The cryptocurrency market has been painted with one big bearish flag led by the major cryptocurrencies. Bitcoin price plunged from highs close to $10,000 on Saturday to intraday lows at $8,105. Ethereum could not hold above $200 due to its correlation with Bitcoin price. Ether touched lows at $180 but is now trading 11.21% lower at $186. The third-largest cryptocurrency has not been spared as it has spiraled to $0.1780 (intraday low) from Saturday levels above $0.22.

The selloff in the market is taking place less than two days the 2020 block reward halving. The drop was not expected many traders must have been caught off guard. For instance, data by analytics platform Skew shows that liquidations hit highs $226 million.

Other cryptocurrencies have also recorded double-digit losses include Bitcoin Cash (11.5%), NEO (10.66%), Litecoin (10.81%), IOTA (12.16%), EOS (10.91%) and Ethereum Classis (12.83%).

Intriguingly, Bitcoin price bounced off the 61.8% Fibonacci level to exchange hands at $8,611. This shows the willingness of the investors to buy in anticipation of a reversal above $9,000. Also holding the price in place is the 200-day SMA (0$8,053). However, the sharp slope of the RSI suggests that selling pressure is still high in spite of the bounce from the intraday lows. Therefore, other support areas to keep in mind include $8,000, .the 50-day SMA and $7,000.

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Cryptocurrency Market Update: Bloodbath as Bitcoin nosedives to $8,000, Ethereum $180 and Ripple $0.1780 - FXStreet

The simplest way to invest in stocks is to buy exchange traded funds. But you can significantly boost your returns by picking above-average stocks. To wit, the iMining Blockchain and Cryptocurrency Inc. (CVE:IMIN) share price is 56% higher than it was a year ago, much better than the market decline of around 14% (not including dividends) in the same period. So that should have shareholders smiling. In contrast, the longer term returns are negative, since the share price is 33% lower than it was three years ago.

See our latest analysis for iMining Blockchain and Cryptocurrency

iMining Blockchain and Cryptocurrency didnt have any revenue in the last year, so its fair to say it doesnt yet have a proven product (or at least not one people are paying for). So it seems shareholders are too busy dreaming about the progress to come than dwelling on the current (lack of) revenue. Investors will be hoping that iMining Blockchain and Cryptocurrency can make progress and gain better traction for the business, before it runs low on cash.

Companies that lack both meaningful revenue and profits are usually considered high risk. There is almost always a chance they will need to raise more capital, and their progress and share price will dictate how dilutive that is to current holders. While some such companies do very well over the long term, others become hyped up by promoters before eventually falling back down to earth, and going bankrupt (or being recapitalized). iMining Blockchain and Cryptocurrency has already given some investors a taste of the sweet gains that high risk investing can generate, if your timing is right.

iMining Blockchain and Cryptocurrency had liabilities exceeding cash by CA$236k when it last reported in February 2020, according to our data. That makes it extremely high risk, in our view. So were surprised to see the stock up 122% in the last year , but were happy for holders. Its clear more than a few people believe in the potential. The image below shows how iMining Blockchain and Cryptocurrencys balance sheet has changed over time; if you want to see the precise values, simply click on the image.

In reality its hard to have much certainty when valuing a business that has neither revenue or profit. One thing you can do is check if company insiders are buying shares. Its usually a positive if they have, as it may indicate they see value in the stock. Luckily we are in a position to provide you with this free chart of insider buying (and selling).

Its nice to see that iMining Blockchain and Cryptocurrency shareholders have received a total shareholder return of 56% over the last year. Theres no doubt those recent returns are much better than the TSR loss of 1.4% per year over five years. This makes us a little wary, but the business might have turned around its fortunes. Its always interesting to track share price performance over the longer term. But to understand iMining Blockchain and Cryptocurrency better, we need to consider many other factors. Consider for instance, the ever-present spectre of investment risk. Weve identified 6 warning signs with iMining Blockchain and Cryptocurrency (at least 4 which are potentially serious) , and understanding them should be part of your investment process.

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies we expect will grow earnings.

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on CA exchanges.

If you spot an error that warrants correction, please contact the editor at editorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned.

We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Thank you for reading.

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Investors Who Bought iMining Blockchain and Cryptocurrency (CVE:IMIN) Shares A Year Ago Are Now Up 56% - Simply Wall St

Cryptopia: Bitcoin, Blockchains and the Future of the Internet is filmmaker Torsten Hoffmanns follow up to his award-winning 2015 documentary Bitcoin: The End of Money As We Know It.

His first film looked at the history (and failings) of money and the financial system, and how Bitcoin was poised to revolutionize and solve many of its problems. Now, Cryptopia brings us up to date with the current state of play in the world of cryptocurrency and blockchain.

The documentary is split into three acts.

First we get an introduction to the fundamentals of Bitcoin, recapping the problems with traditional finance from the earlier film and highlighting Bitcoins initial stated purpose as peer-to-peer digital cash.

Hoffmann talks about the benefits of Bitcoin with a veritable whos who of industry figures, from Wences Casares, to Andreas M Antonopoulos and Laura Shin. We also see how and why big banks and governments have kicked back against the top-ranked cryptocurrency.

We then move on to Bitcoins explosive growth in value since the first film, and repositioning from digital cash to digital gold.

Hoffmann revisits Roger Ver, who had previously espoused Bitcoin as a fast and cheap method of moving money around the world, to investigate the block-size debate and eventual fork of Bitcoin Cash.

He also speaks to Blockstreams Samson Mow, for his take on the split, along with Charlie Lee, founder of Litecoin.

The film then moves on to tackle the move from one blockchain to hundreds of blockchains. Hoffmann explains the concept of smart contracts and the Ethereum network, speaking to Vitalik Buterin, Vinny Lingham, and Tone Vays for their opinions, both positive and negative.

Hoffmann takes a look at the initial coin offering, or ICO, phenomenon, bringing blockchains and currencies for every conceivable purpose, along with a wave of scams and fraudsters into the space.

We see how big business and finance is co-opting blockchain technology, sometimes through the use of private centralized networks. We see the tokenization of traditional securities and totally new forms of assets.

Through looking at the examples of the development of the motor car and the early internet, Hoffmann highlights similarities with todays blockchain industry.

He notes the rise of internet censorship in certain jurisdictions, and discusses the potential of blockchain to overcome this. We also consider the hegemony of tech giants and their control of our information and identities, looking at the possibilities of decentralization to overcome this.

To round up, the film considers the possibilities of Decentralized Finance, or DeFi, although notes the controversy created following the DAO hack and subsequent rollback of the Ethereum blockchain.

Hoffmann finally talks to Craig Wright (who behaves exactly as expected), touching on the Bitcoin Cash/Bitcoin SV split, and finally coming full circle to Satoshis disappearance and how this has worked for Bitcoin.

The film has been professionally researched, shot, and put together. It assumes no prior knowledge of the subject, and follows a well structured story, making it accessible to all.

Hoffmanns style and delivery works well. He is authoritative yet friendly and open, being unafraid to challenge or poke fun at characters like Craig Wright, while always being even-handed and letting people speak.

Sure, for those who are already invested in the industry and technology, there is little new to learn here, but for the uninitiated it is an excellent primer into a world that they may have heard about, but not really understand.

For me personally, both this film and Hoffmanns previous documentary made me incredibly proud to be part of this movement that is literally changing the world.

My only criticism (and it is a minor one) is the song which plays out over the credits. Penned by Hoffmann himself and Malaysian singer, Prema Yin, it is a powerful, soulful number, rousing the spirits until you listen more closely and realise that it is about cryptocurrency.

To be fair, it is probably the least cringe-inducing cryptocurrency-related song that Ive ever happened across, with intelligent lyrics and a proper decent tune. However this is a bit like being the least cancerous case of sunburn; the end consequence still consists of a pair of bright red cheeks.

Sorry, and maybe this is just me, but the worlds of cryptocurrency and music (both of which I love individually) should never cross paths.

However, I have no hesitation in recommending this film, which is available to stream now at cryptopiafilm.com for a price of just under 9 Australian dollars ($5.88)... and you can always make a cup of tea when it gets to the credits.

Link:
Review - Cryptopia: Bitcoin, Blockchains and the Future of the Internet - Cointelegraph

Coinbase CEO Brian Armstrong says a new bill being considered by lawmakers in California would have a major impact on digital assets and the future of finance.

The legislation seeks to change the meaning of securities under state law to exempt certain cryptocurrencies. Lawmakers and regulators in the US have struggled to clarify which digital currencies are securities within the context of the Howey Test, a federal metric used to determine if a particular asset qualifies as an investment contract.

According to the proposal, assets whose profits do not fully depend on the management efforts of third parties will not be considered as securities.

This bill would create an exception from the above definition by providing that a digital asset meeting specified criteria is presumptively not an investment contract within the meaning of a security. The bill would allow that presumption to be rebutted upon good cause shown by clear and convincing evidence by the Commissioner of Business Oversight, as specified.

If approved, California would be one of the first states in the nation to set a clear definition of digital assets, and Armstrong believes it would position the West Coast as the main hub for a new financial ecosystem.

This would be huge for California if it happens ensuring the future of finance is built on the west coast.

So many startups are struggling with this right now the current securities laws are well intentioned, but stifling a lot of innovation right now.

Featured Image: Shutterstock/oneinchpunch

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Coinbase CEO Says New Cryptocurrency Bill Would Have Major Impact on Future of Finance - The Daily Hodl

EOS cryptocurrency was trading at a price of $2,3268 at 19:40 (16:40 GMT), according to the index Investing.com on Sunday, fell by 20.76% during the day. It was the most spectacular fall in the value of cryptocurrencies since March 12.

The fall provoked a reduction of the market capitalization of EOS to $2,2159 B, or 0.00% of the total capitalization of all cryptocurrencies. While earlier peaks capitalization of EOS was $17,5290 B.

In the past 24 hours the EOS was trading in the range of $2,3235 to $2,7545.

In the last 7 days cryptocurrency EOS felt the fall of the within lost of 15.85%. The EOS amount of currency traded in the last 24 hours before the date of publication of this material was $4,9433 B or 0.00% of the total volume of all cryptocurrencies. The course was varied in the range from $2,3235 to $2,8443 in the last 7 days.

At the moment EOS is still below 89,87% from their peak values, amounting to $at 22.98, which was reached April 29, 2018..

Bitcoin is trading at $8.474,3, according to the index Investing.com fell by 15.09% during the day.

The Ethereum cryptocurrency was trading at $the 183.50, according to the index Investing.com this fall by 15.97%.

The market capitalization of Bitcoin is $158,5983 B or 0.00% of the total capitalization of cryptocurrencies, while the capitalization of cryptocurrency Ethereum is $20,7050 B or 0.00% of total market capitalization.

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Cryptocurrency EOS fell by 21% - The Times Hub

The Global Cryptocurrency Market report draws precise insights by examining the latest and prospective industry trends and helping readers recognize the products and services that are boosting revenue growth and profitability. The study performs a detailed analysis of all the significant factors, including drivers, constraints, threats, challenges, prospects, and industry-specific trends, impacting the market on a global and regional scale. Additionally, the report cites worldwide market scenario along with competitive landscape of leading participants.

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Leading Players in the Cryptocurrency Market: Bitfinex, BitFury Group, Bitstamp, Coinbase, Coinsecure, Litecoin, OKEX Fintech Company, Poloniex, Ripple, Unocoin Technologies Private, ZEB IT Service

The Cryptocurrency market analysis is intended to provide all participants and vendors with pertinent specifics about growth aspects, roadblocks, threats, and lucrative business opportunities that the market is anticipated to reveal in the coming years. This intelligence study also encompasses the revenue share, market size, market potential, and rate of consumption to draw insights pertaining to the rivalry to gain control of a large portion of the market share.

Competitive landscape:

The Cryptocurrency Industry is extremely competitive and consolidated because of the existence of several established companies that are adopting different marketing strategies to increase their market share. The vendors engaged in the sector are outlined based on their geographic reach, financial performance, strategic moves, and product portfolio. The vendors are gradually widening their strategic moves, along with customer interaction.

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CRYPTOCURRENCY MARKET TRENDS ANALYSIS, TOP MANUFACTURERS, SHARES, GROWTH OPPORTUNITIES AND FORECAST TO 2027 3w Market News Reports - 3rd Watch News

May 09, 2020 at 08:18 // News

The US is known for its controversial attitude to blockchain and cryptocurrency. Despite speculations about their government exploring the possibility of launching a digital dollar, the country's financial regulators such as the SEC demonstrate hostility against companies working in the sector.

Nevertheless, some separate States of the country are actively exploring the potential of various use cases for blockchain and cryptocurrency to boost various industries, while others revise their existing regulations to make them more friendly.

An amendment to the Securities Law which clearly sets the standard for securities classification of digital assets has been proposed to the California State Assembly. The new bill would dare that digital assets including Bitcoin and other cryptocurrencies arent legal securities in the State.

The revised bill doesnt contemplate, consider and regard digital assets which meet certain criteria as investment contracts for securities. With the exception of the specific digital assets, this amendment explained that virtual assets which meet certain criteria may not be investment contracts.

Therefore, this bill is considered to have reflected the federal standard Howey Test to ascertain whether an asset should be invested. It also indicates the possibility that SECs standards could affect state and federal law. California is one of the globes biggest technology hubs and is considered as a key experimental center for high-tech policy in the US.

Following a recent proposal by Democrats in the Ohio House of Representatives to streamline safety, integrity, and privacy issues of overseas navy electorates, the state might see a blockchain e-voting system ushered in.

The idea was proposed by representatives Beth Liston and Michele Lepore-Hagan, and backed by 16 different Democrats called upon Ohio Secretary of State Frank LaRose to launch a pilot program exclusively for serving officers in the navy missions abroad.

Of late all internet-reliant voting systems, including those employing blockchain technology, have been criticized by safety researchers and experts on grounds of secrecy, safety and verifiability and Ohios proposal that emphasizes that putting those concerns at the centre only comes in handy.

However, against all the scrutiny, blockchain technology is widely looked upon to enhance speed and transparency in electoral processes. Moreover, Ohio is actually not the first state to look into blockchain voting. West Virginia became the first US state to explore blockchain technology in voting at the 2020 Presidential Elections, as coinidol.com, a world blockchain news outlet, has previously reported.

In late April, another US state announced its willingness to adopt innovations. Thus, the Governor of Kentucky announced the establishment of a Blockchain Technology Working Group to explore the implementation of blockchain in utility sectors.

Its aim is to explore how the technology is able to improve this industry - from bill payment records to the quantity of resources consumed to make bills for electricity, gas and water more accurate. Besides, when all the data is recorded on a blockchain, it is impossible to forge or fake them in any way, so the citizens will be sure they pay for what they consume.

While the Group has just started its work, so it is too early to talk about any results, such a move clearly demonstrated the willingness of the Kentucky government to explore practical implementation of innovative technologies and their benefits for the States citizens.

The implementation of blockchain technology is not new. Many countries have been exploring to use it as a decentralized registry for various sectors. But now it seems to attract interest from government bodies.

Thus, the Governor of Maryland has officially signed a bill allowing to use decentralized databases for storing and distributing data including stock ledgers; records of issuances, transfers, cancellations of shares of stock; voting trust agreements; bylaws; minutes of events, happenings or proceedings of the stockholders; and yearly statements of affairs.

Such permission would allow institutions to apply blockchain in various sectors, thus enhancing their security and transparency. Besides, the use of the distributed ledger will facilitate many processes allowing to avoid bureaucratic red tape in many sectors.

Continued here:
5 US States That Are Exploring the Potential of Cryptocurrency and Blockchain - Coin Idol

Markets:

BTC/USD is changing hands at $9,300, with 2.8% of gains on day-to-day. The coin recovered from the intraday low of $9,032. Now it is trading within the strong short-term bullish bias amid low volatility.

At the time of writing, ETH/USD is changing hands at $205.50. The price tested the low of $196.87 during early Asian hours but reversed to the upside. The second-largest coin has lost 1.5% since this time on Wednesday and gained 3% since the start of the day. Now ETH is moving within a short-term bullish trend. The volatility is low.

XRP/USD is hovering at $0.2153, while the recovery is still blocked by $0.2200. A sustainable move above this area is needed for the upside to gain traction. XRP/USD is trading within a bearish trend amid low volatility after having recovered from the intraday low of $0.2099.

Among the 100 most important cryptocurrencies, Numeraire (NMR) $32.08 (+25%), Hyperion (HYN) $0.5554 (+23.8%), and Verge (XVG) $0.0039 (+22.3%)

The day's losers are, Holo (HOT) $0.0004 (-10.9%), DigiByte (DGB) $0.0232 (-9.2%) Unibright (UPT) $0.2820 (-8.68%).

Chart of the day:BTC/USD, 30-min chart

Market

BitMEX researchers analyzed the upcoming Ethereum 2.0, which is set to go live in July 2020, and concluded that the launch may be less important than it is believed to be. The experts also noted that ETH price may grow initially, however, the longer-term value of the update remains questionable.

Of course in the short term, a significant amount of ETH could be locked inside the beacon chain, attracted by the ability to earn the new block rewards. This could restrict the supply of ETH on the market and drive up the price, on the other hand, it could merely attract ETH from other contracts where they are considered locked. However, the real question is whether Ethereum 2.0 will drive long term value and for that, supply does not only need to be restricted, there needs to be sustainable demand.

Industry

The Stellar Development Foundation announced the investment of $5 million in crypto wallet provider Abra to foster the development of products and services on the Stellar network.

The Stellar Development Foundation is a non-profit company behind the Stellar blockchain. Abra provides an investment app that allows users to invest in over 100 cryptocurrencies, stocks and exchange-traded funds or ETFs.

Commenting the news, Abra CEO Bill Baryhdt said:

Our goal is to democratize access to financial services As we integrate with Stellar, were going to be able to build the next generation of banking [infrastructure].

Litecoin issued version 0.18.1 release candidate (RC1). The new version includes new features and improvements, according to the projects lead developer Adrian Gallagher:

We are pleased to release Litecoin Core 0.18.1 release candidate. This is a new major version release, including new features, various bug fixes, performance improvements and updated translations.

The version may contain bugs and issues as it is a release candidate. Thus, the team invites everyone to test it and report issues a final public release.

The Libra Association appointed Stuart Levey as its first CEO. He will join the Libra Association in summer after stepping down as Chief Legal Officer for HSBC Holdings. During the Bush and Obama Administration, Mr. Levey worked as the first Under Secretary of the Treasury for Terrorism and Financial Intelligence.

I am honored to join the Libra Association as it charts a bold path forward to harness the power of technology to transform the global payments landscape. Technology provides us with the opportunity to make it easier for individuals and businesses to send and receive money, and to empower more than a billion people who have been left on the sidelines of the financial system, all with robust controls to detect and deter illicit financial activity.

Regulation

ErisX received the Virtual Currency License from New York's Department of Financial Services (NYDFS). The spot and derivatives marketplace is conducted now allowed to cryptocurrency transactions with New York residents as it met the required standards for the so-called BitLicense. Among other companies with licensed by NYDFS are Coinbase, Robinhood and Bitstamp.

Thomas Chippas, CEO of ErisX, commented:

We are pleased that the New York Department of Financial Services recognized our commitment to the high standards we borrowed from existing capital markets structures and applied them to the cryptocurrency space.

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Cryptocurrency Market News: Bitcoin and altcoins on recovery track, bulls are ready to jump - FXStreet