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Bitcoin ETF: Japan all set to launch the first BTC ETF

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According to an anonymous source who told Bloomberg that Japan is all set to launch the world's first Bitcoin ETF. Although there is no confirmation.

According to an anonymous source who told Bloomberg that Japan is all set to launch the world’s first Bitcoin ETF. Although there is no confirmation from the Japenese Financial Service Agency it is likely going to be true because these kinds of rumors don’t come out of nowhere.

The rumor is that they are indeed looking to launch a Bitcoin ETF for the domestic Japenese market. This isn’t a big contrast to what we are seeing in the United States right now. The United States has been quite friendly towards bitcoin futures but bitcoin ETF has been a big struggle for the US to regulate. Japan has done the opposite or seems to be in the process of doing the opposite. They have shot down bitcoin futures attempt but they may be looking to let a bitcoin ETF in. Previously the FSA has said that we don’t like the idea of bitcoin futures but a bitcoin ETF might be something a bit different.

This certainly comes at an interesting time considering the ongoing dysfunction of the United States government continuing the shut down because right now the CFTC and the SEC running on a bare-bones staff which is highly problematic for the organization when it comes to all the different things that they want to be regulated at the moment. The decisions on things like the Bitcoin ETF or Bitcoin Futures etc. are going to be delayed allot.

 

Bitcoin ETF and Japan’s Bitcoin Market:

Japan always has been and probably always will be a super important market when it comes to bitcoin. We have seen some negative stories coming out of Japan recently like GMM and DMO both shutting down their bitcoin mining operations as they couldn’t find it profitable for running those operations in Japan but overall bitcoin in Japan remains incredibly popular. There is very proactive and positive thinking legislation for bitcoin and other cryptocurrencies in Japan. Also, we had a recent day where Yen surpassed the US dollar in trading volume for bitcoin. A very important thing to keep in mind is that the Tokyo Stock Exchange is the 3rd largest exchange in the world after the New York Stock Exchange and NASDAQ. If the 3rd largest stock exchange could bring up a bitcoin ETF, that could be massive considering how bitcoin crazy Japan is.

The Bitcoin ETF is just one giant thing which could happen. We also have confirmations about other very exciting things happening in Japan right now and how important the Japenese market is for the entire cryptocurrency economy. We do have two stablecoins which are either recently launched or in the process of being brought out. The first one is being launched by Mizuho Financial Group, they announced this in December that they are going to be issuing their own digital currency coming up in March. They are one of the largest financial institutions in the world with 60,000 employees and $1.6 trillion in assets under management. They also work with Japan post bank and sixty other regional banks across Japan.
We also have MUFG, which is the largest financial company in Japan and the world’s fifth-largest bank. They have $2.7 trillion in assets under management. The MUFG coin is again a Japenese Yen Stablecoin.

 

Japenese Financial Services Agency

The Japenese Financial Services Agency also reporting that currently, they have 190 companies who want to be registered as cryptocurrency operators. Although we don’t know who those 190 are we have had announcements from a few of them saying that they are in the process and working with the FSA to get that authority but we do know that a couple of the big ones are very big indeed. One of them is LINE Corp. LINE Corp is launching a cryptocurrency token called Link. This will be an in-app currency for one of the world’s biggest messaging and video apps. They have hundreds of millions of existing users in East Asia and in fact, it is the biggest messaging app in Japan. When Link gets launched and it does get adopted by the people on the platform it could easily become one of the biggest cryptocurrencies in a very short period of time.

The Japenese Financial Agency has recently released a new draft report outlining new cryptocurrency regulations covering everything from hacking, deemed dealers, privacy coins, margin trading etc. They are very serious about properly regulating the industry and having an open, transparent and clarified set of rules for people to play by.

 

What do you think about the future of Bitcoin and Bitcoin ETF in Japan? Tell us your thoughts in the comments section below.

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Cryptocurrency Price Analysis: Great Week for the top 10

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The current week has proved to be quite amazing for the cryptocurrency market as all major coins are holding green. The total cryptocurrency market rose by around $1.5 billion yesterday night with the price of bitcoin reaching $4100.

 

Bitcoin:

BTCUSD Price Chart

BTC/USD Weekly Price Chart

Bitcoin broke the $4000 resistance level on 17th March and has been over this range since then. Bitcoin has turned the previous resistance into strong support now and has moved upwards slowly currently trading around $4120 (according to Bitfinex chart) with around 1% increase in the last 24 hours. If bitcoin is able to maintain its position above $4100 range for long, it might soon move ahead towards the major long term resistances such as $4500 and $4600.

 

Altcoins:

ETHUSD Weekly Chart

ETH/USD Weekly Chart

Ethereum also saw a nice bullish momentum this week after reaching the highest point of $143. Currently, Ethereum is trading nicely around $140 and is experiencing a few dips while trying to move upwards.

Unlike other top 10 coins, Ripple market is experiencing volatility from the last week but the momentum is still quite bullish.

LTCUSD Weekly Chart

LTCUSD Weekly Chart

Litecoin has been following trends and is steadily trading around $60 from the start of the week. Litecoin has increased more than 1.67% in the last 24 hours which makes it the best performing crypto of the day (in comparison with the top 10 cryptos according to market capitalization). LTC is currently trading around $61 (according to Bitfinex chart).

 

The overall cryptocurrency market is in a bullish momentum with sings of further gains. After a long bearish trend, cryptocurrency analysts are now believing that the bull market might be coming soon.

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Tom Lee: Bitcoin Bull Market Coming Soon

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Tom Lee, the co-founder of Fundstrat Global has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months.

Tom Lee, the co-founder of Fundstrat Global also known as the bitcoin bull has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months. Lee predicted this during an interview with the CNBC. According to Lee, the 200 daily moving average is the number to keep in mind. If bitcoin is able to stay above $4000 till August this year, it will cross the 200 daily moving average and thus technically the overall chart would start to look bullish.

During the interview, he also mentioned that the future of bitcoin and other cryptocurrencies lies on the fact of whether it becomes an asset class and bitcoin is still in the early days of becoming one. Although Tom Lee has been quite bullish about the price of bitcoin, Fundstrat had recently posted a warning that the cryptocurrency market might crash to a new bottom before actually starting a bull run.

 

Tom Lee on JP Morgan Coin:

In the interview, Lee also expressed his concerns regarding the recently launched JP Morgan Coin which is a stablecoin launched by the banking giant JP Morgan Chase. He said that things such as the JP Morgan Coin and Facebook Coin create use cases for cryptocurrencies and according to him, the JPM Coin is surely not a competitor to bitcoin as it is a stablecoin in nature.

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Alert: Bitcoin Breaks Record, Highest Hash Rate Since November 2018.

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The hash rate of bitcoin which is the power that secures the bitcoin network has recorded the highest level yesterday (19th March) since last year November.  The Bitcoin hash rate passed over fifty-two quintillion hash per second in accordance with the data feed on Blockchain.com.

 

Bitcoin Hash Rate:

Bitcoin hash rate is the computation of the performance of bitcoin miners. In simpler terms, as the hash rate goes higher, the bitcoin network becomes more secure. It becomes more difficult to attack the bitcoin network as an attacker would need increased resources in order to attack the network. The increasing hash rate also depicts the increase in the number of bitcoin miners. As the BTC mining difficulty level is quite stable now, more and more miners are joining the bitcoin network. Although, the increasing hash rate would eventually result in an increase in the overall difficulty level.

bitcoin hash rate 19th march

Bitcoin hash rate 19th March 2019

 

The bitcoin network security is at its peak since November last year. The highest hash rate ever recorded has been around 62 quintillion hash per second in August last year. Looking at the current chart, it depicts that the hash rate might even cross this level in the coming time.

 

The increased hash rate also builds up confidence in the minds of the miners as it shows the overall security of the bitcoin network and thus predicting a secure future of the investment of the miners. Thus, overall, more and more miners are now joining the bitcoin mining network after a subsequent decrease last year which led to a lot of miners moving out of the mining business. Bitcoin price analysts believe that the hash rate of the network follows the price of bitcoin as it helps them in speculating the future price of BTC.

 

During last year’s bear market, the hash rate also fell drastically which led to a lot of miners shutting down and the mining equipment were being sold at waste prices. Now as the hash rate is rising, miners are again turning on their mining rigs and moving back to business. It is also worth examining that the current hash rate of the network is even more than the recorded hash rate in December 2017 when the price of BTC went up to $20,000.

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