Month: July 2019

Ethereum Price (ETH) Primed To Revisit $190, Bears In Control

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ETH price remained in a bearish zone and broke the $208 support area against the US Dollar. The price tested the $200 support area and it remains at a risk of more losses. There is a major bearish trend line forming with resistance near $214 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to continue lower and it seems like it might soon test the $190 support zone. Ethereum price is currently trading with a bearish bias versus the US Dollar and bitcoin. ETH…

Prominent Nigerian Politician Calls for Legal Framework for Cryptocurrencies

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Femi Gbajabiamila, the speaker of the Nigerian House of Representatives, has called for a substantive legal framework for cryptocurrencies in the country. According to a report by Nigerian news daily Daily Post on July 23, Gbajabiamila wants the country to develop clear regulations for digital assets so that the country does not get left behind as cryptocurrencies become more widely adopted.  Speaking at a visit by the board of the Nigerian Deposit Insurance Corporation (NDIC), Gbajabiamila said: “On the issue of cryptocurrency, I think blockchain technology is novel and coming…

Japanese General Trading Company Backs Blockchain Platform for Wind, Solar

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Marubeni Corp., a major Japanese sōgō shōsha, or general trading company, is now backing a blockchain-based power trading platform. Per a report by Reuters on July 23, Marubeni  has issued a loan to Lithuania-based blockchain project WePower. Per Reuters, the size of Marubeni’s stake in WePower after converting the loan is yet to be determined. WePower has reportedly developed a platform which allows small- and medium-sized enterprises to more easily buy power specifically from wind- and solar-based sources via standardized digital power purchase agreements. The platform aims to unlock tens…

Trader Predicts Ripple to Dump by 60% Against Bitcoin Before It Moons

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Ripple is having a horrible 2019 against bitcoin. The Standard (Ripple) as known in the crypto community is down by over 66 percent against the leading cryptocurrency year-to-date. Ripple is so weak that it already posted seven consecutive red candles on the monthly chart. Unfortunately for the No. 3 cryptocurrency, it appears that its winter won’t be letting up anytime soon. That’s according to an analyst who goes by the name of Livercoin on Twitter. The forex and cryptocurrency trader foresees the persistence of the bear market for Ripple in…

New York State Digital Currency Task Force Appoints New Members

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Legislators from the New York State Assembly have appointed six members to the New York State Digital Currency Task Force. In a video announcement on July 22, Assembly member Clyde Vanel announced six appointments to the group, which is tasked with investigating and making regulatory recommendations regarding digital currencies and blockchain technology.  The task force will consist of 13 members, six of whom are appointed by the Assembly, while the remaining seven will be appointed by the governor. The six appointed on July 22 include Ethereum co-founder Joseph Lubin, the…

Bitcoin Cash Adoption Continues to Spread in North Queensland and Japan

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BCH merchant acceptance has continued to grow month after month but there are a few regions in the world where bitcoin cash retail acceptance is thriving. Over the last few weeks, North Queensland and Japan have shown significant growth and continue to dominate as some of the densest territories of BCH merchant adoption worldwide. Also read: Bitcoin Futures Update: Bakkt Testing, CME Breaks Records, and a $100K Call Option Bitcoin Cash Is Spreading Throughout Japan and North Queensland Both North Queensland and Japan are areas which have continued to see…

Philippines-Based UnionBank Completes Blockchain Remittances Pilot

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The Philippines-based UnionBank has successfully completed a pilot of a blockchain-based cross-border remittance from the Philippines to Singapore, according to a press release published on July 23. The pilot is the result of a partnership between UnionBank and Singapore-based OCBC Bank, wherein the parties deployed the Adhara liquidity management and international payments platform and UnionBank-UBX’s i2i platform to make the remittance.  To ensure financial inclusion for the unbanked Specifically, the bank used a blockchain-based tokenized fiat to remit from OCBC Bank to an account holder at a rural Cantilan Bank.…

New York Regulators Designate New Division to License Crypto Businesses

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The New York Department of Financial Services (NYDFS), the state’s financial regulator, has established a new department that will be responsible for licensing and regulating crypto-related businesses. In a statement on July 23, the NYDFS announced the formation of the Research and Innovation Division which will “house the Department’s division responsible for licensing and supervising virtual currencies, and it will assess new efforts to use technology to address financial exclusion.” The NYDFS requires that businesses involved in the issuance and trade of digital assets receive a special type of registration…

Anti-ICO Chairman of South Korean Financial Regulator Resigns as Expected

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Financial Services Commission (FSC) chairman Choi Jong-ku, a governmental official in South Korea who took a hard line on domestic Initial Coin Offerings (ICOs), has tendered his resignation. The Korea Times reported the chairman’s decision on July 18. “I recently tendered my resignation to President Moon Jae-in to widen the scope of his choice before the expected reshuffle,” Choi said. According to the report, officials in the finance sector expected Choi Jong-ku’s resignation, since historically the finance chair does not complete their term in office. There are also reported rumors…

Judge Denies AT&T Request for Dismissal in $224M SIM Swap Crypto Case

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The federal judge overseeing Terpin v. AT&T — a legal battle pertaining to stolen crypto via SIM-swapping that has been going on for almost a year — has denied the telecom giant’s motion for dismissal. As previously reported by Cointelegraph, investor Michael Terpin had sued AT&T for $224 million. Terpin reportedly lost $24 million as a result of theft, and is seeking an additional $200 million in punitive damages. Terpin claims that he lost the foregoing assets in two hacks within seven months, due to the telecom provider’s alleged cooperation…