Facebook Coin | Catalyst for Crypto Growth, Says Spencer Bogart

With the introduction of the Facebook Coin, the cryptocurrency world is facing a revolution. Spencer Bogart of Blockchain Capital, in an interview with Bloomberg, shed some light on the media giant’s venture into the cryptocurrency ecosystem. The Trickle-Down Effect of Facebook Coin In the interview, Bogart stated that there are several catalysts on the horizon in the cryptocurrency market despite the speculated “bottom” being reached. One good catalyst will be the anticipated Facebook Coin that will change dynamics in the cryptocurrency industry. The Facebook Coin project will be an incredible project…

QuadrigaCX Has $21 Million in Assets and Owes $160 Million: EY Report

QuadrigaCX, the Canadian crypto exchange that collapsed after the death of its CEO and founder late last year, has just $21 million in assets, but owes creditors $160 million, its court-appointed monitor and trustee said. The latest report by Ernst and Young (EY), which is dated May 1 but appears to have been published in the last few days, outlines three legal entities affiliated with the exchange – Quadriga Fintech Solutions Corp., Whiteside Capital Corporation and 0984750 B.C. Ltd., each of which is presented as its own bankrupt firm. As a…

Op Ed: Understanding the Latest FinCEN Guidance for Cryptocurrencies

On May 9, 2019, the Financial Crimes Enforcement Network (FinCEN), issued new “interpretive guidance” about how its regulations apply to businesses that conduct money transmissions in virtual currencies. In summary, a money services business (MSB) needs to register with FinCEN, (which is free and done through Form 107); get an AML compliance policy that specifies what KYC information will be collected (and aims to catch and prevent money laundering and terrorism); designate a compliance officer to monitor transactions and file suspicious activity reports for activity that looks suspicious and file…

Massive Bitcoin Price Rally Awaits Shorts’ Trigger Beyond Fresh 2019 High

By CCN: In the past month, the bitcoin price has climbed 23 percent against the U.S. dollar in major markets, recording nearly a 70 percent year-to-date (YTD) gain. The bitcoin price is up by more than 23 percent in the past month (source: coinmarketcap.com) The bitcoin price has almost fully recovered to November 2018 levels as it surged past $6,300 with strong volume and momentum. Since March, the real volume of bitcoin calculated using the methodology of Bitwise Asset Management has surged by three-fold from $270 million to over $700…

Binance Announces ‘Significant’ Security Changes Following Hack

Cryptocurrency exchange Binance has revealed that it will be revamping its security network to prevent a recurrence of the 7,000 BTC hack it experienced on May 78, 2019. Per a blog post on its official website, the exchange announced that it will be implementing “significant” changes to its fundamental security infrastructure, including its two-factor authentication (2FA) process, its Application Programming Interface (API) and withdrawal validation processes. It promised to implement some of the new measures within the week before deposits and withdrawal services resume on the platform. Others will be…

The SEC Has a New Exchange Traded Fund Application to Review

The U.S. Securities and Exchange Commission (SEC) has posted a new proposal from Crescent Crypto Index Services, a subsidiary of Crescent Asset Management, for the launch of a crypto-backed exchange-traded fund (ETF). According to the application, the company, which is based in New Jersey, will be looking to monitor the performance of a portfolio of ether (ETH) and bitcoin (BTC). The fund has been named the “USCF Crescent Crypto Index Fund” with “XBET” being its proposed ticker. It will also be sponsored by United States Commodity Funds LLC, a commodity…

Here’s Why Bitcoin Price Could Drop Below $4,800 in Coming Weeks

The bitcoin price continued its rally higher this Friday as traders kept their upside targets glued towards the 2018’s most traded price of $6,400. The BTC/USD pair hit $6,337 on the US-based cryptocurrency exchange Coinbase to bring its net bullish rebound up 102 percent. The pair, according to market analyst Josh Rager, was now testing $6,427 as its near-term resistance while $6,345 was providing crucial support to bitcoin’s next potential upside action. Rager also highlighted that bitcoin’s weekly RSI had crossed above 70 – an overbought territory – for the…

A Group of Major Crypto Traders Reportedly Considers Scammer Blacklist

Several major cryptocurrency traders have reportedly begun discussing plans to enact an industry-wide blacklist of suspicious actors, to stem the tide of scams, theft and fraud in the crypto space. Bloomberg reported on this development on May 8, 2019, claiming that major companies such as Ripple, Cumberland DRW and Galaxy Digital Holdings gathered to discuss some of the practical applications of such a blacklist. Similarly, alternate plans were also discussed to form a sort of “whitelist” by introducing formal industry standards to accredit firms in good standing. The meeting was…

Binance, Bitfinex and Tether: What’s the Worst That Can Happen?

Daniel Cawrey is chief executive officer of Pactum Capital, a quantitative cryptocurrency investment firm and hedge fund. The views expressed are those of the authors and are not investment advice. All investors, institutional or otherwise, have a duty to try to see the world as it truly is. Not as they wish it to be. This is especially true when putting investment dollars at risk. One needs to ask questions to understand elements influencing the outcome of an investment. One of those questions is: How could things go wrong here? Investment…

All of It Dark, All of It P2P: After the Binance Hack, Bitcoin Doesn’t Cut It

Amir Taaki created libbitcoin, the first alternative bitcoin implementation, and has worked on wallets Electrum and Darkwallet as well as privacy markets and decentralized technologies. Binance, the biggest crypto exchange by volume, was hacked on Tuesday. The hacker took $40 million or 7000 BTC. Binance had a chance to recover these funds. They could cut a deal with the majority hashpower miners. The miners would reverse the chain and gain a share of the stolen money. Binance this time decided not to make the deal with miners. And as time goes…