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BitMax.ioBTMX.io)News Digest 20190830

Major Headlines

1. Why Tether Volume Is at All-Time Highs

2. Bitcoin Price Faces Third Monthly Loss of 2019

3. Zcash Developer Electric Coin Co. Reveals Q1 Financial Loss

4. Top 10 Cryptocurrencies Now Trading Below 200-Day Price Averages

5. IBM-Maersk Logistics Blockchain to Be Used by Thai Customs Agency

6. Capital One Hacker Used Stolen Computing Power to Mine Crypto

7. Binance Funds 40 Developers to Build Open-Source Crypto Software

8. UN Official: Crypto Makes Policing Child Trafficking ‘Exceptionally Difficult’

9. Seoul’s Artbloc to Offer High-End Art Using Blockchain-Based Fractional Ownership

Takeaway

1. Why Tether Volume Is at All-Time Highs

· A year after China banned local fiat on-ramps for crypto exchanges, Chinese traders continue to drive the market forward by using the dollar-pegged stablecoin tether (USDT).

· “Tether has truly good liquidity in China,” a Chinese investor speaking on the condition of anonymity said.

· Experts believe this surge in USDT usage may be driven by enthusiasm for a potential bull market return, rather than any changes in capital flight patterns.

· However, the anonymous trader in Hong Kong noted this isn’t the only way Chinese traders are influencing the broader market.

2. Bitcoin Price Faces Third Monthly Loss of 2019

· Bitcoin is on track to test $9,000, having dived out of a narrowing price range earlier this week. The cryptocurrency is likely to end August on a negative note, having suffered losses in July and January.

· BTC may suffer a deeper price drop over the next few months, possibly to the 200-day moving average near $7,400, if prices print a UTC close below $9,049 on Saturday, confirming a bearish reversal on the monthly chart.

· A minor price bounce, possibly to the Aug. 22 low of $9,755, could be seen before a drop to $9,000, as an hourly chart indicator is reporting bullish conditions.

· The short-term bearish case would be invalidated if prices find acceptance above $10,280 (Wednesday’s high), although that looks unlikely. A weekly close (Sunday, UTC) above $12,000 for bullish revival, as discussed earlier this month.

3. Zcash Developer Electric Coin Co. Reveals Q1 Financial Loss

· According to the report, the company ran an average monthly deficit of 30 percent in Q1. The ECC took in $449,000 per month while expenses averaged $635,000.

· Due to the deficit, the report states the ECC cut costs in numerous non-critical areas like PR, trademark protection and engineering. The ECC also approached Founder’s Reward recipients to reallocate funds for the ECC in June.

4. Top 10 Cryptocurrencies Now Trading Below 200-Day Price Averages

· Except Bitcoin, the top 10 cryptocurrencies by market value, ether (ETH), XRP, bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), EOS, bitcoin SV (BSV) and stellar (XLM), have now all closed firmly beneath their 200-period moving average (MA) on the daily chart.

· The possibility is notable given that litecoin lead the crypto market recovery earlier this year, when traders bought up the crypto asset in anticipation of its reward halving. Still, despite the event that reduced the mining reward from 25 LTC to 12.5 LTC, the world’s fifth largest crypto by market value appears to be rallying the markets for another drop.

5. IBM-Maersk Logistics Blockchain to Be Used by Thai Customs Agency

· Thailand is integrating IBM and Maersk’s blockchain project to streamline its shipment tracking procedures, according to a local news source.

· Customs Department of Thailand will adopt TradeLens, the logistics platform jointly supported by IBM and Maersk as part of the country’s Thailand 4.0 policy.

· Thailand will be the second member of the Association of Southeast Asian Nations to use the platform, following Singapore.

6. Capital One Hacker Used Stolen Computing Power to Mine Crypto

· A federal grand jury indictment of a former Amazon software engineer accused of breaching Capital One’s data servers reveals instances of crypto-jacking at the heart of her scheme.

· Between March and July 2019, Paige Thompson accessed at least 30 institutions’ servers managed by an unnamed cloud computing company, compromising at least 100 million customer accounts.

· While there is no indication Thompson attempted to sell this information, she did use stolen computing power to mine cryptocurrencies.

7. Binance Funds 40 Developers to Build Open-Source Crypto Software

· Binance unveiled Binance X on Thursday, announcing that it was funding more than 40 developers conducting research into open-source crypto software.

· The platform is designed to serve as a cryptocurrency-focused counterpart to X Development, the research and development subsidiary of Google parent company Alphabet. In addition to providing financial support, Binance X is also rolling out educational initiatives for developers and the public.

8. UN Official: Crypto Makes Policing Child Trafficking ‘Exceptionally Difficult’

· A top United Nations (UN) official said cryptocurrencies are making international efforts to combat terrorist financing, money laundering and cyber-crime “exceptionally difficult.”

· Specifically, Neil Walsh, chief of the Cybercrime and Anti-Money Laundering arm of the UN’s Office on Drugs and Crime, raised concerns about the role cryptocurrencies play in the clandestine child trafficking industry.

9. Seoul’s Artbloc to Offer High-End Art Using Blockchain-Based Fractional Ownership

· A Korean start-up will be fractionally selling two works by David Hockney in September.

· Gangnam, Seoul-based Artbloc this month acquired Focus Moving, 2018 and Pictured Gathering with Mirror, 2018.

· It will be issuing 8,500 tokens for the former and 5,000 for the latter and offering the tokens during an event to be held at Lounge K in Gangnam on September 19.

· Each token will be priced at 9,900 won ($8.18).

(All citations of the News Digest are taken from Coindesk.)

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