Day: July 10, 2019

Bitcoin Smashes Past $13,000: BTC is “Bullish AF”, Analyst Says

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Bulls Boost Bitcoin Beyond $13,000 Bulls have continued to make their presence known on Wednesday. Bitcoin (BTC), as of the time of writing this, is changing hands for $13,050 apiece, marking the highest the asset has been since late-June, prior to the brutal $4,000 dump following the blow-off top at $13,800. This rapid bullish reversal, which took a mere two weeks’ time, accentuates that Bitcoin is clearly in an uptrend. If Bitcoin manages to close a daily candle, let alone a weekly candle, above $13,000, many analysts, including Crypto Hornhairs…

Is Bitcoin Still Evil? US Customs Seized JPMorgan’s Ship Filled With Cocaine

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U.S. customs seized a ship full of cocaine owned by JPMorgan Asset Management. They declined to comment but everybody remembers how their CEO Jamie Dimon compared Bitcoin with the criminal activity. JPMorgan may not like Bitcoin because “criminals are using it” but just few weeks ago, several thousand Wall Street traders were said to be pretty nervous. The reason – shipping containers full of illegal drugs, mostly cocaine, were found and seized at a Philadelphia port in what authorities described as the largest seizure in the region’s history. Of course,…

Coinbase Looks to Launch a Captive Insurance Company With Aon: Report

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United States’ biggest cryptocurrency exchange, Coinbase, is reportedly looking to launch a captive insurance company, industry news outlet Coindesk reports on July 10. Per the report, industry sources told the outlet that Coinbase is looking to launch its captive insurance company in partnership with insurance brokerage firm Aon.  According to accountancy news outlet CPAJournal, “a captive insurance company is a subsidiary formed by a private company to finance its retained losses in a formal structure under the guidance of an appropriate state insurance department.” Such a solution allows the company…

US Lawmaker Reintroduces ‘Safe Harbor’ Crypto Tax Bill in Congress

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United States Congressman Tom Emmer has reintroduced his Safe Harbor for Taxpayers with Forked Assets bill, according to a press release published July 9. The reintroduced version of the bill appears to have been published on July 3, based on the date printed within the document. Emmer initially announced plans for the Forked Assets bill in 2018 as a means to simplify tax laws pertaining to assets held on blockchains with hard forks.  A hard fork on a blockchain splits the chain in two, with one path following the original…

Bitcoin Price Recovers 85% of Recent Losses With Move Above $13K

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View BTC continues to chart bullish higher lows and higher highs on short duration charts, favoring a retest of the recent high of $13,880. A move to $13,880 may take time if prices drop below key support at $12,538. That would allow a deeper pullback to $12,000. A high-volume UTC close below $12,000 would invalidate the short-term bullish setup, although that looks unlikely. Bitcoin (BTC) bolstered its already bullish technical setup with a move above $13,000 earlier today. The top cryptocurrency by market capitalization rose to $13,154 in the Asian…

Ban Bitcoin Crowd Quiet As JPMorgan-Owned Drug Ship Seized

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A JPMorgan Asset Management-owned ship has just been impounded by the US authorities because it was carrying in its cargo $1.3 billion worth of cocaine. Naturally, there have been no calls for the banning of cash, or investment banks for that matter, by the “ban bitcoin” crowd. The ship is operated by the Switzerland-based Mediterranean Shipping Company (MSC). The MSC Gayane was seized in Philadelphia after 39,525 pounds (nearly 20 tonnes) of the drug was found onboard. The containership was built in 2018 and is Liberian flagged. It is apparently…

BitMEX CEO Says Facebook Libra Will Make Banks ‘Dumb Nodes’

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Facebook’s Libra payment protocol could make central and commercial banks irrelevant, but PayPal has no future anyway, the CEO of derivatives giant BitMEX thinks. Arthur Hayes made the comments in a new interview with Taiwanese news network BlockTempo TV on July 9. Speaking during this year’s Asia Blockchain Summit (ABS), Hayes made grim forecasts for both banks and fiat-based payment networks.  Libra, which saw its whitepaper release last month but has yet to launch, has drawn both praise and criticism from across the international economy.  For Hayes, participants who should…

TRON’s BitTorrent Speed Aims to Expedite File Sharing via Token Rewards

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The software company BitTorrent Inc., a subsidiary of one of the largest decentralized peer-to-peer networks across the globe TRON, recently announced the addition of a new ‘member’ to its ‘team’ – BitTorrent Speed. Launched this week, this amazing speedy software is proposed to help scaling up, uploading and downloading of files within the network. According to the press release, BitTorrent Speed will make it possible for millions of users to gain fast and uninterrupted access to files on the network while being rewarded for activity with the BitTorrent (BTT) token,…

Next Month’s Halving Will Be a ‘Shock’ to Litecoin Mining

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Litecoin (LTC) creator Charlie Lee has predicted that miners may shut up shop after the coin’s upcoming halving this summer.  In an interview with Australian crypto news site Mickey on July 10, Lee reflected on the possible implications for Litecoin’s mining ecosystem when the planned halving kicks in and current block rewards on the network are reduced by 50%. “It’s always kind of a shock to the system,” he said, explaining:  “When the mining rewards get cut in half, some miners will not be profitable and they will shut off…

After FED Warned of One of the Biggest Recessions, Bitcoin Price Hits $13K

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Bitcoin price seems to be preparing for more upsides above the $13,200 level. In the short term, there could be a downside correction, but the bulls are likely to defend the $12,800 or $12,600 support area in the coming sessions. The New York Federal Reserve’s probability model, which predicts the probability of a US recession in the next 12 months, delivered a reading of 32.9% for June. It seems that we have tough time ahead – but not the Bitcoin. Let’s not forget that the US Treasury yield curve officially…