BitMax.io(BTMX.io)News Digest 20190821

Major Headlines
Bitcoin Miners Halt Operations as Rainstorm Triggers Mudslides in China
Facebook Libra Already Facing an EU Antitrust Probe: Report
Bitcoin Risks Slide to $9.5K After Sudden $700 Price Drop
Vitalik Buterin: Increasing Transaction Costs Risk Limiting Ethereum Adoption
SEC Approves Blockchain Tech Startup Securitize to Record Stock Transfers
CommBank Develops Blockchain Marketplace to Boost Sustainable Development, Biodiversity
Cryptopia Exchange Kept Users’ Cryptos in Pooled Wallet: Liquidator
US Secretary of State Says Crypto Should Be Regulated Like SWIFT
Huobi Expanding DeFi Presence With MakerDao, Compound Support
Austrian Telecommunications Giant to Accept Cryptocurrency

Takeaway
Bitcoin Miners Halt Operations as Rainstorm Triggers Mudslides in China

· A prolonged rainstorm in China’s Sichuan province has caused land- and mudslides, forcing some local hydropower plants and bitcoin miners to halt operations.

· Mining farms are mostly located across a vast area made up by the prefectures of Aba (32,000 square miles), Garze (57,000 square miles) and Liangshang (23,000 square miles).

· Based on data from mining pool btc.com, bitcoin’s 24-hour average hash rate has dropped from around 78 exahash per second on Monday and Tuesday to about 73 exahash on Wednesday.

Facebook Libra Already Facing an EU Antitrust Probe: Report

· Facebook is reportedly already under investigation by the EU over antitrust issues related to its Libra cryptocurrency project.

· The European Commission is also concerned that Libra could give rise to “possible competition restrictions” on the use of information including user data.

· It’s also looking at the possible integration of apps into Facebook services such as WhatsApp and Messenger that use Libra.

Bitcoin Risks Slide to $9.5K After Sudden $700 Price Drop

· Bitcoin quickly fell from $10,842 to $10,082 earlier today, confirming a rising wedge breakdown on the hourly chart. The bearish reversal pattern has opened the doors for a retest of $9,467 (Aug. 15 low).

· On the way lower, prices may find support at the 100-day moving average, currently at $9,882. The average served as strong support earlier this month.

· The bearish case would be invalidated if prices rise above $11,000 with high volumes in the next 24 hours. As of writing, that looks unlikely.

· A convincing move above $12,000 is needed to revive the bullish setup, as per the weekly chart.

Vitalik Buterin: Increasing Transaction Costs Risk Limiting Ethereum Adoption

· The increased cost of transacting on the ethereum blockchain is hurting the software’s adoption, says project creator Vitalik Buterin.

· Discussing governance and adoption, Buterin said price volatility and cybersecurity remain leading issues as well.

· Buterin pointed toward low-risk uses of blockchain, such as identification of certifications, as adoption-leading technology.

SEC Approves Blockchain Tech Startup Securitize to Record Stock Transfers

· Announced Wednesday, Securitize, a provider of technology for issuing blockchain tokens, has registered as a transfer agent with SEC, a move it says will boost adoption.

· The registration means Securitize can now act as the official keeper of records about changes of ownership in securities.

· Recently, Securitize announced its eleventh issued and outstanding digital security running on the platform under its protocol. The total value of those securities is nearly $200 million, and five of them are traded on a regulated, SEC-registered ATS.

CommBank Develops Blockchain Marketplace to Boost Sustainable Development, Biodiversity

· Commonwealth Bank of Australia (CommBank) has co-developed a blockchain marketplace that it says could support sustainable development and reward landowners for protecting the environment.

· Created in partnership with BioDiversity Solutions Australia (BDS), the prototype platform uses digital tokens, dubbed BioTokens, to facilitate trading of biodiversity credits for the New South Wales Government’s Biodiversity Offsets Scheme.

Cryptopia Exchange Kept Users’ Cryptos in Pooled Wallet: Liquidator

· The assigned liquidator Cryptopia, Grant Thornton New Zealand, says it’s making progress in determining customer holdings, but that the management of user funds by the exchange has caused delays.

· As for the reasons of delay, the firm says, customers were not assigned individual wallets.

· The second reason for the delay is that Cryptopia never reconciled its customer databases with the cryptocurrencies actually held in its wallets.

US Secretary of State Says Crypto Should Be Regulated Like SWIFT

· U.S. Secretary of State Michael Pompeo has said he believes that cryptocurrencies should be regulated in the same way as financial institutions.

· Being able to track the flows of money around the world “has helped keep the entire world secure and to fight terrorism and other nefarious activity … We need to preserve a financial system, a global financial system, that protects that,” Pompeo said.

Huobi Expanding DeFi Presence With MakerDao, Compound Support

· The crypto exchange announced support for two autonomous loan making vehicles, the infamous MakerDao and a similarly open-sourced Compound protocol, according to an August 19 statement.

· Huobi will enable access to Maker’s autonomous, collateralized loan service through integrating the protocol’s CPD Portal, as well as Compound’s lending service.

· The move will ensure that MakerDao’s stablecoin, DAI, as well as its MKR governance token receive wallet support. This is true for Compound’s cTokens, as well.

Austrian Telecommunications Giant to Accept Cryptocurrency

· A1, which services some 5.1 million mobile and 2.1 million fixed lines across Austria, is testing cryptocurrency payments at store locations across Austria.

· Dash, ethereum, litecoin, stellar and XRP will be available for payment, according to a report by Austrian tech news site Futurezone.

· Moreover, A1 told Futurezone that the payment option is not only for local Austrians but increasingly geared toward tourists.

(All citations of the News Digest are taken from Coindesk.)