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No Such Thing as a Weekend for Bitcoin Traders

An analysis by Kate Rooney at CNBC reveals that the weekends are no time to rest and relax for Bitcoin traders. Since December 2017, 60% of weekends have seen a price swing of 5% or more, and 82% of weekends have seen price swings of 3% or more, according to data from CoinMarketCap. Indeed, this past Sunday, 10 June 2018, Bitcoin’s price declined more than 10%, plunging it below the USD 7,000 mark.

Read full article at https://bitcoinnews.com/no-such-thing-as-a-weekend-for-bitcoin-traders/

[BitcoinMoschiach]

Financial Action Task Force to Create Binding Crypto Rules for G20 Nations

The Financial Action Task Force (FATF) is going to announce its new rules for cryptocurrency in June 2018. In March 2018, the G20 said they looked forward to the FATF’s review of cryptocurrency activity and committed to implement the cryptocurrency standards the FATF decides upon, and call upon the FATF to advance global adoption of cryptocurrency.

Read full article at https://bitcoinnews.com/financial-action-task-force-to-create-binding-crypto-rules-for-g20-nations/

[BitcoinMoschiach]

This Year’s Bitcoin Crash Is Normal

Bitcoin hit all time highs near USD 20,000 in December 2017 and since then has been in a constant decline which has seen its price drop roughly 66% to USD 6,750 as of this writing, shaving USD 210 billion off of its market cap. This has caused much gloom and stress among investors and traders, especially all the new investors that were attracted to Bitcoin during its historic price rise.
However, Bitcoin old timers like Changpeng Zhao know that this type of Bitcoin market crash is simply business as usual.

Read full article at https://bitcoinnews.com/this-years-bitcoin-crash-is-normal/

[BitcoinMoschiach]

UK’s FCA Advises Banks on “Good Practice” for Crypto Financial Crime Risks

In a letter addressed to the CEOs of domestic banks, the United Kingdom’s Financial Conduct Authority (FCA) has made recommendations for financial institutions to ramp up “good practice” approaches in regards to their clients who offer crypto-related services.
Protection and prevention
The letter begins by highlighting that evidence of cryptocurrencies being utilized for criminal activities is growing. Despite there being plenty of non-criminal motives for the usage of digital currencies, the anonymous and international scale of the technology means that it is open to abuse.

Read full article at https://bitcoinnews.com/uks-fca-advises-banks-on-good-practice-for-crypto-financial-crime-risks/

[BitcoinMoschiach]

$125M Russian Bitcoin Mining Farm Setting Up in Norway, Near NATO Military Exercise

The Russian New Mining Company is investing 125 million USD into a massive Bitcoin mining operation in Alvdal, Norway. This is a 20 minute drive from Tynset, Norway where Trident Juncture will begin on 5 October 2018; Trident Juncture will be the largest North Atlantic Treaty Organization (NATO) military exercise in Norway’s history.

Read full article at https://bitcoinnews.com/russia-setting-up-125m-bitcoin-mining-farm-in-norway-near-nato-military-exercise/

[BitcoinMoschiach]

Bitcoin Dealer Faces Prison for Over $6M in Unlicensed Transactions

Theresa Tetley of Los Angeles, who operated under the pseudonym Bitcoin Maven, making USD 300,000 a year from 2014 to 2017 by dealing Bitcoin on Localbitcoins.com, now faces up to 30 months in prison for operating an unregistered money transmitting business. In total, she transacted USD 6 to 9.5 million in Bitcoin on the popular peer-to-peer Bitcoin trading website.

Read full article at https://bitcoinnews.com/bitcoin-dealer-going-to-prison-after-handling-unlicensed-transactions-worth-millions/

[BitcoinMoschiach]

500,000 Swiss Vote for Bitcoin-Like Financial System

Crypto-friendly Switzerland went to polls on Sunday to vote on the ‘Sovereign Money Initiative’ which would have seen the country bar any institution besides the central bank from creating new money, reports Forbes.
The system would have seen a door opening for the central bank to adopt a blockchain solution, not unlike Bitcoin; an alternative sovereign money. Although the idea did not receive a popular reception from voters, 25% supported the proposed initiative at the polls, numbering 500,000 votes.

Read full article at https://bitcoinnews.com/500000-swiss-vote-for-bitcoin-like-financial-system-but-public-not-ready-yet/

[BitcoinMoschiach]

First Certified Bitcoin Exchange Launches In Laos

Vientiane Money Exchange has become the first certified Bitcoin exchange in the Southeast Asian nation of Laos. It is headquartered in the capital of Laos and is planning on installing Bitcoin ATMs across the country starting on 1 July 2018 with deposit and withdrawal functionality.
The exchange and ATMs will facilitate the use of seven currencies including Bitcoin, Unit (a universal currency), USD, RUB, THB, SGD, and the local fiat currency Lao Kip (LAK). This will provide a one-stop shop for foreign exchange services, and provide a direct link between fiat and Bitcoin in the Laos economy, helping Bitcoin become an easily usable currency in the nation.

Read full article at https://bitcoinnews.com/first-certified-bitcoin-exchange-launches-in-laos/

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[BitcoinMoschiach]

South Korean Exchange CoinRail Suffers Major Hack

Sources over the weekend suggested that South Korea Cryptocurrency platform CoinRail had been hacked, a fact that was confirmed on its website this morning, according to Reuters.
CoinRail’s statement explains that its system suffered a “cyber intrusion” on Sunday causing a loss of 30% of its traded coins. Sources speculate that the amount stolen might be in the region of KRW 40 billion (Korean won worth roughly USD 37 million) but this has not been confirmed by the company. The exchange is ranked 90th in the world with a USD 2.6 million daily trading volume.

Read full article at https://bitcoinnews.com/south-korean-exchange-coinrail-suffers-major-hack/

[BitcoinMoschiach]

Former FDIC Chair Warns US Federal Reserve It Needs Own Cryptocurrency

Sheila Bair, former chair of the US Federal Deposit Insurance Corporation (FDIC), has suggested that the Federal Reserve Bank should seriously consider the prospects of a central bank issued digital currency (CBDC), reports Yahoo Finance.
The concept of a cryptocurrency called FedCoin has provoked interest over past years, based on an idea proposed in 2014 by blogger JP Koning. Since then, the idea has been much discussed and the term is now generically used to describe a CBDC which could be overseen by the Federal Reserve, IMF, and the World Bank.

Read full article at https://bitcoinnews.com/former-fdic-chair-warns-us-federal-reserve-it-needs-own-cryptocurrency/

[BitcoinMoschiach]

Women’s Crypto Interest Has Doubled This Year, Millennials Lead the Way

The number of women showing an interest in investing in cryptocurrencies has gone from 6% to 13% over the last six months, reports City AM.
The report, conducted by cryptocurrency firm London Block Exchange, showed that cryptocurrency is most popular with women in the millennials group. Another survey conducted by Reddit at the end of 2017 indicated that one out of five women had considered investing with a huge 96% of Ether users being males.

Read full article at https://bitcoinnews.com/womens-crypto-interest-has-doubled-this-year-millennials-lead-the-way/

[BitcoinMoschiach]

Canadian Draft Law Requires Crypto Exchanges to Report “Large Virtual Currency Transactions”

In Canada, an official draft of new regulations on crypto exchanges and payment processors has been released by the government, says a Canada Gazette reports.
The draft will tackle areas identified by a 2015-16 Financial Action Task Force (FATF) evaluation, principally strengthening Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime (AML/ATF). The FATF is an intergovernmental organization that develops policies to combat money laundering.

Read full article at https://bitcoinnews.com/canadian-draft-law-requires-crypto-exchanges-to-report-large-virtual-currency-transactions/

[BitcoinMoschiach]

Apple Bows to Public Pressure over Crypto-Unfriendly Apps

Apple has made a number of store revisions in order to loosen its guidelines for crypto apps, reports Investing.com. A group known as the Developers Union had recently made requests to Apple to allow every app on the platform to free trials before July 2019, among suggestions for other improvements.
The union is an unofficial body which says that its aim is to “bring developers and supporters together for better App Stores for all”. It currently only has 400 members but hopes to stretch its membership to 20,000 this month according to The Register.
It appears that the IT multinational has been listening given its recent announcements, also noting how its apps are currently:

Read full article at https://bitcoinnews.com/apple-bows-to-public-pressure-over-crypto-unfriendly-apps/

[BitcoinMoschiach]

Buda Cryptocurrency Exchange Loses All of Its Colombian Bank Accounts

The Buda cryptocurrency exchange has lost all of its bank accounts in Colombia, effectively disabling its cryptocurrency operations in the South American nation. Bancolombia, BBVA, and Davivienda simultaneously closed Buda’s bank accounts on 7 June 2018.
The Financial Supervisor of Colombia sent out a letter in February indicating that cryptocurrency exchanges in Colombia were under surveillance and that banks are not authorized to facilitate any cryptocurrency activity. The CEO of Buda in Colombia, Alejandro Beltran, said that he thought this letter was a recommendation and the banks had no official obligation to comply. However, the wording in the letter is very strong, and Colombian banks are now clearly complying.

Read out full article at https://bitcoinnews.com/buda-cryptocurrency-exchange-loses-all-of-its-colombian-bank-accounts/

[BitcoinMoschiach]

South Korea Revises Tax Rules for “New-Growth Technologies”

Major advances are being made in South Korea, the nation’s financial watchdog is planning an organization-wide reshuffle, creating a new bureau to look at financial innovation policies and announcing a reduced tax policy for “new-growth technologies”.
New bureau for financial innovation
On Tuesday, South Korea’s Financial Services Commission (FSC) published a press release which reveals intentions to “better protect” its domestic financial consumers and make preparations for the financial innovation due to arrive with the Fourth Industrial Revolution.

Read full article at https://bitcoinnews.com/south-korea-revises-tax-rules-for-new-growth-technologies/

Video https://www.youtube.com/watch?v=8rvZosCbJeY

[BitcoinMoschiach]

SEC Receives Numerous Comments in Favor of BZX Bitcoin ETF

The United States Securities and Exchange Commission (SEC) has recorded numerous comments from the public after opening up an ETF application for public feedback. The comments are largely in favor of the ETF approval.
VanEck and SolidX have partnered to create the VanEck SolidX Bitcoin Trust which will issue shares of the BZX exchange traded fund (ETF), if it is approved by the SEC. If approved, BZX would be listed on the Chicago Board Options Exchange (CBOE), and would be available on all major stock trading platforms, making it easier than ever before to buy Bitcoin.

Read full article at https://bitcoinnews.com/sec-receives-numerous-comments-in-favor-of-bzx-bitcoin-etf/

Video https://www.youtube.com/watch?v=A3Rd5799RXk

[BitcoinMoschiach]

WEX Exchange Halts Withdrawals, Raising Exit Scam Fears

WEX cryptocurrency exchange has halted withdrawals of Bitcoin, Litecoin, Bitcoin Cash, Ethereum, and Dash for an entire week, raising fears among its users that the exchange has become insolvent. Further, WEX is still allowing deposits, so users that have not seen the warning that withdrawals are halted will find out the hard way that their money is frozen.
This is made even worse by the fact that the warning is not prominently posted on the WEX website. Instead, it is in a Twitter post that has been buried by other posts on their news feed. This has raised the suspicion that WEX is conducting an exit scam.

Read full article at https://bitcoinnews.com/wex-exchange-halts-withdrawals-raising-exit-scam-fears/

Video https://www.youtube.com/watch?v=TYNwzLfazAA

[BitcoinMoschiach]

Avenue Capital CEO Marc Lasry: Bitcoin Could Touch $40,000

Billionaire and CEO of Avenue Capital Group, Marc Lasry, told CNBC’s Squawk Box on Wednesday that the growing accessibility of trading cryptocurrencies may well push the price of Bitcoin up to USD 40,000.
As well as becoming easier to trade, Lasry sees Bitcoin’s growing mainstream acceptance as a driving force for a huge price increase. With more markets allowing cryptocurrency trading to take place freely, he sees this as a significant indicator for his prediction. Citing the huge profits many traders have experienced, he told CNBC he has seen individual gains of 500% to 1,000% in just five years.

Read full article at https://bitcoinnews.com/avenue-capital-ceo-marc-lasry-bitcoin-could-touch-40000/

Video https://www.youtube.com/watch?v=-9vAvYt6vwg

[BitcoinMoschiach]

Ex-Genesis Singer Peter Gabriel to Finance Blockchain Startup

British musician Peter Gabriel has invested in a new blockchain startup to create better food chain transparency in the industry.
Best known for his role as lead singer and songwriter in college band Genesis, reaching world prominence in the late 1970s to the mid-1980s, Gabriel is also an ardent fundraiser for humanitarian causes and a supporter of the British Labour Party to which he has made significant donations.

Read full article at https://bitcoinnews.com/ex-genesis-singer-peter-gabriel-to-finance-blockchain-startup/

Video https://www.youtube.com/watch?v=iZeSTAXo5P4