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A multi-million dollar worth of transaction that could have cost senders over $5 million in commissions on legacy systems was made with $0.06 on Ethereum. The Ethereum block  6556384  went through 5080 confirmations and took over 19 hours to transfer more than $183,000,000 without having to go through expensive intermediaries. The scene is pretty typical to those who transfer value on the blockchain on a regular basis. But, simultaneously, it is a clear attestation for one of the blockchain’s most killer applications: remittance. More than $183,000,000 in $ETH transferred almost instantly for $0.06. Bullish on real use cases. https://t.co/HdLIsUcPId — Crypto Thoreau (@cvrbonbased) October 21, 2018 A legacy payment system like PayPal – after removing the remittance limit – should have transferred $183 million by charging a $5.3 million transaction fees in an average East-to-West payment corridor. Western Union, another global remittance service, should have sent t...

Bitcoin so far has been able to find support above the so-called bottom area below $6,000. But it is not enough to beat the long-term bearish bias, according to a famous cryptocurrency analyst. Crypto Thoreau, in one of its  latest tweets , predicted that Bitcoin price is in for a drop towards $3,500. The analyst backed his prediction by a historical price action between early-2014 and mid-2015 in which Bitcoin price can be seen dropping 83.39 percent after forming 626 bars on the daily chart.  The pattern, which looks identical to the one building these days, indicates a similar downside run after a breakdown action of 626 bars in 626 days, eventually to a point where Bitcoin will establish a nearly 83 percent drop to $3,500 by mid-2019. Image Credits: Crypto Thoreau | A Bitcoin-Volume graph indicating price action similarity. It is, of course, theory and even Crypto Thoreau admits that. The fundamental dynamics between the two timelines are poles apart. 2014 and 2015 ...

The question of whether Bitcoin has bottomed already has again surfaced following the latest drop in the digital currency price. Bears have no explanation as to why BTC has been holding this price for so long… as if it were forming a floor. Those bullish can explain this – BTC has fully corrected… and equal to the previous corrections of 0.236 [23% in real value]. pic.twitter.com/8brzXRxBsJ — dave the wave (@davthewave) October 13, 2018 The BTC/USD pair last week fell 7 percent to near 6222 after pursuing a sideways consolidation trend for weeks. There were predictions of an extended sell-off period amidst a bearish crypto market, which targeted 6000 as a potential short target. Also, bears on community forums called for a possible dive below this year’s bottom, predicting a wild swing action towards 4500, which upon testing would wake the bulls, and Bitcoin would reverse the trend. But, as the aggregated BTC price data details, BTC downtrend has already been deflected. Bitc...

Investment consultation firm Pension Partners released an index listing the worst performing cryptocurrencies in 2018. Qtum, a cryptocurrency-backed hybrid blockchain platform, suffered a maximum 93.9 percent loss by Q3 2018. A high marketing pitch, which projected Qtum as the best of both blockchain and mainstream worlds, allowed the project to establish an all-time high token value at $82.66 in January. But eventually, Qtum project lost shine due to decreasing performance and increasing challenges. Its blockchain has seen a significant drop in the number of daily transactions, while the mining difficulty has also fallen drastically. At the press time, QTUM is trading at $3.47. NEM Plunges 91% The New Economy Movement, or NEM , began as a revolutionary blockchain project for enterprises. During early 2017, the Japanese firm received substantial financial support from local investors. NEM sold its XEM tokens at the initial rate of $0.00023107 and by the end of...

In a fresh crackdown on cryptocurrency-related activities, China has blocked several blockchain-related news accounts on WeChat, one of its top social apps. WeChat Crypto Accounts Shuttered In 2017, China had imposed a ban on ICOs because of their unregulated nature and the scams associated with them. The recent ban has been imposed due to the accounts’ non-compliance with “national interests” and “public orders”, as the concerned accounts were found to be publishing information on Initial Coin Offerings (ICOs) and cryptocurrency trading. The ban includes the accounts of some of the biggest cryptocurrency platforms of the country such as Jinse Caijing, Shenlian Caijing, Huobi News according to reports  though their sites and apps are still functioning. These company’s leveraged WeChat’s large user base of over a billion members to reach out to their own niche audience segment. Their revenue models included sponsored content about upcoming ICO projects. The information offered ...

As the crypto market fell from 2018’s all-time highs, many short-sighted investors began to declare that “prices would never recuperate.” While this bearish sentiment is the byproduct of the unwarranted elation and irrational exuberance experienced in 2017’s bull run, many industry leaders have continually noted that crypto’s journey to worldwide acceptance won’t happen overnight. “Change Your Outlook. Bravery Will Return Massively” “Bitcoin is dead. I’m sure you’ve heard the rumors…” According to 99Bitcoins’ extensive list of obituaries, the foremost digital asset has perished about 308 times by now. Although this list was evidently made in jest, the number of times that naysayers have declared Bitcoin dead goes to show that investors in this nascent asset class may not be on the same page. Phillip Nunn, a crypto-centric entrepreneur and the CEO of Wealth Chain Capital, recently issued a tweet to remind his followers that they should keep their heads high, even though prices ...

Venezuela is facing hyperinflation and international sanctions that have brought the economy and its people to their knees. In response, President Nicolás Maduro recently mandated that his Petro crypto will become the nation’s second official currency starting tomorrow, August 20. In relation, some believe a “post-fiat” world is emerging in the country, with both the government and local citizens increasingly looking to cryptocurrencies when fiats depreciate and lose value. Adoption of the Petro As noted by NewsBTC earlier this week, Maduro has announced the plan to tie the national currency’s exchange rate to the state-launched, oil-backed crypto the Petro — of which an increased minimum wage will be anchored to as well.  According to Maduro, who spoke in a televised address Friday, August 17, the Petro will be valued at $60, or 3,600 sovereign bolivars — this after the planned redenomination that will take five zeroes off the national currency. The minimum wage w...

The interest of Wall Street firms towards opportunities in crypto custody and asset management has continued to increase despite the 80 percent correction the market experienced in 2018. Sanford C. Bernstein & Co. analysts refuted recent reports about the struggle of cryptocurrency exchanges and stated that digital asset trading platforms have been recording solid volumes, generating large revenues. The analysts added that the strong performance of cryptocurrency trading platforms in a bear market or a downtrend led the demand for crypto from Wall Street firms to increase. “As the crypto-asset class seasons and institutional demand builds, there are a plethora of opportunities for traditional firms,” the analysts told Bloomberg. Will Banks Join the Crypto Sector? Already, some of the world’s largest banks including Goldman Sachs and JPMorgan have disclosed their ongoing initiatives to serve clients interested in cryptocurrencies as an asset class. In June, David Solomon, th...