Day: November 29, 2019

Bitcoin Price Grinds Closer to $8K as $7,500 Support Remains Intact

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Bitcoin (BTC) inched closer to $8,000 on Nov. 29 after maintaining its previous gains for another day.  Cryptocurrency market daily overview. Source: Coin360 Bitcoin settles above $7,500 Data from Coin360 showed BTC/USD avoid a reversal of its progress from earlier this week, which saw the pair suddenly surge from $6,500 to $7,600.  Since the bullish shift on Nov. 25, Bitcoin has broadly held onto its higher levels, with only a brief dip below $7,400 challenging a steady grind higher. At press time, Bitcoin traded at just above $7,550, near its…

IRS Not Infringing Privacy Requesting Crypto Exchange Data: US Judge

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A California federal court has affirmed the validity of the United States Internal Revenue Service’s (IRS) request for data from crypto exchange Bitstamp in connection with an individual tax reporting case. Per a Nov. 25 filing, the court has found that five of the six arguments presented against the IRS “lack merit,” but has conceded on one point that the tax agency’s summons was indeed overbroad, as the Petitioner contended.  The filing relates to court proceedings initiated by William Zietzke, who has argued that the IRS is overstepping its remit…

Bitmain Introduces S17+ and T17+ Antminers: More Efficiency, More Hashrate

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The China-based crypto mining hardware manufacturer, Bitmain, was one of the highlights of the World Digital Mining Summit held in Frankfurt, Germany last month. The company introduced two flagship miners called Antminers T17+ and S17+. The two cryptocurrency miners were introduced to the audience by the co-founder of Bitmain, Jihan Wu. The latest backend of the miners focuses on making massive improvements in terms of energy efficiency and processing power, even better than the S17e and T17e. The S17+ comes packed with a hash rate of 73 TH/s and with…

Crypto Exchange IDAX Locks up Cold Wallet as CEO ‘Goes Missing’

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Chinese cryptocurrency exchange IDAX has suspended deposits and withdrawals after its CEO allegedly disappeared. In a blog post on Nov. 29, IDAX, which earlier this week warned it was seeing a run on withdrawals, said the whereabouts of Lei Guorong were currently unknown.  IDAX: cold wallet access “restricted” “Since we have announced the announcement on November 24, IDAX Global CEO have gone missing with unknown cause and IDAX Global staffs were out of touch with IDAX Global CEO,” it reads. The blog post continues that as a precaution, the company’s…

New Proposed Law Would Legalize Banks Holding Bitcoin

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A new bill in Germany could enable banks to support the sale and custody of Bitcoin (BTC) and other cryptocurrencies by 2020. German news agency Handelsblatt reported on Nov. 27 that the bill now requires consensus from the country’s 16 states, having successfully passed through the Bundestag, the German federal parliament. Germany on its way to becoming a “crypto-heaven” At present, German banks and financial institutions are prohibited from facilitating the sale of cryptocurrencies for clients. If passed, the proposed bill will transform the status quo.  While an initial draft…

German Banks Allowed to Sell and Custody Crypto Assets From 2020: Report

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German banking association BdB was positive about the legislation, too. “Credit institutions are experienced in the safekeeping of client assets and in risk management, are committed to investor protection and have always been controlled by the financial supervision,” it said. As such, banks could “effectively prevent money laundering and terrorist financing” with crypto assets. Source

Poloniex ‘Acquires’ Tron Network’s Biggest Decentralized Exchange

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Cryptocurrency exchange Poloniex now controls the largest decentralized exchange (DEX) on blockchain network Tron (TRX), official reports state. Confirmed by Tron CEO Justin Sun on Nov. 29, Poloniex will now operate TRX Market under the new name “Poloni DEX.” Poloniex ‘acquires’ decentralized exchange The move comes a month after Poloniex itself spun out from owner Circle to form a new exchange that addressed regulatory problems in the United States. According to Sun, Poloniex “acquired” TRX Market, while it remains unknown what changed hands and what financial value the deal generated.…