Is this fall a good time to buy Bitcoin? Let’s look at the charts
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On July 12, 2019, Tokyo-headquartered cryptocurrency exchange Bitpoint promptly suspended its services after noticing an error in the outgoing funds transfer system. Soon, an official announcement followed, revealing that the trading platform had lost around 3.5 billion yen (roughly $32 million) as a result of a security breach. The exchange’s administration has managed to find a portion of the missing funds since the initial announcement was published. Nevertheless, the security breach seems to continue the streak of hacks targeting Japan-based exchanges.
Details of the hack
According to the breakdown of the hack published by Bitpoint’s parent firm, Remixpoint Inc., Bitcoin (BTC) accounted for the highest share of total losses. The total amount of stolen BTC (1,225) is worth over 15 billion yen (just over $138 million). Further, over 28 million XRP (10 billion yen, or $92 million) and 11,169 ETH (3.3 billion yen, or $30 million were…
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By 2022, blockchain investment across all industries is anticipated to hit $12.4 billion, according to research firm IDC and cited by Reuters.
For the past 10…
David Marcus, head of Facebook’s crypto wallet Calibra, stressed Facebook’s intent to be compliant with the United States Financial Crimes Enforcement Network (FinCEN) in distributing the Libra stablecoin. As a Cointelegraph correspondent reports on July 16, Marcus delivered his comments at the ongoing hearing on Facebook’s Libra with the Banking Committee of the U.S. Senate.
Addressing the issues of money laundering and terrorism financing, Senator Cortez Mastro asked Marcus how Facebook is going to ensure that the platform is not being used for such purposes. Marcus responded that “this is something that I care about deeply, personally.” Marcus added that the company will have an Anti-Money Laundering program, reiterating Facebook’s commitment to FinCEN.
Marcus stated that “Calibra will be affordable and accessible and also safe and secure” and will comply with FinCEN and state regulation. According to Marcus, Libra Corporation will still register with FinCEN despite the…
Blockchain consortium R3 has partnered with Brazilian fintech company Banco Maré to launch a stock exchange for investing in technology firms.
Banco Maré, a blockchain-powered digital bank focused on financial inclusion, intends to build a tokenized stock exchange offering investments in technology companies with “social impact,” Cointelegraph Brazil reports July 16.
The new R3 technology-backed platform, provisionally named BVM12, will purportedly open a new funding source for technology startups, as well as enable individual investors to generate dividends from investments in new technologies, the report notes.
Rio de Janeiro-based Banco Maré has reportedly conducted its first informal consultations with the Brazilian Securities and Exchange Commission, and is reportedly planning to make an official request to the agency in August 2019.
Banco Maré CEO Alexander Albuquerque claimed that the new venture aims to democratize risky investment and bring the low-income public to the stock market.
Earlier in June, Cointelegraph reported that the…
Cryptocurrencies which provides users with privacy and anonymity are often looked down upon by politicians and other officials. Especially in the US, privacy coins such as Monero and ZCash might face an uphill battle in the future. The most recent White House press conference only confirms these currencies are designed for criminals and no one else.
The Stigmas Remain
For quite some time now, the term “privacy coins” is associated with illegal activity on the internet and in the real world. This is primarily because of the privacy and anonymity features these currencies tend to provide to its users. In the case of Monero, for example, it is impossible to determine who owns how many coins, or who is sending and receiving transactions. This makes it a thorn in the side of government officials and financial experts, as they only see the negative side of this…
House Minority Leader Kevin McCarthy told CNBC on Tuesday that he likes the decentralized nature and the security of bitcoin.
“I like bitcoin” and the security of the blockchain ledger technology behind cryptocurrencies, the California Republican said, as he criticized Facebook’s plans for a Libra digital coin ahead of hearings on Capitol Hill this week.
Libra will be pegged to a basket of government-backed money, compared with bitcoin, which is highly volatile in price and derives value from factors including its ability to enable instantaneous, anonymous, global payments and as an investment.
Nobody controls bitcoin.
McCarthy did, however, say that bitcoin is not where it needs to be yet, alluding to the risks of cryptocurrencies being used by criminals and money launderers.
While Libra promises more stability, McCarthy remains concerned.
“When I’m on Facebook, I’m not the customer, I’m the product,” he said. “Facebook is free because…