Class Action Alleges Visa-Acquired Co Was ‘Data Plumbing’ Venmo, Cash App & More

June 25, a new class action was filed in California against fintech startup Plaid, which was acquired by Visa for $5.3 billion earlier this year. The plaintiffs allege that Plaid violated privacy and data protections by accumulating and monetizing financial transactions of millions of users. The complaint alleges that the company accumulated this data by “data plumbing” popular services like Venmo, Stripe, Square’s Cash App and Robinhood. It purports that Plaid knew: “Every dollar you deposit or withdraw, every dollar you charge or pay to your credit card, and every…

Bitcoin Cash Trading Near Inflection Point, 100 SMA Could Trigger New Rally

Bitcoin cash price is recovering from the $225 support zone against the US Dollar. BCH is slowly gaining traction, but it is facing a strong resistance near the $240 and $242 levels. Bitcoin cash price is slowly correcting higher above $235 against the US Dollar. The price is likely to face a crucial hurdle near the $240 resistance zone. There is a key bearish trend line forming with resistance near $242 on the 4-hours chart of the BCH/USD pair (data feed from Kraken). The pair must clear the $242 resistance…

LibertyX Allows BTC Purchases in Cash at 7-Eleven, CVS, and Rite Aid

LibertyX, the firm that launched one of the early Bitcoin ATMs, has just made purchasing Bitcoin in cash possible at more than 20,000 retail locations across the United States.  In a June 22 announcement on LibertyX’s Twitter account, the crypto ATM service company said customers of retailers including 7-Eleven, CVS Pharmacy, and Rite Aid would be able to buy Bitcoin (BTC) with cash.  Users need to have the LibertyX mobile app installed, select which retailer location they will visit in advance, and scan their barcodes at the time of purchase.…

Major Crypto Debit Card Issuer Reportedly Missing $2.1B in Cash

Major fintech company WireCard, which issues Crypto.com’s debit cards, has fallen into controversy as some of its employees appear to have defrauded the company. As reported by the Financial Times on June 18, auditors from Big Four accounting company EY “could not confirm the existence of €1.9bn in cash,” or about $2.1 billion.  According to a statement from the company, a trustee of Wirecard’s bank accounts attempted to deceive the auditor and falsely indicate the existence of the cash balance. The company’s stock price plummeted by almost 50% on Thursday…

Bitcoin Cash Price Recovery Could Face Huge Barrier Near $250

Bitcoin cash price declined heavily and tested the $225 support zone. BCH is currently recovering, but it is likely to face a strong barrier near the $248 and $250 resistance levels. Bitcoin cash price declined to a new monthly low at $225 against the US Dollar. The price is currently correcting higher above the $230 resistance zone. There is a major bearish trend line forming with resistance near $248 on the 4-hours chart of the BCH/USD pair (data feed from Kraken). The pair is likely to struggle near the $246,…

Developer Activity Surrounding Eos, Tron, and Bitcoin Cash Plummets

A report published by blockchain and AI investment firm Outlier Ventures has found a decline in developer activity of roughly 20% on average across 12 leading blockchain and cryptocurrency projects. In Outlier Ventures’ Blockchain Developer Report for the second quarter of 2020, the firm notes that development fell by half for top markets Bitcoin Cash (BCH), Eos (EOS), and Tron Tron (TRX). Despite the retraction in building, the firm notes that some signs of strong developer activity surrounding various crypto projects, with Theta (THETA) and Cardano (ADA) seeing increases in…

Investor Claims There’s No Way to Cash Out From Grayscale’s Bitcoin Trust

Qiao Wang — Investor, analyst and head of product at crypto market data firm Messari — raised major criticism about the way in which the Grayscale Bitcoin Trust, or GBTC, is set up. In a June 11 tweet, Wang cites Grayscale’s official website, according to which “Grayscale Bitcoin Trust does not currently operate a redemption program and may halt creations from time to time.” He suggested that the absence of a redemption mechanism can result in GBTC trading at a discount compared to the net asset value, or NAV, of…

Bitcoin Cash Smashes Key Resistance: Here’s Why It Could Retest $270

Bitcoin cash price is showing positive signs and it is trading above the $250 support. BCH is likely to continue higher and it might break the $265 and $270 resistance levels. Bitcoin cash price is trading in a positive zone above the $250 support against the US Dollar. The price broke a crucial hurdle at $255 and it is now showing signs of more gains. There was a break above a key contracting triangle with resistance near $255 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).…

Cash or Plastic? Countries Where Crypto Debit Cards Are Fair Game

As a sector, plastic cryptocurrency cards have had a bumpy ride. While for some they are the perfect way to spend those hard-stacked sats, it has evidently been a struggle for crypto companies to provide such a service. Wracked by regulation, supplier issues and the volatility of digital assets, crypto debit cards have had a rough start. Nonetheless, crypto debit card use is growing and is considered an important development for the growth in the adoption of crypto around the world. So, in which countries are most of the crypto…

Bakkt Physical Bitcoin Futures Beat Cash Ahead of Major CME Expiry

Bitcoin (BTC) futures platform Bakkt now sees most of its contracts settled in BTC, not cash, the latest data reveals. According to analytics resource Skew, the latest date for which data is available in May produced $34 million for Bakkt’s physically-settled Bitcoin futures. Tide turns against cash settlement Cash-settled Bitcoin futures recorded $9.3 million in volume, while total open interest was $7.6 million. The trend reverses the previous status quo, under which futures settled in fiat saw larger volumes. This was the case throughout March and April, as volatility underscored…