Analyst: Strong US Dollar Hurting Cryptocurrency

Ethereum in particular took hard losses early in the week, falling to below price levels experienced at this point last year. The thought process was that …

Bitcoin (BTC)–While most of the cryptomarkets and its investor base scramble to find the cause over the recent bottoming-out in the market, which has made only a modest recovery in the past few days, one analyst has an interesting take on the falling price of Bitcoin and altcoins: a strengthening U.S. Dollar.

Since the start of August, the cryptocurrency market has been experiencing a roller coaster ride in terms of volatility. While the end of July seemingly signaled a recovery in the market, and possibly a bullish return for investors, subsequent price action has shed a different light. Following widespread faith in the passage of a Bitcoin Exchange Traded-Fund by the U.S. Securities and Exchange Commission (SEC), the market made a decent recovery, with Bitcoin rising above $8000 and holding its position. However, a series of events led to a decrease in investor confidence, beginning with the SEC’s denial of the Winklevoss Twins’ proposed ETF.

New York-based firm VanEck has been the leading candidate for approval in the creation of the world’s first Bitcoin ETF, but also saw a setback in the form of the SEC delaying decision from early August to the end of September. Following news of a delay and another potential denial of a regulated ETF, the bears pushed the price of Bitcoin down to $6000, with altcoins getting obliterated in the fallout and posting double-digit losses on an already hurting industry. At this point, the norm among the altcoin market is 95 percent or more losses since the all-time high experienced at the beginning of January, creating a market that has been very bearish throughout 2018–and possibly little end in sight.

In addition to weakened investor confidence via the SEC delaying its decision on a Bitcoin ETF, analysts also speculated that a mass ICO cashing out was hurting the market of cryptocurrency. Ethereum in particular took hard losses early in the week, falling to below price levels experienced at this point last year. The thought process was that ICOs, which are almost universally built on top of Ethereum’s ERC-20 token, were cashing out in volume to cover costs associated with the falling crypto market. Arthur Hayes, CEO and co-founder of BitMEx, made the claim that ICO investors would continue the sell-off, thereby driving the price of ETH to below $100. However, eToro’s senior market analyst Mati Greenspan disagrees. Instead of ICO sell-off depressing the price of cryptocurrency, Greenspan blames a strengthening U.S. dollar as being indicative of the market turn,

“As the United States moves to tighten its economy and avoid strong inflation, they’re taking action that is strengthening the Dollar. Because the US Dollar is the global reserve currency, many smaller economies rely heavily on a stable exchange rate with the greenback. So too, as the Dollar is being seen as a stable store of value at the moment, there really isn’t much incentive for people to store their money in digital assets.”

In a statement to CCN, Greenspan continues,

“Over the course of this week, it seems that cryptocurrencies have been reacting negatively to the surging US Dollar. In this sense, they’ve been acting a lot like traditional commodities,”

As much as some in the cryptocurrency industry consider digital currencies waging a war against traditional fiat, the U.S. dollar may actually be to blame for the falling price of crypto. While being a safeguard against deflation has long been a selling point for cryptocurrency, Greenspan contends that a strengthening U.S. dollar alleviates that fear, in addition to providing security against price volatility.

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Forget Bitcoin ETF, an ETN Already Allows US Investors to Invest in BTC

Bitcoin ETF has been the big story of 2018 in the cryptocurrency space. But, a similar product already exists and with it, investors in US markets will be …
bitcoin etfbitcoin etf
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Bitcoin ETF has been the big story of 2018 in the cryptocurrency space. But, a similar product already exists and with it, investors in US markets will be able to allocate more funds into the bitcoin market.

Exchange-Traded Notes (ETNs) in Sweden

Nine companies have applied to the US Securities and Exchange Commission (SEC) to operate a bitcoin exchange-traded fund (ETF) in the US stock market. The Chicago Board Options Exchange (CBOE) and VanEck bitcoin ETFs are said to have the highest probability of being approved by the SEC by early 2019.

ETFs are publicly tradable instruments listed on the stock market which allow investors to trade assets and commodities with their brokerage accounts. Through ETFs, investors in the stock market can invest in commodities like copper and gold.

Investors in the cryptocurrency sector including BKCM founder Brian Kelly and Fundstrat analyst Tom Lee have said that the introduction of a bitcoin ETF in US markets will effectively legitimize the bitcoin and cryptocurrency market, opening the cryptocurrency sector to a group of investors who were previously not able to invest in BTC, possibly due to regulatory conflicts.

tom leetom lee
Fundstrat founder Tom Lee has said that a bitcoin ETF would help legitimize cryptocurrency as an asset class. | Source: YouTube/Upfront Ventures

However, it is not entirely true that investors in the traditional finance market cannot already invest in BTC and cryptocurrencies as a new asset class.

Since early last year, an ETN in Sweden operated by XBT Provider has demonstrated a significant increase in its volume, surpassing the volume of 80 percent of ETFs in the US.

Eric Balchunas, an ETF expert, said on Twitter in December:

“Sweden’s bitcoin ETN is now bigger and trades more than about 80% of US ETFs. It hit $700m in aum today while trading $220m this week (insane #s for Sweden)”

This week, the same ETF mentioned by Balchunas last year, opened in US markets under the ticker CXBTF.

Ryan Radloff, the CEO of CoinShares, which oversees the operation of the ETN, said that the expansion of the ETN from Sweden to the US is a monumental accomplishment for the Bitcoin sector.

“Given the current climate on the regulatory front in the U.S., this is a big win for Bitcoin. Everyone that’s investing in dollars can now get exposure to these products, whereas before, they were only available in euros or Swedish krona,” he said.

Is ETN as Good as an ETF?

Last year, billionaire investor Mark Cuban, the owner of the NBA team Dallas Mavericks, said in an interview with Bloomberg that he facilitated his first investment in bitcoin via the XBT Provider bitcoin ETN.

“It is interesting because there are a lot of assets which their value is just based on supply and demand. Most stocks, there is no intrinsic value because you have no true ownership rights and no voting rights. You just have the ability to buy and sell those stocks. BTC is the same thing. Its value is based on supply demand. I have bought some through an ETN based on a Swedish exchange,” said Cuban.

In a way, ETN provides similar liquidity and ability to investors in US markets to freely invest in bitcoin in the stock market.

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Peerplays (PPY) Crypto Trading at $1.98556, Market Cap Hits $8793753

Peerplays (PPY) traded up 18.51 percent against USD during the last day period closing 15:00 on August 17th EST. Peerplays at this moment has a …

Peerplays (PPY) Crypto Trading at $1.98556, Market Cap Hits $8,793,753

August 17, 2018

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Peerplays (PPY) traded up 18.51 percent against USD during the last day period closing 15:00 on August 17th EST. Peerplays at this moment has a market capitalization of $8,793,753 and its 24hr volume is approximately $4,276. Throughout the last seven days, Peerplays is -20.36 percent against the USD together with a move of -8.58 percent in the past hr.

Now look at how similar currencies have performed in the last 24h:

  • Bata (BTA) is trading at $0.05 against the USD, a 8.03% change in the last day. The Bitcoin price of BTA is currently 0.00000808 BTC.
  • EverGreenCoin (EGC) is trading at $0.07 against the USD, a 14.78% change in the last day. The Bitcoin price of EGC is currently 0.00001000 BTC.
  • Local World Forwarders (LWF) is trading at $0.01 against the USD, a 0.85% change in the last day. The Bitcoin price of LWF is currently 0.00000183 BTC.
  • Datum (DAT) is trading at $0.01 against the USD, a 20.31% change in the last day. The Bitcoin price of DAT is currently 0.00000127 BTC.
  • NavCoin (NAV) is trading at $0.27 against the USD, a 12.58% change in the last day. The Bitcoin price of NAV is currently 0.00004109 BTC.

Peerplays Info

Peerplays has a total supply of exactly 4,428,852 coins. It launched on 30th April, 2016.

As outlined by CryptoCompare: “Peerplays is an eSports tournament and wagering platform built on the blockchain that allows users to compete against themselves with no centralized authority. Peerplays allows users to create their own buy-in games, organize and host multiplayer eSports games tournaments and competeing against their peers using various cryptocurrencies.”

A number of useful web links are following, in case you wish to gather more information about Peerplays:

PPY: For Traders

You can get PPY on exchanges such as OpenLedger, LiveCoin,

It is not always viable to buy cryptocurrencies like Peerplays instantly using dollars. Market players trying to attain PPY may have to first of all pick up Bitcoin or Ethereum using an market place that provides dollar trading pairs like Coinbase as well as GDAX. Buyers may then make use of this Bitcoin or ETH to pay for Peerplays using one of the trading exchanges outlined previously.


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Titcoin (TIT) Crypto at $0.001962, Market Cap Reaches $97889

Titcoin (TIT) traded down -15.04% against dollar during the last 24h time period ending 14:45 on August 17th EST. Titcoin presently has a total market …

Titcoin (TIT) Crypto at $0.001962, Market Cap Reaches $97,889

August 17, 2018

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Titcoin (TIT) traded down -15.04% against dollar during the last 24h time period ending 14:45 on August 17th EST. Titcoin presently has a total market capitalization of $97,889 and its 24 hrs volume is around $219. Over the last 7 day period, Titcoin is -9.42% against the dollar along with a move of -10.20% in the last 60 minutes.

Now let’s look at how other similar cryptocurrencies have performed in the last 24h:

  • Elysian (ELY) is trading at $0.01 against the USD, a 16.84 percent change in the last 24h. The Bitcoin price for ELY is currently 0.00000138 BTC.
  • EquiTrader (EQT) is trading at $0.07 against the USD, a 4.87 percent change in the last 24h. The Bitcoin price for EQT is currently 0.00001010 BTC.
  • Budbo (BUBO) is trading at $0.01 against the USD, a 1.66 percent change in the last 24h. The Bitcoin price for BUBO is currently 0.00000229 BTC.
  • ConnectJob (CJT) is trading at $0.00 against the USD, a 3.72 percent change in the last 24h. The Bitcoin price for CJT is currently 0.00000046 BTC.

Titcoin Knowledge

Titcoin has a max supply of 49,898,202 coins. It was launched on 21st June, 2014.

Reported by cryptocompare.com: “TitCoin is an alternative crypto currency designed for the erotic industries – and has already seen coverage in major magazines. The coin is a standard bitcoin clone based on SHA-256 and proof of work.”

Below are a few useful links for those who would like to find out more concerning Titcoin:

TIT: Trading Info

People can purchase TIT at exchanges like Cryptopia, Novaexchange, Yobit, Cryptsy, BitTrex,

It is not always conceivable to buy crypto like Titcoin directly using US dollars. Investors looking to purchase TIT might need to first of all get BTC or Ethereum from an exchange that has got USD currency trading pairs like Coinbase or GDAX. Investors will then use this Bitcoin or ETH to invest in Titcoin using one of the trading exchanges we detailed previously.


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Bitcoin History: Timeline, Origins and Founder

In August, this led to Bitcoin Cash (BCH) being created via a fork in the network. Bitcoin Cash is now the fifth-largest cryptocurrency by market cap.

The history of Bitcoin has been a turbulent one to say the least, and right now we’re in one of the most turbulent periods in its history, as it has spent the entirety of 2018 falling further and further from its peak value of nearly $20,000 in December 2017.

But something as uncertain as Bitcoin (and cryptocurrency in general) was never going to be smooth sailing. Many tried a cryptographed digital currency before it, and they weren’t able to fully crack it. Since Bitcoin became a reality nearly a decade ago, there have been some high highs and some low lows. For some Bitcoin owners, that’s part of the appeal.

But how did we get to where we are today with Bitcoin? How did it begin, what were its forebearers, and what have been the unexpected turns of the Bitcoin journey? Let’s take a walk through the timeline and find out.

Bitcoin Timeline

Bitcoin itself did not exist until the late 2000s. Its origins, however, trace back to a few decades ago.

1982-1997

Specifically, we can trace it back as far as 1982. That is when computer scientist David Chaum first proposed the concept of e-Cash. Already concerned with privacy in the digital realm back in the early 80s, Chaum published a paper entitled “Blind signatures for untraceable payments” that detailed a new form of cryptography which he claimed could allow for an automated payment system where third parties could not see information on the payment.

Chaum tried to put this idea, which would create a blind signature system, to practical use in 1990 by creating DigiCash. DigiCash was a company founded in Amsterdam designed, as Bitcoin would be, to create a safe, secure online currency. Chaum’s reputation as a brilliant mind attracted both employees and venture capital alike, but the product itself never caught on and by the late 90s DigiCash was bankrupt.

Still, Chaum opened the floodgates for other cypherpunks with similar ambitions. In 1997, Adam Back invented hashcash, a proof-of-work system that would prove very similar to what Bitcoin uses.

Click here to learn more about proof-of-work.

1998

This year saw the sudden emergence of two cryptocurrency ideas. In late 1998, Wei Dai released an essay detailing his idea for “b-money,” a cryptocurrency whose exchange reads similarly to what the blockchain in Bitcoin would eventually become. The proof-of-work system creates the currency by solving a mathematical computation, and the transfer of money is broadcast to the network.

That same year, Nick Szabo put out a similar proposal for “Bit Gold.” Szabo’s reasoning for alternative currency was to create something that did not require a third party, like a central bank, to create or manage it. Solving the proof-of-work gets you bits and the last bit of the string is used to create the string of the next transaction, similar to Bitcoin’s blockchain.

Neither of these proposals, however, came to fruition.

2008

Those predecessors had tried and failed for two decades prior. Then, in 2008, came Bitcoin. In August of that year, Bitcoin.org was registered. Two months later, a whitepaper was published: “Bitcoin: A Peer-to-Peer Electronic Cash System.” The whitepaper’s idea had similar ambitions to the previously mentioned papers: secure digital signatures, not requiring the use of a third party, proof-of-work, and hashing the transactions together to form a chain.

Satoshi Nakamoto, an unknown person or group of people, wrote the Bitcoin paper.

Click here to learn more about the elusive Bitcoin founder.

2009

Just a few days into 2009, the first-ever block of Bitcoins, known as the Genesis Block, was mined. By Jan. 9, the first iteration of Bitcoin software was released, and on Jan. 12, the first-ever bitcoin transaction occurred as Nakamoto sent 10 Bitcoins ( (BTC) ) to noted computer programmer and developer Hal Finney.

Toward the end of the year, in October, the New Liberty Standard publishes the first Bitcoin exchange rate in the young cryptocurrency’s history, deeming $1 to be worth 1,309.03 BTC. Nakamoto released the second version of the software in December.

2010

With an exchange rate established, it was only a matter of time until someone attempted to make an actual purchase with Bitcoins. In May of 2010, it happened. Florida-based programmer Laszlo Hanyecz sent 10,000 BTC to a London man in exchange for two pizzas, valued at a total of $25. This still valued a single Bitcoin as a fraction of a penny, but with a purchase made, intrigued parties saw potential in the product. A couple of months later, Bitcoin’s value finally broke the penny threshold

A pivotal year for the exchange of Bitcoin, fittingly the first Bitcoin exchanges popped up in 2010 as well – Bitcoin Market in February, and Mt. Gox in July. Slush, the first mining pool, also mined Bitcoin successfully for the first time that year. Mining pools are where several miners combine resources to get Bitcoin. By November, the market cap for Bitcoin surpassed $1 million for the first time.

Not that it was all ups for Bitcoin. Someone spotted a vulnerability in Bitcoin’s protocol in October that allowed for transactions without proper verification and exploited it, generating 184 billion BTC. The transaction was soon erased and the vulnerability fixed.

2011

Steadily making gains in value after finally passing 1 cent threshold, in February 2011 a major milestone occurred: 1 Bitcoin was worth $1 for the first time.

Bitcoin began receiving press – both good and bad. TIME Magazine published an article on Bitcoin for the first time, but the same year there was also an article on Gawker detailing Silk Road, the dark web drug market where Bitcoin was frequently used as payment. The publicity got people talking, and by June, Bitcoin was worth over $30. Soon after, it crashed back down to about $10.

Also in June, Mt. Gox dealt with a serious security breach that compromised tens of thousands of accounts and their Bitcoins. It would not be the first security issue Mt. Gox would deal with.

Click here to learn more about Mt. Gox’s history of hacks.

Still, Bitcoin was becoming an entity that more and more of the public knew about and interest in the cryptocurrency grew. This led to a rise in altcoins, other forms of cryptocurrency whose developers were either trying to improve upon Bitcoin or had created the digital coin for a different purpose. In 2011, Litecoin — now the seventh-largest cryptocurrency by market cap — debuted.

Click here for an overview of altcoins.

2012

If 2011 was a choppy year for Bitcoin, 2012 was smoother sailing. Among notable moments for Bitcoin on its way to becoming the world’s top digital coin was its crossing the $100 threshold in April.

2013

Bitcoin’s price saw its share of ups and downs in 2013, but it passed a value of $1,000 for the first time and was becoming the most recognizable and successful wallet and exchange available.

2014-16

And then… it stalled for a while. Quickly in January 2014 it fell below $1,000 and struggled below the key level for a few years. A few things of note happened, like Crypto exchange Mt. Gox going bankrupt and shutting down, but this period mostly saw Bitcoin rising and falling somewhat while failing to reach its high.

2017

2017, though, was the biggest and busiest year for Bitcoin. After spending 2016 desperately trying to claw its way back up, 2017 was when it finally reached and passed the $1,000 mark. It kept ascending. By June, Bitcoin was worth over $3,000.

Still, some Bitcoin users were frustrated with the network around this time as well. The rising number of Bitcoin miners meant higher fees and more time spent processing transactions, leading some to want an increase in block size. In August, this led to Bitcoin Cash (BCH) being created via a fork in the network. Bitcoin Cash is now the fifth-largest cryptocurrency by market cap.

Click here to learn more about blockchain forks.

Still, for the remainder of 2017 Bitcoin was on an upswing. By October, it was topping $6,000. It ended November at nearly $10,000, and by the end of December Bitcoin hit a peak of $19,783. More and more people and companies began chasing the trend as the price just kept rising. Unsurprisingly, it wouldn’t continue that heady growth.

2018

2018 has been a rough year for Bitcoin users, especially ones who held on assuming the price would keep ascending. Many sold their Bitcoins while they could, and the price has steadily dropped all year. As of this writing, Bitcoin’s price is at $6,542.78, a decline of 67%.

Further Information

Need more information on some of the concepts mentioned in the timeline? Here is what you need to know.

What is Proof of Work?

Proof-of-work is the system Bitcoin’s blockchain network uses to create and hash blocks together. When the computer in a network must use proof-of-work for mining, it needs to solve a complicated mathematical problem. If a computer (called a “node” in the network) successfully solves the problem, it must then be verified by the other nodes in the network. If it does, the transaction is verified and completed, and the miner whose node solved it is rewarded with Bitcoins.

Proof-of-work is an incredibly controversial method. It’s a secure method of verifying transactions, but requires a lot of energy. As more and more people began mining bitcoins, more high-powered mining hardware and graphics processing units (GPU) were created for people to gain an advantage. This consumes large amounts of energy, and with so many Bitcoin and other cryptocurrency miners out there, many are worried about the environmental ramifications. Some cryptocurrencies are testing a proof-of-stake method, which consumes significantly less power.

Who is Satoshi Nakamoto?

Satoshi Nakamoto is merely a pseudonym. The person behind it, however, remains a mystery.

It remains such a mystery that some think it’s more than one person, doubting that one single person could create something as comprehensive as the Bitcoin network. Still, others have floated the possibility of it being one person, and there are plenty of theories as to who that one single person could be. None have been verified.

Who are the people that some people think could be Satoshi? Some of them have already been mentioned in this article, such as Bit Gold founder Nick Szabo, whose ideas were remarkably similar to that of Bitcoin. Others think it may have been Hal Finney, a notable developer and the person Nakamoto sent Bitcoins to in the first ever Bitcoin transaction all the way back in 2009.

One person is speculated as Satoshi because he tried literally saying he was. That person was Craig Wright, an Australian businessman who not only publicly claimed to be Satoshi Nakamoto but promised he would provide proof of it. So far, he has not provided this proof.

Mt. Gox Hacks

At one point in Bitcoin’s history, it could be argued that Mt. Gox, a Tokyo-based Bitcoin exchange, was the largest exchange. But by 2014, it was gone.

Mt. Gox was plagued with security issues that would become its downfall. The 2011 hack came just a few months after Mark Karpelès, a French businessman, purchased the exchange. The hacker, upon access, artificially altered the nominal value of Bitcoin all the way down to one cent and then transferred 2,000 BTC from Mt. Gox customer accounts onto the exchange. These Bitcoins were sold, and in the brief moment that Bitcoin appeared to be worth a single penny, 650 were purchased.

This was a brief but severe setback for Mt. Gox, but the exchange put in new security measures and stabilized, growing to the biggest exchange by 2013. These security measures, though, weren’t as effective as they had hoped. In early February of 2014, Mt. Gox stopped Bitcoin withdrawals. A few weeks later, all trading was stopped.

As it turned out, Mt. Gox was being hacked for years. Overall, hackers had taken 100,000 Bitcoins from the exchange – and over 744,000 from Mt. Gox customers. The company was insolvent, and the exchange filed for bankruptcy protection.

Altcoins

It’s possible you only heard about Bitcoin in the last couple of years, but cryptocurrency developed a passionate following even when it was smaller. Some of those passionate people also took umbrage with some elements of Bitcoin, and others thought the blockchain behind it could be used for other purposes.

This birthed, at this point, hundreds of new cryptocurrencies that still exist today. 2011 saw the birth of Litecoin, a cryptocurrency similar to Bitcoin that advertises itself as having a significantly faster transaction speed than Bitcoin. This would also be a major selling point of Ripple and its XRP cryptocurrency, though Ripple seeks to help banks and financial institutions.

Bitcoin is still the cryptocurrency with the largest market cap by a large margin. Previously mentioned other altcoins (Litecoin, XRP, Bitcoin Cash) are also in the top 10. In second is Ethereum and its cryptocurrency of Ether. Ethereum stands out from others because its blockchain is used to hold data like smart contracts.

Bitcoin Forks