Day: August 1, 2019

Brazilian Cryptocurrency Brokerage Wins Lawsuit Over Closed Bank Account

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Brazil-based cryptocurrency brokerage M Intermediação e Prestação de Serviço Ltda. has won a lawsuit against Banco Bradesco, which was initiated after the bank closed M Intermediação’s account. Cointelegraph Brazil reported the legal victory in a report on August 1. According to the report, M Intermediação uses the Bitcoin network as well as traditional bank accounts to let their users make deposits and withdrawals in both Bitcoin (BTC) and Brazilian reals. The Banco Bradesco decided to block the brokerage’s account in 2018, claiming that their security system detected unusual activity. The…

Square Doubles Bitcoin Revenue, Generating $125 Million via Cash App in Q2

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Payments company Square has generated $125 million in Bitcoin (BTC) revenue in the second quarter of 2019 through its mobile payments service Cash App. Square released the information in the company’s Q2 2019 shareholder letter on August 1. According to the letter, the company’s Bitcoin revenue benefited in part from the number one  cryptocurrency’s price rally over the quarter. As a result of this price growth, there was also a correspondingly increased volume of Bitcoin, they say. This resulted in a $2 million gross profit for the company. Cash App…

NYAG Argues Against Continued Stay of Demands for Bitfinex

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The New York Office of the Attorney General (NYAG) has submitted a letter to Justice Joel M. Cohen, arguing that cryptocurrency exchange Bitfinex and affiliated Stablecoin firm Tether should not be granted a continuing stay of demands. The NYAG submitted its letter on Aug. 1 — the latest chapter in the New York Attorney General’s ongoing case against Bitfinex, parent company iFinex and Tether, in which the state alleges a multimillion loss coverup took place. The motivation for NYAG’s letter The court initially issued a stay of document demands in…

Everton Football Club Signs EToro as Official Online Trading Partner

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Everton Football Club of the British Premier League has signed a deal with the crypto-inclusive investment and trading platform eToro. Everton shared news of the partnership in an official announcement on Aug. 1.  As per the report, eToro will now be Everton’s “Official Online Trading Partner”, which will offer advertising for the platform via its marketing assets and matches at home stadium Goodison Park. Everton’s commercial director Alan McTavish commented that he is “excited to see what can be achieved by bringing blockchain technology into the world of football.” The…

Bitcoin’s Continued Weakness Gives Slumping TRON Room to Bounce

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TRON had bad publicity lately, including news of police raiding offices and the chief executive canceling lunch with Buffett. But there’s hope. | Source: Shutterstock; Edited by CCN TRON has been recently in the spotlight for all the wrong reasons. First, we hear news of police raiding TRON’s offices in Beijing on accusations that the TRON Foundation is running a scam. Police raids at #Tron offices in Beijing? Additionally, there’s many angry people gathered there who are saying things like “Tron is a scam”. $trx #trx @justinsuntron pic.twitter.com/qFykQErQu6 — Hayden…

Bitcoin’s Continued Weakness Gives Slumping TRON Room to Bounce

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TRON had bad publicity lately, including news of police raiding offices and the chief executive canceling lunch with Buffett. But there’s hope. | Source: Shutterstock; Edited by CCN TRON has been recently in the spotlight for all the wrong reasons. First, we hear news of police raiding TRON’s offices in Beijing on accusations that the TRON Foundation is running a scam. Police raids at #Tron offices in Beijing? Additionally, there’s many angry people gathered there who are saying things like “Tron is a scam”. $trx #trx @justinsuntron pic.twitter.com/qFykQErQu6 — Hayden…

Canadian Transcontinental Railway Joins Blockchain in Transport Alliance

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Canada’s transcontinental railway, Canadian Pacific (CP), has joined the Blockchain in Transport Alliance (BiTA). CP announced its new membership in an official press release on July 31. According to the announcement, CP is looking to support improvements in supply chain technology through blockchain technology. BiTA says that by joining the group, CP is helping them to drive global supply chain interoperability. BiTA president Patrick Duffy also commented on the potential benefits of blockchain in the transportation sector, saying that the new tech “has the potential to smooth the transactions that…

Bitcoin Mining Manufacturer Canaan Files for IPO in US Worth $200 Million

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As per a report, Canaan Creative, the major Bitcoin miner manufacturer, is supposed to have confidentially filed for an IPO in the US. As Bitcoin has grown into one of the biggest cryptocurrencies in the world, a range of industries have cropped up that are seeking to provide services that will help create a more robust ecosystem, and most of them are bearing fruit. For instance, new crypto exchanges are cropping up every other day, and it has become an industry in itself. However, not much has yet been talked…

Bitcoin Price Forming Descending Triangle, Market Showing Consumption of Demand

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As Bitcoin price struggles to maintain strength above $10,000 but is unable to push below $9,200, the crypto asset’s price chart has formed what appears to be a descending triangle – a bearish continuation pattern, that does have potential to break to the upside. The formation shows many similarities to a descending triangle that formed during the 2018 bear market, that eventually sent Bitcoin plummeting to its bottom around $3,200. One analyst believes that although the market is showing demand for Bitcoin, that demand is being consumed ferociously and once that…

Iranian Police Seize Batch of 117 Smuggled Crypto Mining Machines

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Iranian provincial police have arrested an individual smuggling in cryptocurrency mining machines, local news agency Fars News reported on July 31. The Saveh Police Department’s Anti-Trafficking Police seized a truck allegedly carrying 117 cryptocurrency mining machines to the value of 11.7 billion Iranian rials ($277,876 at press time). According to Sardar Kiomars Azizi, a Police News Agency official, the police confiscated the aforementioned crypto mining equipment and arrested the truck driver. Crypto mining in complicated regulatory territory The news comes in the wake of the Iranian government’s authorization of cryptocurrency…