Day: December 21, 2018

Bitcoin Rally Shouldn’t Excite the Bulls Yet, Trend Still Bearish

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The Bitcoin price appears to have bottomed out near the $3,000-level after falling more than 80% this year. The digital currency at press time is trading above $4,000, up over 30% within just a week. It is clear that traders interested in the long-term aspect of Bitcoin have bought the dip. As a result, in the last five days, Bitcoin is creating new higher highs with volume increasing on each subsequent leg. Historical Rebounds Nevertheless, if one tries to look the empty side of the glass, the current rally looks…

Tiny Artwork Sold in Micro Crypto Auction for Lowest Bid of 1 Millisatoshi

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Crypto artist “cryptograffiti” has sold a tiny artwork in a “micro auction” in a bid to promote Bitcoin (BTC) Lightning Network (LN) micropayments, according to a post from the artist’s Reddit handle published Dec. 20. The artwork — which measures just 1.44 x 1.75” and depicts a black swan collaged from details on the United States dollar bill —  was sold, counterintuitively, to the lowest bidder, at a value of 1 millisatoshi ($0.000000037). A “satoshi” is the term used to christen one hundred millionth of one Bitcoin — in honor…

Coinbase CEO First Crypto Entrepreneur to Join Buffet-Founded Billionaire Charity Pledge

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Coinbase CEO Brian Armstrong has become the first crypto entrepreneur to join billionaire-backed charity program The Giving Pledge, CNBC reports Friday, Dec. 21. Founded by moguls Bill Gates and Warren Buffett, the Giving Pledge campaign is now for the first time supported by a representative of the crypto industry, with Armstrong joining more than 180 pledgers including Elon Musk, Ray Dalio, Bill Ackman and Michael Bloomberg. Aiming to inspire wealthy people all over the world to give at least half of their net assets to philanthropic causes, The Giving Pledge…

SBI’s VCTRADE Opens Deposits for XRP, Bitcoin (BTC) and Ethereum (ETH)

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SBI Holdings’ cryptocurrency exchange of VCTRADE has announced that the platform will now be accepting deposits from its customers for the digital assets of XRP, Bitcoin (BTC) and Ethereum (ETH). Deposits will be functional effective today, December 21st. The team at the exchange made the announcement via twitter and on the news section of the VCTRADE website. The announcement – translated from Japanese by Google – went on to state the following: [VCTRADE] will begin providing virtual currency receipt service from December 21, 2018 (Friday). In this way, we will receive XRP…

Blockchain Will Be Brought Onto Satellites by Cryptocurrency Exchange to Help Adoption in Developing Countries

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A new cryptocurrency exchange has partnered with a satellite operator to give blockchain access to people without the internet in developing countries. Supreme Global Holdings (SGH) has launched a new cryptocurrency exchange, SupremeCrypX and is partnering it with its satellite operator company SupremeSAT. The objective of this partnership is to provide access to cryptocurrencies — and the ability to mine them — to people without access to the internet. SupremeSAT is the first and only Sri Lankan satellite operator, and they already have multiple satellites and teleport assets globally. According…

South Korea Regulators Indict Three Upbit Employees for Alleged Trade Volume Manipulation

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South Korea’s largest cryptocurrency exchange Upbit has denied accusations it had manipulated its order book after regulators indicted three of its staff, local English-language news outlet The Korea Times reported 21. Upbit, which is owned by developer Dunamu, is accused of falsely inflating its volume figures on three occasions between October 2017 and December 2018. Citing reports from the Seoul District Prosecutors Office Friday, The Korea Times says two senior executives from Dunamu and one Upbit employee have been indicted, but not detained, as part of an investigation into the…

Wall Street Journal Suggests ‘Quick Sale, Repurchase’ of Bitcoin ‘May Lower Your Taxes’

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An article published Dec. 21 by The Wall Street Journal (WSJ) has suggested investors should sell and then repurchase their Bitcoin (BTC) as a strategy to save on taxes. In the context of the 2018 crypto bear market, the WSJ suggests that “the only good thing about investing in cryptocurrencies [this year] was the tax break.” Given that the United States tax authority, the Internal Revenue Service (IRS), has treated crypto as investment property as of 2014 — akin to stocks and bonds, not currency — crypto users can allegedly…

South Korean Bitcoin Exchange Upbit Denies Fraud Allegations as Executives are Formally Charged

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South Korea’s top financial regulator has formally filed fraud charges against executives of one of the Asian country’s biggest cryptocurrency exchanges. Three senior executives of Upbit including the founder Song Chi-Hyung were charged with making fraudulent transactions between September and December last year by prosecutors in Seoul, according to nocutnews. Specifically, the senior Upbit executives are alleged to have inflated trading volume figures by using a fabricated corporate account to make falsified orders. This was with the intention of attracting more clients to the South Korean cryptocurrency exchanges. Data Manipulation…

Chilean Banks Urge Anti-Monopoly Court to Revoke Decision Protecting Crypto Exchanges

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Two major Chilean banks have urged the country’s anti-monopoly court to revoke its decision that prevents the closure of local crypto exchanges’ banking accounts. This development was reported by Chilean newspaper La Tercera on Thursday, Dec. 20. Banco del Estado and Itau Corpbanca took legal action following the recent Supreme Court ruling against Chilean crypto exchange OrionX: the decision stated that banks have the legal right not to provide services to crypto firms. However, the previous ruling of the Tribunal de Defensa de la Libre Competencia (TDLC) — the country’s…

Bitcoin Difficulty Drops by Over 9% While Bitcoin Cash One Experiences Reverse Momentum

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Photo: Steven Millstein / Flickr While the interest in mining Bitcoin witnesses a huge decline, it has negatively impacted interest in mining BCH and Bitcoin SV. Interestingly, miners are not shifting platforms but rather bidding farewell to crypto mining altogether. However, this should not create any disruption in the functioning of Bitcoin ( in short term) as the dynamic difficulty adjustment system will ensure optimum hash power for the network. Just for a reminder, at least 100,000 individual miners have shut down, according to Autonomous Research LLP. Fundstrat Global Advisors…