Inside Cryptocurrency - August 12th, 2019

Inside Cryptocurrency (Aug 12th, 2019)

PBoC crypto asset is "ready" / Goldman Sachs bullish on Bitcoin / Ether to hit $1,000 again

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Market Watch: Bitcoin remains within the $11,000 range, and has taken a step back from its Friday high of $11,700. Out of the top five, it's the only one in the red during trading Monday morning.

  • Bitcoin: $11,373 (⬇️ 0.26%) // $203.2 billion market cap.
  • Ethereum: $211 (⬆️ 0.18%) // $22.7 billion market cap.
  • XRP: $0.301 (⬆️ 0.43%) // $12.9 billion market cap.
  • Bitcoin Cash: $330 (⬆️ 2.50%) // $5.9 billion market cap.
  • Top 100 Winner: bitUSD: $25.58 (⬆️ 88.12%) // $92 million market cap.
  • Top 100 Loser: Egretia: $0.047 (⬇️ 8.37%) // $201 million market cap.

Prices are as of 11:40 a.m. EDT.

1. The People's Bank of China (PBoC) is reportedly "ready" to launch its cryptocurrency. In an announcement, it states that research into the country's central bank digital currency has been ongoing for five years. Now, though, after some minor changes, the coin is "said to be ready." The timing of this follows on from Facebook's intention to release its Libra stablecoin in 2020. However, the social media platform has faced criticism from global regulators who are concerned about users' data protection. –SHANGHAI SECURITY NEWS

2. Coinbase is removing support for Zcash for its U.K. customers. In an email sent out on Friday, the platform stated that from August 26, customers in the U.K. will no longer have the option of holding the privacy cryptocurrency. Customers will have to either convert their funds into any other crypto on Coinbase or send it to a hardware wallet or another exchange. If funds aren't moved by the deadline, the platform will "automatically liquidate" customers' money into their GBP wallets before removing the Zcash wallet from their Coinbase account. The company hasn't given any reason yet for the delisting of Zcash. –THE BLOCK

3. Now is a good time to buy Bitcoin, according to an analyst's note from investment bank Goldman Sachs. According to a tweet, the bank considers a short-term target for the number one crypto asset at $13,971 and that investors should consider purchasing any dips on the digital coin. The price target is based on the Elliott Wave Theory, which looks at market trends by noting investor movements, as well as price highs and lows. It added that Bitcoin would find support at $11,094, suggesting the first of a five wave count, and that it could move higher to $12,916 and then $13,971. Any retracement from the two latter figures present a buying opportunity, the note states. –COIN DESK

4. The price of Ether is likely to trade above $1,000 again, according to a Twitter survey. Conducted by Nik Patel, author of An Altcoin Trader’s Handbook, 54 percent of those who took part think it will revisit $1,000. However, of the more than 5,400 respondents, 34 percent don't think it will. Ether reached a high of $1,400 during the crypto bull run at the beginning of 2018; yet, at the moment it trades at $212, according to CoinMarketCap. –COINTELEGRAPH

5. Nigel Green, CEO and founder of deVere Group, an independent financial consultancy, thinks that Bitcoin could hit $15,000 "within weeks." He is the latest figure to point to a falling Chinese renminbi against the U.S. dollar as the reason why Bitcoin is steadily being seen as a safe haven asset. Crypto bull Mike Novogratz is another who believes trade tensions between China and the U.S. could give the Bitcoin rally "real legs." –COIN RIVET

6. New Zealand's Inland Revenue Department (IRD) has published a bulletin stating that it's legal for companies to pay their employees in Bitcoin and other cryptocurrencies. However, one of the caveats is that the main function of the coin must be as a replacement for fiat, thus preventing companies from paying their employees in lesser-known altcoins. –THE NEXT WEB

7. Crypto mining hardware manufacturer Bitmain has accused a project of falsely using its name in a product known as Bitmain Cloud Miner and in the promotion of Mangocoin. In a blog posted on Friday, the manufacturer stated that it is not connected with the Bitmain Cloud Miner or Mangocoin and neither have been developed by Bitmain. –BITMAIN

8. The Zscaler ThreatLabZ team have uncovered the sale of a new Trojan being sold on the dark web enabling hackers to steal a person's bank details, cryptocurrency wallets, and online gaming credentials. Known as Saefko and written in .NET, the Trojan has been labeled a new threat to the space due to the variety of tools it offers potential hackers to unsuspecting victims. –ZDNET

9. New York-based bank Quontic is reportedly opening its doors to the crypto sector. Several weeks ago, the bank opened a checking account with a Bitcoin ATM company and is believed to be in talks with another crypto firm to open accounts with them. The bank is hoping that by taking action now, it will be one step ahead of others when regulations become clearer in the U.S. –FINANCE MAGNATES

10. Mexico’s Federal District Government Transport and Highway Secretary is integrating with the MexiCar platform to secure, store, and track vehicle ownership and registration on the blockchain. The platform is being developed by DeepCloudAI and hopes to enable users to secure their vehicle registration through digital documentation with government agencies, insurance companies, and law enforcement. –ENTERPRISE TIMES

This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. Connect with her on Twitter.

Editor: David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology).

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