Bitcoin 

Traditional Exchanges Pull Back From Reg A+ IPOs Due to Fraud Concerns

Traditional exchanges are holding off on Reg A+ initial public offerings (IPOs) following problematic offerings like that of purported cryptocurrency firm Longfin Corp., the Wall Street Journal (WSJ) reported on June 10. Earlier in June, the United States Securities and Exchange Commission’s (SEC) filed fraud charges against Longfin. The SEC claimed that Longfin fabricated 90% of its revenue and sold over 400,000 shares of Longfin that it did not have the funds to back in a scheme to secure its spot on the Nasdaq. The complaint also reportedly stated that…

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Bitcoin 

Margin Lenders on Poloniex Lost $13.5 Million Due to Flash Crash

Margin lenders on American cryptocurrency exchange Poloniex have lost around $13.5 million due to a flash crash. Poloniex announced about the incident in a blog post published on June 6. Poloniex revealed that on May 26 a severe price crash in the clams (CLAM) market led to margin loans losses amounting to roughly 1,800 bitcoin (BTC), or approximately $13.5 million at the time. The incident affected 0.4% of all users and resulted in the reduction of all active BTC loans by 16.202%. The exchange subsequently froze all of the defaulted…

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Bitcoin 

UK-Based Crypto Mining Firm Argo Upgrades Q2 2019 Forecast Due to Market Rally

London-based cryptocurrency mining firm Argo Blockchain has significantly upgraded its 2019 second quarter forecast in light of the crypto market upturn. The news was reported by Alliance finance and stock market news agency for London South East on June 3. Following news of Argo’s revised forecast, shares in the firm reportedly spiked 20% to 6.29 pence (around $0.08) during morning trading hours today. The firm has a market capitalization of £18 million (around $22.8 million), Alliance notes. By the end of Q2 2019, Argo revealed it expects to generate 420…

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Bitcoin 

Russia’s Largest Bank Halts Crypto Plans Due to Central Bank’s Negative Stance

Russia’s largest bank, the state-owned Sberbank, has suspended its crypto-related plans due to the central bank’s negative stance on the industry, local news agency TASS reports on May 30. Sberbank vice president Andrey Shemetov has reportedly revealed the news at a recent press conference, claiming that Sberbank had been awaiting crypto legislation that would allow it to trade cryptocurrencies. However, Shemetov stressed that the local financial regulator and the central bank, the Bank of Russia, is against the adoption of the crypto space at the moment. As such, the bank…

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Bitcoin 

Russia Delays Adoption of Crypto Regulation Due to FATF Order to Legislate Bitcoin

Russia has postponed the adoption of crypto legislation due to a requirement from the Financial Action Task Force on Money Laundering (FATF), local news agency TASS reports on May 21. According to the report, the FATF has recently ordered Russian lawmakers to expand the terminology of the federal bill on the regulation of crypto assets, requiring that the country legislate major industry terms such as cryptocurrencies and bitcoin (BTC). Russia’s major crypto bill, “On Digital Financial Assets” (DFA) was passed by the Russian parliament in May 2018, but was sent…

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Bitcoin 

Bitcoin’s Recent Surge Due its Maturation as an Asset

New data suggests that bitcoin’s (BTC) growth is explained by its maturation as an asset based on conversations surrounding the leading cryptocurrency, Bloomberg reported on May 15. Bloomberg cited a report from web intelligence platform Indexica, that developed an index based on natural language processing of textual documents in an effort to explain bitcoin’s recent surge. The research reportedly revealed three major drivers of the coin’s growth, including conversations surrounding bitcoin, fewer concerns about fraud and a shift in the sentiment of how people talk about bitcoin from the past…

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Blockchain 

Overstock’s Revenue Decreases 17% in Q1 2019 From Q1 2018 Due to Decline in Sales

Online retail giant and major crypto industry disruptor Overstock.com has seen a 17% decrease in revenue in Q1 2019 from Q1 2018, the firm’s CEO Patrick Byrne revealed in the latest quarterly report released on May 9. Overstock’s total net revenue reportedly decreased from $445 million in Q1 2018 to $367 million in Q1 2019, as the company saw a sufficient decline in sales and marketing expenses as part of their effort to bring back retail profitability. Following a major shift in retail strategy with a large increase in sales…

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Bitcoin 

Coinbase Shifting Focus Due to Growing Institutional Investor Interest in Crypto

America’s largest cryptocurrency exchange, Coinbase, is shifting its focus to serve the needs of a growing interest in crypto by institutional investors. This is the narrative coming from the company after some changes in the last 10 days. Firstly, news broke last week that Coinbase had filed to close its Political Action Committee (PAC) with the American Federal Election Commission (FEC). A quick look at the filing and balance sheet shows that Coinbase’s PAC did not receive any funding and made no payments in 2019. According to FEC regulations, a…

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Bitcoin 

Breaker Magazine to Cease Operation Due to Lack of Feasible Business Plan: Report

Breaker Magazine (Breakermag), an American online crypto publication, is reportedly shutting down, industry news outlet The Block reported on April 29. Launched in July 2018, the publication will reportedly cease operations due to the lack of a feasible business plan, the report notes, citing anonymous sources familiar with the matter. Created by journalist and business tech author Ben Schiller, Breakermag is an editorially independent site owned by blockchain firm SingularDTV, which rebranded to Breaker earlier this year. Breaker Magazine is known for its specific form of long-read stories on major…

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Blockchain 

Bitcoin SV Experiences Blockchain Reorganizations, Possibly Due to Unwieldy Block Size

The Bitcoin Satoshi Vision (BSV) blockchain is struggling with its large block size following a series of block re-organizations, cryptocurrency exchange BitMEX tweeted on April 19. In the post, BitMEX reveals that on April 18 its BSV node “experienced 2 block re-organizations. First a 3 block re-organisation, followed by a 6 block re-organisation.” BitMEX provided a diagram in the post: Bitcoin SV block reorganization. Source: BitMEX Blockchain re-organization is a situation when two miners discover a block simultaneously in a blockchain which causes a temporary forking in the network, with…

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