Market Wrap: Bitcoin Sticks Around $9,200 as Traders Eye Other Markets for Action

Traders look towards altcoins and equities as volatility dips in a quiet July bitcoin market. Bitcoin (BTC) trading around $9,185 as of 20:00 UTC (4 p.m. ET). Slipping 1% over the previous 24 hours. Bitcoin’s 24-hour range: $9,153-$9,279 BTC below 10-day and 50-day moving average, a bearish signal for market technicians. Bitcoin trading on Coinbase since July 14.Source: TradingView Traders seem to pine for the bitcoin volatility that was once the norm – and they expect it to return after what has been a lull. “Trading bitcoins is about as exciting…

UK Financial Regulator: Watch Out for Coronavirus Crypto Scams

The United Kingdom’s Financial Conduct Authority (FCA) is asking investors to watch out for coronavirus-related crypto scams. In a March 11 warning to the public, FCA, the U.K’s top financial regulator, said scammers may attempt to take advantage of the fast-spiraling global pandemic, which has infected some 460 U.K. residents and killed eight. “Watch out for scams related to coronavirus (COVID-19),” the FCA wrote. “These scams take many forms and could be about insurance policies, pensions transfers or high-return investment opportunities, including investments in cryptoassets.” The warning came the same…

2 Arrested in Japan for Obtaining Crypto Linked to Coincheck’s $530M Hack

Two men have been arrested in Tokyo for obtaining cryptocurrency linked to the massive hack of Japan’s Coincheck exchange in 2018. As reported by Jiji Press Wednesday, the men were held by the Metropolitan Police Department for allegedly obtaining NEM that were the suspected proceeds of crime – illegal under the law relating to punishment of organized crime. One of the two arrested – who are claimed to have known the tokens were stolen – is a doctor from Hokkaido and the other is a company exec from Osaka. Coincheck…

New Celo Alliance Has Same Aims as Libra – And Some of the Same Partners

The Silicon Valley crypto startup cLabs, focused on mobile payments and the Celo blockchain project, is following another precedent from Facebook’s Libra playbook by launching an industry association through a separate Celo Foundation. Dozens of blockchain companies and investors – including Libra Association members Coinbase, Andreessen Horowitz, Bison Trails and Anchorage – are committing to promote Celo tokens in some fashion by joining this “Alliance for Prosperity.” “The Alliance will use blockchain technology to reimagine the future of money and create inclusive financial tools,” C Labs founder Rene Reinsberg said…

Blockforce Capital’s Crypto Fund Captures 86% of Bitcoin’s Upside in 2020

In the first two months of 2020, Blockforce Capital’s multi-strategy master fund saw a 16.8 percent return compared to a 19.5 percent return in bitcoin, the company announced in a note to accredited investors.  Blockforce is a seasoned ETF issuer which specializes in alternative investment vehicles for investors. In February of last year the company infamously filed the first proposal for an exchange-traded fund made up of a mix of currencies including bitcoin only to pull the fund at the U.S. Securities and Exchange Commission’s request the next day. Currently,…

Europe’s New AML Rules Made Crypto More Attractive to Institutions, Says Boerse Stuttgart Exec

The fifth anti-money laundering directive (AMLD5) has unexpectedly increased institutional interest in cryptocurrencies, according to an executive at the crypto trading subsidiary of Boerse Stuttgart. Speaking at the CryptoCompare London conference Tuesday, Boerse Stuttgart’s chief digital officer, Dr. Ulli Spankowski, admitted he had been “surprised” by the positive effect 5AMLD had on attracting traditional financial institutions into cryptocurrencies. “I actually didn’t think anything would happen because banks and other financial institutions could already do crypto custody [and] could do crypto trading,” Spankowski said. But since the law came into force…

Circle Rolls Out Stablecoin Business Accounts, Preps SeedInvest for Sale

Circle’s full-tilt pivot into stablecoins is nearly complete.  The payments startup intends to sell SeedInvest, the crowdfunding platform it bought a year ago, and focus its remaining assets on developing stablecoin products, said Jeremy Allaire, one of Circle’s co-founders and its remaining CEO (fellow co-founder and one-time co-CEO Sean Neville stepped down last year). As part of this process, on Tuesday the company will roll out new APIs and Circle Business Accounts, which corporate clients can use to conduct business in USDC, a token on the ethereum blockchain designed to…

Moonshots Capital, DCG, Tezos Back $2.5M Fundraise for Crypto Software Provider

Crypto software firm Zabo, which claims it can connect bank accounts directly to cryptocurrency wallets, raised $2.5 million to build out its engineering team and add new customers. The Dallas-based firm announced Thursday that it had successfully completed a funding round, with participation from Castle Island Ventures, the Tezos Foundation, CoinShares and Digital Currency Group. The round was led by Moonshots Capital, an early-stage investor that has backed the Slack messaging platform in the past. Zabo says it can connect bank accounts to crypto wallets using just a few lines…

SEC Rejects Latest Bitcoin ETF Bid

The U.S. Securities and Exchange Commission (SEC) rejected Wilshire Phoenix’s bid for a bitcoin-based exchange-traded fund (ETF). In a filing posted Wednesday, the securities regulator wrote that the New York-based Wilshire Phoenix had not proven the bitcoin market is sufficiently resistant to market manipulation. Wilshire, a newcomer to the financial services industry, first applied for the ETF last summer with NYSE Arca. “The Commission concludes that NYSE Arca has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent…