Day: August 3, 2020

Swiss Stablecoin Association Hopes to Break the Ice

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The recent formation of the World Stablecoin Association in Switzerland was done with the goal of creating a united front for the sector to tackle regulatory concerns and drive collaboration. Stablecoins are becoming an increasingly important, widely used medium of exchange in the cryptocurrency community, with industry leaders such as Tether (USDT) and USD Coin (USDC) enjoying immense success in 2020.  Tether hit a milestone toward the end of July, surpassing $10 billion in market capitalization as fiat currency continues to be converted into the stablecoin. Meanwhile, USDC celebrated breaking…

Hackers Steal Over $1.3M from European Crypto Trading Platform

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A European cryptocurrency trading platform called 2gether was recently targeted by an unknown group of hackers. These bad actors stole over 1.183 million Euros ($1.39M) from the service’s investment accounts in a cyberattack on July 31. Ramon Ferraz Estrada, CEO of the crypto firm, revealed in a series of Twitter posts that the hack affected crypto investment accounts and exposed user passwords, though he noted that Euro accounts and wallets “are safe.” To compensate for the stolen funds, 2gether has offered customers its native 2GT token at a price equivalent…

State-Run Bank in Switzerland to Launch Crypto Services

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Basler Kantonalbank, or BKB, a government-owned commercial bank in Switzerland, is planning to launch cryptocurrency services through its banking subsidiary. According to an Aug. 3 report by local news agency Finews, BKB’s subsidiary and a national banking group, Bank Cler, are working on services that will allow customers to trade and store cryptocurrencies. BKB holds a majority stake in Cler, though the subsidiary possesses its own banking license separate from BKB.  Access to financial products A spokesperson at BKB confirmed the news to Cointelegraph. They also noted that the bank…

AMD Stock Up 0.43%, AMD Could Be Next $100B Chip Company

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Following the impressive Q2 revenue report and a bullish call from the Bank of America, AMD may become America’s next $100 billion chip company. Bank of America Corp (NYSE: BAC) believes that Advanced Micro Devices Inc (NASDAQ: AMD) may be on its way to becoming America’s next $100 billion chip company. The tech company has been trailing impressive runs bolstered by its profitable Q2 earnings released on July 28. The company’s CEO Dr. Lisa Su said in a statement: “We delivered strong second-quarter results, led by record notebook and server…

Bitcoin Price Fills New Futures Gap as Bullish BTC Heads to $12K

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Bitcoin (BTC) rose to fill a significant gap in its price history on Aug. 3 as bulls remained in control and took BTC/USD towards $12,000. Data from price charts including Coin360 showed the largest cryptocurrency rising once more on Monday, after a correction to $11,000. Daily cryptocurrency market snapshot from Coin360 BTC price targets $11,500 and higher Earlier, Monday trading began with a $150 “gap” in Bitcoin futures markets on CME between $11,450 and $11,600. As Cointelegraph reported, anticipation immediately built around Bitcoin rising to fill the void, in line…

BlockTower’s CIO Predicts Hyperinflation Could Send Bitcoin Parabolic

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Ari Paul, CIO and co-founder at crypto hedge fund BlockTower Capital, believes Bitcoin’s next parabolic move will soon be triggered by hyperinflation caused by the monetary policies of central banks.  According to Paul, the Federal Reserve will eventually need to devalue the dollar as a means to pay its increasingly high sovereign debt.  In that scenario, according to Paul, we’ll enter a period of hyperinflation similar to the Great Inflation in the 1970s. During such an event, investors could move their wealth away from dollars and Treasury bonds and into…

XRP Price Above $0.31, Ripple Labs Improving XRP Market Liquidity

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XRP price is up 7% at the time of writing. The coin’s price seems to be benefiting both due to FOMO action and RippleNet performance. XRP Ledger native coin XRP has broken out of a multi-week falling trend. At the time of writing, XRP that is widely used by Ripple in its solutions, was trading slightly above $0.31, with the bull seeming in control of the price in the coming days. In the past seven days, the asset rose over 40% and jumped over 7% at the time of writing.…

Wall Street Indices Rise on Monday Thanks to Apple and Microsoft

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Wall Street’s main indices rose on Monday as Microsoft announced its plans to buy TikTok’s U.S. operations and a clutch of upbeat quarterly earnings reports lifted sentiment in the absence of a fiscal coronavirus relief deal. Wall Street opened in green on Monday, the first trading day of August, as the market tried to build on its four-month winning streak. The Dow Jones Industrial Average (INDEXDJX: .DJI) rose by 219 points or 0.8%. The Nasdaq Composite (INDEXNASDAQ: .IXIC) went up by 1.5% to an all-time high. The S&P 500 (INDEXSP:…

Huobi Joins Japan STO Association Along With MUFG And 10 Other Players

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Huobi’s Japanese branch has joined the Japan Security Token Offering Association, or JSTOA, as a “supporting member” along with Zaif, FXCoin, and 8 other local crypto players, according to the announcement published earlier today.  “A full member must be a securities firm holding a Finance 1 licence,” Huobi Japan CEO Haiteng Chen clarified in a comment to Cointelegraph. “We don’t obtain this licence and thus cannot apply for a full membership.” Huobi Japan aims to streamline “the transaction of security tokens” through this self-regulatory body.  The JSTOA was launched in…

$12,000 Is Make or Break

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Bitcoin reaches its highest price for exactly a year at just over $12,000. At such a crucial level, the next couple of weeks will likely decide the currencies fate for the rest of 2020. After recovering from the bearish impact of the coronavirus pandemic which saw the currency fall to $4,000, last weeks $1,000 candlestick from open to close with a total low-high range of $2,000 marked a technical momentum for Bitcoin (BTC) not seen for almost a year. This sparked a dramatic increase in volume on all major exchanges.…