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Apr 23, 2018

ADVFN Weekly Cryptocurrency News

ADVFN Cryptocurrency News


Cryptocurrency Weekly News 23 April 2018

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It’s been a good week for the Bitcoin price with steady rises punctuated by sudden jumps. The week started with a bit of a fall on Tuesday, taking the price down to $7,839, but it recovered on Wednesday then started to climb. It breached the $9,000 barrier on Saturday before falling back, then again on Sunday, reaching a high of $9,025. At the time of writing the price is $8,920.

Here’s the chart for the last week:

 

Bitcoin chart

 

ADVFN’s Cryptocurrency page gives you prices for Bitcoin and altcoins

 

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Bitcoin Predictions

A former broker with JP Morgan says that the cryptocurrency market will get much bigger, and that cryptocurrencies are fuelling a financial revolution, and that distributed ledger technology is democratising peer-to-peer transactions in the same way that the internet did to news. Read what he says on ccn.com

 

ICOs

Funding for initial coin offerings have raised more money in 2018 so far than the whole of 2018. ICO funding for the first quarter stands at $6.3 million. Read the story on Coindesk

 

Exchange and Bank News

Kraken, the 11th-largest cryptocurrency exchange, has decided to pull its services out of Japan. The reason the company has given is the rising costs associated with operating as a crypto firm in the country. Read the story on Finance Magnate

 

San-Francisco-based exchange Coinbase has bought cryptocurrency start-up Earn.com. This follows its acquisition of Cipher Browser, a mobile Ethereum wallet, earlier in the week. Get the details on ccn.com

 

Cryptocurrency Crime

Cryptocurrency start-up Savedroid sent panic through their investors last week when it appeared the project’s founder had exit-scammed and taken all the money following the company’s ICO. The website was replaced by a single image from South Park, and the project’s founder and CEO posted pictures on Twitter of him in an airport and on a beach with a beer. But a few days later he revealed that the scam was in fact a publicity stunt to “bring awareness to the unregulated environment surrounding ICOs. Read the details in these two stories on ccn.com, here and here

 

The suspect in Iceland’s ‘Big Bitcoin Heist’ has broken out of jail and fled to another country. Sindri Thor Stefansson is one of a group of people accused of stealing 600 crypto mining computers worth millions of dollars. His escape was aided by the decision to house him in a low-security prison. He is thought to have fled to Sweden. Get the story from ccn.com

 

Two South Koreans have been found guilty of operating a bitcoin pyramid scheme that amassed the equivalent of around $24 million from investors. The man considered the mastermind of the scheme has been fined $15 million; the other individual, who served as the chairman of the company managing the investments, is currently on the run being hunted by Interpol. In his absence he was fined $8 million. Get the details on ccn.com

 

A blogger writes about how cryptocurrency miners hacked his blog and installed a crypto miner in its place, and details the steps he had to go through to stock the attack and get back control, in this article on Venture Beat

 

 

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Governments and Crypto

Lots of pronouncements from governments and regulations this week. First up, the New York Attorney General’s office said that cryptocurrency exchanges need to be more transparent. A letter was sent to 13 exchanges requested that companies provide information on a range of topics to do with the operation of their trading platforms. ccn.com has the details. But the CEO of Kraken, a crypto exchange based in San Fransciso, has refused to comply with this request

 

Crypto investors in China are having to find innovative ways to avoid the country’s crackdown on trading on domestic cryptocurrency exchanges. Read how they are doing it in Technology Review

 

Christine Legarde, the head of the International Monetary Fund, has come out in favour of cryptocurrencies. She wrote in a blog post that Bitcoin and other coins could enable fast and inexpensive transactions, while the underlying blockchain technology could make financial markets safer. Read what she said in the Independent

 

The people behind cryptocurrency Ripple are calling for more regulation. Ryan Zagone, Ripple’s head of regulatory regimes, says “We’re at that time now where we need more clarity and rules and we need more certainty,” and calls on UK legislators to act. Read the story in Finance Magnates

 

The Quebec government does not think Bitcoin is a tool for money laundering or a magnet for other types of criminal activities. The office of Quebec Chief Scientist Rémi Quirion published a Bitcoin fact-check earlier this week, which said that contrary to popular belief, the government has found no meaningful connection between Bitcoin and criminal activities, since they are not anonymous and can often be easily tracked by law enforcement agencies. Read the story on ccn.com

 

The Iran Central Bank doesn’t agree; citing money laundering concerns, it have banned the country’s bank from offering services to crypto companies or dealing in cryptocurrencies. Get the details from ccn.com

 

Malta has plans to boost its fortunes by becoming one of the world’s friendliest jurisdictions for cryptocurrency. As a result, who of the world’s largest cryptocurrency exchanges plan to make the tiny European country a central hub in their operations. Read the story on Bloomberg

 

Other News

Cambridge Analytica, the firm at the centre of the Facebook data controversy, planned to raise as much as $30 million through an ICO for a new cryptocurrency before their plans got derailed by the scandal.  Read the story on thenextweb.com

 

A common phrase used to describe the world of crypto is “It’s the Wild West” – meaning that there are no rules and everyone is a potential crook. But is that true? This article on ccn.com examines that belief

 

If you’re new to cryptocurrencies, here’s some information about how to avoid the Wild West elements: a list of common mistakes and how to avoid them, from Coin Central

 

Combining two ultra-modern technologies, you can now charge your electric car and pay for the power using IOTA, a data transfer system based on a new distributed ledger called Tangle. Read the story on ccn.com

 

The largest porn website in the world, Pornhub, now accepts cryptocurrency payments. It has chosen to take a relatively unknown currency, Verge, which offers privacy-focused attributes that might make it particularly appealing to its clientele. Read the story on Wired

 

And finally, cartoonist Scott Adams’ Dilbert covers the jargon around Bitcoin in this strip

 

 

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CME Bitcoin Futures

ADVFN (LSE:AFN) is now offering free CME Bitcoin Futures data to its four million registered users.

Anyone visiting the ADVFN site can obtain quotes, view charts and access real-time news for CME Bitcoin Futures here. Users can add these contracts to their portfolios and see bid, offer, highs, lows and current prices along with traded volumes. They can also view them on their monitor pages alongside their other investments.

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