Day: August 6, 2019

Bitcoin Dominance Nears 70% For the First Time Since December 2017 |

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The bitcoin dominance rate on Tuesday inched towards 70 percent for the first time since December 2017. At circa $217.91 billion, bitcoin’s market capitalization now covers 69.93 percent of the total cryptocurrency market. At its lowest, the world’s leading cryptocurrency was covering only 36.68 percent of the overall market in January 2018. Bitcoin Dominance Hits 2017 High | Image Credits: TradingView.com Bitcoin’s dominance dropped as investors started moving their capital to the assets launched during the initial coin offering mania of 2017. But as a majority of those blockchain projects…

Bitcoin Price Flash Crashes by $700 in Minutes Back Below $12K

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The top 20 cryptocurrencies are seeing mixed movements as Bitcoin (BTC) suddenly flash crashed in minutes from $12,300 to as nearly $11,600. Market visualization. Source: Coin360 Nevertheless, Bitcoin price is still currently up by 1.5% on the day, trading at around $11,813 at press time, according to Coin360. Looking at its weekly chart, the coin is up by about 24.33%. Bitcoin 7-day price chart. Source: Coin360 As Cointelegraph reported yesterday, the CEO of crypto payments firm Circle, Jeremy Allaire, suggested that macroeconomic turmoil is responsible for Bitcoin’s recent growth. Ether (ETH)…

North Korea’s $2 Billion Crypto Exchange Thefts Funds Kim’s Nukes: UN Report

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North Korean leader Kim Jong Un is reportedly finances for North Korea’s nuclear program by targeting cryptocurrency exchanges and financial institutions. | Source: KCNA). KCNA/via REUTERS A confidential United Nations report has revealed that North Korea raked in approximately $2 billion by hacking cryptocurrency exchanges as well as mainstream financial institutions, according to Reuters. The hermit kingdom has subsequently channeled the stolen funds to its nuclear and missile program. The report that was prepared for the North Korea sanctions committee of the U.N. Security Council was compiled by independent experts…

North Korea’s $2 Billion Crypto Exchange Thefts Funds Kim’s Nukes: UN Report

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North Korean leader Kim Jong Un is reportedly finances for North Korea’s nuclear program by targeting cryptocurrency exchanges and financial institutions. | Source: KCNA). KCNA/via REUTERS A confidential United Nations report has revealed that North Korea raked in approximately $2 billion by hacking cryptocurrency exchanges as well as mainstream financial institutions, according to Reuters. The hermit kingdom has subsequently channeled the stolen funds to its nuclear and missile program. The report that was prepared for the North Korea sanctions committee of the U.N. Security Council was compiled by independent experts…

Israeli BTC Investors Can’t Pay Taxes as Banks Refuse Deposit

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Israeli Bitcoin (BTC) investors are unable to pay their taxes as banks do not accept deposits obtained from cryptocurrencies. Israeli banks freeze up the minute they hear “Bitcoin” Israeli newspaper Haaretz reports on Aug. 6 that local crypto investors are unable to deposit the returns of their Bitcoin investments into bank accounts due to money laundering and terrorist financing concerns. Bitcoin is not recognized as a currency in Israel and earnings made by trading them are subject to a 25% capital gains tax for individuals and a 47% corporate tax…

US Freezes Maduro Gov’t Assets as P2P Bitcoin Volume Soars in Venezuela

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In a major escalation against socialist president Nicolás Maduro, Donald Trump’s administration has frozen all Venezuelan government assets.  The United States’ hawkish move has been reflected in a new all-time-high for peer-to-peer trading volume on LocalBitcoins in the country. Trump takes on the “usurper” As the Associated Press (AP) reported on August 5, the U.S. administration’s action took immediate effect this Monday, with President Trump citing Maduro’s ongoing “usurpation” of power — as well as human rights abuses by his supporters — as the grounds for the decision. Even ahead…

Litecoin Halving Price Rally Fizzles Sub $100 But 97% Hash Rate Stays

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Under one day since Litecoin (LTC)’s halving, its hash rate appears to be as robust as ever. In a tweet posted on August 5 — just under 22 hours after the halving event —  Litecoin creator Charlie Lee noted that: “504 blocks have been mined since the halving. This is 1/4 of the way to the next diff change. 21.65 hrs has elapsed since the halving. Normally on average it takes 21 hrs for 504 blocks. This means 97% of pre-halving hashrate still mining LTC.” Mining FUD debunked Halving —…

Bitcoin (BTC) Breaks all-time high Network Hash Power

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Currently sitting at its all-time high (ATH) of 72.46 EH/s, the Bitcoin network has literally never been as secure as it has at this moment, as per data from the BTC.com mining pool. Although BTC.com still has its position as the largest single mining pool, the rest of the distribution has evened out amongst other mining pools, smaller mining firms, and individual miners, August 5, 2019. Decentralization From Mining There are many factors that contribute toward a decentralized network, the most foremost of which is the distribution of mining. As…

These 3 Macroeconomic Factors Are Driving Bitcoin Price Above $12,000

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Bitcoin (BTC) price has staged a remarkable rally in recent days, but the reasons behind it could mean higher prices stick around much longer.  With BTC/USD now at $12,200, here are the main reasons the cryptocurrency industry considers lie behind Bitcoin’s latest surge higher. 1. Global stocks are tumbling As Cointelegraph continues to report, the ongoing impact of the United States-China trade war is increasingly considered a boon for Bitcoin.  On Tuesday, as tensions continued, stocks around the world showed considerable strain. As serial investor Tim Draper noted, the Dow…

Scam IRS Letters Trying to Trick Cryptocurrency Users to Pay Up

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Scam letters purporting to be from the United States Internal Revenue Service (IRS) are trying con cryptocurrency taxpayers and others out of their funds. According to a Forbes report published on Aug. 5, bogus letters are attempting to capitalize on the public’s lack of familiarity with legitimate IRS correspondence and soliciting payments by using threats of enforcement action against them, among other tactics. F is for fake Among the strategies used by the IRS scammers, some letters claim that a warrant has been claimed against the recipient due to their unpaid…