Top Crypto News – 27/10/2017

Dubai Hosts Government-Backed Graduation of Ethereum Blockchain Developers

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Dubai hosted its first government-backed Blockchain developer training program in late October 2017 in partnership with Brooklyn-based Blockchain company and awarded certificates to the first batch of graduates of its inaugural program.

The course is being operated by the ConsenSys Academy, which is among the earliest programs around the world to offer a Blockchain curriculum due to the increasing demand for Blockchain developers worldwide.

According to Blockchain startup founder Joseph Lubin, it is both very rewarding and exciting to witness the awarding of the Ethereum Blockchain-based graduation certificates to the first batch of graduates.

“It is very rewarding to see the first cohort of Blockchain software engineers graduate and especially exciting to witness them awarded their Ethereum Blockchain-based graduation certificates. These EthCerts will be housed in each graduate’s personal uPort IDs.”

So far, the inaugural eight-week online course has attracted roughly 1,300 applicants from 96 countries and all of them were accepted. The course ended with a three-day in-person coding event in which the students work on real-world Ethereum Blockchain projects alongside the developers. The inaugural graduation ceremony saw 58 Blockchain developers from different countries graduate from the course.

The graduate’s graduation certificates were issued as ‘EthCerts’ on the public Ethereum Blockchain through the digital identity application (app), uPort. The ceremony was supported by Dubai’s smart-city government program, Smart Dubai. ConsenSys serves as Dubai’s official Blockchain advisor.

In his speech at the graduation ceremony, Smart Dubai director-general Dr. Aisha Bint Butti Bin Bishr said that ConsenSys Academy’s program to resolve the global shortage of Blockchain developers reflects their own objectives at Smart Dubai.

“Hosting this first graduating class here in Dubai is a testament to the emirate’s status as a leader in future technologies. ConsenSys Academy’s initiative to address the global shortage in Blockchain developers resonates with our objectives at Smart Dubai.”

Written By CoinTelegrpah

 

Paypal Co-Founder Says Bitcoin is Underestimated, Compares to Gold

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Billionaire venture capitalist and PayPal co-founder Peter Thiel has been a long time proponent of Bitcoin. At the Future Investment Initiative in Riyadh, Saudi Arabia, Thiel once again reiterated the potential of Bitcoin, stating that people are underestimating it.

Long time Bitcoin supporter

Peter Thiel has long been one of the early proponents of Bitcoin. As early as 2013, he stated that Bitcoin has the potential to change the world. As one of the co-founders of PayPal, he recognized the ability of Bitcoin to revolutionize the monetary space. He had long held the view that monetary sovereignty’s time is limited and encrypted money would be the future. In a speech at the University of Chicago’s Booth School of Business, he stated that unlike PayPal, Bitcoin had actually succeeded in creating a currency.

Digital gold

Peter Thiel believes that Bitcoin could be digital gold and take its place as a reserve currency. He compared many of the features of Bitcoin to gold, like its limited supply and that it is mineable.

It’s like a reserve form of money, it’s like gold and it’s just a store of value. If Bitcoin ends up being the cyber equivalent of gold, it has a great potential left.

However, Peter wasn’t as enthusiastic about other cryptocurrencies. That should be discouraging for altcoin enthusiasts who have ridden the altcoin boom for most part of the year.

Is the prince listening?

While Peter Thiel is pretty bullish on the potential of Bitcoin, in Riyadh, a certain Saudi prince has a different view. Prince Alwaleed bin Talal, the richest Arab in the world, believes that Bitcoin will implode like Enron. While Bitcoin trading is allowed in Saudi Arabia, the Saudi Arabian Monetary Authority has warned people about the risks of investing in Bitcoin. The Middle East is a region teeming with billionaires and if Peter Thiel has managed to convince a few people to invest their oil-dollars in Bitcoin, the price of Bitcoin could receive a boost.

Markets Update: Bitcoin Price Sets Sail for Uncharted Seas

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Three days ago, during our last markets update, bitcoin’s price experienced a short-term correction all the way down to the $5,300 territory, on October 25th. Following the dip, the price rebounded the same day back to the $5,700 region and has since then continued sailing towards the $6K mark.

Also Read: Extreme Cold Storage: A Fortress of Solitude for Bitcoins

Bitcoin Markets Dominate by 57% Commanding a $98 Billion Market Cap

Bitcoin markets are doing better on October 26 as the price reached a high of $5,988 during the early morning hours. Currently, bitcoin’s market value is hovering between the $5850-$5,900 range after meeting some resistance above $5,950. At the moment, bitcoin trade volume is strong with $1.9B worth of BTC traded over the past 24-hours. A vast majority of the BTC trade volume still stems from Japan as the yen encompasses roughly 66 percent of bitcoin’s global volume. The USD is capturing 21 percent of the global trade volume at the time of writing, with the rest of the state-issued currencies sharing the leftovers. The top five exchanges pushing massive bitcoin volumes right now are Bitfinex, Bithumb, Bitflyer, GDAX, and Hitbtc. Alongside this, most altcoin markets are in the green, but bitcoin dominance is capturing a 57 percent share out of all the cryptocurrency market caps.

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Technical Indicators

Earlier this week bitcoin took a short-term hit and corrected after reaching an all-time high of $6,180 per BTC. At the time the 100 Simple Moving Average (SMA) was still above the long-term 200 trendlines. However right now even in the midst of a price spike, the 100 SMA is well below the 200 SMA which means there will likely be resistance on the upside path. Both the Relative Strength Index (RSI) and Stochastic still show oversold conditions, but the RSI seems to be headed northbound.

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Order books across a few popular exchange show a nice floor in the $5,700 range where buyers are patiently waiting. There are two nice sized sell walls at the $6K mark and $6,200 region, so there will be resistance in these areas if the price continues upwards. It’s likely we will see some consolidation over the next 6-12 hours between the $5,800-$6K range, and we could see a spike above these levels. If a sell-off ensues, the drops could see targets between $5,600-5,700 temporarily.

‘Community’ Sentiment and Overall Digital Asset Markets

Overall sentiment in the world of traders and markets seems optimistic, but there is still a fervent debate among the bitcoin ‘community’ about the pending November fork. The bitcoin gold fork supposedly happened on October 25 with the team’s website suffering from a DDoS attack. The project is still not live, people cannot mine it right now, except for the developers, and there isn’t much infrastructure supporting this fork. It’s safe to assume there won’t be any more buy pressure from this particular fork but people could still be getting in on bitcoin for the upcoming Segwit2x event.

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As stated above the top five digital assets with the largest market caps are all doing well right now. Ethereum (ETH) is trading at $298, and markets are up 0.62 percent, while Ripple (XRP) is up 0.64 percent at $0.20 per token. Bitcoin Cash (BCC) is doing well today commanding a 2.97 percent rise as one BCC is $338 at press time. Lastly, Litecoin (LTC) markets are also up 2.49 percent as the price per LTC is $56.

The Verdict

With the approaching possibility of a hard fork in a few weeks, bitcoin markets will likely still see some good swings and volatility. This volatile action will be enjoyable for day traders, and intra-range players as these types of traders make a lot of money (or lose) during price swings. Moreover, seeing bitcoin hit the $6K territory or above is still in the cards for bitcoin markets over the next two weeks. There will be plenty of price movements for spectators to watch and for traders who live and breathe within these market settings.

Bear Scenario: If bulls start getting tired and can’t push past or consolidate within its current region a drop to $5,700 could be in sight. The market could drop further percentages as well, as order books show a decent floor, but it could give way if there’s enough selling pressure. If so there is another substantial wall that will keep things steady between the $5,400-5,500 range.

Bull Scenario: We can still expect some buy pressure from traders stocking up on bitcoin pre-fork. Fibonacci extension levels at 61.8 percent still indicate a high of $6,500 to $7K could easily happen before the November event. At the moment buy pressure is strong, but traders should expect the value to consolidate over the short term. We could very well see another spike over the weekend.

Where do you see the price of bitcoin heading from here? Let us know in the comments below.

Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Coinmarketcap.com, and Bitstamp’s trading view.
Written by CoinTelegraph

 

Russian Entrepreneur Files for Trademarks on Vodka Brands “Bitcoin” and “Ethereum”

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Russian native and entrepreneur Dmitry Troitsky has plans on creating a product line of vodka named after some popular cryptocurrencies. Troitsky has filed for trademark patents in order to develop three distinct vodka brands called “Bitcoin, Ethereum, and Ethereum Classic.”

Bitcoin, Ethereum, and Ethereum Classic Vodka

The Ekaterinburg-based Dmitry Troitsky has big plans to create a high-quality vodka line named after a few well-known cryptocurrencies. Troitsky has filed with the Russian trademark office for the three names to be applied to his alcoholic beverage products. Even though Troitsky understands that his government has not been very favorable towards cryptocurrencies just yet, he believes the public perception is different. Troitsky explains to the Russian news site Life.ru that these names will likely bring his Vodka line attention.

“I wanted to use the names of cryptocurrencies when issuing my goods in the 33rd class of the international classification of goods and services (alcoholic beverages, except beer), and these three names are the most top-notch,” Troitsky tells the publication.

“I can not say yet how it will look and when it will be released — but I’m sure that vodka can be useful.”

Troitsky Envisions Pleasant Associations With Cryptocurrency Names

The Russian entrepreneur is not the only person to tether the popularity of cryptocurrencies and alcoholic beverages together. Last January news.Bitcoin.com reported on the crypto-proponent and South Florida Distillery owner, Avi Aisenberg, creating an ‘EthereRum’ product. The rum is distilled using heat from bitcoin miners instead of wasting it.

Troitsky’s vodka line will be more of a novel concept or gift product, the creator details but with enough push in Russia, he believes the beverages could eventually obtain commercial success.

“Try to imagine the situation at the table, and you will understand that the Bitcoin vodka is rather a joke of comic quality,” Troitsky details. “However, with a good amount of legal support and sufficient resources, it will be possible to achieve commercial success.”

The names of cryptocurrencies can cause people to have pleasant associations with respect to certain goods.

What do you think about Dmitry Troitsky’s idea to name a vodka line after Bitcoin, Ethereum, and Ethereum Classic? Would you purchase these vodka brands? Let us know what you think about the crypto-vodka idea in the comments below.


Images via Pixabay, and Live at the Chapel.
Written by Bitcoin.com

 

UK Treasury: Cryptocurrencies Pose Low Terrorist Financing Risk

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The U.K. government’s economic and finance ministry has released a new policy document stating that cryptocurrencies like bitcoin pose “low risk” for terrorist financing.

According to the HM Treasury paper on money laundering and terrorist financing risks in the U.K., the country’s National Crime Agency (NCA) also deemed that the risks of digital currency use in money laundering is “relatively low.” However, it went on, cryptocurrencies are used to “launder low amounts at high volume.”

The paper comes two years after a similar statement was made in another terrorism financing threat analysis report by the Treasury department. That report took a similar stance, and suggested that, if the use of digital currencies become more widespread in the country, the “risk could rise.”

The latest report also expects the money laundering risks associated with digital currencies to grow in correlation with the increase in the technology’s adoption as a payment method.

The report reads:

“As the number of businesses accepting digital currency payments grows, there is an increasing risk of criminals using the currencies to launder funds without needing to cash out into non-digital, or ‘fiat’ currencies.”

In terms of terrorist financing, the use of digital currencies is assessed to be “unlikely” to increase in the next five years, the paper states.

The paper further cited the peer-to-peer lending industry, which it said has the potential to be used as a “terrorist financing tool,” though no incidences have been observed in the U.K. to date.

HM Treasury image via Shutterstock

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