Day: September 26, 2019

Loom Network Offers a Rewards Program to Its DApp Developers

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Loom Network, a blockchain-based platform designed with large-scale social apps and games in mind, launched a new bounties and rewards program. In the announcement published on Sept. 24, Loom said that it kicked off a new campaign to recruit decentralized applications (DApps) developers, which involves several large bonuses of Loom tokens to grow the ecosystem. Co-founder of Loom Matthew Campbell said: “In order to help grow our ecosystem, we want to continue rewarding our existing stakers, validators, and current and future dapp developers with LOOM tokens for doing various tasks.…

Ethereum (ETH) Price Showing Signs of Further Weakness

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ETH price failed to surpass the $172-$175 resistance and declined again against the US Dollar. The price retested the $152 support area and it is currently correcting higher. There is a new connecting bearish trend line forming with resistance near $168 on the hourly chart of ETH/USD (data feed via Kraken). The price is showing a few negative signs and it could decline towards $152 and $150. Ethereum price is trading below a few key resistances versus the US Dollar and bitcoin. ETH price is likely to extend its decline…

MediConnect Completes PoC to Track Medication Through the Supply Chain

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Blockchain startup MediConnect has completed the workflow for the Proof-of-Concept (PoC) designed to track medications through the supply chain and begun integration of online pharmacy UK Meds’ processes to its platform. Tracking medication through the supply chain Per a press release shared with Cointelegraph on Sept. 26, MediConnect established a foundation and methodology for proof of concept finalization, which will enable tracking and managing of prescription medication through the supply chain — from manufacturer to end users. In 2020, MediConnect is also planning to complete a pilot scheme, which includes…

Bittrex to Use Chainalysis Tool to Identify High-Risk Transactions

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Cryptocurrency exchange Bittrex is incorporating Chainalysis know your transaction (KYT) tool to spot high-risk transactions. Compliance standards In a Sept. 26 press release, Chainalysis Inc. announced the deployment of its real-time transaction monitoring solution to the Seattle-based blockchain trading platform Bittrex. In an attempt to meet “new and existing regulatory and compliance standards,” Bittrex incorporated Chainalysis KYT, a software solution that monitors high volumes of activity in the crypto space and helps identify high-risk transactions. Bittrex CEO Bill Shihara said: “As our business continues to grow, having a thorough and…

Users of Nigeria-Based Crypto Wallet Lose $1M in Alleged Exit Scam

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Nigerian crypto wallet Satowallet has allegedly pulled off a $1 million exit scam, while the firm cites an unexplained OVH data server error that has kept user funds in limbo. Multiple versions to delay withdrawals After users first reported withdrawal issues in April 2019, Satowallet has been citing different versions of events to account for their failure to withdraw over $1 million in crypto, according to a report by the Financial Times (FT) on Sept. 25. Following the first complaints, Satowallet reportedly cited technical reasons as the source of a…

Libra Launch Date in Doubt Following Comments From Mark Zuckerberg

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Libra’s proposed 2020 launch date has been thrown into doubt after Facebook CEO Mark Zuckerberg refused to put a definitive timeframe on the project. Contradicting Reports on Libra Launch Speaking to Nikkei, Zuckerberg was asked about the expected launch date of Libra, to which he replied: “Obviously we want to move forward at some point soon [and] not have this take many years to roll out, but right now I’m really focused on making sure that we do this well.” Despite coming in for heavy criticism since being announced in June, Libra…

Altcoins Continue to Tumble, With Top-20 Showing a Sea of Red

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Thursday, Sept. 26 — After Tuesday’s sudden crash, altcoins seemingly entered a consolidation phase yesterday and for the better part of today, until signs of a new downward price trend reared its ugly head. Cryptocurrency market daily overview. Source: Coin360 Altcoins are still reeling from Tuesday’s painful correction, which saw double-digit losses. Bitcoin SV (BSV) took the lead with a massive hit of up to 34%, while several other major altcoins were recording multi-month lows. Yesterday’s markets calmed down and seemingly entered another consolidation phase. However, today’s prices show us…

Bitcoin Price Fails to Hold Recovery Signs to Drop Below $7.9K

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Thursday, Sept. 26 — Bitcoin (BTC) has dipped below $7,800 after the coin touched its four-month lows on Sept. 24. Market visualization. Source: Coin360 Bitcoin entered rough volatility this week after the largest cryptocurrency crashed $1,500 in 24 hours on Tuesday to touch the $8,000 threshold. After seeing signs of recovery earlier today, Bitcoin has seen another sharp sell-off, from an intraday high of around $8,600 to as low as $7,830 at press time, according to Coin360. Bitcoin is down 5.3% over the past 24 hours at press time, seeing…

Latest Bitcoin Drop Proves SEC’s ETF Concerns: Chervinsky

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The US Securities and Exchange Commission (SEC) is right about their decision to reject bitcoin exchange-traded funds, believes Jake Chervinsky of San Francisco-based Compound Finance. The general counsel on Thursday said the US securities regulator has valid concerns about bitcoin’s price volatility. He referred to the cryptocurrency’s latest price drop, wherein it plunged by as much as 20 percent in the matter of a few days. Chervinsky cited reports that showed how unregulated cryptocurrency exchanges operating outside the US played a crucial role in crashing bitcoin.  It is the same…

Only Reporting Part of Your Crypto Addresses? The IRS Needs to Know

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Just a few months ago in July 2019, the United States Internal Revenue Service (IRS) sent approximately 10,000 letters to cryptocurrency holders regarding their crypto holdings. The letters detailed that recipients may not have reported their transactions properly, or failed to report income and pay taxes on their digital currency transactions.  The IRS asked the recipients to check their reports and submit delinquent returns or file amended returns according to specific requirements. According to the letters, the reports must be “true, correct and complete” in order to be approved by…