U.K’s Financial Conduct Authority ‘involved’ in email scam involving Bitcoin

“With great power comes great responsibility” The cryptocurrency market needs to abide by that as well. And, Facebook learnt this the hard way after it was found that fake Facebook accounts, pages, and groups were claiming to sell the yet-to-be released cryptocurrency, Libra, at a discounted rate. However, Facebook wasn’t the only party “involved” in […]
The post U.K’s Financial Conduct Authority ‘involved’ in email scam involving Bitcoin appeared first on AMBCrypto.
Source: AMB Crypto

DAPI meant to resolve barriers to crypto-adoption, claims Dash Core Group’s Ryan Taylor

Ryan Taylor, CEO of Dash Core Group, was in the news last week after he claimed that the implementation of Chainlock protocol would make the network immune to 51% attacks and a chain re-org. Dash is in the news yet again, for their soon to be released Decentralized API [DAPI]. With support from the yet-to-be […]
The post DAPI meant to resolve barriers to crypto-adoption, claims Dash Core Group’s Ryan Taylor appeared first on AMBCrypto.
Source: AMB Crypto

France’s Autorité des marchés financiers gives green signal for ICOs

Recently, Malta and Belarus accepted and legalized ICOs. It now seems that France will be joining the bandwagon too. According to reports, the French government is exploring the realms of ICO and other related services in the country. France’s Autorité des marchés financiers is now prepared to license crypto-firms to raise initial coin offerings. However, […]
The post France’s Autorité des marchés financiers gives green signal for ICOs appeared first on AMBCrypto.
Source: AMB Crypto

Chainlock makes Dash immune to 51% attacks, claims Ryan Taylor

Dash was recently in the news for the implementation of Chainlock, a protocol which helps the Dash network become immune to 51% attacks or a chain re-org. Ryan Taylor, Dash CEO, was recently featured in an interview where he spoke extensively on Chainlock, New InstantSend and more. Taylor first spoke of how Dash is different […]
The post Chainlock makes Dash immune to 51% attacks, claims Ryan Taylor appeared first on AMBCrypto.
Source: AMB Crypto

Chinese crypto-miners seek to set up shop in Iran as crackdown ensues

China is among the most preferred locations for cryptocurrency miners, owing to cheap electricity, low population, and cold climate provided by cities such as Sichuan. However, mining activity is now slowly falling due to the lack of enthusiasm for the same on the part of Chinese policymakers. Iran has today emerged as a direct competitor […]
The post Chinese crypto-miners seek to set up shop in Iran as crackdown ensues appeared first on AMBCrypto.
Source: AMB Crypto

Facebook’s pre-launch Libra announcement highlights intent to work with policymakers, says Hunter Horsley

News of Facebook launching its own cryptocurrency, Libra, caused quite a few ripples across the industry. Reactions were diverse, with some welcoming it, while others trashed it. And, these reactions weren’t limited to analysts alone as several industry bigwigs came out to put forth their views. Binance’s CZ had previously commented in favor of the […]
The post Facebook’s pre-launch Libra announcement highlights intent to work with policymakers, says Hunter Horsley appeared first on AMBCrypto.
Source: AMB Crypto

IRS devising more sophisticated ways to keep track of people evading tax on cryptocurrency earnings

The United States’ Internal Revenue Service is in the news again after a new method of its to keep a tab on those who evade tax on their cryptocurrency earnings came to the fore. According to a 181 slide presentation, James Daniels, IRS-CI’s cyber-crime program manager, laid out a plan of extracting information from taxpayers, […]
The post IRS devising more sophisticated ways to keep track of people evading tax on cryptocurrency earnings appeared first on AMBCrypto.
Source: AMB Crypto

Facebook’s belated entry into the cryptospace has a clearly-defined ‘why’ to it

Libra, Facebook’s yet-to-be launched cryptocurrency, is still receiving a lot of reviews for and against its favor, with many in the industry split over its operations and utility. Meltem Demirors was one of them, and she has a very different take on why Facebook launched a cryptocurrency now, when the industry is already a decade […]
The post Facebook’s belated entry into the cryptospace has a clearly-defined ‘why’ to it appeared first on AMBCrypto.
Source: AMB Crypto

Japan holds crypto exchange FISCO on the grounds of anti-social activities

The Financial Service Agency (FSA) took FISCO cryptocurrency exchange to task earlier today for business violation. This development comes as an aftermath of FISCO’s raid that was carried out in February. The raid directed FISCO’s involvement in violating the government’s rules and regulations and for non compliance to the nation’s legal policies. With FISCO, Huobi another […]
The post Japan holds crypto exchange FISCO on the grounds of anti-social activities appeared first on AMBCrypto.
Source: AMB Crypto

Facebook’s Libra raises money laundering concerns associated with crypto again

Facebook has been garnering a lot of news lately, with the introduction of Project Libra, which is speculated to become an e-commerce tool for the social media giant’s millions of users. However, it is speculated that like Bitcoin, Facebook’s coin could also be used for anti-social activities like money laundering, terror financing etc., with lawmakers […]
The post Facebook’s Libra raises money laundering concerns associated with crypto again appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin the top investment for Grayscale in the first quarter

Grayscale, a digital currency investing firm, came out with their quarter report covering different topics such as digital asset investment, performance and risk monitor and others. The company had raised $42.7 million over the last three months and trailing 12 months’ inflows amount to $266 million.
Cumulative inflow by product of Grayscale for the 1st quarter
Source: Grayscale
From, the above graph it could be inferred that there was a drastic increase in the inflow for Grayscale from bitcoin, compared to other digital currencies like Ethereum Classic, Ethereum, Zen, Litecoin, Stellar Lumens and others. Between, 25th March and 1st April, an equal inflow of product for the company was noticed. One can also notice a bigger change from 18th Feb to 25th Feb 2019 and only goes on to increase from there.
The inflow in terms of USD was the highest from 25 March to 1st April 2019, registering a few thousand short of at $45,000,000. The other coins gave a negligible inflow for the company.
Weekly inflow for the Grayscale by product in the 1st quarter
Source: Grayscale
The weekly inflow for the company can clearly be seen in the aforementioned graph. It is easy to infer that bitcoin is the only digital asset that has again widely contributed to Grayscale. The average total weekly stood at $3,000,000. The highest weekly inflow was on 25th Feb 2019 [$11, 000,000] and the lowest was sighted on 7th Jan 2019.
The other digital coins – were again seen providing a negligible contribution to the weekly inflow for the company.
Weekly inflow for Grayscale by investment product as per 12 months
Source: Grayscale
The weekly investment for Grayscale as per the 12-month period can be inferred from the above graph. Bitcoin is still seen as a large contributor to their investment gains. On 26 May 2018, Grayscale received large gains from Zcash and on 23rd June it gained another high through a combination of digital currencies – Zcash, Ethereum Classic, Ethereum, Bitcoin cash, and XRP. The average gain stood at $5,000,000, the highest gain was recorded on 14 July 2018 and the lowest on 5 Jan 2019.
Grayscale was not the only firm that received such positive results for their investment. Coinbase Custody too experienced the same, after their recent visit to the UK, they had revealed that their platform has an asset under custody of $1.3 billion which could soon touch $2 billion.
The post Bitcoin the top investment for Grayscale in the first quarter appeared first on AMBCrypto.
Source: AMB Crypto

BabelFinance predicts $1 billion in crypto-backed loans by the end of the next bull run

BabelFinance, a bank offering service to crypto-investors, crypto-miners and institutions related to crypto, is in the news after it announced that it had issued crypto-backed loans worth $110 million, out of which $88 million were outstanding loans.
The bank provides loans via stablecoins collateralized by deposits of Bitcoin. However, the bank plans to include Ethereum, Litecoin, BCH, and a few others as well soon.
According to Flex Yang, Founder and CEO of BabelFinance,
“Over the past few months, we’ve seen a dramatic increase in speculative borrowing from consumers and institutions. It is clear that in China and elsewhere globally, anticipation is building for higher crypto prices.”
The bank is looking forward to continue offering crypto-backed loans, as well as new interest earning crypto-deposits. BabelFinance is further launching BabelLabs, a new venture that will look at supporting decentralized finance research and work as a platform between traditional finance and blockchain technology.
Yang added,
“We see a better crypto finance world. It is our corporate responsibility to support innovation with better financial tools and solutions. Crypto is back on the rise, but it is a different landscape than previous bull runs. We need to have tools in place to support mainstream adoption, and institutions need liquid funds to continue the acceleration of their project development. Our re-brand is more than a name change; it’s a reflection of our company’s effort to provide more services, globally to support crypto adoption.”
Yang also claimed that the bank hopes to issue $1 billion in crypto-backed loans by the end of the next crypto bull run.
BabelFinance is not the only bank that has a huge sum of outstanding crypto-backed loans. Bixin Capital and FBG Capital are one of the few banks that also offer crypto-backed loans. The two have outstanding loans worth $10 million and $15 million, respectively.
The post BabelFinance predicts $1 billion in crypto-backed loans by the end of the next bull run appeared first on AMBCrypto.
Source: AMB Crypto

India: Report on draconian draft bill for cryptocurrencies met with skepticism by crypto-community

Cryptocurrency users in India may be in for a rude shock again. Following rumours of a cryptocurrency ban circulating a few weeks ago, India may be contemplating a jail sentence of between one to ten years, for all investors in cryptocurrency, who are either holding, transacting or mining it. The development is said to be part of the draft ‘Banning of Cryptocurrency and Regulations of Official Digital Currency Bill, 2019,’ reported Bloomberg Quint.
Further, any offense associated with such acts will be cognizable and non-bailable . However, such a penalty will be imposed depending on the gravity and extent of the offense and the offender’s actual or intended gain.
The draft bill also introduces a time period of 90 days following the act’s commencement, for the disposal of all cryptocurrencies by crypto-holders. According to Bloomberg Quint, the act also envisions the appointment of a regulator.
One of the most striking features of this draft bill is the prospective introduction of a new government-backed digital Rupee, in consultation with the country’s central bank, the Reserve Bank of India.
Reactions online have ranged from the furious to the skeptical, after the report first broke out. While many have denounced the government and the possible introduction and implementation of such an Act, some have questioned the veracity of the Bloomberg report.
@DesiCryptoHodlr, one of India’s foremost crypto-proponents, had this to say about the report,
“Seems like yet another desperate attempt by Bloomberg to get some more views. Let’s not believe in anonymous news like this and wait for official notice from the authorities.”
There is good reason to share her skepticism since just a few days ago, the RBI’s response to a Right to Information request revealed that it had no knowledge and no involvement in any truck to pursue the ban on cryptocurrencies in the country.
The post India: Report on draconian draft bill for cryptocurrencies met with skepticism by crypto-community appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC]: Victims of crypto-crimes seek $11 billion in compensation

Cryptocurrency-related crimes have risen exponentially over the past few years. Recently, the cases of close to 30 victims of cryptocurrency-related crimes were backed up by a law firm, with the victims demanding a compensation of $11.2 billion.
The news was first reported by Micky, and the victims were from countries, including the United Kingdom, Italy, Slovakia, Australia, US and more. Dr. Jonathan Levy, the solicitor at the firm Berlad Graham LLP, revealed that the crime involved people from various countries and the jurisdiction of the case fell under EU law.
The original report also claimed that a majority of the highlighted cryptocurrency nodes were controlled by EU nations.
According to Levy, social media is one of the key reasons behind the increase in the number of such crimes. Dr. Levy also noted that criminals “could not function without fintech and blockchain companies, exchanges, banks, and especially social media, which accelerated and facilitated this illicit transfer of wealth”.
Levy claimed that social media was a “silent partner” to such crimes, and added that social media giants were enriched by “setting up the victims and selling their data to crypto criminals”.
According to Michael McKibben, a social media expert with the firm, it was easy for social media platforms to keep a tab on crypto-related crimes. However, they often chose to ignore it.
With the alarming crime rate, there were rumors that the government might classify and regulate cryptocurrencies or even ban it. However, Dr. Levy said that it was unlikely that the government would ban them. However, the government would now look at addressing regulations and accountability in a larger way, he said.
He added,
“Obviously Russia and China have taken one route. On the other hand, the US, without answering the big questions seems to be going after criminals selectively. The EU, however, has really done nothing but is the one jurisdiction with supranational money laundering and data rules. I think the EU will set the tone because everyone will need to conform since almost all crypto business touches Europe.”
The post Bitcoin [BTC]: Victims of crypto-crimes seek $11 billion in compensation appeared first on AMBCrypto.
Source: AMB Crypto

Ethereum [ETH] v Tron [TRX] Price Analysis: ETH and TRX follow the bear

Tron’s Founder and CEO, Justin Sun, recently won a $4.57 million bid to have lunch with Warren Buffet, the CEO of Berkshire Hathaway. However, this development failed to bolster the coin’s performance on the cryptocurrency charts. Meanwhile, Ethereum had experienced some volatility in the past few weeks and was performing well since a week, at press time.
1-Day ETH chart
Source: TradingView
The 24-hour trading volume of the coin was $9 billion, with a market cap of $26 billion, at press time.
An uptrend was seen from $83.07 to $103.44 and another from $106.28 to $151.50. A downtrend was seen from $203.88 to $156.76. The resistance was found at $272.19, while the support was at $82.08.
Bollinger Bands depicted squeezing volatility in the market.
Awesome Oscillator suggested falling market momentum.
Relative Strength Index suggested that the buying and selling pressures in the market were in equilibrium, at press time. However, the selling pressure was slowly increasing.
1-Day TRX chart
Source: TradingView
The 24-hour trading volume was seen to be over $1 billion, with a market cap of $2.2 billion, at press time.
An uptrend was seen from $0.0129 to $0.023. The resistance was at $0.0384, with the support at $0.0118.
Awesome Oscillator indicated steady momentum in the market
Bollinger Bands pointed towards expanding volatility in the market.
Relative Strength Index suggested that buying and selling pressures in the market were in equilibrium.
Conclusion
ETH and TRX were bearish, following the signs of the larger crypto-market.
The post Ethereum [ETH] v Tron [TRX] Price Analysis: ETH and TRX follow the bear appeared first on AMBCrypto.
Source: AMB Crypto