Cryptocurrency Lender Dharma to Postpone Accepting New Deposits and Loans

San Francisco-based crypto lender Dharma has decided to pause new deposits and loans on its platform.  Dharma announced their decision in a series of official Twitter posts on Aug. 7. Their second tweet in the series reads: “For now, we’re pausing new deposits and loans in Dharma. If you have an existing deposit or loan with Dharma, you’ll still be able to access your account and will have the option to withdraw any funds that are not currently locked up.” While not appearing to offer any further details, Dharma assured…

Too Soon to Call Bitcoin a Safe Haven

Brian Belski, chief investment strategist at the investment banking company BMO Capital Markets, said that he thinks it is premature to call Bitcoin (BTC) a safe haven from economic turmoil. Belski shared his views on Aug. 7 on CNN Business show Markets Now, where he said: “Bitcoin has been excessively volatile, especially the last couple of years. It’s the sexy kind of thing to go to now. I don’t base my investments on sex appeal. I base my investment on longer-term perspective. And I think the longer-term perspective, in terms…

Dark Market Drug Dealers Plead Guilty, Forfeit Crypto Proceeds

A couple operating out of Merced, California have pleaded guilty to selling drugs on the dark web in exchange for cryptocurrencies, including Bitcoin (BTC) and Bitcoin Cash (BCH). The United States Department of Justice announced the charges in a press release on Aug. 6. According to the announcement, Jabari Monson has pleaded guilty to conspiring to distribute controlled substances, while Saudia Monson plead guilty to violating the Travel Act. Saudia allegedly used both mail and the internet to distribute controlled substances.  According to the press release, the Monsons distributed cocaine,…

Crypto Tax Bill Introduced in the US House of Representatives

A tax bill seeking to allow the exclusion of gain or loss on like-kind exchanges of virtual currency has been introduced in the United States House of Representatives. To amend the Internal Revenue Code of 1986 The bill dubbed the “Virtual Value Tax Fix Act of 2019” was initially introduced by Rep. Ted Budd (NC-R) on July 25 and referred to the Committee on Ways and Means. The bill seeks to introduce amendments to the Internal Revenue Code of 1986, which specifically determines: “No gain or loss shall be recognized…

Crypto Startups Still Raising Millions in Capital Despite ICO Decline

In late July 2019, Sony Financial Ventures joined a $14.5 million funding round for Bitcoin (BTC) bank Bitwala. Back in 2017 and 2018, such a figure might not have made many headlines, as crypto startups were raking in hundreds of millions of dollars in initial coin offerings (ICOs). The ICO boom has, however, stalled significantly, with fundraising figures for 2019 a far cry from the massive amounts earned by projects in the two years prior. Many of the tokens that came about during the ICO mania have also lost most…

Canadian Bitcoiner Scams the Scammer, Donates Proceeds to Bitcoin Venezuela

Ben Perrin, a Calgary-based bitcoin enthusiast who runs an educational YouTube channel dedicated to enlightening the masses on all things cryptos, has succeeded in beating scammers in their own game and he’s donated the proceeds to Bitcoin Venezuela, a platform that helps Venezuelans buy groceries with cryptos, reports CBC on August 7, 2019.  Perrin Beats the Bitcoin Thief As bitcoin and other cryptoassets keeps growing in value and use case, fraudsters keep advancing their “crypto-thieving” skills and expanding their networks to both online and offline channels in order to defraud…

Bitcoin Price Weekly Close Above $11,500 Would Be First in Nearly 18 Months

Bitcoin price throughout 2018 was locked in a bear market and downtrend that ultimately took the price of the first-ever crypto asset to its bottom at $3,200. But during the almost 8 months of 2019, Bitcoin has been in an uptrend and is preparing to enter a bull market. But before it gets there, Bitcoin price still needs to close a weekly candle above $11,500 – a feat it hasn’t accomplished in nearly 18 months. Bear Market Began at $11,500, BTC Stuck Below Resistance Since High timeframe candlestick closes are…

Kik Lawyers Say SEC Has No Strong Evidence, Twisted Facts in Complaint

Social media organization Kik has responded to a United States Securities and Exchange Commission (SEC’s) complaint alleging that Kik violated securities laws in its 2017 token fundraiser.  In a court filing dated Aug. 6, Kik’s lawyers state that the SEC relied on taking quotes out of context and twisting facts in order to support their allegations. Kik further wrote that the SEC resorted to misrepresenting the facts because they have no strong evidence to support their claims: “If the Commission had strong evidence that Kik offered or promised TDE purchasers…

Malaysian Electric Utility Raids 33 Illicit Bitcoin Mining Facilities

Authorities raided Bitcoin (BTC) mining operations in Malaysia after finding that they were stealing electricity resulting in a loss of 3.2 million Malaysian ringgit ($760,736) to the utility company. 33 facilities illegally mining Bitcoin Malaysian major electric utility Tenaga Nasional Bhd (TNB) fell victim to an illegal cryptocurrency mining operation, which resulted in a $760,736 loss, local media organization Malay Mail reported on Aug. 7. After revealing the malpractice, the company raided 33 premises located near the state capital of Pahang, Kuantan. Distributing network general manager Siti Sarah Johana Mohd…

Price Analysis 07/08: BTC, ETH, XRP, BCH, LTC, BNB, EOS, BSV, XMR, XLM

Bitcoin is struggling to move up. What are the critical levels to watch out for? Let’s analyze the charts. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision. Market data is provided by the HitBTC exchange. The rally in cryptocurrencies has largely been led by Bitcoin (BTC). Its dominance has increased from 51.63% at the start of the year to close…