Day: September 26, 2019

Latest Bitcoin Drop Proves SEC’s ETF Concerns: Chervinsky

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The US Securities and Exchange Commission (SEC) is right about their decision to reject bitcoin exchange-traded funds, believes Jake Chervinsky of San Francisco-based Compound Finance. The general counsel on Thursday said the US securities regulator has valid concerns about bitcoin’s price volatility. He referred to the cryptocurrency’s latest price drop, wherein it plunged by as much as 20 percent in the matter of a few days. Chervinsky cited reports that showed how unregulated cryptocurrency exchanges operating outside the US played a crucial role in crashing bitcoin.  It is the same…

Latest Bitcoin Drop Proves SEC’s ETF Concerns: Chervinsky

boss

The US Securities and Exchange Commission (SEC) is right about their decision to reject bitcoin exchange-traded funds, believes Jake Chervinsky of San Francisco-based Compound Finance. The general counsel on Thursday said the US securities regulator has valid concerns about bitcoin’s price volatility. He referred to the cryptocurrency’s latest price drop, wherein it plunged by as much as 20 percent in the matter of a few days. Chervinsky cited reports that showed how unregulated cryptocurrency exchanges operating outside the US played a crucial role in crashing bitcoin.  It is the same…

Telegram to Award Devs $400K in TON Blockchain Smart Contracts Contest

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Global messaging app Telegram announced a coding competition for building smart contracts for the Telegram Open Network (TON) Blockchain. 5 types of smart contracts The contest includes three parts with a prize fund for all included tasks ranging from $200,000 to $400,000, according to an announcement posted on the Telegram Contests channel on Sept. 24. The contest will end on Oct. 15. The primary part of the competition is the task to build one or more smart contracts, using the tools provided in the TON Blockchain distribution, as described in…

Study: About Third of Cryptocurrencies Did Not Develop at All in 2019

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CoinCodeCap, a digital currency blog, recently compiled an analysis of different cryptocurrencies after monitoring their development in 2019. The study consisted of checking the growth of over 2,000 digital currencies, and attempted to find out how many of them have made no significant development. Publicly available data on all cryptocurrencies currently on the market is not accessible, and was a minor limitation in the study. In the end, the group was only able to acquire market cap for 299 virtual coins out of the total 640 virtual coins in the…

Only Reporting Part of Your Crypto Addresses? The IRS Needs to Know

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Just a few months ago in July 2019, the United States Internal Revenue Service (IRS) sent approximately 10,000 letters to cryptocurrency holders regarding their crypto holdings. The letters detailed that recipients may not have reported their transactions properly, or failed to report income and pay taxes on their digital currency transactions.  The IRS asked the recipients to check their reports and submit delinquent returns or file amended returns according to specific requirements. According to the letters, the reports must be “true, correct and complete” in order to be approved by…

More Troubles for Bitcoin as Trump Fuels Trade Hopes

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Bitcoin was trading in the negative zone on Thursday as US President Donald Trump raised hopes for a potential trade deal with China. The benchmark cryptocurrency plunged another 0.34 percent to $8,408.01 on San Francisco-based Coinbase exchange. Earlier this week, it had experienced a massive sell-off that sent the price down by more than $1,500 in a day. Analysts blamed BitMEX, a controversial bitcoin derivatives exchange, for causing the said crash, accusing the firm of liquidating Long positions worth more than a billion-dollar. Bitcoin has stabilized ever since but remains…

Unilever Says Its Blockchain Ad-Buying Pilot Saved the Company Money

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According to a report published on Sept. 26, executive vice-president for global media at Unilever Luis Di Como told advertisement news outlet Campaign that using blockchain has helped the company save money. The consumer packaged goods giant said there was no leakage in its media investments made as part of the pilot project. The system reportedly allows for more efficient ad reconciliation in a “process by which advertisers ensure contracted agreements are actually delivered.” Unilever has been collaborating with computing giant IBM on the project in question for the past…

Bitcoin Price & Technical Analysis: BTC Is Weak But Stopped Falling

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Photo: Shutterstock By Dmitriy Gurkovskiy, Chief Analyst at RoboForex. BTC/USD tech analysis The capitalization of the crypto market has fallen by $35 billion overnight The BTC hashrate has returned to its standard values after a slump French shops are beginning to accept the Bitcoin for payment On W1, the Bitcoin has completed the correction in the shape of a Triangle: the strong declining impulse has broken through the former support while the present dynamics is acquiring the shape of a classic descending channel. The quotations have reached 50.0% Fibo and…

ABN AMRO in Money-Laundering Scandal After Calling Bitcoin ‘Risky’

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Having trumped up the risks of unregulated cryptocurrencies earlier this year, Dutch bank ABN Amro NV finds itself in the midst of a major money-laundering scandal. On Sept. 26, Bloomberg reported on news of a criminal probe into the bank’s alleged failures to report suspicious transactions and to adequately vet its clients. ABN AMRO — which remains over 50% government-owned after a costly bailout —  saw its shares slump by as much as 10.3% in Amsterdam trading.  This represents the highest plummet since June 2016, with the bank’s Additional Tier…

Ex-UBS Head Wants His Crypto Bank to Tap $220B Cryptocurrency Market

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Peter Wuffli, the former CEO of Switzerland’s largest bank UBS and director at Swiss crypto bank Sygnum, wants to tap the “$220 billion market of institutions and private individuals who already own cryptocurrencies.” Local news outlet SwissInfo reported on Sept. 26 that Wuffli has shown excitement concerning the potential of crypto assets. In an interview, he told the outlet: “The most immediate opportunity is the existing $220 billion market of institutions and private individuals who already own cryptocurrencies. Thousands of clients have contacted us for a one-stop-shop for asset custody,…