Crypto Market Insights: CoinGecko Publishes Its Quarterly Report For Q2 2019

Crypto Market Insights: CoinGecko Publishes Its Quarterly Report For Q2 2019

                                    Crypto Market Insights: CoinGecko Publishes Its Quarterly Report for Q2 2019

CoinGecko, a leading cryptocurrency aggregator,

has published its 2019 Q2 Cryptocurrency Report. The 46-page report gives a comprehensive overview of the state of the crypto assets market and key events that took place in the second quarter of this year. Commenting on the report, Bobby Ong,

co-founder of CoinGecko reiterated that:

“Crypto summer is undeniably upon us as we see the industry enter the mainstream consciousness again, in part due to Facebook’s recent announcement of Libra. The release of the CoinGecko Trust Score during Consensus New York has been met with a positive response which emboldens our resolve to power our users with richer data to make better-informed decisions.”

The Second Quarter of 2019 saw a massive 125 percent increase in the overall crypto market capitalization as crypto winter gave way to the bullish summer. Notably, king bitcoin led the gainers’ table with 165 percent from $4,103 to $10,888, with a market dominance of 66 percent at press time.

Crypto Exchanges

The crypto trading platforms and exchanges have also grown significantly. A total of 302 were added in the last 18 months throughout CoinGecko’s 5-year history. Hackers have also improved their game, with top exchanges like Binance also getting hit by the rogue actors. Due to an increase in demand for more secure trading venues, decentralized exchanges (DEX) have started gaining significant traction.

CoinGecko’s Trust Score Explained

The Trust Score algorithm was built to present CoinGecko users with normalized, accurate trading volume data based on exchange traffic statistics from Similar Web and in-depth order book data. CoinGecko’s Trust Score currently comprises of two divisions: Normalized Volume and Trading Tickers.

(1) Normalized Volume according to their Web Traffic statistics via Similar Web.

(2) Trading Tickers takes into account order book spread, depth and more to determine their liquidity.

Lightning Network Gaining Adoption:

The report also talks about the development of the Lightning Network, Bitcoin’s layer-2 scaling solution. The Lightning Network’s overall capacity grew by 87 percent to over 1,100 BTC, while its node count doubled to 4,576 nodes at the end of Q2 2019.

About CoinGecko

CoinGecko’s primary objective is to provide a 360-degree overview of the crypto markets, providing users with the right information they need to succeed in the super volatile world of cryptocurrencies.

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News Desk

Crypto News at its finest from the fintech experts at ZyCrypto. Reach Out Via: News.Desk

Canadian Startup Partners with Authorities to Launch Tax Payments in Bitcoin

Canadian Startup Partners with Authorities to Launch Tax Payments in Bitcoin

According to a press release dated July 15, 2019, the city of Richmond Hill, Canada,

is rolling out a project that allows residents to pay property taxes with bitcoin (BTC) through crypto startup, Coinberry.

Pay Property Tax with Bitcoin

Canadian digital currency platform, Coinberry, has opened negotiations with the city of Richmond Hill to provide crypto payment solutions for the municipality. The City of Richmond Hill is located in the outskirts of Toronto and is home to more than 200,000 residents. The Council, which took place on July 10, 2019, was willing to innovate with digital currency and has voted in favor of entering into an agreement with Coinberry to provide residents and business the option to pay property taxes in Bitcoin.

The city of Richmond Hill is, therefore, becoming the second Canadian municipality to allow citizens to pay their taxes in cryptocurrency. Indeed, in March, Innisfil, a town in Ontario, allowed residents to pay property tax in bitcoin through the service offered by Coinberry. Innisfil has 36,000 residents and was used as a pilot project to test whether the community was ready to embrace innovative digital cryptocurrency payments.

Coinberry is a Toronto-based, FINTRAC-registered, financial technology solutions provider focused on blockchain and digital currency solutions. It is the first and only Canadian cryptocurrency platform to have secured partnerships with local municipalities, making it one of the leading companies in Canada.  A similar project was launched in the American state of Ohio back in 2018. That initiative allowed businesses to pay their taxes directly in BTC. The crypto-friendly move in Ohio has largely been attributed to the state’s treasurer, Josh Mandel.

According to the WSJ reports, Mandel is looking to “plant a flag” for Ohio as a leader in cryptocurrency adoption. He stated that he “sees [bitcoin] as a legitimate form of currency.” Following the launch, on January 4, 2019, online retail giant Overstock announced that it would pay a part of its Ohio state business tax in bitcoin. Governments and local municipalities are increasing their awareness of cryptocurrencies and projects like these may trigger other councils to consider the roll-out of crypto payments as a settlement method in the future.

Article Produced By
Edoardo Vecchio


Billionaire Looks for the Next-best Currency Gives Bitcoin Hope

Billionaire Looks for "the Next-best Currency", Gives Bitcoin Hope


Ray Dalio, American billionaire investor, Co-Chief Investment Officer

and Co-Chairman of Bridgewater Associates, a global investment firm, published a report, where he criticizes the current fiat money system but does not mention Bitcoin. This made a number of people ask as to why that is. However, his earlier comments show that Dalio did not write off cryptocurrency completely.

The viral report, with overwhelmingly positive comments, says that approximately every 10 years, due to unsustainable factors, a new paradigm begins, where the markets operate opposite of how they did in the previous one. Dalio said that any single approach to investing will “experience a time when it performs so terribly that it can ruin you”, including cash, which is not risk-free and can be depreciated in value, as the central bank can print it. Moreover, he added that “It is also a good time to ask what will be the next-best currency or storehold of wealth to have when most reserve currency central bankers want to devalue their currencies in a fiat currency system.”

"I think <…> that those [investments] that will most likely do best will be those that do well when the value of money is being depreciated and domestic and international conflicts are significant, such as gold," Dalio said, while a major cryptocurrency investment company is encouraging to "drop gold". Not surprisingly, many in the cryptoverse shared this report showing it as another example why people need Bitcoin. Also, many asked Dalio about this most popular cryptocurrency. The reason why Dalio did not mention digital assets may lie in his previously expressed skepticism towards cryptocurrencies.

First, in 2017, he said that he is enthusiastic about blockchain, though “its characteristics right now are standing in the way of its potential”. Also, he stated that currency has two purposes: a medium of exchange and a storehold of wealth, while Bitcoin is “right now” neither of those two things effectively. It can be spent in limited number of cases, “which can also be threatened in terms of what the secrecy of those transactions are and things that are being done by governments to get beyond that secrecy.” And though there is “a lot of merit to it”, as a currency “you can’t have the volatility driven by speculation on it make it a storehold of wealth.” However, in more recent comments, the famous investor said that he hopes that

cryptocurrencies will solve these issues.

"What I would hope is that it could be very effective as a medium of exchange – wow, that would be a great thing if they made that very effective quickly so you’re using it – and that you can create enough stability in that price so that the uncertainty of the price movement doesn’t stand as an impediment to its usage as a currency or as a storehold of wealth," Dalio said in an interview this past April.

He also added that crypto is going through a speculative bubble, and that it’s “a speculative vehicle based on blockchain, which is a very impressive technology”, very similar to what the Internet was in 2000. He’s sold on blockchain, Dalio says, adding that there will also be digital tokens issued by central banks as well, but the question is “which cryptocurrency is going to be effective and what that will look like?” Bitcoin could end up being Blackberry (previously, an iconic smartphone brand), he says, with Ethereum replacing it, for example.

Article Produced By
Sead Fadilpaši?

Sead is a staff journalist at who covers cryptocurrency and blockchain news daily, writes analysis pieces, tests blockchain and cryptocurrency products. He's based in Sarajevo, Bosnia and Herzegovina. Prior to joining he was a freelance, also was a journalist for Al Jazeera web. He spends his free time in music studios, recording songs for movies and cinema. Loves to break gadgets so he could fix them, enjoys exploring new music and loves tasty and equally unhealthy food.

Are Altcoins Dead? Bitcoin BTC Gathers Momentum As Domaince Tops 70 Leaving 30 For Altcoins

Are Altcoins Dead? Bitcoin (BTC) Gathers Momentum As Domaince Tops 70% Leaving 30% For Altcoins


Again, Bitcoin BTC soars despite comments made by financial institutions

and government bodies. The price rose to $11,000 from $10,700 the previous night. Bitcoin and the cryptocurrency industry have been under attack from political figures and the government. The onslaught started the US president Donald Trump, who called bitcoin and the cryptocurrency market ‘substance less’. The chief of the Federal Reserve took the baton and criticized bitcoin, the crypto industry and facebook’s plan to launch its cryptocurrency. The most recent advocate for the ban on cryptocurrency was US treasury secretary Steven Mnuchin.


Bitcoin News Today – Bitcoin Price Prediction 2019 – Bitcoin’s Dominance Surges To 70%

Bitcoin news today learned that Steven Mnuchin believed that cryptocurrencies were a risk to national security and could be exploited to finance terrorism, drug trafficking, tax evasion, and cybercrimes. Steven Mnuchin also declared that he didn’t feel comfortable with facebook’s proposed move to cryptocurrency. Analysts, on the other hand, give a bitcoin price prediction in favor of a rise in the price of bitcoin BTC. Tom Robinson, the chief scientist in a blockchain forensics company called Elliptic said that the government’s stand against bitcoin and the cryptocurrency industry was bullish as the government’s stand only seemed to bolster bitcoin BTC. Tom Robinson stated that the government already had anti-money laundering laws in place.

Bitcoin latest update shows that Bitcoin rose by 8% in the last 24 hours from less than $10,000 to the $10,800 mark where it currently resides. The BTC briefly touch the $11,000 mark but couldn’t remain there for long. It has been trading comfortably at the $10,600 to $10,700 range. This rise in price for the number one cryptocurrency in the industry is a much-needed boost. This is because there has been a trend of dips across the major coins in the market. Having a strong and steady BTC is hoped would stabilize the other cryptocurrencies.

Bitcoin News Today – Bitcoin Price Prediction – Bitcoin Latest Update – Bitcoin’s Positive Resurgence Is Hope For The Cryptocurrency Market

Bitcoin price prediction made by crypto analysts shows a resistance level of $11,00 to $11,200. The supporting levels are $10,600 and $10,300. Bitcoin BTC market cap stands at $190 billion. It has over 17million BTC coin in circulation and ROI of 7,862.71%. The 24hr volume stands at over $22billion. Bitcoin MACD is bullish and the RSI is 60. Researchers and analysts point out from a bitcoin price analysis that a dominant BTC was the norm in the cryptocurrency market. Trader and crypto analysts Luke Martin showed the pattern of dominance by bitcoin throughout history. Bitcoin dominates up to 90 percent of the cryptocurrency market. He stated that it would be odd if that dominance fell to 50 percent or below, as Bitcoin BTC affects the other cryptocurrencies.

Bitcoin price forecast shows that the rise for bitcoin will remain bullish and it will continue to dominate the crypto market. An expected rise to $15,000 before the end of the year is predicted. This mark seems feasible even though there have been some rough patches in the climb to attain that goal. A bitcoin price prediction sees the value of BTC reaching $30,000 in the next two years.

Article Produced By
Ufuoma Ogono

Ufuoma is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

Senate hostile towards Libra Facebook suggests regulators must act or risk losing US dollar dominance to Bitcoin

Senate hostile towards Libra, Facebook suggests regulators must act or risk losing US dollar dominance to Bitcoin


The focus of the hearing between Facebook’s David Marcus and the Senate on the Libra cryptocurrency was trust

—or the lack thereof. Marcus, the head of Calibra, strongly suggested that if the U.S. doesn’t act quickly, Bitcoin could jeopardize the dollar’s dominance. Meanwhile, the Senate Committee was hostile towards the social media giant because of its history of ethical and regulatory violations. David Marcus, the head of Calibra, testified before the Senate Committee on Banking, Housing, and Urban Affairs this morning to clarify issues around Libra, the cryptocurrency Facebook revealed last month.

Libra is Facebook’s proposed stablecoin backed by a basket of low-yield assets. Calibra, a subsidiary of Facebook, is one of many wallet applications that will allegedly exist on the Libra network. The application, similar to Venmo or PayPal, will utilize the cryptocurrency to settle payments while offering consumers fraud protections and will serve as  the point of control for conducting know-your-customer and anti-money laundering checks on users. According to the Libra whitepaper and testimony from Marcus, Libra will eventually be lead by a non-profit association of over one hundred member companies based out of Geneva, Switzerland. Some current members include Mastercard, Visa, Coinbase, and Uber.

Facebook attempts to placate regulators

“We will take the time to get this right. We expect the review of Libra to be the most extensive ever. We are fully committed to working with regulators here and around the world. And let me be clear and unambiguous. Facebook will not offer the Libra digital currency until we have fully addressed regulators concerned and have received appropriate approvals,” said Marcus in his opening testimony.

The Facebook executive’s appearance before the Senate Committee comes after Libra attracted national scrutiny from several divisions of the United States government. The Federal Reserve Chairman, Jerome Powell, said Libra cannot go forward until Facebook addresses concerns around privacy, money laundering, and financial stability. The Secretary of Treasury Steven Mnuchin stated Facebook has a “lot of work to do” before convincing him to allow Libra to proceed. Even President Donald Trump tweeted “if Facebook wants to become a bank,” then they must be “subject to all banking regulations.”

“We strongly agree with both of them,” said Marcus, referring to the statements from Powell and Mnuchin. That said, and even though Marcus is careful in claiming that Libra will not proceed until it is approved by regulators, he makes a clear call to action. He suggests that if policymakers do not act quickly, Bitcoin or another cryptocurrency could threaten

the dominance of the dollar:

“I believe that if America doesn’t lead innovation in the digital currency and payments area, others will. If the country fails to act, we could soon see a [crypto]currency controlled by others whose values are dramatically different from ours.”

Senators respond with contempt

Yet, even with Marcus’s cautious remarks towards Libra’s approval, Senators from the Committee still responded with contempt because of the social media giant’s repeated ethical, privacy, and

regulatory violations.

“Facebook is dangerous. Facebook might not intend to be dangerous, but surely, they don’t respect the power of the technology they’re playing with,” said Sherrod Brown, an Ohio Democrat. “Like a toddler who has gotten its hands on a book of matches. Facebook has burned down the house over and over and has called every arson a learning experience.”

For the entirety of the hearing Marcus was under fire for the myriad of scandals connected to Facebook. Backlash from incidents such as Russian election meddling, to Cambridge Analytica, to the platform’s role in the genocide of Rohingya Muslims dominated the hearing. Making matters worse, this week the FTC approved a $5 billion fine on

Facebook for mishandling users’ data.

“I don’t trust Facebook, and it’s because of the repeated violations of user privacy and repeated deceit, and I am not alone,” stressed Arizona Republican Martha McSally. “The core issue here is trust.”

Nevertheless, Marcus iterated time and time again that the Libra multi-member association model, which currently includes over two dozen members, limits Facebook’s ability to influence the payment network. “Facebook is just one vote among many,” he told the Committee. The Senators were not convinced. Facebook’s market power, vast resources, 2.4 billion person user base, and founding role in Libra would make it trivial for the company to assume de facto control over the supposedly decentralized payment system. Libra is far from a lost cause, however. Many in the Committee were optimistic about the potential of blockchain and cryptocurrency. Although the senators were cautious about Libra, they were still willing to work with Facebook should the company be willing to

seriously address their concerns.

“To announce in advance that we have to strangle this baby in the crib is widely premature,” stated Pat Toomey, a Pennsylvania Republican.

Senators bullish on blockchain, skeptical of Bitcoin

Unlike other hearings, those on the Committee appeared relatively knowledgeable about the potential of distributed ledger technology.

As Senator Toomey continued:

“It’s widely premature to come to the conclusion that we have to act now to prevent what could be a very constructive innovation in financial services. I think there are tremendous potential benefits of blockchain technology and cryptocurrencies. It’s clear they could help us lower payment transaction costs, facilitate access to capital, provide pseudo-anonymity, and provide levels of security that other forms of currency have not.”

Senator Thom Tillis, a Florida Republican, added to the positive sentiment towards crypto, saying the United States should take a leading role in

setting cryptocurrency regulation:

“The United States can either follow some other jurisdiction in pursuing this or we can lead it. In the same way we have the gold standard for the banking system in the United States, we have the opportunity to set an international standard that will ultimately provide greater consumer protections for a lot of the other upstart equivalents.”

However, there is still enormous uncertainty around the securities classifications, tax treatment, and legal status of crypto in the United States—allowing places such as Malta and Switzerland to take the lead (at least for now) in blockchain regulation.

Stances towards Bitcoin were mixed.

“What’s different [between Libra] from things like Bitcoin, is the uncertainty around Bitcoin, the uncertainty in its value, the wild fluctuations, mean, in my view, that it’s not going to be put into widespread use,” said Chris Van Hollen, a Maryland Democrat.

Could the dollar lose its grip over the global economy?

Having the U.S. dollar as the world’s reserve currency gives the United States leverage over foreign economies by imposing “extremely effective” sanctions, said Arkansas Republican Tom Cotton. The United States government can “blacklist” countries and people from accessing the global financial system by leveraging the dominance of the dollar. Current targets of this financial exclusion include Iran, North Korea and Cuba, crippling these economies. In response to a question from New York Democrat Bob Memendez about blacklisting nation-states and bad actors, Marcus reminded him that the United States is at risk of

losing the leverage of the dollar (to BTC).

“I really want to stress the fact that if we don’t lead, others will. And, as a result the transactions that you highlighted and listed, will happen on a network where we [the U.S.] will have no jurisdiction and no reach and no ability to exert any control for national security purposes.”

For Libra, the wallet providers and other “on and off ramps” would be responsible for conducting KYC and AML compliance. Those using Calibra would be required to reveal their identity and provide photo identification separate from Facebook’s social media platform. The Libra association will also register with money transmission regulator FinCEN, said Marcus.

Still, the Committee was unconvinced these measures would be sufficient.

“Traditional cryptocurrencies are not the first choice of drug cartels, terrorists, and human traffickers, because cryptocurrencies are not easy to use,” argued Senator Kyrsten Sinema.“But Libra is not a cryptocurrency. It’s a digital currency that promises anonymity and ease of use, which raises concerns about its potential exploitation for illicit purposes. I have concern that drug cartels and traffickers may use Libra to finance operations along our southern border,” concluded the Arizona Democrat.

Nevada Democrat Catherine Cortez Masto added to Sinema’s concerns.

“This is a new day and age. When it comes to cash and carrying around a briefcase full of cash transnational criminals and terrorist activities don’t do that anymore. What you are creating right is an opportunity for them to continue engaging in money laundering and criminal activity.”

Marcus added, “we will respect the travel rule and perform the right checks, including OFAC checks. This is definitely true for the Calibra wallet.”

Act fast or be made obsolete

The final theme Calibra head David Marcus focused on was the United State’s precarious relationship with the dollar

and its payments infrastructure.

“Every time the chairman of the Federal Reserve has come before this committee, I asked them why the United States government is so far behind our European partners and many others in real time payments. The fact that we don’t have a system in this country that can clear real time payments is, today, costing millions of Americans billions of dollars,” said Van Hollen. “They should accelerate their efforts and get it done. I personally don’t think we should hand that over to the consortium of the biggest banks in the country.”

Marcus agreed with  this sentiment, asserting that if the U.S. doesn’t act, its position could be displaced by Bitcoin or another nation-state-backed cryptocurrency—

such as the one China is exploring on.

“If we don’t lead in this space others will. In the same way we will end up having two internets and two different infrastructures, we will have two different financial systems and two different financial networks.”

Although the Facebook executive does not mention Bitcoin by name during his testimony, the theme of “falling behind” was mentioned in more than four instances during the hearing. Several, like the one above,

had strong allusions to Bitcoin.

“One will be out of reach of the sanctions that are so effective at enforcing our foreign policy and preserving our national security. This is why I believe Libra is an alternative that consumers will have the ability to use with wallets that will de facto enforce the functions that are led by our national security apparatus and Treasury,” finished Marcus.

In other words, Marcus is reminding the Senate that if the U.S. government wishes to retain control over the money supply, and the global economy, that a solution like Libra is necessary.

As said in another instance:

“If we stay put we’re going to be in a situation where in 10-15 years where we’re going to really have half the world operate, on, by the way, a blockchain based technology [Bitcoin] that will be out of reach from our national security apparatus.”

Still, the Senate Committee was more concerned about the trustworthiness of Facebook over the threat that Bitcoin, or any other payment network, poses to the U.S. financial system. These concerns mean that Facebook is “definitely not moving fast” when it comes to Libra, as said by Marcus. It seems that the risk to the U.S. financial system outweighed by Facebook’s infamy, for the time being.

As Senator Brown effectively summarized:

“Why with all of your problems should we trust [Facebook] with something as important as a worldwide currency and the damage that can come from it.”

Article Produced By
Mitchell Moos

Mitchell Moos

Mitchell is a software enthusiast and entrepreneur. In addition to writing, he runs a non-profit that teaches people about the blockchain. In his spare time he loves playing chess or hiking.

Alleged Draft Of India’s Bitcoin Ban Leaked Online

Alleged Draft Of India’s Bitcoin Ban Leaked Online


The rumours of India proposing to ban cryptocurrency have been floating around

the space for a while now and they may have just been confirmed after the Indian blockchain lawyer Varun Sethi posted an alleged first draft of the proposed bill. The bill, called “Banning of Cryptocurrency and Regulation of Official Digital Currencies” proposes to ban or heavily restrict all cryptocurrency-related activity in the nation and a draft of the bill has apparently been leaked. 

Crypto Crosshairs

Whether this draft is real or not, it seems that India has crypto in its crosshairs for foreseeable future. According to a report from the Economic Times in April 2019 mentioned that the bill had already been examined by a committee of representatives from the Department of Economic Affairs, Central Board of Indirect Taxes and Central Board of Direct Taxes, as well as other regulatory entities. As reported by the recently revived CCN, “the committee held the view that there has already been an unnecessary delay in taking action against cryptocurrency. This bill if passed will make all crypto related activities including mining and trading illegal in the country, with offenders risking jail time of up to 10 years.”

A part of the report reads:

“No person shall mine, generate, hold sell deal in, issue, transfer, dispose of or use cryptocurrency in the territory of India.”

With already strict crypto regulations in place, this isn’t the first time that the government will be blamed for planning to rid crypto and digital assets completely. The only positive thing about the bill seems to be that the government is hoping to bring in its own stablecoin. The draft doesn’t ban the use of distributed ledger tech and blockchain either but only if it is used for educational purposes. If India does go ahead to ban cryptocurrencies it will be a big loss for the market. Unfortunately, there won’t be much that the community could do either. Hopefully, India’s government will turn down the bill but who knows what the future holds.

Article Produced By
Robert Johnson

Robert is a keen investor with a particular interest in cryptocurrencies. He has been involved in the industry for many years, and because of this, has gathered a lot of knowledge surrounding this area. He studied English at university level and has a passion for writing. He loves being able to combine his two mains interests on a daily basis.

Crypto Exchange Huobi Burns 14 Million Native Tokens Citing ‘Improved Market Conditions’

Crypto Exchange Huobi Burns 14 Million Native Tokens, Citing 'Improved Market Conditions'


Huobi, a leading Singapore-based cryptocurrency exchange,

recently conducted a quarterly burning event, which reduced the overall supply of the Huobi Token (HT), the trading platform’s native cryptoasset.

Significantly More Tokens Burned this Quarter Due to “Improved Market Conditions”

According to Huobi’s management, the digital asset exchange has removed 14,011,700 tokens from the total circulating supply of 310,318,300 Huobi Tokens. Notably, Huobi’s most recent burn event has destroyed tokens at a rate that is 116% higher than the previous quarter. Explaining how the company was able to afford burning considerably more tokens, Huobi’s representatives noted that crypto “market conditions” had improved and that the company’s revenue has increased as well.

Huobi Token’s Price May Stabilize After Burning Event

Huobi Token’s price may stabilize after the token burning event, as the process helps reduce inflation by effectively removing a considerable amount of the cryptocurrency’s supply from the digital asset market. After launching the Huobi Token in early 2018, Huobi’s management has been spending 20% of its revenue each quarter to buy back the tokens from the crypto market. Because its revenue is not consistent from quarter to quarter, the exchange operator does not destroy the same number of tokens during each (quarterly) burning event.

Eight Burning Events Conducted Since April

Due to a significant growth in sales and revenue in recent months, Huobi has been able to burn more tokens each quarter. In fact, the firm’s revenues directed toward its token burning event has increased by 232% quarter-over-quarter. Since mid-April 2019, the Huobi team has conducted eight different token burning events, and has destroyed a total of 21,356,800 HTs. Notably, this amount is considerably greater than the 6,474,800 HTs the exchange bought back during Q1 2019. Huobi’s repurchased tokens are deposited at an Ether (ETH) address that is visible (shared with) to everyone. The deposit address is referred to as the Huobi “Investor Protection Fund”, as it serves as the exchange’s reserve fund. Commenting on Huobi’s quarterly token burn process, Leon Li, the Founder and CEO of

Huobi Group remarked:

There are two big trends reflecting the size of this quarter’s buyback. The first is a rapidly strengthening market for digital assets and the other is the increasing popularity of our entire product line.

Huobi’s management also revealed that many new investors had joined Huobi Prime (the exchange’s token launch program) and Huobi FastTrack . Moreover, Huobi’s derivatives markets (DM) trading desk has recorded $504 billion in trading volume during the spring (March, April, May 2019).

“Last Time Destroying Tokens Using Traditional Buyback Method”

In the coming months, updates will be made to Huobi’s Finance Chain, a public, decentralized blockchain for conducting peer-to-peer (P2P) monetary transactions. In another blog post, the Huobi team noted that the most recent token burn event “will be the last time HT tokens will be destroyed using the traditional buyback method.” Huobi’s management is also planning to use the funds generated in the HT Tiered Fee deduction program, which will allow the company to directly burn the tokens.

Huobi May Conduct Monthly or Daily Token Burns

Approximately two-thirds of Huobi’s holdings (as a company) may also be used in future token burn events, and the remaining one-third of HTs may come from the open market. Currently, Huobi is considering the possibility of performing monthly of even daily token burns – instead of quarterly. The current supply of the ERC-20 compliant Huobi Token stands at 478,643,200. The HTs may serve as deposits for customers of the exchange’s over-the-counter (OTC) desk, or to obtain access to “premium coins” via Huobi Prime. Huobi exchange users may also cast votes using the HT tokens.

Article Produced By
Omar Faridi

I enjoy writing about all topics related to Bitcoin, Blockchain, and other cryptocurrencies. The topics that interest me most are crypto regulations, quantum resistant blockchains, Ethereum and Bitcoin Core development, and scams orchestrated under the guise of ICOs. My academic background includes an undergraduate degree in Computer Science, with a minor in Mathematics from the University of Nevada, Las Vegas. I also possess a Master of Science degree in Psychology from the University of Phoenix. While completing my coursework, I engaged in independent study programs focused on public-key cryptography and quantum computing. My professional work experience includes working as an application developer for the University of Houston, data storage specialist at Dell EMC, and as Teacher of Mathematics in the United States, China, Kuwait, and Pakistan.

Bakkt’s Futures Testing Will not Impact the Bitcoin Price

Bakkt’s Futures Testing Will not Impact the Bitcoin Price



Bitcoin futures contracts have made somewhat of an impact

on the world’s leading cryptocurrency’s price. That in itself is always interesting to keep an eye on, although it seems the mainstream couldn’t care much less about these trading vehicles. Bakkt is scheduled to “launch’ its own Bitcoin futures in the coming weeks, albeit it is important to acknowledge what is going exactly. 

A Beta Launch Happens on July 22

Contrary to what some people may assume, Bakkt will not roll out its actual Bitcoin futures to the masses in just over a week from today. Instead, the company will begin testing this product and the underlying infrastructure to see how things will evolve. This phase is referred to as “user acceptance testing”, which means not everyone will be able to access this testing environment. It is a “glorified” beta test of the products, and should be treated as such. 

Price Impact Will be Minimal

Although the beta testing of this Bitcoin futures trading vehicle could spark a massive BTC bull run, it seems incredibly unlikely that will be the case. The general consensus among traders and enthusiasts is how the beta launch – as well as the full launch, whenever it happens – is already factored into the current Bitcoin price. That is something to keep in mind at all times, primarily because the value of BTC has fluctuated quite a bit in recent weeks. Rest assured it has nothing to do with Bakkt or its upcoming user acceptance testing. 

When Will the Actual Launch Happen?

There is a lot of conflicting information in that regard, albeit it is safe to say no one knows for sure at this time. More specifically, Bakkt initially expected to launch its Bitcoin futures in late 2018, yet that deadline was pushed back significantly. After all, this is why the user acceptance testing phase will only begin in July of 2019, which seemingly indicates the actual product launch is still weeks, if not months, away. 

Even if the futures products launches in full, it remains to be seen who will be able to access these vehicles in the years to come. As regulators are closing down on any company providing exposure to cryptocurrencies, digital currencies, and tokenized assets, it will be interesting to see how Bakkt handles this particular aspect. By the time its futures launch in full, the US may have become an unsuitable area for Bitcoin products in general. based on how regulators are treating cryptocurrency right now, such a development seems more and more plausible every day. 

Can Bitcoin Futures Products Succeed?

Based on all of the Bitcoin futures products being released in the past two years, it seems very few people actively care about these products at this stage. While that negative attitude wasn’t entirely surprising during the crypto winter of 2018 and early 2019, it seems very little has changed ever since BTC surpassed $10,000 again in Q2 of 2019. 

As such, one has to wonder what the response to Bakkt’s products will be. As the company will also support the ICE Futures US launch of margined futures for Bitcoin, there is a chance things could get a lot more interesting once everything has gone live accordingly. At the same time, one also has to keep in mind these products might not make any meaningful impact either. An interesting future lies ahead either way, albeit it might not necessarily benefit Bakkt in the long run.

Article Produced By
JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers.

SimpleFX adds Monero and Ethereum Classic accounts

SimpleFX adds Monero and Ethereum Classic accounts


The award-winning global mobile-friendly trading platform

now offers accounts in 22 different currencies (including seven cryptocurrencies). SimpleFX has just released Monero and Ethereum Classic transfers. Just like other crypto accounts, they are available free of charge. Now SimpleFX traders can deposit and withdraw money using seven different cryptocurrencies: Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, and Monero.

Broker for the new generation of traders

SimpleFX was one of the first CFD brokers that offered cryptocurrency accounts and has been supporting cryptocurrency projects for years. SimpleFX

wrote in a statement,

“Our mission is to make the most of the cryptocurrency and blockchain opportunities. We believe in the community and want to give the users a broad choice of transfer services. This is the cryptocurrency spirit we have always believed in.”

The fast-growing broker with over 200,000 active traders worldwide aims at being the go-to app for the new generation of mobile-first traders. SimpleFX launched a completely new version of the WebTrader application and since then has introduced several groundbreaking features focusing on social trading, financial education and services for their affiliate marketing partners.

Profitable trades for everyone

SimpleFX demo accounts are fully functional and the live accounts can be funded with any amount as there are no minimum deposits. Thanks to easy and secure payments that can be performed in both fiat money and cryptocurrencies, everyone can access and benefit from trading with low spreads. SimpleFX offers an attractive 1:500 leverage, which opens profit opportunities to the less affluent traders. At the same time, easy stop-loss feature and negative balance protection make SimpleFX a secure tool for both experienced and novice traders.

The Best Trading App 2019

SimpleFX WebTrader won the competition for the best trading app during the Finance World Expo Summit 2019 that took place in Switzerland. The experts appreciated SimpleFX WebTrader for:

  • Great usability on mobile devices
  • Remarkable speed and reliability
  • Responding to the user needs with new features
  • The strong and growing community of users.

SimpleFX growth accelerated at the end of 2018 despite the downtrend in cryptocurrency markets thanks to the enthusiastic reception of the SimpleFX WebTrader 2.0 and the partnership with affiliate marketing software.

Article Produced By
Editorial Staff

Flamin’ Hot: Binance Just Burned 24 Million Worth of BNB Coins

Flamin’ Hot: Binance Just Burned $24 Million Worth of BNB Coins

The leadership at Binance continues to strive toward bringing value to their users. This week, the Malta-based cryptocurrency exchange completed its eighth quarterly token burn, wherein nearly 809,000 BNB tokens were burned, that sum being worth approximately $24 million USD at the time of the burn.


The company said this latest token burn was the first toward its new goal of burning 100 million BNB tokens:

“Starting with this burn, Binance will relinquish the BNB tokens allocated to the Binance team and contribute this BNB towards our commitment to burning a total of 100 million BNB. The Binance team tokens equate to 40% of the total BNB supply (80,000,000 BNB, currently worth about US$2,400,000,000).”

The idea? To use deflationary pressure to make BNB tokens worth more in the long run — e.g. not unlike how Kyber Network Crystals (KNC) are burned after every Kyber Network transaction. The large token burn comes after the exchange just had its best two-month stretch in its fledgling history. From May to June 2019, Binance facilitated around $125 billion — the largest reported transaction volume the platform has had in any period to date. Whether the company can maintain such prolific volume as it phases out American users from remains to be seen. But Binance US is coming, as well as new margin trading and futures services on In that context, the exchange brand has various ways it’s fighting to maintain its dominance in the cryptoeconomy.

Binance Just Unveiled Its New Margin Trading Service

This week, Binance 2.0 arrived. As part of that arrival, a new Margin Trading service was unfurled alongside the platform’s main exchange service. Both of these services have been underpinned by a new advanced trading engine that has been designed for “better order matching and press indexes for margin level calculations to enable lower liquidations,” the company said in a July 11th press release. As Binance chief operating officier and co-founder Changpeng Zhao explained

on the news:

“This is another step in providing an inclusive cryptocurrency trading platform catering to the needs of both advanced institutional traders and retail traders under the same roof. We are providing a new tool in the financial services and cryptocurrency markets to help amplify trading results of successful trades.”

With the new margin trading service activated, Binance users who have verified their identities will now be able to put up cryptocurrency collateral in a special wallet in order to make leveraged trades on the platform.

Binance: the One-Stop Crypto Shop

As part of the exchange’s bid to maintain its preeminent status in the cryptoeconomy, Binance announced earlier this month that it was also preparing to launch a cryptocurrency futures service, with futures being a mainstream financial instrument used to speculate on the prices of assets. Confirming the imminent status of a new futures interface, CEO Zhao confirmed at the Asia Blockchain Summit in Taiwan that cryptocurrency futures were all but ready to be greenlighted for

“Binance will be launching a futures platform very soon. I don’t have the exact date yet. The simulation test version will be live in a few weeks.”

Will Binance Join the Libra Foundation?

Representatives of the Gemini cryptocurrency exchange may join the Libra Association, exchange founders Cameron and Tyler Winklevoss noted earlier this week. And there’s been chatter that a representative for the Ethereum community should join the fledgling body. This month, the company’s chief strategy officer Gin Chao commented that the exchange had explored joining the Libra Association, though the matter was still up in the air. He said: “We’re definitely considering it. And so, we would like to throw our hat in the ring. Whether or not we will become one, we’ll see.”

Article Produced By
William M. Peaster

William M. Peaster is an editor and cryptocurrency writer. He is not a financial adviser. He enjoys covering both the promise and warts of the emerging cryptoeconomy.