Cryptocurrency Market Progressively Affected By Bitcoin Crash to $8,500

As of March 25, Bitcoin suffered a huge hit when the value of the coin fell to 8,500 dollars. This drop has affected the cryptocurrency market and it is has been struggling ever since to come back to its previous mark in the $350 billion regions. Many other cryptocurrencies have also suffered a drop in value as a result except that of small coins like Ontology and Ethos.

Bitcoin and Ethereum Record No Hike

The two most popular coins in the crypto market, Ethereum and Bitcoin, are unable to make any significant change to the price drop scenario since the crash on March 25th. The only change incurred was a minimal decline in Bitcoin price from $8,580 to $8,490, hardly more than 1 percent. The trading volume of Bitcoin on a daily basis is around $4.5 billion, that is three times more than the daily trading volume of Ethereum.

The second most liquid cryptocurrency in the market, Tether, sustains a daily trading volume of $1.4 billion at the moment. The most useful advantage of Tether is that it is used as a hedge for determining the value of cryptocurrency in the market. This is because most traders use Tether to judge the position of crypto coins and their value instead of using regular currency for risk comparisons. Binance, a popular cryptocurrency exchange, allows users to make cryptocurrency and Tether pairings, to hedge for risks and even in times when the market is most volatile. One indication of cryptocurrency risks and instability comes from the extreme high daily trading volume of Tether. It also means that a large portion of users are hedging the value of cryptocurrencies.

CEO of Binance, Changpeng Zhao, commented to CNN that the trading volumes for most cryptocurrencies are back up on exchanges. However, this amount is still low especially when compared to the volume that was traded back in March first week when Bitcoin was at a higher value of $11,700.

In comparison to the crypto markets in South Korea and Hong Kong, premiums for Bitcoin are still higher than in most countries. Premium in South Korea, is at $8,723, a small 3.2 percent higher than in the US crypto market. A cryptocurrency brokerage platform called Gatecoin which allows bitcoin-to-cryptocurrency trades in Hong Kong, has priced Bitcoin in the $9,000 region.

There still appears to be investments from prominent markets in Asia, and premiums on Bitcoin are maintained relatively high. Countries with strict regulations or low trading premiums have their investors moving to markets in Hong Kong and South Korea for trading. Many Chinese investor have joined the Hong Kong market to trade cryptocurrency especially after harsh regulation from the government.

Will Altcoins Prosper?

Although many smaller cryptocurrencies are unaffected by the drop in Bitcoin and its low daily trading volume, it is still too soon to predict whether smaller coins will prosper or not. It can be notified that numerous smaller coins have profited better than Bitcoin since the crash. Ontology and Ethos have both logged a gain of 20 percent more than Bitcoin over the past week and  coins like Nebilo and Walton Chain are showing significant performance better than Bitcoin for the last five days.

Now, one of the reasons for altcoin popularity could be from their lack of significant progress in the past and recent outperformance over Bitcoin. Unless there is a steady and slow progress for Bitcoin, Ethereum, and Ripple to regain their previous value, altcoins will not be able to outperform for much longer. Bitcoin was previously valued at $12,000, Ethereum was $900, and Ripple was $1.

Pablo Escobar’s Brother Roberto, Responds to BTC Scam with ‘Dietbitcoin’

Roberto Escobar has recently launched a Colombian version of cryptocurrency and alternative to Bitcoin called Dietbitcoin (DDX). This BTC hard fork coin has been initiated as an Escobar Inc. venture as reported by TheNextWeb. Roberto also wrote a book which is available on the website of his cryptocurrency, and is titled, ‘The True Story by Roberto Escobar: Pablo Escobar’s Dietbitcoin’. In its description it mentions,”After making $100 billion dollars, Roberto Escobar launches the dietbitcoin ‘DDX’ cryptocurrency”.

The book includes interesting in depth chapters on “The Other Peruvian Plane,” and “Noriega, The Traitor”, as well as the basis for Robertos proposal to create a new cryptocurrency. He mentions his intentions for DDX saying, “I am the first person in the world, Roberto De Jesus Escobar Gaviria, to publicly come out and claim that Bitcoin was created by the American Government, and I am not going to be the last person to say this. The world is going to wake up. The world is going to see that this was created by them. And when they see it, it is too late, and when the CIA founds out that the world knows about this, the CIA is going to sell all of their coins, and they will destroy the value of Bitcoin…That’s why I am creating my own cryptocurrency called dietbitcoin (DDX)”.

Dietbitcoin is currently running an Initial Coin Offering (ICO) that consists of three rounds with 1 million DDX coins as the cap for the crowdsale. The pre-ICO round 1 offers a total of 300,000 coins for $2 a coin, a sale price from the $50 originally listed, pre-ICO round 2 offers 300,000 coins for $100 each, and the ICO will have 400,000 tokens for $1000 each.

Roberto, in his book, makes it known that the elusive Nakamoto himself approached him for the creation of DDX, but it was a ploy by the US government to invade his Escobar Inc. He declares that his DDX will remain out of the reach of ‘Americanos’ who monitor Bitcoin users and track their activity. He also made contact with another crypto leader, John McAfee, founder of McAfee software but Roberto broke off the deal of them making DDX together because he believed that the vision was too small.

Roberto has an interesting opinion on Ethereum (ETH) and doubts its legitimacy as a cryptocurrency due to the young age of the co creator Vitalik Buterin. He states in his book, “Ethereum is a complete scam. This is nice technology, but it was created by a small child. Who cares about this child? I do not care. He can come here and talk to me in my face. I will say ‘Sir, you are a gringo. You think I care about the gringo coin? I don’t care.’ All of these other coins and tokens; do not even get me started on tokens”.

#Pablo_Escobar #Dietbitcoin #DDX #ICO #Roberto_Escobar

How Indian Startups are Fundraising With Cryptocurrency ICOs

A new method of raising funds is available to companies and startups similar to that of the existing IPO or initial public offerings. The trending alternative, called ICOs or initial coin offerings is based on cryptocurrencies. The use of this platform for fundraising has led to a capital advance of over 200 million dollars for Indian startups in just a few or one time pitch of ICOs. On a worldwide scale, startups have managed to raise 3.7 billion dollars, reported by the accounting firm EY. The use of ICOs is not limited to only Indian markets as startups take their fundraising to foreign investors and markets.

When fundraising via ICOs the startup has to give prospective investors special crypto tokens that can be redeemed later for cryptocurrency. The investor in return invests funds into the startup venture in the form of Bitcoin or other Altcoins. It is a similar process in IPO but investors are granted shares instead of tokens.

One successful startup that used ICOs for fundraising in its initial stages was Drivezy, which is one of the first peer-to-peer platforms for sharing vehicles. The co-founder, Abhishek Mahajan, credited the alternative crypto-based strategy and stated, “We had been operating for three years and had achieved significant traction. But the problem was we needed a lot of capital to put cars on our platform. Instead of reaching out to VCs, which would have led dilution of our equity, a couple of Japanese investors suggested an ICO”.

Another success story comes in the form of a crypto exchange platform called Belfrics.The exchange was founded in 2014 and was able to raise upto $2.2 million by using an ICO pitched the year before. Praveenkumar Vijayakumar, founder states that “We raised funds to build a KYC-compliant blockchain and a token exchange platform. The funds came in bitcoins and most of our investors came from Europe".

One of the most beneficial aspects of using an ICO for fundraising is that the startup that initiates one can make the rules for the investors. They control the length of time that the ICO will remain open for investment, the value of the redeemable token, and even when the token can be exchanged for cryptocurrency. For Belfric, the exchange platform set the rate of their tokens as 2000 Belfric tokens being equal to 1 Bitcoin. After their fundraising period ended and they met their capital goals, the ICO was closed. Their investors were free to either cash in the tokens or trade them on token exchange platforms. When the ICO closes the startup no longer regulates what the investor does with their remaining tokens.

The uncertainty surrounding cryptocurrencies in the India market drives startups to find other sources of funding for their ventures. Some of the best countries to get ICO based funding is the US, Europe, and Singapore. Belfrics found investors from Singapore and  Drivezy raised capital in Japan.

Tracking of Bitcoin Users by NSA Revealed By Snowden Papers

In an interesting update from the Edward Snowden papers, reveals that the US government has expressed considerable interest in Bitcoin ever since its use became popular. The Intercept, an online magazine, has posted the leaked undisclosed documents from Snowden that actually provide evidence that the United States National Security Agency or NSA has been keeping track of Bitcoin users from around the world as described in a 2013 report for the agency. There could be a coincidence of the report leaking not too far away from the recent ban on American use of Venezuelan national cryptocurrency Petro coin by President Trump.

The report is cryptic with code names and classification of data that will help the NSA “track down the senders and receivers of bitcoins,” as the report stated. The Bitcoin monitoring mission by the NSA is called “project Oakstar”, and the purpose of its initiation was to tackle terrorism facilitated by Bitcoin or crypto transactions. The report indicated that the NSA was not randomly tracking users but were monitoring persons or groups involved in suspicious activities and whom utilised the privacy and anonymity of Bitcoin for making illegal transactions like laundering money. An expert from the NSA report states, “[NSA agent] is hoping to use the access for their mission of looking at organized crime and cyber targets that utilize online e-currency services to move and launder money. These illicit finance networks provide user access to international monetary systems while providing a high degree of anonymity.”

Utilising the professional surveillance tools accessible to the NSA for security purposes, data was able to be collected, decrypted, and interpreted to gain the identity of protected Bitcoin users. There were reportedly two other platforms monitored, the first being the Liberty Reserve, that had dealt with money laundering involving cryptocurrencies leading to its close, and one other. Bitcoin is not the most privacy controlled and anonymous cryptocurrency of all coins in the market, yet it was considered top priority for the NSA according to the report.

Unapproved Access

Even though Bitcoin incorporates Blockchain which makes all ledgers public access, the NSA infiltrated further into users private information to get more in depth research on potential terrorists. NSA hacked into users computers to gain sensitive information like passwords, sessions of the user, billing information, IP address, and media access control address. They dug deep into what targets they acquired and tried to highlight any connection the select Bitcoin users had with illicit activities.

It seems that no matter how hard the government tries to uncover and penalise Bitcoin and Blockchain users, the crypto community will always find a way to retaliate and strengthen their stance on supporting a decentralized system.

Decline in cryptocurrency trading amid Indian crypto exchanges

The trade volume is specklessly diminishing among the Bitcoin and other cryptocurrency trading platforms, for instance the percentage is evidently more than 90%. The relapse is after the regulatory frameworks which were pressurized on the cryptocurrency exchanges in India.

The RBI, Central bank of India has come up with staggering strategy that is limiting the trading within the locality. However, this is not supposed to in case the country wants to expand the business.

The current dealing in Bitcoin exchange platform of India, has bounded between 300 to 400 BTC daily to the sudden drop of 30-40 BTC per day.

The fact which fears out the citizens to invest in cryptocurrency is the capital gains which the Income Tax department authority has taken into public action.

Sometime ago, customers also had to restrict themselves from using credit, debit and prepaid card transactions whichever included bitcoin and altcoins. These steps were followed right after the severe action taken against the Bitcoin transactions with credit cards. However, regarding the transactions, government had requested the companies dealing with cryptocurrencies to integrate know-your-customer (KYC) and anti-money laundering protocols to safer the transactions.

Dr. Amit Lakhanpal, Founder of Money Trade Coin Group had supported all the regulations and protocols from its nascent stage till date. Also, he has made an appeal to the government and the country’s Supreme Court to legalize the digital coins in for daily use. Meeting all the demands, the coin has legal rights to trade with cryptocurrency.

Meanwhile, the confused crypto-holders will get a way to habituate cryptocurrencies in their daily lives. 

#Crypto_Exchange #Money_Trade_Coin #MTCX_India #RBI #Regulations #KYC #AML #Dr. Amit Lakhanpal 

Founder of Money Trade Coin gives an exclusive interview on Zee Hindustan

Khurshid Ahmad - editor of Zee Hindustan took an exclusive interview with Mr. Amit M lakhanpal, CEO and founder of Money Trade Coin Group on Sunday at 3:30 PM. The interview was one on one and the Money Trade Coin Group founder explained what his digital currency investment platform does for users and how it is benefitting the masses. The interview talks about the distributed public ledger blockchain based on Ethereum. However, the ICO promised the user about changing the banking system worldwide, introducing cross-border transfer.

Mr. Lakhanpal explains about his journey from ICO till date. Money Trade Coin (MTC) also faced legal problems for which they required the audit to Security Exchange Commission (SEC). To be on a safer side MTC implemented the AML guidelines and KYC policy which helped them ease the audit process.

People had suspicion about MTC to be fraud on which Mr. Lakhanpal justified that President of Bermuda has recognised Mr. Lakhanpal as the “face” of cryptocurrency.

He added: “If we had an intention to cheat we would not have appealed to India’s Prime Minister and also Supreme Court but we are still waiting for their clearance.”

ICO launch of Money Trade Coin had initially started with $3 which had extended to $335. After certain negative publicity and rumours of Money Trade Coin affected the downfall of the rates, of which the price are expected to rise in the near future.

Mr. Lakhanpal also takes about his recent launch of MACS (a new wallet exchange introduced to enhance cryptocurrency transactions) which provides ten times more leverage. Also, Money Trade Coin is planning to launch new businesses related to cryptocurrency including real estate and transportation.

The interview was broadcasted on Sunday at 3:30 on the Zee News Network’s Zee Hindustan, Zee Salaam, and Zee Rajasthan channels.

#Khurshid_Ahmad #Bermuda #blockchain #Blockchain_Technology#cryptocurrency #cryptocurrency_transactions #Ethereum #ICO #India#Interview #MACS #Money_Trade_Coin #Lakhanpal #MTC #SEC#Zee_News_Network #Zee_Salaam

Cryptocurrency Trading Simplified with Money Trade Coin Group

Cryptocurrency trading courses offered by Money Trade Coin Group

The Money Trade Coin Group has initiated a training course program for cryptocurrency trading. Money Trade Coin will provide physical courses in countries such as UAE, Thailand, and Switzerland from May, 15th Onwards.

The courses will be of three days span long in each country and will teach cryptocurrency users more than just crypto trading but also divulge into concepts such as futures and derivatives in the FOREX market.

Join the Trading Courses

No matter whether you are an amateur, an accomplished crypto trader, or someone willing to learn new skills in cryptocurrency, this physical course will benefit you greatly as it is created to expand knowledge on the subject. Using this training course crypto holders will be able to invest wisely in a very competitive platform in order to make profits and minimize any risks.

What You Will Learn With the Crypto Training Course?

1.How cryptocurrencies work and how to trade them?
2.Profits and loss with cryptocurrencies
3.Tactics for effective cryptocurrency trading
4.An extensive tour of the market
5.What are Bitcoin and altcoins?
6.Which coins you should buy and sell?
7.How to store your coins?
8.All about trading on the platform
9.Crypto exchanges and which ones you should use
10.Trading concepts and tools
11.Maximizing profit and risk management
12.What are the exact entry points, targets, and stop loss points?
13.What support and resistance are in trading?
14.How much research to do before starting your trading?

How do we stand out?

With Money trade Coin Group you have ensured the best crypto training through our program and it is designed to cover all important aspects of cryptocurrency investment and trading on the platform. Our trainers and experienced traders have been involved in crypto trading for many years and hold impressive qualifications. Your progress throughout the course will be monitored and feedback will tell you where your strengths and weaknesses lie.

You will not only know how to trade but also understand the concepts behind crypto trading, the entire market and exchange systems. You will be able to trust your own decisions and strategies instead of relying on news pages or forums for your information which may be outdated or incorrect. Learning the ropes can help in setting fixed targets for your trade, buying and selling, stop loss and more. Additionally, our course features futures and derivatives on the Foreign Exchange platform apart from MT4 software. By learning about the types of contracts you can buy and sell into, arbitrage, and hedging, you can minimize any risks you may come across trading in foreign currencies.