Day: April 27, 2019

Bitcoin Pushes Over $5,300 as Most Top Cryptos See Gains

TradingBTC

Saturday, April 27 — most of the top 20 cryptocurrencies are reporting slight to moderate gains on the day to press time. Bitcoin (BTC) has pushed just over the $5,300 mark. Bitcoin is up just under 1% on the day, trading at $5,306 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin has seen almost no change, down just under 1%. Bitcoin 7-day price chart. Source: CoinMarketCap Ether (ETH) is holding onto its position as the largest altcoin by market cap, which is nearly $16.9 billion. The…

What We Know About the Bitfinex/Tether Scandal

TradingBTC

In what seems to be one of the greatest crypto scandals 2019 has seen so far, the United States Attorney General in New York accused Bitfinex of using Tether’s cash reserves to cover a rumored $850 million funding gap with reserves meant for backing the stablecoin. Both companies share the same owner. Now, the crypto exchange and the stablecoin have found themselves in hot water. At least $90 million worth of assets had left the Bitifinex wallets once the accusations were aired, while tether’s USDT peg remains almost unshaken. Does…

The Burst of the Bitcoin Bubble: An Autopsy

TradingBTC

Marcello Minenna is the director of the quantitative analysis and financial innovation unit in Consob (Italian Companies and Exchange Commission), —Italian government’s authority responsible for regulating the Italian securities market — as well as an adjunct professor of stochastic finance at the London Graduate School of Mathematical Finance and at Luigi Bocconi University of Milan. He is an economic and financial columnist featured on leading Italian and international publications. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com.…

NYAG Accusations ‘Filled With Inaccuracies,’ Says Bitfinex Letter to Users

TradingBTC

Cryptocurrency exchange Bitfinex stated that the recent allegations by the New York Attorney General (NYAG) about the exchange’s insolvency are “filled with inaccuracies and false assertions.” The exchange made the claim in a letter seen by Cointelegraph, emailed to Bitfinex users today, April 27. The letter was signed by the exchange’s CEO, Jean Louis van der Velde. The letter specifies that the materials brought against the exchange do not constitute a civil or criminal complaint and declares: “In particular, we want to assure you that the allegation that we have…

Leaked Letter Exposes Infighting Atop Flagship Ethereum Project MakerDAO

TradingBTC

The non-profit entity behind ethereum’s hottest decentralized startup is wracked with infighting, a legal letter obtained by CoinDesk reveals. The letter, dated April 1, is from an attorney representing five board members of the Cayman Islands-based MakerDAO Ecosystem Growth Foundation (MEGF) who say they were pressured to resign by CEO Rune Christensen in late March. The MakerDAO Foundation controls roughly 30 percent of all the MKR tokens in existence and its nine-person board is tasked with overseeing funds related to the development of the network. The network itself runs a…

Genesis Lends $425 Million of Crypto in Q1 – and Not Just to Short Sellers

TradingBTC

Genesis Global Trading’s cryptocurrency lending arm continues to grow – and diversify beyond short sellers. Announced Thursday, Genesis Global Capital wrote $425 million of crypto loans in the first quarter, bringing its total originations since the business launched in March 2018 to $1.53 billion. Moreover, Genesis’ portfolio of outstanding loans grew 17 percent from the end of last year to $181 million as of March 30. (The average loan is paid off in six weeks, which explains why the amount outstanding at the end of the period is so much…

Tobacco Giant Philip Morris Is Building a Different Kind of ‘Public’ Blockchain

TradingBTC

Tobacco giant Philip Morris International is working on a “public blockchain,” an executive said, though not quite in the commonly understood sense of the term. “We want to do public blockchains,” Nitin Manoharan, Philip Morris’ global head of architecture and tech innovation, said onstage Thursday at the London Blockchain Expo. Specifically, the New York-based multi-national company would use this technology to track tax stamps on cigarette boxes, Manoharan said. While that may sound prosaic, he said these bits of paper are valuable (worth about $5.50 per packet), manually dealt with and easily counterfeited…

Bitfinex Covered $850 Million Loss Using Tether Funds, NY Prosecutors Allege

TradingBTC

UPDATE 2:50 UTC April 26: This story has been updated to include a statement from Bitfinex at the end. The New York Attorney General’s office has alleged that crypto exchange Bitfinex lost $850 million and subsequently used funds from affiliated stablecoin operator Tether to secretly cover the shortfall. According to a press release issued Thursday, NYAG Letitia James announced that she had obtained a court order against iFinex Inc., which operates both Bitfinex and Tether, ordering them to cease violating New York law and defrauding New York residents. James said…

MakerDAO Set to Increase DAI Fees Above 15% in Bid to Stabilize Stablecoin

TradingBTC

A majority vote to increase fees on programmatic lending platform MakerDAO has passed an initial round of polling today. This time, the winning vote is to increase fees by 2 percent, which, in comparison to past weeks, is a comparatively small increase to the usual 3 or 4 percent. As is custom, the 2 percent increase will undergo a secondary round of polling starting tomorrow and be executed once a certain threshold of voter participation is met. These fees – also called the “Stability Fee” – are applied to all…

Vitalik Proposal Could Turn Ethereum Staking Into $160 Million Industry

TradingBTC

A new proposal by Vitalik Buterin, the creator of ethereum, suggests he is considering increasing rewards for validators who would secure the operation of the next version of the world’s second-largest blockchain. Ethereum 2.0 is by far the biggest upgrade on the horizon for the ethereum blockchain, today valued at $17.5 billion. Its broader goal is to erase ongoing bottlenecks to transaction throughput and significantly decrease costs on the network. Rather than relying on a proof-of-work consensus protocol whereby miners compete to bundle together blocks of transactions and add them…

  1. Pages:
  2. 1
  3. 2
  4. 3