Day: May 14, 2019

Fintech Company Launches Crypto Exchange Platform Integrated Into Social Investing Network

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Hamburg-based fintech company Naga has released its new exchange platform, Nagax, after an intensive beta testing period. The developer promises a user-friendly interface and “super-fast execution,” as the system supports more than 10 million transactions per second. The new platform is integrated into the social investing network — also known as Naga Trader. According to the company, it is used by more than half a million traders around the world. Nagax will be connected to the Naga platform through its own cryptocurrency wallet, the Naga Wallet: It supports major crypto,…

Bitcoin Awaits Big Bull Run as China Hits U.S. Back with New Tariffs

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The bitcoin price surged 10 percent in the 24 hours and the sentiments are switching back to the buying side as tensions in the global markets escalate. The Chinese Finance Ministry announced Monday that it plans to raise tariffs on $60 billion worth of US imports. Beijing said they would increase duty tax on U.S. goods from 10 percent to 25 percent as it battled a similar action from Washington in the ongoing US-China trade war. I say openly to President Xi & all of my many friends in China…

Bitcoin Mining Hashrate Is Becoming More Distributed Among Pools

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The bitcoin (BTC) mining hashrate is becoming more distributed among mining pools, according to a report published by cryptocurrency research firm Diar on May 13. Per the report, smaller mining pools have made significant gains this year as unknown miners either drop off or change pools. Percentage of bitcoin blocks mined per mining pool. Source: Diar Unknown bitcoin miners had reportedly gone from solving 6% of the blocks at the start of last year to 22% by the end of 2018. However, the report claims that this trend has now…

Tether, Bitfinex Request Lessening of Cash Use Restrictions Imposed by Injunction Order

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Lawyers for parent firm iFinex Inc., Bitfinex, USD stablecoin issuer Tether and affiliated entities have submitted a letter to Justice Joel M. Cohen on May 13 asking for more leniency in the use of cash restrictions imposed by last month’s injunction. On April 24, the office of the Office of the New York Attorney General (NY OAG) had accused Bitfinex of losing $850 million of funds needed for user redemptions, and subsequently using capital from affiliated firm Tether to secretly cover the shortfall. Last week, Cohen had noted that the…

Bitcoin’s Monthly Price Gains Already Highest Since November 2017

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View Bitcoin hit a fresh 10-month high of $8,335 on Bitstamp earlier today and is currently reporting its largest monthly gain since November 2017. A bearish divergence of the hourly chart relative strength index and overbought conditions signaled by longer-duration RSIs indicate scope for a pullback to $7,400. A rally to $8,500 could be seen in the U.S. trading hours if BTC invalidates the above bearish chart pattern with a move over $8,335. Bitcoin (BTC) clocked fresh 10-month highs earlier today and currently appears on track to post its largest…

Ripple is Monstrously Expensive after Explosive 2-Day 31% XRP Rally

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By CCN: World’s third largest cryptocurrency Ripple (XRP) has appreciated up to 31-percent against the US dollar in just two days. The XRP-to-dollar exchange rate Tuesday established an intraday high towards $0.405, up 25.05-percent since the market open on Luxembourg-based Bitstamp exchange. The pair dropped as much as 5.05-percent ahead of the European session to neutralize its overbought sentiments, finding interim support at $0.384-level. RIPPLE (XRP) SURGES 25-PERCENT IN A DAY | SOURCE: TRADINGVIEW.COM, BITSTAMP The sentiment was the same across the rest of the cryptocurrency index, with almost all…

Algorithmic Cryptocurrency Trading Firm GSR Launches New Bitcoin Halo Option Derivative

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Algorithmic cryptocurrency trading firm GSR announced the launch of a new bitcoin (BTC) halo option derivative in a Medium post published on May 13. Per the announcement, the new derivative is an option on the value of a trading account. The trader reportedly pays a premium upfront to buy the option, and the trading account starts with a value of zero. The holder is permitted to do 10 trades per day in the BTC/USD market until maturity. When the option matures, if the value of the account is positive, the…

Winklevoss Twins Make Amazon Subsidiary Accept Bitcoin and Three Other Cryptos

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Due to a partnership between a payments startup Flexa and the Winklevoss-owned exchange Gemini, customers of Amazon’s Whole Foods can use Bitcoin, Ethereum, Bitcoin Cash, and Gemini Dollar as a payment method. Despite some are staying skeptic about digital currencies, every day there appears more evidence that cryptos are taking the world. Recently, Whole Foods, a company owned by the e-commerce giant Amazon, has announced they are accepting cryptos as a payment method. The currencies accepted include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Gemini Dollar (GUSD). The initiative…

Financial Service Giant BNY Mellon Appoints New Head of Blockchain

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New York-based global investments company, Bank of New York Mellon (BNY Mellon), has named Subhankar Sinha as the company’s Head of Blockchain, according to a May 13 press release. Sinha’s role in the corporation will be to work on creating and furthering partnerships with startups, accelerators and other businesses in the blockchain field. Sinha previously worked as a director for the London-based international accounting firm PwC, co-founding and co-leading the firm’s American blockchain consulting practice. After leaving PwC, he created a firm to advise startups on business models. BNY Mellon…

Bitcoin Price Erupts in Parabolic Rally, Spikes 17% Within Hours

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By CCN: In the past 24 hours, the bitcoin price surged from around $7,000 to $8,300, recording a 17 percent gain against the U.S. in a parabolic rally and a new 2019 high. The bitcoin price surges by 17 percent in 24 hours (source: coinmarketcap.com) The continuous rally of bitcoin led the valuation of the crypto market to spike from $211 billion to $242 billion, by more than $31 billion. Major crypto assets in the likes of Ethereum’s ether, XRP, bitcoin cash, litecoin, and EOS recorded gains in the range…