Day: March 12, 2020

$135B Injection from European Central Bank Dwarfs BTC Market Cap

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After similar efforts from the U.S. Federal Reserve on March 10, the European Central Bank, or ECB, announced a $135 billion stimulus — a number that dwarfs Bitcoin’s (BTC) entire market cap. The ECB, in an effort to combat struggling markets, decided not to cut interest rates further. Instead, the central bank announced the allocation of 120 billion Euros, or $135.28 USD, to its asset purchase program, a CNBC report detailed on March 12.  The ECB decided not to cut rates, but inject massive capital Amid recent interest rate cuts…

AsicBoost Dominates Bitcoin Mining, Solving Bitmain’s 2017 Controversy

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Bitcoin (BTC) miners openly using AsicBoost are now comprising 63% of its network hashrate. This vindicates community concerns from 2017 that accused Bitmain of using the “covert” version of AsicBoost. The statistic was highlighted on March 9 by Bitmex Research, building on a similar report from December 2018. Though the overt AsicBoost was only used by 30% of miners at the time, the analysts argued that the 2017 controversy was largely settled. They wrote: “If covert AsicBoost was used by some miners to obtain a secret advantage, with significant adverse…

Crypto Exchanges Overwhelmed on Bitcoin’s Most Volatile Day of the Year

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Binance chief Changpeng Zhao referred to it as “Bloodbath day,” and many in the cryptosphere will echo those sentiments, as fallout from the COVID-19 pandemic reverberates through global markets. As crypto exchanges were thronged by frantic traders looking to capitalize on – or seek refuge from – the unprecedented market dump, several platforms buckled under the pressure. Also read: Market Update: Global Economy Jolts Bitcoin, Overall Crypto Cap Loses $50B Exchanges Struggle as Traders Get Busy A panic-stricken sell-off of bitcoin and other risk-on digital assets has led to a…

Fintech in the United Kingdom After Brexit

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The first round of negotiations between the United Kingdom and the European Union to determine their future, post-Brexit relationship took place between March 2 and March 5 in Brussels, Belgium. The outcome of these negotiations will shape the way the two work together following the end of the transition period, currently scheduled to extend through Dec. 31. For the financial technology sector, the discussions surrounding the future U.K.–EU regulatory relationship as it relates to financial services will be particularly important to watch, as the outcome will determine how fintech services…

Enjin Courts Blockchain Game Developers With Multiverse Program

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Blockchain-based gaming ecosystem Enjin (ENJ) has launched its Multiverse Program and is now seeking applications from interested developers. The program is designed to attract developers to explore Enjin’s Multiverse platform – a gaming platform that supports the creation of in-game digital assets that can be transferred and used across multiple games hosted in the multiverse. Developers selected for the program will receive one year of free access to the Enjin Platform, support from Enjin’s developers, and project promotion across Enjin’s social media. The program is open to existing projects at…

US Charges Dutch National With Running Crypto-Funded Child Porn Site

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U.S. prosecutors indicated a Dutch national Thursday for allegedly spearheading a rape and child pornography website that’s made over $1.6 million worth of bitcoin selling videos since 2012. Known as “Michael R.M.,” and “Mr. Dark,” the man allegedly ran a site called “DarkScandals” that operated on the darknet, which requires special software to access, and on the public clearnet. He allegedly sold over 2,000 videos and had ties to 303 virtual currency accounts, according to a press release from the U.S. Attorney’s Office for the District of Columbia. Bitcoin and…

Down 26%: Bitcoin Sees Worst Sell-Off in 7 Years as Coronavirus Spurs Flight to Safety

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Bitcoin (BTC) suffered its biggest drop in seven years, as fears over the spreading coronavirus triggered a new wave of selling in everything from stocks and junk bonds to cryptocurrencies. This came despite a new European Central Bank pledge to pump more cash into panicky markets.   Prices for the largest cryptocurrency by market value plunged 26 percent to $5,863 as of 13:54 UTC (9:54 a.m. Eastern time). The move wiped out bitcoin’s gains for the year, dropping prices to the lowest level since May 2019. At least for now, it…

Market Update: Global Economy Jolts Bitcoin, Overall Crypto Cap Loses $50B

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Cryptocurrency markets are feeling a lot of pressure on Thursday, March 12, as the entire cryptoconomy has lost over $50 billion during the last three days. Digital asset prices dropped to the lowest levels since May 2019. Moreover, on five derivatives exchanges, more than $2.2 billion leveraged positions were liquidated in the last 24 hours. Also read: The 35 Most Influential Bitcoiners Dominating Crypto Twitter by Follower Count Cryptoconomy Sees $50 Billion Shaved – Derivatives Traders Watch $2.2 Billion Liquidated Global markets are feeling a lot of weight from investors…

UK Financial Regulator: Watch Out for Coronavirus Crypto Scams

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The United Kingdom’s Financial Conduct Authority (FCA) is asking investors to watch out for coronavirus-related crypto scams. In a March 11 warning to the public, FCA, the U.K’s top financial regulator, said scammers may attempt to take advantage of the fast-spiraling global pandemic, which has infected some 460 U.K. residents and killed eight. “Watch out for scams related to coronavirus (COVID-19),” the FCA wrote. “These scams take many forms and could be about insurance policies, pensions transfers or high-return investment opportunities, including investments in cryptoassets.” The warning came the same…

Bitcoin Tackles $6K After 20% Crash as Stocks Rival 1987 Apocalypse

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Bitcoin (BTC) struggled to turn $6,000 into support during trading on March 12 as the second “Black Monday” event in the same week pushed stocks to perilous lows. Cryptocurrency market daily overview. Source: Coin360 BTC bounces off $5,700 floor Data from Coin360 and Cointelegraph Markets showed BTC/USD trying and failing to recapture $6,000 after shedding 20% in a single hour. As Cointelegraph reported, Donald Trump’s travel ban set the scene for a coronavirus panic attack on Bitcoin markets, with the cryptocurrency crashing to 10-month lows of $5,720. On an hourly…