Bitcoin Price Analysis This Bear Still Has Some Bite Left in It

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In just a few short days, the BTC-USD price dropped nearly $700 in value in a move that consequently managed to drop the entire crypto-market by almost 25 percentFigure 1 BTC-USD Market CapLeading up to this weekends drop in BTC-USD price, several previous BTC-USD market breakdowns click here and here for details tracked the progress of a massive Head and Shoulders Pattern. The estimated price target of the Head and Shoulders pattern left the previous market value of $2,400 poised to drop ste

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Global Money Transfer Summit Comes to London to Explore the Future of Remittances

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The Global Money Transfer Summit, one of the most recognized conferences in the remittance industry, will take place on October 10 and 11, 2017 at the Banking Hall in London, and will explore how technological advances are changing the remittance industry. Organized by the International Association of Money Transfer Networks (IAMTN), the Global Money Transfer […]

This post Global Money Transfer Summit Comes to London to Explore the Future of Remittances first appeared on Coinjournal.

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Kraken Estimates Last Quarter’s Trading Volume 10x Previous High

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Kraken Estimates Last Quarter's Trading Volume 10x Previous High

Kraken’s CEO, Jesse Powell, has stated the cryptocurrency exchange’s volume during the second quarter of 2017 comprised 10x more trade than during the company’s preceding all time high. Despite this incredible spike in volume, Powell speculated that the cryptocurrency markets will likely see growth of 10x to 100x in coming years.

Also Read: Class Action Lawsuit Filed Against Cryptocurrnecy Exchange Kraken

The Cryptocurrency Exchange Has Hired 150 New Employees in the Last Two Months

Cryptocurrency Exchange Kraken Estimates Last Quarter's Trading Volume 10x Previous High

During a recent interview on Trace Mayer’s Bitcoin Knowledge Podcast, Kraken CEO, Jesse Powell, detailed the enormous growth witnessed by the cryptocurrency exchange during 2017. When compared with the company’s preceding all-time highs, Powell describes last quarter’s growth as having been “immense”, with total trading volume comprising “maybe 10x above the largest previous quarter”.

To cope with the surging demand, Kraken has expanded its personnel – with the cryptocurrency exchange having hired 150 people in the past two months. Despite the growth, Powell is concerned that should the cryptocurrency markets downtrend then layoffs may be necessary – as occurred following the popping of the 2013 bubble, during which the exchange downsized from 35 to 12 employees.

Despite the Record Breaking Trading Volume, 2017 Has Been a Challenging Year for Kraken

Cryptocurrency Exchange Kraken Estimates Last Quarter's Trading Volume 10x Previous High

Powell says that the surging volume has also affected the cryptocurrency exchange’s banking relationships, creating challenges for Kraken’s customers. “[Our banking and payment partners] might be fine with what the usual volume is, but an overnight 10x in wire transfers or KYC requests – because they will often want to do enhanced diligence – and if they have to do 10x what their enhanced diligence is, they might need to hire more people themselves,” stated Powell.

Despite the record breaking trading volume, 2017 has been a challenging year for Kraken. The exchange experienced numerous outages during peak trading periods in recent months, several of which were the consequence of a string of DDoS attacks that targeted cryptocurrency exchanges. Earlier this month, reported that five Kraken customers have launched a class-action lawsuit seeking compensation for liquidations that occurred as the results of an ethereum flash crash on May 7th, claiming that the exchange should have halted trading operations due to DDoS attacks. Kraken has stated that “the DDoS did neither cause nor exacerbate liquidations’, and rejected accusations that it acted unlawfully during ETH’s 70% dip.

Do you think that the recent growth in the cryptocurrency markets is sustainable? Share your thoughts in the comments section below!

Images courtesy of Shutterstock and Kraken

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The post Kraken Estimates Last Quarter’s Trading Volume 10x Previous High appeared first on Bitcoin News.

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Counterparty Experiences Millionth Transaction

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Millionth Transaction

Counterparty recently experienced its millionth transaction. This is good news for the bitcoin-based smart contracting platform. It appears the Counterparty ecosystem is developing healthily and rapidly. 

Also read: Following Money Through the Bitcoin Laundry Is Not So EasyCounterparty Experiences Millionth Transaction

Counterparty’s community manager, Shawn Leary, told about their growth: “Counterparty was excited to see our one millionth transaction occur a few days ago. It was, ironically, someone sending the illusive SQUATCHPEPE digital trading card. The lead developer for (RPW), Joe Looney, sent out a tweet commemorating it…The one million mark is a clear statement that this second layer protocol is getting a ton of usage.”

Speaking of trading cards, Leary mentioned Counterparty has been a conduit for the creation of various game-based ICO’s on the bitcoin blockchain, including STORJ,, RarePepe.Party,, and others. However, Counterparty also harbors its own native digital coin.

Counterparty Experiences Millionth Transaction

Counterparty, XCP, and Smart Contracting

Counterparty and its token, XCP, was officially released in January 2014. The current market price of XCP is sitting around $8.00, according to Counterparty was implemented as an open source protocol designed to allow smart contracting functions to take place on the bitcoin blockchain. It also allows users to create and trade a variety of cryptocurrency assets. Mr. Leary elaborated on its functionality:

It’s 100% Bitcoin. The entirety of the Counterparty database is contained within the strongest and longest chain.  Counterparty nodes do not communicate with each other, they only send carefully encoded bitcoin messages detailing where and when assets are being created and moved.  Each Counterparty node parses the Bitcoin blockchain and recreates the exact history of Counterparty.  One of our community members, Dan Anderson, summed it up with a revealing tweet about just how much spam on the chain is ours!

Proof of Burn Versus Initial Coin OfferingsCounterparty Experiences Millionth Transaction

XCP was originally created through a process called “proof of burn.” Investors and interested parties sent bitcoin to an “unspendable address” in exchange for XCP tokens. Counterparty decided to generate tokens in this manner to create an equal and fair environment for investors and developers. Leary commented on burning bitcoin, saying, “They burned all of the bitcoins raised!  Talk about having confidence and dedication to a project. It was a one time, one way peg of value, BTC to XCP. 2,130 Bitcoin were burned, equal to $6.4M just a few weeks ago.”

This process differs from Initial Coin Offerings on for instance Ethereum. Rather than generating tokens via “proof of burn,” some ICO’s print the tokens via a “premine” or “instamine” process and investors send ethereum or bitcoin directly to the startup and its developers, hoping to gain profits and operation funds along the way.

Counterparty’s Future

Counterparty with all of its innovative features, likely has a bright future ahead of it. Leary mentioned they have two hard working developers and they plan on implementing Counterparty improvement proposals soon. He detailed the team’s future plans:

We currently have two very active developers, Devon Weller and Ruben de Vries who are guiding the continued CIP (Counterparty Improvement Proposal) process along. CIP 9 and CIP 10 which will reduce fees and several more in the pipeline that could bulk deliver asset transfers to save on fees. We are planning for Bitcoin fees to continue going up, but would not be too upset if the fees came down with Segwit activation.

Finally, Leary told that he loves his Counterparty community. He mentioned he is constantly impressed by the hard work and determination exhibited by team members. He said they have a panoply of amazing artists, gamers, and crypto enthusiasts of all stripes.

Do you believe Counterparty has a bright future? What other applications will it bootstrap to the bitcoin blockchain? Let us know in the comments below.

Images via Shutterstock and

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