Inside the Wall Street Tool that Could Ruin Bitcoin [Pt. 2]

Note: This is part 4 in a multi-part article series exploring rehypothecation and commingling in bitcoin and other cryptocurrency markets. Part 1 and part 2 are interviews with Caitlin Long and parts 3 and 4 ask the question, “How did we get to a place that where laws look like this?” The Problem with Clearing Beyond costs to the issuers themselves, this system has resulted in a huge rise in brokerage costs with over $100 billion in post-trade servicing fees every tear. Finally, there’s the issue of ownership, something that…

Bitcoin Price Close to Bottom, Will See $10,000 this Year: Analyst

The cryptocurrency market capitalization has dropped by $575 billion since its all-time high, and the bitcoin price has dropped by two-thirds since it peaked near $20,000. But a hedge fund manager believes the trend is about to reverse. Spencer Bogart, partner at cryptocurrency and blockchain venture firm blockchain Capital, predicted a bullish retracement for bitcoin and the rest of the cryptocurrency market on CNBC’s “Fast Money.” According to him, the recent week’s development in crypto-market could be the main reason why “bitcoin is close to bottoming.” After a flood of…

Venezuela Mandates Passport Fees Must Be Paid in Controversial Cryptocurrency Petro

Venezuelans can only use the state-backed cryptocurrency, the Petro, to pay for passport fees starting next week, the country’s vice president Delcy Rodriguez said in a press conference Friday, Oct. 5. Ahead of Petro’s official “launch” in November, Rodriguez confirmed that as of Monday, Oct. 8, fees for all passport applications will only be payable in Petro, and will cost an increased amount: 2 petros for a new passport and 1 petro for an extension. The average monthly minimum wage in Venezuela, Bloomberg reports, is four times less than the…

Bitcoin Price Intraday Analysis: BTC/USD Undergoes False Breakout

Bitcoin spent its Sunday reclaiming its support near $6,500 after witnessing a false breakout action yesterday. The BTC/USD, in reality, is stable like it was the previous week. The pair kicked off today by correcting lower from the last short-term upside and false breakout range as discussed in this analysis. It eventually formed lower lows towards 6525-fiat and reversed up to 25-pips in an upside correction action. The price behavior throughout yesterday and today once again confirmed the presence of trading bots on crypto exchanges. However, BTC/USD returned to its…

Bitcoin, Altcoin Prices Shun Volatility Amid Multi-Year Trade Volume Lows

Bitcoin (BTC) remained stable Sunday, October 7, capping a week of sideways trading as overall exchange volumes reached their lowest level for thirteen months. Market visualization by Coin360 Data from Cointelegraph’s price tracker and Coin360 show BTC/USD hardly moving compared with the same time last week, with daily and weekly movements concluding at around 0.03 percent up and 0.65 percent down respectively. At press time, Bitcoin is trading at around $6,545, slightly up on its position during the first week of September, while seeing volatility topping $1,500 in the intervening…

WSJ Gets In and Out of Crypto, While BofA Sees a $7 Billion Future for Blockchain

Coming every Sunday, the Hodler’s Digest will help you to track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link. Top Stories This Week Crypto Exchange ShapeShift Rebuts WSJ Report of Money Laundering Cryptocurrency exchange ShapeShift has issued a denial in response to a Wall Street Journal article that the exchange had laundered around $9 million in ill-received funds. The article, which calculated a total of $88.6…

Ripple Drops 8% as Volume Drops 50% in 1 Week, Bitcoin Bear Biased

On October 6, CCN reported that the volume of Ripple has declined by more than 50 percent within the past four days. Since then, XRP has declined by around eight percent against the US dollar. The volume of Bitcoin has slightly recovered to $2 billion on CoinCap.io and $3.3 billion on Coinmarketcap, but the dominant cryptocurrency has not recorded any significant increase in volume and price to suggest that a short-term rally is in play. Ripple (XRP), Basic Attention Token (BAT), and Decentraland (MANA) remain as the worst performing cryptocurrencies…

Government Tracking of Crypto Is Growing, But There Are Ways to Avoid It

Much noise has been made about the untraceable qualities of Bitcoin and other cryptocurrencies. Bitcoin “can be used to buy merchandise anonymously” said early primers on crypto, it offers users the kind of financial privacy that was previously available only from a “Swiss bank account,” say more recent commentators. And given its ability to provide people with a layer of anonymity and privacy, it has been smeared by politicians, experts and mainstream journalists alike as a hiding place for almost any hacker, drug dealer, gang member, terrorist or despot you…

Lithuania Voices Concern Over ICO, Crypto Trading

Lithuanian authorities held a seminar examining the “threats and potential benefits” of Initial Coin Offerings (ICO) to the country’s economy, a press release reported Wednesday, October 3, amid an ongoing investigation into cryptocurrency trading habits. The Financial Crime Investigation Service (FCIS) organized the meeting, which included representatives from government ministries, the central bank, and the General Prosecutor. According to the press release, the gathering revealed that Lithuanian processes “huge” turnover from crypto to fiat. Antonio Mikulsk, head of the FCIS, said: “Virtual currency has huge cash flows, but (there are)…

Blockchain Use in the Life Science Organizations has Tripled Since 2017: Survey

Blockchain adoption in the life sciences has risen exponentially in the last one year despite the existence of significant barriers. According to The Pistoia Alliance, a global nonprofit of life science firms, 60% of the professionals in the pharmaceutical and life science sector are either currently using blockchain technology or at least experimenting with it. This compares to a figure of 22% recorded when a similar survey was conducted in the sector last year by the nonprofit. For the remaining 40% who have no plans of implementing blockchain, there were…