Day: March 7, 2020

German Crypto Regulator BaFin Shuts Down Unauthorized Bitcoin ATMs

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Germany’s Federal Financial Supervisory Authority (BaFin) has shut down unauthorized bitcoin ATMs in the country. Now that cryptocurrency is regulated under the German Banking Act, bitcoin ATM operators need to be authorized by BaFin. The regulator recently clarified what crypto service providers must do to continue their services. Also read: 40 Banks in Germany Declare Intent to Offer Crypto Services Under New Law BaFin Axes Unauthorized Bitcoin ATMs BaFin published on Wednesday a notice regarding its order issued on Feb. 26 to shut down KKT UG’s bitcoin ATM operations in…

Marc Taverner Speaks on His New Role as European Blockchain Director

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The International Association for Trusted Blockchain Applications (INATBA), a distributed ledger technology initiative established by the European Commission (EC) last year, has appointed former Bitfury Group global ambassador Marc Taverner as the first INATBA executive director on March 5. INATBA was launched through collaboration between the 26 members of the EC’s European Blockchain Partnership during April 2019. The association seeks to bring together industry leaders, policymakers, standard-setting bodies to support the mainstream adoption of distributed ledger technology across multiple economic sectors. Cointelegraph spoke to Taverner to discuss his role as…

Someone Just Minted a Doge-Themed Crypto Token Worth $129,000

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A Doge-themed non-fungible token (NFT) now appears to comprise the most valuable ERC-1155 in existence. The NFT is backed by over 1,155,777.1 Enjin (ENJ) — worth approximately $129,000 at the time of writing. The NFT, “It’s good to be the King,” was minted on March 1 and pays homage to the meme-inspired DOGE cryptocurrency depicting the well-know Shiba Inu donned with a regal crown and staff.  ‘It’s good to be the King’ ERC-1155: Enjix The token’s name appears as though it may be aimed in jest at the now-second-most valuable…

$9K Bitcoin Price Beats Stocks as Volatility & Fiat Fall Flat

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Bitcoin (BTC) continued beating out any competition on March 7, turning $9,000 into solid support while coronavirus ravaged stocks and forex alike. Cryptocurrency market daily overview. Source: Coin360 BTC price makes solid support out of $9,000 Data from Coin360 and Cointelegraph Markets showed BTC/USD trading above the $9,000 mark for a third day on Saturday.  At press time, the pair was circling $9,130, having stayed within a narrow corridor since it originally exited the $8,000 range on March 5.  Bitcoin 1-day price chart. Source: Coin360 Having beaten expectations, Bitcoin appeared…

India’s Crypto Industry Still Threatened by Ban as Pending Bill Looms

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A pending bill may still inhibit cryptocurrencies from flourishing in India, with India’s parliament yet to rule on the “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill” from 2019, Business Insider reported on March 7. If passed, the bill will introduce unique regulatory frameworks for virtual currencies, utility tokens, and commodity-backed tokens — likely creating a complex exclusionary legislative apparatus for blockchain businesses to navigate. Supreme Court repeals Reserve Bank of India’s crypto ban On March 4, India’s crypto community rejoiced as India’s Supreme Court ruled that the…

Airport Gold Seizure in Amsterdam Points to Bitcoin Utility for Private, Borderless Travel

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A 27-year-old Brazilian man was arrested at Schiphol Airport in Amsterdam Friday for failing to declare 15 kilograms of gold bars to customs, according to local reports. After failing to provide a convincing explanation as to how he acquired the gold, the traveler flying from Rio de Janeiro to Hong Kong was placed under arrest on money laundering suspicions. The news has crypto Twitter alive with chatter, bringing renewed focus to the benefits cryptocurrencies like bitcoin can bring to the table, where privately traveling with large sums of money is…

Bitcoin Not Affected as US Fed Prints Equivalent of 9.8M BTC in 1 Day

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The United States Federal Reserve has funneled the equivalent of half the entire Bitcoin (BTC) supply into the economy — but banks want even more money. As the New York Fed confirmed on its website, so-called repurchase operations, or “repos,” totalled $89 billion on March 5 alone.  Coronavirus sparks liquidity scum Repos are designed to provide temporary liquidity to lenders. As Cointelegraph previously noted, the practice is akin to conjuring fiat value out of thin air. The Fed was reacting to economic weakness in the face of coronavirus, having already…

Bitcoin Eyes Close above $14,000, According to Textbook Technical Indicator

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A textbook technical scenario brewing inside the bitcoin market could send its prices above $14,000. Crypto analysts highlighted earlier this week the potential formation of an Inverse Head and Shoulder (IHS) pattern. Investopedia defines it counter, which is called Head and Shoulder Pattern, as a “reliable” indicator in predicting an asset’s bullish-to-bearish trend reversals. Therefore, its inverse version appears bearish-to-bullish to crypto traders. Bitcoin’s recent price action has led it to partially complete IHS. It ideally resembles the establishment of three lows, with the middle-low the deepest. So far, bitcoin…

BitPanda CEO Eric Demuth Says Bitcoin Is Gold 2.0 for Millenials

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The crypto ecosystem tends to see regulations as “the big bad wolf.” In this narrative, government and regulators set rules that slow down innovation and damage growth for the crypto industry. That might have been the case a few years ago, but not anymore, according to BitPanda CEO Eric Demuth: “Depending on the regulation, it can be quite a good thing now that the industry and many companies have reached a size that matters.” Demuth was a keynote speaker during the Blockchain Economy 2020 conference in Istanbul, Turkey. He made…

Bitcoin Could Retest $8,400, Says Trader Who Called BTC’s 50% Crash and Recovery

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It goes without saying that Bitcoin’s price action over the past few weeks has shaken many digital asset investors in the industry. The crash from $10,000 to $8,400 liquidated dozens of millions worth of leveraged positions, forcing many on the sidelines, data from Skew.com shows. Unfortunately, the cryptocurrency is likely to retest $8,400 once again, a top analyst has warned. Bitcoin Could Soon Retest $8,400, Warns Top Analyst Few have called Bitcoin’s price action as well as Dave the Wave has over the past few months; in the middle of last year, the…