The spread of the coronavirus in China has really shaken the world. On Tuesday, January 28, the Chinese authorities said that the coronavirus outbreak has infected over 4000 individuals with over 100 deaths registered. Moreover, the global markets have already reacted to this alarming situation as we saw global stock plunging on Monday. At this time, Bitcoin and other cryptocurrencies are showing upward movement. The Bitcoin price surged nearly 5% today climbing above $9000 levels. At press time, the world’s largest cryptocurrency is trading at $8987 with a market cap…
Day: January 28, 2020
Singapore Act to License Cryptocurrency Firms Comes Into Effect
Legislation regulating the operations of cryptocurrency firms in Singapore comes into effect today, Jan. 28. The new Payment Services Act will regulate cryptocurrency payments and trading enterprises under some aspects of the regulatory regime that currently governs traditional payment services and require them to hold a license. Crypto payment services must also comply with the Financial Advisers Act, Insurance Act, Securities and Futures Act and the Trust Companies Act. The new rules place crypto services under the oversight of the Monetary Authority of Singapore. The regulator announced in a press…
British Court Freezes $860,000 in Bitcoin Linked to Ransomware Payout
A U.K. court has ordered Bitfinex to freeze bitcoin worth $860,000 after the crypto exchange and blockchain sleuthing firm Chainalysis traced the funds to a ransomware payment. The victim of the ransomware attack had paid $950,000 in bitcoin to the perpetrator through an insurance company, according to a filing published last week by the England and Wales High Court (Commercial Court) and first reported by New Money Review. While some of the bitcoin was converted into fiat currency, the remainder appears to have been sent to an address on the…
Bitcoin Must Hold $9K for 2-3 Days to Secure Bull Market
Bitcoin (BTC) rising above $9,000 has turned heads amid fresh uncertainty in China but has yet to convince one of its best-known traders. In the latest episode of his Trading Bitcoin YouTube series on Jan. 28, Tone Vays said that despite the past week’s upward price momentum, he was not yet bullish on Bitcoin. Vays: BTC has not confirmed the bull market “Am I ready to declare a bull market? No,” he summarized. Famously cautious about overly enthusiastic price forecasts, Vays previously warned markets were giving mixed signals and that…
Why Lightning Payments Aren’t Clicking for Porn Companies (Just Yet)
Bitcoin may finally achieve broader traction through the adult entertainment industry in 2020, but the chips aren’t stacked in its favor. So far, typical sex industry businesses like London’s 23 Paul Street strip club, said last June the venue stopped accepting bitcoin because customers simply weren’t paying with it. But the lightning network, a layer on top of bitcoin used for faster transactions with lower fees, may now be ready to facilitate broader payments for online platforms. Iterative Capital’s Escher project offers fiat on-ramps to the lightning network, with other…
Why Lightning Payments Aren’t Clicking for Porn Companies (Just Yet)
Bitcoin may finally achieve broader traction through the adult entertainment industry in 2020, but the chips aren’t stacked in its favor. So far, typical sex industry businesses like London’s 23 Paul Street strip club, said last June the venue stopped accepting bitcoin because customers simply weren’t paying with it. But the lightning network, a layer on top of bitcoin used for faster transactions with lower fees, may now be ready to facilitate broader payments for online platforms. Iterative Capital’s Escher project offers fiat on-ramps to the lightning network, with other…
Gemini Europe Hires New Chief Compliance Officer for Europe Expansion
Gemini Europe — the United Kingdom and EU affiliate of the Winklevoss twins’ United States-based crypto exchange Gemini — has appointed a new chief compliance and money laundering reporting officer. As part of the firm’s expansion into the transatlantic market, the new appointee, Blair Halliday, will oversee Gemini Europe’s compliance program in the region. A press release published on Jan. 28 revealed that Halliday will be based in London and report directly to Gemini’s managing director of the U.K. and Europe, the former Sterling Bank executive Julian Sawyer. A career…
Wallet Creator Offers $250K to Anyone Who Can Crack the ‘Hack-Proof’
Offline cold storage cryptocurrency wallet service provider GK8 is offering a bug bounty of up to $250,000 to the first person who can hack its product. GK8 — which presents its solution as a “hack-proof digital vault” that needs no direct or indirect connection to the internet — will place 14 Bitcoin (BTC) (over $125,000 at press time) in its wallet. Anyone who succeeds in breaking into the wallet will pocket its proceeds, plus an additional $125,000 prize. The bounty program will run from Feb. 3 (9:00 a.m EST) through…
$9,500 is Imminent For Bitcoin Despite 5% Intraday Gain: Here’s Why
Bitcoin gained bullish momentum above the key $8,800 resistance. As a result, BTC price surpassed $9,000 and it seems like the bulls are now aiming a test of $9,500. Bitcoin price is rising and it is now trading nicely above $9,000 against the US Dollar. The bulls are in control and there are high chances of a run towards $9,500. There is a key bullish trend line forming with support near $8,880 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to accelerate…
Gemini Hires Former Circle Compliance Officer to Oversee European Market
Cryptocurrency exchange Gemini has hired former Circle compliance officer Blair Halliday as chief compliance officer and money-laundering reporting officer for the U.K. and Europe, the company announced Tuesday. Halliday will report to Gemini’s managing director of U.K. and Europe, Julian Sawyer, and will work closely with the firm’s NYC-based chief compliance officer, Noah Perlman, who was formerly global head of financial crimes at Morgan Stanley. The move comes as ramped-up regulations go into effect with the European Union’s Fifth Anti-Money Laundering Directive (AMLD5), which requires crypto firms to demonstrate compliance…