Day: August 14, 2019

UK’s Ad Regulator Accuses BitMEX Exchange of Misleading Bitcoin Graph

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On Wednesday, August 14, the U.K. Advertising Standards Authority (ASA) has upheld its complaint against the crypto derivatives platform BitMEX for showing a “misleading” Bitcoin price graph on the front page of the country’s national newspaper. ASA, which is an independent ad regulator, said that earlier this year in January 2019, BitMEX advertised in The Times newspaper showing a 10-year graph of the BTC price between January 2009 and January 2019. The ASA regulator states that BitMEX breached an ad code and did not provide any clear explanatory information. In its complaint,…

Falling Renminbi Serious Use Case for Bitcoin: DBS Chief Economist |

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A weakening Chinese Yuan (Renminbi) is helping to fuel the bullish sentiment of bitcoin, according to Taimur Baig of DBS’ Singapore unit. The chief economist told Financial Times that the recent run-up in the bitcoin price took place after the People’s Bank of China (PBoC) forced the value of the renminbi below $0.14 for the first time since the last financial crisis. The move increased the demand for bitcoin and similar perceived safe-haven assets – such as gold – higher. “We have seen a big rally,” said Baig. “A falling…

Austrians Are Most Skeptical of Bitcoin and Cryptocurrency

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An online survey by banking giant ING finds that Austrians are the most skeptical of Bitcoin (BTC) and cryptocurrencies in general. The poll, including respondents from 15 countries, shows that Bitcoin-positivity is also weakening in other countries, according to Der Standard, Aug. 14. The worst and getting worse Austrians are generally conservative on investments, but on cryptocurrency they are very skeptical, with only 13% seeing digital currencies in a positive light. Attitudes towards cryptocurrency worsened since last year’s survey. This year 17% of Austrians think that cryptocurrency is the future…

Bitcoin Is a Geopolitical Turmoil Indicator, Says Market Researcher

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Co-founder of market research firm DataTrek Research Nicholas Colas says that Bitcoin (BTC) is a geopolitical turmoil indicator. Bitcoin as a market indicator In an interview with CNBC published on Aug. 14, Colas claimed that Bitcoin was one of the few assets of which the price predicted Hong Kong’s protests and the consequent local capital flight.  When the interviewer asked him whether he believes that Bitcoin is a safe haven asset, he said: “We are definitely seeing that, and really are perked up around the Hong Kong protests and some…

US Crypto Holders Only Have a Few Days to Reply to the IRS 6173 Letter

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Last month, the United States Internal Revenue Service (IRS) sent approximately 10,000 letters to cryptocurrency holders regarding their crypto holdings. The IRS has begun sending letters to taxpayers with digital currency transactions that potentially failed to report income and pay the resulting tax from digital currency transactions or did not report their transactions properly.   Those who already received letter 6173, titled “Reporting Virtual Currency Transactions” on July 16 now have less than a week to reply to the IRS. The most serious of the trio of letters that were disseminated…

Bitcoin’s Price Looks Set for a Drop to $10K

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View Bitcoin appears on track to test the psychological support of $10,000, as the daily chart moving averages and other key indicators have turned bearish. A high-volume price breakdown seen on the hourly chart also favors a drop to $10,000. However, the hourly chart indicators are reporting a bullish divergence. So, a price bounce to $10,700 could precede a drop to $10,000. The outlook as per the daily chart would turn bullish if prices print a UTC close above $12,000. Bitcoin (BTC) is looking south, having retraced more than 50…

Bitcoin’s Price Looks Set for a Drop to $10K

boss

View Bitcoin appears on track to test the psychological support of $10,000, as the daily chart moving averages and other key indicators have turned bearish. A high-volume price breakdown seen on the hourly chart also favors a drop to $10,000. However, the hourly chart indicators are reporting a bullish divergence. So, a price bounce to $10,700 could precede a drop to $10,000. The outlook as per the daily chart would turn bullish if prices print a UTC close above $12,000. Bitcoin (BTC) is looking south, having retraced more than 50…

This Chart Perfectly Shows Bitcoin’s Brutal Dominance over Altcoins

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Bitcoin’s dominance over altcoins grows ever stronger. Source: Shutterstock By CCN Markets: Bitcoin raged back into a bull market in 2019, leaving the rest of the cryptocurrency market in the dust.  While bitcoin is up 178 percent this year alone, Ripple (XRP) and Stellar (XLM), are down more than 15 percent. Despite desperate hopes of an ‘altseason’ surge, most altcoins remain stagnant while bitcoin’s dominance has gone from strength to strength, currently sitting at 71 percent according to Messari. One chart, created by on-chain analyst Willy Woo, perfectly captures bitcoin’s…

Korea’s Oldest Bank Is Building a Blockchain-Based Security System

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South Korea’s oldest bank, Shinhan Bank, partnered with two other companies to develop a blockchain-based security solution. Korea’s Shinhan bank to enhance security with blockchain According to a report published on Aug. 14 by local news outlet TheKoreaTimes, Shinhan Bank signed a memorandum of understanding with financial technology startup Ground X and blockchain developer Hexlant to develop a blockchain security system.  Per the report, the deal will see the institution’s partners jointly develop a Private Key Management System for its banking services. Ground X is the blockchain unit of South…

New Blockchain-Based Smart City Project Planned for Cambodian Capital

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A Singaporean startup, Limestone Network, is using blockchain to sustain a smart neighbourhood at the heart of the Cambodian capital. As Tech in Asia reports on August 14, the 100-hectare mixed-use development in Phnom Penh encompasses residential properties, offices, retail centers, schools and a large-scale exhibition hall: it counts 10,000 business tenants and a daily population of 190,000. Limestone emerged from the first round of startups in the Singaporean government’s blockchain Tribe Accelerator, backed by government agency Enterprise Singapore.  Digital passports and wallets At the heart of the Phnom Penh…