Day: July 16, 2019

Venezuelan Investors File Lawsuit With US Court in Connection With $30M Crypto Fraud

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A group of Venezuelans has filed a lawsuit with a Florida Federal Court in connection with a Ponzi scheme involving $30 million in cryptocurrency promoted by Canadian investment radio host Harold Seigel. Payment and commerce news outlet Pymnts.com reported today, July 16, that seven Venezuelans claim to have been lured into a $30 million worth digital currency Ponzi scheme conducted by companies such as Eagle Financial Diamond Group Inc. and Argyle Coin. The cryptocurrency involved into the fraud was reportedly pegged to diamonds. The frauds allegedly used raised funds to…

Bitcoin (BTC) Cracking As Government Drums For Regulation

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Bitcoin (BTC) is down 14.8 percent Steven Mnuchin is calling for cryptocurrency oversight and compliance Eventual regulation of cryptocurrencies in the US, following Steven Mnuchin presser, could have far-reaching consequences on Bitcoin and cryptocurrencies. In the meantime, BTC is on edge and may slide to $9,500. Bitcoin Price Analysis Fundamentals From launch, Bitcoin is considered a threat to the status quo. However, scrutiny was amplified following the parabolic rise of digital asset prices in Q4 2017 and meltdown of 2018 that highlighted the volatile nature of these emerging assets. Attractive…

Ranking Senate Committee Members Discuss Regulations

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United States Senators Mike Crapo and Sherrod Brown, respectively the Senate Banking Committee chair and ranking member, shared their views on crypto regulations. Both appear to want comprehensive policy for big tech companies. The senators made their remarks while speaking with the press following the Senate Banking Hearing on Facebook’s Libra on July 16. Senator Crapo stressed the importance of building an overarching regulatory framework for data protection — not just for Facebook, but for all Internet companies looking to launch their own cryptocurrencies, á la the Financial Stability Oversight…

Ripple Performs Better than Broader Crypto Markets on Technical Support

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One of the most interesting cryptocurrencies to have emerged over the past few years has been Ripple (XRP), and it has managed to hold onto its position as the third biggest cryptocurrency by market capitalization. However, it has not had the best year so far, despite threatening to break out more than once. In a new development that will be welcomed by those who hold XRP, the cryptocurrency has managed to outperform the market amidst all the chaos. XRP Finds Support While most of the market has been in a…

Dash Bears Aim at $105 As CEO Criticize Bitcoin (BTC)

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Dash slides 28.2 percent Bitcoin is flawed as a medium of exchange Ryan Taylor, the CEO of Dash, opines that Bitcoin is flawed as a payment solution. As a result, Dash is solving BTC’s shortcomings. However, that is not enough to tame bears. Dash is down 28.2 percent in the last week. Dash Price Analysis Fundamentals The cryptocurrency payment space is saturated with projects aiming to dislodge Bitcoin. Of the many, Dash is perhaps one of the leading contenders. In the past few years, the coin’s use in Venezuela is…

Facebook Stresses Libra’s Compliance With FinCEN at Senate Hearing

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David Marcus, head of Facebook’s crypto wallet Calibra, stressed Facebook’s intent to be compliant with the United States Financial Crimes Enforcement Network (FinCEN) in distributing the Libra stablecoin. As a Cointelegraph correspondent reports on July 16, Marcus delivered his comments at the ongoing hearing on Facebook’s Libra with the Banking Committee of the U.S. Senate. Addressing the issues of money laundering and terrorism financing, Senator Cortez Mastro asked Marcus how Facebook is going to ensure that the platform is not being used for such purposes. Marcus responded that “this is…

Bitcoin Dips Below $10,000 for the Second Time in July

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The Bitcoin (BTC) price has dipped below the $10,000 price mark on July 16, while all top 20 coins by market cap are seeing significant losses. Market visualization from Coin360 Bitcoin has dipped below $10,000 threshold for the second time this month after the biggest cryptocurrency broke a multi-month high above $13,700 on June 26. After Bitcoin attempted another recovery to reach nearly $11,000 yesterday, the major coin has dropped to $9,616 at press time, down 8.22% over the past 24 hours. The biggest cryptocurrency is down more than 22%…

XRP Slides 23.4%, Mnuchin Presser A Ray of Hope For Ripple

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Ripple (XRP) is down 23.4 percent Like Libra, proper regulation will see XRP soar Steven Mnuchin presser highlights the significance of oversight. Appropriate controls would either destroy or boost Ripple’s ambitions of building a sustainable web, the Internet of Value, where XRP plays a significant role. Currently, sellers are at the lead as prices tumble 23.4 percent from last week’s close. Ripple Price Analysis Fundamentals To flourish and positively impact livelihoods, Ripple’s expansion largely depends on how regulators perceive their products. Of the three core solutions, xCurrent is the most…

R3 to Support a Startup-Focused Stock Exchange in Brazil

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Blockchain consortium R3 has partnered with Brazilian fintech company Banco Maré to launch a stock exchange for investing in technology firms. Banco Maré, a blockchain-powered digital bank focused on financial inclusion, intends to build a tokenized stock exchange offering investments in technology companies with “social impact,” Cointelegraph Brazil reports July 16. The new R3 technology-backed platform, provisionally named BVM12, will purportedly open a new funding source for technology startups, as well as enable individual investors to generate dividends from investments in new technologies, the report notes. Rio de Janeiro-based Banco…

Litecoin Price Crash Near Halving Could Precede All-Time Highs

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Just as the Litecoin halving is less than a month away, the number four cryptocurrency is starting to show signs of weakness. After posting a 2019 high of $146 on June 22nd, Litecoin has plunged to a low of $84.88 on July 15th. That’s a drop of over 41 percent in less than a month. If you think the worst is over, think again. A popular Elliottician on Twitter named Benjamin Blunts shared his forecast on Litecoin’s future price action. His prediction comes in the form of a sandwich where…