Day: June 5, 2019

Bitcoin Holds Over $7,800 as US Stock Market Sees Minor Uptrend

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Wednesday, June 5 — most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) holds over the $7,800 mark. Market visualization courtesy of Coin360 Bitcoin is down over 2% on the day, trading at $7,820 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is down over 10.6%. Bitcoin 7-day price chart. Source: CoinMarketCap Bloomberg reported yesterday that bitcoin could be currently showing signs of an incoming reversal. Ether (ETH) is holding onto its position as the…

Iran’s Skyscraper Combines Bitcoin Mining with Vertical Water Park

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While the sanctions imposed on Iran by the United States has undoubtedly taken a severe toll on the nation’s economy, the embargo has also stimulated the creativity in Tehran civil engineers. According to June 3, 2019, reports from ArchDaily, they have now built an innovative skyscraper that doubles as a cryptocurrency mining facility and a water park. Surviving the Sanctions with Bitcoin Per sources close to the matter, part of the entries in this year’s eVolo Skyscraper Competition was the JCPOA Tower Crypto-Park, a 560-meter-high skyscraper designed as a bitcoin…

SEC Suggests Ethereum is Usable Currency in Dramatic Kik Lawsuit

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By CCN: Ethereum’s status as a legitimate transactional currency was confirmed once again this week – by none other than the Securities and Exchange Commission. The SEC’s recent lawsuit against Kik (KIN) details the particulars of the KIN token sale – the public phase of which was carried out against ETH, as opposed to the U.S dollar. Throughout the official court document, the SEC appears to accept Ethereum as legitimate legal tender. This adds to similar noises made by the regulatory body in 2018, when SEC officials said Bitcoin and…

Kodak Reveals New Blockchain-Based Document Management System

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Kodak Services for Business unveiled a blockchain-based document management platform during a two-day conference in New York, according to a news release published on June 5. The company says the technology enables businesses and governments to better manage sensitive documents and keep them secure — automating workflows and archiving to ensure records can be accessed in real time. According to Kodak, this system can help organizations achieve cost savings of up to 40% by improving productivity and preventing the loss of information. Other products showcased during the event included Scan…

Russia’s Third Largest Food Retail Firm Uses Blockchain-Based Open Trade Finance Platform

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Russia’s third-largest food retail firm, Dixy, has implemented blockchain technology in its corporate finance system, according to a press release shared with Cointelegraph on June 5. The Moscow-based retailer has deployed blockchain in cooperation between suppliers and factoring firms, which represent third parties that purchase businesses’ invoices at a discount in order to help those businesses to raise funds. Specifically, following a successful pilot test, Dixy is now moving the interactions between suppliers and factoring companies to an Ethereum (ETH) blockchain-powered open trade finance platform called Factorin. The Factorin platform…

Judge Freezes Funds in Accounts Belonging to Embattled Brazilian Crypto Firm

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A Sao Paulo court has blocked funds in bank accounts linked to Grupo Bitcoin Banco — with 726,630 reals (about $188,000 at press time) frozen, Cointelegraph Brazil reported on June 5. Two people, along with one company, have accused GBB of engaging in abusive practices after they were unable to make conversions back into reals or withdraw funds to their bank accounts because of a temporary suspension on transactions. The trio claimed they have a total 726,630 reals on GBB’s platform and urged a judge at the Court of Justice…

Bitcoin Volatility Indicator Suggests It’s Time You Sell Your Crypto

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By CCN: Bitcoin is pulling back sharply as investors and traders alike look to consolidate cryptocurrency gains in 2019. One indicator, however, suggests that the selling pressure isn’t over yet. The VERA Convergence-Divergence signal is a Bitcoin volatility indicator that’s flashing warning signs. Is it time to sell Bitcoin yet? Source: Bloomberg. As Bloomberg reports, the ‘VERA Cvg Dvg’ is once again flashing a sell in 2019. The first and only other sell signal this year was a red herring in late April. If traders had taken the bait then,…

Strict Malaysian Regulator Approves Three Cryptocurrency Exchanges

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By CCN: Malaysia’s Securities Commission (SC) has registered three cryptocurrency exchanges allowing them nine months to achieve compliance with regulatory standards. Malaysia has been strict with its regulation of cryptocurrency exchanges previously. These three are the first, and only, registered to operate in Malaysia legally. The three exchanges registered are Luno Malaysia, Sinegy Technologies, and Tokenize Technology. State of Cryptocurrency in Malaysia Malaysia is currently one of the few South East Asian nations not to have a clear and defined stance on digital currency. Nobody is quite sure when a…

Crypto Exchange OKCoin Expands Trading Services to Europe

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Cryptocurrency exchange OKCoin has launched in the EU, opening up euro pairs to traders for the first time. Available from Tuesday for non-U.S. users, OKCoin’s new spot trading offerings cover euro pairs with bitcoin (BTC), ether (ETH) and bitcoin cash (BCH) at launch, with more pairs planned. The firm said on its blog that until Sept. 4, euros can be deposited and withdrawn fee-free. At the same time, OKCoin has announced the opening of a new office in Malta, featuring, it says, a “tailored set of trading services and digital assets that…

Belarus General Prosecutor Warns About Cryptocurrency’s Use in Tax Evasion

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Belarus’ general prosecutor has raised concerns about the role cryptocurrency could be playing in tax evasion, local daily news outlet TUT.by reported on June 4. Speaking as Belarus hosted the International Prosecutors Association’s regional conference, Aleksandr Konyuk said the time had come for all attendants’ authorities to study cryptocurrency use. Belarus had become one of the first countries in the area to create formal legislation around bitcoin (BTC) and other cryptocurrencies, declaring them legal in 2017. “The relevance of cybercrime is obvious,” he told the conference, which saw representation from…