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Showing posts from January 8, 2021

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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Spanish Police Detain Four People Allegedly Involved in a $15M Crypto Ponzi Scheme

The Spanish police detained four people of different nationalities this week for allegedly running a $15 million crypto Ponzi scheme. According to the police, “many victims” filed a complaint against them. Victims Believed Their Bitcoins Went to a Legit Company According to Policia Nacional , the four accused are Argentine, Spanish, and Italian nationals aged between 23 and 36. They persuaded the victims to transfer their bitcoin ( BTC ) to them by promising high returns. The authorities say that around 380 BTC were scammed by the alleged fraudsters, which amount to approximately $15 million at the current BTC price. The victims began to suspect that the four were running a pyramid scheme when they did not deliver on their promises. The scammers did not have a website or a massive platform to attract people, relying mostly on verbal promotion. The fraudsters told their victims that their bitcoin was going to a company, which in fact did not exist. However, the police did not rev...
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New Bitcoin Quest Contest Gives People a Chance to Locate Crypto Seeds Hidden in Pictures

There’s an online-sleuthing contest starting on January 21st called “Bitcoin Quest,” where individuals can leverage their crypto-analytical skills to hunt for mnemonic bitcoin seed phrases hidden in artwork. Winners who drain the artwork’s crypto holdings will be able to win a Bitcoin Quest analyst certificate, 13 prizes worth $150 each, and three Satochip hardware wallets. The teams behind the crypto industry organizations Hotmine, Its Business Baby, School Bitcoin, Satochip, and the Ed Khan Crypto Gallery have started a contest called Bitcoin Quest. The interesting event allows people to find bitcoin seeds hidden in unique artwork. People looking to join the online treasure hunt can check out the rules and guidelines here . So far, there are two Telegram groups people can join the Bitcoin Quest hunt for mnemonic bitcoin seeds in both Russian and English languages. One of the organizers behind the Bitcoin Quest art contest told news.Bitcoin.com, the event will officially begin ...
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Bitcoin price volatility spikes as BTC whales sell each new high

Data suggest Bitcoin’s price drops at each new all-time high are the result of “mega whales” selling into liquidity. Bitcoin price has re-established the $40,000 level as support but as bull push toward a new all-time high the possibility of another sharp sell-off looms. According to analysts at Material Indicators, a crypto analytics company, mega-whales sold off steeply when Bitcoin hit $40,000 on Jan. 7. This led to a quick 10% drop to the $36,000 area over the next few hours. The dip was quickly bought up, eventually pushing the price above $41,000 in the next 12 hours. However, BTC saw another large drop after setting another all-time high at $42,000, and at the time of writing the top-ranked digital asset is trading at $40,800. According to Material Indicators: “So, it looks like mega-whales started selling after that dump at around 2am UTC, and continued selling on the spikes. My guess is they expected more downside. They did not really participate in the rally back up to 4...
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Bitcoin price quickly rebounds to reach $41,000 as market cap passes Tencent

Bitcoin even goes beyond Tesla's market cap for a short time as bulls suggest the upwards momentum is not done even at $40,000. Bitcoin ( BTC ) returned to $40,000 on Jan. 8 as another price consolidation period ended characteristically briefly. Cryptocurrency market overview. Source: Coin360 Data from Cointelegraph Markets , Coin360 and TradingView showed BTC/USD quickly rise to recapture the psycholigically significant price level during trading on Friday. After a 9% fall following runs to all-time highs the day before , Bitcoin managed to stay lower only for a matter of hours before bullish momentum returned. Thereafter, the largest cryptocurrency not only matched its all-time highs, but delivered a new one — $40,087. BTC/USD 1-minute candle chart (Bitstamp). Source: TradingView "Seems we only dump to shake out the weak hands these days," a popular social media trader summarized on the day. Big player market caps topple to BTC Bitcoin also beat the mark...
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Coinbase acquires trading execution platform Routefire

The exchange seeks to improve its Prime suite of brokerage tools for institutions. Major cryptocurrency exchange Coinbase has acquired the Routefire platform for enhanced trade execution. In a Jan. 7 blog post , Routefire CEO Jason Victor announced that the team would now be developing its execution services for Coinbase, while thanking users for their support over the last three years. Routefire started in late 2017, with a mission to enhance trading infrastructure in the crypto market. They developed products that allow traders to automatically search multiple sources of liquidity to find the most favorable rates on both price and fees. Following the move, the Routefire team will be developing the Coinbase Prime suite of tools and services. This is aimed at being the premier brokerage platform for financial institutions who wish to trade in the cryptocurrency space. Coinbase has suffered multiple outages over the past 12 months, often coinciding with volatile trading days for ...
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South Korean Government to Start Taxing Crypto Trading Profits in 2022

The South Korean government has issued an amendment to introduce tax on cryptocurrency trading profits. The plan is now a reality after several attempts to delay it by lawmakers. New Rules Impose 20% Tax on Crypto Profits Per Asia Today , the legislative notice details that the amendment will be enacted in February, and profits from buying and selling cryptos in South Korea will be taxed at 20% . However, the rule is applicable only to crypto holders with annual income of over 2.5 million won ($2,300). The Ministry of Economy and Finance said the enforcement decree is scheduled to be promulgated after meetings with the central government’s cabinet. The amendment is being applied to the country’s existing 2020 revised tax rules. Although it will be enacted in the next month, the legislative notice clarifies that the new rule will start applying in 2022, according to government documents . The amendment also covers new tax rules for stock transactions. In fact, transactions of lis...
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Kenyan crypto firms on notice as digital tax law takes effect

Crypto transactions in Kenya now attract a 1.5% tax. Kenya’s planned Digital Service Tax , or DST, came into effect at the start of 2021. The DST is part of the country’s 2020 revamped Finance Act that focused on the digital services market among other sectors. Based on the provisions of the new tax regime, e-market transactions including cryptocurrency payments now attract a 1.5% levy. Reginald Alango, a Kenya country representative at non-custodial peer-to-peer crypto exchange Bitzlato, told Cointelegraph that the new tax policy prescribes a 1.5% tax on the gross transaction value of every crypto sale. Commenting on the potential impact of the policy on crypto adoption in the country, Alango stated: “With regards to it having negative impact on crypto adoption in Kenya, I do not believe so as there are so many factors that are driving the rapid growth of crypto in East Africa and the youth are on the forefront pushing this. However, it’s still early to make a prediction but thi...
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Token-based electricity top-up app expands in Africa but faces headwinds

Crypto payments network Electroneum is expanding its utility bill and mobile phone airtime top-up coverage to more countries in Africa. Electroneum has  announced the expansion of its service coverage to four additional West African countries — Benin, Togo, Côte d'Ivoire, and Sierra Leone. The move brought the company’s African service coverage to nine nations with Nigeria, Senegal, Mali, Gambia, and Guinea-Bissau already in the mix. With over four million registered users, Electroneum’s African push has focused on utilizing its ETN token for utility bill payments and mobile airtime subscriptions via the company’s mobile app. Nigel Pooley, head of business development at Electroneum told Cointelegraph: “We are very pleased with the hundreds of electricity top-ups that have been completed in Nigeria, where we have hundreds of Electroneum users.” According to Pooley, the electricity top-ups feature is creating ETN utility across the company’s suite of products and services, ...
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Bitcoin buying algos 'seldom care about price' in 2021, says analyst

A blow-off top may yet appear but market composition has changed and 20% dips are being bought with "aggression," says filbfilb. Bitcoin ( BTC ) is not far from a blow-off top price implosion but investors are "aggressively" buying the dip. Speaking to Cointelegraph on Jan. 8, popular analyst filbfilb revealed that Bitcoin was due a corrective phase given the pace of recent gains. filbfilb: I don't think we're far from blow-off top On Thursday, BTC/USD exceeded $40,000 before a spectacular reversal saw a $2,200 drawdown in under give minutes. Thereafter, fresh attempts to flip $40,000 to support were met with rejection, and press-time levels circled $38,400. BTC/USD 1-day candle chart (Bitstamp). Source: TradingView With market participants keen to know what will come next, filbfilb told Cointelegraph that a new style of buying was fuelling repeated all-time highs. As with any market, however, vertical gains could not last forever. "Bitcoin ...
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Judge reverses own ‘mistaken’ dismissal of Overstock lawsuit

A United States federal judge has reversed his decision to dismiss a lawsuit alleging that Overstock manipulated its share market by distributing a security token in 2019. A Utah federal judge has reversed his own dismissal of a class-action lawsuit against online retailer Overstock that alleges it manipulated the market by issuing a security token “Digital Dividend” to shareholders last year. On Jan. 6, Judge Kimball reversed his previous decision to dismiss the lawsuit, granting the plaintiffs’ request from October to file an amended consolidated complaint. The class-action was filed by lead plaintiff Mangrove Partners Master Fund in September 2019, alleging that Overstock lied about the purpose of its OSTKO security token — which the plaintiffs claim was designed to “punish” short-sellers The suit also alleged that Overstock misled investors as to the finances of its retail division and did not disclose that it had failed to secure director and officer liability insurance. Th...
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