Saturday, October 24Your Daily Bitcoin & Altcoin News Portal
South Korea Will Allow Bitcoin Companies to Perform Cross-Border Payments

South Korea Will Allow Bitcoin Companies to Perform Cross-Border Payments

FINANCE
The South Korean government will issue permits to FinTech firms including bitcoin mediated foreign currency transfer services to enable international money transfers for small funds. Come August 15, about 40 FinTech firms are expected to launch international money transfer services after receiving permits from the Financial Supervisory Service, South Korea’s financial regulator. According to the Korea Herald, the permitted amount for a one-off transfer via a FinTech firm will be $3,000 or less. The annual limit for a single account will be capped at $20,000 for transfers through FinTech firms. In early May, the South Korean government moved to lower the regulatory burden for foreign money transfer startups. There are at least 20 FinTech companies in Korea who use bitcoin for fore
Ethereum Classic Trading is About to Start on Chinese Exchange Huobi

Ethereum Classic Trading is About to Start on Chinese Exchange Huobi

EXCHANGE
Cryptocurrency exchanges always have to keep meeting market demand. In most cases, this means increasing the number of listed currencies. Huobi, one of China’s largest exchanges, plans to introduce Ethereum Classic trading later today. This is a major boon for all ETC users, to say the least. It is not the first platform to recently add ETC trading either, which is rather interesting. Huobi is one of the leading Chinese exchanges. Even though they may not generate the volume OKCoin.cn does, they are still an important platform. So far, they focus on three main cryptocurrencies, all of which are trading against the Chinese Yuan. Bitcoin, Litecoin, and Ethereum are all supported as we speak. Adding Ethereum Classic to this small and illustrious list is quite interesting, to say the le
US Accounting Board is Considering New Standards for Bitcoin Companies

US Accounting Board is Considering New Standards for Bitcoin Companies

FINANCE
The Financial Accounting Standards Board (FASB), a financial accounting standards body in the US, is reportedly considering whether to undertake a new initiative on digital currencies. According to Reuters, the FASB – which sets accounting standards for publicly traded US firms – hasn’t yet decided if it will develop new guidelines for companies dealing with bitcoin and other cryptocurrencies. However, the non-profit is apparently assessing whether it should begin that process following a request from the Washington, DC-based Chamber of Digital Commerce (CDC) – a trade organization for companies and groups working in the digital currency and blockchain space. In a letter to the board, dated June 8, CDC founder and president Perianne Boring argued that the lack of standards is cre
Ethereum Classic Price Technical Analysis: $15 Support Turns into Resistance

Ethereum Classic Price Technical Analysis: $15 Support Turns into Resistance

PRICE ANALYSIS
Ethereum classic price followed ETH’s declining path versus the Bitcoin, and ETC/USD is currently facing a tough barrier near $15.00. Key Highlights Ethereum classic price followed ETH and declined heavily to trade near $12.00 against the US Dollar. There is a major bearish trend line with resistance at $14.50 formed on the hourly chart of ETC/USD (Data feed via Kraken). The price is currently correcting higher, but facing a major resistance near $15.00. Ethereum Classic Price Continued to Decline This week turned out to be super bearish for ETC price as it moved below a major support area of $15.00 against the US Dollar. The downside move was sharp, as the price declined towards $12.00 and traded as low as $11.95. It seems like the recent pressure on ETH/USD and BTC/US
Ethereum Price Technical Analysis: Many Hurdles Ahead

Ethereum Price Technical Analysis: Many Hurdles Ahead

PRICE ANALYSIS
Ethereum price remains in a downtrend against the US Dollar and Bitcoin, and a recovery in ETH/USD won’t be easy in the near term above $210. Key Highlights ETH price declined further and moved below the $180 level against the US Dollar. Yesterday’s highlighted two bearish trend lines with current resistances as $190 and $210 on the hourly chart of ETH/USD (data feed via SimpleFX) are intact. On the downside, the recent low at $168 may provide support in the short term. Ethereum Price Resistance There was no relief for buyers as ETH price continued to move down and traded below $180 against the US Dollar. A new weekly low was formed at $168.58 from where a minor recovery was started. The price traded above the 23.6% Fib retracement level of the last decline from the $23
Bitcoin Price Technical Analysis: Might Be Due for Another Pullback

Bitcoin Price Technical Analysis: Might Be Due for Another Pullback

PRICE ANALYSIS
Bitcoin price is testing recent lows after its brief correction, signaling that bearish momentum is still in play. Bitcoin Price Key Highlights Bitcoin price resumed its selloff after completing a quick pullback off its recent slide. Applying the Fibonacci extension tool on the correction move shows the next downside targets. Price is currently bouncing off the 50% extension and might be due for another pullback. Technical Indicators Signals The 100 SMA is below the longer-term 200 SMA so the path of least resistance is to the downside. The gap between the two is widening to reflect stronger selling pressure. In addition, the 200 SMA lines up with a descending trend line connecting the highs since the start of the month, and this could act as the last line of defense in...
Cryptocurrency Bloodbath! Sell Everything We Were Totally Wrong!

Cryptocurrency Bloodbath! Sell Everything We Were Totally Wrong!

THE DOLLAR VIGILANTE
Just kidding. The cryptocurrencies have taken a big hit in the last few weeks, however, just as we said they would. On June 11th, bitcoin stuck its nose just above $3,000 and is currently near $2,377 for a pullback of 20%. Ethereum, which I warned on numerous occasions had gone way too high, way too fast, touched $400 on June 13th and fell below $200 this morning. On June 26th I wrote, “Vitalik Buterin Death Hoax Brings To Light Risks In Ethereum”. In that article I said how we had been telling subscribers to take profits on all cryptocurrencies, especially the altcoins, and Ethereum. Another call that turned out to be very prescient. The total market cap of all cryptocurrencies, including bitcoin, hit a high of $112 billion on June 11th and is currently near $82 billion
Major Chinese Exchange BTCC CEO Address the Need for Cryptocurrency Regulation

Major Chinese Exchange BTCC CEO Address the Need for Cryptocurrency Regulation

ADOPTION
The BTCC CEO Bobby Lee addresses the need for cryptocurrency regulation saying it could “run amok from society” if measures are not implemented. In an interview with CNBC’s “Squawk Box”, Bobby Lee, CEO of BTCC, one of China’s primary cryptocurrency exchanges, explained that a well thought out regulatory approach is needed to address exactly where Bitcoin and the rest of cryptocurrency stands. “I think regulation is much needed for this new asset class because otherwise, it’ll run amok from society,” warned Lee. The challenge is how to craft the rules around this new technology, it’s taking the lawmakers and regulators some time to wrap their minds around it, and to come up with the appropriate rules and laws to govern companies, how we do business, to govern individuals (and) ho
Swiss Government is Pursing to Clarify the Legal Qualification of Digital Currencies

Swiss Government is Pursing to Clarify the Legal Qualification of Digital Currencies

ADOPTION
Switzerland’s government said today that it is “swiftly” moving toward a legal designation of digital currencies. In a statement, the Swiss Federal Council – a body of seven that collectively serve as Switzerland’s head of state – revealed the first major steps of its plans to regulate finch development in the country. CoinDesk reported in February that the government was moving to put a legal framework for finch in place. The new rules, approved on July 5, go into effect in August. Among the initiatives launched today is a regulatory “sandbox” aimed at creating a more accommodative environment for startups. Firms that accept fewer than 1 million Swiss francs (roughly $1m USD) “will be exempt from authorization” the Federal Council said. The group clarified that depositors with t
Moscow’s Blockchain Hackathon Reflects Booming Blockchain Industry in Russia

Moscow’s Blockchain Hackathon Reflects Booming Blockchain Industry in Russia

ADOPTION
Since Russian President Vladimir Putin expressed interest in Ethereum at his meeting with Vitalik Buterin at the World Economic Forum held in St. Petersburg, the blockchain industry in Russia has been quick to heat up. The Blockchain & Bitcoin Conference in Saint Petersburg was held in June, followed immediately by a blockchain-focused hackathon called BlockchainHack in Moscow, with 150 people in attendance competing for $100,000 worth of cryptocurrency. The hackathon took place at the Paveletsky Art Center, a massive building in downtown Moscow that has become the de facto hub for blockchain technology in Russia, with an increasing number of blockchain developers and enthusiasts who work out of it. The event was jointly organized by BTC Media, Qtum, Zerion, Waves, the Token F