Day: July 13, 2018

Why Litecoin’s Creator Is Buying Into A Bank (And How It Could Go Wrong)

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One of the most unusual and potentially transformative deals in the cryptocurrency space started as an argument on social media. Back in April, Charlie Lee, the creator of litecoin, was exchanging barbs on Twitter with Derek Capo, the CEO of payment processor TokenPay. But their fight quickly turned into a friendly exchange of direct messages, in which the two crypto enthusiasts realized they shared a common problem: In a word, banking. Both the Litecoin Foundation, the non-profit that promotes the sixth-largest cryptocurrency and where Lee is a managing director, and…

New Study Says 80 Percent of ICOs Conducted in 2017 Were Scams

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A recent study prepared by ICO advisory firm Statis Group revealed that more than 80 percent of initial coin offerings (ICOs) conducted in 2017 were identified as scams. The study took into consideration the lifecycle of ICOs run in 2017, from the initial proposal of a sale availability to the most mature phase of trading on a crypto exchange. The research says that in 2017 “over 70 percent of ICO funding (by $ volume) to-date went to higher quality projects, although over 80 percent of projects (by # share) were…

Bitcoin Price Defends $6K As Upside Potential Builds

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Bitcoin (BTC) may be up slightly at the start of Friday’s session, but it remains to be seen if it can build traction above $6,000. The world’s largest cryptocurrency by market capitalization is now down 37 percent from its May 5th high at $9,996 according to CoinDesk’s Bitcoin Price Index, though it’s rebounded to a crucial support zone at $6,235, according to Bitfinex data. The figure is notable, as it could be argued bitcoin needs a daily close above the previous low at $6,070 to abort bearish outlook for the coming…

Tether Appoints BMO Anti-Money Laundering Manager as Chief Compliance Officer

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Cryptocurrency startup Tether Limited has appointed a former AML Quality Control Manager at the Bank of Montreal (BMO) to lead the company’s regulatory compliance efforts, according to an announcement published July 12. The company behind cryptocurrency Tether (USDT) has hired Leonardo Real as Chief Compliance Officer. Real was previously responsible for establishing practices, policies, and procedures in accordance with regulatory requirements to improve the quality of Canadian BMO’s anti-money laundering (AML) investigations. Additionally, Real has experience dealing in stocks and futures trading. Real commented on the new appointment: “I look…

New York State Regulators Approve New Power Rate Structure for Crypto Miners

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New York state regulators have approved a new electricity rate scheme for cryptocurrency miners that will allow them to negotiate contracts, Bloomberg reported July 12. According to Bloomberg, several months ago the state of New York gave permission to 36 municipal power authorities to charge crypto miners more than other consumers. The Massena municipal utility will introduce a new rate structure for crypto miners who are interested in conducting operations there. The utility will consider contracts on a case-by-case basis, which will protect other utility customers from increased rates. New…

NEO Technical Analysis

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Undoubtedly, NEO is China’s flagship project and is an important project. Despite that big tag, NEO is on a slide and so far, sellers are aiming for $25 if not for $12 assuming prices break from this horizontal consolidation. At the moment, NEO is down four percent in the last day and it is likely to lose more as traders move within a bear break out pattern. From the News It’s exciting time for cryptocurrency and smart contract platforms including NEO. As we know, NEO and Tron are some of…

EOS, Litecoin, Stellar, Tron, IOTA Technical Analysis

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The slide continues and even with Twitter representatives visiting Tron offices triggering rumors of potential partnerships, sellers continue to run havoc. So far, Tron leads the collapse shedding six percent in the last day while IOTA is pretty much stable testing the main support line at 90 cents. In any case, we shall wait for better sell entries once there are breaches below key support lines. In other news, Binance is planning on setting up a bank with Malta’s Founders bank and following the steps of Litecoin. We are happy…