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South Korean Lawyers Seek Cryptocurrency Laws

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South Korean lawyers have sought the legal framework from the government so that it would support digital coins and also protect investors interests.

Though the governments across the world are yet to come out with concrete regulations on cryptocurrencies, the pressure is being built on the establishment slowly and steadily. This is also quite evident when South Korean lawyers have sought the legal framework from the government so that it would support not only the distributed ledger technology-based (DLT) digital coins but also protect investors’ interests. Currently, there is no clarity from the government side though they are not ready to ignore the emerging sector altogether.

 

Public Campaign

It is not a frequent practice that the Korean Lawyers Bar Association seeks government intervention in creating specific laws for a particular technology or business interest groups. Therefore, their latest call is a rare phenomenon and a public campaign for cryptocurrency segment, which is gaining traction across the globe. Significantly, the country is known for its high-tech innovation and is regarded as home to digital coin exchanges like Bithumb and Coinbit. However, the establishment is facing the wrath from its own experts for ignoring the DLT.

It is not just South Korea but every other country in the world is cautious about the digital currency segment though there has been enough support for blockchain technology. The DLT is hailed as the most disruptive one in a decade, i.e., after the launch of iPhone ten years ago. Interestingly, the emerging technology is not only used in virtual assets but also in other areas like supply chain management. In short, the technology is enabling decentralized environment relative to the centralized nature.

 

Negative Perceptions

The call given by the South Korean lawyers assume significance since the bar association president, Kim Hyun, said that the government should do away from any negative perceptions on the cryptocurrencies. He also urged the government to remove the hesitation and wanted the establishment to come out with bills that should support the creation of the blockchain industry. At the same time, he has urged to take preventive steps for any side effects concerning the virtual assets.

On its part, the government indicated that it would take a decision on any regulation about DLT only after a complete study of the emerging sector. The establishment disclosed that both government and financial regulators are currently engaged in studying the blockchain technology, and they will analyze the pros and cons of encouraging the sector. The government wants the study to be completed before coming out with its course of action.

 

Protect From Fraud

The feature of the DLT is that it should record transactions of cryptocurrencies in such a way that protects deposits from any fraud. However, there are several incidents of hacking in the current year alone wherein more than $1 billion worth of virtual assets were stolen by cybercriminals. Since bitcoin enjoys the highest price, it is preferred by hackers too.

Currently, there is lack of clarity on the treatment of cryptocurrencies. For instance, the United States’ Securities and Exchange Commission (SEC) believe that most of the virtual assets fall under the category of securities. Similarly, though Japan is encouraging the emerging technology, it is also tightening its screws after witnessing more than $0.5 billion stolen from a cryptocurrency exchange.

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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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