Day: August 24, 2018

New York District Judge Rules That CFTC Can Permanently Ban Crypto Firm

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The U.S. Commodities Futures Trading Commission (CFTC) has won a court order to permanently bar the operator of the New York-based firm CabbageTech Corp. for cryptocurrency-related “bold and vicious fraud,” Bloomberg reported August 24. Earlier this year, Patrick McDonnell, cryptocurrency promoter and operator of CabbageTech Corp., was charged with “fraud and misappropriation in connection with purchases and trading of Bitcoin (BTC) and Litecoin (LTC).” McDonnell subsequently argued that the CFTC did not have the authority to regulate his commercial operations; however, New York district judge Jack B. Weinstein rejected his…

US Customs and Border Protection to Test Blockchain Shipment Tracking System

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One of the largest law enforcement agencies in the U.S., Customs and Border Protection (CBP), will launch a live test of a blockchain-based shipment tracking system, tech news and media agency GSN reports August 24. In the upcoming test, the CBP will reportedly combine two separate systems: the CPB’s legacy application and a blockchain-powered platform developed by the agency’s parent body — and the country’s primary border control organization — the Department of Homeland Security (DHS). The test results will determine how the distributed ledger technology (DLT) is able to…

Litecoin (LTC) Technical Analysis: Litecoin Mass Adoption a Priority, Not Price

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Superseding everything else is mass adoption and that is what Litecoin figure heads and Foundation is pushing for. Currently price isn’t center stage, coin demand is and for obvious reasons: the later precedes value. While we might see short term recoveries edging prices towards $70, our break out levels, news of adoption break through or announcement of strategic partnerships aside from CoinBase efforts might ignite a wave of loss reversals with first targets at $110, the upper limit of our former trade range. From the News Whether Litecoin is undervalued…

Ethereum Core Devs Debate Constantinople Hard Fork and “Difficulty Bomb” During Meeting

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Ethereum (ETH) core developers have held their regular meeting on YouTube August 24 on the progress of client implementation and tests of the Enterprise Integration Patterns (EIPs) for the upcoming Constantinople hard fork. The meeting started with a discussion of the latest updates on the processes of no-proof blockchain tests and the progress achieved on major ETH clients, with one of the devs explaining that there is a need to revamp some of the testing to avoid potential consensus issues. This week saw the release of a number of new…

Bank of America Applies for Blockchain-Based Encrypted Crypto Storage System Patent

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The U.S.’s second-largest bank, Bank of America (BofA), has applied for another blockchain patent on the development of a secure crypto storage system, according to a patent document published by the U.S. Patent and Trademarks Office (USPTO) August 23. The patent, entitled “Block Chain Encryption Tags,” describes a system of recording and storing cryptocurrency-related transactions that are handled by enterprises. In short, the invention offers a system of data security for blockchain networks by implementing encryption and linking data units to the blocks of a certain blockchain. In the patent…

How the Effort of Bakkt Could Lead to the Approval of the First Bitcoin ETF

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The SEC has disapproved 10 Bitcoin exchange-traded funds (ETFs) in the past month but analysts believe Bakkt can assist the launch of the first bitcoin ETF. Bakkt’s Efforts in Finding Trusted Price Formation Last month, the SEC officially rejected the Winklevoss Bitcoin ETF filed with the Bats BZX Exchange with a 92-paged document which explicitly stated that the commission was not satisfied with the dependence of the value of the ETF on public cryptocurrency exchanges. Specifically, the SEC said that strictly regulated exchanges like Gemini operating in the US market…

Bitcoin is the King. Is this the end of the Utility Token?

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This week: – China tightens its ban on Crypto – Our panel of OG experts share their views on the end of the bear market. o Vinny Lingham o Tone Vays o Simon Dixon o Anthony Pompliano o Erik Voorhees – We review the new book – The Bitcoin Standard – Cryptodog talks us through the charts – I speak to Ripples head of product about the XRP token. UCN9Nj4tjXbVTLYWN0EKly_Q Source link

Russia’s Interior Ministry Proposes Criminalizing Unregistered Crypto Activity, Says Report

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Russia’s Ministry of Internal Affairs is reportedly considering establishing criminal liability for unregistered crypto operations, local media outlet Izvestia reported August 23. According to documents acquired by Izvestia, the interior ministry of Russia is developing an amendment of legislation that concerns legalizing only registered operations with open source cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and others. The ministry has suggested that in order to conduct legal transactions in crypto, persons or entities should acquire a “mandatory registration with state authorities conducting financial and tax regulation.” The initiative is reportedly…

World Bank Unpacks Launch of ‘BONDI’ Bond With Australia’s CBA

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It’s been close to 10 years since Bitcoin came into existence, and in that time, major financial institutions have slowly come to grips with blockchain technology and cryptocurrencies. Some have taken to the industry quicker than others, and some have outright turned their backs on the thought of using or investing in cryptocurrencies. However, the technology underpinning these decentralized digital currencies has been a major focal point, mainly in terms of how it can be used by traditional banking and financial institutions. A number of big name financial companies have…

Cardano Sellers Get Less Active, But Risks Remain High

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Cardano lost ground against the US dollar on Friday morning before making a moderate afternoon recovery, trading around $0.0935 and going up by 2% compared to the previous session. Over the last week, the sellers have been getting less active, and the investors lost less than before. Dmitriy Gurkovskiy, Chief Analyst at RoboForex, says the major outlook for Cardano is currently neutral. Technically, Cardano is correcting on H3 against the previous descending trend. This correction trend has achieved 23.60% Fibo and may continue to 38.20% (0.12073) and 50.00% (0.13227). The…