BitCoin Update


Tether in court: Yep, we sort of, kind of, definitely used our reserves to buy Bitcoin

Tether in court: Yep, we sort of, kind of, definitely used our reserves to buy Bitcoin

It appears that contrary to its marketing promises, Tether – a cryptocurrency pegged to the US dollar – used some of its dollar reserves to buy Bitcoin $BTC▼4.29%. The stablecoin issuer, which shares management and ownership with cryptocurrency exchange service Bitfinex, has admitted it used its reserves to invest in Bitcoin and other “assets,” according to court transcripts obtained by The Block. The court documents further show New York Supreme Court Judge Joel M. Cohen is growing increasingly suspicious of Bitfinex’s and Tether’s dealings – especially after the companies recently admitted the stablecoin is not entirely backed by cash (which is Tether’s main marketing claim).
Bitcoin's wild ride

Bitcoin's wild ride

Ten years ago, a mysterious computer programmer invented a new type of money that wasn't backed by any government or kept in any bank. There were no coins or bills, just long strings of letters and numbers stored inside a network of computers that anybody could be a part of by downloading some free software over the Internet. Today that computerized currency, bitcoin, is well-known, though little understood, and bitcoin's popularity has inspired the creation of thousands of other types of digital money, known as "cryptocurrency." Over the last decade, you could have made a five million percent profit by investing in cryptocurrency. Or you could have lost everything. It has been a wild ride, and few people have experienced the highs and lows more than a 29-year-old named Charlie Shrem.
2020 Presidential Hopeful Andrew Yang Says Regulators ‘Owe’ Clarity on Rules for Crypto Industry

2020 Presidential Hopeful Andrew Yang Says Regulators ‘Owe’ Clarity on Rules for Crypto Industry

Presidential contender Andrew Yang took the stage at Consensus 2019 on Wednesday, facing a friendly (if not slightly boisterous) crowd as he discussed bitcoin, blockchain and his bid for the White House. Amid jokes about a possible YangCoin, Yang essentially pitched himself as a sympathetic friend of the crypto community in an appearance that came weeks after his campaign issued a policy statement on digital asset regulation. He also opined on the declining influence of traditional media, the threat of climate change, his Freedom Dividend pitch, and current U.S. president Donald Trump (“The opposite of Donald Trump is an Asian candidate who likes math.”)
Wild Crypto Market’s Traders Get Something New: FDIC Protection

Wild Crypto Market’s Traders Get Something New: FDIC Protection

The Wild West of cryptocurrency trading is getting something typically associated with the safest of savings accounts: FDIC protection. SFOX, a prime dealer and trading system in the $208 billion crypto market, is partnering with New York-based M.Y. Safra Bank to offer its traders deposit accounts backed by the Federal Deposit Insurance Corp. -- the same federal agency that protects bank customers up to $250,000 per financial institution. It’s the first time FDIC-insured accounts will be linked to a crypto prime dealer, according to SFOX, and allows traders to keep funds in accounts under their own names. Most banks don’t allow their customers’ accounts to be linked to cryptocurrency trading. The FDIC insurance protects the cash leg of a crypto trade and doesn’t apply to the Bitcoin, Ether or other digital assets SFOX users buy on the exchange.
Bitcoin climbs back above $7,000 and is now up 90% year to date

Bitcoin climbs back above $7,000 and is now up 90% year to date

Bitcoin has jumped above $7,000, continuing a stunning comeback for the cryptocurrency in 2019. The virtual currency climbed close to $7,600 on Sunday, according to industry website CoinDesk. It’s since pared gains, but is still holding above that $7,000 level. It marks yet another move higher for the world’s most-valuable cryptocurrency, which is now up nearly 90% since the start of the year. That’s despite negative headlines surrounding bitcoin exchange Bitfinex, whose parent company has been hit with a probe in New York, and Binance, which was hacked in a heist that lost more than $40 million in bitcoin.
A Bill to Ban All Crypto? Congressman Calls for the Outlawing of Digital Assets

A Bill to Ban All Crypto? Congressman Calls for the Outlawing of Digital Assets

A congressman with a track record of bashing crypto has come out once again calling for a ban on digital assets. Democrat Brad Sherman supposedly raised the idea earlier today in Congress. This is not the first time this week that someone has called for a ban on digital assets. However, without a huge international effort from authorities, the chances of such legislation proving effective are remote. According to a video posted to Twitter by crypto education group Coin Center, a congressman with a history of being opposed to digital currencies has once again raised the possibly of a ban on the technology.
Payment Platform Square’s Q1 2019 Bitcoin Revenue High, Crypto Profits Low

Payment Platform Square’s Q1 2019 Bitcoin Revenue High, Crypto Profits Low

Payment platform Square saw a new revenue high from bitcoin (BTC) sales through its Cash app, while profits from Bitcoin sales remained low, according to a letter to shareholders outlining first quarter (Q1) 2019 financial figures. In its recently published letter on earnings — which is unaudited — Square revealed that in the Q1 2019 the company’s total net revenue grew 43% year over year, amounting to $959 million, wherein bitcoin revenue was $65.5 million. Bitcoin costs for the same period reportedly amounted to $64.7 million, meaning that overall bitcoin profits amounted to roughly $830,000. In the fourth quarter of 2018, the company registered total net revenue of $933 million, with $52 million attributed to bitcoin revenue. At the same time, bitcoin costs equalled $51.9 million.
Microsoft is partnering with JPMorgan Chase on its blockchain product

Microsoft is partnering with JPMorgan Chase on its blockchain product

Microsoft is teaming up with JPMorgan Chase to help boost the financial-services giant's blockchain platform, the companies said on Thursday. Microsoft's cloud-computing platform, Azure, will make JPMorgan's platform, called Quorum, available on the software maker's blockchain service. Quorum will be the first ledger available on the Azure blockchain platform, Mark Russinovich, the chief technology officer of Microsoft's cloud-services division, said in a blog post.
Amazon says AT&T, Accenture, and Nestle are all using its blockchain tools

Amazon says AT&T, Accenture, and Nestle are all using its blockchain tools

Amazon is ramping up its blockchain services – and it’s already convinced giants like AT&T, Accenture and Nestle to use them. The company’s cloud solutions subsidiary, Amazon Web Services (AWS), announced its Amazon Managed Blockchain suite is now “generally available” (whatever that means). On first glimpse, it seems that AWS is simply opening up the service to anyone interested in building “decentralized” solutions – and willing to pay for it. It appears AWS is targeting businesses dealing with finance, logistics, retail, and energy management for the service, highlighting they can rely on it to keep an immutable record of their transactions without the need of a trusted authority
E*Trade Is Close to Launching Cryptocurrency Trading

E*Trade Is Close to Launching Cryptocurrency Trading

E*Trade Financial Corp. is getting ready to let customers trade cryptocurrencies on its platform, according to a person familiar with the matter. The firm will start by adding Bitcoin and Ethereum, and will consider adding other currencies in the future, said the person, who asked to remain anonymous because the matter is private. A spokesman for E*Trade declined to comment. E*Trade would be one of the largest securities brokerages to allow crypto trading. It will enter into a competitive market with startups like Coinbase Inc., which have made names for themselves as go-to places for such transactions.


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