Bitcoin [BTC] saw a sharp price drop today, erasing over 4% of its value in just a few hours as it saw a waterfall drop earlier today. However, this strangely coincided with the announcement of Liquid, a sidechain of the Bitcoin blockchain, by Blockstream.
The project has been in the works for quite some time, with Blockstream bringing on various companies and exchanges in order to offer “near instant Bitcoin transfers between exchanges”.
The exchanges that participated in the launch of the chain included the likes of Bitbank, Bitfinex, BitMEX, Bitso, BTSE, OKCoin, SIX Digital Exchange, Unocoin, and Xapo.
The launch of Liquid is said to enable interoperability across various blockchains while providing users with a fast and secure method to conduct transactions. It functions on its own digital asset known as Liquid Bitcoin [L-BTC]. It is supposedly backed by a two-way peg to real Bitcoin, and can be “redeemed at any time”.
Reportedly, the sidechain will allow for full settlement of value in two minutes. It also allows assets to be tokenized and issued on the sidechain, which opens up the possibility of tokenized fiat currencies, digital reward points and real-world assets such as gold and silver.
Moreover, Blockstream aims to implement their confidential transaction technology that aims to obfuscate the transaction amount and asset type. This will ensure privacy between parties that are transacting.
Due to its property as a sidechain, it can be utilized for interoperability between different blockchains. This can also be used to provide liquidity through a shared protocol.
The price of Bitcoin has been moving in between the $6500 and $6600 marks for the entire week before breaking through the resistance on 8th October. It was trading around the $6660 mark for a short time before it saw a drop down to the $6550 mark on October 10th.
Before the drop earlier today, it was trading at around the $6570 mark and was holding key resistances. However, the drop saw it go below the $6300 mark while trading after the drop.
The drop occurred around 3 hours after the announcement by Blockstream, leading many to believe that there were factors that went unnoticed by the common investor.
Market analyst, Iarius Germund stated:“There was no technical indicator that predicted such a sharp drop in price. This, correlated with the high spike in volume, has led to a buzz in the analyst community regarding Blockstream’s announcement. The quick drop implies that a whale might have dumped their holdings.”
On.Live Is Pleased to Announce That ONL Token Holders Can Now Use Bitgo’s Industry-Leading Wallet and Custodial Offerings
BitGo is the market leader in digital asset financial services providing security, compliance, custodial, liquidity solutions for institutional investors. BitGo is the world’s largest processor of on-chain bitcoin transactions, processing 15% of global Bitcoin transactions and $15 billion per month across all cryptocurrencies.
In 2018, BitGo introduced BitGo Custody and launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo Business Wallets and BitGo Custody are used by hundreds of clients around the world including the largest cryptocurrency exchanges.
Since its inception in 2013, BitGo has been focused on the institutional market and that makes working together a natural fit, as we want to extend the accessibility of ONL tokens for institutional and enterprise clients.
On.Live is a distributed live video broadcast network project, build to fill the niche in payed live and on demand services delivery in the Internet. The platform offers one of the kind, innovative, no subscription business model, beneficial for all parties involved in On.Live marketplace.
With live streaming on the rise, and lack of other comparably flexible solutions on the market, On.Live is natural choice for access and delivery of live streamed services for individuals, small and big businesses. On.Live is aiming at becoming market leader and platform of choice for everyone who realizes the huge potential in live streaming, and what profits it may bring in his own economic activities.
We believe that BitGo’s support will elevate On.Live’s business potential, contribute to growth of the platform itself and positively affect the security of ONL.
10,000 Retail Shops in France Will Sell Bitcoin, XRP, Ethereum, Litecoin and Dash, Powered by Payments Giant Ingenico: Report
Bitcoin, XRP, Ethereum, Litecoin and Dash are reportedly expanding to 10,000 points of sale throughout France.
Digycode first rolled out its crypto coupons last year. The startup says it’s now expanding to over 10,000 shops through a collaboration with Paris-based payments giant Ingenico, according to local news outlet Cryptonaute. The leading payments firm reported $2.8 billion in revenue in 2017.
“‘The deployment of Digycode is the result of a partnership between Digital Service and Ingenico, and tobacconists equipped with a Devlyx cash registerare, therefore eligible to sell our product for their customers, commented Christopher Villegas, CEO of Digital Service.”
The crypto startup will offer prepaid recharge coupons that can be purchased in three available increments – 20, 50, or 200 euro – by visiting any of the supported locations. Once a customer redeems the coupon on Digycode’s website by using a secret code, the euro is converted into crypto.The company says crypto balances will appear in the user’s crypto wallet as soon as the transaction is confirmed.
Tobacco shops are selling crypto despite regulatory uncertainty.
France’s tobacco federation was granted permission to sell crypto from the French Prudential Supervision and Resolution Authority, according to a report from the French radio network Europe 1.
But France’s central bank is singing a different tune, saying it has not approved retail sales of cryptocurrency. In addition, the Financial Markets Authority, which regulates the country’s stock market, has issued a statement saying no company is licensed to sell crypto in stores.
Crypto-Friendly Wyoming Becomes First US State to Give Bitcoin, XRP, Ethereum, Litecoin, EOS and Altcoin Owners Complete Property Rights
The Wyomng Senate passed SF125 on Thursday. The “Digital Assets” bill will now become law, granting cryptocurrency holders property rights for direct ownership of digital assets. Wyoming is the first state in the US to pass a clear regulatory framework for Bitcoin, XRP, Ethereum, Litecoin, EOS and other altcoins, setting the stage for cryptocurrency investors, entrepreneurs and crypto-related businesses to flourish in the state.
The bill allows people to hold cryptocurrency without the need for an intermediary to own digital assets, and clears the way for banks to offer custodial services for cryptocurrencies.
According to the act, digital assets are considered intangible personal property.
“AN ACT relating to property; classifying digital assets within existing laws; specifying that digital assets are property within the Uniform Commercial Code; authorizing security interests in digital assets; establishing an opt-in framework for banks to provide custodial services for digital asset property as directed custodians; specifying standards and procedures for custodial services under this act; clarifying the jurisdiction of Wyoming courts relating to digital assets; specifying applicability; authorizing the promulgation of rules; and providing for an effective date.”
The bill is expected to come into effect on July 1. It also supports the advancement of tokenized securities.
Caitlin Long, co-founder of the Wyoming Blockchain Coalition, expects the new legislation to attract blockchain companies and talent, making Wyoming a frontrunner in the space with a clear regulatory framework designed to foster innovation and spur adoption of Bitcoin, altcoins, blockchain-based businesses, trading platforms and crypto custodial services.