman Sachs Says ‘No Thanks’ to Crypto Trading Desk, While India Sends Officials to ‘Crypto College’

Coming every Sunday, the Hodler’s Digest will help you to track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link. Top Stories This Week Business Insider: Goldman Sachs Scraps Crypto Trading Desk Plans Goldman Sachs Group Inc. is halting its plans to open a cryptocurrency trading desk, Business Insider reported this week, but will focus on a custody product for crypto, which will allow it to hold…

South Africa’s Central Bank Wins Award for its Ethereum Payments Blockchain

Central Banking, a global central banking forum, has bestowed its FinTech & RegTech Award for Best Distributed Ledger Initiative to South Africa’s central bank for its successful Project Khokha, which successfully used an Ethereum blockchain platform to process interbank payments and settlements. The test demonstrated that distributed ledger technology (DLT) can enable digital as opposed to analog transaction processing, offering significant improvements for global transactions. Central Banking noted on its website that the test’s success demonstrates the need for regulators to address banks’ security and privacy concerns to improve global…

The Race for the Cross-Border Payments Market

Competition in the business of facilitating cross-border payments has just gotten tighter. Until recently, the primary fintech challenger to the reigning SWIFT international payment system has been Ripple Labs and its various products designed for the institutional banking sector. The first week of September saw the game-changing news break, as IBM announced promotion of its DLT-powered payment system, Blockchain World Wire (BWW), from beta to a ready-for-use product. Operating on the Stellar blockchain, the new financial rail will provide an infrastructure for clearing and settling cross-border payments with finality “in near…

Bitcoin Surges From $6,190 to $6,450 in Seconds, What’s Next For BTC?

In seconds, the Bitcoin price has surged from $6,190 to $6,450, by more than 4 percent, after the dominant cryptocurrency remained in the low $6,100 region for more than 24 hours. The sudden increase in the price of Bitcoin on September 9 was not expected by the majority of analysts and investors in the cryptocurrency market, primarily due to the sheer magnitude of its drop on September 5 Erik Voorhees Comment is Spot on In previous market recaps, CCN consistently cited the statement of ShapeShift CEO Erik Voorhees, simply because…

Bitcoin Price Weekly Analysis: BTC/USD Decline Could Extend to $5,950

Key Points Bitcoin price is bleeding and it could extend its slide below the $6,100 level against the US Dollar. There is a connecting bearish trend line in place with resistance at $6,300 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is clearly under pressure and it may perhaps slide to $6,000 and $5,950 in the near term. Bitcoin price recently broke the $6,214 swing low against the US Dollar. BTC/USD is likely to extend declines and it could spike below $6,000 if sellers…