Crypto News Blocks

Analysts Believe Bitcoin Could Benefit As China Stocks Surge
  • Bitcoin’s price has been stagnant as of late, but the same can’t be said about the stock market.
  • The futures of the S&P 500, Dow Jones and other American indices continue to trend up, and so too has the stock market in Asia.
  • Crypto finance company Amber Group believes the recent highs — especially those in China — could have a positive effect on Bitcoin and the industry as a whole.
  • The FTSE’s China A50 index surged over 6% during Monday’s trading session, reaching an all-time high in the process.
  • Analysts attribute this rally to easing monetary policy by the People’s Bank of China, the country’s central bank. 
  • Amber Group explained that the FTSE China A50 index hitting new highs shows that Chinese investors are risk-on, potentially boosting Bitcoin.
  • The logic here is that if stocks are rallying higher, investors have more capital and will be more inclined to buy cryptocurrency.
  • There isn’t much data to support a correlation between Bitcoin and Chinese stocks, but the two similar thrived together in 2016.
  • However, not everyone is convinced the rally in the stock market will last forever. Mad Money’s Jim Cramer and global CIO of Guggenheim Investments Scott Minerd believe stocks could fall this month due to being overpriced and the S&P 500 being trapped below resistance levels.
  • A slowdown in the U.S. stock market could also result with a slowdown in China — and vice-versa.
  • Read the full story here.
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Posted on July 6, 2020
Posted: July 6, 2020
CEO of Alleged $16M Cryptocurrency Scam Forced Into Bankruptcy
  • After fleeing South Africa, VaultAge Solutions CEO Willie Breedt has been tracked down by authorities and is now facing consequences for allegedly scamming investors out of millions of dollars.
  • A group of debt collectors received a lead on Breedt’s whereabouts, finding him at a guest house in the Silver Lakes Estate in Pretoria, which he booked into using a fake name.
  • Accused of stealing up to $16.3 million from around 2,000 investors via his VaultAge Solutions scheme, Breedt has now been forced into bankruptcy by a local court.
  • The sequestration order was initiated on July 3 by Simon Dix, one of VaultAge’s largest investors, who entrusted Breedt with 7.5 million South African rand — the equivalent of $440,000 USD.
  • VaultAge Solutions was founded in 2018, promising weekly returns on customer deposits through crypto mining and trading, accepting deposits starting from $50. 
  • Two years later, the scheme’s investors claim they have received only 1% of expected gains.
  • Read the full story here.
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Posted on July 6, 2020
Posted: July 6, 2020
Experts Believe China’s Digital Yuan More Likely To Rival U.S. Dollar, Not Bitcoin
  • Matthew Graham, a veteran investment banker in China and the CEO of Beijing-based Sino Global Capital, believes the country’s upcoming digital yuan is more likely to challenge the U.S. dollar instead of Bitcoin.
  • He argued that the Chinese government sees new technologies as a “leapfrog opportunity” to chip away at the dollar’s hegemony.
  • The digital yuan reportedly will be issued by the People’s Bank of China and remain under the central bank’s full control and authority — a far cry from public blockchains such as Bitcoin.
  • Moreover, the new technologies integrated into the digital yuan, including those aspects learned from blockchain, are being used to a different end.
  • Graham argued that for monetary policy, China’s digital yuan “could be very useful for implementing negative interest rates.”
  • This is in contrast to older systems such as  Fedwire, CHIPS and SWIFT, which Graham believes are becoming outdated.
  • Read the full story here.
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Posted on July 6, 2020
Posted: July 6, 2020
Cardano Making Progress As Ethereum 2.0 Launch Date Still Uncertain
  • During a recent appearance on the Hashing It Out podcast, Ethereum co-founder Vitalik Buterin shared his thoughts on a number of topics.
  • He acknowledged that many mistakes were made when designing Ethereum, conceding the architecture isn’t as efficient as it could be.
  • Buterin also expressed regret with how Ethereum’s gas system was set up.
  • The highly anticipated Ethereum 2.0 is expected to address these issues. However, there still isn’t a timeline on when it will launch.
  • Meanwhile, Cardano is prepping for launch at the end of July. It is a third-generation proof of stake blockchain that reportedly offers 1 million transactions per second via Hydra Sharding.
  • Dubbed as the “Ethereum killer,” IOHK recently announced a $20 million development fund for entities wishing to build on the Cardano network.
  • Read the full story here.
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Posted on July 6, 2020
Posted: July 6, 2020
Bullish Bitcoin Indicator Returns For First Time In 14 Months
  • The “Golden Cross,” a bullish Bitcoin indicator with no false predictions on record, flashed for the first time in over a year.
  • The upside pattern forms when an asset’s short-term moving average closes above its long-term moving average.
  • In recent occurrences, the Golden Cross increased the BTC/USD exchange rate by 67-6,458 percent.
  • Its return suggests another upside rally for the pair despite differing market fundamentals.
  • While some are optimistic, cryptocurrency analyst Teddy Cleps believes the Bitcoin market is in a short-term bias conflict.
  • He recommends traders take a wait-and-see approach in order to avoid “getting chopped in the middle.”
  • Read the full story here.
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Posted on July 6, 2020
Posted: July 6, 2020
3 Factors Why Ethereum Could Fall Below $220
  • Ethereum broke the key uptrend support level near $228 and the 100 hourly simple moving average.
  • However, the bulls couldn’t maintain that level, resulting in a decline from the $233 swing high.
  • The bulls also failed to protect this week’s ascending channel with support near $228. The pair traded as low as $223 and it is currently correcting higher.
  • On the flip side, the previous support near the $228 level and the 100 hourly SMA is acting as strong resistance. It is close to the 50% Fib retracement level of the recent decline from the $233 high to $223 low.
  • There is a crucial resistance forming near $228, $230, and a new connecting bearish trend line on the same chart. The Ethereum price must break these three hurdles to begin a fresh increase towards $232 and $235.
  • Ethereum could resume its decline if it fails to clear the $228 resistance and the 100 hourly SMA. An initial support is near the $225 level, below which the bears are likely to take control.
  • The main support is now near the $222 level. A successful break and close below the $222 support could spark another decline towards the $205 support.
  • Read the full story here.
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Posted on July 3, 2020
Posted: July 3, 2020
Data Reveals Bitcoin Most Likely To Be Traded At Start Of Stock Market Trading In New York
  • Data currently making the rounds on social media show that Bitcoin is typically traded during the start of stock market trading in New York.
  • On-chain analyst Skew confirmed the trend, revealing that the most intense time of day for Bitcoin trading is around 4 pm UTC.
  • Skew also found that the midweek is more intense than the start or end of the working week. Weekends, as one would expect, are much quieter.
  • Over the past 30 days, Coinbase saw an average of $6.5 million in volume between 3 pm and 4 pm UTC. The quietest hour, 9 am, saw just $2 million.
  • Those times correspond to around 12 pm EST, or 2.5 hours after NY markets officially open. 
  • By comparison, London and Asia stock market opens have considerably less of an impact on Bitcoin volatility. 
  • Read the full story here.
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Posted on July 3, 2020
Posted: July 3, 2020
Russian Court Dismisses Bitcoin Theft As A Crime
  • St. Petersburg’s Petrogradsky District Court has dismissed Bitcoin as a crime since cryptocurrency is not regulated in Russia.
  • The ruling had a major effect on the verdict of a theft case involving Bitcoin filed in December 2019.
  • The two accused, Peter Piron and Yevgeny Prigozhin, disguised themselves as officers of the Federal Security Service of the Russian Federation (FSB) in 2018, and forced the plaintiff to transfer cash and cryptocurrencies to them. 
  • Under the threat of torture, the cryptocurrency owner transferred five million rubles and cryptocurrencies, including 99.7035 BTC.
  • Piron and Prigozhin were found guilty, sentenced to prison and ordered to return the fiat money stolen — but not cryptocurrencies.
  • Prigozhin and Prion will serve eight and 10 years, respectively, in a maximum-security prison.
  • Although cryptocurrency isn’t regulated in Russia, a bill was recently proposed to outlaw cryptocurrencies with a jail term. However, several ministries do not support the bill.
  • Read the full story here.
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Posted on July 3, 2020
Posted: July 3, 2020
Singapore Man Fined $72,000 For Operating Scam Linked To Ponzi Scheme OneCoin
  • A 52-year old man named Fok Fook Seng was found guilty by a Singapore court of operating a multi-level marketing scam linked to the cryptocurrency Ponzi scheme OneCoin.
  • Fok was convicted for promoting the scheme from January 2016 through June 2017 and was fined 100,000 Singapore dollars — equivalent to $72,000 USD.
  • Fok promoted the scheme through online seminars he conducted on his Facebook page. He also did so at large-scale events to get more buyers.
  • The scheme sold packages of online education courses that included free “promotional tokens.” Buyers were convinced they could use the free tokens to mine more OneCoin.
  • The scheme also had a referral program that allowed participants to receive commissions if more people bought the package through their referral.
  • After one year of promoting the scheme, Fok and his team were able to recruit 1,180 members across Singapore and other countries
  • The police first pressed charges against him in April 2019 under the Multi-Level Marketing and Pyramid Selling Prohibition Act.
  • Since its inception, the OneCoin crypto scam has defrauded investors of more than $4.4 billion.
  • Read the full story here.
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Posted on July 3, 2020
Posted: July 3, 2020
Bloomberg Analyst Believes Bitcoin Showing Signs Of Move Towards $12,000
  • Although Bitcoin has been stagnant these past few weeks, blockchain analytics firms have noticed a major increase in the usage of the leading cryptocurrency.
  • The daily addresses interacting with Bitcoin reached a two-year high, giving prominent Bloomberg analyst Mike McGlone the impression that its price could surge to $12,000.
  • McGlone noted that the 30-day average of unique addresses from Coinmetrics has exceeded last year’s peak. The last time this happened, Bitcoin rallied from the “depths of a bear market.”
  • Other factors have influenced McGlone’s thinking. He pointed out that Bitcoin is still outperforming most of the “highly speculative crypto assets.”
  • What’s more, Grayscale’s Bitcoin Trust additionally has seen strong demand from retail investors and institutions.
  • Finally, McGlone believes the “unparalleled global central-bank easing and the rising price of gold” are likely to act as a boon for Bitcoin to move higher.
  • Read the full story.
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Posted on July 3, 2020
Posted: July 3, 2020
Blockchain May Be The Leading Agent In The Advance Towards Industry 4.0
  • Some predictions expect the digital economy to comprise 24.3% of the world’s GDP by 2025 which would be a total valuation of $23 trillion. Arguably the main innovative technology leading this push is blockchain.
  • Though it is known as the core technology for Bitcoin, blockchain is independent and is already impacting several industries including gaming companies, industries, and manufacturing.
  • Blockchain allows the energy sector to monitor its transactions, verify the origin of certificates, digitalize registries and control output. In the long run blockchain could help reduce operating costs, increase the reliability of its operations, and accelerate efficiency in domestic trading operations.
  • Blockchain makes it possible for companies to track their manufactured goods throughout their lives, from shipping facilities to consumers in stores, and as blockchain allows businesses to maintain a transparent flow of data, it allows coordinating details between all involved parties in the production and consumption chain.
  • Blockchain technology within the automotive industry represents a powerful tool for data storage and transmission by smart cars. It can collectively store data about specific vehicles from various registries and help prevent falsification of data. 
  • Read the full story here
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Posted on July 2, 2020
Posted: July 2, 2020
$300 Million Move From Tron To Ethereum Could Mean Trouble For TRX
  • On June 29 Tether announced a $300 million USDT from the Tron blockchain to the Ethereum protocol. Tether explained that the amount of USDT will be the same meaning that some USDT will be burned and the same number of tokens will be issued on Ethereum.
  • Tether makes use of several blockchains to host the circulating supply of USDT, which allows users to bypass congestion in a certain chain if the need arises and also makes USDT use easier for users invested in a certain platform to continue transacting in USDT.
  • The swap was conducted by or through Binance that sent USDT to Bitfinex in exchange for the same amount of USDT tokens.
  • Some analysts believe that one possible reason for the swap is that Tron was paying a premium to keep Binance’s USDT on its blockchain and this deal may have now come to an end.
  • Others suggest that that Binance, or one of its customers, wants to participate in yield farming using ERC-20 tokens as DeFi has recently become the center of attention in crypto as the possibilities for generating passive income are very lucrative.
  • Read the full story here
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Posted on July 2, 2020
Posted: July 2, 2020
Stocks, Bitcoin Could Be At Risk If Dr. Fauci COVID-19 Predictions Come True
  • Director of the National Institute of Allergy and Infectious Diseases, Dr. Anthony Fauci predicts that the number of daily coronavirus infections could reach 100,000 if immediate precautions aren’t taken.
  • As Dr. Fauci gave this warning, stocks reacted with caution and investors are anticipating that a downturn in equities market could lead to a Bitcoin price correction.
  • The price of Bitcoin has mirrored that of U.S. equities in recent months and if prolonged restrictive measures trigger another sell-off of risk-on assets, Bitcoin could be vulnerable to another major pullback.
  • The unpredictability of the pandemic has forced high-net-worth investors to remain skeptical towards equities and if newly emerging data about the virus continues to worsen, investors may search for shelter in risk-off assets.
  • Despite the growing amount of cash in the financial market and in crypto, both Bitcoin and stocks have consolidated in recent months. Almost immediately after the balance sheet of the Federal Reserve contracted, stocks and crypto assets fell simultaneously.
  • Read the full story here
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Posted on July 2, 2020
Posted: July 2, 2020
Blockchair To Introduce Bitcoin Transaction Privacy Score In Attempt To Educate Users
  • Multi-platform blockchain explorer Blockchair has added a “privacy-o-meter” for every Bitcoin transaction that identifies which part is the change.
  • The main goal of Blockchair is ultimately to educate users on how to send Bitcoin without exposing themselves too easily.
  • Though the Bitcoin blockchain is technically transparent, it can be hard to identify the true flow of funds. Unless the wallet is completely drained each transaction includes at least two unspent transaction outputs where one is returned to the sender as change.
  • The system analyzes technical clues like the type of the multi-sig that was used, the differences in script between inputs and outputs, as well as their ordering.
  • The CoinJoin protocol has steadily grown over the past year, but while it can improve privacy, using it incorrectly can leave clues for researchers to deanonymize transactions.
  • Read the full story here
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Posted on July 2, 2020
Posted: July 2, 2020
Lithuania To Launch CBDC For Collection Purposes, But Not Trade
  • The Bank of Lithuania will launch a pre-sale of its Central Bank Digital Currency (CBDC), known as LBCOIN on July 9, with the coin itself being issued and sold on July 23.
  • LBCOIN is a CBDC based on the NEM blockchain and issued by the central bank of Lithuania, but the financial institution prefers to call it “the world’s first blockchain-based digital collector coin.”
  • LBCOINs will be issued for collectible purposes as part of the country’s larger research on blockchain and its capabilities.
  • Pavel Lipnevic, project manager for LBCOIN says that the coin will help to “gain practical hands-on experience in issuing a retail Central Bank Digital Currency in a real environment”
  • The Bank of Lithuania plans to sell 24,000 LBCOINs which will come in packs of six and cost 99 euros. Each token will feature a portrait of one of 20 historic Lithuanian historical figures who signed the country’s declaration of independence in 1918.
  • Read the full story here
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Posted on July 2, 2020
Posted: July 2, 2020
CoinGecko Partnering With Hacken To Incorporate Cybersecurity Ratings To Trust Score Metric
  • Crypto data platform CoinGecko has teamed up with cybersecurity firm Hacken to implement the security of crypto exchanges into its Trust Score metric.
  • The partnership has resulted in CoinGecko updating its Trust Score algorithm to consider the cybersecurity standards of the more than 400 cryptocurrency exchanges.
  • Beginning July 1, 20% of CoinGecko’s Trust Score will be determined from a cybersecurity rating provided by Hacken. 
  • Hacken uses a scale of 1-10 to grade exchanges based on analysis of “server [and] user security, bug bounty of crowdsourced preventive measures, as well as historical hack cases.”
  • Having already revamped its Trust Score, CoinGecko hopes to further develop the metric over the remainder of the year.
  • CoinGecko also plans to launch new metrics tracking the crypto derivatives market by the end of 2020.
  • Read the full story here.
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Posted on July 1, 2020
Posted: July 1, 2020
Stefan Molyneux Receives $100,000 In Crypto Donations Following Closure Of YouTube Channel
  • After his YouTube channel was shut down for “fomenting violence and hatred,” alt-right activist Stefan Molyneux has received over $100,000 in crypto donations from his online supporters.
  • As of Wednesday morning, Molyneux’s supporters have sent 433 BCH, dozens small Bitcoin transactions of mostly 0.001 BTC or less, three small ETH donations totaling roughly $10, 0.3 DASH, no Skycoin, and no DOGE.
  • Molyneux previously reached out to his social media followers for donations in January after YouTube revoked his channel’s YouTube Partner Program, preventing him from earning money on the platform.
  • While Molyneux’s Facebook and Instagram profiles remain intact, PayPal joined YouTube in cutting ties with the alt-right figure.
  • The SPLC opined that hate group leaders typically prefer crypto donations because “no company and no government” can intervene to stop the transaction.
  • Nonetheless, the SPLC has attempted to track identified Bitcoin wallets that provide donations to influential extremists such as Molyneux. 
  • Read the full story here.
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Posted on July 1, 2020
Posted: July 1, 2020
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