Day: August 21, 2020

Facebook Plans More Porting Options before FTC Hearing

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Facebook seems unfazed with the scrutiny, as the company plans to expand its porting tools for images and data. FB stock is slightly up. Facebook Inc (NASDAQ: FB) announced this week that it is considering expanding the data types that users of the platform can directly port to other sites. This came ahead of a scheduled hearing by the Federal Trade Commission (FTC). The company sent the statement to the regulator before Facebook CEO Mark Zuckerberg appeared before the investigative committee of the FTC. According to a release by the…

OMG the Volatility! LINK Crashes as $12K Evades Bitcoin: Weekly Recap

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Another week, another attempt to break higher meets resistance. Bitcoin (BTC) entered the week surging past $12,000 only to retrace below that key level as altcoins continue to rise and fall. At the same time, it appears Ethereum’s well-documented problems have caught up to it faster than the blockchain can confirm transactions right now. Cryptocurrency market weekly performance. Source: Coin360 What goes up, must come down The mantra is increasingly becoming the theme as Bitcoin pops above a key level only to retrace. This time, BTC surged past $12,000 for…

Investors Move $50B in Crypto from China to Avoid Beijing Rules

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Chainalysis reported that at least $50 billion of cryptocurrency moved from China-based digital assets to other parts of the world in 2019 hinting at capital flight from Beijing rules. At least $50 billion of crypto moved from China-based digital assets to other parts of the world in 2019 according to a new report. That move points to probabilities that the Chinese investors are now transferring more money than allowed out of the country. Chinese citizens can just buy up to $50,000 of foreign currency annually at a financial institution. Previously,…

Tesla Stock Breaks $2K as High-Risk Tech Asset Sees Bitcoin Comparison

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Bitcoin price and Tesla stock have both been in the limelight recently, leading some retail investors to question if there are commonalities between the two assets. As Bitcoin (BTC) continues to hover around the $12,000 mark (as of publication time), in doing so, the largest coin by market capitalization is reaching year-to-date highs that haven’t been seen since June 2019. Tesla stock has also set a number of benchmarks. On Aug. 20, Tesla’s stock price hit an all-time high, jumping over 45% in 10 days to close above $2,000 per…

First Automated AML-Compliant Cryptocurrency Transfer by Swiss Firms

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Crypto Finance AG and 21 Analytics successfully completed a Bitcoin transaction in accordance with the standards of Financial Action Task Force (FATF). Two Swiss Firms, Crypto Finance AG and 21 Analytics in collaboration with My Pelerin announced on Thursday that they have successfully completed a Bitcoin transaction that complies with the AML standards of Financial Action Task Force (FATF). Approximately $23 was sent with the help of this transaction organized by Swiss companies. The regulator demands the same level of compliance from crypto Fintechs as it does with traditional financial…

Daedalus Upgrades Cause a Stir in the Cardano Community

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Not content to rest on its laurels, Cardano continues to enhance network infrastructure by improving its native Daedalus wallet. Daedalus Flight is a test wallet where volunteer users can assess changes within a live environment using real ADA transactions. “Daedalus Flight is a new ‘pre-release’ version of the Daedalus wallet. Specially created for ada holders who want to help us test new Daedalus wallet features.” IOHK CEO, Charles Hoskinson reached out to the community, via a tweet, asking users to download Daedalus Flight to provide feedback on the performance improvements.…

The Challenge of Taxing Proof-of-Stake

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While being a relatively young correction to energy-intensive proof-of-work (PoW) network validation, proof-of-stake has existed in theory since 2012. However, rising market cap of PoS tokens like Cardano (ADA) and Tezos (XTZ) over the past two years and Ethereum’s much-hyped but much-delayed shift from PoW to PoS have brought the subject to the forefront. Alongside an overall increase in regulatory attention on crypto generally, PoS protocols are an area of much debate. One question highlighted by a recent letter from several Congresspeople to the IRS is taxes. Specifically, the letter…

First Mover: Wacky Bitcoin-to-DeFi Crypto Markets Might Be New Home of Capitalism

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Price Point Bitcoin was slightly lower early Friday, leaving the cryptocurrency on track for its first weekly price decline since mid-July.  The largest cryptocurrency broke above $12,000 earlier in the week and failed to hold the gains, though John Willock, CEO of crypto asset manager Tritum, told CoinDesk Thursday that “maybe we’ve got $13,500 in the next phase up in the coming days.”  You’re reading First Mover, CoinDesk’s daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never…

How Tachyon Protocol Is Leveraging Blockchain to Create Secure Internet

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Decentralized VPN (dVPN) is based on blockchain thus eliminating the need for a singular point of control, depending on multiple nodes to keep the system running. With an ever-growing internet penetration in the developing nations largely due to cheap smartphone pricing coupled with a falling internet data tariff, blocking of certain apps that pose a threat to the ambitions of politicians has become a common occurrence. In recent years, we have seen it happening in countries like Iran, Ethiopia, India, Venezuela, Liberia, etc. It shouldn’t come as a surprise as…

Polkadot the Unlikely Victim of Centralized Exchanges

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The billion-dollar cryptocurrency space is no stranger to hype, as it is considered a factor that increases crypto prices. While this may be, hype generated from major centralized crypto exchanges may actually be creating more harm than good for users involved with certain community-based projects. For example, Web3 Foundation’s flagship project Polkadot aims to enable a decentralized web where users, rather than internet monopolies, are in control of applications, services and institutions. The project was started in 2017 by some leading names in the blockchain industry, including Ethereum co-founder Gavin…