Bitcoin Drops $300, Daily Losses Among Altcoins Reach 10%

After dipping below the $9,000 threshold, Bitcoin continued to see downward trend, down 5.6% over the day at press time. Falling below $9,000, Bitcoin (BTC) has seen another dip today and its price dropped over $200 in an hour. Alongside Bitcoin, the top 20 cryptocurrencies by market capitalization are seeing major losses of nearly 10% over the past 24 hours, according to data from Coin360. Market visualization. Source: Coin360 Following a fresh price decline, Bitcoin is trading down 4.9% at $8,736. With its intraday high of $9,253, Bitcoin tumbled more…

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Crypto Tax Guidelines Leave More Questions Than Answers

Cryptocurrency holders have long wrestled with their tax obligations. These fiduciary duties have been complicated by tax agencies, which are several steps behind technology and now playing crypto catch-up. Updated guidelines from the U.S. and U.K.’s tax agencies were finally released this year, but the initial relief felt by conscientious bitcoiners was to prove short-lived, for on closer examination, the documentation has left many crypto questions unanswered. Also read: Crypto-Friendly Silvergate Bank IPO Debuts on NYSE It’s 2019 and Tax Is Still Taxing The lack of uniformity regarding tax on…

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Chinese Police Hold MicroBT CEO Allegedly Over Dispute With Bitmain

Chinese police are holding the founder of Bitmain rival MicroBT over suspected allegations of intellectual property infringement. The founder of Bitcoin mining rig manufacturer MicroBT is being held as of Nov. 8 by Shenzhen Police to assist in an investigation, according to a local news source. Police are likely to be questioning Zuoxing Yang over allegations of intellectual property infringement regarding the technology of Beijing-based Bitmain. Previous allegations of patent infringement Yang previously worked at Bitmain as processor design director, and developed the Antminer S7 and S9 models. Allegedly unhappy…

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VeChain Unveils Food Tracing Solution Foodgates at China’s Import Expo

In a post revealing Foodgates, its new blockchain food tracking system, VeChain said it would directly benefit from Chinese pro-blockchain sentiment. Singapore-based blockchain application platform VeChain has unveiled a new blockchain tracking system for the food and beverage industry. In a blog post on Nov. 7, the company confirmed it was working with food certification group DNV GL and supply chain specialist ASI Group on the project, known as Foodgates. VeChain “direct beneficiary” of pro-blockchain stance The original announcement came at this year’s China International Import Expo (CIIE), being held…

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Video: Paul Puey on Edge Wallet and Bitcoin Privacy

After becoming involved in the Bitcoin space in 2013, Paul Puey founded a unique and innovative wallet called Airbitz. Even at the time, the focus was on encrypting data by default, backing up the private keys and simplifying the user experience. But after deciding to enter multiple partnerships in order to seamlessly integrate various exchange services directly into the user interface, the wallet was rebranded as Edge. “You would choose Edge as a way to buy bitcoin, and actually I think that’s its biggest value proposition,” said Puey. As opposed…

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Power Ledger Strikes Deal to Roll Out Blockchain in South Australia

Power Ledger’s new commercial deal in South Australia aims to help users avoid additional hidden electricity costs and extra charges. Australian blockchain energy firm Power Ledger has partnered with a local energy retailer to roll out its technology in South Australia. Power Ledger’s blockchain-based software will allow Australians to pool their excess solar and battery storage to a Virtual Power Plant for greater control and management over their energy. Commercial deal with Australian electricity wholesaler Powerclub Within the partnership, Power Ledger will be integrating its blockchain-based energy trading application Virtual…

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CipherTrace Urges Crypto Companies to Prepare for Anti-Money Laundering Compliance

Crypto companies will need to comply with FATF regulations by June 2020, but there are still many potential stumbling blocks. For better or for worse, the cryptocurrency space is coming of age. Since Bitcoin’s rise to mainstream prominence in 2015, there has been increasing recognition of digital assets from government agencies around the world. In turn, new regulations are being imposed to control the way cryptocurrency companies operate and do business globally.  Most recently, the Financial Action Task Force issued new guidelines on how digital assets should be regulated. In…

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Riot Games Owner Identity Theft: $5 Million Worth of Crypto Mined

Marc Merril, the game developer and founder of Riot Games, recently became a victim of identity theft. Merril’s identity was reportedly used by a man from Singapore who attempted to utilize Amazon Web Services and Google cloud computing power for mining cryptocurrencies. Yesterday, Forbes revealed that Merril was indeed the anonymous victim of the identity theft scheme. Marc Merill is most famous for being the developer behind one of the most popular games in the world – League of Legends. The criminal, Matthew Ho, started using Merill’s American Express credit…

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Standard Chartered Banking Group Joins Ethereum Enterprise Alliance

The latest high-profile member of the EEA, Standard Chartered is eyeing blockchain technology for a number of use cases, some of which are already live. International banking group Standard Chartered has become the latest member of a blockchain standard-building organization, the Ethereum Enterprise Alliance (EEA). In a press release issued on Nov. 6, Standard Chartered said the move would allow it to expand its client offerings across its 60 international markets. Standard Chartered is latest EEA banking member “Technology enables us to facilitate trade and investment across our footprint markets,…

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Former PBoC Governor: Libra Would Be Trusted If Run by IMF

The former head of People’s Bank of China, Zhou Xiaochuan has argued that Libra would be more readily trusted if it were in the hands of an entity like the IMF. The former head of People’s Bank of China (PBoC), Zhou Xiaochuan has argued that the Libra stablecoin would be more readily trusted if it were in the hands of an organization like the International Monetary Fund (IMF). Zhou is the longest-serving governor of China’s central bank to date, having held the role between 2002 and 2018. During his tenure,…

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