Ethereum Price (ETH) Struggling While Bitcoin Is Up 4%

ETH price failed to break the $230 resistance area and declined recently against the US Dollar. The price is currently traded above the main supports near the $222 and $224 levels. There is a key bullish trend line forming with support near $222 on the hourly chart of ETH/USD (data feed via Kraken). The pair might start a decent upward move as long as it is above the $220 support. Ethereum price is currently consolidating above $220 versus the US Dollar, while bitcoin is up 4%. ETH price must stay…

Coinone Exchange Partners With Two Firms for Improved Safety Measures

Major South Korean cryptocurrency exchange Coinone has partnered with cybersecurity audit company CertiK and disclosures company Xangle to provide more safety and transparency for their crypto investors. Coinone shared news of the recent partnerships in an announcement on Aug. 7. According to their announcement, CertiK and Xangle will provide public disclosure information as well as smart contract audit information, respectively. For Xangle, the report states that their disclosures will provide protection for crypto investors as well as making projects more transparent. These disclosures could include information about new tokens, changes…

New Jersey Issues Stop Orders to Two ICOs in Operation Cryptosweep

The Bureau of Securities in New Jersey has issued two emergency orders to the companies Zoptax and Unocall to end their initial coin offerings (ICOs). The Bureau alleges that the token offerings qualify as fraudulent unregistered securities offerings. The Office of the Attorney General in New Jersey announced the Bureau’s orders in a news release on Aug. 7. In the case of Zoptax, the report states that the company is offering the cryptocurrency Zoptax Coins through a website-conducted ICO. The website apparently states that the ICO has a soft cap…

Around 300 Addresses Contain 80% of Tether Supply

The Massachusetts-based crypto market research firm Coin Metrics says that 318 addresses hold at least $1 million worth of Tether (USDT), comprising 80% of the global Tether supply. Bloomberg reported the company’s finding in a report on Aug. 7. Coin Metrics co-founder Nic Carter additionally mentioned that some of the USDT whales include major crypto exchanges, such as Binance and Bitfinex. The report additionally notes that this is staggeringly different from the distribution of Bitcoin (BTC), for which whales apparently hold only around 20% of the total token supply. Moreover,…

Cryptocurrency Lender Dharma to Postpone Accepting New Deposits and Loans

San Francisco-based crypto lender Dharma has decided to pause new deposits and loans on its platform.  Dharma announced their decision in a series of official Twitter posts on Aug. 7. Their second tweet in the series reads: “For now, we’re pausing new deposits and loans in Dharma. If you have an existing deposit or loan with Dharma, you’ll still be able to access your account and will have the option to withdraw any funds that are not currently locked up.” While not appearing to offer any further details, Dharma assured…

Too Soon to Call Bitcoin a Safe Haven

Brian Belski, chief investment strategist at the investment banking company BMO Capital Markets, said that he thinks it is premature to call Bitcoin (BTC) a safe haven from economic turmoil. Belski shared his views on Aug. 7 on CNN Business show Markets Now, where he said: “Bitcoin has been excessively volatile, especially the last couple of years. It’s the sexy kind of thing to go to now. I don’t base my investments on sex appeal. I base my investment on longer-term perspective. And I think the longer-term perspective, in terms…

Dark Market Drug Dealers Plead Guilty, Forfeit Crypto Proceeds

A couple operating out of Merced, California have pleaded guilty to selling drugs on the dark web in exchange for cryptocurrencies, including Bitcoin (BTC) and Bitcoin Cash (BCH). The United States Department of Justice announced the charges in a press release on Aug. 6. According to the announcement, Jabari Monson has pleaded guilty to conspiring to distribute controlled substances, while Saudia Monson plead guilty to violating the Travel Act. Saudia allegedly used both mail and the internet to distribute controlled substances.  According to the press release, the Monsons distributed cocaine,…

Crypto Tax Bill Introduced in the US House of Representatives

A tax bill seeking to allow the exclusion of gain or loss on like-kind exchanges of virtual currency has been introduced in the United States House of Representatives. To amend the Internal Revenue Code of 1986 The bill dubbed the “Virtual Value Tax Fix Act of 2019” was initially introduced by Rep. Ted Budd (NC-R) on July 25 and referred to the Committee on Ways and Means. The bill seeks to introduce amendments to the Internal Revenue Code of 1986, which specifically determines: “No gain or loss shall be recognized…

Crypto Startups Still Raising Millions in Capital Despite ICO Decline

In late July 2019, Sony Financial Ventures joined a $14.5 million funding round for Bitcoin (BTC) bank Bitwala. Back in 2017 and 2018, such a figure might not have made many headlines, as crypto startups were raking in hundreds of millions of dollars in initial coin offerings (ICOs). The ICO boom has, however, stalled significantly, with fundraising figures for 2019 a far cry from the massive amounts earned by projects in the two years prior. Many of the tokens that came about during the ICO mania have also lost most…

Bitcoin Price Weekly Close Above $11,500 Would Be First in Nearly 18 Months

Bitcoin price throughout 2018 was locked in a bear market and downtrend that ultimately took the price of the first-ever crypto asset to its bottom at $3,200. But during the almost 8 months of 2019, Bitcoin has been in an uptrend and is preparing to enter a bull market. But before it gets there, Bitcoin price still needs to close a weekly candle above $11,500 – a feat it hasn’t accomplished in nearly 18 months. Bear Market Began at $11,500, BTC Stuck Below Resistance Since High timeframe candlestick closes are…