Bitfinex and Tether Ask Court to Loosen NYAG’s Restrictions

Tether has asked a judge for more leeway to use its cash amid the New York Attorney General’s investigation of the stablecoin issuer and affiliated crypto exchange Bitfinex. According to new court documents filed Monday, the attorneys for each side failed to come to a consensus on what, precisely, Tether should be allowed to do with its holdings. The NYAG’s office wants to prevent “any affiliated entity” from touching funds in Tether’s reserve and a 90-day injunction. On the other hand, attorneys for Tether and iFinex, the parent firm of Bitfinex,…

Cryptocurrency Mainstream Adoption | Is Ebay the Answer?

Are we on the verge of mainstream adoption for digital currencies? The list of companies accepting payment in Bitcoin is steadily growing and now one of the biggest e-commerce sites is hinting at joining that list. Global e-retailing giant, Ebay, has stirred rumors via its latest promotional adverts. Let’s check this out. Mainstream Adoption – Ebay to Support Digital Assets? At the Consensus conference in New York, Ebay’s banners suggested the company is about to enter the cryptocurrency space. In a photo leaked on Telegram channel @PatronsOfTheMoon, the two banners read…

Up $1,200: Bitcoin Price Surges Above $8K

Bitcoin’s price has continued to extend its recent rally to a price level beyond $8,000. At 21:30 UTC today, the price world’s largest cryptocurrency rose as high as $8,195 on Coinbase, marking a 17.4 percent or $1214 increase during today’s trading session. In the past 24 hours alone, Messari data reveals more than $27 billion worth of bitcoin was traded across exchanges, whereas $2,1 billion was traded solely on the 10 exchanges Bitwise Asset Management identified as the only exchanges reporting honest volume figures. While vigorous, today’s development is not…

$7,900: Bitcoin’s Price Extends Gains to Hit 9-Month High

The price of bitcoin (BTC) surpassed $7,900 today, jumping 16 percent in the process to reach a high not seen in more than nine months. Bitcoin (BTC), with a market capitalization that now accounts for 59.8 percent of the total cryptocurrency market, jumped 16 percent from its opening price of $6,800 to reach $7,889 at 15:10 UTC – its highest price since July 31, 2018, according to CoinDesk’s price data. The data further shows that a high of $7,946.01 has been reached during Monday trading. Now trading a $7,805.10, current figures represent…

PAX Streamlines Redemptions in Battle for Stablecoin Market Share

Most crypto companies avoid comparisons to traditional banks. But Chad Cascarilla, CEO of the stablecoin issuer Paxos, welcomes the analogy. “It’s akin to a bank account,” Cascarilla said, describing the new integration of Paxos wallets to the sister company itBit, a crypto exchange. “It has the look and feel in part of a bank account, in part of a custody account.” As part of this new user interface, Paxos accounts now allow users to instantly redeem PAX dollar-backed stablecoins, which were previously only redeemable a few hours a day. The…

CoinGecko Unveils Exchange ‘Trust Score’ to Fight Fake Volume Data

Crypto market data aggregator CoinGecko has a unveiled a new “trust score” for its system of ranking exchanges. The score will use a combination of analytics methods in an effort to achieve a fairer picture of the market, according to Bobby Ong, CoinGecko’s co-founder. Specifically, the new method will combine online traffic analysis by SimilarWeb and the median of users’ trading volume from 10 exchanges that have trustworthy reported volume as indicated by a report by Bitwise for the U.S. Securities and Exchange Commission, which was published in March. In…

Bitfinex’s Private Token Sale Raised $1 Billion in 10 Days, Exec Says

Cryptocurrency exchange Bitfinex has raised $1 billion through its native token in a private sale, according to its chief technology officer. Paolo Ardoino‏ tweeted Monday that Bitfinex has achieved the target in just 10 days, with participation from “giant” firms from both within the cryptocurrency industry and outside. The funds were collected in the form of USDT, the stablecoin operated by the closely-linked firm Tether, according to the tweet. Some of the investors, which were not named, invested over $100 million worth of tokens each, Ardoino‏ said, adding that others…

Bitcoin Has Recovered Nearly 25% of Its Bear Market Price Losses

View Bitcoin has erased nearly 24 percent of the price losses seen in 12 months to December 2018. Sunday’s high above $7,500 could come into play again if a contracting triangle on the hourly chart ends with a bull breakout. A UTC close below $6,762 would validate the bull exhaustion signaled on Sunday and allow a deeper correction to $6,000. Dips to $6,000, if any, could find bids as the longer duration charts are biased bullish. Despite a pullback from 9-month highs overnight, bitcoin (BTC) has still clawed back nearly a…

Bitcoin Price Falls 6%; Is BTC Really Vulnerable to Plunge below $6,000?

By CCN: In the past 24 hours, following an intense 25 percent rally within a seven-day span, the bitcoin price has slightly retraced to around $7,000 from its peak at $7,500, by nearly 6 percent. Several technical analysts expected a minor retracement to occur as the bitcoin price surged from $5,000 to $7,500 in a relatively short time frame, demonstrating a parabolic upside movement. The bitcoin price has dropped by more than six percent in the last 24 hours in a slight correction (source: coinmarketcap.com) Although technical indicators of bitcoin…

Bitcoin (BTC) Price Uptrend Intact Despite Recent Corrective Decrease

Bitcoin price rallied to a new 9-month high towards $7,500 before correcting lower against the US Dollar. The price declined below the $7,000 support level, but it found strong bids near $6,750. There is a new connecting bullish trend line forming with support at $6,940 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is currently in an uptrend and it is likely to climb back above $7,200 and $7,250. Bitcoin price corrected sharply from $7,500 against the US Dollar. BTC tested key supports and…