Coinbase Additions, Enterprise Patents, and Massive Hacks: This Week in Crypto

Make sure you check out our previous edition here, now let’s go over what happened in crypto this week. Also, make sure you subscribe for this weeks edition of The bitcoin Podcast by CCN on iTunes or wherever you get your podcasts.

Price Watch:

bitcoin fell nearly 8% this week after jumping above $6,800 early this week. The market seemed to stabilize early this week but failed to hit the critical $7,000 support line. They later dipped below the $6,600 level. The fall continued with a quick drop below the $6,350 level. The price finally dropped to $6,150 on Thursday night and has stayed around that level. Nonetheless, analysts & executives remain optimistic citing technical analysis, increased transaction speeds (courtesy of the Lightning Network), and institutional money flowing into the space. Even so, low volume and a lack of retail interest continue to plague the space.
Ethereum fell 10% this week to $434 closely following bitcoin’s movements. The price movement follows another hack of MyEtherWallet. Also happening this week was Vitalik’s comments about “centralized exchanges” burning “in hell”, and Ethereum Co-Founder (and Consensys founder) Joseph Lubin stating that Ethereum had entered “phase 2” of its development.
The entire coin market cap fell 8% this week as the bearish cycle continues. For several weeks now market capitalization has been around the $270 billion dropping above or below by around $30 billion. Tezos has taken the biggest drop among the billion dollar coins losing nearly 78% of its value since it raised $232 million last year.
Coinbase ‘Exploring’ Support for 5 New Currencies – Coinbase announced in a blog post last night that it was exploring the addition of ADA, BAT, XLM, ZEC, and ZRX. The prices of all 5 assets shot up on the news. BAT and ZRX increased the most, going up by 25% and 15% respectively.

Enterprise:

Governments:

Platforms:

Banking:

Hacks:

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Published at Sat, 14 Jul 2018 18:38:36 +0000

Altcoin News

March 28, 2017

Chinese Bitcoin Exchanges Will Now Require Video Verification

Chinese bitcoin exchanges are gearing up to resume cryptocurrency withdrawals following the implementation of a video verification procedure.

Know-Your Customer via Video

Following the emails in which Chinese exchanges detailed the information required from clients in order to process their withdrawals, users are now receiving emails announcing video identity verification in accordance with the latest KYC/AML procedures imposed by the People’s Bank of China (PoBC).

The email reads:

In accordance to KYC / AML regulations and account monitoring procedures Huobi is subject to, we will initiate video verification at 17:00 Mar 28th (GMT +8), please cooperate to complete video verification as requested then, or it may affect your withdrawals.

Namely, two of the so-called “Big Three” exchanges Huobi and OKCoin have started implementing video verification.

Following Huobi, OKC has also started video verification.

— cnLedger (@cnLedger) March 28, 2017

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Recently, the PBoC proposed a draft that exchanges in the country considered acceptable except for one: on-site verification prior to opening an account, a practice that is common to traditional banks but not to bitcoin exchanges.

However, the latest move by the exchanges suggests that on-site verifications will not be implemented, at least for the time being. It also means that if the PBoC and exchanges have finally reached an agreement on AML (Anti-Money Laundering) procedures, cryptocurrency withdrawals should resume very soon.

Chinese bitcoin Exchanges Now Heavily Regulated

The return of cryptocurrency withdrawals should help exchanges regain some of the customers that have been flocking towards peer-to-peer alternatives in recent months. However, with the removal of margin trading and zero fees, it’s unlikely that the Chinese market will regain its 90%+ share of the global bitcoin trading market.

Exchange operators will require users to provide their personal information along with explanations of the sources of the funds to be withdrawn and their intended withdrawal destinations.

Now, with the addition of video confirmation, China has become one of the most heavily-regulated countries for bitcoin exchanges.

While some traders may feel drawn to the clarity these regulations provide, others may choose to stick with p2p alternatives like LocalBitcoin and BitKan who offer greater privacy and which have experienced record trading volumes since the PBoC clampdown.

In the long-run, the regulations imposed on exchanges may make for a healthier, more decentralized bitcoin market and help boost bitcoin’s overall reputation within the country.

Furthermore, the introduction of clear rules and guidelines may make way for alternative cryptocurrencies to be added on these exchanges that have, so far, only dealt with bitcoin and Litecoin.

Do you think "big three" will list new altcoins after withdraws are resumed? (Now they only have btc and ltc)

— cnLedger (@cnLedger) March 25, 2017

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Can Chinese exchanges recover from the blow dealt by the PBoC and return to their old selves? Will they add new cryptocurrencies? Let us know what you think in the comment section.

Images courtesy of Shutterstock, Twitter

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