February 19, 2020

US a Major Bitcoin Miner Again; How Layer1’s Launch is Bullish for BTC

February 19, 2020 boss

The Texas Bitcoin mining facility by Layer1 has gone live for the first time today. The all-in-house US Bitcoin mining initiative is seeking to address Chinese dominance of the cryptocurrency’s mining activity. Layer1 is hoping to expand rapidly from this initial launch. By the end of 2021, it plans to command as much as 30 percent of the current global hash rate. Can Layer1 Redress Chinese Bitcoin Mining Dominance? As NewsBTC has reported previously, China has long since dominated the Bitcoin mining industry. Massive hardware manufacturers, like Bitmain, are based…

Bitcoin Craters to $9,300, Liqudating $120 Million in BitMEX Longs

February 19, 2020 boss

It seems that Bitcoin’s plunge has accelerated since our last price update posted just minutes ago. We wrote our last update when the cryptocurrency was trading at $9,900 after sustaining a 2% drop in a few minutes’ time. Now the cryptocurrency is trading for $9,600, falling as low as $9,300 just minutes ago as of the time of writing this. This marks a nearly 10% drop from the daily high of $10,300. Bitcoin Crash Liquidates Over $100 Million in Positions According to data from Skew.com, a leading cryptocurrency data provider…

EU Securities Regulator Flags Risks of Big Tech’s Entry Into Financial Services

February 19, 2020 boss

The European Union’s securities regulator has put out a report warning of risks of Big Tech’s entrance into finance. “The high level of market concentration typically observed in BigTech may get carried into financial services, with potentially adverse impacts on consumer prices and financial stability,” the European Securities and Markets Authority, or ESMA, said of Big Tech companies entering finance, as part of its 2020 Trends, Risks and Vulnerabilities report released on Feb. 19. The report did, however, also mention a few positives of Big Tech in finance. “Prospective benefits…

China’s Communist Party is Getting Nervous About Coronavirus Reporting

February 19, 2020 boss

The Chinese government has expelled three Wall Street Journal reporters over an op-ed published by the outlet. The Wall Street Journal has been instrumental in exposing China’s underreporting of the coronavirus outbreak. China may be trying to suppress information about the outbreak by intimidating journalists. The Chinese Communist Party has expelled several journalists for daring to speak the truth about its dysfunctional regime. The move comes amid the growing Wuhan coronavirus outbreak that has already infected 75,384 people and killed over 2,000. While Chinese authorities may believe they are saving…

China’s Communist Party is Getting Nervous About Coronavirus Reporting

February 19, 2020 boss

Why GeForce Now’s Surprise CyberPunk 2077 News Is Such a Big Deal

February 19, 2020 boss

Cyberpunk 2077 will be available at launch on the GeForce Now cloud gaming service. Nvidia will offer an RTX-enabled and fully optimized experience from day one. GeForce Now is a force to be reckoned with in the cloud gaming landscape despite last week’s Activision Blizzard library blunder. Nvidia announced today that CD Projekt Red’s upcoming Cyberpunk 2077 will be available at launch on the GeForce Now cloud gaming service. Cyberpunk 2077 Available on GeForce Now at Launch The company shared the news in a post published on the official GeForce…

Gemcoin Founder Agrees to Plead Guilty to Fraud, Tax Evasion for $147M Scheme

February 19, 2020 boss

Steve Chen, the ringleader behind the $100 million-plus Gemcoin fraud of 2013-2015, agreed to plead guilty Wednesday to tax evasion and conspiracy to commit wire fraud. The 62-year-old resident of Southern California will face a minimum of 10 years in prison, according to the Department of Justice (DOJ). As part of his plea agreement, Chen admitted to running and promoting U.S. Fine Investment Arts (USFIA), an Arcadia, Calif., company that peddled investors its “Gemcoin” digital currency, backed by gemstones that did not actually exist. The multi-level-marketing scheme attracted 70,000 victims…

Ethereum Price Aims for $300 But M-Top Could Reverse the Trend

February 19, 2020 boss

The recent Bitcoin (BTC) price correction inflicted double-digit losses on many altcoins and while Ether (ETH) also took a knock, it recovered quickly compared to the price action of other top-ten altcoins. Since dropping 17.67% to $237.62 on Feb. 16, Ether has rallied 20.78% to $285.99, less than $5 away from its 2020 high at $289.26. Currently, two of the three price targets discussed in previous analysis have been hit and now that the altcoin prepares to overtake it’s 2020 high, traders have likely set their sights on targets above…

Lolli Working with over 950 Retailers to Promote Bitcoin Adoption

February 19, 2020 boss

Lolli, a Bitcoin (BTC) powered app that rewards users with BTC when they shop at supported merchants, has revealed that it is currently working with more than 950 merchants across the world, with the sole aim of introducing the flagship digital currency to millions of consumers, according to reports on February 19, 2020. Lolli Spreading the Bitcoin Gospel to the World While Satoshi Nakamoto’s Bitcoin still has a lot of die-hard critics who see the flagship cryptocurrency as nothing but a tool for criminals, Lolli has been working hard to change…

Virgin Galactic’s Surge Exposes Everything Wrong with the Stock Market

February 19, 2020 boss

Virgin Galactic is now worth $6.7 billion, despite reporting just $3 million in revenue last year. The space tourism stock is worth $1 billion more than Macy’s, which isn’t sexy – but is profitable. This disparity exposes everything wrong with the stock market. Think Tesla’s bewildering rally is the best evidence that the stock market is getting uncomfortably bubbly? Richard Branson’s Virgin Galactic has a message for you: Hold my beer. The space tourism stock (NYSE: SPCE) has surged roughly 200% since ringing in 2020, pushing its market cap to…