The origin and destination of the funds at first remained unknown. The transaction followed fresh developments in the court case involving Craig Wright, the Australian computer scientist who claims to be Bitcoin inventor, Satoshi Nakamoto. As Cointelegraph reported, Wright now says he can prove ownership of 1 million BTC ($8.6 billion). Available evidence nonetheless suggests he has only divulged publicly available information and has not proven ownership of the given private keys. Against a backdrop of uncertainty surrounding Wright, fears were already palpable about a major selloff impacting the Bitcoin…
Month: January 2020
Liquid Exchange Cancels Sale of Telegram’s Gram Tokens
Japan-based Liquid exchange has cancelled its sale of Telegram’s not-yet-launched gram tokens. Originally announced last June, the limited sale of tokens sourced from Gram Asia – said to be one of the biggest investors in Telegram’s $1.7 billion ICO – took place in July. However, the tokens were not to be released until Telegram’s TON network – the blockchain supporting the tokens – had gone live. That had been expected by the end of October last year. Sale proceeds were held in escrow pending the issuance. Now Liquid says in…
Bitcoin Just Rejected $8,900 in a Short-Term Top Structure: Traders Fear Bear Trend Isn’t Over
The bitcoin price rose to as high as $8,916 across major cryptocurrency exchanges like BitMEX and Binance on January 15. Since then, BTC fell by three percent in a typical short-term top formation. Lower time frames indicate a double top structure, which normally suggests that the asset tried to break above a key resistance level twice in a short time frame and failed. $8,900 has acted as a heavy resistance level since late October. BTC has breached that level for the first time since mid-November, 2019. What’s next for bitcoin…
Bithumb Cryptocurrency Exchange Goes to Court Over $69M Tax Bill
Major South Korean cryptocurrency exchange Bithumb has decided to litigate a near $69 million (80 billion won) tax bill levied by the National Tax Service (NTS). According to a report published by The Korea Times on Jan. 16, Bithumb filed a complaint with the NTS, suggesting that the imposed tax bill is groundless given that cryptocurrency is not a legally recognized currency. The South Korean tax tribunal now has to decide whether to grant or dismiss the exchange’s motion within 90 days. NTS imposed a retention tax — an income…
Bithumb Exchange Fighting Back Against ‘Groundless’ $69M Tax Bill
South Korea-based exchange Bithumb is fighting a move by the country’s tax authority to withhold over $69 million in tax on foreign cryptocurrency transactions. Confirmed by the company in December, National Tax Service (NTS) based its demand on the rate for miscellaneous income. The tax is calculated at an annualized rate of 22 percent, and in this case was based on the amount of foreign withdrawals from Bithumb. A withholding tax is paid by the income provider rather than the recipient, so in effect Bithumb’s foreign customers are paying the…
Even If Ripple “Wins” Class Action, It Won’t Mean Much For XRP: Here’s Why
There is a class action lawsuit filed against Ripple in 2018 by investors who are alleging that XRP is a security. Even if the suit is dismissed, it is unlikely to have any major effect on the cryptocurrency. Why it won’t affect XRP in a large way Ripple the company has long distanced itself from XRP the cryptocurrency. The fintech firm has said that XRP is merely a cryptocurrency utilized by various blockchain-based solutions. Ripple CEO Brad Garlinghouse said that holders of XRP are not provided with equity in the…
First Bitcoin Cash Developers Meeting of 2020 to Be Held Today
Developers from Bitcoin ABC, Bitcoin Unlimited, BCHD, Bitcoin Verde and other teams, are meeting today to continue the building of the Bitcoin Cash infrastructure. They will discuss progress towards the May 15th Bitcoin Cash Network upgrade and the standardization progress for the BCH protocol. Also Read: Grassroots Bitcoin Cash House Movement Expands to Ghana First Bitcoin Cash Protocol Developers Meeting of 2020 Co-Owner and operator of Thefutureofbitcoin.cash, David R. Allen, has announced the first BCH protocol development meeting of 2020, which will take place this Thursday at 20:00 UTC. The…
Bitcoin Price Rally to $9K in Danger as a Double Top Pattern Appears
Over the last few hours, Bitcoin price (BTC) swiftly dropped 3% from $8,863 to $8,557 and for the third time in 24 hours bulls were forced to defend the $8,600 support level, which has currently been bought into on each dip. The pullback came after the digital asset struggled to rise above $9,000, twice testing $8,863 over the past day, which could be interpreted as a take profit signal for traders. Cryptocurrency market weekly overview. Source: Coin360 BTC USD daily chart. Source: TradingView At the time of publishing, the price…
Blade Is to Introduce Zero-Fee Bitcoin Perpetuals Trading in February
Crypto perpetuals exchange Blade announced it is beginning to operate on zero-fee trading next month in order to win market share from its competitors. This exchange is backed by Coinbase and it started with its work already in September. However, before it had a $10 subscription fee but it decided to remove it as well. Assumption is the exchange wants to create a network of monthly subscribers. Still, they will not be paying any fee for trading. Even though the company is San Francisco based, it forbids U.S. citizens from…
Bitcoin Forming Double Top And It’s Vulnerable Below $8,500
Bitcoin struggled to break the $8,900 resistance on two occasions against the US Dollar. BTC price is showing a few bearish signs and it seems like it could decline towards $8,300 or $8,200. Bitcoin price is likely forming a double top pattern near the $8,900 resistance against the US Dollar. The price is down 3% and it is now trading below the $8,700 support. There was a break below a key bullish trend line with support near $8,660 on the hourly chart of the BTC/USD pair (data feed from Kraken).…