Day: December 7, 2018

Blockchain Policy Development in China Concentrated in Three Cities

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Beijing, Shanghai and Guangzhou — or BeiShangGuang — has become the most concentrated area of ​​relevant blockchain legislation and policy in China, reports local finance publication Securities Daily Dec. 7. The Chinese securities newspaper has analyzed blockchain-related policies introduced throughout the country in the recent years, and concluded that there are 32 blockchain-related policies within the country. Meanwhile, 11 projects are concentrated in three areas: Beijing , Shanghai  and Guangzhou. The publications states: “Blockchain technology [is aimed] to serve the real economy, focusing on the balance between innovation, regulation and…

Gemini Adds Support for Bitcoin Cash Trading and Custody on the ABC Network

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Cryptocurrency exchange Gemini announced support for Bitcoin Cash (BCH) custody and trading today with a post on its official Medium blog, Dec. 8. Gemini, which is based in the United States, was founded in 2015 by the Winklevoss brothers. The exchange pointed out that, at the moment, it will “only be providing support for the Bitcoin ABC network” which is identified on the platform as “Bitcoin Cash with ticker: BCH.” Gemini declared that they “are continuing to evaluate Bitcoin SV over the coming weeks or months, and we may or…

Crypto Exchange Bithumb May Have Propped up Bitcoin Price: Analysts

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The bitcoin price touched a fresh yearly low this morning, leaving traders and investors scrambling for answers as the crypto market searches for a bottom. While there are numerous pressures that have weighed on bitcoin as it has taken step after step away from last year’s all-time high, research from CryptoCompare suggests that South Korean cryptocurrency exchange Bithumb may have contributed to the recent sell-off — at least indirectly. According to the firm’s latest CCCACG (short for CryptoCompare’s Aggregate Pricing Index), Bithumb led all crypto exchanges in daily volume from…

More Chinese Miners Selling Short Following Crypto Market Slump

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Chinese miners are reportedly becoming the biggest short sellers both locally and internationally, following an increased number of hedging operations in the current bear market, Chinese crypto outlet 8BTC reported Thursday, Dec. 6. The severe cryptocurrency market decline in the last month has reportedly caused new generation miners to start hedging their coins to avoid market risks. At the same time, frequent hedging operations make miners the biggest short sellers of Bitcoin (BTC), according to 8BTC. Jin Xin, a Chinese miner who entered the industry in October 2017, reportedly said…

U.S. SEC Delays Decision on VanEck’s Bitcoin ETF Until February 2019

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The U.S. Securities and Exchange Commission (SEC) has postponed its decision to approve or disapprove the VanEck/SolidX bitcoin exchange-traded fund (ETF). Per an official document published by the agency, the new deadline to review the VanEck proposal has been shifted to February 27, 2019, which the regulator claims would afford it the time needed to review the potential rule change further. The SEC stipulates that the commission must either approve or disapprove a proposal no later than “180 days after the date of publication of notice of the filing of…

TrueUSD Is Now a Base Pair on Binance

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Malta-based cryptocurrency exchange Binance has added TrustToken’s TrueUSD (TUSD) as a base currency, expanding the stablecoin’s available trading pairs.  Adding to TUSD’s original BTC pair, Binance will add the following trading pairs: BNB/TUSD, ETH/TUSD, XRP/TUSD, EOS/TUSD and XLM/TUSD. The pairs, however, have not been integrated yet, and representatives from TrustToken told Bitcoin Magazine that more information regarding the integration will be revealed in a forthcoming blog post. The addition of TrueUSD as a quote currency offers more options to traders on the platform, who previously could only use Tether (USDT)…

BitGo Hires Trust Company Veteran as CEO of Its Custody Arm

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BitGo has a new CEO for its custody business. The cryptocurrency solution provider has recruited Richard Corcoran as its new chief executive officer. Having retired some years back after over 30 years in the traditional banking and finance industry, Corcoran has come out of retirement to lead the BitGo Trust Company, BitGo’s crypto custody arm. BitGo received approval from the South Dakota Division of Banking in September 2018, empowering it to act as a qualified custodian of digital assets for its institutional investors. At the time it was launched, BitGo…

US SEC Fines Delaware-Based Digital Asset Fund and Issues Cease and Desist Order

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The United States Securities and Exchange Commission (SEC) has issued a cease and desist order against CoinAlpha Advisors LLC in addition to ordering a $50,000 penalty, according to a filing published Dec. 7. Delaware-registered CoinAlpha Advisors LLC was reportedly established in July 2017 to act as the managing member of and manager to fund CoinAlpha Falcon LP, which was formed in October 2017. By May 2018, the fund had allegedly raised over $600,000 from 22 investors from at least five states, which purchased limited partnership interests in the fund in…

Chilean Government Making Progress on Crypto Regulation, Says Finance Minister

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Chile’s Minister of Finance Felipe Larrain claims that a group of state institutions “is making progress” in developing crypto regulation, local daily newspaper La Tercera reports Friday, Dec. 7. According to Larrain, the Ministry of Finance is working with Chile’s central bank and Financial Stability Board to provide a balanced legal framework for the crypto industry. He noted that crypto regulations are but one aspect of a wider project to provide legal definitions for the fintech sector. Larrain noted that crypto regulation might take time: “We are aware that it…

Ethereum Constantinople Hard Fork to Come in Mid-January, Based on Dev’s New Agreement

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Ethereum (ETH) core developers have agreed to launch the long-awaited Constantinople  hard fork at block 7,080,000, as decided in a bi-weekly developers meeting on Friday, Dec. 7. The new agreement follows the previous decision to delay Constantinople fork for late January 2019 due to a “consensus issue” that occurred during the upgrade trial on Ropsten testnet in October. Given the press-time ETH block time of 14.3 sec, and the number of remaining blocks of around 234,431, the Constantinople upgrade is likely to become active in around 38 days from press…