Day: November 23, 2018

Bearish Pennant Portends Weekend Losses

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Twitter Facebook LinkedIn The bitcoin price on Friday expects to close the week on another drop as it slows its upside correction following yesterday’s $400 plunge. The BTC/USD rate is now trading at 4283-fiat, up 4.8-percent from its intraday low. The upside action is taking place as volume drops. It means that traders are showing no support to the move up, and the BTC/USD rate should fall. From a technical point of view, the pair is forming what traders call a bearish pennant. It means that traders are shorting their…

Overstock CEO Reveals Estimated Date for Selling Retail Business to Focus on Blockchain

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Patrick Byrne, founder and CEO of U.S. retail giant Overstock, is planning to sell the retail arm of his company to focus on blockchain by early next year, The Wall Street Journal (WSJ) reports Nov. 23. Byrne, known in the blockchain industry for his commitment to the technology, did not disclose the details of the agreement, nor did he name potential buyers; he did however tell the WSJ that he expects to have the deal closed by February 2019. The WSJ reports that Byrne has been planning to sell his…

German Federal Economic Ministry Wants to Combat Tax Fraud with Blockchain

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The German Federal Ministry for Economic Affairs and Energy (BMWi) is planning to fight tax evasion schemes by using blockchain, German business news outlet WirtschaftsWoche reported Nov. 22. Following the major European tax fraud scheme CumEx-Files, the BMWi has suggested that distributed ledger technology (DLT) is capable of making the tax system more efficient in terms of fraud prevention. Discovered in 2017, the CumEx-Files was a tax fraud scheme that reportedly was used by a network of banks, stock traders and top lawyers to obtain billions from European treasuries through…

Mt. Gox Trustee Announces Efforts to Extend Deadline for Civil Rehabilitation Claims

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Nobuaki Kobayashi, trustee of the now-defunct Bitcoin (BTC) exchange Mt.Gox, is making efforts to extend the deadline for filing civil rehabilitation claims, according to an official announcement Nov. 22. While the official deadline for the filings was given as October 22, for both individual and corporate users, today’s announcement indicates that: “[I]f filings are delayed for reasons not attributable to creditors, proofs of rehabilitation claims filed after the deadline […] may be acceptable. Whether [these] will be accepted is determined by the court […] the Rehabilitation Trustee will make efforts…

Coinbase Is Facing Another Lawsuit For Allegedly Trying To Suppress Bitcoin – Insider Trading?

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It seems that lawsuits in the crypto space aren’t going to decrease any time soon. From the look of it, even the biggest market player can find themselves in the bad books of some people if they don’t watch out. The latest victim to this is Coinbase, a US-based crypto exchange and that’s been accused of messing around with Bitcoin. In fact, this is not the first time someone has tried to put the company before a juror. The Last One Flopped In 2017, Jeffery Berk filled a lawsuit against…

India: Police File Chargesheet in $1.4 Million Bitcoin Scam

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A businessman from Chandigarh, India, has lost approximately $1.4 million in a fraud masked as a potentially profitable bitcoin investment, reported The Times of India on November 22, 2018. During the police investigation, four people in total were arrested, one potentially being the key figure in the fraud and the other three his accomplices. Scammers Take Advantage  The main accused was said to be Amit Bharadwaj, while the others were identified as Vivek Bharadwaj (brother of main accused), Pankaj Adlakha and Hemant Bhope. The hearing of the matter will take place on…

Genesis Trading CEO: Crypto Market Is Ugly, But We’re Not Going Anywhere

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As crypto assets have suffered in recent weeks, with the aggregate cryptocurrency market rapidly losing 35% to establish a new year-to-date low, some have capitulated, calling it quits on Twitter. While these cases are few and far between, the fear that the cryptocurrency party has found its end is, unfortunately enough, a present and a trending industry topic. However, those truly engrossed in the crypto space have affirmed that they aren’t going anywhere, despite the hectic market conditions, which have sent retail traders into near-lunacy. One such diehard was Michael Moro,…

Thailand Proves Crypto Can Win Adoption Even in Military Dictatorships

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Since May 2014, Thailand has been under the control of a military dictatorship. And given that the coup, led by the Royal Thai Armed Forces, brought internet censorship, a suspension of the Kingdom’s constitution, and a disbanding of its senate, casual observers would be forgiven for supposing that the Southeast Asian country is now possibly one of the least favorable places on Earth for the use and development of technological innovations. However, while Thailand’s earlier history with crypto might confirm this assumption, more recent months have provided a case study in how…

$6 Billion Deleted From Crypto Market as Bitcoin Drops Back to $4,100

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Twitter Facebook LinkedIn In the last 24 hours, more than $6 billion was wiped out of the cryptocurrency market as Bitcoin (BTC), the most dominant cryptocurrency in the market, recorded a loss of 8.6 percent from $4,500 to $4,110. On fiat-to-cryptocurrency exchanges like Coinbase, Kraken, and Bitstamp, the price of BTC reached a new weekly low at around $4,118. Bitcoin has since recovered to $4,291, but on a weekly basis, BTC remains 21.65 percent down against the US dollar. Where is Bitcoin Heading Similar to Bitcoin’s strength at $6,000 from…

Parliament Approves Crypto Bill to Combat ‘Financial Blockade’

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The Constituent National Assembly of Venezuela has approved a bill on cryptocurrency regulation, the country’s Ministry for Communication and Information reported Nov. 21. The law was proposed by the country’s leader Nicolas Maduro and consists of 64 articles and five transitory provisions. It validates Petro, Venezuela’s controversial oil-backed cryptocurrency, as a unit of commercial exchange within the country, and states that goods and services can also be purchased with Petro. According to Cuban state news agency Prensa Latina, the Assembly has also approved amendments to current anti-money laundering lawс. Under…