Day: August 23, 2019

4 Reasons Why Ethereum Classic Is Soaring — Up 40% This Week

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Ethereum Classic (ETC) price has surged 40% this week on several bullish news stories, according to data from Coin360.  Over the past seven days, ETC price has climbed from around $5.50 to roughly $7.30 by press time. It now sits in the number sixteen spot by market capitalization between Chainlink (LINK) and DASH. Ethereum Classic 7-day price chart. Source: Coin360 Here are some news stories that have likely turned traders bullish, at least for the time being.  Atlantis Fork next month The Ethereum Classic so-called Atlantis Fork is scheduled for…

Facebook Faces European Union Antitrust Probe over Libra Cryptocurrency

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According to Bloomberg, the EU’s antitrust regulators have started investigating the Facebook’s Libra cryptocurrency project. Earlier in August, EU authorities sent out questionnaires to the groups involved with the Libra project, stating that the Commission is investigating whether the new digital currency project would unfairly shut out rivals. The questionnaire is a standard part of a preliminary information-gathering investigation. The regulators have stated that they have concerns over Libra’s potential to create competition restrictions on the information that will be shared and the use of consumer data. Data-protection supervisors are…

Bitmain Valuation to Hit $12B With New 600K Chip Order, Source Says

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Bitcoin (BTC) mining giant Bitmain will increase its capacity by 50% in the next six months on the back of a giant hardware order, a source close to the deal has said. Bitmain eyes 50% capacity increase As reported by Chinese social media network WeChat on Aug. 23, Bitmain, which has seen a dramatic reversal of fortunes in 2019, will now buy 600,000 mining chips. According to a source close to the Taiwanese chip manufacturer processing the order, the chips will be of the most recent 7nm variety, the hash…

Bitcoin Price Stays Over $10K as Trader Warns Ethereum Chart Is ‘Ugly’

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Bitcoin (BTC) price was consolidating $10,000 support on Aug. 23 after successfully shunning four figures during the day’s trading. Market visualization. Source: Coin360 Bitcoin delivers firm bounce off $10K Data from Coin360 show a newly strengthened Bitcoin managing to stay above the $10,000 marker, which it had crossed four times over the course of the week.  Currently in the upper end of a $300 trading corridor, BTC/USD circled $10,200 at press time, as analysts considered the opportunities ahead for fresh gains and less bearish volatility.  Bitcoin 7-day price chart. Source:…

Amazon Cloud Outage Causing Major Issues at Some Crypto Exchanges

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Problems with Amazon’s cloud service, AWS, are disrupting services at some cryptocurrency exchanges on Friday. The Binance exchange is seeing problems internationally, according to its CEO Changpeng “CZ” Zhao, who tweeted: It’s causing some 500 error messages on APIs and affecting some withdrawal processing — CZ Binance (@cz_binance) August 23, 2019 The KuCoin cypto exchange is also saying there are problems with its AWS Tokyo-hosted services. The firm states on its website: “Due to the overheating of part of our chassis in the machine room we deployed in AWS, Tokyo, part…

BitPay Blocks $100K Bitcoin Donation to Amazon Rainforest Fire Charity

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Controversial cryptocurrency payments processor BitPay is facing another PR nightmare after the company rejected a $100,000 donation to an Amazon rainforest charity. BitPay leads Amazon Watch to compliance dead end According to a social media complaint by Amazon Watch, an organization which seeks to support the Amazon rainforest’s ecology and indigenous peoples, the payment failed to pass BitPay’s internal checks.  The would-be donor was trying to contribute due to the ongoing wildfires in the Amazon, the charity suggests, but could not complete the payment in Bitcoin (BTC). Officials attempted to…

Bitcoin Dominance Actually Above 90%, New Research Suggests

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As the current value of Bitcoin hovers around $10,000, it’s dominance upsurges in correspondence. According to CoinMarketCap’s estimate as at Thursday, 5th August. BTC dominance was sitting around seventy percent (70%). However, if the purported dominance of Bitcoin is adjusted with regards to liquidity. By calculating the volume-weighed market capitalization. The actual dominance would shoot up to a little over 90%. Leaving off just ten percent (10%) to the other cryptocurrencies. Including but not limited to Ethereum, Litecoin and XRP. After an extensive analysis on the ‘top 10 exchanges’ labeled by…

Libra Members Consider Quitting Project Due to Gov’t Pressure: Report

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At least three of Facebook’s early backers for its planned Libra stablecoin launch are considering withdrawing their support in light of the fierce regulatory pushback. A report from the Financial Times on Aug. 23 alleges that two founding partners of Facebook’s Libra Association have held discussions about what their “right next steps” should be.  One further — again unnamed — backer is purportedly concerned that their public support for Libra will draw unwanted regulatory scrutiny of their own, independent businesses. Blame games As previously reported, the Libra Association is the…

Funds ‘SAFU’ After Amazon Web Services Error Stops Withdrawals

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Cryptocurrency exchange Binance has confirmed user funds are not at risk after a reported technical problem began affecting withdrawals.  According to CEO Changpeng Zhao, also known as CZ, the situation was being resolved on Aug. 23, while funds security was not compromised.  “Funds are #safu,” he wrote on Twitter, employing a now well-known catchphrase he had previously inadvertently created while confirming there was no danger to cryptocurrency holdings. “Funds are SAFU” after AWS error busts withdrawals The issue, he explained, centered on Amazon Web Services (AWS). Problems with caching were…

Bitcoin Payments 6x Cheaper for Municipalities, Says Canadian Exchange

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Evan Kuhn, Toronto-based cryptocurrency exchange Coinberry’s co-founder, stated that accepting Bitcoin (BTC) for taxes is more efficient than using bank card payments. As real estate news outlet Mansion Global reported on Aug. 22, Kuhn claims that his company takes much lower fees than the ones that card institutions impose on their clients, noting:  “A credit card company charges a 3% fee. […] Our fee is .5%, so that’s a lot more beneficial for the municipalities.” Bitcoin transaction fees six times lower than credit cards Coinberry acts as an intermediary because…