US Congress Asks Financial Crime Director to Study Blockchain Tech

The United States House of Representatives has passed a bill that calls for the Financial Crimes Enforcement Network (FinCEN) to study blockchain technology in its fight against financial crime. On Sept. 19, the House passed the bill “Advancing Innovation to Assist Law Enforcement Act”, which requires the Director of the Financial Crimes Enforcement Network, Kenneth Blanco, to carry out a study on the use of emerging technologies, such as blockchain technology, within the FinCEN. The bill reads: “The Director of the Financial Crimes Enforcement Network (“FinCEN”) shall carry out a…

Tuesday Shows Bloodbath for Altcoins, Up to 34% Losses on Top-20 coins

Altcoins prices are bleeding heavily, with some of the top-20 coins showing losses of more than 34% on the day. Cryptocurrency market daily overview. Source: Coin360 The last few hours have been nothing but pain for the entire crypto market. Major coins are experiencing double-digit losses, with Bitcoin SV (BSV) taking the not-so-desirable lead with a massive hit of more than 34% on the day. The most popular altcoin Ether (ETH) has dropped over $50 in the last 24 hours to a price point of $156 per coin, recording a heavy…

Kik Messenger to Shut Down as Company Shifts Focus to Kin

Kik Interactive has announced that it is closing its messaging service due to a legal wrangle with the SEC over its cryptocurrency, Kin. The troubled messaging app, which still has millions of users worldwide, has been involved in a legal battle with the United States Securities and Exchange Commission in recent months after the SEC announced it was suing Kik over the $100 million USD raised from an ICO in 2017. Bloomberg reported back in June that the SEC argues that the token used in the ICO, Kin, counts as…

Bitcoin’s Price Flash Crashes $1,500 in 24 hours, Is $7,500 next?

Tuesday Sept. 24 – Bitcoin’s price is retracing rapidly from over $9,800 to $8,150 in less than a day and for the first time in months. Bitcoin 24 hour price chart. Source: Coin360 The Bitcoin price flash crashed hard, dropping close to $800 in just a few minutes to show double-digit losses, down 11.4% while currently trading at $8,150 as of press time.  According to data from Coin360, Bitcoin investors are experiencing a painful Tuesday, with BTC/USD hovering close to $8,100 at press time. Bitcoin’s rapid drop below $9,800 was the…

Bitrue Exchange to Launch Crypto-Backed Loan Platform

Singapore-based exchange Bitrue is launching a low-interest crypto lending platform, the company said. The service, which goes live on Sept. 30, loans BTC, ETH XRP and USDT at a 0.04% daily interest rate. Users pledge existing Bitrue-held crypto assets as collateral against their $100-minimum loans. Bitrue will fund its novel “power piggy” crypto-holding rewards program with users’ loan interest payments. The loan platform rollout is part of a larger shift for the XRP-focused exchange, CEO Curis Wang said in a statement, alluding to more financial instruments in the pipeline. “Bitrue’s…

BitFinex Can Hold On to Documents About Alleged $850 Million Cover-up

The Appellate Division of the New York Supreme Court has ruled that Bitfinex can hold on to documents pertaining to the alleged cover-up of an $850 million loss on the Bitfinex trading platform. Ongoing case In a Sept. 24 court order, appellate court justices David Friedman, Peter Tom, Troy Webber, Ellen Gesmer and Jeffrey Oing moved to stop a previous ruling by New York Supreme Court Judge Joel Cohen that required BitFinex to produce documents and information related to the $850 million loss on the exchange. As Cointelegraph reported in…

Facebook’s Libra Wants to Hit the Market in Early 2020

It has been a hugely eventful year in the crypto sphere, and perhaps one of the most important developments has been the announcement of Facebook’s Libra. However, as soon as it was announced that it was going to be launched next year, plenty of influential regulators expressed their doubts about the cryptocurrency straightaway. Important Progress They are still doing so, and in a new development, it has emerged that Facebook (NASDAQ:FB) is going to go ahead with the launch of Libra next year as planned notwithstanding any misgivings from regulators. Regulators have…

Facebook’s Project Gets Challenged as ‘EuroCoin’ Looms

The ripples of the Libra effect are beginning to lap against the shores of Europe, with French Finance Minister Bruno Le Maire suggesting that Europe should throw its hat into the ring and launch its own digital currency. Le Maire’s announcement comes at a time when EU politicians are becoming increasingly vocal about Libra and digital currencies in general.  Speaking at a meeting of EU finance ministers in Helsinki, Le Maire told journalists that he would discuss the feasibility of a European public digital currency with his counterparts in October.…