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Ripple Escrow Reporting: Creative Accounting or Much Ado About Nothing?

Ripple Escrow Reporting: Creative Accounting or Much Ado About Nothing?

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Please share if you find this article interesting. Ripple Escrow Reporting: Creative Accounting or Much Ado About Nothing? On May 16, 2019, Coin Metrics released a report detailing discrepancies in Ripple’s escrow reporting system. The Blockchain analysis firm described these discrepancies as contradictions that required some explanation. As per usual, any story concerning Ripple is going to come in for some polarizing viewpoints, with strong opinions on both sides of the matter. On the one hand, Ripple says the discrepancies aren’t so much a financial issue as they are a timeline adjustment. Critics of the company, on the other hand, see it as a further ground for criticism of Ripple’s operations. How Ripple escrow works Back in mid-December 2017, Ripple published a document det
Collapsed Cryptopia Founder Wants You to Put Funds on His New Exchange

Collapsed Cryptopia Founder Wants You to Put Funds on His New Exchange

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. Collapsed Cryptopia Founder Wants You to Put Funds on His New Exchange Because there are, apparently, second acts in crypto, the creator of the defunct Cryptopia exchange is trying again with a new exchange product called Assetylene. The exchange, which touts itself as “New Zealands most advanced crypto trading platform,” is run by Adam Clark, the former founder and programmer for Cryptopia. Cryptopia went into liquidation on May 15 after a major hack that drained an estimate $16 million-worth of crypto last year. Most recently the stolen funds are currently moving out of the hacker’s wallets and onto various exchanges. One would assume, then, that the founder of a hacked, shuttered exchange, wouldn’t try again so quickly. One wo
Central Bank of Russia Expects Crypto Draft Bill to Be Adopted in Spring 2019

Central Bank of Russia Expects Crypto Draft Bill to Be Adopted in Spring 2019

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Please share if you find this article interesting. Central Bank of Russia Expects Crypto Draft Bill to Be Adopted in Spring 2019 The central bank of Russia believes that the draft bill on crypto regulation is prepared enough to be adopted in the spring of 2019, local news agency TASS reports on May 22. Olga Skorobogatova, first deputy governor of the Russian central bank, has stated that the bank expects the crypto bill, “On Digital Financial Assets” (DFA), to be adopted during the spring session in 2019 in accordance with the order of the country’s president, Vladimir Putin. Speaking at a recent meeting of the Parliament, Skorobogatova argued that the DFA, as well as a draft law on crowdfunding and other crypto-related bills, are at a “sufficiently high degree of preparedness” t
Israeli Court Rules Bitcoin Is Not a Currency in Court Case Over Taxes on BTC Gains

Israeli Court Rules Bitcoin Is Not a Currency in Court Case Over Taxes on BTC Gains

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Please share if you find this article interesting. Israeli Court Rules Bitcoin Is Not a Currency in Court Case Over Taxes on BTC Gains An Israeli judge has ruled that bitcoin (BTC) is an asset and not a currency, local news site Globes reported on May 21. The judgment is significant because it means profits made by selling the cryptocurrency will now be liable to capital gains tax, Globes notes. Noam Copel, who founded the blockchain startup DAV, had bought BTC in 2011 and sold two years later — making a profit of $2.9 million at today’s rates. During the court case, he had argued that bitcoin should be regarded as a foreign currency, as fluctuations in exchange rates are not taxed. But the Israel Tax Authority (ITA) argued differently, with the organization putting forward the i
Bitcoin On the Defensive With Price Below $8k

Bitcoin On the Defensive With Price Below $8k

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. Bitcoin On the Defensive With Price Below $8k View BTC has traded in a narrowing price range over the last 48 hours, aborting the immediate bullish view put forward by Sunday’s double-digit gains. A range breakdown, if confirmed, would allow a price drop toward $7,200. That looks likely with multiple signs of bullish exhaustion on the daily chart. The outlook, however, would again turn bullish if the contracting triangle ends with a bullish breakout. In that case, the price could rise to $8,500. Bitcoin is teasing a downside break of its recent trading range, having again faced rejection above $8,000 earlier today. The cryptocurrency market leader jumped more than 12 percent on Friday, reviving the case for a potential break abov

Bitcoin Falls Under $7,900 as US Stock Market Sees Minor Uptrend

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Please share if you find this article interesting. Bitcoin Falls Under $7,900 as US Stock Market Sees Minor Uptrend Wednesday, May 22 — most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) falls under the $7,900 mark again. Market visualization courtesy of Coin360 Bitcoin is down over .5% on the day, trading at $7,850 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is down over 1.83%. Bitcoin 7-day price chart. Source: CoinMarketCap This week, Cointelegraph reported that CME Group, the second global exchange to list bitcoin (BTC) futures, is about to record the biggest trading month for BTC futures trading. Ether (ETH) is holding onto its position as the largest altcoin by market cap, which
May to Become Strongest Month for CME’s Bitcoin Futures Trading: Report

May to Become Strongest Month for CME’s Bitcoin Futures Trading: Report

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Please share if you find this article interesting. May to Become Strongest Month for CME’s Bitcoin Futures Trading: Report CME Group, the second global exchange to list bitcoin (BTC) futures, is about to record the biggest trading month for BTC futures trading, industry news outlet The Block reports May 21. The publication has reportedly cited data from an external email from CME. The Chicago Mercantile Exchange purportedly revealed that the average daily bitcoin futures trading volume hit a new high of 14,000 contracts solely in May 2019. To date, May 13 has reportedly become the biggest trading day for CME’s bitcoin futures, with the platform having registered 33,700 contracts worth $1.35 billion in bitcoin at the time. The exchange also revealed that the number of BTC futures
2 Chinese OTC Traders Accused of Illicitly Raising Bitcoin by Promising Interest

2 Chinese OTC Traders Accused of Illicitly Raising Bitcoin by Promising Interest

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Please share if you find this article interesting. 2 Chinese OTC Traders Accused of Illicitly Raising Bitcoin by Promising Interest Two Chinese over-the-counter (OTC) traders have been accused of running an illicit bitcoin (BTC) loan scheme and collecting bitcoin by promising interest on deposits, Chinese newspaper The Beijing News reports on May 22. According to the article, Yi Zhou and Xiang Li convinced traders to send them their bitcoin holdings by promising them interest on their deposits, obtaining over 7,000 BTC (nearly $54.7 million at press time) from over 100 investors. The allegedly defrauded investors first started cultivating suspicions when the interest — which was paid in yen — stopped arriving on time in April. The two individuals reportedly gained investors’ trus
Blockchain Credit Union Consortium to Use R3’s Corda for Cross-Border Payments Product

Blockchain Credit Union Consortium to Use R3’s Corda for Cross-Border Payments Product

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Please share if you find this article interesting. Blockchain Credit Union Consortium to Use R3’s Corda for Cross-Border Payments Product CULedger, a blockchain consortium and credit union service organization (CUSO), has chosen enterprise software firm R3’s Corda blockchain to underpin its forthcoming cross-border payments product. The news was reported by fintech news outlet Finextra on May 21. As reported, CULedger joined the R3 global blockchain ecosystem in December 2018. The blockchain CUSO implements the technology to improve cybersecurity and mitigate fraud risks, as well as to streamline administrative and operational processes for the credit union industry. CULedger also provides a specific blockchain-based identification solution for credit union members. CULedger’s fo
Japan: Crypto Exchanges See Threefold Increase in New Accounts Since March

Japan: Crypto Exchanges See Threefold Increase in New Accounts Since March

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Please share if you find this article interesting. Japan: Crypto Exchanges See Threefold Increase in New Accounts Since March Japanese cryptocurrency exchanges have seen new account openings increase up to 200% in the past two months, Cointelegraph Japan reported on May 22. Data obtained from three major trading platforms — Bitpoint, DMM Bitcoin and Coincheck — pointed to a significant increase in interest from entry-level investors since the end of March. The change in habits among those who assumedly did not use cryptocurrency before highlights the impact of rising prices on consumer interest, which rose in step with the return of a bull market across the industry. Daily account openings for Bitpoint were three times as high in May as for March, and twice more than in April. DM