Bitfinex and Tether Ask Court to Loosen NYAG’s Restrictions

Tether has asked a judge for more leeway to use its cash amid the New York Attorney General’s investigation of the stablecoin issuer and affiliated crypto exchange Bitfinex. According to new court documents filed Monday, the attorneys for each side failed to come to a consensus on what, precisely, Tether should be allowed to do with its holdings. The NYAG’s office wants to prevent “any affiliated entity” from touching funds in Tether’s reserve and a 90-day injunction. On the other hand, attorneys for Tether and iFinex, the parent firm of Bitfinex,…

Bitcoin Critics to Catch FOMO at BTC $10,000, Says Crypto Bull Tom Lee

By CCN: Bitcoin’s run higher is igniting a wave of fear-of-missing-out (FOMO) among those who gloated about the cryptocurrency’s imminent demise. Fundstrat Co-Founder Tom Lee recently took time to engage with crypto Twitter now that bitcoin’s price has rebounded considerably. Through a Twitter poll, he asked, “At what price will see FOMO from those who gloated about 90% crash in BTC?” Before he closed the voting over the weekend, nearly 8,000 people had participated. Most of them believe bitcoin hitting $10,000 again will bring naysayers to their knees, causing them…

Cryptocurrency Mainstream Adoption | Is Ebay the Answer?

Are we on the verge of mainstream adoption for digital currencies? The list of companies accepting payment in Bitcoin is steadily growing and now one of the biggest e-commerce sites is hinting at joining that list. Global e-retailing giant, Ebay, has stirred rumors via its latest promotional adverts. Let’s check this out. Mainstream Adoption – Ebay to Support Digital Assets? At the Consensus conference in New York, Ebay’s banners suggested the company is about to enter the cryptocurrency space. In a photo leaked on Telegram channel @PatronsOfTheMoon, the two banners read…

In Light of Tether’s Fractional Reserve, a Shadow of Fiatcoins’ Future

Tether has taken a lot of heat for admitting it is running a fractional reserve. There’s no doubt that Tether’s unregulated nature makes this approach risky and that its lack of transparency is unsettling, but the entire modern banking system is architected on fractioned assets. And Tether is not the only stablecoin that admits that it is backing its tokens with cash and “equivalent assets”; all of its competitors state in their terms of use that they can (and/or do) back tokens with cash-like investments, like government treasury bonds or…

Gab Doesn’t Want Your Social Media Token — It Wants Bitcoin

Andrew Torba is getting into Bitcoin. Well, actually, he’s been into Bitcoin for quite some time. He contributed to CoinDesk back in 2013, most notably with an article he wrote about buying a Subway footlong with bitcoin. This was three years before he founded Gab, an alternative social media network “that champions free speech, individual liberty and the free flow of information online.” Gab has accepted bitcoin donations since its launch in 2016, but now it’s getting even further into the original cryptocurrency. Torba doesn’t just want to bankroll Gab…

Microsoft Is Building an ID Verification Platform on Bitcoin

Microsoft is leveraging blockchain technology to create a trustless digital identity scheme, but its not launching a token or building a private blockchain to do so. Its building on Bitcoin instead. Announced on May 13, 2019, Project ION is an open-source, Layer 2 network built out of the public key infrastructure protocol Sidetree. In practice, “it is akin to Lightning, in that there is no secondary consensus among ION nodes,” a source close to the network’s development told Bitcoin Magazine. “This is just like Bitcoin, but for IDs,” the source…

eBay Teases Crypto Expansion | Bitcoin Magazine

Popular e-commerce provider eBay has released promotional materials suggesting that its is ready to accept “virtual currencies” and offer “digital collectibles.” The ads have appeared at Consensus 2019, a cryptocurrency and blockchain summit taking place this week in New York. In addition to hinting that eBay will soon offer support for cryptocurrencies, they feature claims about the company’s online reach and user count. Because the initial ads didn’t mention any cryptocurrencies in particular, it’s unclear if the online marketplace plans to focus on Bitcoin or other tokens. At the time…

Up $1,200: Bitcoin Price Surges Above $8K

Bitcoin’s price has continued to extend its recent rally to a price level beyond $8,000. At 21:30 UTC today, the price world’s largest cryptocurrency rose as high as $8,195 on Coinbase, marking a 17.4 percent or $1214 increase during today’s trading session. In the past 24 hours alone, Messari data reveals more than $27 billion worth of bitcoin was traded across exchanges, whereas $2,1 billion was traded solely on the 10 exchanges Bitwise Asset Management identified as the only exchanges reporting honest volume figures. While vigorous, today’s development is not…

BitOasis Secures Preliminary Approval With UAE Financial Regulator

United Arab Emirates-based cryptocurrency exchange BitOasis has reportedly secured preliminary approval with financial regulators, Bloomberg reported on May 13. Founded in 2015, BitOasis claims to be the Middle East’s first digital currency wallet that uses multi-signature technology. The company previously announced that it was seeking to be fully licensed in the financial center Abu Dhabi Global Market (ADGM) before the end of this year. Ola Doudin, the founder and CEO of BitOasis said then that “we are hoping to be one of the first regulated exchanges to get that licence.”…

Bitcoin (BTC) Clears $7,500, This Is Just the Beginning–Mati Greenspan

Bitcoin (BTC) surge, up 34 percent Mati Greenspan confident that Bitcoin prices will surge to new highs as momentum builds up Prices may correct, that’s a possibility. However, unlike the deep correction of 2018, there is increasing awareness around Bitcoin and cryptocurrency in general. That is perhaps the reason why Mati Greenspan of Etoro is confident that BTC is in the early stages of a humongous bull rally in waiting. Bitcoin Price Analysis Fundamentals It’s all about price and ROI, and if that is the metric for gauging success, then…