Ethereum (ETH) Price Rebound Reaching Crucial Juncture

ETH price started an upside correction above the $172 and $175 resistances against the US Dollar. The price even broke the $180 level and it is currently testing the key $185 resistance area. There was a break above a declining channel with resistance near $171 on the hourly chart of ETH/USD (data feed via Kraken). The price could struggle to clear the $185 resistance area in the near term. Ethereum price is currently rebounding versus the US Dollar, similar to bitcoin. However, ETH price must break the $185 resistance to…

Court Orders Purported Crypto Company Longfin to Pay $6.7M Penalty

The United States District Court for the Southern District of New York has ordered purported cryptocurrency company Longfin to pay a total of $6,755,848 million in penalties. Falsely obtained qualification for Regulation A+ offering On Sept. 30, the Securities and Exchange Commission (SEC) announced that a New York federal court entered a default ruling against the fintech company for “fraudulent public offering and falsifying revenue from sham commodities transactions.” According to the SEC, Longfin and its CEO Venkata S. Meenavalli falsely obtained qualification for a Regulation A+ offering by claiming…

Cryptocurrency Faces Challenges in Cuba Despite Growing Crypto Adoption

Cuba rolled out mobile across the country last year, and this has resulted in increased usage of cryptocurrency. Most Cubans are increasingly using cryptocurrencies to circumvent economic sanctions levied by the US to access the global marketplace. However, despite this increasing adoption, crypto still faces several challenges in Cuba. Some of the challenges include restricted access to cryptocurrency exchanges, lack of proper regulations, as well as the growing acceptance of the gold-backed MLM stablecoin. Using Crypto to Circumvent Sanctions A report published on September 12 by Reuters included passages from…

Attorneys Seek Bank of Ireland Execs’ Testimony Against OneCoin Scammer

Executives at the Bank of Ireland (BOI) could join a trial in the case against Mark Scott, who allegedly helped launder nearly $400 million via cryptocurrency scam scheme OneCoin. Four BOI witnesses to testify remotely On Sept. 29, the government of the United States submitted a court motion seeking the testimony of four witnesses via closed-circuit television from a remote location in Ireland. Initially set for Oct. 7, 2019, the trial has been recently adjourned to Nov. 4, 2019, while a final pretrial conference is scheduled for Oct. 28, as…

Ether Outshines Bitcoin in a Gloomy Month for Crypto Prices

September has been a rough month for bitcoin and the wider cryptocurrency market, but ether has weathered the storm better than most. Bitcoin, (BTC), the leading cryptocurrency by market value, is on track to post a monthly loss of more than 16 percent – the biggest since November 2018, according to CoinMarketCap. As of writing, BTC is trading around $8,070, having hit a 3.5-month low of $7,838 earlier today. Meanwhile, the total market capitalization of all cryptocurrencies has currently shed nearly 13.7 percent on a month-to-date basis, standing at $215…

Coinbase-Led Group Aims to Help Crypto Firms Avoid Securities Violations

Crypto industry leaders are taking the initiative to help firms in the space avoid running afoul of securities rules. In a company blog post, Coinbase announced it has co-founded the Crypto Rating Council, a member organization purposed with assisting cryptocurrency companies determine if they comply with current U.S. federal securities law. Coinbase is joined at launch by seven other firms: Anchorage, Bittrex, Circle, DRW Cumberland, Genesis, Grayscale Investments and Kraken. As part of the effort, the council will issue a 1–5 rating for a given cryptocurrency or token’s similarity to…

Bitcoin, Gold Dips as Investors Appraise Trade War Escalation

Bitcoin prices edged lower on Monday, pressured by a current correction momentum that saw the cryptocurrency plunging by more than 40 percent since June this year. The BTC/USD instrument was trading at $7,863.28 as of 0907 UTC, down 2.34 percent from the open. Around the same time, CME bitcoin futures had slipped by 1.99 percent to trade at $7,875.00, indicating the possibility of an extended downside correction on Monday. Bitcoin price is showing signs of extended downside correction | Image credits: TradingView.com Bonds More Attractive than Bitcoin On Friday, global…

Coinbase, Kraken to Jointly Define Which Cryptos Are Securities: Report

Major United States’ crypto firms such as Coinbase and Kraken teamed up to launch a rating system to jointly define which digital assets are securities. Crypto Ratings Council to launch on Sept. 30 In a move to provide more clarity for what tokens can be traded without the supervision of regulators, major U.S.-based exchanges formed the so-called Crypto Ratings Council, the Wall Street Journal (WSJ) reports on Sept. 30. According to the report, other members of the Crypto Ratings Council include Circle Internet Financial, Bittrex, Genesis Global Trading, Grayscale Investments,…

Crypto Exchange Bithumb’s $333 Million Acquisition May Be in Jeopardy

A deal to acquire cryptocurrency exchange Bithumb for over $300 million remains in choppy waters. According to The Korea Herald on Monday, fintech firm BK Global Consortium’s deal to buy a majority stake in the major South Korean exchange has not yet been fully paid for. In October 2018, BTC Korean Holdings had agreed to sell 51 percent of its share in Bithumb to BK Global Consortium for $333 million. Since the deal was brokered, BK Global reportedly made a down payment of $100 million. However, sources close to the matter told…