By CCN: Japanese e-commerce giant Rakuten has thrown open the account registration process for its cryptocurrency trading service, Rakuten Wallet. The company plans to launch the exchange in June, and prospective users who wish to use the platform will now be able to sign-up for the same. Popularly known as the Amazon of Japan and famous for providing cash backs, Rakuten revealed its plans for...
Major cryptocurrency exchange Huobi has recently dismissed 60% of its workforce in Brazil, a country it entered a few months ago. While the motive behind the move is currently unclear, competition in the country could be the culprit. According to local news outlet Portal do Bitcoin, Huobi Brazil’s CEO Frank Tao confirmed over the phone that 6 of the exchange’s 10 employees in the country have...
This is a sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. In the past few years, the cryptocurrency market has seen a sharp increase in adoption from countries in Asia, Africa, and East Europe. For the majority of cryptocurrency’s existence since 2009, investment from these countries had...
Bitmain, the biggest crypto conglomerate in the global market, is expected to conduct one of the largest initial public offerings (IPOs) in history, alongside Visa and Facebook. $18 Billion IPO Throughout July, Bitmain, the Chinese crypto and blockchain corporation, touted its plans to initiate an IPO valued at $15 billion. It invested in multi-billion dollar cryptocurrency exchange Circle and...
The cryptocurrency sector has produced many multi-billion dollar companies over the past nine years. Most notably, Coinbase, Binance, Bitmain, Bitfinex, UPbit, Bithumb, and Canaan have evolved into billion dollar juggernauts, competing against major conglomerates in regions like the US, South Korea, and Japan. San Francisco-based Coinbase now has over 20 million users, nearly as many as asset...
UK foreign exchange trading platform operator LMAX has announced that it will launch a cryptocurrency exchange tailored for banks, hedge funds, and other institutional investors. The London-based company made the announcement on Monday, explaining that the new platform — dubbed LMAX Digital — is the “first physical crypto currency exchange dedicated to serving only institutional...
Major cryptocurrency exchange Bitfinex has recently notified some of its users that they are required to submit their tax information so the company can then send it over to the British Virgin Island’s (BVI) government, which “may” exchange the info with the tax authorities of its users’ country of residence. The exchange’s message reads: “The government of the BVI may then exchange information...
San Francisco-based cryptocurrency exchange Kraken will “probably” register with the US Securities and Exchange Commission (SEC) as a broker-dealer and an alternative trading system (ATS), the company’s chief executive said on Tuesday. “We would probably get registered as a broker-dealer and then an ATS,’’ Kraken co-founder and CEO Jesse Powell told Bloomberg in an interview in New York, where he...
The zcash price spiked to $345 on Monday after cryptocurrency exchange Gemini announced that it will list the privacy-centric cryptocurrency for trading next week. Zcash Price Spikes to $345 Zcash had entered the day trading just above $250, and it traded close to this mark until shortly after 8:00 UTC. At this point, the zcash price experienced a sudden spike to $345. The coin was not able to...
Gemini has become the “world’s first licensed Zcash exchange,” the company announced on Monday. The New York City-based cryptocurrency exchange — which was founded by Cameron and Tyler Winklevoss — today revealed that it will open zcash trading markets (ZEC/USD, ZEC/BTC, and ZEC/ETH), which it says makes it the “first licensed Zcash in the world.” Zcash will be just the third...
The chief executive of one the world’s largest cryptocurrency exchanges has called it quits. Chris Lee, the head of OKEx, has resigned from the Hong Kong-based exchange just as it was executing major international expansion plans and was on track to become the most widely-used cryptocurrency trading platform. OKEx did not immediately respond to a request for comment, but the company told...
Earlier this week, Bloomberg columnists and editors Benjamin Robertson, Matthew Leising, and Andrea Tan spoke with various experts from decentralized exchange projects, research firms, and cryptocurrency exchanges to explore the motivation behind the focus of blockchain projects on decentralized exchanges. The Necessity of Decentralized Exchanges Any platform or application online is hackable...
Daisuke Murayama, a former Barclays trader, told Bloomberg that he took a pay cut to move from the European banking giant to Japanese cryptocurrency exchange BitFlyer. “I just didn’t see a future in traditional finance,” said Murayama, emphasizing that most of the services and products provided by traditional financial institutions are outdated and likely to be rendered unnecessary in the short...
The cryptocurrency market has declined by more than $50 billion over the past 24 hours, as the bitcoin price declined by more than 8 percent and other major cryptocurrencies along with tokens experienced an intensified movement on the downside. Bitcoin Price at $8,500 Over the past 24 hours, the bitcoin price has dropped by more than 8 percent mainly due to two major factors: police raid into the...
UPbit, South Korea’s biggest cryptocurrency exchange, was investigated by local police and 10 investigators after its headquarters in Seoul were raided. Chosun, the country’s biggest mainstream media outlet, reported that the South Korean authorities are suspecting UPbit of illicitly moving customer funds to the account of its executives. Investigation Ongoing On May 10, the Seoul local police...
Cryptocurrency-friendly stock trading app Robinhood is now valued at $5.6 billion following a mammoth funding round. The fintech startup announced on Thursday that it had raised $363 million in a Series D funding round led by DST Global. “At Robinhood, we’re guided by the belief that America’s financial system should work for everyone – not only the wealthy,” the company said in a statement. “Our...
According to a patent filing made public by the United States Patent and Trademark Office on May 8, 2017, Cameron and Tyler Winklevoss have won a patent for settling exchange-traded products (ETPs) with digital currencies, including bitcoin, ripple, dogecoin and ethereum. ETPs are derivative-based investments that are traded on a securities exchange. An ETP is generally valued on the basis of a...
According to a report by the New York Times, the world’s biggest stock exchange New York Stock Exchange (NYSE) is planning to operate a proper cryptocurrency trading platform. Beating Goldman Sachs and Nasdaq to the Punch On May 3, CCN reported that Goldman Sachs is entering the bitcoin market by launching a futures market targeted at investors in the traditional finance sector and stock market...
Brazilian cryptocurrency exchange Foxbit has recently revealed that, via the BlinkTrade trading platform, it updated its login process, making it safer for users. The update may be too late, however, as recent reports suggest the company’s poor security allowed hackers to phish users out of an estimated 58 BTC (about $540,000). The 58 BTC estimate comes from cybersecurity expert Leandro Trindade...
Cryptocurrency exchange Bitstamp will reportedly be acquired by a South Korean gaming company. Citing three sources familiar with the matter, Business Insider reports that Bitstamp — the world’s oldest surviving Bitcoin exchange — is close to finalizing a sale to Nexon, a South Korean gaming company that is now headquartered in Japan. Bitstamp, which was founded in 2011 and is...
The bitcoin price has surged to $8,450 after recording a 5 percent increase within the past 24 hours. The cryptocurrency market is eyeing a move towards the $350 billion region and it has already crossed $334 billion. Is the Bull Market Back? It is too early to confirm whether the bitcoin price can continue its bull run throughout April and potentially to the $10,000. Bitcoin is still down 50...
The bitcoin price has been relatively stable over the past 48 hours, in the $6,800 region. After a minor drop from $7,100 to $6,700, the bitcoin price has been able to sustain its resistance level, rebounding from its decline. Bitcoin to $7,000 At this juncture, a potential move to the $7,000 region for bitcoin is likely, given that the dominant cryptocurrency has avoided a further drop from the...
Canadian cryptocurrency exchange Coinsquare has unveiled its first television commercial as it seeks to build out its customer base before going public later this year. The exchange — often described as “Canada’s Coinbase” — on Monday released an advertisement that will begin running on television later this week. The ad, which describes Coinsquare as “Canada’s most secure...
Initial coin offering (ICO) founders aren’t the only ones getting rich from token sales. According to research from Autonomous Next LLP, cryptocurrency exchanges are raking in millions of dollars from ICO operators seeking to secure a spot for their tokens on high-volume trading platforms. “It sounds like the market price to list a crypto token on an exchange is $1 million for a reasonably...
Binance and Bitfinex, two of the largest cryptocurrency exchanges in the global digital currency market, may completely move out of Asia this year, due to impractical policies. Binance and Malta Last week, Binance, easily the biggest digital currency trading platform with a $1.4 billion daily trading volume, moved out of Asia and relocated to Malta, a country within the European Union. In its...
Bitcoin has fallen below the $7,600 mark for the first time since March 19. Earlier today, the price of bitcoin dropped to $7,530, after peaking at $8,150 less than 20 hours ago. Futures Market Throughout the past 4 hours, sell volumes intensified across all major cryptocurrency exchanges, and the market was likely affected by the spike in volumes in the US bitcoin futures market operated by the...
Former biotech company Riot Blockchain has announced that it may launch a cryptocurrency exchange and futures brokerage platform. In a public filing dated March 27, the former biotech firm said that it “intends to investigate launching a digital currency exchange and a futures brokerage operation” in the US. Toward this end, Riot Blockchain acquired Logical Brokerage Corp., a Miami-based futures...
After recording a $20 billion increase in valuation, the cryptocurrency market has dropped in value, as major cryptocurrencies including bitcoin and Ethereum fell by more than 4 percent. No Big Factors Two days ago, many analysts within the cryptocurrency sector stated that a $20 billion overnight drop in the valuation of the cryptocurrency market was caused by FUD (fear, uncertainty, doubt)...
Yahoo Japan is preparing to launch a cryptocurrency exchange, regional media sources say. Nikkei Asian Review reported on Friday that the tech firm — originally a joint venture between Altaba (formerly Yahoo!) and Softbank — will begin an acquisition of BitARG Exchange Tokyo in April and will spend the next year using BitARG’s technology to build a full-fledged exchange that will...
Bitcoin has fallen below the $8,500 mark, merely 24 hours after surpassing $9,000. The entire cryptocurrency market has dropped $25 billion, and analysts suspect that the abrupt market decline was fueled by FUD (fear, uncertainty, doubt) surrounding Binance. Market Slumps Earlier this week, Japanese mainstream media outlet Nikkei reported that Binance was warned by the Japanese Financial Services...
Over the past 48 hours, after demonstrating a highly volatile week, the cryptocurrency market has remained stable in the $350 billion region, as major cryptocurrencies such as bitcoin have not recorded major gains or losses. Stability Throughout February and March, every cryptocurrency in the global market has experienced extreme upswings and price drops, going up and down 20 to 30 percent within...
As recently covered by CCN, Brazil’s largest cryptocurrency exchange Foxbit recently went down and lost a total of 30 bitcoins because of a bug that allowed users to withdraw their bitcoin balances twice. At the time, Foxbit claimed it would be back online by March 14, but now warned the platform will be offline until March 26. Through a YouTube livestream, the cryptocurrency exchange’s COO Guto...
Bittrex, one of the largest cryptocurrency exchanges which also powers UpBit, South Korea’s second biggest exchange operated by Kakao subsidiary Dunamoo, has stated that it will remove 82 tokens from its trading platform. Token Removal “Occasionally, there are circumstances that lead Bittrex to remove a coin’s wallet or market from the Bittrex Exchange,” said the Bittrex team. “We will be...
The price of bitcoin dropped by over 9 percent in the last 24 hours, as it declined from around $9,100 to $8,030. The valuation of the cryptocurrency market, which hovered in the $400 billion region last week, decreased to $336 billion. All Cryptocurrencies Decline Today’s correction isn’t exclusive to bitcoin. All major cryptocurrencies including Ethereum, Bitcoin Cash, Ripple, Cardano...
On March 14, $81 billion investment firm Allianz stated in a report released by the firm’s global economics and strategy head Stefan Hofrichter that the cryptocurrency market, regardless of its liquidity, is a bubble. Intrinsic Value Again Hofrichter stated that cryptocurrencies like bitcoin lack intrinsic value, and that the base value of cryptocurrencies is zero. “In our view, its intrinsic...
Bithumb, South Korea’s largest cryptocurrency exchange, has partnered with major cryptocurrency payment processor BitPay to facilitate international remittance payments. US and South Korea Sonny Singh of Bitpay, the chief commercial officer at BitPay, stated that the company is on track to process $4 billion worth of transactions in 2018, and the team is focused on allowing cryptocurrencies like...
Cameron and Tyler Winklevoss, the founders of cryptocurrency exchange Gemini have unveiled a proposal that seeks to see US cryptocurrency trading platforms establish a self-regulatory organization (SRO). The brothers announced their proposal for the “Virtual Commodity Association” (VCA) in a blog post, arguing that such an organization is necessary to help the market continue to grow and mature...
Foxbit, Brazil’s largest cryptocurrency exchange, has been down for over 72 hours, reportedly because of a bug that allowed its users to withdraw their bitcoin balances twice. The problem saw the company lose a total of 30 Bitcoins, at press time worth roughly $270,000. Through a livestream on YouTube, the company’s CEO João Canhada and COO Luís Augusto Schiavon, revealed the bug saw its users...
Cryptocurrency exchange giant Binance announced Tuesday that it will launch its own “tailored blockchain” in an apparent first step toward building a decentralized exchange (DEX). The Hong Kong-based company — which regularly ranks as a top-three cryptocurrency exchange as measured by daily trading volume — made the announcement in a blog post, explaining that Binance Chain will...
Over the past 24 hours, the cryptocurrency market has sustained strong momentum, moving closer to the $400 billion region. Led by bitcoin, many major cryptocurrencies have recorded large gains since March 11. Bitcoin Up 14% Bitcoin, the most dominant cryptocurrency in the market, has recorded a gain of over 14 percent since yesterday, rising from $8,400 to $9,800. On both cryptocurrency-only...
The cryptocurrency market rebounded after dropping below $344 billion, losing over $100 billion within the past week. Although major cryptocurrencies like Ethereum have recorded gains over the past 24 hours, most cryptocurrencies have started to fall again. Bitcoin’s Volatility On March 10, bitcoin, Ethereum, and other major cryptocurrencies recorded over 10 percent in daily gains, triggering...
Asia Business, an influential finance-focused media outlet in South Korea, has reported that Kakao, one of the two largest internet companies that operate KakaoTalk, KakaoPay, KakaoStory, KakaoTaxi, and a subsidiary company which runs major cryptocurrency exchange UpBit, will integrate cryptocurrency within 2018. Importance of Kakao An exclusive coverage released by Asia Business revealed that...
US-based cryptocurrency exchange Bittrex says that it is compliant with federal regulations governing securities trading. The exchange, which is headquartered in Seattle, issued a statement on Wednesday assuring its customers that its token review process is compliant with rules that prohibit companies from creating trading markets for unregistered securities. Bittrex said: “As a U.S.-based...
Yeogi Eottae, a major South Korean hotel booking platform which translates to “How is This Place?,” has partnered with the country’s largest cryptocurrency exchange to integrate cryptocurrency. Major Partnership As Bithumb has done with other retailers like WeMakePrice, a leading e-commerce platform in South Korea well known for its timely deals and discounts, the Bithumb team will likely enable...
Yesterday, on March 8, the price of bitcoin has dropped below $9,500 briefly, triggered by Binance hack rumors, the Japanese government’s issuance of penalty on local exchanges, and the sell-off of a massive amount of bitcoin by the Mt. Gox trustee. Binance Hack Rumors Refuted From over $10,600, the price of bitcoin dropped by more than $1,100 within a span of several hours, reaching $9,400...
MBN, a mainstream media outlet in South Korea, has reported that the South Korean government officially prohibited government officials from holding or trading cryptocurrency. According to the report of MBN, even government officials who are not related to the South Korean Ministry of Strategy and Finance and Financial Services Commission are banned from holding or trading cryptocurrencies like...
Yesterday, on March 6, the global cryptocurrency market moved closer to the $500 billion mark, as it peaked at $475 billion. Today, the market dropped by nearly $30 billion in value, as major cryptocurrencies recorded losses. On March 5, CCN reported that the price of Ripple gained momentum due to unverified rumors which claimed Coinbase, the world’s largest cryptocurrency brokerage and wallet...
China is once again stepping up its enforcement of policies prohibiting cryptocurrency trading, amid reports that domestic traders have managed to circumvent these restrictions by accessing offshore exchanges. That’s according to a report in Shanghai-based publication Yicai, which said that the department in charge of supervising the country’s public communications networks had begun closely...
Major cryptocurrencies have struggled to sustain their upward momentum secured earlier this week, on February 23. Bitcoin has fallen below the $10,000 mark again, while Ethereum’s native cryptocurrency Ether has struggled to spike above $900. Bitcoin Earlier this year, the dominance index of bitcoin reached an all-time low at around 32 percent. Throughout the recovery period in February, the...
Bitcoin skeptics such as JPMorgan CEO Jamie Dimon have often claimed that Bitcoin is “worth nothing.” For approximately 18 minutes at one cryptocurrency exchange in Japan, these skeptics were right. On Tuesday, Zaif — a cryptocurrency exchange operated by Osaka-based Tech Bureau Corp. — revealed in a statement that a technical error had allowed several traders to purchase Bitcoin for...