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Bitcoin hashrate growth, fake volumes and other events of the week

In the traditional Sunday digest – Bitcoin continues to flat near the $ 4,000 mark, the hash rate has grown, Parity has released a new client for the ZCash network and other key events of the outgoing week. Flat without borders During the week, the weighted average rate of Bitcoin, according to CoinMarketCap, was in the range of $ 4,000- $ 4,095. At the same time, on Friday the trading volumes of the first cryptocurrency and steyblecoin USDT updated […]

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In the traditional Sunday digest – Bitcoin continues to flat near the $ 4,000 mark, the hash rate has grown, Parity has released a new client for the ZCash network and other key events of the outgoing week.

Flat without borders

During the week, the weighted average rate of Bitcoin, according to CoinMarketCap, was in the range of $ 4,000- $ 4,095. At the same time, on Friday the trading volumes of the first cryptocurrency and steyblecoin USDT updated their local maxima, reaching $ 11 billion and $ 10 billion, respectively. Market capitalization is still holding at $ 140 billion.

TradingView data

It is worth noting that over the past few days, two reports were immediately released on fake trading volumes on unregulated cryptocurrency exchanges: from The Tie platform and Bitwise Asset Management.

Thus, they independently concluded that more than 90% of the indicators were falsified and had no economic sense. It is noteworthy that Bitwise sent its presentation to the US Securities and Exchange Commission (SEC).

For more information about the scale of the problem and confidence in the CoinMarketCap can be found in the exclusive BlockchainJournal:

We also add that CoinMarketCap recently implemented support for the Fundamental Crypto Asset Score (FCAS) rating system for more than 400 assets.

In the meantime, the hashrate of the first cryptocurrency reached new local maxima, reaching 52.4 EH / s, but then adjusted to 43 EH / s.

Data Blockchain.com

At the same time, it became known that the mining giant Bitmain is in talks with farms from the provinces of Yunnan and Sichuan, and intends to place there about 200 thousand Antminer S11 / S15 devices against the background of a seasonal decline in hydropower. Nevertheless, it is still unclear exactly which networks will be used for power.

IEO skyrocketing

The success of the platform Binance Launchpad, apparently forced the market players to think about launching similar projects. So, the upcoming launch was reported by Kucoin and Huobi .

Two IEOs took place this week. In just five seconds, the LINIX project attracted $ 52.5 thousand to the South Korean ProBit and intends to hold another round. In addition, the exchange reported on three upcoming tokensaley.

On the leading platform from Binance , IEO of the Celer Network project took place , during which there was a problem with the capacity of Launchpad, which did not allow many people to purchase tokens.

Probably, in connection with this, the stock exchange decided to change the format of the next tokensale to a lottery in which the randomizer system will choose BNB holders who can acquire a new asset.

New client for ZCash

Parity, a leading developer of software for the Ethereum network, will introduce a client for the privacy-oriented cryptocurrency ZCash in partnership with the Zcash Foundation. The software of the node will be written in the Rust programming language and will become an alternative to the existing zcashd.

Another step towards mass adoption

This week, two large companies immediately announced the start of accepting Bitcoin payments: the largest online retailer in Switzerland, Digitec Galaxus, and technology solutions provider Avnet, which is on the Fortune 500 list.

At the same time, Digitec Galaxus also intends to directly accept Bitcoin Cash, Bitcoin SV, Ethereum, Ripple, Binance Coin, Litecoin, Tron, NEO and OmiseGO. Avnet also signed an agreement with BitPay processing.

Note, IBM and Stellar representatives reported that six large banks intend to issue blockchain World Wire based basechain systems (BWW), including the Brazilian Banco Bradesco, the South Korean Bank Busan, and the Philippine Rizal Commercial Banking Corporation.

At the same time, the payment giant Visa announced the creation of the Crypto Team and opened the vacancy of a technical product manager in the new department.

Advances in MtGox history

The trustee of the bankrupt Bitcoin exchange, MtGox, said that the creditors ’applications in the framework of the civil rehabilitation process have been reviewed and soon they will be notified of his decision.

As of March 20, the company stores 141,686 BTC and 142,846 BCH (a total of almost $ 600 million).

There is an opinion in the community that after the distribution of assets among creditors, massive sales will follow, but for the time being it is not possible to assess the risks involved.

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Bithumb Cryptocurrency Exchange intends to enter the markets of the USA and Japan

Bithumb, one of the largest Bitcoin exchanges in South Korea, in the foreseeable future, may begin to offer services to residents of the United States and Japan. About this in an interview with Cointelegraph said BC Kim, CEO of the Blockchain Exchange Alliance (BXA), which owns the controlling package in Bithumb. According to him, the BXA strategy consists in the so-called reverse merger, involving the purchase of a company whose shares are already […]

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Bithumb, one of the largest Bitcoin exchanges in South Korea, in the foreseeable future, may begin to offer services to residents of the United States and Japan. About this in an interview with Cointelegraph said BC Kim, CEO of the Blockchain Exchange Alliance (BXA), which owns the controlling package in Bithumb.

According to him, the BXA strategy is the so-called reverse merger, involving the purchase of a company whose shares are already being traded on one of the major exchanges. Among those, Kim names the Nasdaq and the New York Stock Exchange (NYSE).

Such a path may be faster than a traditional IPO, and will also help to significantly reduce the cost of listing on the stock exchange, which can reach $ 6 million.

As Kim says, BXA has already applied for legal support in the United States, and a lawyer from an unnamed firm said that the current regulatory environment allows the company to implement the stated plan.

BXA is also looking for partners in Japan, where it wants to create a joint venture to launch a officially licensed cryptocurrency exchange.

In addition, BC Kim said that he could potentially increase the share of BXA in Bithumb by buying up to 70% of the shares of BTC Holdings, the current operator Bithumb.

Additionally, he touched on the issue of the BXA's own token, which is already traded on the BitMax exchange, noting that its potential listing on Bithumb requires additional legal assessment.

Earlier this week, the Blockchain Exchange Alliance received funding in the amount of $ 200 million from the Japanese blockchain fund ST in the framework of the investment round of series A. As stated, investments will be directed to expanding the geography of Bithumb services, as well as adding new trading pairs to the site.

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The US government plans to increase spending on the blockchain technology 10 times.

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Blockchain will become the main technology for the work of American civil and military government agencies.

The US federal government intends to increase spending on the blockchain 10 times – such data is contained in the report IDC Government Insights. According to the authors of the study, the amount of spending on this direction will increase to $ 123.5 million by the end of 2021, while in 2017 only funds worth $ 10.7 million were allocated.

It is also expected that spending on the implementation of distributed registry technology will also grow at the state and municipal level: in total, they will invest $ 48.2 million in this area over the same period, which is also about 10 times more than in 2017, when these goals were spent 4.4 million dollars.

If we talk about the structure of spending, then at least four times the costs of federal civilian authorities will increase, from less than 20 million to more than 80 million dollars over a specified period. The US Department of Defense will spend up to $ 40 million instead of $ 20 million, as in 2017.

As the head of the IDC research unit, Sean McCarthy, notes:

“We are confident that blockchain solutions will dominate in such issues of government functioning as state property management, identification of citizens at the border, as well as government procurement, when in the latter case everything goes from paper workflow to smart contracts .”

In the near future, much attention will be paid to investment in blockchains to improve logistics, including the deployment of new US military units in the EU countries. In addition, the distributed registry technology will continue its intensive distribution in financial transactions.

Publication date 20/04/2019
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The State Duma and the Central Bank of the Russian Federation proposed to replace the reserves of the US dollar by a cryptocurrency

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Russian commodity companies have appealed to the State Duma and the Central Bank with a proposal to implement in the country the concept of steylcoin – cryptocurrency , the value of which is tied to real assets. This was announced by the head of the Duma Committee on the Financial Market, Anatoly Aksakov, during a plenary session at the Yalta International Economic Forum.

Aksakov told :

“Serious Russian resource companies have turned to us in the State Duma, to the Central Bank with a proposal to implement the idea of steyblockcoins – these are cryptotools based on a real asset. And so, in the opinion of these serious businessmen, the stableblocks will just allow replacing the dollar in mutual settlements. So we are moving towards this. ”

Aksakov noted that there is no need to set guidelines for the time period for the refusal of the dollar in international settlements, but it is necessary to create conditions for this.

“Calculations in national currencies are growing, of course, not as fast as we would like. But, say, with China, they are already close to 25%. More recently, it was almost zero. In the Eurasian Union, calculations already exceed 80%. ”

He added that in Russia the structure of international reserves has changed significantly.

“The structure of international reserves has changed significantly: if dollar assets accounted for about 60% of our international reserves, now they are 22%. On the other hand, the share of yuan, gold has significantly increased – this is just the answer to the fact that sanctions have been taken against our country. ”

As he wrote, in January 2019, Bloobmerg reported that the Russian Central Bank, actively selling dollars from its reserves and “shifting” to other currencies, bought a quarter of all world reserves of the yuan.

The politically determined course of dedollarization led to the fact that Russia began to get rid of American securities, which were previously regarded by Russian financial officials as highly liquid and minimally risky. Already in the middle of 2018, Russia got rid of half of US debt, selling them for yuan.

The problem, however, is that in the same year of 2018, the yuan devalued against the dollar by 5.7%, so the dollars sold for the yuan supported the Chinese financial system, but eased Russian reserves by 670 billion rubles. According to Bloobmerg, the Russian Central Bank lost exactly that amount in rubles on exchange differences between the yuan and the dollar last year. The United States did not lose a cent.

Today, no country in the world has such a share of RMB in its reserves as Russia, because, despite the size of its economy, China remains a developing country with not the most reliable currency, which the yuan demonstrated in 2018.

As for the national steyblekoinov, tied to the real assets, which spoke Aksakov, this idea, of course, is not new. In February 2019, he voiced the opinion of the head of the Energia corporation, former Energy Minister Igor Yusufov, who is in favor of creating the Russian “oil cryptocurrency” .

According to the ex-head of the Federal Securities Commission of Russia Igor Kostikov, not only oil and gas, but also any resources that are exchangeable can be connected to cryptocurrency.

Oleg Abelev, Associate Professor of the Department of Economic Theory of the Financial University under the Government of the Russian Federation, agrees with them. According to him, from a technological point of view, Russia has not yet matured before introducing cryptocurrency for oil and gas into its calculations, but from an economic point of view, this thesis is not without reason.

However, Abelev notes :

“We run into the fact that digital financial assets in Russia are outside the law. But sooner or later, the existence of such assets should be recognized and the legislation regulating the life of cryptocurrency must be adopted, ”the economist is sure.

Publication date 20/04/2019
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Name Price24H (%)
Bitcoin (BTC)
$5,318.00
0.37%
Ethereum (ETH)
$173.25
-0.87%
XRP (XRP)
$0.328479
-0.89%
Bitcoin Cash (BCH)
$300.96
-2.61%
EOS (EOS)
$5.45
-0.51%
Stellar (XLM)
$0.115354
-0.58%
Litecoin (LTC)
$81.40
-1.22%
Cardano (ADA)
$0.077189
-2.14%
Tether (USDT)
$1.00
-0.04%
Monero (XMR)
$69.89
-0.17%
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