In a somewhat unexpected turn of events, the United States Commodities and Futures Trading Commission has pressed charges against the owner-operators of BitMEX for illegally running a cryptocurrency exchange and failing to comply with anti-money laundering regulations. As CryptoPotato reported earlier today, this had an immediate impact on Bitcoin’s price, which dropped by as much...Read More
In a recent tweet, the popular Bitcoin proponent and permabull Mike Novogratz explained the reasons for which he got into it. He also said that if BTC’s price reached $100,000, he would donate most of his profits to charity. Mike Novogratz and Why He Got into Crypto and Bitcoin One of the things that make...Read More
Is the era of the transparent Monero approaching? The United States government hopes so. After several days of waiting, the IRS finally granted a contract to Chainalysis to develop a tool that will allow authorities to track privacy coins like Monero and second-layer solutions like Lightning Network. Cracking Monero is an Expensive Task According to...Read More
“Will you shut up, man?” “You graduated either the lowest or the next lowest in your class, don’t ever use the word ‘smart’ with me!”, “Maybe you could inject some bleach in your arm.”, “It’s hard to get any word in with this clown.” …no, this is not an argument between two heated-up highschool teenagers...Read More
The Internal Revenue Service (IRS) seems to have found a way to block crypto tax evasion, following an update of its tax form. IRS: No Excuses for Crypto Traders According to the Wall Street Journal on Friday (September 25, 2020), the IRS is planning to alter its 1040 tax form. The revised tax form will...Read More
Another action-packed week took place in the crypto field. Unfortunately, the market is currently in decline as the entire capitalization lost around $16 billion over the past seven days. The good news for Bitcoin bulls is that BTC managed to maintain itself above the critical psychological and technical support of $10,000. Things were looking rather...Read More
Major bank JP Morgan is in the news once again. US authorities have slapped a penalty of almost $1 billion on the country’s largest bank to resolve investigations into its purported manipulation of metals futures and Treasury securities. This comes after a FinCEN report name-dropped JP Morgan for contributing to moving $2 trillion worth of...Read More
A UK national has pled guilty and will be sent to prison for his involvement in the notorious hacker’s group “The Dark Overlord.” The organization breached and stole sensitive information from numerous companies and demanded the ransoms to be paid in Bitcoin. The Dark Overlord Member Imprisoned The US Department of Justice announced yesterday that...Read More
The Office of the Comptroller of the Currency (OCC) is turning out to be the greatest supporter of the US cryptocurrency industry. Yesterday, the banking regulator issued a letter that greenlighted national banks and federal savings associations to hold “reserves” on behalf of stablecoin issuers. The stablecoins in the discussion are fiat-collateralized, i.e., backed by...Read More
The price of Bitcoin (BTC) on major exchanges has dropped by approximately 2.9 percent to $10,558.60 over the past 24 hours, as of press time —sparking widespread declines throughout the wider cryptocurrency market. Tokens relating to decentralized finance have seen particularly harsh declines of late, and BTC’s drop in valuation since a failure to push...Read More
The US Department of Justice (DOJ) has indicted two Russian nationals for allegedly defrauding nearly $17 million worth of digital assets from cryptocurrency exchanges and their customers. Two Russians Allegedly Steal $17M In Crypto According to the DOJ’s official statement, the two Russians, Danil Potekhin (going under the username cronuswar) and Dimitrii Karasavidi (Dmitriy Karasvidi), ...Read More
The Wyoming Banking Board has voted to approve an application for a special purpose depository institution (SPDI) charter of Kraken. In essence, Kraken has officially become the very first cryptocurrency exchange to become a newly chartered bank in the US since 2006, according to a NASDAQ report. This means that the exchange will get access...Read More
In July 2020, Pierce announced he would participate in the 2020 US Presidential elections as an independent candidate. He was recently nominated as a presidential candidate by the Independence Party of New York due to the new ballot threshold law that puts the party under threat. Interestingly, Pierce does not hope to win the upcoming...Read More
US-based money services businesses, including cryptocurrency companies, will soon be able to enjoy trimmed down regulatory processes. The Conference of State Bank Supervisors (CSBS) reportedly plans to unveil a new joint group of state regulators that will oversee all licensing. Simplified Regulation Processes For Crypto Firms In The US According to the Reuters report, the...Read More
The United States Commodity Futures Trading Commission (CFTC) has filed a complaint against four individuals for defrauding investors of $1 million through an alleged Bitcoin investment scheme. Dubbed Global Trading Club (GTC), it operated as a BTC trading robot for over a year. CFTC Goes After GTC’s Members The Commission’s statement named the four people...Read More
Three to five countries will completely replace their currency with a central bank digital currency by 2030, argued a recent report by a German-based fintech think tank. The document also warned that if the European Central Bank doesn’t accelerate its CBDC endeavors, the digital Yuan will overtake it but won’t disrupt the Dollar’s dominance. Countries...Read More
In terms of sheer price action, this week was rather sloppy. Bitcoin was trading at around $10,400 seven days ago, and it’s now indecisive around $10,300. During the week, things did get slightly more tumultuous as BTC dipped below $10K on a few occasions, reaching as low as about $9,800 on Binance. Many thought that...Read More
The Internal Revenue Service (IRS) wants in on activities happening on Monero and Bitcoin’s Lightning Network. That’s why the Federal organization is inviting applications with demonstrated working prototypes that can break into the privacy coin network and trace transactions on BTC’s layer two chain. IRS will offer $625,000 for the same. IRS Will Fund Monero,...Read More
A report compiled by the blockchain forensics company Chainalysis indicated that cryptocurrency adoption is growing globally. By exploring four key metrics and separating the data country by country, the firm’s Global Crypto Adoption Index 2020 showed that Ukraine, Russia, and Venezuela lead the way. The metrics take into consideration the purchasing power parity (PPP) per...Read More
The events of the past seven days took a turn for the worst throughout the entire cryptocurrency market. Bitcoin started the week trading at around $11,500 and managed to advance to a peak of around $12,050 a few days later. And that’s when it went downhill. In less than two days, BTC lost around $1,500...Read More
Joseph Frank Abel has pled guilty regarding his involvement in the notorious Bitcoin mining scheme BitClub Network worth over $700 million. The development follows the alleged owner’s arrest in June and a Romanian programmer also admitting to his participation in July. Another BitClub Operator Pleads Guilty According to a statement from the US Internal Revenue...Read More
One of the moderators running the giant darknet marketplace AlphaBay has been sentenced to 11 years in prison. Bryan Connor Herrell received payments in Bitcoin for his moderator position, which he used to settle disputes between buyers and sellers. AlphaBay’s Moderator Sentenced To 11 Years In Prison The statement from the US Department of Justice...Read More
The three-year-long class-action lawsuit against Tezos for supposedly violating securities laws in the US with its 2017 ICO has come to an end after Judge Richard G. Seeborg approved the $25 million settlement offer brought by Tezos earlier this year. Lawsuit Targeting Tezos: The Backstory The company had little time to celebrate its successful initial...Read More
Inspired by Brexit, a group called Yes California is leading the charge for separation of California from the United States. And it seems, cryptocurrency will form the backbone of the financial system in the independent country of California. California To Ditch The US For Freedom, & The US Dollar For Crypto According to the latest...Read More
The leading American exchange Coinbase announced today a renewal of its board of directors, incorporating two prominent experts from the technology industry. In an official announcement posted on Coinbase’s blog, Brian Armstrong, the company’s CEO and co-founder explained that they had made two significant replacements to their board of directors. The Hello’s First on the...Read More
Yesterday, the United States’ Department of Justice filed a complaint to seize 280 cryptocurrency accounts operated by notorious North Korean hackers. They allegedly stole millions of dollars worth of crypto assets from two cryptocurrency exchanges and also sought the help of Chinese OTC traders to launder the funds. US DOJ Moves To Seize Cryptocurrency Accounts...Read More
Bitcoin had a rather unproductive week of trading as it declined from about $17,750 to where it’s currently at $11,500, losing about 2% in the process. However, the last seven days were not without their highlights. Just yesterday, the US Federal Reserve’s Chairman, Jerome Powell, announced a historic shift in the institution’s approach towards inflation...Read More
Gold, oil, and even the US dollar, which have served as a reliable store of value for years, could soon lose that status, according to the Winklevoss twins. According to them, Bitcoin is the value to substitute and when this comes, it could facilitate a surge in its price to $500,000 and beyond. The Major...Read More
Money attracts money, and Barry Silbert, CEO of Digital Currency Group, knows it. His company has already established itself as one of the most influential corporations in the entire crypto ecosystem. Today, it announced a new venture that will expand its reach into a whole new frontier: the crypto mining industry. In a recently issued...Read More
In a statement released an hour ago, the Chairman of the US Federal Reserve, Jerome Powell, revealed a serious policy shift aimed at average inflation targeting. As a result, the prices for gold, silver, and Bitcoin pumped collectively immediately after the announcement. However, all three assets have also decreased in a similar manner minutes after...Read More
