Day: August 7, 2019

ECB Boosts Crypto Surveillance to Monitor the Market Closely

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There is no doubt that cryptocurrencies have come a long way over the past few years and are now legitimately regarded as an important corner of the global financial market. However, it is also important to note, that with the rise in popularity, regulations also become a reality, and that is something plenty of regulators have been planning over the past couple of years. Most recently comes the European Central Bank, or ECB, into the mix. Key Details While it is true that the cryptocurrency community, in general, is against…

Facebook Libra Faces Another Setback From Global Regulators

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Ever since Facebook (NASDAQ:FB) announced that it was going to come up with its own cryptocurrency last month, the company has faced a whole range of backlash from regulatory bodies not only in the United States but also in the rest of the world. The name of the cryptocurrency is Libra, and although the company is planning to launch it in 2020, the white paper has received its fair share of criticism. In a fresh development, privacy regulators in the United Kingdom, the United States, and the European Union have expressed…

Coinbase Must Face Negligence Suit Over Bitcoin Cash Launch, Judge Rules

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Coinbase must face a negligence lawsuit from customers who bought bitcoin cash (BCH) following its allegedly botched listing on the exchange during the 2017 bull market, a judge has ruled. U.S. District Judge Vince Chhabaria of the Northern District of California dismissed the plaintiffs’ fraud and unfair competition claims against Coinbase, and the negligence claims brought by the ones who sold BCH. But he denied Coinbase’s motions to move the case to arbitration and to dismiss the buyers’ negligence claims, saying it is “plausible” that the company “breached its duty to maintain a functional…

ShapeShift Addresses KeepKey Hardware Wallet Vulnerability Report

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Cryptocurrency swaps and hardware wallet producer ShapeShift addressed recent KeepKey hardware wallet vulnerability allegations. ShapeShift responded to an alleged vulnerability submitted through its responsible disclosure program in a Medium post published on Aug. 4. Per the announcement, the firm received a vulnerability report through the program on May 1, which described what the researchers believed to be a hardware vulnerability. The purported vulnerability would allow an attacker to read what was on the wallet’s screen by monitoring power fluctuations to the display in what is known as a side-channel attack.…

Bitcoin Breaks $12,000 Before Plunging, Crypto Markets Turn Downward

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Wednesday, Aug. 7 — Most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as Bitcoin (BTC) briefly broke the $12,000 mark and subsequently fell. Market visualization courtesy of Coin360 The Bitcoin price is currently down 0.67% on the day, trading at $11,673, according to Coin360. Looking at its weekly chart, the coin is up by about 17.27%. Bitcoin 24-hour price chart. Source: Coin360 As Cointelegraph reported earlier today, the correlation between Bitcoin, often referred to as digital gold, and physical gold has almost…

Seoul to Release Native City-Wide Crypto as Part of Smart City Development

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In a bid to transform into a blockchain smart city, Seoul, South Korea is planning to launch its own digital currency by November 2019. To facilitate engagement in the city’s governance As Australian finance-focused media outlet Finder reported on Aug. 7, the South Korean capital is looking to release a native city-wide digital currency dubbed S-coin, the objective of which will be to encourage citizens to participate in governance, facilitate cooperation between citizens and collect information. People will receive S-coins when using public services or fulfill their citizenship obligations such…

Canadian Bitcoin Educator Outwits Scammer, Donates Money to Charity

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A Canadian Bitcoin (BTC) educator has scammed a crypto scammer and subsequently donated the money to charity. As the Canadian Broadcasting Corporation reported on Aug. 7, Ben Perrin — a YouTuber who runs an education channel about cryptocurrencies and a marketing director at a Bitcoin exchange — received a scam message offering an investment scheme that would supposedly double his Bitcoin investment every 24 hours. Perrin told CBC News: “I’ve come across a lot of these people before, they make ridiculous claims. In this case, every 24 hours, they guaranteed…

Capital Flight from China Causing Bitcoin’s Pump: Kyle Bass

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Well known fund manager of Hayman Capital Management, Kyle Bass, believes that the current run-up in Bitcoin is has been caused by global trade tension, Yuan devaluation, and capital leaving China. In an interview with Yahoo, Kyle emphasized that while capital is leaving China through gold and Bitcoin, the rising market will be cut short by a potential economic crisis, August 7, 2019. Real Returns and Cryptoassets According to Kyle Bass, Bitcoin’s current sentiment will not persist beyond a certain level owing to expansionary monetary policy from global central banks. Bass…

New Liberty Dollar Founder Subpoenaed in the Billion-Dollar Bitcoin Lawsuit

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The ongoing Kleiman v. Wright case saw expert testimony on Monday from the plaintiff’s cryptography specialist, alongside the defendant Craig Wright’s witness, Nchain CTO Steve Shadders. The court participants discussed parsing through 27,000 bitcoin addresses as well the Kleimans’ forensic expert finding discrepancies within specific documents and contracts between the two business partners. Moreover, it seems the Kleimans’ legal counsel has been pursuing a subpoena in order to compel the former managing director of the New Liberty Dollar, Joseph Vaughn Perling, to appear in court. Also Read: Another Self-Proclaimed Satoshi…

Federal Reserve to develop Real-time Payment Service ‘FedNow’

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The U.S. Federal Reserve Board announced a plan for the Federal Reserve Banks to develop a new round-the-clock real-time payment and settlement service to support faster payments in the U.S. The plan called the FedNow Service, is expected to be available in 2023 or 2024. The development of an innovative faster payment services by the Federal Reserve was imperative to match the blockchain and cryptocurrency-powered faster payment and settlement service providers. “FedNow will permit banks of every size in every community across the country to provide real-time payments to their…