Friday, May 31, 2019

Google Faces Likely Antitrust Probe by the US Dept of Justice: Report

By CCN: Google parent company Alphabet is on the hot seat with the U.S. Department of Justice. The Wall Street Journal reported Friday that the DOJ is preparing an antitrust investigation into the internet search giant. It’s not the first time Google has been investigated for violating U.S. federal antitrust statutes. It is, however, the first time the DOJ has opened such an inquiry. Google and EU Antitrust Laws In 2016, the EU slapped Google down with a severe $5.1 billion antitrust penalty for requiring Android device makers to issue devices with Google Search and Google Chrome as a licensing condition

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from CCN http://bit.ly/2MlakE9

Vinny Lingham Says Bitcoin May Blow Through $10K, Test $12K Soon

By CCN: The bitcoin price is trading higher headed into the weekend and is currently hovering at $8,572, up 2.7%. After the recent spike beyond $9,000 and dramatic fall back to Earth, the market clearly is doing its best to go higher. Just ask Vinny Lingham, who is at the helm of blockchain-fueled ID startup Civic and a general partner at Multicoin Capital. Lingham, who has only recently turned bullish on the bitcoin price, tweeted: “This BTC action looks aggressive. Makes me think that we may blow through 10k and test $12k very soon; but $12k is a very heavy resistance

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from CCN http://bit.ly/2MjfQao

Bahamas National Cryptocurrency Developer Says Startups Essential for Adoption

The CEO of NZIA Ltd, the firm developing the Bahamas’ central bank digital currency, said that startups will be key to its adoption

The CEO of transactions firm NZIA Ltd, Jay Joe, says Bahamian tech startups will need to lead the development of Project Sand Dollar, according to a report by the Nassau Guardian on May 31.

Project Sand Dollar is an initiative to tokenize the Central Bank of the Bahamas’ (CBOB) fiat currency as a central bank digital currency (CBDC), which is supposed to launch in the Bahamian district Exuma this year.

Joe discussed how he thinks participation from local banks, small and medium-sized enterprises, and entrepreneurs in CBDC implementation will be crucial to the budding token’s adoption. He also commented on how solutions built by local tech startups will likewise be important in driving the digital token’s mainstream use:

“We are going to build the back end and we will open up the front end to allow local entrepreneurs, tech startups, whomever to be able to build new products and create new services around CBDC. We feel that this is going to be a key aspect of really making this thing become a real, living, breathing thing that people engage in.”

As previously reported by Cointelegraph, The Central Bank of the Bahamas signed an agreement with NZIA on May 30 to develop the token, after naming the firm as its “preferred technology solutions provider” at the beginning of March.

CBOB initially announced plans for its CBDC at the Bahamas Blockchain and Cryptocurrency Conference in June 2018. Deputy Prime Minister and Minister of Finance of the Bahamas, K Peter Turnquest, commented on the importance of digital currency for an island nation, saying:

“A digital Bahamian currency is especially important for the many family islands as they have seen many commercial banks downsize and pull out of their communities, leaving them without banking services. As an island nation, where transportation can be an inconvenience for many, especially the elderly, and costly, we must offer financial services digitally and securely.”



from Cointelegraph.com News http://bit.ly/2MiuvT7

Billionaires Are ‘Scouring the Market’ to Own 25% of Bitcoin in Circulation

By CCN: The appetite among billionaires for bitcoin is huge as ever, according to Eleesa Dadian, an art dealer and head of a secretive network for billionaire investors called the Dadiani Syndicate, in Forbes. The company has reportedly been instructed to purchase a jaw-dropping 25% of all available bitcoin in the market. Too bad that isn’t likely to happen. An office in Mayfair, west London – this is home to The Dadiani Syndicate, the brainchild of art dealer Eleese Dadiani. Her gallery, Dadiani Fine Art, was the first to accept cryptocurrency payments, back in 2017.Read more: https://t.co/uPxPOcVjdc pic.twitter.com/Mh8wivIQeY — Cryptos

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from CCN http://bit.ly/3183YeS

Crypto Markets Show Signs of Recovery, While Oil Prices Slump

Cryptocurrencies have entered the green zone after seeing some losses over the past couple of days.

Friday, May 31 — cryptocurrencies are on the rise again after seeing a slight correction yesterday, May 30, with EOS (EOS) being the only coin among the top-20 cryptocurrencies to register double-digit gains.

COIN360

Market visualization by Coin360

The leading digital currency bitcoin (BTC) is up slightly over 3% on the day, and is trading at $8,573 at press time. On its weekly chart, bitcoin saw its lowest price point at $7,924 on May 26, while its highest price point of $8,994 was on May 30.

BTC

Bitcoin 7-day price chart. Source: CoinMarketCap

Meanwhile, only 1.3% of economic transactions for bitcoin came from merchants in the first four months of 2019, according to recent research from United States-based blockchain intelligence firm Chainalysis.

The second largest coin by market capitalization, ether (ETH), is up by 4.86% in the last 24 hours, and is trading at $268.75 at press time.

Ernst & Young’s head of innovation, Paul Brody stated earlier today that 83% of decentralized applications (DApps) on the Ethereum network are “not in the most productive uses.” Brody noted that 14% of Ethereum-based DApps are used at cryptocurrency exchanges, while most of them are used for gambling and gaming, accounting for 44% and 13% of DApps, respectively.

ETH

Ethereum 7-day price chart. Source: CoinMarketCap

Ripple (XRP) has seen a 3.58% increase in its price over the day to trade at around $0.438 at press time. The altcoin started the week at the $0.383 price point.

XRP

XRP 7-day price chart. Source: CoinMarketCap

EOS has shown over 15% growth on the day, and is trading at around $8.58 at press time. At the beginning of the day, EOS was trading at $7.32, dipping to as low as $7.28.

EOS

EOS 7-day price chart. Source: CoinMarketCap

The remaining coins on CoinMarketCap’s top-20 list have registered gains between modest 0.13% and 10%, with none of the coins in the red.

Total market capitalization of all digital currencies is over $272 billion at press time, up around $25 billion from its intraweek low of around $247 billion on May 26.

Total market capitalization

Total market capitalization 7-day chart. Source: CoinMarketCap

As CNBC reported earlier today, oil prices slumped, with Brent crude futures falling $2.40, or 3.59%, to $64.47 a barrel, and U.S. West Texas Intermediate (WTI) crude futures decreasing 5.5% to $53.50 per barrel.

The drop purportedly follows U.S. President Donald Trump’s decision to increase tariffs unless Mexico stopped people from illegally crossing into the United States. The plan would impose a 5% tariff on Mexican imports starting on June 10 and increase monthly, up to 25% on Oct. 1.



from Cointelegraph.com News http://bit.ly/2Qzb9I7

G20 International Watchdog Says Regulators Need Better Crypto Risk Assessments

The FSB said in its latest report that regulators need to improve their risk assessment strategies to keep up with innovations in the cryptocurrency sector.

G20’s international watchdog, the Switzerland-based Financial Stability Board (FSB), said in its latest report that regulators need to improve their risk assessment strategies regarding financial activity in the crypto space, according to a report by Reuters on May 31.

The report noted that one potential risk assessment metric regulators could look at is banks’ and other financial entities’ degree of exposure to cryptocurrency. The report also added that the FSB does not currently believe that crypto poses “a material stability risk” to the financial sector.

As per the report, existing crypto regulations are somewhat weak, and the fast rate of technological innovation may leave the sector with even more areas of questionable regulation. Crypto assets currently can reportedly fall outside regulators’ jurisdiction, due in part to inconsistent standards between countries.

China, for instance, has reportedly taken a “near-total ban” approach to cryptocurrency exchanges, while Japan is attempting to keep cryptocurrency exchanges legal with proper licensure.

As previously reported on Cointelegraph, Japan is currently cracking down on cryptocurrency exchanges that do not have sufficiently good anti-money laundering practices. Unlike China and South Korea, initial coin offerings in Japan remain legal. Japan will also be hosting the upcoming G20 summit in Osaka this June, and is expected to lead the conversation on international crypto regulations.



from Cointelegraph.com News http://bit.ly/2Z1WuIl

Coinbase Adds Support for EOS Cryptocurrency on Retail Site and Apps

Coinbase has added support for the EOS cryptocurrency for customers on Coinbase.com and its Android and iOS apps.

from CoinDesk http://bit.ly/2YWYSjx

Chainalysis Research: Speculation Remains Bitcoin’s Primary Use Case

Research from Chainalysis indicates that only 1.3% of economic transactions for bitcoin came from merchants in the first four months of 2019.

Research from United States-based blockchain intelligence firm Chainalysis indicates that only 1.3% of economic transactions for bitcoin (BTC) came from merchants in the first four months of 2019. The news was reported by Bloomberg on May 31.

The low figure is ostensibly symptomatic of a speculative trend that Bloomberg suggests is preventing the cryptocurrency from being adopted for payments: as bitcoin continues to see significant volatility and renewed valuation gains, its nature as a speculative asset purportely disincentivizes users from using it as a unit for spending.

Accumulation — or HODLing, as the industry acronym goes — thus appears to be in direct conflict with the cryptocurrency’s future as a replacement for fiat currencies. In an email to Bloomberg, Kim Grauer, a senior economist at the firm, proposed that:

"Bitcoin economic activity continues to be dominated by exchange trading. This suggests Bitcoin’s top use case remains speculative, and the mainstream use of Bitcoin for everyday purchases is not yet a reality."

Bitcoin Activity by Category

As part of its dataset, Chainalysis reportedly monitors crypto payment service providers such as BitPay, which reportedly processed $1 billion for merchant in both 2017 and 2018.

Chainalysis’ data shows that merchant activity for bitcoin peaks during a crypto market bull run — as in late 2017, when merchant services hit a high of 1.5% of total bitcoin activity, before dropping to 0.9% in 2018 during the bear market and then rising again during this year’s recovery. BitPay CCO Sonny Singh told Bloomberg the firm had observed the same trend.

Between January and April of this year, exchange-related transactions nonetheless continued to account for 89.7% of all bitcoin activity — down just a fraction from 91.9% for the whole of 2018, Chainalysis’ data indicates.

This month, major U.S.-based cryptocurrency exchange Coinbase announced that Coinbase Commerce — its crypto payment processor for merchants — would begin supporting Circle’s stablecoin USD Coin (USDC).



from Cointelegraph.com News http://bit.ly/2Ki9h59

Galaxy Digital Founder Michael Novogratz: BTC Will Consolidate in $7,000-$10,000 Range

Michael Novogratz said that he expects bitcoin to consolidate in the $7,000-$10,000 range.

Michael Novogratz, founder and CEO of cryptocurrency merchant bank Galaxy Digital, has said that he expects bitcoin (BTC) to consolidate in the $7,000-$10,000 range, Bloomberg reports on May 30.

Per the report, during a conference call discussing his company’s quarterly earnings, he noted that “on a go-forward basis, bitcoin probably consolidates somewhere between $7,000 and $10,000.” Novogratz also added:

“If I’m wrong on that, I think I’m wrong to the upside, that there’s enough excitement and momentum that it could carry through.”

Bloomberg reports that Novogratz credits this year’s rally to mainstream acceptance of cryptocurrencies, as well as attention towards blockchain technology by Wall Street and technology firms. According to him, both Microsoft’s use of bitcoin’s blockchain for identity management and Facebook’s rumored cryptocurrency project gave a lot of credit to the industry.

According to the former Fortress Group hedge-fund manager and Goldman Sachs Group Inc. partner, there has been a substantial shift in how cryptocurrencies are perceived:

“We have gone from, you know, crypto as an experiment, is it real? Is it tulips? To crypto is going to be a substantial part of the financial and consumer infrastructure of the world.”

When it comes to Galaxy Digital’s earnings, in the three months that ended on March 31, the company had a net income of $12.9 million, while the company reported a net loss of $134 million in the same period a year earlier. The income was reportedly mostly the result of crypto assets appreciation and investment gains. Novogratz concluded:

“We really do feel significantly better about the business.”

As Cointelegraph recently reported, Novogratz has suggested that one of the crypto assets created by social media giants will succeed.

Yesterday, news broke that digital currency investment firm Dadiani Syndicate has reportedly been approached by a wealthy client to buy as close to 25% of the bitcoin supply as possible.



from Cointelegraph.com News http://bit.ly/2WuqaQQ

Bitcoin Price Looks Poised for Pullback But June Could Revive Rally

Bitcoin is teasing a short-term bearish reversal at the onset of the historically strong month of June.

from CoinDesk http://bit.ly/2W5uKke

Binance CEO Swats ‘Stupid’ Bitcoin SV Craig Wright’s Shocking Slavery and Prostitution Claims

By CCN: Self-proclaimed Satoshi Nakamoto, Craig Wright, just took his ongoing Bitcoin takeover gambit to the next level. Speaking at a CoinGeek conference in Toronto, Wright claimed that money from major cryptocurrency institutions like Binance, Bitfinex and Tether was being used to fund slavery and prostitution. Despite the severity of the claims, Binance CEO Changpeng Zhao (CZ) dismissed them out of hand, refusing to give Wright the limelight he apparently craves. Bitcoin SV’s ‘Satoshi’ Makes Criminal Claims Despite often claiming to be a lawyer (something the real Satoshi said he wasn’t), Craig Wright didn’t seem too worried about causing libel

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from CCN http://bit.ly/2YZMXla

Japan Leads G20 Nations’ Plot of a Global Cryptocurrency Exchange Register

By CCN: The hurdles of using crypto in money laundering are set to increase if plans by G20 countries materialize. Per Nikkei Asian Review, G20 countries are working on a deal aimed at creating a cryptocurrency exchange registry. The world’s most powerful economies hope the move will seal a loophole money launderers have exploited since the inception of bitcoin and other cryptocurrencies. The plans will be unveiled when central bankers and finance ministers from G20 economies meet in Fukuoka, Japan next month. Crypto-related challenges such as customer protection and money laundering will be discussed at the summit. Japan set to

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from CCN http://bit.ly/2XqkS5S

Global Securities Regulator Seeks Public Feedback on Regulating Crypto Trading Platforms

The International Organization of Securities Commissions has published a consultation paper on regulating crypto asset trading platforms.

Global securities regulation standard setter, the International Organization of Securities Commissions (IOSCO), has published a consultation paper on regulating crypto asset trading platforms (CTPs). IOSCO publicized the paper in an official news release on May 28.

According to the news release, IOSCO’s membership regulates over 95% of the world's securities markets in more than 115 jurisdictions. The activities of the organization aim to develop and promote adherence to an internationally recognized, consistent standard for regulatory oversight and enforcement within the global securities sector.

The new consultation paper — entitled “Issues, Risks, and Regulatory Considerations Relating to Crypto-Asset Trading Platforms” — solicits feedback from the public on a set of issues, risks and other central considerations that have been identified by IOSCO in regard to CTPs. All such comments must be submitted by July 29 2019, the paper notes.

These central considerations outlined in the report are the following: access to CTPs, safeguarding assets, conflicts of interest, CTP operations, market integrity, price integrity and technology.

IOSCO notes that its approach aligns with a G20 2018 communique that appealed to international standard setting bodies “to continue their monitoring of crypto-assets and their risks, according to their respective mandates, and assess multilateral responses as needed.”

As a guiding principle, the news release states that where a given regulatory authority has deemed that a crypto asset qualifies as a security and thus falls within its regulatory purview, the asset should fall subject to the traditional frameworks and objectives of existing securities laws.

Within the report, IOSCO nonetheless recognizes that the regulation of CTPs may present potentially novel and unique issues for regulators to tackle. It thus proposes that its detailed analysis of considerations may serve relevant regulatory agencies as a baseline as they endeavor to construct their approach to the new sector.

In January 2018, IOSCO had established an Initial Coin Offering Consultation Network to review experiences and concerns related to the ICO market. The organization addressed the challenges of the emerging asset class in its annual conference last year, impacting national securities regulators’ evolving approaches.



from Cointelegraph.com News http://bit.ly/30WqDut

UpBit Exchange Phishing Email Scam Came From North Korea, Source Claims

A security firm analyzing the content of the emails believes a Pyongyang hacker group masterminded the scheme.

Hackers from North Korea were behind a phishing scam targeting users of South Korean cryptocurrency exchange UpBit, Korean-language cryptocurrency news outlet CoinDesk Korea reported on May 29.

According to findings by local cybersecurity firm East Security, the scam came in the form of an email sent to UpBit users requesting account information.

The pretence was a fake giveaway, with the emails also containing a file called “Event Winner Personal Information Collection and Usage Agreement.hwp,” which would run malicious code when opened.

UpBit had alerted traders a day before, warning anyone receiving an email from the address “events@UpBit.co.kr” to discard it.

“Please note that this mail is not an email sent from UpBit,” a rough translation of a statement released at the time reads. It continues:

“If you receive an email with an attachment with a similar title that impersonates UpBit in future, please do not download the file attached to the email and delete the email immediately.”

According to East Security, the emails were the work of North Korean hacker group Kim Soo-Ki.

As Cointelegraph reported, North Korea continues to target the cryptocurrency industry worldwide, with United States FBI officials this week claiming such activity was a direct response to sanctions placed on its economy.

“Sanctions are having an economic impact, so cyber operations are a means to make money, whether it’s through cryptocurrency mining or bank theft,” a senior FBI official warned.

UpBit is South Korea’s largest cryptocurrency exchange, and the only one out of the country’s top five platforms to record an overall profit during the 2018 bear market.



from Cointelegraph.com News http://bit.ly/30Wt7J7

Blockchain.info Adds PAX Stablecoin to Mobile Wallet

Crypto-wallet powerhouse Blockchain is adding a dollar-pegged stablecoin to attract more users.

from CoinDesk http://bit.ly/2JKT6xS

Japan Officially Approves Bill to Amend National Legislation Governing Crypto Regulation

The Japanese House of Representatives has officially approved a new bill to amend national laws that govern crypto regulation.

The Japanese House of Representatives has officially approved a new bill to amend national laws that govern crypto regulation, Cointelegraph Japan reported on May 31.

The bill — which had been prepared by Japan’s Financial Services Agency (FSA) and accepted by the House in mid-March of this year — has been passed by a majority in the House of Councilors plenary session, according to an update today on the FSA’s website.

The bill seeks to introduce amendments to two national laws that apply to crypto assets — the Act on Fund Settlement and the Financial Instruments and Exchange Act. Now that the bill has been passed, the revised Acts are expected to come into force in April 2020, Cointelegraph Japan reports.

The proposed amendments to Japan’s financial instruments and payment services laws will ostensibly tighten cryptocurrency regulation in a bid to promote user protection, more robustly regulate crypto derivatives trading, mitigate industry risks such as exchange hacks and broadly establish a more transparent regulatory framework for the new asset class.

As previously reported, the bill also establishes a legal name change for cryptocurrencies as “crypto assets,” formerly designated in the country as “virtual currencies.”

The bill also provides for more robust legislation for crypto margin trading, limiting leverage to two to four times the initial deposit.

Cointelegraph Japan today notes that while there is reportedly a view within the industry that regulation has thereby been tightened, some consider that Japan's virtual currency regulation will set a global benchmark for regulating the sector.

In April, Japan’s Minister of Finance and deputy prime minister Taro Aso urged reporters to stop using the term “virtual currencies” and to shift to the newly-introduced legal name. The new definition ostensibly aims to prevent investors confusing cryptocurrencies with legal tender.

Earlier this month, Cointelegraph reported that Russia was postponing the adoption of crypto regulation due to a requirement from the Financial Action Task Force that it expand the terminology of a federal bill to legislate major industry terms such as cryptocurrencies and bitcoin (BTC).



from Cointelegraph.com News http://bit.ly/2EI1me8

Exclusive: Bitfinex CTO Reveals Stablecoin Tether is Launching on EOS Blockchain

By CCN: Speaking to CCN, Bitfinex CTO Paolo Ardoino stated that Tether, the world’s largest stablecoin in market valuation, is launching on the EOS blockchain protocol. The launch of Tether on EOS follows its release on the TRON blockchain network in April. Why tether is operating on EOS In an interview, Ardoino stated that the key motive behind the team’s decision to push for the release of Tether on EOS is to supplement eosfinex. In February, Kasper Rasmussen, the marketing head at Bitfinex, announced the launch of eosfinex, a decentralized crypto asset exchange build on top of the EOS protocol.

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from CCN http://bit.ly/2WeiqD7

Collapsed Crypto Exchange Cryptopia Owes Creditors $2.7 Million: Liquidators

The liquidators of hacked New Zealand crypto exchange Cryptopia say it owes over $2.7 million to creditors, while user losses are still unknown.

from CoinDesk http://bit.ly/2QBS6wK

Bitcoin Price Briefly Hits $9,000 Before ‘Fakeout’ Dump to $8,000 in Minutes

By CCN: On May 31, the bitcoin price briefly hit $9,000, achieving a new 2019 high in a powerful recovery from around $8,500. Within minutes, the bitcoin price crashed from $9,000 to $8,200, falling as low as $8,000 on Bitstamp. Technical analysts generally consider the sudden rally of the bitcoin price and its abrupt dump to be a case of a fakeout breakout fueled by the liquidation of contracts on BitMEX. Was it a case of bitcoin manipulation? Although a drastic decline in the bitcoin price at a pace in which it fell as soon as it reached $9,000 was

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from CCN http://bit.ly/2EKC5jk

A Crypto-Friendly Puerto Rico Bank Is Crowdfunding on Circle’s SeedInvest

Arival Bank aims to serve crypto firms rejected by traditional banks and is crowdfunding $3 million on Circle's SeedInvest platform.

from CoinDesk http://bit.ly/2WxaU5H

ECB Official Bigs Up ‘Wholesale’ Central Bank Digital Currency, Disregards Bitcoin

By CCN: The Chairman of the Board of the Bank of Lithuania has spoken about the merits of central bank digital currencies. He has labeled them as a new, more efficient, offering from central banks across the globe. Vitas Vasiliauskas has gone on to mention the benefits of distributed ledger (DLT) in regards to mitigating the need for intermediaries. Vasiliauskas, whose country’s central bank falls under the BIS, was speaking at a Washington conference made public earlier this week. Vasiliauskas underlined how a central bank digital currency (CBDC) would be a unique ‘novel’ kind of central bank money. Notably, he

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from CCN http://bit.ly/2EKm90i

Thursday, May 30, 2019

Call of Duty: Modern Warfare Teaser Sparks Controversy over Hyper-Realism

By CCN: May 30th. Activision has just released the much-anticipated trailer for Call of Duty: Modern Warfare to their legion of fans. In what’s being hailed as a reboot of the original franchise, the video game publisher appears to be directing their upcoming release back in the direction of the games’ dark past. The trailer reveals in-game footage of hyper-realistic scenarios that the hardcore gamers of today demand. Activision is pulling no punches with this release as it weaves sensitive political themes into its plot. Harking Back to the Days of ‘No Russian’ Fans of the franchise will no doubt

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from CCN http://bit.ly/2I8pPdj

What to Expect at the SEC’s Blockchain Forum on Friday

At a fraught moment for government-industry relations, the SEC and crypto insiders are sitting down for a meeting.

from CoinDesk http://bit.ly/2JMAz4j

Dow Futures Slip 220 Points as Trump Flexes Muscle with Mexico Tariffs

By CCN: Dow Futures slipped 220 points late Thursday after Donald Trump threatened to levy 5% tariffs on all imports from Mexico by June 10. The tariffs will rise in gradual increments to 25% by October 2019. They’ll remain in effect until further notice. Dow futures drop 220 points after Trump says he will impose 5% tariffs on Mexican imports — CNBC Futures Now (@CNBCFuturesNow) May 31, 2019 Trump announced the new tariffs hours after teasing a “major statement on the border sometime today or tomorrow.” When pressed by reporters he said: “It will be a statement having to do

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from CCN http://bit.ly/2W2WzcP

North Korean Hackers Target UpBit’s South Korean Users

North Korean hackers have been using a familiar phishing tool to steal UpBit customer details.

from CoinDesk http://bit.ly/2QBRhDY

Ted Cruz and AOC Shockingly Join Bipartisan Fight to Drain the Swamp

By CCN: Light the beacons! In an astonishing turn of events, it appears Ted Cruz and Alexandria Ocasio-Cortez agree on something. Referencing AOC’s tweet, Cruz outlines their allied belief that former members of Congress should not be able to become lobbyists in Washington, D.C. Here’s something I don’t say often: on this point, I AGREE with @AOC Indeed, I have long called for a LIFETIME BAN on former Members of Congress becoming lobbyists. The Swamp would hate it, but perhaps a chance for some bipartisan cooperation? https://t.co/jPW0xkH2Yy — Ted Cruz (@tedcruz) May 30, 2019 AOC and Ted Cruz Both Want

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from CCN http://bit.ly/2Kfo80r

Most Major Coins See Red as Market Corrects Downward, Gold in the Green

The top three cryptocurrencies are trending down and nearly all of the top 50 coins are in the red after a significant market correction.

Thursday, May 30 — Bitcoin (BTC), ether (ETH), and Ripple (XRP) are down as the crypto market sees a major correction following this morning’s rally. Nearly all of the top 50 cryptocurrencies are in the red at press time, according to data from Coin360.

Market visualization courtesy of Coin360

After peaking at a 52 week high of over $9,000, BTC is down by 3.91% on the day, and is trading at $8,333 according to CoinMarketCap. The leading cryptocurrency currently has a market cap of $147.8 billion at press time.

Bitcoin 24-hour price chart. Source: CoinMarketCap

The altcoin ETH is currently down by 4.75% and is trading at $257.53 at press time. Ether has followed BTC’s rally and subsequent correction, and is trending up by 5.40% this week overall.

Ether 7-day price chart. Source: CoinMarketCap

Ripple’s token XRP, the third largest coin by market capitalization, is down by 5.28% and is trading at $0.421.

XRP 24-hour price chart. Source: CoinMarketCap

Some cryptocurrencies that have evaded today’s downward movement include Dogecoin (DOGE), USD Coin (USDC), Bytecoin (BCN), Cosmos (ATOM) and Tether (USDT) as seen on Coin360.

At press time, total market capitalization is over $263 billion. The top three cryptocurrencies — BTC, ETH, and XRP — are at approximately 57%, 10%, and 3% dominance, respectively.

Total market capitalization of all cryptocurrencies 7-day chart. Source: CoinMarketCap

According to data provided by MarketWatch, gold remains in the green at press time, trading at $1,295.40 and trending up by 0.22%. The S&P 500 also remains unaffected by the crypto market’s downward trend on the day, with a closing price of $2,788.86, up by 0.21% on the day.

As reported earlier in the day by Cointelegraph, an unnamed buyer purportedly approached crypto investment firm Dadiani Syndicate saying they wanted to acquire a quarter of the current 17.7 million BTC in circulation.

As per the report, Dadiani founder Eleesa Dadiani said that in order to do this, the buyer would significantly affect the BTC market, which she suspects only sees active circulation of about a third of the listed amount:

"Yet even a greater number of coins are currently being held by hodlers who will not be willing to part with them for any price. Realistically speaking, there are probably less than five million coins actually circulating at the moment."



from Cointelegraph.com News http://bit.ly/2HNaHmP

Irish University to Offer Blockchain Master’s Degree Following New Partnership

ICT Skillnet and Dublin City University have launched Ireland’s first master’s program in blockchain technology for IT professionals.

Dublin City University has partnered with tech company network Technology Ireland ICT Skillnet to create the country’s first master’s program in blockchain technology. The new educational certification was announced by the Irish government’s Department of Business, Enterprise and Innovation on May 29.

The “Master’s in Blockchain: Distributed Ledger Technologies” degree is the culmination of ICT Skillnet’s efforts to identify the skills upcoming blockchain engineers need to learn, with the help of blockchain educational hub Blockchain Ireland.

The course is reportedly conducted online as a two-year part-time course, which will begin with its first cohort of students in September 2019. The course is intended for IT professionals working in Ireland, preferably with a Level 8 Honours Degree (2.2) or higher in Computer Science, Computing, Computer Applications or a related discipline.

The acting network manager for Technology Ireland ICT Skillnet, Dave Feenan, commented:

“This new Master’s will provide Ireland will a real opportunity to upskill our already excellent IT professionals, preparing them for jobs of the future. The synergy between industry and education means these professionals will have the practical tools needed to bring the benefits of Blockchain technology to a variety sectors.”

The inauguration of the new master’s program occurred during Blockchain Ireland week, a governmental campaign to raise awareness and support for the blockchain industry in Ireland.

Last summer, IDA Ireland, an agency responsible for attracting foreign direct investment, began a campaign to promote the development of the blockchain industry in the country.  With a 12.5% corporate interest rate, Ireland has established itself as an advantageous jurisdiction for tech businesses in recent years.

As recently reported by Cointelegraph, the United States Ivy League University of Pennsylvania (UPenn) has announced that it is offering an online program on fintech, which includes topics on blockchain technology and cryptocurrency. The course is offered by UPenn’s Wharton School division, Wharton Online, and is called “Fintech: Foundations and Applications of Financial Technologies.”



from Cointelegraph.com News http://bit.ly/30Va8P8

This Uber Scam Adds Insult to Injury for Investors After $1 Billion Loss

By CCN: As expected, Uber’s earning report delivered a quarterly loss of $1 billion. Management must be working out how to dupe drivers into generating more revenue for the ridesharing play as traders pile on to short the stock. Uber Doesn’t Care About Its Drivers Uber has never been kind to its workforce. Rideshare effectively strips the equity out of a driver’s vehicle by accelerating its depreciation with enhanced use while Uber trumpets that it allows people to monetize their wheels. The ridesharing company promised pie-in-the-sky annual earnings and set up drivers with ripoff automobile financing. Uber has pulled out

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from CCN http://bit.ly/2wrY9uu

Ethereum Classic May Delay Upcoming Hard Fork ‘Atlantis’

Ethereum Classic developer failed to reach consensus today a "final call" to approve, update or reject upcoming system-wide upgrade or hard fork, Atlantis.

from CoinDesk http://bit.ly/2W3milB

I’m CEO, B*tch: Facebook Investor Revolt Won’t Stop Mark Zuckerberg

By CCN: Facebook founder and CEO Mark Zuckerberg will face another symbolic vote today to oust him as chairman of the board. Facebook shareholders NorthStar Asset Management and Trillium Asset Management have long sought to remove Zuckerberg as the company’s chairman. The vote to repeal and replace Mark Zuckerberg with someone better for Facebook’s health will take place at the annual stockholder meeting in Menlo Park, California. Investor Group Wants Zuck Out: ” dual-class shareholdings give him approximately 60% of Facebook's voting shares, leaving the board, even with a lead independent director, with only a limited ability to check Mr.

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from CCN http://bit.ly/2XfCilS

Novogratz on Near-Term BTC Consolidation: ‘Trees Don’t Grow to the Sky’

By CCN: Mike Novogratz’s expectation for bitcoin price consolidation is starting to look more feasible since BTC abruptly took a dive today. The high-profile trader believes bitcoin is poised for near-term consolidation to a narrow range despite recent market momentum. Novogratz, who is at the helm of crypto merchant bank Galaxy Digital, reportedly held a conference call today discussing his firm’s Q1 performance. According to Bloomberg, the Wall Street veteran believes that the bitcoin price “probably consolidates somewhere between $7,000 and $10,000,” adding: “You know, trees don’t grow to the sky. If I’m wrong on that, I think I’m wrong

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Tesla Stock: CNBC Laughably Suggests TSLA Will Surge 90%

By CCN: CNBC must really be hurting for content, or its owners must be long on Tesla stock. That’s the only explanation for Keris Lahiff’s sensationalist headline trumpeting, “Tesla rallied 90% the last time it suffered a pullback of this size.” Lahiff says: “…history suggests this might lead to a massive short-term rally. The stock roared 90% higher in the two months to April 2016 following a 50% sell-off in the previous 18 months.” No, Tesla Stock Will Not Rally 90% It appears that this is as far as Lahiff’s editors were willing to go because several analysts interviewed in

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from CCN http://bit.ly/2JNNHq2

Aryacoin – A Cryptocurrency for Fast and Stable Transactions

What is Aryacoin? Aryacoin is a new cryptocurrency that was designed to facilitate the peer-to-peer transfer of money through digital means, similar to how Bitcoin and Litecoin work. The difference, however, is that the AYA cryptocurrency was created to have real world use cases. Users will be able to transact with the coin without verification processes; this is because trading platforms will be set up in different locations to allow them to buy or sell AYA without any restrictions. The AYA coin was developed to serve as a link between the blockchain and fiat world, as users are able to

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from CCN http://bit.ly/2WFXWCV

Coinbase Now Supports Cryptocurrency Token EOS

Major cryptocurrency EOS is now being offered on Coinbase for trading and storage.

Major United States-based cryptocurrency exchange and wallet service Coinbase has added support for EOS, according to a press release on May 30.

The new addition is reportedly available for trading and storage in most areas covered by Coinbase, with the exception of the United Kingdom and New York at press time.

The announcement also notes that there are no transaction fees associated with EOS; the cost is instead paid in computing resources, such as a tax on RAM, CPUs, or network bandwidth. Users that run the network also earn EOS by contributing to the computational power needed to run transactions.

EOS is one of the largest cryptocurrencies recently added to the exchange — with a market cap of over $8 billion — since Ripple’s token XRP was added in February. Coinbase also recently added support for two more tokens, stablecoins dai and USD Coin (USDC).

Earlier in May, Coinbase also expanded its global offerings, with announced trading support for over 50 new jurisdictions and an educational program with small crypto payments, Coinbase Earn, that is available in over 100 countries.

More recently, Coinbase Vice President of Business, Data and International, Emilie Choi, confirmed that decentralized trading is not on the agenda for the exchange right now. Choi commented on issues of compliance being a deterrent to Coinbase launching a decentralized exchange (DEX), saying:

“We have to make sure that if we offer a dex that we’re doing it in a way that is safe and secure and compliant. I think that there’s not a lot of clarity right now on how that would work. We think this space is interesting but we’re not actively investing in it right at this moment.”



from Cointelegraph.com News http://bit.ly/30UV700

Cryptocurrency Custodian Anchorage Adds Insurance Coverage

Cryptocurrency custody services firm Anchorage has added insurance coverage for storing digital assets.

Cryptocurrency custody services firm Anchorage has added insurance coverage for storing digital assets, it announced in a blog post on May 29.

In the post, Anchorage — which raised $17 million in a Series A round led by Andreessen Horowitz —  announced insurance coverage for institutions that covers digital assets under custody.

The coverage comes as the result of a partnership with major insurance broker Aon.  Previously, Aon stated that the firm was seeing more cryptocurrency-specific protections catering to the new cryptocurrency industry.

Anchorage outlined in the post that not all coverage of cryptocurrency custody insurance is equal as most custodians use a combination of hot and cold storage, on which policies may differ.

The custody firm stated that it has acquired a crime insurance policy, which ostensibly covers both types of digital asset storage under one policy.

When launched in January, Anchorage claimed to be based on the principles of easy access to assets, voting, auditing proof of existence, and quick transactions. Anchorage stated that large scale investments in digital assets, such as those from institutional players, will bring new growth to the blockchain space.

In March, insurance giant AXA XL and insurance technology startup Assurely jointly rolled out a new insurance product dubbed CrowdProtector, that covers equity crowdfunding and security token offerings.

Earlier in May, Alexandre Kech, CEO of Onchain Custodian, predicted that collaboration between cryptocurrency and traditional custodians will grow. By Kech’s reasoning, traditional custodians are often reluctant to take on new coins due to institutional barriers. They partner with crypto custodians so that they can gain access to these assets for their customers.



from Cointelegraph.com News http://bit.ly/2WBiThW

Bitcoin Is Weirdly Similar to an Oil Tanker – Expert Explains Why

By CCN: Adamant Capital’s Tuur Demeester, an outspoken crypto analyst and proponent of Bitcoin, said on Twitter that using the flagship cryptocurrency’s blockchain will eventually be as expensive – and rare – as chartering an oil tanker. Even the simple act of opening a Lightning Network channel will be cost-prohibitive and potentially slow once the network user base climbs into the billions. Bitcoin’s Blockchain Is Like an Oil Tanker – You Won’t Use Either of Them At full maturity, using the Bitcoin blockchain will be as rare and specialized as chartering an oil tanker. https://t.co/lu1ORzrTjF — Tuur Demeester (@TuurDemeester) May

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from CCN http://bit.ly/2W3h9dh

Dow Recovery Collapses After UBS Downgrade Ravages Key Stock

By CCN: The Dow and broader U.S. stock market traded mixed-to-lower on Thursday, with Verizon Communications (VZ) emerging as the unlikely laggard after an analyst at UBS painted a dismal outlook on the telecom giant. Dow Slides; S&P 500 Stable Wall Street’s major indexes traded mixed Thursday, which reflects a tepid pre-market for Dow futures. The Dow Jones Industrial Average fell 24.64 points, or 0.1%, to 25,101.77. The broad S&P 500 Index of large-cap stocks declined 0.1% to 2,780.21. Losses were mainly concentrated in energy and financials stocks. Meanwhile, the technology-focused Nasdaq Composite Index fell 0.1% to 7,538.29. Shares of

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from CCN http://bit.ly/2Wf8yJv

Neo Upgrade Scheduled For Beginning of June, New Oversize Fee Added

Neo has announced plans to upgrade its mainnet in June with an updated transaction fee system to prevent malicious activity.

The Chinese-based blockchain platform Neo has announced plans to upgrade its mainnet on June 3 at 9:00 am (GMT), according to an official blog post on May 29.

According to the announcement, one of the main consequences of this upgrade is the addition of an oversize fee — measured in the cryptocurrency GAS on the Neo blockchain — for high priority transactions over 1,024 bytes.

The oversize fee for these transactions is determined by the formula, (transaction size) * 0.00001 GAS + 0.001 GAS, with a few special case exceptions; transactions that cost under 0.001 GAS are classified as low priority and are capped at 1,024 bytes.

As per the announcement, the network fees exist to guard against attacks on the network or malicious transactions, and should not impact friendly users.

The post also advises exchanges and other individuals or groups using Neo tools to upgrade their client to v2.10.2, the version all mainnet consensus nodes will be on after the update, in order to avoid any transaction losses due to the new network fee protocols.

As previously reported by Cointelegraph, Neo 3.0 launched at the end of April on a new genesis block in order to improve the blockchain’s performance and stability. Neo co-founder Erik Zhang commented on his hopes for large-scale entertainment applications to be implemented on the latest blockchain iteration:

“When we talk about Neo 3.0 being ready for large-scale commercial use, we mean it provides the possibility to run large-scale applications with blockchain technology. In the future, we'd like to see applications such as YouTube, Alipay, and gaming giants like Tencent and Blizzard run on blockchain, and Neo 3.0 will allow these big organizations to do that.”



from Cointelegraph.com News http://bit.ly/2YW4z15

The Cryptopia Nightmare Drags on as Liquidators Struggle to Reimburse Hacked Users

As the Cryptopia liquidation saga continues, new questions emerge about how safe popular exchanges really are.

As the cryptocurrency market finds its legs in mid-2019, an unfortunate undercurrent persists vis-à-vis the floundering New Zealand exchange Cryptopia. Its one-time international popularity and solid reputation have already been ruined after the exchange dragged its feet on revealing a January hack, which cost its users somewhere in the region of $16 million in cryptocurrency drained from Cryptopia wallets. However, it was not long before new obstacles emerged in the way of an eventual settlement.

Optimism surrounding the reimbursement of these funds to customers is now dwindling, as appointed auditing and liquidation firm Grant Thornton recently indicated “the process of recovering data and determining how to make distributions to account holders will take some months at least.” With similarly guarded language, Grant Thornton executive David Ruscoe commented via a press release that his firm “will conduct a thorough investigation, working with several different stakeholders including management and shareholders, to find the solution that is in the best interests of customers and stakeholders.”

New information has been uncovered in the last week, however, and it’s now more apparent why the wait has been so interminable.

An international tangle

Despite the fact that the blockchain ledger’s open-book transparency has made it clear which cryptocurrency wallets hold the majority of stolen funds, the identities behind Cryptopia’s hackers are difficult to determine. Sadly, the same goes for the other side of the equation as well. Matching individual customers to the funds owed to them is proving harder than anticipated.

The filing from May 24 to the Bankruptcy Court in the Southern District of New York (SDNY)  clearly illustrates that liquidators don’t yet know who is owed money, nor do they yet have the ability to begin remunerations.

The filing for emergency provisional relief first of all asks the court to recognize the New Zealand liquidation process and furthermore to issue an order preserving a specific SQL database. Held exclusively on Arizona servers, this data contains vital information that can reconcile individual holdings with the currencies held by (and stolen from) Cryptopia.

Grant Thornton itself admits that the recovery of funds will be “impossible” without this data. These facts cater for a messy situation with many moving parts, in which the repayment of international customers of a New Zealand-based cryptocurrency exchange hinges on the willingness of a federal court in the United States to force a domestic data company to comply with data release requests. The chief communications officer for international noncustodial crypto swap platform ChangeNOW, Pauline Shangett, told Cointelegraph:

“The crypto market is still in its adolescence, and the traditional legal system is not sufficient when it comes to enforcing the rules. This problem has two possible solutions. Either the space moves on to being fully decentralized and self-regulated, or it adopts the best practices of regulators. The former might lead to anarchy as cases like Cryptopia's have a chance to happen again, which would hinder mass adoption.”

The chaos that has ensued after Cryptopia’s hack evidences the incapacity of established legal entities to promptly respond to fraud in the cryptocurrency space. Cryptocurrency permeates borders and therefore easily creates problems that have international implications — but cleaning up after a negligent actor requires time and labor, and at a greater magnitude. Given the technology available for exchanges to secure their infrastructure, this would seem a moot point.

Kamil Gorski, CEO of smart contract auditing and blockchain security firm Blockhunters, spoke to Cointelegraph and noted:

“There are numerous tools exchanges could use to prevent these kinds of hacks, but they aren’t legally obligated to use them. These include blockchain analysis tools that track stolen funds, AI-based mechanisms that halt payouts when triggered, and even manual code audits that track bugs in software and address threats and vulnerabilities.”

By Gorski’s estimation, the lesson learned from Cryptopia is that over the long run, “this approach can end up biting them, and more importantly their users, in the a--.”

This blasé attitude toward security features creates a paradoxical situation that stems from the lack of investor protections that could otherwise be provided, for example, by an equity broker. However, centralized exchanges like Cryptopia are liable when their platforms are breached, even if they go to great lengths to avoid responsibility.

U.S. investors take the biggest hit

One notable circumstance that lends a new tint to the liquidation situation is the fact that Cryptopia’s holdings were largely made up of money of American users.

If anything, just because of that, the SDNY could be persuaded to assist Grant Thornton and New Zealand. U.S. account holders made up the largest slice of the Cryptopia userbase and also accounted for the majority of exchange’s revenues. This fact casts light on some often unaddressed issues with how cryptocurrency exchange services are administered worldwide.

Top-five countries that generated Cryptopia revenue

Firstly, a New Zealand exchange deriving most of its profits from Americans could be a sign for concern, as this may also be relevant to other exchanges (and regulators) as well. Second, it’s interesting that a white-shoe legal firm is the only safety net for a bevy of international customers participating in the “decentralized revolution,” but this irony is compounded by the third concern: Few have sounded the alarm about Cryptopia’s decision to host what is arguably its most sensitive data with an outside service — which is now asking for $2.6 million to release it. Crypto commentator Stephen Palley posted regarding this:

“A Chapter 15 filing is a way to get US bankruptcy court to give effect to a foreign bk/liquidation proceeding. This gives the company the ability to ask the BK Court to order the company’s AZ based database provider to preserve the data. It’s funny how easily this trustless decentralized narrative ends up in court with a white shoe law firm asking a federal judge to order preservation of a SQL database.”

This is what required the hiring of Grant Thornton in the first place, but it also draws attention to the very real fact that other supposedly safe exchanges may be practicing negligent data custody at the expense of customers.

The Cryptopia saga has pulled back the curtains on many of cryptocurrency’s weak points, especially the centralized model relied upon to build momentum for the bull markets today and in the past, and one that is still used. As the bull marches on, events like these provide a sobering contrast, but it’s now unarguable that investors and enthusiasts should be paying even greater attention to them — just as much as they do the charts.



from Cointelegraph.com News http://bit.ly/2EJhSKB

Tesla & These Two Tech Stocks Are the Nasdaq’s Hidden Gems

By CCN: The Nasdaq-100 Index may have topped out – for now – leaving big names such as Apple Inc (AAPL) and Amazon (AMZN) vulnerable to the fury of the bears. Nevertheless, not all stocks in the index have a bleak short-term outlook. Several tech giants have already suffered vicious corrections and now offer investors surprising upside. Tesla Inc. (TSLA), Nvidia Corp. (NDVA), and Intel Corp. (INTC) belong to that category. Tesla’s Huge Dump is a Setup for a Big Push Tesla has been bearish ever since it failed to take out resistance of $375 in December 2018. The turn

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Bitcoin’s Price Fades Rally Above $9,000

Bitcoin's price pierced $9,000 earlier today for the first time in over a year but quickly retreated to price levels sub $8,600.

from CoinDesk http://bit.ly/2KgnsaT

NFL Pro Bowler Russell Okung Plugs Bitcoin in Locker Room

By CCN: Bitcoin has managed to gain the support of an ally on one of America’s most televised platforms. Russell Okung, a two-time Pro Bowler and Super Bowl Champion, has become one of the most vocal advocates for bitcoin and digital currencies.  Okung is one of several high-profile athletes pushing to be paid in bitcoin. While other sectors, particularly tech, have seen an uptick in workers paid with crypto, the vast majority of industries have lagged behind. Earlier in May, Okung threw down the gauntlet to NFL owners and demanded to be paid in bitcoin. Despite his request falling on

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from CCN http://bit.ly/2QAezuf

The Next Generation Of Social Networks

The article is penned by Deb Williams, Deb is the Market Manager for Markethive, a global Market Network, and Writer for the Crypto/Blockchain Industry. Also a strong advocate for technology, progress, and freedom of speech. She embraces “Change” with a passion and her purpose in life is to help people understand, accept and move forward with enthusiasm to achieve their goals. Let’s face it things have changed in the Social media and Marketing space from as recently as 2 years ago! Back then it was easy to throw up a link on facebook, get quite a bit of attention and

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‘Everyone Can Be Satoshi’: Wei Liu on Contesting Craig Wright’s Copyright

Crypto trader Wei Liu says he registered a copyright on the Satoshi White Paper to poke fun at what he calls the "cult of CSW."

from CoinDesk http://bit.ly/2HM3bbK

Crypto Giant Coinbase Hints at First-Ever U.S. Bitcoin Margin Trading

By CCN: For years, the global bitcoin margin trading market has been dominated by BitMEX, which at one point reached a daily volume of $10 billion on May 12, a new record high for the company. Now, Coinbase and Binance are looking to enter the market. New record for BitMEX trading volume. Praise be to volatility and our wonderful traders! pic.twitter.com/iLMGdpz65n — Arthur Hayes (@CryptoHayes) May 12, 2019 The previous all-time high was reached in mid-2018 when BitMEX reached 1 million bitcoin in daily volume, equivalent to nearly $9 billion. Speaking on The Block’s podcast The Scoop, Coinbase Vice President

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Bitcoin Breaks $9,000 In Latest Landmark Price Point

In the latest milestone of its renewed bull run, bitcoin today broke past $9,000, soaring to its highest price point in over a year.

Thursday, May 30 —  in the latest milestone of its renewed bull run, bitcoin (BTC) today broke past $9,000, soaring to its highest price point in over a year. Most of the top 50 cryptocurrencies are seeing solid green, as Coin360 data shows.

Market visualization courtesy of Coin360

Bitcoin broke the psychological price point of $9,000 earlier today, hitting a high last seen in early May 2018. To press time, the top coin is up 1% on the day and is trading at $8,802, according to CoinMarketCap data. In recent days, bitcoin had been comfortably trading in the $8,600-800 range.

On the week, the cryptocurrency’s gains have surged to a bullish 14.5%.

 

Bitcoin 24-hour price chart. Source: CoinMarketCap

Largest altcoin by market cap ether (ETH) has seen a gentle gain of 2.25% on the day to press time to trade around $279. Ether has correlated with bitcoin’s price surge, breaking above $285 earlier today. The altcoin last traded in a similar range in the first week of September 2018.

Ether has sealed a strong 16.7% gain on the week.

Ether 7-day price chart. Source: CoinMarketCap

XRP has reported a 2% gain on the day to trade at $0.46 by press time. The asset has seen positive upward momentum since May 27, and has capped a gain of above 21% on the week.

XRP 7-day price chart. Source: CoinMarketCap

Among the top ten cryptocurrencies at press time, seven are in the green. The three outliers — eos (EOS), litecoin (LTC) and native exchange token binance coin (BNB), ranked fifth, sixth and seventh largest coins by market cap respectively — are all reporting slight losses of below 1%.

A major outlier in a green direction is eighth largest coin bitcoin SV (BSV), which has seen an almost 11% gain on the day to trade at $201.78 to press time. Other top ten cryptos are reporting gains of up to 2% on the day.

The co-founder of cryptocurrency investment holding firm Primitive Ventures Dovey Wan has claimed that fake news circulating in China may be responsible for bitcoin sv’s sudden recent price surge.

Widening out to the top twenty, two further coins are seeing red — dash (DASH), which has seen a negligible 0.2% loss, and iota (MIOTA), which has reported a more sizeable loss of 5.6%. The highest gain has been secured by 16th largest crypto cosmos (ATOM), which has surged 23.35% on the day to trade at $5.85 by press time.

Ethereum classic (ETC), neo (NEO) and nem (XEM) — ranked 18th, 19th and 20th respectively — have all seen above average gains, of 2.7%, 3.4% and 5.8% each. Other coins are seeing 24-hour gains of below 2%.

To press time, the total market capitalization of all cryptocurrencies is at around $277.87 billion — having brushed $286 billion earlier today — with bitcoin dominance at 55.7%.

Total market capitalization of all cryptocurrencies. Source: CoinMarketCap

In a tweet today, Shapeshift CEO Erik Voorhees contrasted bitcoin’s price performance with the tulip bubble — which is usually cited as a pejorative comparison by cryptocurrency skeptics. Voorhees remarked:

“Tulips never re-emerged to hit new ATH's.  Bitcoin does it every couple years. Anyone equating the two needs to explain this discrepancy.”

As Cointelegraph reported today, United States copyright archive data indicates that Wei Liu, a Chinese citizen residing in California, claimed copyright to bitcoin’s (BTC) white paper on May 24.

In other crypto news, Russian-developed encrypted instant messaging service Telegram has officially released a test client for its Telegram Open Network (TON).



from Cointelegraph.com News http://bit.ly/2QAp800

Japanese Financial Services Agency Approaches Crypto ETFs With Caution, Cites Volatility

The Japanese Financial Services Agency showed a cautious approach towards cryptocurrency-based ETFs.

The Japanese Financial Services Agency (FSA) showed a cautious approach towards cryptocurrency-based exchange-traded funds (ETFs) in comments at the finance committee of the upper house of the National Diet on May 30. Cointelegraph Japan reported on the comments earlier today.

Per the report, local politician Takeshi Fujimaki noted during the meeting that he expects a crypto-based ETF to be approved in the United States, citing both positive and negative statements released by United States Securities and Exchange Commission commissioner Hester Peirce. He then noted that such a product would be an important development and that Japan should not be left behind other countries in this regard.

Fujimaki also reportedly addressed hacking, stating that — in the case of ETFs — crypto assets would be entrusted to banks and kept by custodians. Furthermore, he claimed that the introduction of such an asset would result in growth for the market by making institutional investment easier, resulting in lower volatility.

However, an FSA representative reportedly showed opposing views during the meeting, claiming that cryptocurrencies such as bitcoin (BTC) lack intrinsic value, which could result in unbearable price volatility. Fujimaki answered, reiterating his idea that an ETF would diminish the volatility of cryptocurrencies and make it easier to invest in an asset that he deems desirable and necessary.

As Cointelegraph recently reported, the Japanese House of Representatives has passed new crypto regulation in the upper house of the National Diet.

In April, Japan’s Minister of Finance and deputy prime minister Taro Aso urged reporters to stop using the term virtual currencies and switch to the newly-proposed legal name crypto assets.



from Cointelegraph.com News http://bit.ly/2HJtsHM