Day: September 6, 2019

Bitcoin Price May Break Longest Weekly Losing Run Since November

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View Bitcoin is likely to end the current week (Sunday, UTC) on a positive note, having registered losses in the previous three weeks. Prices are currently up 10 percent on a month-to-date basis. The weekly gain could be much bigger if prices invalidate a bearish lower highs pattern with a UTC close above $10,956 (Aug. 20 high). BTC may end the week on a flat note or with losses below $9,767 (Monday’s opening price) if the recent trading range of $10,400-$10,800 is breached to the downside. A range breakdown would…

Bitcoin Hit Record Inverse Correlation to Chinese Yuan in Past Week

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Bitcoin price has seen a record inverse correlation with the Chinese yuan (CNY) this week, according to an analysis from Bloomberg on Sept. 6. This suggests that investors are using the digital currency as a hedge against the yuan’s falling value. Bitcoin/CNY correlation chart. Source: Bloomberg  Weakening yuan causes price premium on bitcoin in China Further evidence that Bitcoin is being used as a hedge in China can be seen in the higher prices being paid in local exchanges when the yuan fell. According to London School of Economics researcher,…

SIS International Research Opens Blockchain Consulting Division

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SIS International Research, a global market research firm headquartered in New York City, has set up blockchain consulting division called SIS Blockchain. Enterprise blockchain will be vital After two years of consulting clients on blockchain applications in various industries including finance, supply chain and real estate, SIS Research established a separate blockchain consulting team, according to a press release on Sept. 4. Michael Stanat, vice-president of global operations at SIS Research, noted that the company has worked with key education, healthcare and supply-chain firms on their specific needs for adopting…

Messaging Giant LINE Wins Japan License for Crypto Exchange Business

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LINE, provider of Japan’s most popular messaging app, has just been approved for a cryptocurrency business license in the country. The news, reported by CoinDesk Japan on Friday, means it will be able to offer its crypto exchange services in Japan where it has 80 million monthly active users. The new platform is to be called BitBox, according to the company. The license was awarded by Japan’s Financial Services Agency, which indicated on its website that the registration was completed on Sept. 6 in the name of LVC Corp., which oversees…

Thailand: BX Bitcoin Exchange Shutdown Attributed to Stringent Regulations

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More updates have emerged regarding the closure of one of Thailand’s largest Bitcoin exchanges, reports the Bangkok Post. Sources say the move was due to the platform not being keen on complying with some of the more stringent anti-money laundering (AML) provisions set forth by regulators. Providing Customer Information As previously reported by BTCManager, BX — one of Thailand’s major Bitcoin exchanges, has decided to shut up shop. BX’s decision did trigger a wave of panic selling as customers made a run on the exchange. This situation led to a…

International Monetary Fund Chair to Banks: Allow Digital Currencies Space to Develop

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Christine Lagarde, the Chair of the International Monetary Fund (IMF) has called for a balanced approach to cryptocurrencies and said that the financial supervisors and central banks should be more open to digital currencies, in an opening statement to the Economic and Monetary Affairs Committee of the European Parliament. The statement came on this Wednesday by Legarde, who is also a candidate for the post of president of the European Central Bank (ECB). Legarde didn’t negate the fact that there are certain risks involved when it comes to new technologies,…

Japan Grants Crypto Exchange License to Messaging Giant LINE

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LVC Corporation, the digital asset- and blockchain-focused arm of Japanese messaging giant LINE, has obtained a crypto exchange operating license from Japan’s financial regulator. The news was reported by Cointelegraph Japan on Sept 6. Trading for 5 major cryptocurrencies As previously reported, LVC Corp.’s trading platform, to be dubbed BITMAX, will enable Line’s 80 million users in Japan to buy and sell multiple major cryptocurrencies. According to CT Japan, the FSA has authorized the trading of Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and XRP on the platform.…

Experts Weigh In on This Week’s 10% Bitcoin Price Spike – CCN Markets

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Bitcoin price has gained this week but what’s behind the move? | Source: Shutterstock This week brought a small reprisal for bitcoin price and the broader cryptocurrency market as it witnessed $20 billion added to its total market cap by late Tuesday. This was also reflected by an approximate 10% gain for BTC alone; so what was behind the rise? Bitcoin price action this week | Source: TradingView In somewhat atypical fashion, the week started on a good note, with bitcoin swelling by $700. Interestingly, this coincided with the close…

‘The System Is So Broken, We Need That Crypto Token’

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A co-founder of LinkedIn and a member of the PayPal Mafia, Reid Hoffman, released a new rap video describing a competition between central banks and cryptocurrency. His “epic rap battle” begins with presenting the U.S. Founding Father and first Secretary of the Treasury – Alexander Hamilton, and, of course – Satoshi Nakamoto (don’t worry it’s not Craig Wright). Hoffman who is also a partner at VC firm Greylock says that he himself is a Bitcoin holder and his interest in crypto goes back years. However, he doesn’t consider himself to…

Spanish La Liga Club Atlético Madrid Is Launching a Fan Token

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Spanish soccer team Atlético de Madrid — which plays in the top professional division of Spain’s soccer league, known as La Liga — is partnering with blockchain platform Socios.com to launch a fan token ecosystem.  The news was revealed in a press release shared with Cointelegraph on Sept. 6. Atlético’s fan token As previously reported, Socios has described itself as a blockchain-powered, tokenized application of the “Socios” crowd-management concept of Real Madrid & FC Barcelona (“socios” means member or associate in Spanish). The Socios tokenized voting platform and blockchain-based mobile…