Day: May 11, 2020

CME Observes Strong Institutional Interest in Bitcoin Before Halving

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With a few hours and less than 40 blocks to 2020 Bitcoin halving, CME Group says the record trading activity for its Bitcoin derivatives reflects a strong institutional interest before the halving event. With miners remaining to solve less than 40 blocks before the 2020 Bitcoin halving, the Chicago Mercantile Exchange sent out one of their recent Bitcoin analyses. According to CME, a strong surge in volumes over the past week is a clear indication that institutional investors are rushing to invest in the asset. CME is mainly used by…

Bitcoin Post-Halving Crash Theory Has One Serious Flaw

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The Bitcoin price rallied enormously in the weeks leading to its third mining reward halving on May 12, 2020. Many analysts believe the cryptocurrency would undergo a deep price pullback after the event, citing historical patterns. But the fractal ignores one crucial factor that led the bitcoin price lower after the second halving. Bitcoin will undergo a scheduled technical upgrade on May 12 that would dramatically reduce the reward that is offered to the computer operators who โ€œmineโ€ the cryptocurrency by half. The so-called โ€œhalvingโ€ is a bullish event, at…

Bitcoin Fundamentals Stronger Than Ever With Third Halving Merely Hours Away

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Indices such as transaction volume, Bitcoin (BTC) ownership across different levels of buyers, growth rate, hash rate, among others have spiked since the last halving back in 2016. With the Bitcoin halving only hours away, there are expectations that the halving could be net-positive for the BTC price action going forward. Bitcoin Fundamentals Growing by Leaps and Bounds In a Twitter thread published by Rafael Schultze-Kraft, Co-founder and CTO of on-chain crypto analytics firm Glassnode, on Sunday (May 10, 2020), bitcoin fundamentals have experienced exponential growth since the last halving…

Crypto.com Lands Record $360M Insurance Cover for Offline Bitcoin Vaults

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Crypto.com has gathered a record-breaking $360 million worth of insurance to cover the potential loss of coins stored in special offline vaults. Announced Monday, the crypto finance platform accessed the cover through institutional custody provider Ledger Vault, which offers $150 million of pooled insurance cover to clients via insurance broker Marsh, and Lloydโ€™s of London underwriter Arch Insurance. Crypto.com, which reports two million users on its platform, has topped up the Ledger Vault cover with a $100 million direct policy, and also availed itself of $110 million worth of digital…

Korean Luxury Retail Clients to Manage Reward Points on Blockchain

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Blockchain rewards platform MiL.k has teamed up with Seoul-based luxury retail space chain Shinsegae Duty Free to provide loyalty points compatibility and management.ย  The new partnership allows Shinsegae customers to connect their existing rewards accounts to the MiL.k mobile app, according to a press release shared with Cointelegraph on May 11.ย  Adoption for โ€œmillionsโ€ of clients? Once users interlink the accounts, they can reportedly trade their Shinsegae loyalty points for the in-house cryptocurrency called MLK, which currently trades at $0,19 per token. MLK in turn, can be exchanged for reward…

Jury Trial Scheduled for Billion Dollar Bitcoin Lawsuit Against Craig Wright

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Floridaโ€™s Southern District Court has been dealing with the Kleiman v. Wright case for well over two years and now the lawsuit is finally going to trial. A jury trial is set for July 6, 2020, in the Miami Division courthouse before Judge Beth Bloom. Meanwhile, Craig Wright, the self-proclaimed Satoshi Nakamoto, filed a motion on May 8, asking the court to once again toss out the lawsuit. Judge Beth Bloom Schedules a Jury Trial for the Kleiman v. Wright Lawsuit While the world is dealing with the fragile economy…

Investing $1 Bitcoin Every Day with Cash App – DAY 432

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Vietnam Govt to Launch Crypto Research Group to Evaluate Policy

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Vietnamโ€™s Ministry of Finance has agreed to establish a research group charged with studying and making policy proposals regarding cryptocurrencies and virtual assets on. The group, announced May 11, will comprise nine members led by the Vice Chairman of the State Securities Commission, Pham Hong Son.ย  The additional members include other representatives of the countryโ€™s securities regulator, the General Department of Taxation, the National Institute for Vietnam Finance, Vietnam Customs, and the State Bank of Vietnamโ€™s Department of Banking and Financial Institutions. The research group will help the country stay…

Exchanges Bolster Their Bitcoin Insurance Funds After โ€˜Halving Dumpโ€™

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After a sharp drop in Bitcoin (BTC)โ€™s value on May 10 โ€” just ahead of todayโ€™s halving of block rewards for miners on the network โ€”ย  several exchanges scrambled to inject liquidity into their BTC insurance funds. Earlier today, Binance revealed it had used โ€œover 13,000,000โ€ Tether (USDT) yesterday to protect traders from the risk of auto-deleveraging (ADLs) on its platform.ย  โ€œWe will inject an additional 30,000,000 $USDT into the insurance fund, on top of the 7,500,000 USDT from April 30th,โ€ the exchange pledged. The exchangeโ€™s insurance fund balance for…