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Bitcoin price  is currently locked in a battle to stay above the descending channel and have another run at the recent high at $10,540. In order to do this, first, the digital asset needs to overtake the resistance levels at $9,300 and $9,400.  As Bitcoin fights to stay above this all-important line, traders are likely beginning to wonder whether or not last week’s explosive pump to $10,540 was simply a one-off driven by Chinese President Xi Jinping’s call  for China to accelerate the development of blockchain technology. But despite this morning’s breakout to $9,433, Bitcoin is still searching for solid ground after pulling back from the blow-off top at 10,540.  Today’s move did bring Bitcoin above the descending channel but at the time of writing a higher was not achieved and the digital asset is still posting lower highs and lower lows. Read more  

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A transcript of a Bitmain staff meeting reveals an ugly power struggle inside the world’s biggest bitcoin miner maker that led to the abrupt ousting of co-founder Micree Ketuan Zhan. CoinDesk has obtained and verified a partial transcript from the hourlong meeting on Tuesday. In it, Jihan Wu, a co-founder of Bitmain who started the company with Zhan in 2013, explained to all employees why he thought it was necessary to oust his long-time partner and former co-CEO. After stepping down from day-to-day management in December 2018, Wu returned Tuesday as chairman of the company and executive director of the Beijing Bitmain subsidiary. He immediately made his presence felt. Earlier in the day, Wu notified staff that Zhan had been dismissed from all his roles, effective immediately. During the subsequent all-hands meeting, he described a falling-out between the two executives late last year. Read more  

Dotcom said 10% of K.im’s transaction fees were going towards helping Assange’s ongoing legal battle. Assange currently faces extradition to the United States on charges of allegedly trying to hack into a Pentagon computer. His potential jail sentence totals 175 years. The treatment of Julian Assange speaks volumes about the rotten character of the intelligence community (deep state),” Dotcom wrote in a previous tweet last week. WikiLeaks already accepts donations in various cryptocurrencies. To date, its Bitcoin wallet  have received in excess of 4,000 BTC. The content sharing service will conduct  an initial exchange offering, or IEO, on Bitcoin  in the coming week in order to raise funds. The entrepreneur, who has faced legal pressure  of his own over his previous project  has positioned K.im to take advantage of cryptocurrencies. Read more  

China’s central bank, the People’s Bank of China, will certify 11 types of financial technology hardware and software that are widely used for digital payment and block chain services with its new verification system called the Certification of Fin tech Products. The new regulatory system comes at a time when China is accelerating the development of new financial infrastructure, including a digital version of its currency and a push by President Xi Jinping to capitalize on blockchain technology. The central bank envisions the national digital currency boosting the digital payment industry, touting its own coin’s security features and off-line transaction ability as superior to commercial products offered by China’s Alipay and Buy Ethereum . With 11 fintech products currently on the central bank’s list, the certification system covers all the products that could be involved in digital payment technologies, including point-of-sale mobile terminals, embedded application software, user

Bakkt announced  on Oct. 24 that it will be launching the first regulated options contract for Bitcoin (BTC ) futures on Dec. 9. According to the Bitcoin futures exchange, the key features of the Bakkt Bitcoin Options contract include capital efficiency, cash or physical settlement, European-style options, low fees, as well as instant messaging, block trades and options analytics. A European-style option is an option contract that limits the opportunity for early execution and reduces operational burdens, the firm noted. The new options product is based on customer feedback, explains CEO Kelly Loeffler and is designed to hedge or gain bitcoin exposure. Read more  

Bitcoin (BTC ) continues to set new records for its network hash rate this month, a sign that miners have shaken off weak price performance. Due to it being impossible to measure hash rate exactly, all charts are estimates that rely on the previous period’s block times.  Hash rate refers to the overall computing power involved in validating transactions on the Bitcoin blockchain. More power suggests greater network security, as well as interest in the profitability potential of Bitcoin mining.  the network hash rate appeared to experience volatility last month, with Blockchain’s reading falling 40% in one day before analysts explained the statistics did not imply miners were deserting bitcoin. Read more  

At Vanity Fair’s New Establishment Summit, Coinbase CEO Brian Armstrong said that Coinbase has generated close to $2 billion in transaction fees since it launched in 2012. On Oct. 23, the co-founder and CEO of major United States cryptocurrency exchange and wallet provider Coinbase told  Vanity Fair that technology has always been the focus of Coinbase, which, in part, is the reason why the company has remained profitable. Coinbase is one of the 21 remaining companies that are part of the Libra Association, which has been under scrutiny by lawmakers across the world for its potential to jeopardize user privacy and flout regulatory rules.   Read more

Delaware-based asset manager Kryptoin Investment Advisors applied with the United States Securities and Exchange Commission (SEC) to launch a Bitcoin (BTC ) Exchange Traded Fund (ETF). The company plans to hold Bitcoin and value the shares of the trust according to the Chicago Mercantile Exchange Bitcoin Reference Rate. The cryptocurrency will be held at an unspecified third-party insured custodian that is also regulated under the Investment Advisers Act of 1940. The SEC filing also details that the Trust will hold Bitcoin “in seeking to ensure that the price of the Trust’s shares is reflective of the actual bitcoin market. Read more

Crypto-based extortion –  basically the process of using spam-flinging botnet armies to “ransom” dirty pictures and compromising information in exchange for bitcoin  –  has turned virtual crime into child’s play. Speaking this week at the Advances in Financial Technology conference in Zurich, an international team comprised of researchers from the Austrian Technology Institute and security provider GoSecure  and found that the extortion process was quick, easy, and very lucrative. Using public data hack info, the researchers found that a single instance of the popular buy ethereum  botnet launched over 80 campaigns and in the 4.3 million emails surveyed by the team. In almost all cases the criminals had no incriminating information on the victims. Read more

One class of investors has more than doubled the value of the long positions it holds in Bitcoin (BTC ) futures contracts this month.  According to fresh data from analyst Skew  Markets  on Oct. 22, the value of institutional investors’ long positions went from below 500 BTC ($4.11 million) on Oct. 1 to over 1,000 BTC ($8.23 million) on Oct. 16. The gains reverse a decline in institutional longs from September. The launch of Bitcoin futures from Bakkt  coincided with open interest falling from around 1,300 BTC. Bitcoin futures were thought to have taken a longer-term break from being top of the agenda for institutional investors in the face of last month’s. Read more

Sumitomo Mitsui Banking Corporation (SMBC), the third largest bank by assets in Japan, is set to begin utilizing R3’s Marco Polo trade finance blockchain on a commercial basis by the end of the year. The bank said  on Friday last week that a cross-border proof-of-concept test was successfully completed involving Mitsui & Co, a Japanese general trading company, Indorama Ventures, a Thai company in the intermediate petrochemicals business, and Bangkok Bank, Thailand’s third-largest bank. In the course of the exercise, Bangkok Bank issued a payment guarantee for Indorama Ventures to Mitsui & Co. Based on that guarantee, SMBC would have been able to undertake receivable financing in a real-world setting. Read more

Bitcoin (BTC ) advocates continue to focus on the May 2020 block reward halving  this week as the impact on price becomes more apparent. The block reward refers to the amount of new Bitcoins miners receive for mining a new block. Currently 12.5 BTC, after the halving, the reward will fall to 6.25 BTC. Previous halving events have triggered upward price motion, leading to suggestions that 2020 will be no different. Additional studies, notably the popular stock to flow  model, have corroborated the theory that Bitcoin price must surge as the mining reward decreases. Comparing historical data, Crypto Rand noted that the 2012 and 2016 halvings removed $302,400 and $8.19 million per week from circulation respectively. 2020’s “most dramatic” halving, the analyst forecast, will remove $63 million. Read more  

Bitcoin price (BTC ) has continued to fend off support in the $7,800 region for what will be the fifth week running at the end of today.  With the BTC price currently back up over $8,200, several indicators suggest that a potential reversal may be in the cards.  Bitcoin price seems to have found a bottom for the time being. Both on the daily and weekly charts the BTC/USD has repeatedly rejected support this past week. After the high of around $8,400 on Monday, Oct. 14, Bitcoin bounced off Bollinger Bands (BB) indicator’s support 5 days out of 7, with the current support sitting around $7,860. Read more  

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Bitcoin (BTC ) may only be ten years old, but it is about to match half the lifespan of the average fiat currency  while actually increasing in value. As Bitcoin statistician and commentator Willy Woo  noted on Oct. 18, the largest cryptocurrency has been around 40% as long as the average government-issued currency. Bitcoin has already reached 40% of the life expectancy of the average fiat currency (27yrs). The most successful fiat currency has lost 99.5% of its value,” Woo summarized.  The figures contrast with the ongoing declarations from critics that Bitcoin is weakening or will collapse altogether. According to monitoring resource 99 Bitcoins  a total of 377 Bitcoin obituaries have surfaced since records began. Since launching, however, it has only gained value, with its publicly-verifiable scarcity ensuring demand.  Read more

Global crypto exchange Huobi plans to roll out a fiat gateway in Turkey that could increase access to more than 250 cryptocurrencies for local investors. The move comes as Turkey puts forward a clearer legal framework for the crypto market in a country where many people already hold cryptocurrencies, Mohit Davar, Huobi’s EMEA regional president, told CoinDesk. The company is announcing the project at the Eurasia Blockchain Summit in Istanbul on Friday. Davar said the exchange has partnered with one of the largest local banks to build the infrastructure and compliance standards for the fiat gateway, but declined to name the local bank partner. Read more

The United States Commodity Futures Trading Commission (CFTC) has announced the filing of a civil enforcement action against Nevada-based Circle Society. CFTC  announced  that it was charging Circle Society and its owner, David Gilbert Saffron, with “fraudulent solicitation, misappropriation, and registration violations relating to an $11 million binary options scheme.” According to the charges, the defendants misappropriated at least $11 million worth of Bitcoin (BTC ) and U.S. dollars from individuals in the United States to “trade off-exchange binary options on foreign currencies and cryptocurrency pairs, among other things.” CFTC Chairman Heath P. Tarbert said. Read more  

United States-based blockchain security firm CipherTrace has expanded its crypto intelligence platform to 700 tokens. With the expanded platform launched on Oct. 15, CipherTrace now allows clients to trace more than 87% of the transactional volume of the top 100 cryptos such as Ether (ETH ), Tether (USDT ), Bitcoin Cash (BCH ) and Litecoin (LTC ), the firm said in a press release. CipherTrace’s increased monitoring support also includes the capability of tracing several hundred ERC-20  tokens, the company added. CipherTrace has not specified to Cointelegraph which cryptocurrencies will not be supported on the platform at publishing time. This piece will be updated with comments when they are available.  Read more 

The Dubai Chamber of Commerce and Industry (DCCI) has signed a memorandum of understanding ( Buy bitcoin ) with Emirates NBD. Middle Eastern news daily Saudi Gazette reported  on Oct. 14 that the DCCI, which acts as an international business hub in Dubai, has signed an MoU with Dubai government-owned bank, Emirates NBD.  The bank, which is one of the largest banking groups in the Middle East in terms of assets, will provide trade finance solutions for the Digital Silk Road, a Dubai 10X initiative, which uses blockchain technology to digitize trade processes in Dubai. Read more

The G7 group of nations has reportedly drafted a report which says that “global stablecoins” pose a threat to the global financial system. According to the BBC on Oct. 13, a draft report from the G7 outlined  the various risks associated with digital currencies. It also said that, even if member firms of the governing Libra Association addressed regulatory concerns, it may not get approval from the necessary regulators, stating. The G7 also states that global stablecoins with the potential to scale rapidly could stifle competition and threaten financial stability if users lose confidence in the coin.  Read more  

To cut through some of the confusion surrounding bitcoin, we need to separate it into two components. On the one hand, you have bitcoin-the-token, a snippet of code that represents ownership of a digital concept – sort of like a virtual IOU. On the other hand, you have bitcoin-the-protocol, a distributed network that maintains a ledger of balances of bitcoin-the-token. Both are referred to as “bitcoin.” The system enables payments to be sent between users without passing through a central authority, such as a bank or payment gateway. It is created and held electronically. Bitcoins aren’t printed, like dollars or euros – they’re produced by computers all around the world, using free software. Read more  

Alipay, the digital payment arm of Chinese e-commerce giant Alibaba, has declared that it will be banning any transactions related to Bitcoin  and other cryptocurrencies. Alipay reiterated its anti-crypto stance in a Buy bitcoin , which warned that the company is closely monitoring over-the-counter transactions to identify irregular behavior and ensure compliance with relevant regulations.  Binance CEO Changpeng Zhao, also known as CZ, clarified that the exchange is not working directly with WeChat or Alipay, and users are still able to use them for peer-to-peer transactions. Read more  

The United States Securities and Exchange Commission (SEC) has rejected a proposal to list a Bitcoin (BTC)  exchange-traded fund (ETF). the Commission stated that the ETF filing from Bitwise Asset Management and NYSE Arca did not meet the necessary requirements.  Specifically, regulators stated that the applicants did not meet the necessary requirements regarding possible market manipulation and illicit activities.   Today's decision by the SEC seems to fly in the face of recent comments  from Matt Hougan, managing director and global head of research at Bitwise, who on CNBC on Oct. 7 said, “We’re closer than we’ve ever been before to getting a Bitcoin ETF approved.” Read more  

Historically, the best assets that fit this profile have been stocks, bonds, and real estate. A well balanced portfolio should have an allocation of all three, which is where I am most heavily invested. Every investment strategy should always have a long-term horizon and investors that begin putting money away in their 20s have an exponential advantage over those who begin to save later. Furthermore, investing money that is not needed to cover expenses and leaving it in the market for as long as possible is the primary method for accruing wealth faster than any other single strategy. Ultimately, this is the secret to buy bitcoin  and getting  rich!  Read more  

The top 20 cryptocurrencies  are seeing mixed movements on the day while Bitcoin’s (BTC)  price dips below the $8,000 mark by press time. Bitcoin’s price is currently down by 1.83% on the day, trading at around $7,959  according to Coin360 . Looking at its weekly chart, the coin is down by about 1.49%. Ether (ETH ) is holding onto its position as the largest altcoin by its market capitalization which currently stands at $18.84 billion. The second-largest altcoin, Ripple’s XRP , has a market cap of $10.9 billion at press time. ETH has seen its value decrease by about 0.31% over the last 24 hours. At press time, ETH is trading at around $174. On the week, the coin has also gained about 2.96%.  Read more

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Around this time last week, the situation was looking increasingly dire for Bitcoin  and Buy bitcoin murmurs of a drop to $6,000 and even $3,000 began to circulate amongst traders. Even today there are still those that consider this a real possibility and perhaps it is. For the moment, Bitcoin appears to have stabilized and traders are hopeful that a strong move to $8,500 will occur over the coming days.  Since the drop from $10,300, Bitcoin has been pinned in the $8,000 to $8,400 range with support at $8,000 and $7,850.   Read more

 Middle Eastern business publication Arabian Business repoted  that Blocko has partnered with SEED Group, a member of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum in the UAE.  Before launching in the UAE, Blocko raised a total of $16 million through two separate funding rounds. South Korea’s oldest bank, Shinhan Bank, as well as KEB Hana Bank, LB Investment and Dadam Investment are among those who participated in the funding round. The blockchain company will now bring its Aergo platform to the Middle East, looking to replicate the achieved successes in Europe and Asia.  Read more

The CEO of Brazilian cryptocurrency firm Grupo Bitcoin Banco has claimed 25,000 Bitcoins (BTC)  — a staggering $209 million as of press time — on a tax filing, while also saying his firm is unable  to pay out customer funds as the result of a hack. The tax document was shared with Cointelegraph by an individual close to Brazil’s tax authority, the Department of Federal Revenue (RFB), who asked to remain anonymous for security reasons. According to the document, the exchange’s CEO, Claudio Oliveira,claimed his crypto holdings in a 2018 filing with the RFB. Although the document is genuine, it is not possible to know if the numbers reported are accurate or the most current, due to tax filings in Brazil being self-reported.    Read more