ZuPago HyBrid (HD) Wallet | Blog

ZuPago Blog

alfwesh22

Investor sentiments are reviving as cryptocurrencies blink green for the second day in a row. The Bitcoin price finally managed to breach resistance at $9,000. At the time of writing, the BTC to USD exchange rate was $9,727.64.

Rewind back two days, and it seemed like Bitcoin prices were stuck in a hamster wheel with no way out. What exactly happened in this short time frame to cause a 180-degree turn in investor emotions?
Well, we got at least two significant reassurances from top government officials in Asia and Europe that the plan to ban cryptocurrencies was out the window.

To begin with, an implicit reaffirmation was sent by the South Korean government that a complete cryptocurrency ban is not currently under consideration.

The Minister of the Office for Government Policy Coordination, Hong Nam-ki, was responding to the petition that landed on the president’s desk last month. The petition signed by over 280,000 South Koreans urged the president to reconsider the government’s stance on imposing a complete ban.

A quick reminder; the idea of the ban was floated by the South Korean Minister of Justice, who’s allegedly blamed to have caused the massive crash in crypto prices in January.

But as obvious from Minister Hong’s statements made on Tuesday, the government is more concerned about curtailing illegal activities and fraudulent trades than outrightly banning this emerging investment class.
Moving on, the second optimistic assurance flowed in from Europe, where President of the European Central Bank (ECB) Mario Draghi said that the bank had no plans to ban cryptocurrencies.

To quote Draghi, “Many of you posted questions about whether the ECB is going to ban Bitcoins or it’s going to regulate Bitcoins. I have to say it’s not the ECB’s responsibility to do that.” (Source: “ECB’s Draghi says not his job to regulate Bitcoin,” Reuters, February 13, 2018.)

Europe and South Korea are huge markets for cryptocurrencies. South Korea, in particular, is one of the largest hubs of crypto trading activity. The fact that government officials in these regions have struck a balance on the issue restores our faith in these investments. And, as obvious from yesterday’s price rally, investors view it no differently than we analysts do.

An uptrend is currently building in Bitcoin prices as the BTC to USD rate makes higher highs and higher lows. If prices continue to ascend at this rate, breach another barrier at $10,000, and stay on track in the following weeks, we may enter another bull market.

  

Analyst Take


Regardless of these short-term moves in prices, we continue to focus on the longer term. Our Bitcoin price prediction 2018 is staying strong with a BTC price target of $15,000.




alfwesh22

Bitcoin has managed to bounce back in the past few days after declining sharply. In some exchanges, it rose to the $10K hurdle before easing back a little on profit-taking. Recent price action has been somewhat bullish.

As the one hour chart of CMA Bitcoin futures show, it has been putting in a series of higher highs and higher lows on the lower time frames. On the daily, it has shown willingness to hold above the 200-day average. We have seen some volume coming into Bitcoin as it traded around the 200-day average. The 1-hour volume weighted average price (VWAP) is now trending higher. Bitcoin has broken above a key short-term resistance zone in the $9000-$9250 range.

This area has since turned into a bit of support. For as long as price holds above this area then the short-term bias would remain bullish. However, if it goes back below this $9000-$9250 range then one would have to strongly consider the bearish scenario given the recent declines on the higher time frames.

The next area of resistance is between $9800 and $10100. This area was previously support. Further resistance comes in at $10850, followed by $11750.




alfwesh22

The popular cryptocurrency Bitcoin was trading at $9,610.39 in India today on CoinDesks’s Bitcoin Price Index (BPI) at the time of reporting. Bitcoin climbed nearly 10 percent, the highest level reached since February 4.


The popular cryptocurrency Bitcoin was trading at $9,610.39 in India today on CoinDesks’s Bitcoin Price Index (BPI) at the time of reporting. Bitcoin climbed nearly 10 percent, the highest level reached since February 4. Bitcoin crossed the psychologically key $9,000 level amid improved sentiment about government regulation in the US.

Bitcoin touched the highs of $8,897.81 yesterday. The popular cryptocurrency that was most purchased cryptocurrency in the second half of the last year is still long way from reaching the high of $19,783 that it touched on December 17 last year. Still, Bitcoin is trading for the year so far. However, not all are optimistic on Bitcoin recovering its highs of the last year considering the trading regulations that various countries are mulling over putting on the cryptocurrency.

Bitcoin is mother of all bubbles and this bubble will burst anytime soon, said Nouriel Roubini some weeks back. The famous economist who had rightly predicted the US housing crash in 2008 has once against said that the digital currency is on its way down as it lacks any fundamental value.

The case of Bitcoin will turn out to similar to Mississippi bubble, tech bubble, and Tulip mania. The Bitcoin received a shot in the arm lately when popular business magazine Forbes came out with a list of Bitocin millionaires. The list was first of its kind brought out by a reputed media organisation. In India too, good amount of investments are parked in the virtual currencies especially Bitcoin.

In the last two months, Bitcoin struggled amid various fears over its regulation especially by South Korean regulators. Back in India even, government, RBI, Sebi and income tax department has issued warnings to the investors parking their money in the digital currencies especially Bitcoin. In Budget 2018, Finance Minister Arun Jaitley had said that cryptocurrency is not a legal tender in India but the government will explore blockchain to usher in the digital economy.




alfwesh22

The largest free economic zone in the UAE, with zero percent personal and corporate income tax, has started issuing licenses to firms trading cryptocurrencies. The first license has been issued to a gold trader that has recently started offering cryptocurrency services.

Attracting Crypto Businesses
 
UAE’s Largest Free Economic Zone Issues License to Cryptocurrency Firm
             

The Dubai Multi Commodities Centre (DMCC) is a government entity established in 2002 to enhance commodity trade flows through Dubai. DMCC Free Zone is the largest and fastest growing free economic zone in the UAE.

“We perform a range of roles which continue to position Dubai as the preferred destination for global commodities trade and DMCC as the world’s No.1 Free Zone,” offering zero percent personal and corporate income tax, the center’s website states. Today, more than 14,100 multinational corporations and startups call DMCC home, with almost 90,000 people living and working there.

UAE’s Largest Free Economic Zone Issues License to Cryptocurrency Firm 

The Centre has started issuing licenses to allow firms trading in cryptocurrencies to operate from its free zone, Thomson Reuters Zawya reported on Monday.

DMCC’s executive director for commodities, Sanjeev Dutta, told the publication that the Centre is “beginning to facilitate” a market in cryptocurrencies which, he acknowledged, is unregulated. Citing that firms looking to set up in the zone would be considered on a “case-by-case” basis, he elaborated:
To me, what is important is the fact that you are still evaluating it as part of your innovation strategy. You are not saying ‘no’ to something. You are not saying ‘yes’ either, but you are exploring, so you are clearly ahead of the others when the time to make a decision comes.
Cryptocurrencies as Commodities
DMCC is a member of the Global Blockchain Council, which began as a Dubai Smart City project and has 46 member organizations globally today. The Centre’s director of innovation hub, Franco Bosoni, said that a global consensus is emerging which favors classifying cryptocurrencies as commodities, the news outlet detailed and quoted him explaining:
DMCC’s view is that these [cryptocurrencies] meet the test of a commodity. They’re priced based on supply and demand, produced and sold globally at a uniform quality and (are) indistinguishable between products.
Wai Lum Kwok, head of capital markets for Abu Dhabi Global Markets Regulatory Authority, told the publication on Sunday that the regulator is “reviewing and considering the development of a robust, risk-appropriate regulatory framework” for crypto exchanges and intermediaries. Emphasizing that no timeframe has been set, he added:
As we develop our framework, we will also want to check in and have the conversations with, for example, US regulators, Japanese regulators and so on and so forth, so that there is some alignment of approach to avoid any regulatory arbitrage.
First License Issued

 
UAE’s Largest Free Economic Zone Issues License to Cryptocurrency Firm
             

The first license for the Free Zone reportedlywent to Regal Assets, a gold trader and storage provider with offices in the US, Canada, and the UAE. The company added cryptocurrencies to its product line at the end of last year, offering brokerage services and an insured, high-security cold storage service for bitcoin, ether, bitcoin cash, ethereum classic, ripple, and dash.

According to Bloomberg, “Dubai gold trader Regal RA DMCC is the first company in the Middle East to get a license to trade cryptocurrencies.” The news outlet quoted DMCC acknowledging in a statement, “The company will offer storage of bitcoin, ethereum and other cryptocurrencies in a vault located in DMCC headquarters in Almas Tower in Dubai.”

DMCC Executive Chairman Ahmed Bin Sulayem was quoted by the publication, “At the heart of DMCC’s long-term strategic growth plan is the use of technology and innovation to disrupt and connect new markets, industries and customers,” adding that “the announcement today embodies this approach.”

Do you think more crypto companies will move to this free economic zone? Let us know in the comments section below.




alfwesh22

This past week bitcoin cash (BCH) markets have been suffering from the bearish sentiment plaguing cryptocurrencies across the board. On February 6 the price of BCH reached a low of $740 per coin but has since bounced back to the $950-1,050 region on Bitstamp Tuesday evening.

Bitcoin Cash Markets Begin to See Recovery Ahead
This week bitcoin cash markets took a hit as BCH had lost roughly $588 USD (-39%) in value over the past seven days. At the moment the price has rebounded and is coasting along at just between the $950-1,050 zone after bouncing back much of Wednesday’s trading sessions. BCH trade volume has been averaging roughly $650 million to $1 billion over the past week. Exchanges swapping the most bitcoin cash today include Okex, Bitfinex, Hitbtc, GDAX, and Huobi. Currently, the top currencies traded with bitcoin cash include BTC (57%), USD (21%), tether (USDT 11%), the Korean won (4%), and the euro (2%).

Bitcoin Cash Markets Recover — While Infrastructure Support Increases
On February 7, 2018, the price of bitcoin cash is hovering around $1,020 at the time of publication.
 

New Localbitcoincash Features, Openbazaar Integration, and a Bitcoin Cash SMS Application
 


Bitcoin Cash Markets Recover — While Infrastructure Support Increases

Even though markets were down this past week, the bitcoin cash community got a bunch of infrastructure support and new applications. For instance, everyone in the BCH community is talking about a new app calledCointext which aims to create the ability to send bitcoin cash through text (SMS). According to the creators, all texts are on-chain transactions like the tipping platform Chaintip. However, with the platform being so new, some BCH supporters are skeptical of this project being secure when used via text messages.

Another interesting BCH feature announced this week came from the Localbitcoincash exchange which announced it had added skycoin and smartcash services to the platform. The implementation features no fees to these types of trades, explains the exchange developers. “No fee exchange is exactly what it is, it’s totally free, and you can keep exchanging the different cryptocurrencies supported by our platform, and there are no trading fees involved,” Localbitcoincash reveals on February 7.

Openbazaar integrates bitcoin cash, and zcash this past week.
Just recently the decentralized cryptocurrency infused marketplace Openbazaarintegrated bitcoin cash and zcash into the latest 2.1.0 version.

“This release is the first step towards allowing more options for cryptocurrencies in Openbazaar — It includes native support for nodes using one cryptocurrency at a time, bitcoin, bitcoin cash, or zcash,”explains the Openbazaar developers.

The AcceptBitcoin.Cash website has added an adult section to the portal.
Another addition to the BCH infrastructure is theAcceptBitcoin.Cash website has added an adult section to the portal. The developers of the website believe there is a demand for adult merchants to start accepting bitcoin cash. Further, the team said it has seen over 70 submissions since it implemented a request form, and the team added nearly every single merchant to the site in under three weeks of usage.

BCH Supporters Remain Optimistic
In other news this weeka fake bitcoin cash token was created on the Omni layer chain. According to reports, the Omni chain’s ability to generate asset tokens was used to create a misleading BCH token. BCH supporters think the token was created to cause confusion while adding to the growing list of scammy snapshot forks that have come into existence over the past few months.
Overall the BCH community is in high spirits even with the past few weeks of bearish market sentiment. The protocol continues to get support nearly every day from exchanges, wallets, and merchants. Bitcoin cash markets are also starting to gather steam again alongside the rest of the cryptocurrencies who got hammered this past weekend.

What do you think about BCH market sentiment, support, and added infrastructure this week? Let us know what you think in the comments below.




alfwesh22

Jobs and applicants for employment in the cryptocurrency sector have increased substantially in India, despite current attitudes in Delhi towards bitcoin. Significant growth has been registered in the second half of last year, a period of great uncertainty about the crypto future of the country. This month Indian government reaffirmed its commitment to eliminate illicit use of cryptocurrencies. New regulations are expected in March.

Indians Searching “Crypto” on Job Sites
The number of cryptocurrency and blockchain related job postings has increased by 290 percent in the six months to November 2017. The trend was reported by the Indian branch of the global job site Indeed. During the same period, job searches with crypto related keywords also rose – by 52 percent.

Describing it as a promising and exciting new field of work, the Managing Director of Indeed India, Sashi Kumar, noted the sector was still in a very nascent stage. He said that the global market for blockchain related products and services is expected to reach $7.7 billion in 2022, Business Standard reported. The expert believes this is “indicative of even more jobs being created in the future”.

More Crypto Jobs in India, Despite Delhi’s Stance on Bitcoin
 
According to Indeed, India can look forward to a truly digital economy, despite Finance Minister Arun Jaitley’s recent confirmation that cryptocurrencies are not a legal tender in country. His announcement came with the presentation of Budget 2018. The Indian crypto community had hoped for more clarity about taxation of cryptocurrency incomes, profits and transactions. Businesses willing to invest in mining and companies involved in trading have also asked for clear policy guidelines.

The Indian government has responded by forming a special committee expected to propose a regulatory framework after studying cryptocurrencies and their legal implications. New regulations should be presented by the end of March. They are likely to involve anti-money laundering procedures and measures to prevent tax evasion. Cryptocurrency exchanges in the country have already been targeted by financial authorities and institutions in regards to suspected dubious transactions.

According to media reports, 10% of bitcoin transactions in the world take place in India. As of September 2017, there were around 15 million blockchain wallet users worldwide, with 200,000 new accounts added each month, Indeed claims. An estimated 1.5 million of these users are based in India, their report says.
Global Jump in Crypto Jobs
 More Crypto Jobs in India, Despite Delhi’s Stance on Bitcoin
 
The growth on the Indian crypto labor market is not an isolated case but rather part of a global trend.

As news.Bitcoin.com reported, other employment websites have also announced that bitcoin-related jobs are booming. Freelancer.com reported 82 percent growth in the third quarter of 2017. The Australian company maintains a global platform connecting employers and freelancers.

A research by the UK-based freelance marketplace Peopleperhour.com revealed demand for experts in blockchain development, cryptocurrency and ICOs had soared by over 500% last year. According to the British platform, crypto freelancers can ask for as much as £215 per hour for their services. With 40 working hours a week their monthly earnings would exceed the annual return of most employees in the service industry,  Engage Employee reported.
 
Some of those crypto specialists can take an average UK salary with just 25 working hours a month.

Do you think that the growth of crypto-related jobs reflects a long-term positive trend for the whole sector? Share your thoughts in the comments section below!




alfwesh22

Forbes, known for its “World’s Billionaires List”, published a list of the richest people in cryptocurrency for the first time, Tuesday Feb. 6.
The goal of publishing such a list, according to Forbes Editor Randall Lane, is to
“[provide] a snapshot of a pivotal moment, part of the transparency needed to pull crypto away from its provenance as the favorite currency of drug dealers and into the adolescence of a legitimate asset class.”
While compiling a list of the world’s traditional billionaires is a relatively straightforward task, calculating the exact amount of wealth of the world’s richest crypto tycoons is more difficult.

Cryptocurrencies are by definition a decentralized, encrypted payment system that began outside of the traditional global financial system. The “newly minted crypto rich,” as described by Forbes staff writer Jeff Kauflin, “live in a strange milieu that blends paranoid secrecy with ostentatious display.”

The Forbes “Richest People in Cryptocurrency” list is broken up into five categories: “idealists, builders, opportunists, infrastructure players and establishment investors.” In order to make the Forbes list, one must have accrued over $350 million.

Instead of static numbers, the net worths of the people on the list are listed in ranges, calculated based on the “estimated holdings of cryptocurrencies (a few provided proof), post-tax profits from trading crypto-assets and stakes in crypto-related businesses.”
Forbes acknowledges that they could have left some people off the list and that their estimates may be “wide of the mark.”
The list contains 19 people. One can click on each member of the list on Forbes’s website in order to see a short bio and an estimated crypto net worth.

Other data was published along with the list, like the average age of crypto’s richest compared to the age of Forbes 400 wealthiest Americans (42 vs. 67), and the average daily price volatility in January 2018 for Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) compared to Apple, Proctor & Gamble, and gold.

When creating the list, Lane spoke with Joe Lubin, the founder of Consensys, about other crypto tycoons’ potential concerns about releasing such data. Lubin, who Lane referred to as the “statesman of cryptocurrency”, said that he and his peers weren’t looking for public attention. Lubin also questioned how Forbes could arrive at any accurate numbers, and brought up the issues of potentially targeting these people for theft. However, Lane adds that Lubin and his “crypto elite” peers did recognize the list’s importance.

Kauflin writes that Forbes,
“firmly believe we made the world a better place by shining a light on the invisible rich. Just as crypto has evolved from the days of the Silk Road drug site and the Mt. Gox digital hijacking, fortunes of this magnitude should never be allowed to lurk in the shadows.”
CryptoWeekly, a cryptocurrency newsletter, released a comparable list of the top 100 most influential people in the crypto community. Their list is factored not by net worth, but by the research and technological contributions a person has made in the world of crypto.

Among those who were left out of Forbes’ richest in crypto rankings, but included in the CryptoWeekly influential list, are important crypto players like Litecoin founder  Charlie Lee, Bitcoin investor Roger Ver, and crypto pioneer Nick Szabo, among others.





alfwesh22

Following a volatile few days in the crypto markets this week, with Bitcoin (BTC) dipping below $7000for the first time since November, several crypto experts have predicted an overall bull run. Experts told CNBC today, Feb. 7, that the total market cap of all cryptocurrencies could reach $1 trillion and that BTC itself could hit $50,000 by the end of this year.

Jamie Burke, CEO at Outlier Ventures, Europe’s first Blockchain-based incubator, told CNBC that the predicted bull run will be followed by a general settling down of the market:
"We believe after February the market will likely go on a bull run comparative if not greater than last year potentially reaching the trillion-dollar mark before a proper crypto winter sets in where the market becomes more focused on proper market fundamentals.”
Thomas Glucksmann, head of APAC business at Gatecoin, sees regulation, the introduction of institutional capital, and technological advances like the Lightning Network as the main factors in rising cryptocurrency prices. He told CNBC over email:
"There is no reason why we couldn't see bitcoin pushing $50,000 by December."
Back in April 2017 when BTC reached a former high of $1,300, Glucksmann had commented on the connection between the price jump and the start of the US Securities and Exchange Commission’s(SEC) month-long review of the Winklevoss twins Bitcoin ETF proposal.

The joint SEC and The Commodity Futures Trading Commission (CFTC) hearings held yesterday, Feb. 6, on their roles in the cryptocurrency sphere may have helped cause the market to see substantial rebound today, Feb. 7.
Glucksmann also wrote that a possible element in market growth going forward could be the release of a cryptocurrency-based ETF, similar to when BTC’s price shot up to $16,800 in Dec. 2017 after the CBOE’s futures launch:
"One possible appetizer for the bulls, or the catalyst for the recovery, will be the release of another cryptocurrency backed instrument listed on a major exchange. There are several candidates in the pipeline, it's only a matter of time until we have a cryptocurrency backed ETF (exchange-traded fund)."
Utility tokens like IOTANEO, and Ethereum are also something to watch in the coming months, CEO of Hercules Tech Mick Sherman told NBC:
"Utility tokens and assets with a working platform and a clear-cut reason for requiring both a blockchain and their own token, are more likely to appreciate in value this year. Some of these cryptoassets will not be used for years, meaning they have no utility value.”
Ran Neuner, host of CNBC’s show CryptoTrader, has pinned his Feb. 1 tweet that predicted Bitcoin hitting $50,000 at the end of 2018:




alfwesh22

After hitting a multi-month low of  $6,094 on Tuesday, Feb. 6, Bitcoin is rebounding substantially Wednesday, Feb. 7, pushing over $8,000, and pulling the top 100 altcoins up with it.
Chart

Bitcoin’s price has gained about 24 percent in the 24 hours to press time, trading at an average of  $8,280, according to CoinMarketCap.

Altcoins are also showing  robust growth, with all the top 100 coins in the green, gaining as much  97 percent over the last 24 hours to press time. In the top 10 coins, NEO and NEM have increased by 55 and 46 percent respectively, while Bitcoin Cash (BCH) and Ethereum (ETH) gained up to 33 percent at press time.

The total market cap of all cryptocurrencies is at $388 bln, seeing gains of over $100 billion since Tuesday’s low of $276.8 bln.

Chart

In addition to the general movement of the market, the rebound is can also be attributed to the outcome of the hearing on cryptocurrency and Blockchain held yesterday, Feb. 6, by the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). During the hearing, CFTC chairman J. Christopher Giancarlo expressed optimism about Bitcoin with regard to the technology behind it, Blockchain or Distributed Ledger Technology (DLT):  “If there was no Bitcoin, there would be no DLT.”

Cointelegraph correspondant Joseph Young tweeted this morning, Feb. 7, regarding the crypto market’s positive response to yesterday’s cryptocurrency hearing in the US:

CFTC Chairman Chris Giancarlo's Twitter following increased by 7x since yesterday's cryptocurrency hearing.

Welcome to crypto Twitter @giancarloCFTC.
Yesterday, Feb. 6, Litecoin founder Charlie Lee tweeted about the overall volatility of the crypto markets and the benefits of staying bullish in the long-term, noting “Those that can withstand such a drop without flinching are the ones with lambos eventually. The others pay for these lambos.”


Now you see how volatile this market is. I wasn't predicting that LTC will get to $20. I was saying that I've seen MANY 90% drops from ATH in BTC and LTC. Those that can withstand such a drop without flinching are the ones with lambos eventually. The others pay for these lambos. https://twitter.com/SatoshiLite/status/940353265585160192 …
Ran Neuner, the host of CNBC’s Cryptotrader, kept up his bullish stance in a tweet as the market saw an uptick yesterday, Feb. 6.
Shorts getting squeezed and the uptick begins. I hope you picked up what you wanted in the sale!




alfwesh22

Former New Zealand Prime Minister, Sir John Key, says rumors circulating that he invested in Bitcoin are entirely false. The claim that Key is an avid investor in BTC originally came from a fake NZ Herald site, a link to which was then circulated on Facebook and Twitter.

The fake news claimed that Key was holding $300 mln in BTC from his initial investment of $1,000. It also includes a quote from Richard Branson, falsely attributed to Key in the report:
“I have invested in Bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting.”
– John Key 38th Prime Minister of New Zealand

Key and the real NZ Herald react
In his interview with the real New Zealand Herald, Key claimed that he had already requested Facebook to remove posts that linked to the fake Herald report about him. So far Facebook has refused. After multiple people contacted the former prime minister to tell him they invested in BTC because of his ‘advice,’ Key says it is irresponsible of Facebook not to take such posts down:
“This is outrageous. People are at risk here and you'd think Facebook would take their responsibilities seriously.”
Meanwhile, the real New Zealand Herald claimed that it has taken steps to have their imposter twin site removed.




ZuPago Blog

ZuPago is the most recognized and reliable platform that provides the best and the most affordable way to transfer E-currency across the globe. By using ZuPago HyBrid (HD) Wallet, you can easily send E-currency in Bitcoin, Bank transfer, USD, EUR, GBP or in any currency of your choice and the receiver will receive it in Bank transfer, Bitcoin or in any other currency that you prefer.

Bitcoin Chart

Tweets By ZuPago


comments powered by Disqus