Month: March 2020

OKEx Pool Among Top 5 Mining Pools, Charts Future Path for the Industry

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OKEx Pool, a global integrated mining pool from OKEx, is offering a one-stop mining and trading service for its users from across the world. The mining pool, not confined to any one specific cryptocurrency, is known for the variety of mining services it offers for Proof-of-Work (PoW), Proof-of-Stake (PoS) and PoS-variant cryptocurrencies. Cryptocurrency mining has been a very lucrative activity where people managed to earn a small fortune with their own mining set up. But eventually, as dedicated mining hardware became more powerful and difficulty levels increased, mining crypto by…

Ripple Court Ruling May Expand Legal Action Potential Against Crypto

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A California court has argued that cryptocurrencies that are not securities may be subject to federal laws targeting unfair, deceptive, or abusive acts or practices (UDAAP) during a Feb. 26 hearing for a consolidated class action against Ripple Labs Inc. During the Feb. 26 hearing, the court asserted that transactions involving cryptocurrencies that are not deemed to be securities may be subject to UDAAP laws — paving the way for further putative action to be taken against other crypto projects that claim exemption from federal securities laws, particularly in California.…

There Are More Reasons to Be Bullish On Bitcoin Than Bearish

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After Thursday’s brutal crash and the follow-up wick on Friday morning, Bitcoin investor sentiment is down in the dumps; many believe there are few reasons to be bullish on the short-term to long-term prospects of the leading cryptocurrency. While this was seemingly true when BTC traded as low as $3,800, analysts are saying that the bull case for the asset, at least for the short-term, is rapidly building. Bitcoin Is Technically Bullish At Current Levels Trader CJ remarked that there are more reasons to be bullish on Bitcoin than bearish,…

Bitcoin Price Correlates With Traditional Assets, but Not Entirely

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Since coming to power back in 2016, President Trump seemed to have reinvigorated the United States stock market after it showed signs of slowing down throughout the first half of the previous decade. Just three weeks ago, the American market witnessed a combined gain of 58% compared with the last three or so years. However, following the World Health Organization’s recent declaration of the novel coronavirus pandemic on March 11 — with the independent research body citing 118,000 cases and more than 4,000 deaths globally — this rosy picture seems…

1 of BitMEX’s Most Profitable Traders Still Thinks Bitcoin Will Hit $30,000

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If you’ve been on Crypto Twitter, you know of AngeloBTC, what some would call a “legendary”  Bitcoin investor. Indeed, prior to his effective retirement, he had over 3,000 BTC worth of registered notional profit on BitMEX, making him one of the most profitable traders on the platform. Ever. While he has since bowed out of the cryptocurrency game, he continues to keep a close eye on the industry, occasionally tweeting his thoughts about the price of Bitcoin. Fortunately for long-term investors, it appears he’s bullish. Related Reading: Coronavirus Spreading In…

US Woman Funding ISIS With Bitcoin Gets 13-Year Jail Sentence

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A United States federal court has sentenced a U.S. citizen to 13 years in jail for laundering money for ISIS using Bitcoin and other cryptocurrencies. Per a Department of Justice announcement on March 13, Zoobia Shahnaz of Long Island received a 13-year sentence for working to fund the Islamic State of Iraq and al-Sham through cryptocurrency payments amounting to over $150,000. She also worked to move to Syria to become a member of ISIS. Fraudulent loans for financing To raise the funds, Shahnaz allegedly defrauded major banks including American Express,…

Why Did Bitcoin’s Price Plunge 50% to $3,800 In 24 Hours?

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Yesterday was undoubtedly one of Bitcoin’s worst days ever; in fact, yesterday’s 40% loss was only second to the BTC price collapse in the wake of the collapse of Mt. Gox, then the largest and most important crypto exchange. At the drop’s worst, the cryptocurrency was down 50% in a single 24-hour period, falling from $7,700 to as low as $3,800. Unsurprisingly, many traders were caught with tier pants down during this move, so to say, with BitMEX reporting that nearly $1 billion worth of Bitcoin positions on their exchange…

Why Did Bitcoin’s Price Plunge 50% to $3,800 In 24 Hours?

boss

Yesterday was undoubtedly one of Bitcoin’s worst days ever; in fact, yesterday’s 40% loss was only second to the BTC price collapse in the wake of the collapse of Mt. Gox, then the largest and most important crypto exchange. At the drop’s worst, the cryptocurrency was down 50% in a single 24-hour period, falling from $7,700 to as low as $3,800. Unsurprisingly, many traders were caught with tier pants down during this move, so to say, with BitMEX reporting that nearly $1 billion worth of Bitcoin positions on their exchange…

Bill Gates Departs Microsoft Board After Pledging $1.4M to African Blockchain

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According to a press release, software developer, philanthropist, and Microsoft co-founder Bill Gates will depart the company’s board. Now 64 years old, the business magnate started Microsoft alongside Paul Allen in 1975. The company is surely most known for its Windows computer operating system, which was first released in 1985 and remains as vital as ever today. Microsoft announced a blockchain token and data management service at the end of 2019 that would be a new tool for users of its enterprise Azure service. Gates himself has also recently backed…

Wilshire Phoenix CEO Explains $168B US Fed Injection and Crypto Correlation

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The U.S. Federal Reserve injected $168 billion into finance several days ago, which correlates to Bitcoin’s current falling price. “So long as the broader markets keep falling – expect the same out of Bitcoin,” Bill Herrmann, CEO of alternative investment firm Wilshire Phoenix told Cointelegraph as part of an explanation of the Fed’s recent actions. What’s going on in the market? Traditional markets have plummeted recently surrounding coronavirus fears and oil trade wars. After several previous red days, the Dow Industrial Average (DJI) fell 10% on March 12, concluding the…