Day: January 14, 2019

Bitmain Exits Amsterdam Citing Focus on Long-Term Scalable Business Strategy

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Cryptocurrency mining giant Bitmain Technologies has opted to reduce its operations in the Netherlands, the company said in a statement on Jan. 14. Bitmain, which in November announced the first in what has become a series of cost-saving measures by shutting down a blockchain development center in Israel, said the move was part of its longer-term roadmap. The company has reportedly suffered as a result of decreased profitability of Bitcoin mining in recent months, with Bitcoin (BTC) currently circling $3,600. “As we build a long-term, sustainable and scalable business, we…

Swiss Multi-Billion Dollar Bank Vontobel Launches Regulated Crypto Custody

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Switzerland’s major private investment bank Vontobel has launched a crypto custody solution targeting banks and asset managers, according to an official press release published on Jan. 14. Zurich-based Vontobel bank is reportedly the third largest financial custody provider in Switzerland, with 110.3 billion CHF ($112.2 billion) in assets under its actively developing Asset Management tool, according to the company’s financial report in 2017. With the launch of the new digital assets custodian solution named Digital Asset Vault, the private bank claims to be the first bank in the world to…

Bitcoin Sees New 2019 Lows as Crypto Markets Slide Down

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Monday, Jan. 14 — crypto markets are still sliding down after a weekend in the red. According to CoinMarketCap, Bitcoin (BTC) has hit a new 2019 low, trading at $3,552 around press time as other major cryptocurrencies are facing moderate losses. Market visualization from Coin360 Bitcoin has lost another 2 percent in 24 hours, with its price barely reaching $3,600. Although some reports predicted major market movements due to the recent activation of long-dormant Bitcoin wallets, the major coin has spent a weekend mostly in the red. Bitcoin 7-day price…

Bitcoin and Ether Market Update: January 14, 2019

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The total crypto market cap dropped another $5 billion to $118 since January 11, 2019, as bitcoin and the top ten currencies continue to struggle to reverse the bear trend. BTC-USD Bitcoin stayed flat on January 11 and closed trading session at $3,715 after four consecutive red candles on the daily chart. The BTC-USD pair extended losses on January 12 and dropped to $3,700. Trading volumes also declined from between $4 to 3.5 billion during the week to below $3 billion over the weekend. The low interest from traders’ side resulted…

Bitcoin Risks Return to December Lows After Price Drop to $3.5K

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After breaching key support on Sunday, emboldened bears could soon push bitcoin (BTC) prices back towards $3,100. The cryptocurrency closed yesterday (as per UTC) at $3,516, invalidating the bullish view put forward by the higher low of $3,566 carved out on Dec. 27. That move also added credence to the bearish reversal signaled by the 9 percent price drop witnessed last Thursday. Put simply, the bears seem to have regained control of the market after a gap of one month. Moreover, extreme oversold conditions had put a bid under the cryptocurrency…

Tron Price Tumbles after Ex-Employee Throws Shade on BitTorrent Project

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The Tron price went into free fall shortly after a former executive torched the company’s BitTorrent Project. It has since staged a small comeback. As of this writing, Tron (TRX) was trading at US$0.023, down 8.9% on relatively high volume. The company has been under fire for several days. Last week, former chief strategy officer Simon Morris said there’s “no way” the Tron blockchain can handle BitTorrent’s high rate of transactions. As CCN reported, Tron announced last week that it plans to roll out the BitTorrent Token (BTT) on the Binance Launchpad. Tron claimed BTT…

Winklevoss Twins Believe Stablecoins, Tokenized Securities Are Future of Crypto Innovation

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Tyler and Cameron Winklevoss, Bitcoin (BTC) bulls and founders of the cryptocurrency trading platform Gemini, have said stablecoins and tokenized securities will usher in a bright future for the digital currency space. The twins made their remarks during an interview on Fortune’s crypto-focused news segment The Ledger on Jan 14. The twins’ air time comes as part of a push for coverage of their recent ad campaign, which has sparked some controversy in crypto circles over its attempt to remold crypto’s image with an emphasis on robust regulation and compliance-driven…

Tim Draper Made $89M+ From His Bitcoin Investment in 5 Years

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Billionaire venture capital investor Tim Draper has made $89.1 million from his Bitcoin investment in less than five years. In 2014, Tim Draper purchased a bulk of 30,000 BTC from the U.S. authorities in an auction. He outbid all participating investors by paying $632 per Bitcoin, with a slight premium. The $18.96 million he spent in 2014 is now worth $108 million despite the 80 percent correction the dominant cryptocurrency experienced in the past 12 months. Money Makes Money: Bitcoin is a Prime Example Vinny Lingham Previously, as CCN reported,…

Japan’s FSA Denies Rumours About Upcoming Bitcoin ETF Approval

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Even though last week a lot of sources were reporting about Japan’s approving Bitcoin ETFs as an alternative to Bitcoin futures, it seems that this will not be the case after all. The reports led to an increase in anticipation toward the approval of the VanEck Bitcoin ETF filing that is set to be decided by the U.S. Securities and Exchange Commission (SEC) by the end of February, as the emergence of strictly regulated investment vehicles in a major market like Japan would decrease the risk of price manipulation. Just…

Cricket South Africa Briefly Falls Victim to $70,000 Bitcoin Twitter Scam

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South Africa’s national cricket organization briefly fell victim to scammers on Twitter and began offering a fake Bitcoin (BTC) lottery, Indian daily news outlet Indian Express reported on Jan. 14. Cricket South Africa (CSA), which has over 1 million followers, tweeted its alleged participation in the scheme in the early morning. Staff claimed the organization had begun a partnership with Luno, a United Kingdom-based cryptocurrency wallet, through which users could win a prize worth 20 BTC ($70,900). The now-deleted tweet included a Bitcoin address to which those wishing to be…