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  2. An Indian state official recently met with the founders of the “India Crypto Bulls” initiative and discussed cryptocurrency development, investment, and innovation in India. News.Bitcoin.com talked to Kumar Gaurav, one of the founders, to find out more about the meeting. Also read: 2x Bitcoin — Wanna Double Your BTC to the Moon? Forget About It India Crypto Bulls Founders Meet Rajasthan Official Amin Pathan, chairman of the Dargah Committee in Ajmer, under the government of India’s Ministry of Minority Affairs, recently met with the founders of the India Crypto Bulls initiative — the team that is organizing a nationwide roadshow in 15 major Indian cities. News.Bitcoin.com talked to one of the India Crypto Bulls founders, Cashaa CEO Kumar Gaurav, about the meeting. He explained that Pathan is “the president of the Dargah Committee, Ajmer, which is one of the biggest holy pilgrimages of Muslims all over the world. He is exploring blockchain solution to digitize various assets governed by his ministry to finish any corruption due to title unclarity.” Pathan is also chairman of the Rajasthan State Haj Committee (State Minister), former State President BJP Minority Morcha Rajasthan, and the vice president of the Rajasthan Cricket Association. Left to Right: Kumar Gaurav, Cashaa; Shri. Amin Pathan, minister, the government of India; Mr. Naresh, Bollywood producer; Mr. Narendra Khurana. Image courtesy of Kumar Gaurav. Pathan discussed his views regarding India’s crypto development, investment, and innovation. He told the India Crypto Bulls founders: The state is looking to host a conference with participants including Indian administrative service officers who are concerned and relevant with the key affairs relating to bitcoin and other digital asset financial services. “Moreover, the upcoming conference in the state by Rajasthan minister will also comprise of training sessions on compliance, how cryptocurrency investment can be matured, precautions that an investor has to follow before dealing or planning to invest in cryptocurrency and several other factors,” the team conveyed. “They believed India Crypto Bulls’ roadshow is closely aligned with their vision of hosting upcoming conferences.” Shri. Amin Pathan, the chairman of Dargah Committee, Dargah Khwaja Saheb, Ajmer (Ministry of Minority Affairs, the government of India), and also the vice president at Rajasthan Cricket Association. Gaurav Dubey, O1ex CEO and the other founder of India Crypto Bulls, was quoted as saying, “We are sure that India Crypto Bulls will be able to spread the right knowledge on Cryptocurrencies in Rajasthan with tremendous outreach, under his wise guidance.” Cashaa’s CEO further told news.Bitcoin.com: He [Shri. Pathan] supported the nationwide Indian Crypto Bulls roadshow and will host the event in his city Jaipur, and Udaipur. India Crypto Bulls is an initiative by Gaurav and Dubey. They had planned to launch a roadshow across about 15 cities in India in early April to prepare the country for the next crypto bull run and educate the public regarding cryptocurrencies. However, due to the current coronavirus pandemic and the directives from the Indian health ministry, the roadshow has been postponed and will be rescheduled for a later date. The India Crypto Bulls roadshow will be in about 15 major cities in India. It has been postponed due to the coronavirus pandemic. Crypto Gaining Traction After Supreme Court Verdict The cryptocurrency ecosystem in India is rebuilding after the damage done by the April 2018 circular issued by the central bank, the Reserve Bank of India (RBI), which banned banks from providing services to crypto businesses. The ban forced several crypto businesses to shut down as a result. After multiple delays, the Indian supreme court finally ruled that the circular was unconstitutional. The court lifted the ban on March 4. Since then, crypto exchanges have been busy bringing back INR banking support. Several global companies also plan to expand into India and invest in Indian crypto startups. Furthermore, the Indian government is reportedly planning to regulate the crypto space instead of imposing an outright ban as recommended by the interministerial committee (IMC) headed by former Finance Secretary Subhash Chandra Garg. Commenting on his meeting with Shri. Pathan, Gaurav said: “I found Shri. Amin Pathan Ji an inspiration for youth in India and abroad who lost hope from Indian politicians. After meeting Aminji, I feel confident that under his leadership and with the backing of BJP, emerging technologies like blockchain will get the strong support of Indian govt.” Welcoming Pathan onboard the India crypto bulls roadshow, he indicated: The meeting concluded with a futuristic talk on crypto adoption and development in India. In addition to this, the ministry invited India Crypto Bulls to Rajasthan as a way to emphasize on the crypto discussion. What do you think of this meeting with Amin Pathan? Let us know in the comments section below. The post Indian State Ministry Discusses Cryptocurrency Plans With Founders of Crypto Bulls Roadshow appeared first on Bitcoin News. View the full article
  3. Bitcoin and cryptocurrencies may be the only free-market assets left not manipulated by central banks like the U.S. Federal Reserve. Since the covid-19 outbreak, the Fed has unleashed a massive arsenal of monetary weapons to combat the effects on the economy. After the significant rate cuts, quantitative easing (QE), and buying mortgage-backed securities, analysts believe the Fed could start purchasing stocks in order to quell the economy. Also read: US Mortgage Industry Could Collapse as Housing Crisis Looms, Experts Say The Fed Is Deploying More Than Just a Monetary Policy Bazooka, It’s Unleashing the Whole Arsenal On Tuesday, the U.S. Federal Reserve threw another tool into the financial system by announcing an international repo option in order to curb investors from panic-selling Treasuries. Since the covid-19 outbreak started spreading rapidly throughout the nation, the economy has been hit hard by numerous industry shutdowns across the U.S. After closing borders and shutting down major U.S. industries, the Fed has tried to save the American economy by using a variety of monetary schemes. The Fed has introduced rate cuts, quantitative easing (QE), foreign currency swap lines, discount windows, a Commercial Paper Funding Facility (CPFF), a Term Asset-Backed Securities Loan Facility (TALF), and a Secondary Market Corporate Credit Facility (SMCCF). The aforementioned list just scratches the surface when it comes to the newly introduced schemes the Fed has initiated since the covid-19 outbreak. Fed Chair Jerome Powell and the bank’s board of directors have unleashed the big guns citing the covid-19 outbreak as the primary reason to throw unlimited amounts of money at private banks. The Federal Reserve said on March 26 that the central bank recognizes that small financial institutions may need additional time to submit “certain regulatory reports in light of staffing priorities and disruptions caused by the Coronavirus Disease 2019 (covid-19).” In order to give Wall Street some leniency, the Fed “will not take action against a financial institution with $5 billion or less in total assets for submitting its March 31, 2020.” The Fed also invoked a Money Market Mutual Fund Liquidity Facility (MMFLF) and bought $185 billion in mortgage-backed securities. However, all these moves have not helped stock and commodity markets and the mortgage-backed securities purchase threatened the U.S. real estate market. After the Fed bought the mortgage securities it caused a massive margin call and put hundreds of lenders at risk and without capital. To those of you wondering what the US stock market will do on any given day, just remember, the Fed has unlimited purchasing power to buy it all up. They have 100 percent full control over stocks and they will do whatever they please with it. Goodbye price discovery. The end. — Heidi (@blockchainchick) March 26, 2020 Despite the adverse effects on the housing market, the Fed is still attempting to insulate the American economy with the central bank’s parlor tricks. The Fed’s new international repo is an unprecedented move by the central bank, as it will provide foreign central banks with the ability to get USD in exchange for U.S. Treasuries. In addition to the international repo, the Fed also revealed it established a temporary FIMA Repo Facility (FRF) to “help support the smooth functioning of financial markets.” Fed has printed trillion of $ to do what? To purchase financial assets -They already are largest holders of real estate in the world -Have already pushed the short term yields into negative -They will soon buy out stocks Don't fall for dead cat bounce#Buyeroflastresort — Vinay Jaiswal (@vinayjazzi) March 31, 2020 The Fed’s Next Step Could Be Purchasing Large Quantities of Stocks Now economists and investors think the Fed’s next move will see the central bank purchasing stocks. Because the American economy is in turmoil, market analysts say that the Fed will likely use this approach soon to bolster the financial system. “If there were any major dislocations, it is clear that they will go into whatever nook and cranny in the market that starts to choke,” chief market strategist at Prudential Financial, Quincy Krosby, told the media on Sunday. The Prudential executive further stated: We know that when you have choking in one part of the market, you have choking in another part of the market that leads to dislocation. As soon as you cross that line, you are now facing something else that you could conceivably buy. Members of the Federal Reserve and the Shadow Open Market Committee have already discussed the possibility of the Fed buying stocks to help the economy. Boston Fed President Eric Rosengren told the committee on March 6 that he thinks the U.S. should “allow the central bank to purchase a broader range of securities or assets.” The Perfect Storm for Digital Assets Like Bitcoin Cryptocurrency participants believe that the current economy is the “perfect storm” for censorship-resistant and a mathematically probable financial system. Bitcoin has a lot of benefits to a society that has been having significant problems doing what they want with their own money. In the last six months alone, news.Bitcoin.com has reported on governments and banks in countries like the U.S., Egypt, Lebanon, India, and Germany limiting cash withdrawals. Cryptocurrencies like bitcoin have better properties than gold during an economic crisis, as analysts have questioned gold’s alleged ‘safe-haven’ status since the 2007-2008 financial catastrophe. It’s a well known that central banks oversaturated bullion markets during those years by using bullion-bank repos just like they do with Treasuries today. Cryptocurrency markets did decline with everything else under the sun on March 12th, otherwise known as ‘Black Thursday.’ The decline has made people assume that BTC and other digital assets have a strong correlation with stocks and equities right now. However, historical data shows digital asset markets have always been non-correlated with stocks, commodities, and equities. A higher correlation during a black swan event (covid-19) doesn’t equate to both markets being tethered together whenever economic environments change. As the Fed and central banks worldwide pull out every tool they have in the monetary policy toolbox, bitcoiners understand that digital assets cannot be manipulated as easily as fiat currency, property investments, precious metals, and the stock markets. If you have never read or heard about the positive benefits and economic freedom bitcoin can provide, get started today with some of our educational resources. What do you think about the Fed possibly buying stocks next? Let us know what you think in the comments below. The post Financial Bazookas Revealed – Market Strategists Believe the Fed Will Purchase Stocks Soon appeared first on Bitcoin News. View the full article
  4. As the bitcoin halving approaches, crypto-mining ‘death spirals’ and miner capitulation have become prominent topics among digital currency enthusiasts. Despite the trending discussions, Coinshares head of research Christopher Bendiksen published a study that says “[bitcoin] mining death spirals do not actually happen in real life” and the speculation is a “highly theoretical edge case.” Also read: ‘Bull Run May Not Come Immediately After Bitcoin Halving,’ Says Bitmain’s Jihan Wu Bitcoin Halving, Death Spirals, and Miner Capitulation After approximately 210,000 blocks are mined on BTC’s blockchain, the network’s block subsidy halves and after May 13, BTC miners will get 6.25 coins instead of 12.5. The halving event happens roughly every four years and the upcoming one, in particular, has caused crypto enthusiasts to speculate on what will happen after the event. Moreover, the recent covid-19 outbreak has caused economic calamity worldwide, as cryptocurrency prices were largely affected by fears of a looming recession. Because of these two factors combined, crypto speculators and haters think that miners will be “doomed” after the halving and there will be massive miner capitulation. A few individuals and headlines have called the theoretical event a crypto-mining ‘death spiral’ and people assume BTC miners will face catastrophe. However, a recent research study from the firm Coinshares disagrees with this argument and the company’s head of research called the fears “highly theoretical edge cases without any historical real-world precedent.” Source: Coinshares Research. In the report called “Why Bitcoin Miners Will Keep Mining,” Christopher Bendiksen talks about how current BTC prices are down more than 50% from the 2020 highs. The researcher details that this means miners have lost 50% of their income and a few “high-cost producers will now be unprofitable.” “When miners turn cashflow negative they will turn off their gear and hashrate will fall,” Bendiksen said. News.Bitcoin.com recently reported on how the hashrate had fallen from the 136 exahash per second (EH/s) high at the end of February, to 75EH/s after the market rout on March 12. The close to 45% hashrate reduction caused the network’s difficulty adjustment to drop to the second-lowest point in history. Bendiksen’s report discusses how the difficulty adjustment algorithm (DAA) is a key element within the BTC network. In the death spiral scenario, Bendiksen stressed that some people believe that a big enough hashrate drop would slow down block times and eventually “grind the network to a halt since no new blocks are mined.” “This, in turn, will cause prices to drop further causing more miners to shut down until no one is left mining and the price hits zero,” Bendiksen wrote. The Coinshares head of research, however, doesn’t think this situation is plausible in the real world and thinks it only lives in people’s theoretical discussions. Coinshare’s report is also similar to the question answered by bitcoin researcher and evangelist, Andreas Antonopoulos, who discussed mining death spirals on Youtube. “Part of the reason that’s unlikely to happen is that miners have a much more long-term perspective,” Antonopoulos noted in the video. Do you want to maximize your Bitcoin Mining potential? Plug your own hardware into the world’s most profitable Bitcoin mining pool or get started without having to own hardware through one of our competitive Bitcoin cloud mining contracts. Mining Death Spiral and the Network Grinding to a Halt Are Highly Theoretical Edge Cases The Coinshares researcher also explained how in a rare, edge-case scenario it would take an awful lot of factors like gaming the DAA with precision and dumping on market prices at the same time. “In real life though, markets don’t move like that,” Bendiksen’s report highlights. “On top of that there are operational concerns on the part of miners that prevent shutdowns on such rapid timelines,” Bendiksen wrote. “Powering down a several hundred-megawatt mine is not a matter of pulling a socket plug — you would risk severely damaging the local grid. Moreover, many miners have offtake agreements that mandate that they continue their draw for as long as they are able to pay their contracted bills. The point is: even when bitcoin prices significantly fall (which happens pretty much every year) or the mining reward is halved (which happens at predetermined time intervals), the physical and operational realities of the mining network are such that drawdowns in hashrate take time,” the report states. Bendiksen’s research further notes: In practice, hashrate reductions are therefore always smoothly caught by the dynamic difficulty adjustment and block frequencies never get anywhere near ‘crisis levels’ (whatever that even means). Source: Coinshares Research. Bendiksen and Coinshares believe that the network was designed to handle these exact situations and they are confident things will be fine going forward. “Because of the design choices we’ve explained above the mining network has never failed to produce blocks. The difficulty has reset downwards many times — sometimes dramatically as the result of a pullback in price (the November/December 2018 is an excellent example to study), but never has the network ground to a halt or even come anywhere close to it,” Bendiksen’s report concludes. What do you think about the Coinshares mining report and death spirals? Let us know in the comments below. The post Bitcoin Halving Capitulation: ‘Mining Death Spirals Don’t Happen in Real Life,’ Says Report appeared first on Bitcoin News. View the full article
  5. The U.S. mortgage industry faces collapse once again, this time due to the economic consequences following the coronavirus outbreak and massive job losses. Up to 50% of borrowers could default on their mortgage payments, according to industry estimates. Since the stimulus bill signed by President Donald Trump provides relief for homeowners but does not provide relief for the mortgage industry, companies are worried they may go out of business. Also read: 2x Bitcoin — Wanna Double Your BTC to the Moon? Forget About It Mortgage Industry at Risk The coronavirus outbreak and subsequent job losses could result in an unprecedented number of people left unable to make their mortgage payments. Facing a second mortgage industry crisis in recent history, many of the country’s largest mortgage lenders are warning they will soon be pushed to the brink of failure. The breadth of the coronavirus pandemic has sparked industry estimates of between 25% and 50% of borrowers being unable to pay their mortgage payments, according to the publication Politico. Jay Bray, CEO of the mortgage servicing company Mr. Cooper, explained that if 25% of borrowers fail to make their mortgage payments, the industry would need $40 billion to survive for three months. Noting that his company has already seen a 50% increase in borrowers seeking assistance, “The magnitude of people who are going to take the plan is going to be like nothing we have ever seen,” he said. Mortgage Bankers Association CEO Bob Broeksmit added that the industry could need more than $100 billion depending on how long the situation lasts. Mortgage lenders are saying that the coronavirus outbreak and subsequent job losses could result in 50% of borrowers left unable to make their mortgage payments. However, the Coronavirus Aid, Relief & Economic Security (CARES) Act, the $2.2 trillion stimulus package President Donald Trump signed into law on Friday, does not include relief for the mortgage industry, the publication noted, adding: While the final bill allocates $454 billion for the Treasury Department to support the Federal Reserve’s emergency lending programs, including for large corporations, there is no overt requirement for lending to mortgage companies, despite a weeklong lobbying push by the industry. Broeksmit noted, “We have been in constant contact with many parts of the administration to ensure that they understand the urgency of this liquidity facility being set up.” New Housing Crisis, Mortgage Companies Face Shutdown Among companies most affected are mortgage servicers, which handle loans and process mortgage payments. About 60% of mortgages in the U.S. are secured through nonbank lenders such as Quicken Loans, the Washington Post explained. “One in three of the country’s $11.2 trillion in mortgages is overseen by nonbank servicers, which collect borrowers’ payments every month, and say the economic fallout from the pandemic represents an unprecedented challenge to their future.” When people stop making payments, these companies are still legally obligated to keep sending money to insurers and investors in mortgage-backed securities using their own money. The publication described: Mortgage lenders are preparing for an avalanche of distressed homeowners that could drive a housing crisis that rivals the one that left millions of Americans in foreclosure a decade ago. “This time, rather than homeowners falling behind on their payments slowly over several years, mortgage delinquencies could spike suddenly as people find themselves without a job or have their salaries cut within the next few months,” the news outlet continued. Inside Mortgage Finance publisher Guy Cecala was quoted as saying: “This time the problems are going to be nondiscriminatory. It will apply to people with good credit, or someone who is well-off, and ran a restaurant. We haven’t had a crisis where everyone is impacted regardless of financial situation.” When homeowners stop making payments, mortgage servicing companies are still legally obligated to keep sending money to insurers and investors in mortgage-backed securities using their own money. Treasury Secretary Steven Mnuchin said on Thursday that the Financial Stability Oversight Council is “particularly focused on the liquidity issues that market may have.” He further revealed that he was establishing a task force to report back to the council on the matter. “Concerns about liquidity in the mortgage finance system have been building for years, as the companies that service mortgage loans are increasingly nonbanks — which don’t have banks’ access to Fed loans or their strict capital requirements and deposits to fall back on,” the publication details. Andrew Jakabovics, vice president for policy development at Enterprise Community Partners, an affordable housing nonprofit, believes that the mortgage system would break down if mortgage companies fail across the board. He opined: The kinds of relief we did during the foreclosure crisis — all of that had to do with the fact that we wanted to ensure that investors from across the world would continue to treat U.S. mortgage-backed securities as an incredibly safe investment … That would have very serious ramifications for the availability and price of mortgage credit. Michael Bright, CEO of the Structured Finance Association, which represents 370 financial institutions in the bond market, believes the Fed will eventually come through with an emergency lending program for the mortgage industry. “Even though that language wasn’t included,” Bright said of the stimulus bill, “I do think it’s likely that this could be part of [the Fed’s Term Asset-Backed Loan Facility Program] in the end.” He previously managed Ginnie Mae’s $2-trillion portfolio. Do you think the mortgage industry will get its own bailout? Let us know in the comments section below. The post US Mortgage Industry Could Collapse as Housing Crisis Looms, Experts Say appeared first on Bitcoin News. View the full article
  6. The popular cryptocurrency exchange Binance is allegedly in talks with the owners of coinmarketcap.com in hopes of purchasing the website for $400 million. People familiar with the matter explained the acquisition will be announced this week and could be one of the largest procurements in the cryptocurrency and blockchain industry to-date. Also read: Bitcoin Mining Roundup: BTC Regains 100 Exahash, Miners Close Shop, Pre-Halving Shake-Up Binance Will Reportedly Purchase Coinmarketcap.com for $400 Million Binance has grown quite large since launching in 2017 when the global cryptocurrency exchange was founded by Changpeng Zhao (CZ) and Yi He. The following year in 2018, the exchange was considered the largest in the world in terms of cryptocurrency trading volume. The firm has also acquired the Indian exchange Wazirx, the Beijing-based Dappreview, a derivatives exchange called JEX, Mars Finance, and a digital currency mobile wallet branch called Trust Wallet. Now according to people familiar with the matter, Binance is set to announce another acquisition and it might end up being the largest procurement in the crypto industry so far. Reports detail that Binance will announce the acquisition of coinmarketcap.com (CMC) later this week. The official story floating around crypto-land is that Binance is close to completing a cash and stock deal with the owners of coinmarketcap.com. The website is one of the most popular cryptocurrency data sites and according to Alexa ratings, coinmarketcap.com is ranked 570 worldwide and 819 in the United States. Coinmarketcap (CMC) gets a lot of traffic from countries like the U.S., India, and Brazil as the site sees millions of users visiting the site regularly. The Binance acquisition of coinmarketcap.com is ostensibly a cash-and-stock deal that involves $400 million. Speculators assume that it will be the largest acquisition within the cryptocurrency and blockchain industry to date. For instance, the coinmarketcap.com transaction would be well over the capital injected into 21 Inc. ($121 million), otherwise known as earn.com. CMC sees millions of users visiting the site regularly. According to Alexa ratings, coinmarketcap.com is ranked 570 worldwide and 819 in the United States. CMC’s Data Discrepancies and the Crypto Community’s Commentary Concerning the Binance Takeover Both Binance and coinmarketcap.com have not spoken to the media about the acquisition, but Binance CEO Changpeng Zhao did hint at some upcoming procurements that he was “very excited” about. Coinmarketcap has an interesting history as the owner Brandon Chez kept his identity unknown, up until he was doxxed by the Wall Street Journal on January 23, 2018. Chez also sat down for a fireside chat with the anonymous Sunny King last year during The Capital conference. Coinmarketcap has had its share of controversy as well and a number of people do not trust the data that stems from the site. The crypto market cap aggregation website was criticized during the first week of January 2018 for delisting the exchange rates of South Korean crypto trading platforms. When cross-referencing coinmarketcap.com’s data with alternative crypto market valuation sites like messari.io, there’s some discrepancies when it comes to “reported” and “real” or onchain trade volumes. The acquisition for $400 million might be the largest in the cryptocurrency and blockchain industry to date. Social media posts and forums show that most crypto enthusiasts have been joking about the procurement in a negative fashion. After the Binance acquisition of coinmarketcap.com (CMC) stories hit social media and crypto forums, a great number of digital asset proponents discussed if it would be “good or bad” for CMC. “I don’t like it at all — I guess I’ll continue to use my favorite CMC alternatives,” one person tweeted after hearing the news. “CMC has been bad for years — The amount of scams they’ve allowed to advertise on their site has been awful. Hopefully [Changpeng Zhao] changes that,” another crypto proponent added. A great number of the comments on Twitter were negative and many people talked about the relationship between Tron and Binance as well. “Binance buying [coinmarketcap.com] — How long until BNB and Tron are #1 and #2 and Digibyte is delisted?” the Twitter account @Litecoinfam tweeted on Tuesday. What do you think about the possibility of Binance acquiring coinmarketcap.com? Let us know in the comments below. The post The Crypto Industry’s $400M Cash and Stock Deal – Binance to Acquire Coinmarketcap.com appeared first on Bitcoin News. View the full article
  7. Despite the global coronavirus pandemic, Japan continues to approve more cryptocurrency exchanges to legally operate in the country. The latest one was approved on Monday, bringing the total number of legal crypto exchanges in Japan to 23. Also read: 2x Bitcoin — Wanna Double Your BTC to the Moon? Forget About It First Approved Crypto Exchange This Year Japan’s top financial regulator, the Financial Services Agency (FSA), registered another cryptocurrency exchange operator on Monday. Japan legalized cryptocurrencies as a means of payment under the amended Payment Services Act back in April 2017 and crypto exchange operators are required to register with the FSA. The agency started registering them in September 2017. The latest one registered by the FSA was Okcoin Japan, the Japanese subsidiary of Ok Group. Founded in September 2017, the Tokyo-based exchange has been approved to trade BCH, BTC, ETH, ETC, and LTC, according to the FSA’s website. The exchange will soon launch; it is currently accepting pre-registrations for account opening. Japan’s top financial regulator, the Financial Services Agency, has registered Okcoin Japan to trade five cryptocurrencies, including BCH and BTC. Okcoin Japan is also a member of the Japan Virtual Currency Exchange Association (JVCEA), a self-regulatory organization approved by the FSA. The agency is closely cooperating and exchanging information with the association. The JVCEA has established some self-regulatory guidelines for crypto exchanges to follow. All 23 FSA-registered crypto exchanges in Japan are “Class 1” members of the JVCEA. The organization also has “Class 2” members comprising companies that are not yet licensed by the FSA, such as Coinbase, Payward Asia, and Wirex Japan. 23 Approved Crypto Exchanges in Total Besides Okcoin Japan, there are 22 other registered cryptocurrency exchange operators in the country. In September 2017, 11 of them were registered: Money Partners, Quoine, Bitflyer, Bitbank, SBI VC Trade, GMO Coin, Huobi Japan (formerly Bittrade), Btcbox, Bitpoint Japan, Fisco Cryptocurrency Exchange, and Tech Bureau. Tech Bureau was acquired by Fisco after it was hacked in September 2018. However, the two platforms continue to operate independently and are still listed on the FSA’s website as two separate entities. Japan legalized cryptocurrencies as a means of payment in April 2017 and all crypto exchanges are required to register with the FSA. On Dec. 1, 2017, DMM Bitcoin, Taotao (formerly Bitarg), Bitgate, and Xtheta were registered. Bitocean followed suit on Dec. 26. In 2018, no crypto exchange operator was registered due to the hack of Coincheck, one of the largest crypto trading platforms in the country. The FSA subsequently tightened its oversight of the industry, conducted on-site inspections of exchanges, and revised its method of approval. After the hack, Coincheck was acquired by Monex Group and was finally registered with the FSA on Jan. 11 last year. In addition, the agency approved five more crypto exchange operators last year. Rakuten Wallet and Decurret were registered on March 25, LVC on Sept. 6, Lastroots on Nov. 27 and Fxcoin on Dec. 24. LVC is a subsidiary of Line Corp., owner of Japan’s most popular chat app, Line. Soon after it successfully registered with the FSA, the company launched a crypto exchange called Bitmax. What do you think of the rate at which Japan approves crypto exchanges? Let us know in the comments section below. The post 23 Approved Cryptocurrency Exchanges in Japan — Number Rises Despite Pandemic appeared first on Bitcoin News. View the full article
  8. While most digital assets have been suffering, stablecoins have been surging since the market downturn in mid-March and tether (USDT) is capturing more than 70% of BTC trades today. Besides tether, a wide range of other dollar-pegged cryptocurrencies have also benefited this month, as the market valuation of eight different stablecoins combined is well over $7 billion. Also read: Bitcoin Mining Roundup: BTC Regains 100 Exahash, Miners Close Shop, Pre-Halving Shake-Up Considerable Demand for Stablecoins Pushes ‘Dollarized-Token’ Market Caps Northbound Crypto assets have seen better days as far as market values are concerned and on March 30 the valuation of all 5,000+ digital currencies is around $182 billion. Today, more than $7 billion from that number represents eight stablecoins including USDT, USDC, PAX, TUSD, DAI, GUSD, BUSD, and HUSD. Most of that $7 billion derives from USDT’s market cap, as the firm Tether has reported it now has more than $6 billion in liabilities. Data shows that the total assets under the company’s control equal: $6,141,809,416. Moreover, there’s a slew of stablecoins with much smaller market caps, but still have seen greater demand since the start of the mid-March market rout. Source: Research report written by Hasu and Coin Metrics data. On Monday, USDT is commanding more than 70% of trades, which is a lot but not very unusual these days either. As news.Bitcoin.com noted in our recent report about the influx of stablecoin demand, USDC and PAX have continued to remain in the top five BTC pairs globally. Both coins are gathering more than 5% of BTC’s global trades each and both of them combined have seen more trade volume than the U.S. dollar. Over the past month, fiat-collateralized stablecoins built on Ethereum have seen substantial inflows. 30 day change in supply: • $USDT: +51.5% • $USDC: +55.4% • $PAX: +26.5% • $BUSD: +186.0% • $HUSD: +74.7% Ethereum's stablecoin economy is growing at a staggering rate. pic.twitter.com/Mp5Yl2k2hE — Cole Kennelly ⬙ 🦄 (@ColeGotTweets) March 29, 2020 According to sites like coinmarketcap.com, there’s an alleged $118 billion in global crypto trades on March 30. BTC captures $36 billion of those trades and tether (USDT) commands $44 billion. However, stats from messari.io indicate BTC is leading in “real volume” with $1.4 billion in worldwide trades and USDT capturing $1.1 billion. Messari’s data also shows USDT’s reported market cap is larger than XRPs now. Messari.io data indicates that USDT’s reported market cap is larger ($5.8B) than XRPs ($5.1B). Stablecoin Transfers Touch All-Time Highs, Tron to Launch a ‘DAI-like’ Dollar-Coin It’s uncertain whether tether is actually doing 22% more volume than BTC, but lots of USDT stats indicate the volume is at least on par with BTC trade volumes regularly. In addition to Pax and USDC, the stablecoins HUSD and BUSD have seen increased demand as well. Competition has increased a great deal among all the stablecoins and Justin Sun revealed Tron is launching a ‘DAI-like’ stablecoin called “USDJ.” The coin will allegedly be pegged to the USD rate by using collateralized digital assets. 24-hour stablecoin and fiat volumes with BTC on March 30, 2020. USDT is commanding 70% of BTC trades, USDC 5.6%, and PAX 5.5%. The recent stablecoin demand was noticed by the entire crypto community and Coin Metrics discussed the situation in the firm’s latest report. “Stablecoin transfer value hit an all-time high amidst the market turmoil,” Coin Metrics wrote. The researchers added: The dual impact of Bitcoin’s USD value halving and massive issuance of stablecoins led to stablecoins’ market cap as a percentage of Bitcoin’s doubling in a matter of days. What do you think about the demand for stablecoins? Let us know in the comments below. The post Stablecoin Market Caps Swell Over $7 Billion – Volumes Surpass Most Trading Pairs appeared first on Bitcoin News. View the full article
  9. Anyone venturing into the digital currency scene understands the significance of performing analyses to evaluate potential gains. Security breaches and hacking are a constant risk when it comes to the realm of cryptocurrencies. Nevertheless, the level of security and protection offered by the trading platform chosen is often overlooked. Consequently, this oversight has so far resulted in a loss of approximately $4.26 billion. Whenever scammers or hackers are successful in their fraudulent practices, this results in an average loss of $43 million. 2 Notorious Cases where Security Failed Reputability and popularity do not guarantee protection from malicious behaviour. To fully understand the gravity of fraudulent activity and security breaches, one must keep in mind some of the most infamous security failures in recent history. 1. Bitfinex Loss: 120,000BTC or $72 million in assets (2016) Considered as one of the most prominent cryptocurrency exchanges globally with about two million users, Bitfinex sees billions of dollars’ worth of transactions daily. This successful exchange fell victim to a major hack back in 2016, having the amount of 120,000BTC stolen, which was equivalent to $72 million. In today’s prices, that would be a much higher figure. Bitfinex used to offer multi-signature wallets through BitGo, a feature created to enhance user security. However, 12 months after this component was introduced, the hack occurred. The question was raised: what made Bitfinex susceptible to this fate? The way its accounts were structured was the first step towards security failure – to withdraw a large amount of funds, BitGo would likely have had to sign off transactions. The hack caused Bitcoin’s market value to drop by a staggering 20%. 2. Binance Loss: 7,000BTC or $40 million in assets (2019) Binance is widely believed to be the world’s largest crypto exchange, based on trading volumes. Despite this, the exchange was not able to avoid a phishing scam or recognise the virus-type malware that was used to hack into it. The group of hackers got away with $40 million worth of Bitcoin. In one of his blog posts, CEO Changpeng Zhao announced that Binance will make “significant changes to the API, 2FA, and withdrawal validation areas, which was an area exploited by hackers during this incident.” Zhao vowed to work on “more innovative ways” to prevent risks and improve KYC, whilst enhancing user and threat analysis, Providing a Viable Solution When looking into investing assets, finding a trusted source that provides detailed research and relevant information about cryptocurrencies and trading platforms is critical. Nowadays, there’s a smorgasbord of online resources – one never knows which to trust. Nevertheless, it is important to be selective when it comes to deciphering between a trustworthy source and one that gives little to no guidance. Cryptimi.com provides information that examines aspects of payment methods, security, fees, and customer support. For the ultimate user experience, it even lists the latest reviewed and top-ranking cryptocurrency exchanges (with regular updates when positions shift), to make for a more reliable search. The user can customise the search by filtering results and specifying the preferred deposit method, jurisdiction, and the type of platform. Doing the Legwork Before Taking the Plunge Finding the best cryptocurrency exchange is imperative prior to venturing into any kind of financial investment. This holds true for both novice investors, and veteran traders. Both investors and traders should have a reliable point of reference when conducting their research. A reputable reference site like Cryptimi equips the reader with all the right tools to take an informed step by constantly publishing trustworthy, unique, and relevant content. Indubitably, cryptocurrency exchange platforms are an essential piece to the digital currency puzzle, because they are the link that allows individuals to buy, sell, and trade cryptocurrencies. Nevertheless, before investing or trading on a new broker or exchange, one needs to ensure that the funds being invested will be utilised to their full potential. Fortunately, you can put both your mind and assets at rest with Cryptimi.com – your only go-to reference that guides you to your financial growth. Contact Email Address info@cryptimi.com Supporting Link http://cryptimi.com/ This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post Safeguarding Investments: Cryptimi.com Offers the Solution appeared first on Bitcoin News. View the full article
  10. On Sunday, the Central Bank of Egypt (CBE) announced it had instructed financial institutions in the country to put withdrawal limits in place for cash. Regional reports disclose that Egyptian residents can only withdraw 10,000 Egyptian pounds ($640) and businesses can only withdraw 50,000 pounds ($3,200). The CBE cited concerns over the covid-19 outbreak and also limited automated teller machine (ATM) withdrawals to 5,000 pounds per day. Also read: Bitcoin Mining Roundup: BTC Regains 100 Exahash, Miners Close Shop, Pre-Halving Shake-Up Central Bank of Egypt Enforces Cash Withdrawal Limits at Bank Branches and ATMs The global economy has been suffering from the economic hardships tied to the covid-19 outbreak that has ravaged multiple countries. The coronavirus scare has caused people to question the use of cash due to the uncleanliness of bills. For instance, at the beginning of March, the U.S. central bank told the public it was holding U.S. dollars repatriated from Asian countries in a separate area. Further, the faltering economy has also caused banks in countries like the U.S. and Germany to place withdrawal limits on cash. Now Egyptians are facing the same cash issues and the country’s central bank is imposing cash withdrawal limits across the board. In addition to the withdrawal limits imposed, the CBE’s Tarek Amer told reporters on Sunday via Sada al-Balad TV that “Egypt is facing a cash problem.” Amer disclosed that there’s roughly $26 billion being transferred out of Egypt to international banks and Egyptian travelers are also taking lots of cash with them when they travel abroad. However, local media quickly pointed out that Egyptian expat remittances were well over $26 billion and were actually closer to $34 billion. The CBE initiated a new scheme so citizens will use electronic payments more often by removing online fees and certain banking commissions. On Sunday, Egypt’s central bank told smaller banks to limit cash withdrawals to 10,000 Egyptian pounds for individuals per day and limited ATM withdrawals as well. The monetary authority of the Arab Republic of Egypt explained on March 29 that it had told Egyptian banks to impose limits on cash withdrawals. The reason for the CBE’s move is to help curb the rising coronavirus spread in Egypt, Africa and other countries in the Middle East. The CBE’s new guideline says that the daily limit for individual withdrawals will be 10,000 Egyptian pounds ($640) and Egyptian companies can only withdraw 50,000 pounds. Further, the central bank told financial institutions to limit ATM withdrawals down to 5,000 pounds. The Egyptian pound’s inflation rate has been worse than most countries, as it was 13% in 2019 and 9.9% in 2020. Most central banks try to keep the inflation rate around 2%, but the Egyptian pound has suffered since the CBE floated the national currency in November 2016. The Egyptian central bank told financial institutions to also limit ATM withdrawals down to 5,000 pounds ($320). Egyptians have also been told by the CBE that they should “avoid paper currency” and the citizenry should adopt electronic transfers and e-payments so they can control the covid-19 outbreak. “All banks canceled fees on transfers and e-payment methods for the citizens’ convenience,” the CBE said on Sunday. The day prior, the central bank of Egypt started an electronic payments initiative to encourage citizens to stop using physical pounds. Before that initiative, the CBE told smaller banks they could not impose late payments on certain loans and asked banks to delay credit penalties against customers and organizations. The Egyptian people have already been dealing with the high inflation rate between 9.9-13% in 2019 and 2020 due to the CBE floating the Egyptian pound in 2016. Withdrawal Limits Started in Lebanon and India Well Before the Covid-19 Outbreak The covid-19 outbreak is not the first sign of governments worldwide limiting the use of cash within a nation. Lebanese citizens have been dealing with the economic hardship as well. The country’s central bank imposed customer withdrawal limits last October. The Reserve Bank of India (RBI) imposed strict restrictions at the end of September 2019, which caused a broad range of Indian citizens to grow angry and rush branches. The CBE’s Tarek Amer told reporters on Sunday on Sada al-Balad TV that “Egypt is facing a cash problem.” Following the coronavirus scare, a few U.S. banks imposed withdrawal restrictions as customers from the Hamptons in New York tried to empty large accounts. Bank customers from a few other U.S. states also complained of withdrawal limit issues from financial institutions like Bank of America, Chase, and JPMorgan. Last week, reports also disclosed that a number of German banks have imposed withdrawal limits and customers can only withdraw 1,000 euros per visit. Meanwhile, throughout the madness of this crazy environment filled with financial calamity, bitcoin supporters believe the time is now for worldwide citizens to adopt a censorship-resistant peer-to-peer electronic cash system. Banks have continued to make it harder for people to do what they want with their own money and with the covid-19 crisis, the problem is far more apparent. Americans, Egyptians, Lebanese, Indians, Germans, and citizens across the globe are starting to realize the glaring issues tied to modern central banking the hard way. What do you think about the CBE imposing Egyptian pound withdrawal limits? Let us know in the comments below. The post Egypt Limits Bank and ATM Withdrawals Citing Rampant Cash Outflow and Coronavirus Fears appeared first on Bitcoin News. View the full article
  11. In 44 days, BTC miners will face the third reward halving as the block subsidy will soon shrink from 12.5 to 6.25 coins per block. Following the market carnage in mid-March, BTC’s hashrate plummeted 44% to a 2020 low of 75 exahash per second (EH/s). Since then the hashrate has climbed back above 100EH/s, but profitability between SHA256 networks like BCH and BSV has been a lot more erratic than usual. Also read: Bitcoin Hashrate Down 45% – Miners Witness Second-Largest Difficulty Drop in History BTC Recaptures 100 Exahash – SHA256 Miners Bounce from Network to Network Chasing Profits Three halvings are just around the corner and people monitoring these networks have been noticing a lot more action within the SHA256 mining ecosystem. The market downturn after March 12, stemming from the covid-19 scare, has caused a massive revenue shift for individuals and organizations mining bitcoins. News.Bitcoin.com recently reported on how bitcoin miners have been selling more coins than they have been generating. Moreover, at the same time, the BTC hashrate lost 44% of its processing power and the network saw the second-largest difficulty drop in history. Now there’s only 44 days left until BTC’s subsidy halving, as the chain will halve on or around May 13. Since news.Bitcoin.com’s report three days ago, BTC miners have managed to jump back above the 100EH/s mark. At the time of publication, bitcoinsv (BSV) miners have 2.4EH/s of hashpower and the network is expected to halve in ten days. Bitcoin cash (BCH) has around 3.4EH/s hashing away at the network and BCH miners will face a halving in eight days. With the significant price drop and the BTC difficulty drop that followed, all three networks have been seeing much longer time frames when it comes to miners shifting between networks for profits on each network. Miners who are mining 2-3 of the most valuable SHA256 chains are bouncing back and forth depending on each chain’s profitability. For instance, from March 13 through the 21st, the profitability between BTC and BCH was considerable and favoring BCH. Similarly, after March 21, the opposite was true for about a week and miners moved hashpower over to BTC for a while. With all three halvings expected to happen roughly around the same time frame, the events make speculators believe that the trend of miners bouncing back and forth will continue to increase. While DPW Holdings Closes a 28MW Operation, Hive Acquires a 30MW Facility The price drop that affected all three SHA256 networks (BTC, BCH, and BSV) has caused a number of mining operations to close up shop or make an acquisition. On March 18, DPW Holdings revealed that because of the adverse effects of the covid-19 outbreak, the firm’s subsidiary mining farm Digital Farms would be closing indefinitely. The company filed an update with the U.S. Securities and Exchange Commission (SEC) about the decision to shut down operations. The report notes that Digital Farms shut down 28 megawatts (MW) of power “due to the unprecedented market conditions domestically and internationally.” Following the closure of Digital Farms, Hive Blockchain Technologies Ltd (TSX.V:HIVE) announced the acquisition of a mining operation with 30MW of power. The facility uses “low-cost green power” and resides in Lachute, Quebec. “The acquisition provides us with an advanced, operating Bitcoin mining facility ready to transition to next-generation mining hardware with access to some of the lowest-cost electricity on the planet,” Frank Holmes, interim executive chairman of Hive told the press on Monday. “The facility is powered entirely by renewable hydroelectricity, thereby maintaining our 100% green energy powered operations globally,” the Hive executive further remarked. Montana Officials Extend Renewable Energy Guidelines for Bitcoin Miners Just recently, Coinshares data and many other researchers have reported roughly 74% of bitcoin mining operations are leveraging some form of renewable energy. While mining bitcoins continues to grow popular, the state of Montana has seen a lot of miners setting up shop in the region. The Cyptowatt facility (10.9 MW of capacity) shown above is one of many bitcoin mining operations located in Montana. State officials want to see all bitcoin miners in the region leverage renewable energy sources. On March 27, officials in Missoula County, Montana proposed extending a guideline that requires miners operating in the state to use renewable energy sources. The proposal passed unanimously among the Missoula County Board of Commissioners and it will last until April 3, 2021. 16nm Chip and S9 Extinction? A recent research report by Securities Daily’s Xing Meng reveals that older mining units like Bimain’s S9 (14TH/s) may not survive with bitcoin prices so low and with the upcoming reward halving. The mining operation F2pool has already reported that an estimated 2.3 million Antminer S9s have been shut off to-date. Did you know you can earn BTC and BCH through Bitcoin Mining? If you already own hardware, connect it to our powerful Bitcoin mining pool. If not, you can easily get started through one of our flexible Bitcoin cloud mining contracts. Securities Daily’s Xing Meng and F2pool’s data shows that 16nm-powered mining rigs that have been the standard since 2016 face extinction. Although, the recent adjustment in BTC’s difficulty has allowed 16nm powered units like the S9s to continue until the halving. According to data, right now an S9 with 14/THs and $0.04 per kWh, will lose $11 a day. This data indicates that electricity prices would have to be near free for S9s to continue going forward after the halving. The current global economy fears mixed with the upcoming halvings on all three SHA256 networks, will surely make things in crypto-land more eventful. Signs of stress and large swings in mining profitability and hashrate, indicate that miners are likely simply trying to survive the best they can. For the last few years, bitcoin mining has been extremely competitive and the competition and stress will likely grow exponentially after these three halvings are said and done. What do you think about the challenges miners face with the current price and upcoming halving? Let us know in the comments below. The post Bitcoin Mining Roundup: BTC Regains 100 Exahash, Miners Close Shop, Pre-Halving Shake-Up appeared first on Bitcoin News. View the full article
  12. The International Monetary Fund (IMF) has declared that we have entered a global recession — one that is as bad as or worse than the previous global financial crisis. 80 countries have already requested emergency assistance from the IMF. Meanwhile, the G20 has reported fiscal measures totaling some 5 trillion dollars or over 6% of global GDP. Also read: 2x Bitcoin — Wanna Double Your BTC to the Moon? Forget About It IMF Declares Global Recession Kristalina Georgieva, Managing Director of the International Monetary Fund, talked about the current economic situation during a press briefing on Friday. She also outlined measures taken by the IMF and the G20 countries in an effort to prevent a total economic meltdown due to the coronavirus pandemic. The press conference followed the G20 leaders meeting the day prior. “We have reassessed the prospect for growth for 2020 and 2021,” Georgieva said, elaborating: It is now clear that we have entered a recession – as bad as or worse than in 2009. She added that recovery will only happen this year if the coronavirus is contained globally and liquidity problems are prevented from becoming a solvency issue, emphasizing that a wave of bankruptcies and layoffs can undermine the recovery. IMF chief Kristalina Georgieva talked about the economic measures employed to avoid another financial crisis. She declared that we have entered a global recession. Measures Taken to Avoid Economic Meltdown To avoid a total economic meltdown, many countries have taken extreme measures. “The G20 yesterday reported fiscal measures totaling some 5 trillion dollars or over 6 % of global GDP,” Georgieva detailed. “To support this, last night the IMF launched a policy action tracker for 186 countries to help us all to see who is doing what. We will be updating this information regularly and will provide country-specific analysis in line with our surveillance mandate.” The IMF chief added: We have seen an extraordinary spike in requests for IMF emergency financing – some 80 countries have placed requests and more are likely to come. Normally, we never have more than a handful of requests at the same time. After declaring a global recession, IMF Managing Director Kristalina Georgieva said: “We have seen an extraordinary spike in requests for IMF emergency financing – some 80 countries have placed requests and more are likely to come.” Georgieva further revealed that the IMF Executive Board approved the first of these emergency requests for the Kyrgyz Republic (Kyrgyzstan) on Thursday. “We also see a wide range of problems building up in emerging markets – the spread of the virus, the shut-down of economies, capital outflows and – for commodity exporters – a price shock,” she continued, adding: Our current estimate for the finance needs of emerging markets is $2.5 trillion – a lower-end estimate for which their own reserves and domestic resources would not be sufficient. The IMF chief explained that her organization is taking a number of measures and collaborating with other entities such as the World Bank. Firstly, the IMF is proposing to double its emergency financing capacity, simplify its processes, and fill the gap in its concessional financing. Secondly, the Fund will review its lending instruments such as expanding the use of precautionary credit lines. The IMF has also approved changes in the application of the Catastrophe Containment and Relief Trust (CCRT) which it hopes to provide some debt relief to its poorest member countries. The U.K., Japan, and China have already pledged their support to increase the capacity of the CCRT. What do you think of the IMF declaring that we are in a recession? Let us know in the comments section below. The post IMF Declares Global Recession, 80 Countries Request Help, Trillions of Dollars Needed appeared first on Bitcoin News. View the full article
  13. Bitcoin’s price has been dragging downward and on March 29, BTC’s fiat value slipped beneath the $6K zone. Most of the top ten cryptocurrencies are down between 5-8% in the last 24 hours. As the global economy falters and the halving approaches, people are uncertain about the future price of bitcoin as “safe-haven” theories have been steadily vanishing. Also read: In-Between Bitcoin Halvings: Analyst Proves Bitcoin’s Price Not Bound to 4-Year Cycles Top Ten Cryptos See Some Percentage Losses During Sunday’s Trading Sessions The price of bitcoin affects the entire cryptoconomy most of the time and on Sunday, March 29, the story is no different. BTC has slipped beneath the psychological $6K mark after hovering around $6,450 for a while and then $6,200 during the last day and a half. At the time of publication, BTC is swapping for $5,904 per coin and has a market capitalization of roughly $108 billion. As usual, tether (USDT) is the top pair with BTC on Sunday capturing more than 67% of the day’s trades. This is followed by pairs like USD (8.6%), JPY (6.2%), PAX (5.69%), USDC (5.4%) and EUR (2.18%). The two stablecoins PAX and USDC have been commanding a lot of BTC trade volume since the initial market carnage that started on March 12. At $5,904 per coin, BTC has lost 5.15% during the course of Sunday’s trading sessions. The second-largest blockchain by market capitalization, ethereum (ETH), is down 3.6% today and trading for $125 per coin. ETH has a market cap hovering around $13.8 billion and about a billion in reported trade volume on Sunday. Ethereum prices are down 18% during the last 30 days, 4.3% for the last 90, and negative 12% for the last 12-months against the U.S. dollar. The fifth-largest blockchain by market cap, bitcoin cash (BCH) is down 3% today and is swapping for $208 a coin. BCH has around $330 million in global trade volume and the coin’s market valuation is $3.8 billion today. Just like BTC, the top trading pair with bitcoin cash is tether (USDT) capturing 59% of the day’s swaps. BTC is below tether followed by USD (14.5%), ETH (1.5%), KRW (1.4%), and EUR (0.55%). Bitcoin cash is down 3% for the last 30 days, the coin is up 0.27% for the last 90, and BCH is also still up 24% for the last 12-months against the U.S. dollar. Uncertainty Remains Thick Among Crypto Traders Right now many traders on forums, Youtube, social media and other avenues are uncertain about the future of BTC’s price and the rest of the crypto market. The popular analyst Peter Brandt noted on March 27 that for BTC, “This is the perfect storm.” However, Brandt added: “If Bitcoin cannot rally on this, then crypto is in BIG trouble.” “I do not personally think BTC even has that much time to declare itself true or false,” Brandt tweeted the day prior. Digital asset trader Crypto Michaël tweeted to his 50,000 followers that he thinks “every cycle takes longer than the previous one.” The trader’s opinion was similar to our recent report on Benjamin Cowen’s video about debunking four-year cycle periods. “What if that also means that we’re going to find support at the 300-Week MA?” Crypto Michaël asked. “100-Week MA was supported in 2012, 200-Week in 2014-2017. 300-Week MA accumulation before the peak to 2025-2026 with BTC at $150,000?” the trader added. “So you’re saying BTC will be in the range between 3k and 6k over the next 2+ years? I don’t think that BTC holders will be happy with that,” one person replied. “You are right. But I think there will be a new Bitcoin hodler emerging if the price will be $3K,” another crypto proponent added. The Twitter account The Crypto Fam told his 20,000 followers that he thinks $6K as a long term price is good. “But it’s possible that all markets make another big leg down, even gold, in which case BTC would go with it. Gotta have some cash to buy new lows,” he tweeted. “In the last 24 hours, I’ve watched BTC climb in the short-term while XRP remains stable in bitcoin price countless times in which it somehow did not affect the USD price of XRP in the meantime. Mathematically, it just doesn’t compute,” the trader Tommy Tourettes said. Presently, a number of traders and analysts have a range of different theories about where crypto prices will lead, but these days most of them are uncertain of what lies ahead. Where do you see the cryptocurrency markets heading from here? Let us know in the comments below. The post Market Update: Uncertainty Remains Thick as Bears Claw Bitcoin Price Below $6K appeared first on Bitcoin News. View the full article
  14. Earlier
  15. This week, our developers rolled out the latest version of the lightning-fast, noncustodial Bitcoin.com Wallet. The new version now comes with live price graphs so crypto enthusiasts can follow crypto price changes in real-time. Moreover, the wallet software also features price tracking so you can monitor your favorite digital asset’s price changes as well. Also read: ‘Bull Run May Not Come Immediately After Bitcoin Halving,’ Says Bitmain’s Jihan Wu Bitcoin.com Wallet Features Live Price Graphs and Price Tracking Abilities Ever since our developers launched the Bitcoin.com Wallet, they continuously improve the software with every release. During the second week of March, the software surpassed 10 million wallets created and Bitcoin.com also redesigned the wallet’s look. The Bitcoin.com Wallet has always been packed with features and gives users access to our many services like Bitcoin.com’s Games and the ability to instantly purchase BTC or BCH. Not too long ago Bitcoin.com engineers also added the ability to store Simple Ledger Protocol (SLP) tokens as well. The latest Bitcoin.com Wallet release improves the network status connection alongside minor stability fixes as well. Furthermore, Bitcoin.com Wallet users can check their transaction history in order to get the best-estimated fiat rate at the time of the transaction. The Bitcoin.com Wallet’s new version now includes live price graphs so crypto market prices can be monitored in real-time. At Bitcoin.com we want to make it easier for you to track your favorite digital currencies at any time. There’s also price tracking abilities so people can track cryptocurrency price changes (midnight, 24h, 7d, 30d). The Bitcoin.com Wallet Aims to Spread Economic Freedom Far and Wide Bitcoin.com’s noncustodial wallet also provides users with Instant Pay, an exclusive feature that lets users auto-pay instantly with bitcoin cash (BCH). The feature outperforms traditional wallet settings because the user presets a threshold amount that can be sent instantly. Bitcoin.com has always strived to be the leading destination for all your bitcoin needs and our lightning-fast wallet is the perfect example. Because the Bitcoin.com Wallet is noncustodial, it provides a secure solution for acquiring crypto instead of storing BCH or BTC on an exchange. Exchange breaches have been prevalent within the cryptocurrency industry for years and 2019 saw a number of big exchange hacks. Over 10 million wallets created is a significant milestone for us, but it’s also just the start. Bitcoin.com hopes to provide wallets, tools, and educational resources to everyone all across the globe. The user-friendly Bitcoin.com Wallet is pushing that goal towards the next level as cryptocurrencies like bitcoin cash (BCH) show enormous potential toward giving worldwide citizens access to economic freedom. Whoever and wherever you are, Bitcoin is for you. What do you think about the new Bitcoin.com Wallet app? Share your thoughts in the comments section below. The post Latest Bitcoin.com Wallet Release Features Live Charts and Price Tracking appeared first on Bitcoin News. View the full article
  16. For weeks now, the cryptocurrency community has been fervently discussing the recent acquisition of the Steemit blockchain. Skeptics believe that the Tron takeover has shown significant vulnerabilities with delegated-proof-of-stake (DPoS) projects. Following the takeover, the community still managed to fork the protocol and the new hard-forked blockchain dubbed ‘Hive’ has seen its token price outperform the value of Steem tokens. Also read: In-Between Bitcoin Halvings: Analyst Proves Bitcoin’s Price Not Bound to 4-Year Cycles A slew of Steemit proponents believe the Steemit protocol was rescued from centralization and Justin Sun’s Tron project. On March 3, news.Bitcoin.com reported on how the first community-led fork had failed because a few exchanges used large swathes of DPoS tokens in order to stop the attempt. Then on March 20, community members forked the Steemit protocol and relaunched under the name ‘Hive’ using its own blockchain. Although after the fork took place, Hive’s project leaders had issues with moving steem tokens into the Hive chain. Further, the team discussed blacklisting certain Tron proponents who have a significant stake in the project. Today, hive tokens (HIVE) are trading for $0.21 per coin and steem tokens (STEEM) are selling for $0.17 per unit. Steem trade volume, however, reported by exchanges has been around $2.3 million during the last 24 hours. Hive volume is considerably lower at the time of publication, with only $53K worth of 24-hour swaps. Despite the fork last week, the Tron-backed Steemit project hopes to convince users to come back to the Steemit project. Additionally, Steemit operators also admitted to censoring Steemit-based articles that discuss the Hive project. Essentially, the Tron-owned Steemit project leaders told the community that if they are divided, the project’s original goals will fail. The blog post states: We listened to the Steem community, and we always will. While we do not agree, nor obviously support the recent hard fork, we continue to find ways to show our commitment to developing our Steem ecosystem with the support of our great community. We love Steem and we are always supporting a united community since we believe that united we stand, divided we fall. When Steemit’s new owners confessed to censoring posts they said: “Would any commercial website support a post that encourages all users to migrate to another one? No. That would not be in the best interest of the community and the Steem ecosystem.” Meanwhile, the Hive blockchain community is positive about the new project and the lessons learned. “Hive is unique in that it’s a social blockchain. Bonds have been built over the years. Lives have been changed, saved and improved. Lessons have been learned,” one Hive supporter wrote on Twitter. “Open source so your contributions are immutable — Hive is an idea and no amount of money, government or corporations can kill it,” he added. While speaking of the situation on social media about Steemit’s new project leaders censoring posts and the centralization issues, another Hive supporter tweeted: “Woah, this is scary. Over 4,500 posts and comments, just gone. What’s supposed to be a decentralized social network, has become dangerously centralized. They’re still on Steem, but [they are] censoring me just because I was heavily involved in Hive?” What do you think about the hive token outperforming steem tokens? Let us know in the comments below. The post Free from Tron: Steemit’s Blockchain Fork Hive Outperforms Steem Token Value appeared first on Bitcoin News. View the full article
  17. Porn sites have been experiencing increased traffic as the number of people under lockdown or quarantine rises due to the coronavirus pandemic. Many of these sites accept cryptocurrencies, including Pornhub. The popular porn site currently offers residents of some countries free premium membership for a limited time to help them stay home during the covid-19 outbreak. Also read: 2x Bitcoin — Wanna Double Your BTC to the Moon? Forget About It Porn Site Sees Surge in Traffic Amid Coronavirus Lockdown Lockdown and social distancing have increased traffic to adult websites, many of which accept cryptocurrencies. Recently, one of the largest free porn sites, Pornhub, began offering free premium membership to users in countries currently undergoing a coronavirus lockdown or quarantine, including France, Spain, and Italy. Premium membership offers benefits such as exclusive content, no ads, faster streaming, and high-speed downloads. Since last week, users could sign up using the site’s special “stay home” page and enjoy free content for a month. Immediately after the company announced this offer, its site’s traffic spiked. According to the company, more than 120 million people visit its website daily before the spike. Major free porn website Pornhub has seen increased traffic since it began offering countries under lockdown free premium membership. Moreover, the platform recently revealed that about 10% of its performers on Modelhub have opted to be paid in cryptocurrencies. Pornhub began heavily exploring accepting cryptocurrencies after Paypal stopped payouts to thousands of models last year. In January, the company announced that it had added USDT as a payout option. Users can also pay for premium membership with horizen, tron, or verge. Alternatively, they can pay via Pumapay, a crypto payment solution provider. The number of porn sites accepting cryptocurrencies is increasing, some of which accept a wide range of coins via a payment solution provider, such as Coingate. Cryptocurrency-Friendly Adult Sites Besides Pornhub, several other large porn sites also accept cryptocurrencies. Among them is Sexlikereal (SLR) which focuses on virtual reality experiences. Subscription to this platform can be paid in over 50 cryptocurrencies through Coingate, including bitcoin, bitcoin cash, litecoin, XRP, ether, nano, and tron. Similarly, Livejasmin and Manyvids also accept a wide range of cryptocurrencies. Livejasmin specializes in live streaming and webcam shows. Manyvids is a Canadian adult entertainment video hosting, live streaming, and e-commerce company. Other porn sites that accept cryptocurrencies include Naughty America, Chaturbate, and Camsoda. Meanwhile, some adult film stars are openly pro-cryptocurrencies. Brenna Sparks, for example, has been relentlessly promoting cryptocurrencies to her co-workers and peers throughout the industry. What do you think of crypto-friendly adult sites? Let us know in the comments section below. The post Porn Industry Thrives During Lockdown — These Sites Are Cryptocurrency-Friendly appeared first on Bitcoin News. View the full article
  18. Crypto traders and analysts have always looked to the halvings for some kind of clues in order to predict the future price of bitcoin. A number of traders also think that BTC price movements shift every four years and speculators often use the halvings as milestone markers. On March 28, crypto Youtube host and digital currency analyst Benjamin Cowen explained bitcoin’s price doesn’t move in four-year cycles and stressed that the asset is still following the lengthy market phase of accumulation. Also read: ‘Bull Run May Not Come Immediately After Bitcoin Halving,’ Says Bitmain’s Jihan Wu The Problem With 4-Year Interval Price Theories On Saturday, Into the Cryptoverse host, Benjamin Cowen discussed the crypto asset BTC’s long term chart. Cowen says there’s a number of people who still believe that the price of BTC follows a four-year cycle in between each bull run. Additionally, there are speculators who use the halvings as markers as well and there’s a number of crypto supporters who believe BTC’s price will spike either just before, or immediately after the bitcoin halving. “If you are still under the four-year cycle theory we’re waiting for you to potentially change your mind at some point,” Cowen said. “Most of the evidence suggests — It’s not a four-year cycle and I don’t think there is anything that suggests it is,” Cowen added. The Into the Cryptoverse analysts stressed that four years ago, the price was far more bullish than it is today. Cowen believes it’s going to be “a lot longer” for the next bull run to come to fruition. “The reason we talk about this, is because lengthening cycles are the name of the game,” the analyst said. “Welcome to the show — welcome to bitcoin, as there’s really nothing that suggests there are four-year cycles,” he added. Essentially a lengthening cycle means that after every price top and the subsequent correction, the time frame until the next bull market lengthens every time. According to Cowen, we are in the midst of an accumulation phase and he also talked about how some people think that BTC’s price will rise after the halving. “Some people think that the halvings mean that we have to peak at some certain amount of time after and before the next halving — We’ve talked about how this is not true,” Cowen remarked. The analysts proved his point by showing different peak formations in 2011, the one before the 2013 bull run, and 2017’s run-up as well. The trader said that expecting a four-year cycle “doesn’t even make sense” and measuring from valley to valley it also doesn’t equate to a four-year cycle either. “What we have said is likely 2020 and 2019 will be accumulation years — It means for the next several months — it is going to be an accumulation time.” Cowen thinks that besides a few rare wicks below the 200-MA, the 200-week moving average has held pretty well. The analyst stated: So bitcoin is still on course, nothing has changed. Lengthening Cycles and Missing the 6-Figure Paradigm Cowen’s video shows that BTC prices could touch six figures at some point and he seems to be more optimistic about the last quarter of 2021. The point of the video Cowen noted was to inform people who seem to be hung up on the four-year cycle theories and halving speculation. The researcher also told people how they can read his prior blog post about the subject in more detail. “You’ll find countless graphs that talk about the four-year cycle theory and how its likely wrong and how lengthening cycles is probably ultimately what we are going to see,” the analyst highlighted. Cowen also thinks that if everyone could fast forward 4-5 years from now, it will be “obvious to everyone and by that point there will be a lot of people who missed out.” Cowen thinks they will miss out on the lengthening cycle and accumulation phase knowledge because they are too focused on the four-year cycle theories. The trader’s report follows the recent statements from Bitmain cofounder, Jihan Wu, who also said that the bull run may not come right after the bitcoin halving. “I think the bull this time around may not come immediately after the halving [and] there likely will be a delay in time,” Wu said in a recent interview. Bitmain’s CEO noted that BTC’s price will have a top, become more stable, and the crypto’s value will also show slower growth over time. Wu’s theory aligns with Cowen’s lengthening cycle opinion and Wu also stressed that “we may not see abrupt spikes in [BTC’s] price.” What do you think about Cowen’s four-year cycle hypothesis? Let us know in the comments below. The post In-Between Bitcoin Halvings: Analyst Proves Bitcoin’s Price Not Bound to 4-Year Cycles appeared first on Bitcoin News. View the full article
  19. Microsoft has patented a cryptocurrency mining system that leverages human activities, including brain waves and body heat, when performing online tasks such as using search engines, chatbots, and reading ads. “A user can solve the computationally difficult problem unconsciously,” the patent reads. Also read: 2x Bitcoin — Wanna Double Your BTC to the Moon? Forget About It Crypto System Leveraging Body Activity Data Microsoft Technology Licensing, the licensing arm of Microsoft Corp., has been granted an international patent for a “cryptocurrency system using body activity data.” The patent was published by the World Intellectual Property Organization (WIPO) on March 26. The application was filed on June 20 last year. “Human body activity associated with a task provided to a user may be used in a mining process of a cryptocurrency system,” the patent reads, adding as an example: A brain wave or body heat emitted from the user when the user performs the task provided by an information or service provider, such as viewing advertisement or using certain internet services, can be used in the mining process. Microsoft has patented a “cryptocurrency system using body activity data” with the World Intellectual Property Organization (WIPO), the agency of the United Nations responsible for treaties involving copyright, patent, and trademark laws. Noting that the method described may “reduce computational energy for the mining process as well as make the mining process faster,” the patent details: For example, instead of massive computation work required by some conventional cryptocurrency systems, data generated based on the body activity of the user can be a proof-of-work, and therefore, a user can solve the computationally difficult problem unconsciously. Patent Suggests Alternative Way to Mine Cryptocurrencies The patent describes a system where a device can verify whether “the body activity data satisfies one or more conditions set by the cryptocurrency system, and award cryptocurrency to the user whose body activity data is verified.” Microsoft patents a cryptocurrency system leveraging different types of sensors to “measure or sense body activity or scan human body,” such as heart rate monitors, thermal sensors, and optical sensors. Different types of sensors can be used to “measure or sense body activity or scan human body,” the patent explains. They include “functional magnetic resonance imaging (fMRI) scanners or sensors, electroencephalography (EEG) sensors, near infrared spectroscopy (NIRS) sensors, heart rate monitors, thermal sensors, optical sensors, radio frequency (RF) sensors, ultrasonic sensors, cameras, or any other sensor or scanner” that will do the same job. The system may reward cryptocurrency to an owner or a task operator “for providing services, such as, search engines, chatbots, applications or websites, offering users access for free to paid contents (e.g. video and audio streaming or electric books), or sharing information or data with users,” the patent details. The idea of mining cryptocurrencies using human body heat has previously been explored by other organizations. For example, Manuel Beltrán, founder of the Dutch Institute of Human Obsolescence, set up an experiment in 2018 to mine cryptocurrencies with a special bodysuit that harvested the human body heat into a sustainable energy source. The electricity generated was then fed to a computer to mine cryptocurrencies. What do you think of Microsoft’s new cryptocurrency mining system? Let us know in the comments section below. The post Microsoft Patents New Cryptocurrency System Using Body Activity Data appeared first on Bitcoin News. View the full article
  20. San Francisco-based exchange Kraken conducted a poll that stems from the responses of 400 “VIP” cryptocurrency traders. Despite the current economic climate, surveyed participants indicate they still believe the cryptoconomy is in a “bull market.” Moreover, Kraken’s survey respondents think BTC prices will touch a new all-time high at $22,866 per coin. Also read: 2x Bitcoin — Wanna Double Your BTC to the Moon? Forget About It 400 VIP Kraken Traders Are Still Bullish – Survey Respondents Expect BTC’s Price to Touch $22K in 2020 On March 27, Kraken published a survey called the “2020 Sentiment Survey: Where We Are & What’s To Come.” The poll was conducted with 400 “VIP” traders and 41% said they were “investors,” 40% noted they were “traders” and 15% said they were “institutions.” A small percentage of the respondents were payment firms, crypto exchanges, and miners. “Kraken Intelligence, our team of in-house research experts, surveyed 400 clients from around the world this January to gauge their sentiments and expectations for crypto in 2020,” explains the VIP client letter sent on Friday. According to the report, 44% of participants think the cryptoconomy is still in the midst of a “bull market.” Roughly 34% of those surveyed said they were “unsure” at the moment. Further, 22% of the Kraken survey respondents think that the cryptoconomy is facing at “bear market” right now. Interestingly, surveyed individuals and organizations envision BTC touching a new all-time high (ATH) in 2020. The survey notes that respondents expect the price of BTC to jump to $22,866 per coin at some point during the year. The VIP traders also predict that the price of ETH will reach $810, but ether will not surpass it’s ATH in 2020. ‘Despite Uncertain Times, the Crypto Industry Remains Optimistic’ The respondents also indicated that some of them manage massive amounts of funds as 84% of participants said they manage less than $10 million. But 11% of surveyed individuals disclosed that they manage around $10 million and $50 million according to Kraken’s statistics. 6% said they managed funds between $50 million to $100 million. “Nearly 50% of respondents anticipate that the U.S. SEC will approve a bitcoin ETF this year,” Kraken’s blog post stresses. “Tether (USDT) was the overwhelming favorite (60.4%) among stablecoin users,” the report also notes. Kraken’s report adds: Despite these uncertain times, it is clear from the survey that the crypto industry still has many advances and catalysts to be optimistic about. What do you think about Kraken’s recent survey? Let us know in the comments below. The post Trader Survey Respondents Predict Bitcoin Price Will Surpass $22K in 2020 appeared first on Bitcoin News. View the full article
  21. On Friday, U.S. bureaucrats passed the 2020 stimulus bill, which has become the largest cash injection package ever created by the federal government. However, following the bill making it through the Senate and House, Republican representative Thomas Massie told the public the stimulus bill bolsters a shroud of secrecy surrounding the Federal Reserve. Moreover, within the depths of the bill’s 880 pages, there’s a $454 billion slush fund available for Wall Street among many other types of pork-barrel funding. Also read: Trump Signs Largest Relief Bill in US History: When Will Americans Get Stimulus Checks Kentucky Lawmaker Claims CARES Act Vote Was a ‘Cover Up’ and the Bill Allows the Fed to Print Funds for Wall Street Under a Shroud of Secrecy While Americans wait for their $1,200 checks for economic support from the U.S. federal government, American politicians have once again shown an enormous amount of greed and manipulation. While polarizing Democrats claim to be for the average citizen and main street, bureaucrats like Bernie Sanders, Sherrod Brown, Alexandria Ocasio-Cortez (AOC), Jeff Merkley, and Elizabeth Warren just gave the U.S. central bank and Wall Street unlimited powers. A great majority of bi-partisan leaders approved the new bill that lets the Federal Reserve create Special Purpose Vehicles (SPVs) for risky schemes (similar to Enron) and a $484 billion slush fund for U.S.-based financial incumbents. Although, one representative from Kentucky told the press after the stimulus bill passed that the whole “Coronavirus Aid, Relief & Economic Security Act” (CARES Act) passing was a blatant “cover up.” .@RepThomasMassie: "There's a big cover up in there." pic.twitter.com/eWv0MuSNSx — Breaking911 (@Breaking911) March 27, 2020 Representative Thomas Massie told reporters that U.S. representatives and senators tried to cover up the voting process during the bill’s passing. Massie said that unnamed politicians are trying to protect themselves from future “political ramifications.” “The truth,” Massie said. “If you are willing to report it is that [representatives] don’t want a recorded vote. They don’t want to be on record for making the biggest mistake in history.” The Kentucky lawmaker also took to Twitter and told the public that he “swore an oath to uphold the constitution, and I take that oath seriously.” According to Massie, the CARES Act’s official vote had a number of discrepancies and it should not have passed. Massie noted that democratic House speaker Nancy Pelosi also got to add $25 million to fund the Kennedy Center and for the National Endowment for the Humanities and Arts. Massie believes this money could’ve been spent on current healthcare costs like covid-19 test kits and medical equipment. Not only did American leaders ‘pork’ the bill with unneeded funding, Massie also highlighted that the CARES Act takes good care of the Fed. Massie tweeted: This bill creates even more secrecy around a Federal Reserve that still refuses to be audited. It allows the Federal Reserve to make decisions about who gets what, how much money we’ll print. With no transparency. The US Cares Act gives the Fed a shroud of secrecy and it can secretly meet with Wall Street incumbents and help them with liquidity funding and never be audited. Kentucky lawmaker Thomas Massie says the bill passing was a “cover-up” and the “biggest mistake in American history.” Unnecessary Spending, Pork Barrel Funding, and Secret Monetary Policy Americans May Never Learn About Unless They Read the Bill In addition to the vote discrepancies, the CARES Act’s pages indicate that Massie’s arguments are correct. The act contains massive amounts of money that go toward unnecessary spending and the section that gives $1,200 to taxpayers, is the smallest section within the entire bill. The bill shows that the CARES Act allows a special central bank fund for $484 billion that “shall be available to make loans and loan guarantees.” There is zero oversight for this new slush fund and it provides the Fed with the ability to facilitate investments for the purpose of “providing liquidity to the financial system” under a shroud of secrecy. Columnists Pam Martens and Russ Martens disclosed that the bill allows the Fed to fund Wall Street in secret and create Special Purpose Vehicles (SPVs). SPVs are entities built to curb extremely risky investments (like buying Bear Stearns stocks in 2007) and White House Economic Adviser Larry Kudlow noted that SPVs will add “$4 trillion in Federal Reserve lending power.” Americans grew tired of the Wall Street bailouts and protested the cash injections in 2007-2008. Furthermore, two years later, after the financial meltdown in 2008, Occupy Wall Street protestors took to the streets in 2012 to fight against the same financial manipulation. Essentially, with taxpayers’ funds, the Fed can use the SPV to take a 10% stake in a number of Wall Street bailouts. Martens’ report highlights the central bank can “simply keep these dark pools off its balance sheet while levering them up 10-fold.” The researchers report also adds: This could mean that the American taxpayer may never learn why it went into debt to the tune of $454 billion if no records are being maintained. Unfortunately, news publications like the Wall Street Journal, CNN, New York Times and Bloomberg are not reporting on the secrecy that has been tacked onto the CARES Act. They have reported on the $1,200 checks to appease the angry citizenry, but have failed to report on the mysterious ‘pork funds’ slipped into the stimulus bill. The Fed already created an SPV called the Commercial Paper Funding Facility (CPFF) and this move provides the Fed with the ability to provide $10 billion of credit protection to banks. Unfortunately, most Americans won’t read the 2020 Cares Act. The bill which became law on Friday contains massive amounts of ‘pork-barrel’ funding like $1 billion for the airlines recycling program, $9 million for “miscellaneous Senate expenses,” a $484 billion Wall Street slush fund, and $25 million to fund the Kennedy Center and for the National Endowment for the Humanities and Arts. If Americans actually read the CARES Act, they would notice that there’s $25 million set aside for the capitol building’s cleaning supplies, $25 million extra for the House of Representative’s salaries, and $315 million for diplomatic programs as well. There’s $1 billion being kept for the airlines’ recycling program, $9 million for “miscellaneous Senate expenses,” $25 million goes to the FAA, the Inspector General Office gets $5 million for salaries, $1 billion will be used for the free phone program, and $30 million will be fed to OSHA for increased regulations. Representative Thomas Massie was not lying when he said the vote on Friday was unjust and mysterious. There’s a lot of hidden treasures in the CARES Act for the Fed, Wall Street, and the precious salaries for the American bureaucracy. The Martens stress that the CARES Act strengthens the powers of the central bank and Wall Street incumbents and “ together they are an unparalleled and unprecedented threat” to the nation. Politicians are acting like heroes with this $1,200 check program, but in reality “the public deserves an honest explanation from each of them,” Martens’ report concludes. What do you think about the Cares Act’s secret funds for Wall Street and pork-barrel funding? Let us know in the comments below. The post US Lawmaker Claims Stimulus Bill Bolsters Fed Secrecy, Pork Funds, and Wall Street Bailouts appeared first on Bitcoin News. View the full article
  22. U.S. President Donald Trump has signed into law what he calls the largest single economic relief bill in history. “At $2.2 trillion dollars, this bill will deliver urgently-needed relief for our nation’s families, workers, and businesses,” Trump said. Americans are expected to receive stimulus checks of up to $1,200 if they qualify. Also read: 2x Bitcoin — Wanna Double Your BTC to the Moon? Forget About It Single Biggest Economic Relief Bill in American History The president of the United States, Donald Trump, has signed the Coronavirus Aid, Relief & Economic Security (CARES) Act into law. He tweeted on Friday: I just signed the CARES Act, the single biggest economic relief package in American History – twice as large as any relief bill ever enacted. At $2.2 trillion dollars, this bill will deliver urgently-needed relief for our nation’s families, workers, and businesses. U.S. President Donald Trump has signed “the single biggest economic relief package in American history,” he described. The Trump administration claims that the new law will provide direct payments to Americans, help small businesses stay open, help workers keep their jobs, provide relief for distressed industries, and provide support for health care providers. However, some people have voiced their concerns on social media, questioning how much the stimulus package will actually help them. The coronavirus crisis has caused many job losses and businesses to shut down. Last week, unemployment claims skyrocketed to a record 3.3 million. Some also blame Trump for not taking action against the coronavirus outbreak early on, downplaying the crisis, and overpromising the cure. Coronavirus Stimulus Checks — How Much and When The Coronavirus Aid, Relief & Economic Security Act gives money to individuals and families as well as financial aid for American businesses and industries suffering as a result of the coronavirus outbreak. Some of the most heavily-asked questions regarding the stimulus bill concern when the relief checks will arrive. Americans want to know how and when they will get their stimulus checks. “This legislation provides tax free payments — treated as a refundable tax credit,” explained The White House. The plan is expected to benefit all U.S. residents or citizens, regardless of their employment status. How much they will receive depends on their tax filing. The total amount of their stimulus checks will be based on the adjusted gross income shown on their 2019 federal tax returns or the previous year if they have not filed their taxes this year. The Trump administration claims that the new law will provide direct payments to Americans, help small businesses stay open, help workers keep their jobs, provide relief for distressed industries, and provide support for health care providers. “$300 billion in direct cash payments will be available to every American citizen earning less than $99,000 per year,” The White House explained. Individual U.S. tax filers with a social security number and an adjusted gross income (AGI) of less than $75,000 will receive the full amount of $1,200. The amount received will decrease as their AGI increases. Heads of households will also receive the full amount of $1,200 if their AGI is less than $112,500. Married couples filing jointly will receive the full amount of $2,400 if their AGI is below $150,000. All filers with children 16 years old or younger will receive an additional $500 per child. For example, a family of four may be eligible to receive a $3,400 check. High-income earners do not qualify to receive stimulus checks, as the amount is completely phased-out for single filers with incomes exceeding $99,000, $146,500 for head of household filers with one child, and $198,000 for joint filers with no children. The law will also extend jobless benefits to those not normally covered, such as freelancers and workers in the gig economy. It also intends to provide loans and tax breaks to companies impacted by covid-19. As for when the stimulus checks will arrive, Treasury Secretary Steven Mnuchin said that he expects Americans to receive direct payments within three weeks if they have a direct deposit set up with the Internal Revenue Service (IRS). If not, the government will mail them a check. According to the IRS, the government will automatically send the money to any tax filers who qualify. Meanwhile, the IRS has extended the tax filing deadline this year from April 15 to July 15. What do you think of this economic relief bill? Let us know in the comments section below. The post Trump Signs Largest Relief Bill in US History: When Will Americans Get Stimulus Checks appeared first on Bitcoin News. View the full article
  23. Bitmain cofounder Jihan Wu’s recent interview discusses some of his predictions concerning the future of bitcoin, mining, the bitcoin halving, and the cryptoconomy. Despite the coronavirus outbreak and its effect on the global economy, Wu is optimistic and he believes the modern central banks’ loose monetary policy infecting the world will bolster the value of financial technologies. Also read: Market Update: Slew of Unknown Coins Has Seen Considerable Gains Since ‘Black Thursday’ Slow Growth and Bitcoin’s Price Top The cofounder of Bitmain, one of the largest ASIC mining rig manufacturers worldwide, believes that cryptocurrencies show great promise in the midst of the current economic storm. According to a recent interview published on Friday, Bitmain’s Jihan Wu had said he was positive about the future of digital currencies like bitcoin. Wu explained that the recent bailouts and central planners’ stimulus injections could make digital currencies more valuable. During the discussion, Wu noted that the price of bitcoin also has a top and at times growth will be slower. Bitmain’s CEO Jihan Wu discussed his thoughts about the future of the cryptoconomy, bitcoin mining, and the bitcoin halving. Wu also discussed cryptocurrencies like ethereum (ETH) and bitcoin cash (BCH) as well. “As bitcoin’s market cap grows, its volatility decreases and becomes more stable,” Wu detailed. “That means we may not see abrupt spikes in its price. No matter how high bitcoin goes, one day it will reach a top. Before that, it will see prices [with] flatline growth with some twists in the next few years.” Wu also said: I think the bull this time around may not come immediately after the halving. There likely will be a delay in time. In 46 days on or around May 13, 2020, the BTC blockchain will experience the third reward halving. Many crypto proponents believe the halving will push the price of BTC up either right before the event or after. Next-Gen Miners, Safehaven Status, Bitcoin Cash, and Ethereum Wu then detailed that he doesn’t think bitcoin can act as a “safe haven in a volatile world.” “However, bitcoin and the financial markets, in my eyes, are a bit like the relationship between a surfboard and wave. How well you can surf depends on your skills,” Wu remarked. Further, Wu discussed the latest round of next-generation miners Bitmain recently revealed. Bitmain unveiled two bitcoin miners with max speeds up to 110TH/s per unit on February 27. The mining manufacturers cofounder believes these next-generation miners will serve the market for at least 3-4 years. Bitmain’s CEO also said that bitcoin cash (BCH) is a promising project and he is of the opinion that “overly ambitious goals should be put on hold.” “Keep the technical architecture simple and the community united,” he added. As far as ethereum (ETH), Wu also was positive about the crypto’s outlook, but said developers should put less concern in removing proof-of-work and focus more on progressing the technology forward. What do you think about Bitmain cofounder Jihan Wu’s recent interview? Let us know in the comments section below. The post ‘Bull Run May Not Come Immediately After Bitcoin Halving,’ Says Bitmain’s Jihan Wu appeared first on Bitcoin News. View the full article
  24. Following the approval of a regulatory framework for cryptocurrencies by the South Korean government, one of the largest banks in the country is preparing to launch a range of crypto services. KB Kookmin Bank has applied for trademark registration, reportedly listing over 20 crypto services on its application. Also read: 2x Bitcoin — Wanna Double Your BTC to the Moon? Forget About It KB Kookmin Bank Registers Trademark for a Wide Range of Crypto Services One of the largest banks in South Korea, KB Kookmin Bank has filed a registration application to trademark “KBDAC.” Local news outlet Digital Today reported on Friday that the bank listed over 20 crypto services on its application, adding that trademark registration can take between six months and two years in South Korea. The bank’s filing with the Korean Intellectual Property Office dated Jan. 31 details a number of crypto services, including trading, financial reporting, asset management, consulting, advisory, over-the-counter brokerage, and custody. KB Kookmin Bank, one of the largest banks in South Korea, has filed a trademark registration application for crypto businesses. The bank has reportedly listed in its application over 20 areas of crypto services. A KB Kookmin Bank official explained that KBDAC is related to the bank’s collaboration with blockchain company Atomrigs Lab Inc., announced in June last year, the publication conveyed. However, the official did not reveal the service launch date. Meanwhile, the bank has also been actively exploring various use cases of blockchain technology. South Korea Approves Crypto Regulation KB Kookmin Bank’s move coincides with the passing of a revision to the Act on Reporting and Using Specified Financial Transaction Information. This bill, introduced in November last year, passed the National Assembly on March 5 and the South Korean government approved its revision on March 17. The bill to regulate cryptocurrencies in South Korea passed the National Assembly on March 5 and its revision was approved by the government on March 17. Under the new law, South Korean cryptocurrency exchanges must use the real-name system by partnering with a financial institution that can provide this service. Banks will be obligated to conduct customer due diligence on the crypto businesses they deal with, ensuring proper reporting to the Korea Financial Intelligence Unit (KOFIU). “The revision bill will take effect one year after promulgation, and the current crypto-asset business operators will be given a six-month transition period to report to the KOFIU,” South Korea’s top financial regulator, the Financial Services Agency, explained. “This revision act will place Korea’s legal framework on crypto assets more in line with international standards set forth by the Financial Action Task Force (FATF) and strengthen its AML/CFT regime.” Do you think many South Korean banks will start offering crypto services? Let us know in the comments section below. The post Major South Korean Bank Prepares to Launch Crypto Services as Government Green-Lights Regulation appeared first on Bitcoin News. View the full article
  25. The Monetary Authority of Singapore has granted an exemption from holding a license to a number of cryptocurrency companies operating in the country under the new Payment Services Act. Among the companies benefiting from this six-month grace period are Binance, Coinbase, Gemini, Bitstamp, Luno, Upbit, and Wirex. Also read: 2x Bitcoin — Wanna Double Your BTC to the Moon? Forget About It License Exemption Under Payment Services Act Singapore’s central bank and financial regulator, the Monetary Authority of Singapore (MAS), published this week a list of companies that have been granted an exemption from holding a license under the Payment Services Act (PS Act) 2019 for a specified period of time. The Act went into effect on Jan. 28; it regulates crypto service providers in Singapore. Crypto companies that were already in business prior to the commencement of the Payment Services Act were required to notify the MAS of their businesses and have been granted a license exemption. The authority emphasized: These entities are not licensed under the PS Act to provide the specific payment services, but are allowed to continue to provide the specific payment services. The Monetary Authority of Singapore has granted a license exemption to hundreds of companies, including cryptocurrency firms that were in business prior to the commencement of the Payment Services Act. Companies that failed to notify the central bank are in breach of the notification requirements under the new regulation, the MAS noted. These entities are neither licensed nor exempt from holding a license to provide specific payment services, including crypto services, the regulator confirmed. 6-Month Grace Period The Payment Services Act classifies “specific payment services” into six types. They are account issuance service, domestic money transfer service, inward cross-border money transfer service, merchant acquisition service, e-money issuance service “where the total float held by the e-money issuer does not exceed $30,” and “digital payment token service.” Cryptocurrency services fall under the digital payment token service category. Cryptocurrency service providers are among the 192 companies offering “digital payment token service” that have been granted the license exemption. Among them are Binance, Coinbase, Upbit, Bitgo, Gemini, Wirex, and Ledgerx. Companies providing digital payment token services are exempt from needing a license to operate for six months from the commencement of the Act, a period which ends on July 28, the MAS confirmed. Companies providing other types of services defined in the Act can keep operating without a license for 12 months from the Act’s commencement or until Jan. 28, 2021. Among cryptocurrency companies that must comply with the new Payment Services Act by July 28 are Binance Asia Services, Bitcoin Exchange, Bitcross, Bitstamp, Coinbase, Coincola Singapore, Kryptos-x, Luno, Payward, Quoine, Ripple Labs Singapore, Upbit Singapore, and Zipmex. Crypto companies that are able to provide other services in addition to crypto ones include Bitgo Singapore, Gemini Trust Company, Ledgerx, Paxos Global, and Wirex. The complete list can be found here. The MAS clarified: The exemption will cease after the specified period; or if the entity submits a licence application under the PS Act, on the date that the application is approved or rejected by MAS, or withdrawn by the applicant. What do you think of the MAS’ six-month exemption? Let us know in the comments section below. The post Singapore Allows Crypto Companies to Operate Without a License for 6 Months appeared first on Bitcoin News. View the full article
  26. Plaintiffs in the class action lawsuit against Ripple Labs have filed another litigation complaint against Ripple CEO Brad Garlinghouse. The news follows the recent court judgment that denied Ripple Lab’s attempt to get the case dismissed. Also read: Market Update: Slew of Unknown Coins Has Seen Considerable Gains Since ‘Black Thursday’ Plaintiffs Accuse Ripple Labs CEO of Selling XRP After Telling the Public He Was ‘Long XRP’ On March 25, the plaintiffs suing Ripple Labs filed an amended complaint with the court against the company’s CEO Brad Garlinghouse. According to the court filing, Garlinghouse told the public a few statements during interviews and on Twitter that ostensibly favor the plaintiff’s side of the argument. The document notes that the CEO told people on Twitter and in the media that he was holding and “long XRP,” but the plaintiffs believe Garlinghouse was selling the token regularly. The complaint filed on Wednesday reads: Ripple’s CEO, Brad Garlinghouse, has also been a vocal advocate for investing in XRP. In a December 14, 2017 interview with BNN, when asked if he is personally invested in XRP, the CEO stated ‘I’m long XRP, I’m very, very long XRP as a percentage of my personal balance sheet. However, despite Garlinghouse explicitly saying that in public, the plaintiffs believe the CEO was instead dumping lots of XRP on the open market for USD and other assets. They believe retail investors were damaged by these alleged actions and Ripple Labs employees had knowledge of these instances, the plaintiffs further claimed. “Rather,[Garlinghouse] was dumping XRP on retail investors in exchange for dollars and other cryptocurrencies,” the complaint adds. “Defendants had exclusive or superior knowledge of material information regarding Garlinghouse’s XRP sales but omitted it from their representations to investors…Accordingly, Garlinghouse’s statement was a misrepresentation and omission of material fact to investors.” Lawsuit Claims XRP Is Centralized and a Security Essentially, the plaintiffs suing Ripple Labs also believe that the firm advertised XRP as a utility token for the network but the company is accused of simply using XRP for revenue. Other than making revenue, the plaintiffs say that XRP is basically a security token and other products like Ripplenet and Xvia are simply smoke and mirrors with no real value. Ripple Labs and Garlinghouse have denied all of these accusations against them and have tried to get the case dismissed. In addition to the plaintiff’s attempt to get a jury trial, the case questions whether or not XRP is a security. The plaintiffs wholeheartedly believe that XRP is a security and the entire project is centralized. For instance, the plaintiffs further highlight that the Ripple Labs XRP product manager, Warren Paul Anderson, tweeted frequently about XRP’s centralization issues. “On January 9, 2018, Anderson tacitly admits that the XRP Ledger remains centralized, tweeting that the ‘[N]ew XRP Ledger (rippled) 0.81.0 release gets us one step closer to executing on our aforementioned decentralization strategy,’” the complaint notes. What do you think about the class-action lawsuit against Ripple Labs? Let us know in the comments below. The post Ripple CEO’s Public Statements About XRP Token Under Fire in Class-Action Lawsuit appeared first on Bitcoin News. View the full article
  27. Southern Vermont-based hip-hop artist, Krypto Man, has released a new single called “#Freeross” in hopes to get Ross Ulbricht released from prison. Krypto Man is a well known rapper on the east coast and revenue from the song will be donated to the nonprofit Freeross.org. Ross Ulbricht has also gathered more than 279,000 signatures so far for his clemency petition hosted on the website Change.org. Also read: While You’re Under Quarantine, Check These Sites for Remote Crypto Jobs Vermont Hip Hop Artist Krypto Man Drops a New Single Called #Freeross The well known Vermont rap artist, Krypto Man, has released a new song about Ross Ulbricht’s prison sentence and how he would like to see Ulbricht set free. The track is called “#Freeross” and the song’s lyrics demonstrate how Krypto Man believes Ulbricht’s double life sentence is extremely harsh. Ross Ulbricht was sentenced to double-life without the chance of parole for his participation with the Silk Road marketplace. Krypto Man, whose real name is Tyler Colford, believes vices are not crimes and he thinks that Ulbricht is the victim here. Vermont rapper Krypto Man has released a new single called “#Freeross” in hopes to shine a light on Ulbricht’s situation. “If there is no victim then there is no crime,” commented Krypto Man. “Check out more about Ross’s fight at Freeross.org,” he told his followers. The hip hop recording artist is well known in southern Vermont for his contributions with the rap group Jynxinc as well. But since Krypto Man stepped out on his own, he believes it’s time to show his feelings about what has happened to Ulbricht. The track that discusses pardoning Ulbricht was released by the independent record label Machete Ish Records. Revenue from Krypto Man’s Single Will be Donated to Freeross.org – Ulbricht Gathers 279K Signatures A Machete Ish spokesperson explained that the record label is focused on grassroots movements and a “local tight-knit community.” “The response to the early releases from Machete Ish, featuring Krypto Man, have been passionate so far and this single “#Freeross” is expected to be no exception,” the record label detailed. Meanwhile, the clemency for Ross petition is nearing 300K signatures, as signatures gathered so far add up to around 279,000+. The petition asks the President of the United States, Donald Trump to commute Ross Ulbricht’s unjust sentence. The latest hip hop single released by Krypto Man intends to shine more light toward Ulbricht’s situation and get more people to fight for his freedom. “All funds raised by the new song, which has an information-packed introduction about the situation, a pounding beat, and showcases Krypto Man’s unique, conscious word-flow, will be going towards the non-profit Free Ross Foundation,” the announcement added. What do you think about the rap song “#Freeross” by Krypto Man? Let us know in the comments below. The post Vermont Rapper Releases Hip Hop Track ‘#Freeross,’ Ulbricht Petition Nears 300K Signatures appeared first on Bitcoin News. View the full article
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