Crypto prices drift lower, but holding inside short-term ranges

Ether, ETHUSD, -1.11% fell 1.5% to $130.88, Litecoin LTCUSD, -1.63% was off 2% to $54.85, Bitcoin Cash BCHUSD, -0.55% lost 0.7% to $126.30 …

Major digital currency prices drifted lower on Wednesday, erasing the small gains made on Tuesday, but holding inside recent tight ranges.

Bitcoin, BTCUSD, -0.03% the best-known cryptocurrency, was changing hands at $3,845.80, down 0.6% since Tuesday’s level at 5 p.m. Eastern time on the Kraken exchange. The digital currency has yet to trade outside the $3,400 – $4,400 range this year.

Read:Stock market poised for tepid rise, but Dow remains under pressure amid Boeing 737 8 woes

What are analysts saying

“It’s good to see the SEC taking a more rational approach to crypto,” wrote Gavin Smith, CEO of Panxora, a cryptocurrency trading platform, speaking after Securities and Exchange Commission Chairman Jay Clayton reaffirmed the agency’s stance that Ether is not a security.

“However, we’re not quite out of the woods yet. Global crypto organizations will still be waiting to see how the U.S. moves to regulate crypto going forward. This is because U.S. authorities have a controlling stake in the development of cryptocurrency globally. So far this has meant crippling fines and sometimes criminal proceedings on companies, regardless of whether they are legally operating their own jurisdictions.”

Read:SEC’s Jay Clayton says Ether isn’t a security, reiterating the regulator’s stance

Altcoins and futures

Smaller cryptocurrencies, commonly known as altcoins, are in the red to begin trading. Ether, ETHUSD, -0.76% fell 1.5% to $130.88, Litecoin LTCUSD, -0.21% was off 2% to $54.85, Bitcoin Cash BCHUSD, +0.47% lost 0.7% to $126.30 and XRP XRPUSD, +1.95% was down 0.7%, trading at 31 cents.

Futures were moving lower with spot prices in early trading. The Cboe Global Markets March contract XBTJ9, +0.13% was down 0.7% to $3,835, while the CME Group March contract BTCH9, +0.39% fell 0.3% to 3,835.

Read:Accepting bitcoin could create a grande headache at Starbucks

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Why Winklevoss Twins Fear Investors are Losing Confidence in Crypto

In no way, a centralized entity should be able to gain hold of someone else’s cryptocurrencies. That’s the main logic bitcoin propagated via its original …

The crypto industry is currently going through trust issues, according to Cameron and Tyler Winklevoss.

The Gemini crypto exchange founders, otherwise known as the Winklevoss Twins, said that investors were less confident about investing in cryptocurrencies following the shutdown of QuadrigaCX. The Twins demanded more inputs from the US regulators to make the cryptocurrency market a safer place for investors, stating:

“There are a lot of carcasses on the road of crypto that we’ve seen and learned from. At the end of the day, it’s really a trust problem. You need some kind of regulation to promote positive outcomes.”

QuadrigaCX, once a prominent Canada-based crypto exchange, announced shutdown this December after its chief executive Gerald Cotten died unexpectedly with the keys of $194 million crypto wallets. The company eventually lost clients’ funds in excess which, per the Winklevoss Twins, is what rattled potential crypto investors.

Better oversight, they said, would attract more investors and would further set bitcoin to the path of a long-awaited price recovery.

Twins Miss the Point

While the Twins could be right about strict oversight attracting big investors, as also covered by NewsBTC earlier, there is no evidence that QuadrigaCX fiasco could initiate a new negative trend. With trust, the Twins want to imply that QuadrigaCX would eventually undo crypto adoption as a whole. Instead, their focus should be more on educating crypto users about protecting their assets from potential hacks. Because, indeed, hacks do not discriminate between regulated or unregulated exchanges.

And they got rich within an unregulated crypto environment. Socialism. Hypocrisy.

— AR (@AR99092110) March 11, 2019

The reason why QuadrigaCX users lost funds was that they handled control of their assets to the exchange. In no way, a centralized entity should be able to gain hold of someone else’s cryptocurrencies. That’s the main logic bitcoin propagated via its original whitepaper. Centralized exchanges never did enough to reduce counterparty risk. Since Mt. Gox, the crypto industry suffered plenty of hacks, leading to the loss of billions of dollars worth of crypto assets. The hacked platforms included BitStamp ($1.43 billion), BitFinex ($900 million), BitGrail ($170 million), CoinRail ($40 million), amongst others.

In all the cases, crypto traders trusted exchanges to store their money. Nevertheless, all of them failed to provide careful custodianship. These exchanges continue to control users’ assets, and that is where the core problem lies.

Control is Confidence

The rising number of decentralized exchange projects (DEX) indicate that – in the future – traders would gain 100% control of their crypto assets. Also, these exchanges would practically do the job of a centralized exchange but without designating power to a single party. That includes everything from capital deposits, order books, order matching, and asset exchange.

Nevertheless, DEX would need to catch up when it comes to handling a large number of volumes and supporting features like stop loss and margin trading. And for active traders, centralized exchanges will remain a go-to option. However, the best they can do to ensure utmost protection is to keep only a small part of their holdings on their public wallet.

While a stricter regulatory framework, as the Winklevoss Twins, would still be useful, one cannot risk exposing their funds to lengthy court procedures in the event of a hack.

Not your keys, not your bitcoins.

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Bitcoin [BTC]/Binance Coin [BNB]: CZ welcomes world’s first live real estate auction accepting …

The cryptocurrency space was recently pushed into real estate spotlight after virtual asset enthusiasts and users were allowed to use digital currencies …

Source: Twitter

The stunning beach side property is located at 1 Beech Lane, Casuarina, New South Wales and will be put up for auction in an event which has been labelled as an “international live property auction using cryptocurrency.”

Following the announcement, CZ clarified that the residence was “not a Binance house,” and said that he only “appreciated the property a lot.”

Trigon Trading, a firm facilitating high volume, over-the-counter [OTC] trades in Bitcoin, Ether, Litecoin, and XRP, revealed that it will be assisting the NuYen exchange in the settlement of BTC to Australian dollars during the real estate auction.

The announcement received many responses from social media users. Twitter user @rallyqt stated,

“This house is futuristic! It’s for sale for 471 Bitcoins $BTC (appr. $1.8 million at current prices) or I’m guessing ~200K Binance coin $BNB. The crypto price is way cheaper than fiat price. Nice.”

Moreover, Brad Laurie, an Australian resident with a YouTube channel on cryptocurrencies, said,

“I actually have seen this house for sale for a while now, ([it’s down the hill and road for me in Australia]. Imagine @cz_binance in a decade. When it was first advertised it was just in $BTC so this addition of $BNB is interesting.”

The massive adoption of virtual assets in institutions of trade and commerce is crucial to the development of cryptocurrencies. Hence, this development is being viewed by many as a huge accomplishment, not just for Bitcoin and Binance Token, but for the crypto-sphere as a whole.

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Ripple: Users can now purchase XRP through credit and debit cards on Binance owned Trust wallet

The wallet supports all ERC-20 tokens as well as popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash and now XRP. Therefore …

Binance owned cryptocurrency wallet, Trust Wallet, is adding the suppport of XRP, the third largest cryptocurrency in terms of market capitalization. Users of Trust wallet can now purchase XRP through credit cards and debit cards.

Viktor Radchenko, the founder of Trust Wallet said in a press release,

“We want to increase access to crypto and decentralized applications for all users. Adding credit card payments is one piece to furthering cryptocurrency adoption and realizing our larger vision in helping to bring the freedom of money, and we will continue to integrate more blockchains and features to Trust.”

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Trust Wallet has partnered with Israel based payment processor Simplex to facilitate card transactions.

The cat is out of the bag: Trust Wallet adds support for @Ripple$XRP on iOS and Android. #XRPthestandard

— Trust – Crypto Wallet (@TrustWalletApp) March 12, 2019

Trust Wallet was acquired by Binance last July. The wallet supports all ERC-20 tokens as well as popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash and now XRP. Therefore, Trust Wallet users can now purchase XRP, Bitcoin, Ethereum, Litecoin, Bitcoin Cash.

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Bakkt Competitor CoinFLEX Lands Investment from DCG, Polychain; Launches FLEX Coin

… announced two of the most prominent investment firms in the crypto ecosystem, Digital Currency Group (DCG) and Polychain Capital, have invested …

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CoinFLEX – the first physically delivered cryptocurrency futures exchange – has today announced two of the most prominent investment firms in the crypto ecosystem, Digital Currency Group (DCG) and Polychain Capital, have invested an undisclosed amount in the trailblazing Hong Kong-based derivatives exchange.

A spin-out of Coinfloor – one of the U.K.’s oldest cryptoasset exchanges – CoinFLEX released the news early on Wednesday afternoon (HKT) via a press statement. The investment from two industry heavyweights in DCG and Polychain represents further validation of CoinFLEX’s differentiated solution. Indeed, the physically-settled futures exchange made a point of highlighting the fact the two crypto investment firms:

Join a consortium of high-profile technology companies, market makers and crypto investors backing the firm, including Trading Technologies, Roger Ver, Mike Komaransky, Dragonfly Capital Partners, and a number of leading market making firms.”

CoinFLEX also used the announcement to unveil a strategy “to encourage liquidity and reward members who trade on the platform.” Called FLEX Coin, the Seychelles-incorporated exchange explained that each day, a set amount of FLEX Coin “will be paid out to traders based on the proportion of the volume they trade as a taker, relative to the total daily volume on the platform.”

Whilst the full details vis-à-vis FLEX Coin will be made available in the weeks to come, CoinFLEX noted that a benefit of holding the loyalty coin will be that traders will be able to spend FLEX Coin in order to receive back 50 percent of their total trading fees from the previous 24-hour period.

Beyond delivering physically-delivered bitcoin futures to retail investors this month, CoinFLEX – which is being led by Coinfloor co-founder Mark Lamb – will also be launching a stablecoin-to-stablecoin futures contract; providing “investors with the ability to hedge exposures with zero index or settlement manipulation risk.”

In explaining DCG’s decision to invest in the ambitious Hong Kong-based futures exchange, Travis Scher (VP of Investments) emphasised the crypto investment company’s belief that “the development of a robust digital currency futures market is critical to the long-term sustainability of the asset class.”

Touted as a competitor to the not-yet-launch Bakkt, CoinFLEX is preparing to offer futures and spot contracts for each of bitcoin (BTC), bitcoin cash (BCH), and ether (ETH) with as much as 20x leverage.

#CoinFLEX is thrilled to announce our new investors: Digital Currency Group and Polychain are investing in CoinFLEX💪🏻💪🏻💪🏻

The official launch of the exchange will be coming soon, please stay tuned with us#CoinFLEX#FLEX#physicaldelivery#FLEXisthefuture

— CoinFLEX (@CoinFLEXdotcom) March 13, 2019

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