Crypto Tidbits: Bakkt’s Bitcoin Futures, Coinbase & Xapo, IRS Cryptocurrency Crackdown

Another week, another of . While this week was crazy bearish for the Bitcoin price, the fundamental developments seen made up for the collapse. revealed that it will be finally launching its Bitcoin futures product; Coinbase made a large acquisition of a facet of Xapo; and Binance revealed that it will be taking its formal step into the U.S. in the coming months.

It wasn’t all sunshine and rainbows, however. A massive cryptocurrency scam trended on Crypto Twitter and a number of verdicts on Bitcoin exchange-traded funds (ETFs) were put off once again.

Related Reading: Crypto Tidbits: Bitcoin Mining by Blockstream, Ripple Investment Plans, Binance US Unveils Altcoin Lineup

Bitcoin & Crypto Tidbits

  • Bakkt Cleared by NDFS, Will Launch Bitcoin Futures in September: That’s right folks, Bakkt is finally ready to (fully) launch its Bitcoin futures contract to the world. Announced via a surprising blog post on Friday, the cryptocurrency exchange, which has been backed by players like the New York Stock Exchange, Microsoft Ventures, and Starbucks, has received NYDFS and CFTC — the two financial regulators involved in such cryptocurrency vehicles — clearance to offer its physically-deliverable Bitcoin futures to clients. The prominent startup is eyeing a September 23rd launch date. Analysts have stated that the product is likely to see mass adoption from the get-go, and might be the catalyst that slingshots the industry into its next round of rapid growth.
  • IRS Continues Crypto Crackdown… And It’s Not Done Yet: The Internal Revenue Service of the U.S. has continued its crackdown on American crypto investors, recently issuing yet another round of letters. The letters, according to CoinDesk, were sent to those that the IRS believes are skirting taxes on cryptocurrency trades. This comes shortly after the tax agency sent a preliminary warning to thousands of Coinbase users. A slide deck leaked on Twitter suggested that the IRS is likely to only expand its cryptocurrency-related collection efforts.
  • PlusToken Scam Trends on Twitter, Causes Mass Panic in Bitcoin Markets: This week, prominent cryptocurrency venture capitalist Dovey Wan issued dozens of tweets about a scam called “Plus Token”. As this scam originated and operated in Asia, it caught a large portion of Crypto Twitter by surprise, despite the fact that the scheme had been going on for just around a year. Wan claimed that while the ringleaders of the $3 billion scam had been caught, blockchain evidence suggested that PlusToken’s wallets, which contains hundreds of thousands of Bitcoin and Ethereum, was sending capital to exchanges. This result in fears that the market was going to dump.
  • Institutions Are Foraying Into Crypto: According to a recent tweet from Brian Armstrong, the chief executive of Coinbase, there is no question that institutions are starting to make bonafide forays into “crypto”. Citing data from his firm’s deposits, there is around $200 million to $400 million worth of cryptocurrencies deposited into Coinbase’s coffers each week from “institutional customers”.

  • Coinbase Picks up Xapo’s Institutional Custody Division: According to Fortune, Coinbase has acquired Xapo’s institutional custody business. for $55 million, outbidding Wall Street’s Fidelity Investments It isn’t clear if any of Xapo’s employees or executives will be jumping ship. But, it has been confirmed by a source that a “majority of Xapo’s largest clients” will be transferring their assets to Coinbase’s custody unit, which now owns over 514,000 BTC — wow. It is important to note that with this deal, Xapo isn’t leaving the crypto custodian business. Far from, in fact. Speaking with Fortune, Casares has stated that it will still have control over its famous Swiss vault, which he claims will be used to store Bitcoin on behalf of Xapo’s retail clients.
  • Binance to Launch U.S. BranchSpeaking to Cheddar, Binance’s Changpeng Zhao revealed that his company will likely be launching the U.S. branch of its service, which was launched to combat regulatory concerns, by November.
  • NBA’s Dallas Mavericks Now Accepts Bitcoin: Despite the fact that it may be just a PR stunt, the NBA’s Dallas Mavericks, owned by Mark Cuban, will now be accepting Bitcoin as a method of payment for game tickets and merchandise. Announced via a press release on August 13th, the Dallas Mavericks has become the second team in the NBA to directly accept Bitcoin. Per the release and tweets posted by those involved in this sudden move, BitPay will be the payment processor in this move.
  • Ciphertrace Finds Cryptocurrency Crime is Still a Massive Industry: According to a recent report from industry analytics firm Ciphertrace, bad actors online have managed to make billions through digital asset-related crime in 2019 alone. The report, which is titled “Q2 2019 Cryptocurrency Anti-Money Laundering Report”, found that aggregate losses incurred by investors and firms due to cryptocurrency crime has reached $4.3 billion in the first half of 2019. 5% of the sum was sourced from hacking. Around 20% of the illicit gains were a result of misappropriated funds. And these rest of the gains were stolen through exit scams, like the aforementioned Plus Token.
  • Bitcoin ETF Proposals Delayed… Again: The U.S. Securities and Exchange Commission (SEC) has delayed its verdict on proposals in this class for the umpteenth time. On Monday, it simultaneously issued a delay verdict on three Bitcoin-backed funds from Bitwise Asset Management, VanEck and SolidX, and Wilshire Phoenix.
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The post Crypto Tidbits: Bakkt’s Bitcoin Futures, Coinbase & Xapo, IRS Cryptocurrency Crackdown appeared first on NewsBTC.


Source: newsbtc
Crypto Tidbits: Bakkt’s Bitcoin Futures, Coinbase & Xapo, IRS Cryptocurrency Crackdown

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South Korean Crypto Exchange Coinone Releases Criteria for Crypto Listing

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Market Analysis: Crypto Prices Attempt Resistance Breakout After Recent Plunge

Why Altcoins continue to show glimpses of weakness against Bitcoin

Today, the cryptocurrency is exhibiting some good moments, which can be attributed to the sharp recovery of most cryptocurrencies within the past 24 hours. However, this was not the case a couple of days ago judging from charts. Most of the downward trend of these assets could mostly be pinned on Bitcoin’s most recent dump in price.

Bitcoin Gains in Price After Most Recent Dump

As at press time, Bitcoin is priced at $10,352, which is a 2.49% increment within the past 24 hours, according to Coinmarketcap. While the asset’s current price is not entirely remarkable comparing it to its value of $11,420 on Tuesday, August 13, 2019, the community can finally breathe a sigh of relief, even if it’s a short-lived one.

The latter is a result of its low of $9,675 on Thursday, August 15, 2019, with the possibility of declining further down. In the same vein, certain events in the crypto space happening within the same period did little good to Bitcoin’s dwindling price.

News Emerging Shakes Crypto Market

For instance, the U.S. Securities and Exchange Commission (SEC) postponed its decision to approve three Bitcoin ETFs. Also, Trump’s administration publicized earlier this week that the 10% tariff that had been imposed on Chinese imports valued at $300 billion will be delayed for certain goods.

Bitcoin’s sharp decline from its $11,400 price level to $10,830 on August 13, 2019, triggered by these events, took a toll on the crypto market. However, a closer at Ethereum, XRP, Bitcoin Cash, Litecoin, and other top crypto assets’ price charts today, shows that they have made significant leaps as well.

ETH, XRP, and BCH Also Spike After Minor Drop in Price

Ethereum (ETH), for example, is priced at $185.30 and has gained 0.83% in the past 24 hours. On Thursday, August 15, 2019, Ethereum visited a low of $178.14, a level it has never traded at since June 2019. The last time Ethereum traded within that range was on the 11th of May 2019, where its low and high for the day were $173.14 and $203.47 respectively.

XRP, the third-largest crypto asset has also recovered judging from its $0.265 price level and 2.09% increment today. On Wednesday, August 14, 2019, XRP’s low for the day was $0.252. What’s even more remarkable is that XRP had never traded around that range since the year began. The last time the cryptocurrency was priced around $0.25 was on September 12, 2018, almost a year ago.

There’s also Bitcoin Cash (BCH) which also took some quite the beating earlier this week. BCH’s price as at press time is $310.04, which gives it a 0.31% in the past 24 hours. Like other top crypto assets, BCH’s low was mostly felt on Thursday, August 15, 2019, when it traded as low as $282.04. Nonetheless, its price on Thursday wasn’t far off since BCH was also priced within that range on July 24, 2019.

The post Market Analysis: Crypto Prices Attempt Resistance Breakout After Recent Plunge appeared first on ZyCrypto.


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Crypto Laws In Europe Are About To Tighten Up This Year

crypto laws in europe


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The latest cryptocurrency news show that the in are about to tighten up. We can see that the European Union is ready to gradually tighten up the guidelines in the crypto space – in a time when Bitcoin and many altcoins are volatile and susceptible to any changes in terms of regulation.

All of this will make cryptocurrency users likely to feel the difference in the coming months. These measures stem from obligation of user reports to transpose EU’s Fifth Anti-Money Laundering Directive (AMLD5) into the national laws by January. If this happens, we could expect a very changing landscape regarding cryptocurrency regulation.

Speaking of, the crypto laws in Europe could start from Germany. As the flagship of EU, this country is just one of the first to really make the modifications. As seen on many best cryptocurrency news sites, brand new anti money laundering (AML) laws entering into force next year will oblige digital asset exchanges including providers of crypto payment and custodian services that will apply for permits from Federal Financial Supervisory Authority (Bafin). The regulation should wrap up by the end of 2019 in Germany, so that it is becoming implemented starting from January 2020.

Starting next year, the German economic authorities will lead the new crypto laws in Europe and start thinking about electronic coins as an economic instrument. Even though some welcome the regulatory quality regarding the status of cryptocurrencies, others believe that a lot more aspects need clarification.

In the altcoin news, we can see that Germany is one of the countries that is truly hurting the crypto businesses – especially within the country – but overseas, too. Aside from this country, the Czech Republic has also been focusing on a unique group of rules and pertaining to the initiative of changed crypto laws in Europe. Failure to register utilizing the nationwide Trade Licensing Office, therefore, could lead to massive fines for service providers in the space.

Estonia is yet another EU member that has been tuning its crypto laws recently. This small Baltic nation was one of the main in the continent that produced favorable circumstances for businesses dealing with digital assets, attracting many of them to its jurisdiction.

AMLD5 went into power on July 9, 2018 as part of the new crypto laws in Europe with a main goal of expanding the scope of anti-money laundering regulations to pay for crypto trade platforms as well as wallet providers.

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The Biggest Crypto Heists (And How Much Was Stolen)

the biggest crypto


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The appeal of has grown, the latest cryptocurrency news show. This has presented a lot of opportunities for scammers to part naive investors from their money. This year has been no exception as many cryptocurrency and blockchain experts named it “the year of the exit scam.” This is why today, we are listing the crypto that have been discovered by various researchers.

But before we do that, let’s give you our two cents on spotting an exit scam.

Most of the biggest crypto heists and exit scams have tell-tale signs that investors should out for. First, they have inconsistent or misleading information behind the project. Second, they usually fake online credibility. And most important, you should always check for user reviews before investing in any form of crypto.

Now, let’s list the biggest crypto heists done so far:

  • $2.9 Billion Plustoken Scam That Could Be Largest Scam Ever

We are starting the list with a famous case. An estimated loss of around $2.9 billion was identified after Chinese police uncovered an alleged Ponzi scheme involving the wallet provider and exchange PlusToken. Although more is being uncovered about PlusToken, the mystery is all around the key events and there is in the altcoin news about the case.

  • Pincoin’s Case Which Scalped Investors Out Of An Alleged $660 Million In Tokens

On April 9 last year, two ICOs including iFan and Pincoin were operating under the umbrella of one tech company based in Vietnam. They both went silent after reports showed that 32,000 investors were scalped out of an alleged $660 million in tokens, as Tuoi Tre News reported.

Victims are still featured on the best cryptocurrency news sites, claiming the damages amount to roughly 15 trillion Vietnamese dong ($660 million) in token sales. This makes the Pincoin case one of the biggest crypto heists ever.

  • QuadrigaCX Made Investors Lose $195 Million In Crypto

The death of the 30-year old CEO of the exchange QuadrigaCX shook the crypto world – not only because he was the head of the largest exchange in Canada – but also because he had full control of the passwords and to accounts rendered all the assets on the exchange forever inaccessible. The losses amounted to more than $195 million of stolen cryptocurrency, which makes QuadrigaCX one of the biggest crypto scams too. However, the death of the CEO is still a mystery and there is an ongoing investigation by the FBI on the entire case.

 

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The Biggest Crypto Heists (And How Much Was Stolen)

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