Crypto News Blocks

Analyst Bullish On Bitcoin Despite Industry-Wide Bearish Outlook
  • Earlier in September, Bitcoin underwent a strong reversal that brought the leading cryptocurrency to $9,800 from $12,500. The drop marked a crucial rejection of the $12,000 horizontal level on a weekly basis.
  • While some analysts have flipped bearish on the coin, others believe it remains in a positive spot.
  • One trader believes BTC’s recent drop from the $12,000 highs to $9,800 was actually a macro retest of a pivotal horizontal level where the asset topped in February.
  • He opined that Bitcoin managing to hold that level as support suggests there’s more upside in the works.
  • Moreover, the fundamentals of the Bitcoin space are more bullish than ever as human and financial capital enters the space en-masse.
  • Fidelity, PayPal, Microsoft, Visa, the Intercontinental Exchange are among the mega companies that have thrust serious capital behind crypto-assets.
  • Read the full story here.
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Posted on September 29, 2020
Posted: September 29, 2020
Cardano’s ADA Surges 30%; Technicals Show ‘Potential Buy’ Signal
  • Cardano’s ADA rallied 3.3 percent to 970 sats on Monday. The gains followed a wild upside move the began on September 24, 2020.
  • Since then, the ADA/BTC exchange rate had surged by up to 32 percent, hitting an intraday high at 982 sats.
  • The token has outrun its rivals by posting better profits as traders anticipated the release of Goguen — a Cardano undertaking that expects to attract Ethereum-based developers onto its blockchain.
  • Cardano’s founder Charles Hoskinson believes Goguen can transform the platform into a multi-asset system, allowing users to create their own personalized tokens.
  • Goguen also plans to implement an ERC20 token converter, which will allow companies to migrate from Ethereum’s blockchain to that of Cardano.
  • Read the full story here.
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Posted on September 29, 2020
Posted: September 29, 2020
Estonia’s E-Residency Program Consumed By Crypto Scammers
  • Estonia’s e-residency program has garnered the attention of local regulators as foreigners registered as e-residents of the Baltic nation are being linked to cryptocurrency frauds. 
  • The local police’s Financial Intelligence Unit has discovered that overseas companies owned by e-residents of Estonia have been involved in multiple large-scale exit scams.
  • Regulators suspect that Estonian firms and e-residents were involved in organizing initial coin offering scams.
  • The e-residency program was initially launched in 2014 to help Estonia effectively reboot from 50 years of Soviet occupation.
  • This latest scandal comes only three months after the crypto-friendly nation became the epicenter of a $220 billion money laundering scheme.
  • Read the full story here.
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Posted on September 29, 2020
Posted: September 29, 2020
Chart Pattern That Predicted Bitcoin’s Current Rally Suggests More Upside Still To Come
  • Bitcoin is up over 200% since cratering to lows in March, signifying a resurgence in the crypto market.
  • Few expected the coin to bounce back as fast as it did, but at least one analyst thought otherwise.
  • He boldly predicted the cryptocurrency would retest $10,000 by May, based off a chart that suggested the cryptocurrency was trading in a macro accumulation pattern popularized by Richard Wyckoff.
  • The analysis also predicted that Bitcoin would undergo another leg higher after bottoming in July. This also proved to be correct.
  • While the analysis was not fully accurate in that it predicted Bitcoin would hit $14,000-15,000 in its second leg higher, it was accurate in predicting the timing and overall directionality.
  • That same analysis now believes Bitcoin is primed to move higher after the correction and subsequent consolidation.
  • Read the full story here.
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Posted on September 29, 2020
Posted: September 29, 2020
EY Launches New Solution For Analyzing Bitcoin Transactions, On-Chain Data
  • Big four accounting firm EY has launched a new solution that allows users to investigate on-chain data, including Bitcoin transactions. 
  • The new Explorer and Visualizer solution was released as a part of the EY Blockchain Analyzer product suite. A free beta version is now available for individuals. 
  • EY revealed that it plans to make the solution available as a service on its blockchain website.
  • Among the new features include search functionalities, which users can utilize along with its visualization technology. 
  • Audit teams will also be able to explore and track on-chain data by searching for specific transactions, addresses and blocks. 
  • Moreover, EY has launched the OpsChain Network Procurement, which will enable companies to privately and securely conduct end-to-end procurement activities on the Ethereum blockchain.
  • Read the full story here.
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Posted on September 29, 2020
Posted: September 29, 2020
Bitgo Announces Plans To Launch Wrapped Bitcoin On Tron Blockchain
  • Bitgo, the custodian of the Wrapped Bitcoin project (WBTC), the most popular tokenized BTC platform to-date, announced a partnership with Tron.
  • The WBTC team will utilize the TRC20 token standard from Tron’s infrastructure and all the bitcoin deposited is backed by the Bitgo Trust, and each WBTC minted on Tron will be worth the same price as one BTC.
  • Founder of the Tron project Justin Sun says “We are excited to expand Tron’s defi potential by partnering with the industry leader Bitgo to bring integral cross-chain solutions such as ​Wrapped Bitcoin (WBTC) and Wrapped Ether​ to Tron.”
  • WBTC has been an integral part of the DeFi space, and the project commands the most tokenized BTC. Currently there are more than a dozen tokenized BTC projects people can choose from.
  • Bitgo CEO Mike Belshe says “Our new strategic alliance with Tron creates even greater opportunities for users to expand to other chains and tokenize their BTC on the Tron dapp ecosystem, while transacting at a lower cost and faster speed.”
  • Read the full story here
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Posted on September 29, 2020
Posted: September 29, 2020
Bitcoin Price Remaining Stagnant Below Key Technical Level
  • Bitcoin’s price has been stagnant throughout the past several weeks and months, with buyers and sellers being unable to gain firm control of its near-term outlook.
  • Bitcoin is pushing up towards $10,800, which has proven to be a heavy resistance level over the past several days and weeks. If the level continues holding strong as resistance, whether or not it is broken above should offer insights into BTC’s near-term outlook.
  • A firm break above this level could open the gates for the cryptocurrency to see a move up towards $11,000 and how the benchmark crypto reacts to the selling pressure here will determine its mid-term trend.
  • Whether or not bulls or bears are able to step up and take control of Bitcoin’s near-term outlook should depend largely on how it responds to a test of this level. If surmounted, the next key price region to closely watch sits between $11,000 and $11,200.
  • The 200-day moving average has proven to be trend defining and sustained bouts of trading above, or below, this level has contributed to assets like Bitcoin seeing multi-year trends. Bitcoin is currently trading below the level and a break above is imperative for its near term outlook.
  • Read the full story here
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Posted on September 29, 2020
Posted: September 29, 2020
CEX.IO Announces Plans To Enter Decentralized Finance Market
  • CEX.IO, one of the leading international cryptocurrency exchanges, announces its plans for entering the DeFi market. The company’s ultimate goal is to provide CEX.IO customers one-click access to the most popular DeFi solutions and activities.
  • CEX.IO is listing numerous tokens of major decentralized finance solutions on its crypto exchange platform including UniSwap, Aave, Yearn.Finance, Compound Finance, and Balancer among others.
  • Listing the tokens on the CEX.IO platform provides benefits for various participants of the digital asset market and the involvement of CEX.IO’s international user base of over 3 million customers adds a level of diversity to the DeFi industry’s participants.
  • For easier onboarding to the DeFi market and to show CEX.IO’s commitment, the cryptocurrency exchange offers instant, 0% fee Visa card deposits for its users as part of a limited promotional period lasting until the end of September. 
  • Oleksandr Lutskevych, CEX.IO’s founder and CEO says “DeFi can offer many avenues to participate in the open financial system. A number of projects with sizable valuations that sprung into existence in a short period of time and accumulated an impressive amount of locked capital show that the interest is there.”
  • Read the full story here
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Posted on September 29, 2020
Posted: September 29, 2020
United States CFTC Files Complaint Against Crypto Trading Company Paxforex
  • The United States Commodity Futures Trading Commission (CFTC) filed a complaint against crypto dealing Paxforex for allegedly soliciting or accepting business from US customers without relevant registration.
  • The CFTC wants a U.S. court to stop Paxforex from continuing with the “unlawful acts and practices,” as well as to compel the company to comply with the relevant laws. They also want the court to stop the defendant “from engaging in any commodity-related activity.”
  • The CFTC argues that Paxforex violated the law by “Soliciting or accepting orders from non-eligible contract participants (“non-ECPs”), not conducted on or subject to the rules of any Commission-regulated exchange, for the purchase or sale of gold, silver, ethereum, litecoin, and bitcoin on a leveraged, margined or financed basis that does not result in the actual delivery of the commodities to the customer.”
  • The CFTC also states that by not registering as a futures commission merchant (FCM) with the Commission, the trading company, which “accepts money, securities, or property (or extends credit in lieu thereof) in the form of bitcoin, is in violation of Section 4d(a)(1) of the Act, 7 U.S.C. § 6d(a)(1) (2018).”
  • Read the full story here
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Posted on September 29, 2020
Posted: September 29, 2020
Singapore-Based Crypto Exchange Kucoin Hacked For $150 Million In Bitcoin
  • Singapore-based cryptocurrency exchange Kucoin confirmed a security breach, but did not disclose the amount stolen. It is believed they were hacked for $150 million in Bitcoin and other ERC-20 tokens.
  • Bitfinex and Tether immediately froze $33 million worth of USDT suspected to be part of the funds looted in the Kucoin hack which has led to questions around the influence of centralized platforms.
  • Kucoin maintains that funds in its cold wallets (offline storage, which is less susceptible to hacks) are safe, even as hot wallets were hit and added that “If any user fund is affected by this incident, it will be covered completely by Kucoin and our insurance fund.”
  • Kucoin announced that it will be suspending deposits and withdrawals to pave way for a thorough security review.
  • Johnny Kyu, CEO of Kucoin told investors in a livestream that the exchange shut down its server once it noticed funds were being moved out of its hot wallets, but it didn’t matter as the private passwords to the hot wallet had already been impaired.
  • Read the full story here
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Posted on September 29, 2020
Posted: September 29, 2020
Poll Shows That Majority Of Americans Are Against A Digital Dollar
  • A new study by crypto mining firm Genesis Mining suggests the majority of U.S. citizens are against the implementation of a central bank digital currency (CBDC).
  • A survey conducted by Genesis mining discovered that out of the 400 participants, less than 25% are in favor of abandoning paper money for a digital dollar.
  • While that number appears low on the surface, it marks an increase from the previous year; Only 13% of respondents were in favor of a digital dollar in 2019.
  • Likely contributing to the poor popular support for CBDC is that many people associate virtual currencies with criminal activity.
  • The report also identified poor monetary literacy among the general public, finding that 38% of respondents believed the U.S. dollar is backed by gold, bonds or oil.
  • In August, the Bank of Canada published a study that found financial literacy is positively associated with the awareness of cryptocurrencies, but negatively associated with ownership.
  • Read the full story here.
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Posted on September 25, 2020
Posted: September 25, 2020
China’s BSN International Announces Integration Of Tezos Blockchain
  • China’s government-backed blockchain project, the Blockchain Service Network, has announced the integration of the Tezos blockchain onto its international portal.
  • Developers worldwide can now access the Tezos protocol using BSN’s global public city nodes and portals. There are three global public city nodes that have integrated with the Tezos blockchain in both mainnet and testnet: Hong Kong, California and Paris.
  • In order to deploy and manage their own permissioned chains on the BSN International, developers are encouraged to create an account on the official website.
  • Through accessing “Permissionless Services,” developers can create their own projects on the Tezos mainnet or testnet.
  • Launched in October 2019, China’s BSN network is a government-backed blockchain initiative that was initially positioned to help small to medium-sized businesses create and deploy blockchain apps on permissioned networks.
  • The BSN network plans to integrate up to 40 public blockchains by June 2021. Tezos is among the first batch of six blockchains including NEO, Nervos, Cosmos’ IRISnet, Ethereum and EOS.
  • Read the full story here.
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Posted on September 25, 2020
Posted: September 25, 2020
Illegal Gambling Platforms In China Using Crypto To Transfer Funds Abroad
  • A Chinese government official revealed that illegal gambling and casinos result in the outflow of over a trillion yuan annually (around $146.5 billion) from the country.
  • Investigations into these activities have been challenging, as operators of the overseas gambling platforms and casinos collect the funds from gamblers using digital currencies.
  • Liao Jinrong, China’s director general of the International Cooperation Department under the Chinese Ministry of Public Security, believes an illegal outflow of such a huge amount can erode the economic security of the country.
  • Liao added that the inadequate supervision of suspicious transactions by payment service providers, third-party institutions, merchants and e-commerce platforms are the main cause for such unprecedented outflow of funds from China.
  • He outlined that there is difficulty in tracing the flow of funds to overseas gambling platforms and casinos due to the collaboration between payment industry practitioners and criminal organizations.
  • To combat this, the Chinese government has increased the cost of opening payment accounts at non-financial institutions, is using more effective ways for the identification of unusual transactions and made it mandatory for account holders to list real names.
  • Read the full story here.
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Posted on September 25, 2020
Posted: September 25, 2020
Indian Police Investigating Crypto Exchange Over Alleged Scam
  • At least 43 people have filed complaints with Indian police regarding a cryptocurrency investment scheme based out of Connaught Place, a financial hub in New Delhi.
  • An investigation subsequently has been launched against Pluto Exchange and seven of its executives, whom investors have identified as being behind the scheme.
  • According to the police, one of the suspects told a complainant about his crypto trading and mining business operating under the name “f2poolminin.”
  • The suspect urged the complainant to invest in the cryptocurrency, assuring him that it had a fixed return of about 20% to 30% per month. 
  • After investing Rs 5 lakh ($6,780), the complainant never received the payouts he was promised. He was told that due to the falling price of Bitcoin and the size of his account, the company was unable to pay him through its bank.
  • A few months later, the complainant discovered that Pluto Exchange’s office moved from India to Dubai. That’s when authorities were alerted, which prompted the ongoing investigation.
  • Read the full story here.
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Posted on September 25, 2020
Posted: September 25, 2020
Russian Authorities Add Binance To List Of Prohibited Websites
  • Authorities in Russia have added Binance, the world’s largest cryptocurrency exchange, to the country’s list of prohibited websites.
  • Binance was placed on the list due to distribution of data related to the acquisition of digital currencies like Bitcoin.
  • Despite the domain being placed on the list of prohibited websites, Russians can still access it without any additional tools such as a VPN.
  • According to the data, the website was listed on June 2, 2020, noting that access “is not limited.”
  • Binance being blacklisted appears to be unrelated to the exchange’s plans to launch a crypto debit card in Russia, since the announcement came two months later.
  • Read the full story here.
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Posted on September 25, 2020
Posted: September 25, 2020
Chinese State-backed Conflux Network To Act As Global Bridge To DeFi, CEO Says
  • Conflux Network, a permissionless blockchain project endorsed by the Chinese state announced that the project has officially launched its Tree Graph Research Institute with the Shanghai government. 
  • Conflux CEO Fan Long says that the Tree-Graph Blockchain Research Institute will experiment with local states to build a regulatory compliance platform that can bridge global DeFi applications and government regulations. 
  • Fan says that the complexity surrounding DeFi and other relevant distributed innovations will make open communication crucial for continued legislative acceptance, adding that “Regulators need a reliable way to learn what the new technique is about and where it might lead us to. Innovators need a way to understand the concerns and red lines of regulators.” 
  • Conflux is currently working with the Shanghai government on several sandbox projects including integrating blockchain borrowing and lending services into Shanghai’s Pudong Development Bank, and leveraging the Shanghai free trade zone’s unique regulatory framework to devise a unique stablecoin for the region.
  • Fan notes that “Conflux Network seeks to provide a POW network with transaction speeds an order of magnitude faster,” and adds that he believes that DeFi projects will only be able to go mainstream through willfully enacted compliance measures which evolve alongside government regulations. 
  • Read the full story here
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Posted on September 24, 2020
Posted: September 24, 2020
Dapper Labs’ Flow Blockchain Is The Choice For Many Top Global Brands
  • A year ago Dapper Labs, developed a new blockchain called Flow that was designed to bring digital assets and decentralized apps to the mainstream.
  • Flow is built for scale, speed and security like no other blockchain available today, and should have a built-in userbase from the beginning thanks to Dapper Labs’ partnerships with the likes of the NBA, UFC, Warner Music Group, Dr. Seuss, and Ubisoft.
  • The Flow network is powered by a balanced native token design and novel distribution mechanics. The FLOW token enables participation on the platform, with the opportunity to earn rewards through network participation.
  • Flow’s novel four-node architecture achieves massive improvements in speed and cost that scale with hardware capacity without compromising decentralization or breaking up the network into shards or “layer two” solutions.
  • With a developer-first approach, Flow makes building new apps and protocols safe, fast, and efficient and also includes many features that take care of the inherent complexity of decentralized systems.
  • Read the full story here
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Posted on September 24, 2020
Posted: September 24, 2020
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