Posted on

1 AM UTC Is the Most Volatile Hour for Bitcoin: Research

1 AM UTC was the hour of greatest volatility for Bitcoin’s price from 2017 to 2019, crypto analytics firm LongHash found.

Researchers at crypto analytics firm LongHash have found 1 AM UTC to be the hour of greatest volatility for Bitcoin (BTC) over the past two years.

1 AM UTC had more daily highs and lows than any other hour of the day over a period from 2017 to 2019, according to research released by LongHash on July 17.

LongHash’s research is based on crypto price archives from major American crypto exchange and wallet service Coinbase.

The Hong Kong-based firm collected data from Crypto Data Download about Coinbase prices over the period from July 6, 2017 to July 2, 2019 and analyzed hourly high and low prices for each hour of each day. LongHash then compared each hour to the other 23 hours of each day, the company noted.

As LongHash found, 1 AM UTC saw the most activity on crypto markets followed by midnight over the analyzed period, which is purportedly caused by crossing trading hours in Asia and North America.

These hours are one of the times of day when Western and Asian traders are most likely to be active simultaneously, LongHash suggested, adding that 1 AM UTC is the beginning of the workday in Asia and the beginning of the evening in North America. As Asia’s traders are reacting to the news of the day in the morning, North American traders are still awake to respond to that reaction, the firm wrote.

Meanwhile, Bitcoin’s reclaimed its $10,000 support earlier today after the coin had dropped below the mark on July 16.

Posted on

Report: Global Blockchain in Healthcare to Reach $1.7 billion by 2026

Consulting services firm Acumen Research and Consulting has forecast that the global blockchain in healthcare market will reach over $1.7 billion by 2026.

The volume of blockchain in healthcare market worldwide is forecast to reach more than $1.7 billion by 2026.

In a press release published on July 16, consulting services to information technologies firm Acumen Research and Consulting (ARC) has projected that the global blockchain in healthcare market on the global scale will reach over $1.7 billion by 2026, with a compound annual growth rate of 48.1%.

Based on geography, America purportedly dominates with the largest share in the global blockchain in healthcare market, wherein the United States is a mature market that hosts the greater adoption of smart technology in manufacturing and healthcare.

Europe is ranked second after the U.S. by virtue of strong government support and large healthcare spending. Among the major drivers of blockchain growth in the European healthcare market, ARC points out increasing expenditure on technology and the presence of multinational companies. “However, lack of security is the major factor restraining the growth of the blockchain in healthcare market in Europe,” the release further notes.

ARC names Asia Pacific as the region with the fastest growth rate in terms of blockchain deployment in healthcare thanks to the fastest growing economy and associated opportunities. In the region, Japan ostensibly has a mature market, large population, and highly skilled labor, setting it up to become an important blockchain in healthcare market.

As reported earlier in July, research and consulting firm Allied Market Research forecast that the global blockchain supply chain market will reach over $9 billion by 2025. Among key driving factors, AMR named the sector’s demand for transparency. Improved security of supply chain transactions blockchain could purportedly ensure.

Posted on

Blockchain-Based Used Car Data Marketplace to Launch in Singapore

Car site sgCarMart.com and decentralized data protocol Ocean Protocol are launching the blockchain-based “Know-Your-Vehicle” data marketplace in Singapore.

Singapore-based online car marketplace sgCarMart and decentralized data exchange protocol Ocean Protocol are launching a blockchain-powered “Know-Your-Vehicle” data marketplace. The development was announced in a press release on July 5.

The so called Know-Your-Vehicle used car data marketplace will purportedly provide a secure way of sharing and accessing of information about used cars in Singapore, where almost 9,000 cars reportedly changed ownership per month in 2018.

The product is set to provide customers with the capability of tracking data origin on a vehicle and then trace its history. Subsequently, the parties are looking to use this data in helping other industries and the government to improve products and services. Daryl Arnold, founder of Ocean Protocol, said:

“Ocean Protocol provides companies with a platform to share and monetize data in a secure, traceable, and privacy-preserving manner. It allows data owners to retain control of data access and offers an incentive mechanism for companies to deploy, to collect quality data from their stakeholders.”

Back in October 2018, Ocean Protocol took part in the MOBI Grand Challenge tournament hat intends to develop “the first viable” blockchain-powered network of vehicles and system to coordinate machines, provide data sharing, and improve the level of mobility in urban conditions.

The winners of the first challenge were set to win $350,000 worth of awards in a number of categories, including $100,000 worth of tokens from Ocean Protocol.

Blockchain technology has seen widespread integration into the transport sector to address various needs. In May, the government transportation department in the city of Austin, Texas partnered with nonprofit Iota Foundation to develop a more interoperable transportation ecosystem. One of the visions of a system was where every transit system can interact with the same payment app and a single digital identity.

That same month, major automobile manufacturers Honda and General Motors were jointly conducting research on electric vehicles and smart grid interoperability using blockchain to investigate whether electric vehicles can be used to stabilize the supply of energy in smart grids.

Posted on

Blockchain Hits Top 10 Future Skills in LinkedIn Asia Pacific Report

The social network also identified compliance and AI in being highly useful skills in the coming years for the sector.

Blockchain is one of the top ten most important employee skills in the Asia Pacific region, a new report from professional social network LinkedIn confirmed in June.

A regular feature on the network, the 2019 APAC version of “The Future of Skills” lists blockchain among the most sought-after abilities workers will need in the coming years.

Specifically, “setting up and managing a distributed and decentralised public ledger” will be a useful skill, while other areas making the top ten include compliance and artificial intelligence (AI).

Both areas are closely tied to the blockchain sphere, with the disruptive technology producing a need to inform regulator attitudes.

“Rising skills can be used to forecast where industries are going,” LinkenIn commented about the findings. The report added:

“Examining what rising skills certain industries are hiring for shows what changes they are anticipating.”

As Cointelegraph reported, both blockchain and blockchain industry businesses frequently make other LinkedIn rundowns, such as desirable businesses to work for. In April, United States cryptocurrency exchange Coinbase was the sole crypto company in the local “Top Companies 2019” shortlist.

Within APAC, blockchain appeared particularly high on the list in jurisdictions such as Singapore, Hong Kong and South Korea. In all three, businesses have flocked to develop applications while governments also express a strong desire to implement the technology formally.

Singapore, for instance, is undertaking a state-wide initiative, Project Ubin, which should bring blockchain-facilitated services to the mainstream beginning in 2020.

Posted on

Ex-Bitmain CEO Jihan Wu Set to Launch Crypto OTC Platform Next Month: Report

Speculation remains over whether Jihan Wu will serve as chairman or CEO of Matrix, the upcoming crypto services startup.

Ex-Bitmain CEO Jihan Wu could launch his newest venture next month, according to a report by The Block on June 5.

One unnamed source told the website that the crypto services startup, called Matrix, “will be the biggest over-the-counter (OTC) desk and asset manager overnight.”

Matrix’s OTC offering is likely to be boosted by its close ties to bitcoin (BTC) mining company, Bitmain. The new business will reportedly offer custody and lending services to the Beijing-based giant, receiving a liquid pool in return.

Another of the four unnamed sources told The Block that such high levels of liquidity could result in lower crypto prices, giving Matrix a competitive advantage in Asia.

The Block notes that speculation remains over whether Wu will serve as chairman or CEO of the new company — as well as over whether Matrix would be allowed to operate in China, which has a history of clamping down on the cryptocurrency industry and crypto trading.

Last November, Wu was reportedly demoted from being a “director” at Bitmain to a “supervisor.”

Bitmain is one of the biggest players in the cryptocurrency industry due to its huge mining capabilities, and Wu continues to hold a 20.5% stake in the business.

Posted on

Kenetic Co-Founder: Bitcoin to Trade at $30,000 by Late 2019, Regardless of Bitcoin ETF

A senior executive at blockchain investment firm Kenetic said that bitcoin will hit new highs in 2019 due to growing institutional interest.

The co-founder at Hong Kong-based blockchain investment firm Kenetic has predicted that bitcoin (BTC) will rally as high as $30,000 by the end of 2019.

Kenetic Capital’s Jehan Chu provided his stance on major issues around bitcoin in an interview with “Bloomberg Markets: Asia” published on May 28.

According to Chu, bitcoin will continue its bullish direction along with the rest of crypto market in 2019 due to three main factors, including the drive of mass adoption by global giants such as Facebook, JPMorgan, Rakuten and Fidelity, who have recently turned their interest towards crypto.

Chu added that his bullish prediction is also based on the suggestion that the crypto industry could become a “better tech story” that is sought by global investors after what he calls the disappointments around the Uber and Lyft IPOs.

Finally, the expert pointed out the upcoming bitcoin halving, a process of dividing the number of generated rewards per block in order to maintain the total supply of bitcoin, which he notes has previously pushed prices upwards in double digits percentages.

Chu concluded:

“A combination of these three factors, I think, will really see us getting from where we are now to $30,000.”

In the interview, Chu also delivered his stance on one of the most anticipated events in crypto industry — an approval of the first bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC).

Chu stated that he is not waiting with “bated breath” on an ETF to be listed anytime soon, arguing that the major attraction and volume that will take place from global giants will disrupt the field, “regardless of whether an ETF comes tomorrow or in ten years.”

On May 20, Dave Nadig, managing director of а leading authority on ETFs, stated that the SEC is “still in information-gathering mode” regarding a bitcoin ETF.

Recently, Blockchain Capital partner Spencer Bogart forecasted that Facebook’s upcoming crypto project could lead the global crypto audience to double or triple.

Posted on

Central Bank of Laos Issues Warning Against Using Cryptocurrency

The central bank of Laos has warned the public against the use, purchase or sale of digital currencies.

The central bank of Laos has warned the public against the use, purchase or sale of digital currencies, local news outlet Vientiane Times reported on May 21.

The Bank of the Lao PDR has issued a warning to financial market participants and the public against cryptocurrency transactions as they are considered illegal in the country. The bank previously banned financial institutions from conducting any operations with cryptocurrencies, as well as making investments in such an asset.

The bank is purportedly concerned about the anonymity of the sender and receiver in a cryptocurrency transaction, which it worries increases the risk of digital assets’ use in money laundering. A source familiar with the matter told Vientiane Times that authorities do not have a relevant security system to protect cryptocurrency owners.

While some countries like, Canada, Malta and Switzerland have embraced the new asset class to varying degrees, officials around the globe are still expressing skepticism toward crypto, while some hardliners call for outright bans.

In the United States, where the legal status of crypto can vary state-to-state, California Congressman Brad Sherman recently called for a full ban on cryptocurrencies. Sherman claimed that crypto presents a threat to the power of the U.S. dollar to affect world economic developments.

In April, Cointelegraph reported that the Indian government was considering a complete ban of cryptocurrencies under the Prevention of Money Laundering Act since it could purportedly be used for money laundering. The Ministry of Corporate Affairs reportedly stated that cryptocurrencies are used in fraudulent schemes to “defraud gullible investors”.

That same month, news broke that Pakistan — which banned cryptocurrency trading last April — is implementing new cryptocurrency regulations in an effort to improve its track record in fighting financial crime. The move was reportedly in part a reaction to demands from international monitoring body the Finance Action Task Force, which has repeatedly voiced concerns about cryptocurrencies’ role in terrorist financing.

Posted on

Exec Warns $9 Trln Trade Finance Industry Must Go Digital to Combat Fraud, Cites Blockchain

A top executive at one of Asia’s largest banks says trade finance needs to go digital because forged paper records have become too sophisticated.

A senior executive at one of Asia’s biggest banks has said the $9 trillion trade finance industry needs to be digitized in order to tackle fraud, according to a Bloomberg article published on May 5.

Ng Chuey Peng, managing director and head of global commodities finance at Singapore’s Oversea-Chinese Banking Corp Ltd. (OCBC), criticized the industry’s reliance on paper receipts, and warned forgeries have become so sophisticated that can be difficult to spot fake documents.

Paper records are regularly used for everything from invoices to establishing the ownership of goods, and without them, banks are often unable to lend money to finance trades. According to Ng, the colors and watermarks used to signify that a document is legitimate are now being copied precisely by counterfeiters.

There have been several examples where banks lost millions because of forged receipts for metal and nickel, affecting big names such as Standard Chartered, Citigroup and the Australia & New Zealand Banking Group.

Although OCBC is working on technology that reduces the need for paper records in commodities trade, Ng did not specify if it was blockchain-based. She separately added:

“Blockchain, Komgo, Forcefield, Vakt, one of these will have to work to change how trade is being done. It’s a matter of time. When, I can’t tell, but I think it has to go paperless.”

In March, it emerged that several international metals companies were backing a blockchain-based solution called “Forcefield” that would increase transparency, improve responsible sourcing and give traders secure ownership of their inventory.

Vakt is backed by major oil firms and aims to eliminate unnecessary paperwork in commodity trading, while Komgo has a similar offering for the energy industry and plans to diversify into agriculture and metals.

In April, Volkswagen became the latest major manufacturer to join an IBM-powered blockchain platform designed to ensure the cobalt used in lithium-ion batteries is responsibly sourced.

Posted on

Thai, Myanmar Central Bank Governors Endorse Blockchain Remittance Service

Veerathai Santiprabhob, the Central bank governor of Thailand, reportedly defined the Ethereum-based remittance system as an important step.

The governors of two central banks endorsed the Ethereum (ETH)-based remittance system developed by blockchain company Everex, the firm reported in a press release shared with Cointelegraph today, April 5. The service is set up to send payments between Thailand and Myanmar.

The system was reportedly presented by the startup, along with its partners, state-owned Krungthai Bank of Thailand and Shwe Bank of Myanmar, at the Association of Southeast Asian Nations (ASEAN) central bank governors and finance ministers meeting on April 4.

The Everex press release cites Veerathai Santiprabhob, the governor of Thailand’s Central Bank, as commenting on the project:

“This project is an important step forward for the more than 3 million workers in Thailand who might have so far used not secured channels.”

The governor of the central bank of Myanmar, U Kyaw Kyaw Maung, also made a statement about the initiative during the meeting, quoted in the press release as saying:

“Both countries share a common culture and traditions. Those bring countries and people together the same way as Krungthai and Shwe bank cross border remittance money transfer service. Transactions will be faster and more secure.”

The release also notes that the company received a letter of approval from the Bank of Thailand, the country’s central bank, to launch its service as requested by the involved parties. A tweet from Everex yesterday also includes a link to a press release from Thailand’s central bank that details the agenda for the ASEAN meeting and describes Everex’s product.

According Everex’s press release, on March 28, Krungthai Bank signed a Letter of Intent to introduce its cross-border money transfer service between Thailand and Myanmar. Per the release, over three million Myanmar migrant workers reside and work in Thailand and every month send part of their income to Myanmar.

Moreover, the service based on Everex’s system, dubbed “Krungthai Bank and Shwe Bank Remittance powered by Everex,” allows users to make money transfers via a smartphone at any time.

As Cointelegraph reported last week, India’s Federal Bank, a commercial private bank, has partnered with Ripple to use its network for cross-border remittances.

In the Middle East, the United Arab Emirates’ central bank and the Saudi Arabian Monetary Authority announced in January that they are developing their own interbank digital currency, which will be called “Aber.”

Posted on

Bloomberg: Bitcoin’s Recent Renaissance Could Be Linked to Algorithmic Trading

Algorithmic trading funds might have triggered the recent market recovery, Bloomberg reports.

The recent crypto market jump could be linked to algorithmic trading, Bloomberg writes on Wednesday, April 3.

Algorithmic trading — a method that uses automated software to detect trends and determine when trades should be made — has been on the rise in the last few months, according to Bloomberg. The industry has seen 17 new algo or quantitative funds launched since September, an amount that purportedly comprises 40 percent of crypto hedge funds started during this period.

While crypto funds in general lost around 72 percent due to the 2018 bear market, these algo funds reported on gains of between 3 percent and 10 percent per month during the so-dubbed crypto winter.

Bloomberg states that Bitcoin’s (BTC) unexpected 20 percent surge price on Tuesday, April 2, shortly after the Asian markets opened, might have been provoked by a $100 million trade made on three major exchanges.

As experts told Reuters, a 20,000 BTC order (around $100 million at press time) was spread across United States-based crypto exchanges Coinbase and Kraken, as well as Luxembourg’s Bitstamp. Triggered by the giant order, the bots could then start trading, forcing the prices and volumes to rise.

Some entrepreneurs quoted by Bloomberg think that algo trading will have a positive impact on the crypto industry. Wei Zhou, CFO of Malta-based crypto exchange Binance, says that they are going to be the new rock stars of the industry.

Meanwhile, others fear that algo trading can trigger market manipulation. Travis Kling, founder of the Los Angeles-based crypto hedge fund Ikigai, told Bloomberg that some of them could use fake orders to trick other traders.

Bloomberg has issued a series of articles and TV spots citing the possible reasons behind the visible market uprising. For instance, Bloomberg author Eric Lam recalled an April Fool’s Day story that claimed that the U.S. Securities and Exchange Commission had finally approved a Bitcoin ETF as possibly affecting the crypto markets.

Another reason cited by Bloomberg is the upcoming question of Brexit, as some believe that investors are changing pounds to BTC in the wake of Britain’s divorce with the EU.