Tether Partly Backed by Bitcoin, Court Transcription Reveals

Tether, a stablecoin tied to the dollar that is meant to mediate the volatility of other cryptocurrencies, is partly backed by bitcoin. As detailed in court documents obtained by The Block, Tether admitted to using some of the cash reserves meant to back its stablecoin to purchase bitcoin, among other assets. This revelation is the latest in legal proceedings between the New York Attorney General (NYAG) and Bitfinex, a leading cryptocurrency exchange which shares management with Tether. Bitfinex and the NYAG have gone back and forth in a battle of…

IRS Commissioner Makes Crypto Tax Clarity a Priority

The U.S. Internal Revenue Service (IRS) is planning to overhaul its methods for determining the federal taxes due on cryptocurrency payments to improve clarity for taxpayers. The decision stems from the recent attempt by Minnesota Representative Tom Emmer to pass legislation reforming the way that hard forks and the resultant “forkcoins” are viewed by tax agencies. Joined by members of his “Blockchain Caucus,” Emmer’s initial attempt to pass the bill failed in September 2018 and he has promised to reintroduce a similar bill in May 2019. On April 11, 2019,…

Op Ed: Lightning Network Consensus Is a Marketplace and That’s Okay!

To Bitcoin or Not to Bitcoin During the “scaling debate” before the SegWit2X user-activated soft fork (UASF), Bitcoin businesses were getting their first bitter taste of Bitcoin’s censorship resistance. They wanted change to be easier. They wanted their influence to be effective. They wanted to take shortcuts. Unfortunately for them, Bitcoin was created to resist control. Entities that seek to position themselves against Bitcoin are choosing a path of perpetual hypocrisy and frustration. Those who follow me in interviews might be tired of hearing this, but each Bitcoin business has…

Dutch Man Arrested for $111 Million Fake Mining Scheme

On March 21, 2019, Dutch news outlet NL Times reported that “Berry van M.,” a 33-year-old Dutch businessman and the operator of now-defunct trading platform Koinz Trading, has been arrested on charges of deceiving investors with a bogus bitcoin mining scheme. The report claims that van M. was the director of companies that sold “computers for mining Bitcoin” since 2017 and that he “managed the computers in a so-called ‘mining farm.’” He convinced investors that they would receive returns of 0.3 BTC per month. But when the investors did not…

Coinbase’s Ethereum (ETH) Volume Spike a Hint, Up 28.1 Percent

Ethereum (ETH) up 28.1 percent Trading volumes surge ahead of Istanbul hard fork and Serenity Serenity is supportive of prices. So far, Ethereum (ETH) is up 28.1 percent. Even so, there is room for further upsides once there is a close above the psychological $300 mark. Ethereum Price Analysis Fundamentals Several factors are behind investors’ confidence in Ethereum (ETH). Apart from liquidity, fundamentals are overly bullish. Because of expectations and belief of how prices will pan out in days ahead, ETH is literally on a roll. Week to date, prices…

Strong Barriers at $8,500, But Bitcoin (BTC) Bulls are Firm

Bitcoin (BTC) stable and ranging The US SEC delays VanEck Bitcoin ETF decision date by another three months Bulls are resilience, and after shaking off the $1,000 drop of May 19, Bitcoin is stable and ranging. Even so, any break and close above $8,500 will draw buyers aiming at $10k or higher confirming bulls of early April. Bitcoin Price Analysis Fundamentals That the dreaded crypto winter is finally over, is true. Analysts say fundamental and technical factors are aligning and that will likely lift Bitcoin prices to new highs as…

Bitcoin Businesses Push Back Against Proposed Canadian Crypto…

On May 16, 2019, San Francisco-based crypto exchange Kraken posted on Twitter a summary of its response to the Canadian Securities Administrators (CSA) “Proposed Framework for Crypto-Asset Trading Platforms”: “Kraken strongly recommends against Canada imposing a security law framework on cryptocurrency exchanges in public response to the Proposed Framework for Crypto-Asset Trading Platforms published by the CSA,” Kraken wrote. Jonathan Hamel, a Bitcoin technology consultant with the Montreal Economic Institute and founder of Académie Bitcoin, told Bitcoin Magazine that, in his view, the proposed security framework is a clear attempt…

Bitcoin OTM in Beijing Lasted Less Than a Week Under Regulatory Pressure

This article was originally published by 8btc and written by Lylian Teng. Bitcoin ATM services in China have once again proved to be hopeless, after the first Bitcoin OTM (OTC Teller Machine) in Beijing was removed shortly after its installation. As Bitcoin ATMs are gaining traction throughout the world, the first Bitcoin OTM appearing in Beijing seemed like a giant leap forward for the country, who often holds a hostile approach toward bitcoin. However, the machine, which stood in a Beijing courtyard, was taken down within a week. What Is…

Ripple (XRP) add 21.7 Percent, Resistance at 40-43 cents Zone

Ripple (XRP) ranging but the uptrend is firm XRP classification will either trigger a rally or a large-scale dump Like most liquid assets, Ripple (XRP) is consolidating, trading inside May 14th and 15th high low in a bullish breakout pattern. All the same, bulls are in pole position. As fundamentals and candlestick arrangement diverge, it is only a matter of time before prices breach 50 cents as buyers aim at 60 cents. Ripple Price Analysis Fundamentals At 39 cents, Ripple (XRP) market dominance is 6.75 percent, trailing Bitcoin and Ethereum…

Hedge Fund Execs Predict Bitcoin Price will Close 2019 at $9,659

The bitcoin price has surged a little above 114 percent in 2019 so far. But, according to a new poll, the cryptocurrency has extra fuel to sustain its upside action further. US comparison website Finder surveyed ten FinTech capitalists, including executives from hedge funds Arca and BitBull Capital, on Friday. The portal found that a majority of them expected that bitcoin would pullback from its recently tested $8,000-level. However, they forecasted a strong rebound in June, which would push the cryptocurrency’s rate to as high as $9,659 by the end…