Bitcoin Crawls Past $3,800, But You Shouldn’t Trust This False Recovery

The bitcoin price started Monday with a small recovery to compensate for Sunday’s massive losses, but crypto investors shouldn’t get their hopes up. Bitcoin (BTC/USD) established its intraday high at $3,861, up around 1 percent for the 24-hour period. On Sunday, the pair dropped approximately 10 percent in just 9 hours – a dump, precisely. It started consolidating upwards after finding a new low at $3,721. At the same time, the bitcoin market reported lower intraday volume and volatility, indicating that the bearish action was still far from over. Bitcoin…

Bitcoin Shorts Dropped to 11-Month Lows During Sunday’s Sell-Off

The number of short bets placed against the price of bitcoin on at least one notable exchange declined to their lowest total in 11 months on Sunday. Data from Bitfinex shows that bitcoin’s 8 percent drop in price on Sunday was accompanied by a 12 percent drop in the notional value of open short positions, with the total amount of such trades dropping from a daily high of 19,604 to 17,085 BTC, the lowest amount allocated on the platform since March 12 of last year. The development comes just a…

Indian Supreme Court Gives Government Deadline to Reach Decision on…

The Supreme Court of India made a decision on February 25, 2019, to present the government with an ultimatum: Develop crypto regulations within the next four weeks or the court will make its own judgement. In addition to setting this deadline, the court has refused to hear further argument from parties in the ongoing legal battle, instead forwarding the issue to the Union of India, the legal term for the federal government of India, per local media sources. Regarded as a potential hub for crypto expansion due to its vast…

Ebang Reveals Plans to Produce 400,000 Bitcoin Mining Units in 2019

Ebang, one of China’s top manufacturers of bitcoin miners, is planning to produce 400,000 mining machines in 2019. On February 22, 2019, Ebang reportedly announced this plan to expand dramatically throughout the fiscal year. Currently, Ebang is the third largest manufacturer of cryptomining equipment. There is one main reason that Ebang might have a solid chance of moving up in the mining manufacturing world: Bitmain’s recent financial troubles. Also based in China, Bitmain is currently China’s unequivocal leader in ASIC mining hardware manufacturing. Canaan, the second largest company on the…

QuadrigaCX and the Million Dollar Questions: What We Do and Don’t Know

QuadrigaCX Exchange’s founder, Gerald Cotten, passed away more than two months ago, and with his death, the keys to the exchange’s cold storage allegedly went to the grave with him. This is the story that QuadrigaCX is sticking to in the posthumous mess that has followed its founder’s death. The situation has been likened to a second Mt. Gox, with some of the biggest differences being that we don’t know whether or not QuadrigaCX is solvent and there’s no hard evidence of foul play on behalf of the exchange. But…

Coinbase Pro Adds Support for XRP

Coinbase Pro, the professional offering of United States-based crypto trading platform and wallet service Coinbase, is adding support for Ripple’s XRP token. Coinbase announced the development in an official blog post on Feb. 25. Per the announcement Coinbase Pro will now accept deposits of XRP for a minimum of 12 hours before enabling full trading. Coinbase notes that it will first establish sufficient liquidity on the platform, opening trading pairs in U.S. dollars, euro and Bitcoin (BTC) in phases. Full trading of XRP will be available to customers in the…

XRP will soon be available to trade on Coinbase Pro

Support for XRP will initially be available for Coinbase Pro users in the US (excluding NY), UK, supported European Union member nations, Canada, Singapore, and Australia. Additional jurisdictions may be added at a later date. After 10am on February 25, 2019 we will begin accepting inbound transfers of XRP to Coinbase Pro. We will accept deposits for a minimum of 12 hours prior to enabling full trading. Please note that inbound transfers require the specification of an XRP destination tag. Once sufficient supply of XRP is established on the platform,…

South Korea’s Coinbin Files for Bankruptcy With $26 Mln Loss, Cites Employee Embezzlement

Coinbin, the South Korean cryptocurrency exchange that took over hacked exchange Youbit, has filed for bankruptcy owing users almost $30 million, correspondence from the company confirmed on Feb. 20. Coinbin, which acquired Youbit in 2017, is closing operations as the result of embezzlement from a senior executive, local media including English-language resource Business Korea subsequently reported. “We are preparing to file for bankruptcy due to a rise in debt following an employee’s embezzlement,” the publication quoted CEO Park Chan-kyu as saying. According to available information, the figure in charge of…

Australian Financial Regulator Trials Blockchain to Automate Funds Transfer Instructions

The Australian Transaction Reports and Analysis Centre (Austrac) is trialing a blockchain prototype for the automation of funds transfer instructions, business tech news site ZDNet reported on Feb. 24. Austrac — a government financial intelligence agency — is reportedly partnering with the Swinburne University of Technology in Melbourne to trial the use of blockchain and smart contract technology to help multiple actors automate their international fund transfer instructions (IFTIs) reporting to Austrac. Reporting entities include banks, remitters and casinos, according to ZDNet. Work on the blockchain proof-of-concept (PoC) for IFTI…

Coinbase Exchange Users Can Buy and Sell XRP Starting Tomorrow

Crypto exchange Coinbase is launching support for XRP, the third-largest cryptocurrency by market capitalization. The exchange announced Monday it would be listing XRP on its professional trading platform, Coinbase Pro, in “transfer-only” mode, meaning customers can only deposit tokens to begin with. After a minimum of 12 hours, the company plans to activate other trading services, though this timeline is variable. Initially, Coinbase Pro customers in the U.S. (excluding New York state), the UK, some EU nations, Canada, Singapore and Australia will be able to access XRP, with support for…