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Use our news to inform cryptocurrency trading decisions, stay up-to-date on happenings in the industry, and more!

US Department of Justice, CFTC Investigating Bitcoin Market Manipulation
The United States Department of Justice has launched a probe into claims of market manipulation across bitcoin markets. BlockExplorer’s Tony Spilotro tells us that the investigation is in collaboration with the Commodities and Futures Trading Commission, which oversees derivatives of bitcoin and other coins.

Revolut Users Make 100,000 Bitcoin, Litecoin And Ethereum Exchanges Every Day
Forbes reports, “London-based fintech startup Revolut — which is today adding Bitcoin Cash and Ripple XRP to its cryptocurrency trading app — has revealed its users make around 100,000 Bitcoin, Litecoin and Ethereum exchanges everyday.”

Coinbase To Add Crypto Staking Feature in the Future
San Francisco-based Coinbase, one of the United States largest cryptocurrency exchanges, is following up their most profitable fiscal year with aggressive expansion, making a number of big-name acquisitions such as Earn and Cipher Browser, and rolling out an extensive suite of new products aimed at satisfying the needs of institutional investors.

American Express Announces a Blockchain Application To Its Membership Rewards Program
American Express is integrating blockchain technology developed by Hyperledger, an open source blockchain project, that will let merchants create customized offers for cardholders.

Image courtesy of Carty Sewill, http://cartyisme.com/

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Use our news to inform cryptocurrency trading decisions, stay up-to-date on happenings in the industry, and more!

Verge Blockchain Exploited Again, Hackers Steal $1.7 Million in Tokens
Last month, privacy-focused cryptocurrency Verge was the victim of a ’51 percent attack’ – an unfortunate scenario (for Verge and its investors) that resulted in roughly 250,000 XVG being stolen. Verge responded with a hard fork, but unfortunately, it appears the vulnerability still persists today despite countermeasures being taken. BlockExplorer’s Tony Spilotro reports.

Pentagon Contemplates Whether to Flag Cryptocurrency Owners as Risky
The Pentagon is trying to decide if owning cryptocurrency is an indicator of risky personal behavior, one that should flag extra scrutiny in security clearances.

TapJets Adds Ripple and Litecoin for Flight Bookings
TapJets, an American company that offers customers to submit private charter requests with their smartphones, makes it easy for users to pay for services with Bitcoin, and now also Ripple and Litecoin.

Bitcoin Cash is a Must-Own, Says Crypto Investor Brian Kelly
A proposed bitcoin cash development fund could give the digital currency more value, said cryptocurrency trader Brian Kelly to FastMoney this week.

​Akamai, Mitsubishi UFJ Financial Announce Blockchain-Based Payment Network
The payment network, ZDnet reports, “is expected to be capable of processing more than 1 million transactions per second, thanks to blockchain.”

Image courtesy of Carty Sewill, http://cartyisme.com/

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Use our news to inform cryptocurrency trading decisions, stay up-to-date on happenings in the industry, and more!

Electrum Pro Site Shuts Down, Citing ‘False Accusations’ As Cause
Following the proof released and verified on may 9th, the site hosting the malware Electrum Pro seems to have been voluntarily shut down. A message on the site states Electrum Pro’s reputation has been ruined due to false accusations from electrum.org. The message further states that the domain is up for sale for 25BTC, and provides a contact email. (BlockExplorer verified that the proof was genuine and Electrum Pro is lying.)

Bitcoin Wallet Mycelium Begins Rolling Out BCH Support
BlockExplorer’s David Murray reports on the popular bitcoin wallet Mycelium rolling out support for bitcoin cash.

More Bitcoin Moved From Mt. Gox Wallet, Possible Sell-Off Affects Bitcoin Price
The Mt. Gox bankruptcy trustee is suspected to have dumped another 8,000 bitcoin on the cryptocurrency market. CCN reports, “Today, on May 11, various reports have suggested that the recent price dip of bitcoin and other cryptocurrencies was triggered by the sell-off of Mt. Gox coins.”

South Korean’s Largest Cryptocurrency Exchange Raided
CoinDesk Korea reports that on May 10 and 11 investigators from Seoul’s prosecutors’ office searched the head office of popular cryptocurrency exchange Upbit. “UPbit is suspected of fraud for allegedly selling cryptocurrency to customers that it does not actually hold”, according to the report.

Venture Capitalist Tim Draper: “Bitcoin Is The Most Secure Place To Put Your Money”
Tim Draper joined CNBC’s Closing Bell to discuss bitcoin. Draper was bullish on bitcoin stating, “It is a far better currency than the fiat currency. I mean, right now, your banks are being attacked all the time. The hackers are poking holes in your banks and going after your fiat money. And… the bankers are pounding away, trying to keep the hacks away but they’re getting hacked all of the time. No one has ever hacked the bitcoin blockchain. It is the most secure place to put your money.”

Image courtesy of Carty Sewill, http://cartyisme.com/

revolut

Revolut, Europe’s newest fintech unicorn, has announced that it will add support for bitcoin cash and ripple trading to its mobile app, which offers users a digital alternative to traditional banking services.

The UK-based Revolut made the announcement on Friday, in tandem with the revelation that the company has concluded a $250 million Series C investment round. This investment, which was led by the Hong Kong-based DST Global, gives the firm a $1.7 billion valuation less than four years after its launch.

Revolut first began a bitcoin trading pilot program last year, and it proved so popular that the company rolled out the feature to the remainder of its user base and later added support for litecoin and ethereum.

Now, it has confirmed that it will allow users to trade two more large-cap cryptocurrencies: ripple and bitcoin cash. At present, ripple and bitcoin cash rank as the third- and fourth-largest cryptocurrencies, with circulating market caps of $33 billion and $24 billion, respectively.

“Our roadmap has never been more exciting! From product to marketing, our teams have been working hard to create the most useful features requested by our community,” the company said in a statement. “We’re extremely proud to announce that we will be adding Ripple (XRP) and Bitcoin Cash (BCH), alongside the current Bitcoin (BTC), Litecoin (LTC) and Ether (ETH).”

Revolut charges a 1.5% markup on the average exchange price, making it cheaper to use than either Coinbase or eToro.

Though users cannot currently transfer cryptocurrency into or out of the wallet, users can use their balances to pay for everyday transactions by using them to fund their Revolut debit cards.

At present, Revolut is only available in Europe, though the firm plans to leverage its new financing to expand into the United States, Canada, Hong Kong, Australia, Singapore, and New Zeland before the end of 2018.

Featured Image from Revolut

bitcoin price

The trustee in charge of the assets belong to defunct bitcoin exchange Mt. Gox has denied that his decision to sell more than $400 million worth of bitcoin (BTC) and bitcoin cash (BCH) had a meaningful impact on the global cryptocurrency market.

In an announcement dated March 17, Nobuaki Kobayashi — the Tokyo lawyer in charge of managing the infamous Mt. Gox exchange’s estate during its bankruptcy proceedings — addressed concerns that his handling of the estate has been callous and has had a materially-detrimental effect on the market price of bitcoin.

Earlier this month, Kobayashi announced that he sold $406.6 million worth of bitcoin and bitcoin cash from the infamous exchange’s estate, adding that the estate still held approximately $1.7 billion worth of cryptocurrency assets. He also said that he had sold the coins on order-book cryptocurrency exchanges, rather than through the over-the-counter (OTC) markets that large-scale buyers and sellers generally use.

In Saturday’s statement, Kobayashi confirmed that he sold the coins between December and February — a period in which the bitcoin price plunged from nearly $20,000 to $6,000 — but he claimed that he did so in a way that did not have an effect on the market price of the assets.

“Following consultation with cryptocurrency experts, I sold BTC and BCC, not by an ordinary sale through the BTC/BCC exchange, but in a manner that would avoid affecting the market price, while ensuring the security of the transaction to the extent possible,” Kobayashi said. “Therefore, I believe that the sale of BTC and BCC by us did not affect their market prices.”

“I made efforts to sell them at as high a price as possible in light of their market prices at the time of sale. I believe that they were sold at a fair price, given the market prices at that time,” he added.

But though the Mt. Gox estate continues to hold nearly $2 billion in cryptocurrency assets, investors likely do not need to worry that these coins will be dumped onto the market — at least in the short-term.

As Bloomberg reporter Yuji Nakamura noted following the release of the initial statement, Kobayashi only sold enough coins to cover the exchange’s JPY liabilities.

He is now waiting for the court to rule on whether the exchange can enter civil rehabilitation, which would potentially allow the estate to distribute coins directly back to creditors — rather than selling them for cash and giving creditors the proceeds.

However, even if the court denies the civil rehabilitation plea, it would likely be several months before the trustee resumes selling the coins.

Featured Image from BitcoinWisdom