Bitcoin’s Breakdown Will Take ‘Weeks, If Not Months’ to Rebound, Says Fundstrat Analyst

lt will take “weeks, if not months” to repair the “technical damage” caused by the recent collapse of Bitcoin (BTC), according to a Fundstrat Global Advisors analyst, Bloomberg reports today, Nov. 15. In a note to clients yesterday, cited by Bloomberg, Fundstrat’s Rob Sluymer predicted that Bitcoin’s collapse yesterday has pushed crypto markets into a “deeply oversold” area, while “longer-term technical indicators aren’t so favorable.” Sluymer concluded that Bitcoin will be able to support a “multi-month rally,” but only after the “significant” damage done this week has been overcome: “This…

Malaysian Lending Giant CIMB Joins Ripple’s Cross-Border Payment Network

Malaysian lending giant CIMB Group Holdings Bhd has joined Ripple’s (XRP) cross-border payments network RippleNet, Bloomberg reports Nov. 15. The $53.5 billion market cap CIMB will integrate Ripple’s XCurrent product, a software solution for expediting cross-border payments, for its “SpeedSend” remittance product. As Bloomberg reports, CIMB’s product serves multiple Southeast Asian markets, including the Philippines, Vietnam and Thailand. As Bloomberg notes, Ripple is vying to outstrip incumbent money transfer giant SWIFT (Society for Worldwide Interbank Financial Telecommunication) in the global cross-border payments industry. The latter’s website claims SWIFT currently serves…

Major Russian Art Gallery Tretyakov Launches Blockchain-Based Art Patronage Project

The prestigious State Tretyakov Gallery in Moscow, Russia, is launching a blockchain-based art patronage scheme, Russian news agency TASS reports Nov. 15. The project, dubbed “My Tretyakov,” allows individuals or enterprises to make a private donation to contribute to the digitization of an item from the gallery’s collection, thereby become the artwork’s patron. The system, developed with business innovation collective RDI Digital, uses blockchain technology to assign and manage the patronage structure. According to a press statement from the gallery: “The donation amount is still under discussion. The system randomly…

South Korea’s Gyeongbuk Province Launches ‘Special Committee’ to Create Blockchain Hub

The government of South Korea’s Gyeongbuk province has launched a “Blockchain Special Committee” with the goal of creating a blockchain hub in the region, local media outlet Daily News reported Nov. 14. North Gyeongsang Province, also known as Gyeongbuk, plans to create a blockchain hub, inviting 40 domestic and foreign experts in the industry to consult on the project. Lee Cheol-uoo – a former member of the National Assembly of South Korea and current governor of the province – explained to local media the aims of the newly established committee…

Acting AG Backed Alleged ‘Invention-Promotion Scam’ Touting ‘Time Travel’ Crypto

Acting U.S. attorney general (AG) Matthew G. Whitaker has come under fire for his association with an allegedly fraudulent patent company that involved cryptocurrency, U.S. news journal MotherJones reported Nov. 14. Whitaker, a Trump loyalist, was appointed by the U.S. president to replace former attorney general Jeff Sessions Nov. 7. Among other controversies, Whitaker is now being scrutinized for his involvement with “World Patent Marketing,” an alleged scam that marketed sundry outlandish products from aspiring inventors, including a “theoretical time travel commodity tied directly to price of Bitcoin.” As MotherJones…

Top Crypto Exchange Binance Adds Circle’s USD Coin in Latest Stablecoin Support Move

Major cryptocurrency exchange Binance announced it would list Circle’s USD-pegged stablecoin USD Coin (USDC) in a blog post Nov. 15, with deposits opening immediately. USDC, which the financial services company announced in May this year and released in September, is one of an increasing number of cryptocurrencies notionally tied 1:1 with a major fiat currency. Binance is not the first major platform to list USDC, U.S. exchange Coinbase supporting the asset since the end of last month. “For increased transparency, USDC has engaged a top-ranking auditing firm to release monthly…

CoinShares CSO Demirors Urges Calm Among Bitcoin Investors as Prices Slide 12 Percent

Institutions “taking money off the table” was a major factor contributing to Bitcoin’s (BTC) and altcoins’ sudden price drop, the CSO of CoinShares told CNBC Nov. 14. Speaking on the network’s Fast Money Segment, the cryptocurrency exchange-traded products firm’s Meltem Demirors said volatility was a given in the run-up to the Bitcoin Cash (BCH) hard fork. “Any time there are hard forks things tend to trade weird and strange, so I think people are trying to take some risk off the table,” she explained. Markets began tumbling Wednesday, Cointelegraph reported…

Interest in Crypto as Payment Method Makes Small Inroads Among Moscow Residents

Five percent of Moscow residents who use non-cash methods of payment are open to using cryptocurrencies, according to a recently conducted survey, Forbes Russia reported Nov. 13. The investigation into the e-payment market in Moscow was carried out by Russian payment service Yandex.Money and the Moscow Information Technology Department (ITD). The experts purportedly surveyed 1,000 Moscow residents of various age categories by way of a phone survey. The experts found that among those Moscow residents who use non-cash forms of payment, one percent also use digital currency, while 5 percent…

Four Fake Cryptocurrency Wallets Found on Google Play Store

Malware researcher Lukas Stefanko has found four fake cryptocurrency wallets on the Google Play Store that were trying to steal users’ personal data, according to a blog post published Nov. 13. The apps were posing as cryptocurrency wallets for NEO, Tether and an extension for accessing Ethereum (ETH), MetaMask. They were purportedly designed to phish users’ mobile banking credentials and credit card information. Stefanko classified the wallets into two groups, wherein the fake MetaMask app was a “phishing wallet” and the other three apps were “fake wallets.” Once the phishing…

Malaysian MP Urges Gov’t to Create Regulations Before Approving Political Funding Coin

A Malaysian Member of Parliament has urged the government to implement proper cryptocurrency regulations before undertaking the Harapan Coin (HRP) cryptocurrency project, local English-language news daily the Star reported Nov. 14. Launched by “a group of patriotic and concerned Malaysian citizens, within and outside of Malaysia,” Harapan Coin claims to be the world’s first political fundraising platform deploying cryptocurrency and blockchain technology. The project’s mission is to raise money for the opposition party of Malaysia. The coin’s creators suggest that HRP has the “potential to become an official currency.” Fahmi…