Chinese Company Lost $23 Million Allegedly Mining Cryptocurrency in Secret

A subsidiary of Chinese firm Huatie has been sold off at 10 percent of its initial value following losses from suspected secret cryptocurrency mining activities amounting to about $23 million.

90 Percent Value Plunged Probably Due to 2018 Bear Market

According to Chinese crypto media outlet 8BTC, Huatie HengAn, a subsidiary of Huatie has been sold for $2 million. Reports indicate that the company’s value plunged by about 90 percent from an initial valuation of $25 million, all in the space of one year.

Huatie HengAn originally a construction company reportedly purchased 36,500 units of hardware listed as “servers” from Canaan and Ebang in 2018.

Given that both companies don’t sell servers but instead sell crypto mining hardware, the suspicion is that Huatie HengAn pivoted from construction to cryptocurrency mining.

Back in December 2018, Huatie’s end-of-year financial report showed losses of about $14 million for its subsidiary firm. By February 2018, the total net loss had risen to $23 million.

With the total loss just $2 million off from its initial $25 million investment into the business, it appears the parent company decided to count its losses and sell the business.

If Huatie HengAn was indeed engaging in cryptocurrency mining, it would be the latest in a growing list of businesses affected by the 2018 bear market.

During the year-long bear period, the entire cryptocurrency market fell by an average of more than 80 percent across the board.

2018 – A Dreadful Year for Mining Companies

For the first half of 2018, it appeared as though mining companies were immune to the hemorrhaging prices in the cryptocurrency market. However, by Q3 2018 reports of difficult financial situations began to emerge.

Cloud mining services like Hashflare were the first to shut down citing lack of profitability. Then reports began to emerge of massive losses for mining giant Bitmain – a situation further worsened by a bet on Bitcoin Cash that ultimately backfired.

The fallout from the suspected losses has seen the company downsize its workforce, firing entire departments. Bitmain has also appointed a new CEO.

Ebang, Bitmain, and Canaan abandoned plans for massive initial public offerings (IPO). GMO also incurred losses of $12 million forcing the company to shut down its mining hardware enterprise.

Even companies like Nvidia that sold hardware for miners weren’t left out as the company is reportedly trying to offload unsold inventory as demand shrunk in 2018.

Do you think Huatie HengAn was secretly mining cryptocurrencies under the guise of could computing? Let us know your thoughts in the comments below.

Images via 8BTC and Twitter (@btcinchina), Shutterstock

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Source: Bitcoininst

Russian Secret Service Demanded $1M Bitcoin Bribe From Media Mogul

russia police bitcoin

Bitcoin hit the headlines in Russia again this week after it emerged the country’s law enforcement had tried to extract a bitcoin bribe worth $1 million.

FSB Illegally Sought $1.02 Million

As local cryptocurrency news media outlet reported April 17, a scandal involving Russia’s secret police and the ex-head of one of the country’s biggest newspapers has boiled over, with both parties now finding themselves under arrest.

According to an ongoing court case, up to 15 members of Russia’s FSB secret service may have tried to squeeze 65 million rubles ($1.02 million) out of the estate of a media mogul in return for his freedom.

The suspect, Izvestiya ex-CEO Erast Galumov, is allegedly wanted on charges of fraud involving 43 million rubles ($670,000). Lawyers continue to query whether any wrongdoing ever took place.

According to events which have now come to light, members of an FSB bureau in Moscow, charged with investigating IT-related crimes, ended up using a pseudonym to threaten Galimov’s family.

In return for Galimov’s freedom and their safety, they said, the family would have to transfer ransom money exclusively in Bitcoin to an arranged recipient.

One of the two figures in charge of the operation, an agent by the name of Kolbov, orchestrated the bribe under the name Mikhail, also telling Gamilov’s son he should leave Russia to avoid “doing time for his father.”

In the event, several instalments of the bribe reached Kolbov and fellow perpetrator, agent Sergey Belorusov, as part of a sting operation.

A Moscow court is now determining the fate of the agents, while Galimov will nonetheless still have to protest his innocence as his own legal battle continues.


Bitcoin, Regulation And Government Impotence

The embarrassment adds further fuel to the fire regarding Russia’s increasingly erratic attempts to control cryptocurrency use.

As Bitcoinist reported Friday, lawmakers appear unable to get to grips with the nature of decentralized networks, reflected in their latest plans to impose investment limits on Bitcoin and altcoins.

Russia has long sought to introduce hard-and-fast regulation of crypto, the expectation being that new laws will come into effect in Q4 this year. The language of the bills, critics say, nonetheless remains overly broad and fails to describe the nature of the phenomenon adequately.

Earlier in April, Bitcoinist also noted a surprising claim by a Kremlin economist that the Russian government has been covertly amassing Bitcoin worth $8.6 billion.

Last week, meanwhile, the same economist ridiculed plans by Russia and China to launch a gold-backed cryptocurrency, saying it would be automatically inferior to Bitcoin.

What do you think about the Russian police bribe scandal? Let us know in the comments below!

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First ‘Trustless’ P2P Bitcoin Derivatives Transaction Made By Blockstream

bitcoin contract p2p derivative

Blockstream has announced the success of a “trustless” Bitcoin forward contract transaction with Crypto Garage. The Bitcoin infrastructure developer says the news marks a watershed moment in the actualization of decentralized trading and settlement infrastructure for BTC derivatives.

Details of the Transaction

In a blog post published by Blockstream on Friday (April 19, 2019), the company said it successfully carried out a peer-to-peer (P2P) Bitcoin forward contract with Crypto Garage.

Forward contracts (forwards) are private agreements between two entities – buyer and seller, that allows the purchase and sale of an asset based on an agreed-upon future set price. Unlike futures contracts, forwards do not require a third-party intermediary.

Both parties began the trade on Tuesday (April 9, 2019) with each participant declaring collateral of 0.16 BTC each. Based on the terms of the contract, which stipulated settlement within the hour after midnight on April 16, both parties concluded the contract at a price of $5,032.

The test BTC forward contract used the price displayed on the ICE Cryptocurrency Data Feed. Blockstream says it earned about $230 on its bet to go short on BTC.

P2P Bitcoin Derivatives Trading

For Blockstream the success of this transaction indicates the possibility of creating a platform for ‘trustless’ BTC derivates trading. Presently, Bitcoin futures trading occurs on centralized platforms like BitMEX and the CME.

Blockstream argues that the partial-collateralization of futures contracts opens is a double-edged sword that opens up the possibility of huge losses.

Back in 2018, Bitcoinist reported on OKEx having to perform a $9 million clawback to cover losses from an over-leveraged $416 million BTC futures bet that went wrong.

Instead, Blockstream argues that the trustless nature of Bitcoin forwards will eliminate any counterparty risks. All each party has to do is post their maximum profit and loss exposure with the trusted price oracle doing the rest.

However, some online commentators have criticized the ‘trustless’ label put on the product by Blockstream. This is because bitcoin forwards are actually based on the use of a “trusted price feed.”

Possible Future Liquid Bitcoin Implementation

According to the blog post, the BTC forwards contract settlement took place on the Bitcoin blockchain. The company says there are plans to take the settlement process off-chain, via its Liquid Network.

Both Blockstream and Crypto Garage already have a prior partnership which saw the launch of the SETTLENET suite.

Will P2P Bitcoin forwards significantly reduce counterparty risks associated with BTC derivates trading? Let us know your thoughts in the comments below.

Images via Twitter (@ercwl), Shutterstock

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US Presidential Candidate Yang Promises ‘Clear’ Bitcoin Regulation

andrew yang bitcoin cryptocurrency

2020 US Presidential hopeful Andrew Yang has given the clearest sign yet that he welcomes Bitcoin, releasing a dedicated statement on cryptocurrency regulation this week.

Yang Highlights ‘Vast Potential’

Yang, whose pitch revolves around radical economic policy such as installing a Universal Basic Income (UBI), said that he would create “clear” legislation on crypto, using pro-industry legal schemes such as that of Wyoming as role models.

“Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks in the US,” he summarized.

We should let investors, companies, and individuals know what the landscape and treatment will be moving forward to support innovation and development. The blockchain has vast potential.

As Bitcoinist has often noted, the US currently operates a patchwork approach to crypto regulation which varies from one state to another.

The implications of the policy have been significant, with businesses complaining of impossible barriers to entry and many entities barring US users from their services.

Yang agrees, saying that the absence of a standardized national policy will only end up to the country’s disadvantage.

“…[S]tates have come up with a patchwork of varying regulations that make it difficult for the US cryptocurrency markets to compete with those in other jurisdictions, especially China and Europe,” his statement continues.

…It’s time for the federal government to create clear guidelines as to how cryptocurrencies/digital asset markets will be treated and regulated so that investment can proceed with all relevant information.

Get Rid Of ‘Onerous’ BitLicense

Specific scorn came in for New York’s BitLicense, which Yang describes as “onerous.” The notoriously inefficient scheme has frequently come in for public scrutiny from users and businesses alike, all of whom complain that it fails comprehensively in its objectives to formalize the industry.

BitLicense Revisions

Instead of relying on legacy lawmakers’ perspective, Yang pledges to use efforts already underway to give crypto breathing space in the US as the basis for his entire policy.

Specifically, he would “work with the sponsors of the Token Taxonomy Act and Wyoming legislators to promote” favorable conditions, these being “largely modeled after their work.”

The complex regulation-sharing status quo between two US regulators – the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) – would also come under review.

For investors worried about the reporting requirements imposed by the Internal Revenue Service (IRS), Yang would likewise “clarify” tax policy, without giving specific information.

The candidate himself has accepted Bitcoin donations for his presidential campaign since July last year.

What do you think about Andrew Yang’s cryptocurrency policy statement? Let us know in the comments below!

Images via Shutterstock

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Every Crypto That’s Migrating to Binance Chain is Pumping

Binance rocket launch binance chain

Cryptocurrencies who are making the move to the new Binance Chain DEX are seeing some impressive price gains, which could open the floogates for many more to follow. 

Chain Migrations Are So Hot Right Now

Shortly after announcing the launch of its mainnet yesterday, as well as the details for the BNB swap, Binance revealed that Mithril (MITH) will be the first project to see its token migrated on Binance Chain.

“MITH will be one of the first projects to migrate tokens onto Binance_DEX. Our community, thank you for your support!” said Changpeng Zhao, Binance CEO.

Additionally, the cryptocurrency exchange also announced that they will be adding support for MITH/USDT trading pairs today, April 19th.

As a result, MITH price 00 surged. At the time of this writing, MITH is up more than 69 percent against the USD over the last 24 hours.

As seen in the above chart, MITH is doing very well when trading against BTC as well. Over the past day, it has marked an increase of about 57 percent.

Binance Midas Touch

While Mithril was the first project to announce its migration to Binance Chain, others are now following in its footsteps.

Red Pulse, a market intelligence platform which covers China’s economy and capital markets, has also revealed that it will be migrating to Binance’s blockchain.

Just as MITH, the price of Red Pulse’s token, PHX 00 has also surged following the announcement.

Against BTC, the token surged more than 36 percent. However, its price has since pulled back a bit as PHX is up about 20 percent up at press time.

Another token ENJIN 00, belonging to Enjin wallet, is also seeing considerable gains after announcing it would support Binance chain alongside the ENJ/USDT ticker being listed on the Binance exchange.

Incentive to Pump Price

Sudden increases in the prices of different altcoins following their migration to Binance’s blockchain surely remind of Ethereum and the ICO craze that saw prices saw to record highs when the total cryptocurrency market cap surpasses $800 billion.

Back then, a lot of newly issued tokens on the Ethereum network used to skyrocket in value following their initial coin offering, netting those who invested in them notable returns.

Of course, we have yet to see if Binance will become the new ‘token factory.’ But it will be interesting to see if more coins follow suit to Binance chain, particularly if it comes at the expense of Ethereum.

Admittedly, the incentive to pump their value after a 15-month bear market is certainly palpable at the moment.

What do you think of Binance’s blockchain and DEX? Don’t hesitate to let us know in the comments below!

Images courtesy of Shutterstock, TradingView

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Russia is Realizing It Has No Clue How to Regulate Cryptocurrency

russia duma bitcoin cryptocurrency law

The proposed ‘digital assets’ law aims to “legalize ICOs” in Russia and is expected to be reviewed in May. But lawmakers are slowly realizing the futility of regulating Bitcoin and cryptocurrency that are un-regulatable by design. 

Russia’s ‘Digital Assets’ Bill Would Legalize ICOs

Earlier this week, Russia’s Deputy Finance Minister Alexey Moiseev shared his thoughts on the country’s developing cryptocurrency laws. Speaking on the sidelines at the Economic Forum in Yalta, the Minister says the main aim of the proposed ‘digital assets’ law is to legalize ICOs.

He added that he expects the bill to be reviewed by the Duma in May.

He said:

As I understand, the aim of the proposed law is ICO legalisation. I believe the main goal is to make the ICO—which is a very easy way to raise some capital—convenient for small tech businesses.

The minister also noted that that the topic of anonymity and anonymizing cryptocurrencies (such as Monero etc.) have come up during discussions of the draft law.

“To be honest, I thought anonymity and cryptocurrencies were a thing of the past,” said Moiseev.

But I attended two roundtables at the Gaidar forum and there they said that these secret platforms do exist and can provide full anonymity.

Worth nothing, the latest version of the proposed law removed the definitions of cryptocurrency, tokens and mining. Instead, they are now all referred to in the bill under the general definition of ‘digital assets’ and their related operations.

Paved With Good Intentions

But the proposed law is already under heavy criticism. For example, president of the Russian crypto industry and blockchain association, Yuriy Pripachkin, believes that the proposed law would only add government pressure on the cryptocurrency industry. In result, it will force crypto startups to move to friendlier jurisdictions such as Malta or Switzerland.

If this law passes, then Russia’s central bank will have the sole power to decide which digital assets can be bought by unaccredited investors.

At the same time, the borderless nature of Bitcoin and cryptocurrency in general poses a real problem for lawmakers who are powerless outside of their jurisdiction. Roman Khoroshev, founder of a Russian crypto crowdlending platform, notes:

Undoubtedly, the central bank and lawmakers have good intentions in imposing restriction on unaccredited investors. It is usually their money that typically ends up in the hands of scammers. But the problem is in controlling this process. It’s almost impossible to track as the bill only proposes to regulate the cryptocurrency market within the Russian jurisdiction.

Only for the Accredited Rich

Meanwhile, a different proposed law being reviewed by the Duma expands the unaccredited investor definition to any individual.

To become accredited, an individual must be in possession of assets valued at over 10 million rubles ($150,000 USD). The maximum amount that unqualified investors could purchase will be 600,000 rubles ($10,000).

In other words, not only would the Russian economy not benefit from the rapidly growing cryptocurrency industry, it would also restrict the number of potential investors and all but guarantee the failure of its approved ICOs. 

Russia Still Lacks Legal Framework For Tax

Russia Trying to Regulate the Un-Regulatable

Experts also warn that restrictions on buying digital assets by unaccredited investors will lead to enforcement issues. Indeed, the main building blocks of cryptocurrency are that they’re borderless and decentralized.

Therefore, Russian lawmakers are slowly finding out just how impossible it is to regulate something that is un-regulatable by design. 

Case in point: Russia’s ministry of telecommunication failed miserably at trying to shut down Telegram, a centralized company. Amusignly, lawmakers themselves continued using the messaging app despite the ban.

Attempting to put the brakes on decentralized cryptocurrency, particularly Bitcoin, will make the government look even more impotent. Especially as the same government officials are reportedly quietly buying up bitcoin by the billions.

In other words, the law will lack teeth while introducing a crippling Russian iteration of a ‘BitLicense‘ nation-wide, which “will have nothing to do with the original idea of Bitcoin and blockchain,” according to Khoroshev.

Should countries attempt to regulate cryptocurrencies or embrace them as is? Share your thoughts below!

Images via Shutterstock,

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New Report: Bitcoin in $3K-$6.5K Accumulation Range Before Next Bull-Run

Researchers at Adamant Capital say Bitcoin is entering an accumulation phase which will see the cryptocurrency trade in a tight range on the way to another massive bull run.

Bitcoin Will be Range Bound in Accumulation Phase

In a report published on Thursday (April 18, 2019), analysts at Adamant Capital characterized the present Bitcoin cycle as an accumulation phase. In this phase, the researchers expect range-bound trading to characterize the BTC price action.

An excerpt from the summary introduction in the report reads:

During this accumulation phase, we expect for Bitcoin to trade in a range of $3,000 to $6,500 until the new bull market permanently cements the denarian cryptocurrency as a multi-trillion-dollar asset class.

According to the researchers, range-bound price action which is a hallmark of an accumulation phase signifies weaker hands trying to take profits at the higher price range and the stronger, more committed traders buying the bottom range in expectation of the coming price boom.

Going by previous accumulation cycles, BTC will trade sideways during this period. However, there is no consensus on the length of this present accumulation phase.

In the previous boom-bust cycle for Bitcoin between 2013 and 2016, the accumulation period lasted from February 2015 to May 2016. During that period, the BTC price 00 remained constrained between $200 and $400.

Shrinking Volatility – A Sign of Bitcoin Bottoming Out

If Bitcoin is in or approaching an accumulation phase, then the cryptocurrency must either have set or is close to setting a long-term price bottom. According to the report, the shrinking BTC volatility points to such a possibility.

The 60-day volatility for BTC/USD is currently below five percent. Apart from early November 2018 when it fell under two percent, this current level is the lowest in almost three years.

Commenting on the implications of the shrinking BTC volatility, the report states that long-term investors are beginning to dominate the market, rather than retail traders with short-term price targets.

Several analysts and commentators have also expressed similar opinions recently. Tom Lee of Fundstrat has said that many of the “old whales” are back and are accumulating Bitcoin.

Bitcoin Market Will be Worth Trillions of Dollars

Apart from signaling price bottoms, Tuur Demeester and Michiel Lescrauwaet of Adamant Capital believe the reduction in BTC volatility points towards greater global adoption.

According to the report, Bitcoin’s historical price action appears to be moving towards “shallow cycles and lower volatility” in place of “steep cycles and high volatility.”

As for over 84 percent decline in 2018, the researchers say it is a direct consequence of the 2017 bull run built on hype and market mania.

The report also predicts that Bitcoin will eventually become a multi-trillion-dollar market like gold which has a market capitalization of about $8 trillion, saying:

As Bitcoin matures into a globally traded commodity, it seems reasonable to expect its cycles to continue lengthening until eventually, they are on par with multi-decade cycles visible in commodities like copper or gold.

Do you agree with the Bitcoin ATH timeline given by the UBS researchers? Let us know your thoughts in the comments below.

Images via Adamant Capital, Shutterstock

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Source: Bitcoininst

IEOs Guide Blockchain Through Murky Regulatory Waters

Blockchain entrepreneurs looking to raise capital through token sales are still navigating through a difficult regulatory landscape. Different countries still view cryptocurrencies and blockchain quite differently and finding the right location to capture the most investors is tricky.

ICOs have been an undoubtedly positive force for blockchain, giving exposure and capital to projects that have pushed the industry forward. Even so, they have been known to have issues with transparency and security, putting them at odds with regulators.

However, crypto exchanges are improving on the original model with the initial exchange offering (IEO). By managing the token sales for projects, exchanges provide greater compliance, and give investors trust that projects are likelier to succeed thanks to extensive due diligence. With more exchanges joining the growing trend, IEOs may be a major influence for crypto adoption.

Exchanges Pave The Way Ahead With IEOs

In typical blockchain fashion, IEOs are a largely bootstrapped yet functional way to add transparency to the original ICO model. A cryptocurrency exchange shoulders responsibility for vaulting all obstacles in the way of young blockchain projects. Regulations are just one aspect of this battle, as independent ICOs must carefully monitor their marketing language and advertising (the expectation of profit might alter a token’s asset classification). Additionally, they must create and manage an issuing smart contract, host the crowd sale successfully, identify destinations for listing the new token, and then finally manage their growing economy while pushing past technology milestones.

As changing trends make this process more difficult to undertake successfully, exchanges have leveraged their role as the primary beneficiary of crypto’s bull markets to use their capital and extensive reach to upgrade the fundraising model. IEOs issue tokens directly to a captive audience (exchange members) using their own user wallets and list the token on the exchange itself for instant liquidity. They also deploy exchange resources to help projects finish their unique compliance checklist for wherever they intend to launch, leaving young blockchain entities to focus exclusively on their solution.

New Entrants Help IEO Market Expand

The IEO concept was first pioneered by Binance’s Launchpad, which offered a more cost-effective platform for blockchain projects. In the time since, several other major exchanges have launched their own IEO platforms, including Bittrex and Huobi.

The newest entrant to the game, BitForex, is quickly catching up with some intriguing IEOs on the docket. The exchange’s Turbo platform has already launched four IEOs and is set to release its fifth with events marketplace Evedo.

The company’s EVED coin unlocks a central hub for the various stakeholders in event planning—promoters, talent, caterers, suppliers, events, and sponsors—to find each other and collaborate seamlessly without intermediaries. Evedo has already launched an alpha version and is gaining traction locally in its home country of Bulgaria.

BitForex has also recently launched successful IEOs for Adab, the First Islamic Crypto Exchange (FICE), as well as blockchain investment banking platform Azbit, with both showing promise in the early IEO stages. Outside of BitForex, some of the most successful launches so far include BitTorrent Token and Kamari, both of which surpassed $7 million in funds raised.

A New Direction For Blockchain Capitalization

Even though the regulatory market is still taking shape across the globe, IEOs offer a glimpse into how blockchain can advance its path towards greater compliance and transparency. While ICOs provided the sector the independence it craved from traditional venture capital and lack of control, they left some questions unanswered.

The biggest advantage exchanges can deliver to both investors and traders is their reputation and existing regulatory frameworks. Because they depend on their name and image, crypto exchanges are likely to back projects with bigger chances of success while meeting more stringent regulatory and compliance standards.

There are already an impressive number of IEOs in various states of progress, but it’s clear that this is definitely a new trend to keep an eye on. As blockchain finds new ways to add legitimacy and transparency to projects and capital raising, it’s also likelier to find greater mainstream respect and adoption.

Most importantly, IEOs reflect a conscious effort by an industry that has largely fought against regulation in the past to finally accept that it must meet regulators halfway to ensure its longevity. As more exchanges come around, IEOs could become the key way for retail investors to safely back promising projects and participate in the blockchain sector with greater assurances.

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Source: Bitcoininst

4 Cryptocurrencies Having a Breakout Year Against Bitcoin

Bitcoin isn’t the only cryptocurrency having a rebound year so far. Let’s look at some recent strong performers that are already having a breakout year and set to test new all-time highs.

Binance Coin (BNB)

Binance Coin 00 is undoubtedly amongst the best performing cryptocurrencies throughout the entire 2019. Throughout the past three months, it has more than tripled in value, marking an impressive increase upwards of 222 percent against the USD.

Against Bitcoin (BTC), on the other hand, the cryptocurrrency has recently hit its all-time high (ATH) on April 1st trading at 0.00432BTC. Despite experiencing a slight decline when trading against BTC since then, BNB is currently looking strong at 0.00039BTC, marking an increase upwards of 6 percent throughout the last 24 hours.

Binance recently completed its 7th scheduled quarterly burn, taking out 829,888 BNB out of the market.

Cryptocurrency binance coin

Litecoin (LTC)

Litecoin 00 is another well-performing altcoin throughout 2019. Over the past three months LTC increased by 160 percent against the dollar.

Against BTC, Litecoin has managed to increase by around 87 percent.

Interestingly enough, the cryptocurrency managed to gain a lot of its current value prior to Bitcoin’s latest rally as it sometimes acts as a bellwether for BTC price rallies.

Litecoin has also managed to retain a lot of the gains. Throughout the past week, LTC is marking a slight increase of about 4 percent against the dollar while trading flat against BTC.

Basic Attention Token (BAT)

Basic Attention Token (BAT) 00 is one of today’s top performers, increasing by more than 8 percent against the dollar at the time of this writing.

When trading against BTC, however, it marks a slightly larger increase of around 10 percent. It’s worth noting that the cryptocurrency’s current performance looks to test its all time high value against Bitcoin set in June 2017. Back then, it was only 38 percent higher than its current price.

Over the past three months, BAT has increased by 190 percent against the USD and by 95 percent against BTC.

Tezos (XTZ)

Tezos 00 has marked an impressive increase of 200 percent against the USD throughout the last three months. Again, most of it was made before the Bitcoin rally in early April.

Not only has Tezos managed to retain these gains, but it is also marching further. In the past week, XTZ gained 37 percent, while being 6 percent up on the day.

Things are looking good for Tezos when looking at it performance against BTC as well. On the three month chart, the cryptocurrency has increased by 118 percent.

Cryptocurrency Market May Have Already Bottomed

So is ‘altseason‘ back on? These aren’t 2017-type gains just yet. However, there is increasing evidence that investors are starting to come back as several bottom indicators have surfaced. Meanwhile, red-hot stock markets in the US and China alongside continuous Quantative Easing are also likely having spillover effects.

What do you think of the abovementioned cryptocurrency? Don’t hesitate to let us know in the comments below!

Images courtesy of Shutterstock, TradingView

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Source: Bitcoininst

Binance CEO Makes First Transaction on Newly-Launched DEX Mainnet

changpeng zhao cz binance

The world’s leading cryptocurrency exchange Binance has launched the main network of its decentralized exchange (DEX) called Binance Chain. The swap of existing ERC20-based Binance Coin (BNB) to the Binance Chain will be carried out on April 23rd. 

‘A New Chapter’

According to the official blog post, Binance has officially launched the mainnet of its decentralized exchange Binance Chain. This ‘new chapter’ as the CEO Changpeng Zhao has called it, will have all the currently existing Binance Coin (BNB), which are based on the ERC20 standard, swapped to the new network on April 23rd.

Moreover, Zhao has also successfully completed the first transaction on Binance Chain.

“The Binance_DEX members gave me the honor to do the first transaction on Binance Chain. It’s fast and sleek! Love it,” said Zhao.

In addition, there will be no trading pairs listed until the very first batch BNB conversion has taken place.

ERC20 BNB to Become History

Now that the mainnet is officially launched, Binance will initiate the swap of existing ERC20-based BNB to the so-called Binance Chain BNB, ticked BEP2 BNB.

On April 23rd, Binance will “assist” with the BNB mainnet swap. According to the blog post, if everything goes as planned, users will be able to provide Binance Chain addresses for BNB withdrawal requests. It is this withdrawal that will act as a mechanism to convert the ERC20-based BNB tokens into BEP2 BNB tokens.

Additionally, the management of BEP2 BNB will be managed in a way similar to that of the current ERC20 BNB. The initial supply will be 200,000,000 BNB and 11,654,398 will be burned on Binance Chain. Moreover, 48,000,000 BNB will be frozen.

The very first batch of 5,000,000 BNB will be deposited into an address, which belongs to Binance in order to convert ERC20 BNB for existing owners. At the same time, Binance will burn 5,000,000 ERC20 BNB in order to keep the total supply constant.

Naturally, as more users begin to convert to BEP2 BNB, more BEp2 coins will appear, while Binance will burn the proportional amounts of ERC20 BNB in order to keep the supply across both networks constant.

It’s also worth noting that the company said it will continue to support ERC20 BNB for the ‘foreseeable future’ but encourages users to convert them to BEP2 BNB.

BNB Price Surges in Response

Binance Coin (BNB) 00 has been performing particularly well over the past three months, gaining more than 220 percent in value.

Throughout the last 24 hours alone, the cryptocurrency is up by more than 11.50 percent and is pushing to break its all-time high value of 0.00432 against BTC.

Will you be trying out Binance Chain? Don’t hesitate to let us know in the comments below!

Images via Shutterstock, TradingView

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