Tag: Cryptocurrency

Gate.io Raises $64 Million for Launch of New Exchange Cryptocurrency

Crypto Bit News Staff

Crypto exchange Gate.io has raised $64 million worth of crypto assets in seven days for its own exchange cryptocurrency that won’t be launched on a blockchain for at least six months. One of the oldest Chinese exchanges, Gate.io claimed on Monday that over the last week it was heavily oversubscribed with orders totaling $2.99 billion for the so-called Gate Points, which can be used for offsetting trading fees on the platform. Moreover, each Gate Point further entitles a holder to receive 2.5 Gate Tokens (GT), the native cryptocurrency of Gatechain, the…

Cryptocurrency Exchange Binance Registered 66% Profit Increase in Q1 2019

Crypto Bit News Staff

Major cryptocurrency exchange Binance reported $78 million in profits in Q1 2019, up 66% compared to the previous quarter, cryptocurrency news outlet The Block reports on April 16. The claims have been extrapolated by The Block from Binance’s seventh quarterly binance coin (BNB) burn data. Per the report, the 830,000 BNB burned represent 20% of the exchange’s net profits in the first quarter of this year. The Block notes that this allows for easy deduction of the company’s profits, even though Binance does not release financial reports. The report also…

Cryptocurrency Exchange OKEx Decides Not to Delist Bitcoin Satoshi Vision

Crypto Bit News Staff

Major cryptocurrency exchange OKEx announced that it decided not to delist bitcoin satoshi vision (BSV) in a series of tweets published on April 16. OKEx is currently ranked first on CoinMarketCap of exchanges by adjusted trading volume, with $1.3 billion in 24 hour volume. Per the announcement, the exchange verified that BSV currently doesn’t meet the OKEx delisting and hiding criteria after reviewing its technology development, liquidity and compliance. The last tweet further explains the stated reason behind the decision: “As a neutral platform, OKEx respects the efforts of all…

Rakuten Begins Registrations for Cryptocurrency Exchange Ahead of June Launch

Crypto Bit News Staff

Japanese internet giant Rakuten has begun letting prospective users of its Rakuten Wallet cryptocurrency exchange open accounts, Cointelegraph Japan reported on April 15. Rakuten, which plans to launch the exchange in June, now offers online registration for traders, all of whom need a Rakuten user ID and associated bank account to complete the process. The company took over Everybody’s Bitcoin platform in 2018, introducing changes that allowed it to procure a license for the operation from Japanese regulators in December. Everybody’s Bitcoin had previously been cited by regulators for deficiencies…

Unocoin Reduces Staff by 50% Ahead of Indian Supreme Court Cryptocurrency Ruling

Crypto Bit News Staff

Indian cryptocurrency exchange Unocoin has fired half its staff, leaving the company with 14 workers, Indian daily news outlet The Economic Times reported on April 16. Citing regulatory uncertainty in the industry, Unocoin said it had made the decision prior to a Supreme Court hearing on cryptocurrency’s legal status in India, set for July. As Cointelegraph reported, exchanges in the country have faced a moratorium on banking services since the central bank, the Reserve Bank of India (RBI), implemented a ban on dealings with crypto businesses last year. The industry…

5 Cryptocurrency Tax Questions to Ask on April 15th

Crypto Bit News Staff

Depending on what country you live in, your cryptocurrency will be subject to different tax rules. The questions below address implications within the United States, but similar issues arise around the world. As always, check with a local tax professional to assess your own particular tax situation. 1. Do I need to report my cryptocurrency trades to the IRS? You need to report your cryptocurrency activity if you incurred a taxable event during the year. A taxable event is a specific scenario that triggers a tax liability. The below are…

France to Push EU Member States to Adopt Its Cryptocurrency Regulations

Crypto Bit News Staff

France is reportedly going to try to convince other European Union member states to adopt cryptocurrency regulations similar to its own, Reuters reported on April 15. Bruno Le Maire, French Minister of the Economy and Finance, reportedly stated that France will encourage other EU countries to adopt cryptocurrency regulations similar to those France approved last week. The news rules reportedly aim to attract cryptocurrency issuers and traders to France by providing them some official recognition, while taxing their profits in return. Per the newly adopted regulation, cryptocurrency operators will have…

Cryptocurrency Price Trends Could Signal End of Bear Market, Says Binance Research

Crypto Bit News Staff

Bitcoin (BTC) prices and altcoin prices could have already hit their lowest point, new analysis from cryptocurrency exchange Binance concluded on April 11. In the latest edition of its research bulletins, the exchange’s dedicated analytics arm, Binance Research, investigated various current phenomena and trends within cryptocurrency markets. Among them was correlation between Bitcoin and altcoin prices, data from 2014-2019 confirming that the 90 days to mid-March represented the longest period of high correlation in market history. According to historical behavior, such periods tend to trigger trend reversals. The 90 days…

Zooko Wilcox Envisions ‘Ambitious’ Changes for Zcash Cryptocurrency

Crypto Bit News Staff

“We’ve been working on zcash for about five years and I expect it will take five more before it reaches the level of flourishing that has been on our minds all along.” That’s Zooko Wilcox, CEO of Electric Coin Company (ECC) – the firm behind the privacy-focused cryptocurrency zcash. He made the comments about the long-term trajectory of zcash during a conversation on the last day of the RadicalxChange conference, which took place February in Detroit. Suitcase and coffee in hand at the time of interview, Zooko was just about…

Coinbase Introduces Debit Card Linked to Cryptocurrency Balances for…

Crypto Bit News Staff

Major U.S.-based crypto platform Coinbase has launched the Coinbase Card, a debit card that lets U.K. customers make purchases online and in-store using cryptocurrency. The new card will link the customers’ crypto balances held on the Coinbase platform with their debit cards — converting crypto holdings into fiat currencies to complete each transaction. The Coinbase card gives users the ability to make payments via “contactless, Chip and PIN, as well as cash withdrawals from ATMs,” an official press release from the exchange states. The debit cards will be issued by…