Bitcoin News Summary – November 19, 2018

Here’s what happened this week in Bitcoin in 99 seconds.

 

Markets moved sharply to the downside to a new low for 2018. The $212 billion market cap moved down to $183 billion with Bitcoin falling almost $1,000. Ethereum lost its second place position in market cap rankings to Ripple.

The messaging app Kik announced it will migrate its ICO token, Kin, from Ethereum to the Stellar blockchain. Kin raised nearly $100 million in Ethereum tokens and it cites Ethereum scaling issues as the reason for the switch.

Bitcoin Cash hard forked and many attribute the recent market price drop to this split. Bitcoin Cash ABC has the support of Bitmain CEO, Jihan Wu, and influencer, Roger Ver. Bitcoin cash SV is backed by billionaire Calvin Ayre, and the flamboyant Craig Wright. It’s still unclear which side will be regarded as the “real” Bitcoin Cash and retain the BCH ticker symbol. Currently, ABC has the most support from exchanges and companies.

A Venezuelan Bitcoiner revealed that one of the nation’s big department stores began accepting Bitcoin. The user, Vito, reports that Bitcoin is well-known across the country and considered the preferred payment method for online work.

Finally, the SEC is investigating crypto lending service, Salt, as well as Erik Voorhees, its former CEO and current CEO of popular exchanger, Shapeshift. The SEC is apparently investigating various aspects of Salt’s $50 million ICO process – primarily whether it was an unregulated securities offering.

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Bitcoin News Summary – November 12, 2018

Here’s what happened this week in Bitcoin in 99 seconds.

 

A strong move in Bitcoin Cash price comes in the run-up to the Bitcoin Cash SV hard fork, scheduled this week. On this date, Bitcoin Cash will split into Bitcoin Cash ABC, backed by Jihan Wu, Amaury Sechet, and Roger Ver, and Bitcoin Cash SV, backed by Calvin Ayre and Craig Wright. If you hold BCH, ensure that you’re prepared.

Pure Bit, a South Korean crypto exchange has completely shut down after raising $2.8 million in Ethereum from investors.  The exchange posted “Sorry” and “Thanks” to their communications channels and it is suspected that this was a deliberate exist scam from the get go.

The US Securities and Exchange Commission is charging the founder of popular decentralized ICO token exchange, EtherDelta, with running an unregistered exchange. As the SEC considers many such ICO tokens to be securities, it requires their trade to be regulated.

The launch of the first crypto exchange to be officially registered in the United Arabs Emirates was announced. The exchange, named “Crypto Bulls,” will be the first of its kind in Dubai.

Finally, Venezuelan demand for bitcoins has reached a new peak. Over 1,000 BTC per week are trading over LocalBitcoins in Venezuela. Also, the government revealed it will propose its national crypto, the Petro, to OPEC as a means for trading crude oil. The Petro is pegged to the cost of a barrel of oil.

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Bitcoin News Summary – November 5, 2018

Here’s what happened this week in Bitcoin in 99 seconds.

Former US congressman and famous Libertarian, Ron Paul, advocated for the abolition of all taxation on cryptocurrencies. Paul said such a move may prevent recession. He also supported President Trump’s recent criticism of the Federal Reserve.

Venezuela’s state cryptocurrency, the Petro, was officially launched. However, reports indicate that only Petro certificates are currently being sold, not actual crypto coins.

South Korea’s central district court ruled that banks may not terminate partnerships with crypto exchanges without good reason. The country’s commissioner of Financial Services said that compliant exchanges will have no more problems with so-called virtual bank accounts.

The Bitcoin community celebrated the 10 year anniversary of the Bitcoin white paper’s publication. This groundbreaking document can be downloaded from bitcoin.org.

Wasabi Wallet for Bitcoin was finally released. This new wallet offers superior privacy, through built-in CoinJoin mixing, Tor network use, and other advanced features. The wallet is available for Windows, Mac and Linux.

Canadians were affected by the disappearance of the MapleChange exchange. About 2000 users have lost their Bitcoin or Litecoin as a result of a code exploit. Some suspect an exit scam. Other altcoins are being refunded by the exchange.

Finally, India’s Financial Stability and Development Council is considering a ban on Bitcoin and other cryptocurrencies. Indian exchanges are currently facing regulatory challenges but this ban would be a further clampdown on private crypto use in India.

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Bitcoin News Summary – October 29, 2018

Here’s what happened this week in Bitcoin in 99 seconds.

Crypto markets remain steady this week. Markets were largely unchanged from last week, with Bitcoin holding the $6,400 level, Ethereum keeping its $200 level, XRP steady at 45 cents and BCH holding the $440 range. The total crypto market cap is now at around $209 billion, of which Bitcoin’s value comprises 53.6%.

Japan’s Sony Corporation announced a new crypto hardware wallet. The wallet uses contactless technology, meaning that it doesn’t have to be plugged into a PC or mobile device to function. Sony’s press release implies the device will support Bitcoin, Ethereum, Ripple, and other cryptos.

Figures from jobs site Glassdoor revealed 300% annual growth in US jobs relating to Bitcoin and blockchain.

Samsung announced that it’s starting actual production of a new 7 nanometer low power Bitcoin mining chip. Samsung expects the new chip to use up to 50% less power while providing 20% better performance over its previous 10 nanometer chips.

The Spanish Ministry of Finance declared that all citizens must declare their crypto holdings for taxation purposes. Off-shore fiat holdings must also be declared under the new law. Spain expects to raise 850 million Euros from taxes following the new legislation.

A Chinese court determined that citizen’s bitcoins should be classed as legally-protected property with economic worth. The court further determined that ownership of bitcoins by private citizens is legal, as is their exchange between individuals. However, crypto exchanges are still banned in the country.

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Bitcoin News Summary – October 22, 2018

Here’s what happened this week in Bitcoin in 99 seconds.

US investment giant Fidelity, which has over $7 trillion under management, announced its new crypto custody and order execution service, Fidelity Digital Asset Services. Fidelity aims to make Bitcoin trading accessible to major institutions, such as hedge funds.

Major exchange Bitfinex re-opened fiat deposits for its 4 support currencies: Dollars, Pounds, Yen and Euros. Bitfinex claim their new system is more reliable. This funding mechanism was on hold for about 11 days. This raised concerns, especially regarding Tether, the US Dollar-pegged cryptocurrency, which is closely linked to Bitfinex.

The Bitcoin blockchain showed a transaction of nearly 30,000 BTC, worth almost $200 million, was processed for a 10 cent fee. The same transaction would cost over $10,000 if sent through the legacy banking system.

Former Indian exchange Zebpay announced that it has relocated its operations to the island of Malta. This move follows a bank on the exchange’s bank accounts after the RBI imposed strict new regulations on crypto businesses. Unfortunately, Zebpay can no longer service its roughly 3 million users in India.

Finally, after 3 years of running our popular Bitcoin faucet and dispensing almost 13 Bitcoins to the general public, 99Bitcoins’ faucet has shut down. The move was decided upon in order to help us focus on a new and exciting project to help educate the public about Bitcoin which will be revealed in the coming month.

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Bitcoin News Summary – October 8, 2018

Here’s what happened this week in Bitcoin in 99 seconds.

China’s longest-running technology magazine, Beijing Sci-Tech Report, will accept Bitcoin payments for annual subscriptions. Starting in 2019, readers will can pay 0.01 BTC to receive the publication.

Some crypto industry research by Diar pointed to a bullish future. According to their report, venture capital inflow into crypto companies has already increased by 280% over last year. Nearly $4 billion has been raised in the year to date, with over a quarter billion going to “stablecoin” projects.

Major US exchange, Gemini, announced that – in addition to fiat deposits – crypto deposits stored on their exchange are now insured against loss. Traders and other who store coins on-exchange may find Gemini’s extra security welcome.

Bitcoin surpassed the 50% milestone for transactions using SegWit. It’s taken a little over one year for SegWit adoption to reach this point. You can usually tell that your Bitcoin address is SegWit-enabled if it begins with a “3.” SegWit use is recommended as it lowers your fees.

French startup Acinq has raised $1.7 million to continue its work on the Lightning Network. Acinq is the creator of the Éclair Wallet and its own Lightning Network implementation.

More than 1,500 Bitcoin ATMs will be installed across Argentina by the end of 2019. Demand for Bitcoin is soaring in the country as the Argentinian Peso is experiencing rapid devaluation.

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Bitcoin News Summary – October 15, 2018

Here’s what happened this week in Bitcoin in 99 seconds.

Major exchange and Tether operator, Bitfinex, has imposed a temporary ban on all fiat deposits. Clients are no longer able to deposit Euros, Dollars, Yen or Pounds to the exchange. Withdrawals are reportedly working normally. Bitfinex has said that they expect the issue to be resolved in the coming week.

Venezuelans will have to use the country’s new Petro cryptocurrency in order to purchase new passports. While the move is clearly aimed at anchoring the Petro in real-world usage, it may not succeed as passports reportedly cost four times the average monthly salary.

Blockstream announced the launch of their new Liquid Network. Liquid caters to major industry players like exchanges. BitMEX, Bitfinex, and Xapo are some of the 23 participants in the network, which enables faster and more private Bitcoin transactions as well as other custom features.

Cyber security firm CipherTrace published a report indicating that hackers stole almost $1 billion worth of crypto during 2018. They further report that 97% of these funds were channeled to unregulated exchanges in countries with light Anti-Money Laundering rules.

Finally, MasterCard  will ban payments to ICOs and crypto brokers starting this week. Binary option and Forex brokers are also affected. It’s believed that VISA will enact a similar ban this December. This news was reported by a third-party site and has not been confirmed by the payment companies themselves, details remain unclear.

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Bitcoin News Summary – October 1, 2018

Here’s what happened this week in Bitcoin in 99 seconds.

 

Google is ending its ban on crypto-related adverts across the US and Japan. The ban was put in place this June. It’s expected this will boost adoption by exposing more people to crypto.

Bitmain published its IPO prospectus, making public its recent financial statements. Analysis shows a net loss of nearly $400 million in the second quarter of 2018, but also a $442 million investor bailout in August. The company also claims almost 75% of the ASIC miner market share.

Major Chinese ASIC chip manufacturer, Ebang, revealed its new E11 Bitcoin miners. The miners feature 10 nanometer chips which are claimed to be more efficient than Bitmain’s forthcoming 7 nanometer chips.

An American district court judge ruled that cryptocurrencies are commodities during a fraud case. This judgment accords with the view of agencies like the CFTC and SEC, which has declared Bitcoin – but not ICOs – to be a commodity.

The SEC announced a lawsuit against the 1Broker Bitcoin futures exchange. The FBI later seized 1Broker’s website. 1Broker, registered in the Marshall Islands, has said to broke federal securities laws by allowing US citizens to participate in trading without AML / KYC requirements in place, among other charges.

A Swiss startup has raised over $100 million to create a regulated cryptocurrency bank. The bank, known as SEBA, will support crypto trading, storing, and management in addition to providing regular banking services for crypto businesses.

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Bitcoin News Summary – September 24, 2018

Here’s what happened this week in Bitcoin in 99 seconds.

A vulnerability in the Bitcoin software was revealed this week but quickly patched in a later version. Although the bug is difficult and costly to exploit, a malicious miner could use it to potentially cause a blockchain split. If you’re running Bitcoin Core, updating to the latest version is strongly recommended.

Ripple’s price was stronger in the week on news that the xRapid protocol is nearing completion and the announcement of Ripple’s new remittance partnership with America’s PNC Bank.

Bitcoin mining manufacturer Bitfury announced a new line of ASICs known as “Clarke.” Powered by 14 nanometer chips, Clarke will reach a hashrate up to 120 gigahash per second at a claimed energy efficiency of 55 joules per terahash.

Bitmain announced its own next-generation ASIC chip, BM1391, for mining cryptocurrencies using the SHA256 algorithm. The  7 nanometer chip is optimized for maximum energy efficiency consuming as low as 42J/Tera hash.

Japan’s Zaif exchange was hacked for nearly 6,000 bitcoins, currently worth nearly $40 million, plus large amounts of BCH and Monacoin. Total losses are estimated at $60 million. The hack occurred despite tight new exchange regulations in Japan, following a half billion Dollar hack in January.

And finally, the European policing agency, Europol, announced on Thursday that its research found zero terror attacks across Europe linked to Bitcoin.

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Bitcoin News Summary – September 17, 2018

Here’s what happened this week in Bitcoin in 99 seconds.

Coinbase announced the doubling of its February staff count, to 500 permanent members. Coinbase CEO, Brian Armstrong, predicted 1 billion crypto users within 5 years.

The SEC suspended the Swedish Bitcoin and Ethereum ETFs within America known as “Bitcoin or Ethereum Tracker One”. On the other hand, a regulated Bitcoin ETF was launched on Canadian markets. Known as the FBC Bitcoin Trust, the ETF will allow accredited Canadian investors exposure to Bitcoin’s performance through their bank account or pension plan.

The founder of the OKcoin and OKex crypto exchanges, Star Xu, was arrested in Shanghai. Police suspect Star Xu of fraud in connection with the WFee token, an Ethereum-based platform for WiFi sharing.

A crypto lobbying group, known as the Blockchain Association, has been created in the US capitol. US crypto firms like Circle and Coinbase and investors like Barry Silbert’s Digital Currency Group are funding the group to advocate for favorable crypto legislation.

US investment bank, Morgan Stanley, announced that it intends to create a trading desk for Bitcoin derivatives. Although it won’t deal in actual Bitcoin, Morgan Stanley will allow clients to open long or short positions on the Bitcoin price.

And finally, major US online retailer, Overstock, stated that it will begin selling Bitcoin to the public in 2019. Overstock was one of the first major companies to begin accepting Bitcoin.

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