‘Bitcoin Now a Regulated Market of Significant Size’

Crypto index fund provider, Bitwise Asset Management, has given another presentation to the United States Securities and Exchange Commission (SEC) in its bid for regulatory approval of its proposed Bitcoin exchange-traded fund (ETF).  In a memorandum, issued Sept. 17, the SEC published Bitwise’s presentation outlining why it believes the SEC’s concerns have been largely met. Bitcoin spot market now more efficient The presentation started by recapping how the market has evolved and improved over the past two years. Firstly, the spot market has become more efficient, with the average deviation…

South Korea’s CJ Corp Taps Amazon’s Blockchain for Music Copyrights

An IT arm of South Korea’s major conglomerate CJ Corp is using Amazon’s blockchain tech to improve music copyright management. CJ Corp implementing Amazon Managed Blockchain CJ OliveNetworks, a technology subsidiary of CJ, has reportedly implemented Amazon Managed Blockchain in its new digital copyright system for recording and tracking music in broadcast content, local news agency Yonhap reported on Sept. 19. Specifically, the firm reportedly deployed Amazon Web Services’ (AWS) file-based video transcoding service Elemental MediaConvert to recognize and extract music content from broadcasting data. Secure data sharing and storage…

Bitcoin Price Back Above $10k, Targets New ATH Amid Bakkt Monday Launch

Bitcoin price has climbed back above $10,000, just days before Bakkt officially launches. Could back be the long-awaited Bitcoin savior? Will we see another all-time high before 2019 is over? Crypto enthusiasts are almost always in a perpetual waiting state, in the hope that the market will pick up and keep on rallying, even when data is already bullish. In the past, there have been several factors named as important to Bitcoin price surge or pullback depending on the specific period. Today, the most anticipated event in the cryptosphere, which…

Kyrgyzstan Cuts Off Power to 45 Crypto Miners for Overconsumption

Authorities of Kyrgyzstan cut off power to 45 crypto mining firms as they consumed more energy than three local regions combined. Following the power cut, the head of the National Energy Holding Aitmamat Nazarov stated that the cryptocurrency mining is not defined under Kyrgyzstan law, local news agency AKIpress reported on Sept. 20. 136 MW of electricity used Nazarov elaborated that electricity consumption by local crypto mining firms does not fall within Kyrgyzstan’s energy distribution plan. The executive clarified that the 45 crypto miners consumed 136 megawatts of electricity, which…

Use Lightning Network to Buy Bitcoin — Avoid Coinbase, BitPay

The creators of Bitcoin (BTC) wallet Zap have revealed a new tool for instantly purchasing Bitcoin using a bank account via the Lightning Network. Lightning powers instant debit card Bitcoin buys In a blog post and associated social media posts on Sept. 19, Zap Solutions founder Jack Mallers said Olympus was specifically designed to bypass extant offerings from BitPay and Coinbase. The Lightning Network facilitates instant delivery of BTC purchases, and Know Your Customer (KYC) procedures are kept to a minimum.  “Someone who has never experienced Bitcoin before should be…

Overstock ex-CEO Patrick Byrne Sold All His Equity Holdings to Buy Crypto and Gold

In recent news, Patrick Byrne, the former CEO of Overstock, has sold all his Overstock equity holdings worth about $90 million to shift his investments to different assets like precious metals and cryptocurrencies. Patrick Byrne shared the letter on his personal website. Within the letter he reveals that he had dumped all his Overstock equity holdings over the past week and blames the deep state and the government for this action: “The riff-raff will tell you that my departure and sale were from a lack of confidence in what I…

Ripple Files Motion for Court to Toss XRP Securities Lawsuit – CCN.com

Ripple, the cryptocurrency firm behind the XRP token, has requested a federal court dismissal of a class-action lawsuit; all while ignoring one major issue, XRP’s security status. The original lawsuit was first launched back in early 2018, by a handful of disgruntled XRP investors. The plaintiffs claimed that Ripple violated securities laws during the initial offering of the token; stating that XRP was intrinsic to Ripple’s operational integrity. The relationship between XRP and Ripple has been a mostly grey area. This association has been put to the test in federal…

How Did You Get Into Bitcoin? Crypto Twitter Responds

Everybody loves a story. When it comes to how people first got into cryptocurrency, there’s no exception. Crypto Twitter (CT) is full of humorous, thought-provoking, and unexpected tales of diving down the Satoshi rabbit hole, and the reasons for entering the space are as diverse as the people themselves. Also Read: North Korea Plans to Launch Cryptocurrency to Bypass Economic Sanctions Reasons for Getting Into Bitcoin Trawling CT, one can find many scattered gemstones and nuggets of interest about people’s discovery of Bitcoin. Recently there have been a few prominent…

Singapore Bank Giant OCBC Joins JPMorgan’s Blockchain Network

OCBC has become the first Singapore-based bank to join JPMorgan Chase’s interbank blockchain network. According to a Business Times Singapore report on Sept. 20, a total of 134 banks from the Asia-Pacific region are now participants in JPMorgan’s blockchain-powered interbank information network (IIN). OCBC is the second-largest bank in Southeast Asia by assets and among the larger financial institutions in Asia-Pacific. 343 banks have joined JPMorgan’s network since 2018 These 134 banks comprise almost 40% of the 343 banks that have joined IIN since 2018. The network’s largest national bloc is Japan,…

Bitcoin Will Not Be Listed On Major Exchanges Without Better Regulation

SEC Chairman Jay Clayton said that it will take a while before there is proper regulation for Bitcoin and other cryptocurrencies, and that has to happen before major exchanges can begin to list them. Generally, the fact that the United States Securities and Exchange Commission (SEC) is not very supportive of the cryptocurrency industry is no longer news. The SEC has many times before, spoken out against cryptocurrencies because of their volatility and unregulated nature. Even efforts to launch Bitcoin Exchange-Traded Funds (ETF), have been largely unsuccessful as a few…