Crypto News 

Is BTC Legal? A Global Update On the Laws Around Bitcoin

“Japanese law sees Bitcoin as a way of making payments but does not class it as legal currency” reports financemagnates.com. In reality, despite Bitcoin’s sometimes ambiguous legal status, several pieces legislature and regulation were issued since the cryptocurrency’s inception in 2009.While the code is not formal legal specialization, it is a way of enforcing the general aspects of the currency. Source: financemagnates.com Share This:

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Crypto News 

20% of All BTC is Lost, Unrecoverable, Study Shows

“However, the misplacement and potential loss of 20% of all BTC tokens should have little effect on the broader cryptocurrency industry” writes Nathan Reiff for investopedia.com. This downside to the security of BTC has given rise to a cottage industry of wallet hunters who aim to help investors recover lost funds.A new report from the Wall Street Journal suggests that bitcoin users have misplaced about 20% of all existing tokens.These wallet hunters typically charge a fee of anywhere from 5% to 40% of funds recovered, and they make use of various…

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Crypto News 

Decentralized cryptocurrencies are not securities, SEC exec says

“On the other side of the country, another SEC official declared that cryptocurrencies like BTC Core (BTC) and Ether (ETH) are not considered securities under federal regulations” writes Dennis Wafula for coingeek.com. Chairman Jay Clayton and Commissioner Kara Stein visited Georgia for a town hall meeting where they discussed the future of cryptocurrencies and blockchains in the United States.To assess whether or not a digital asset is a security, Hinman said the primary factor to consider is whether a third party—a person, entity or coordinated group of actors—drives the expectation…

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Crypto News 

Price manipulation campaign inflated BTC price in 2017, research finds

“Alongside BTC coin, the report also suggests similar patterns in Zcash and Ether, which experienced even faster price increases, coinciding with the decline in price trends” writes Ed Drake for coingeek.com. New research has confirmed the BTC market was manipulated in the run up to its all-time highs in 2017, accounting for as much as 50% of the price growth over the period. Source: coingeek.com Share This:

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Crypto News 

South Africa investigates $80 million bitcoin scam

“Local technology news website mybroadband.co.za had reported in March that more than $50 million was lost by investors in BTC Global” writes Midwest Communications Inc for 95kqds.com. “Members of the public are believed to have been targeted as part of the scam and encouraged by agents of BTC Global,” the police said in a statement.JOHANNESBURG (Reuters) – South African authorities are investigating an alleged cryptocurrency scam that defrauded investors of 1 billion rand ($80 million) with promises of huge returns that never materialized, police said on Friday.The investigation follows a…

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Crypto Markets News 

$35 Bln Wiped Off Crypto Markets As BTC Tests $10k, Only To Retreat

“May 7: more than $35 bln dollars were wiped off the crypto markets this weekend, as Bitcoin (BTC) tantalizingly tested the $10,000 resistance, only to retrace Sunday, May 6” reports cointelegraph.com. Bitcoin (BTC) is trading at $9,226 as of press time, down about 3 percent over the 24 hour period.Ethereum (ETH) is trading at $703, down almost 8 percent over the 24 hour period.The coin is trading at $1,617 to press time, down more than 5 percent over the 24 hour period, and down 3 percent against BTC, as data…

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Crypto News 

600 Stolen Bitcoin Miners From Icelandic Heist Suspected To Be In China

“In 2017, allegedly 50 to 70 percent of BTC mining took place in China” reports cointelegraph.com. The missing machines from an unsolved Bitcoin (BTC) mining hardware theft in Iceland earlier this year may be in China, Icelandic media outlet RUV reported May 5.The latter has long been a stalwart crypto mining superpower.Local industry sources have predicted a doubling of the country’s crypto mining energy consumption this year, more electricity than the Iceland’s 340,000 residents will consume for personal use.Chinese police have not yet responded to the Icelandic enquiry, according to…

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Crypto News 

Crypto-Backed Fiat Currencies: Sci Fi or Missing Link? Expert Take

“When one wants to assess the reserves of a central bank, one has to trust what the central bank says their reserves are” reports cointelegraph.com. This central bank’s fiat currency would effectively be partially backed by a cryptocurrency.These BTC could subsequently be used to stabilize the currency just like central banks currently do with gold and other fiat currencies.In the past ten years, central banks have greatly expanded the range of assets they can own way beyond just gold and other fiat currencies.If you would like to contribute an Expert…

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Crypto Markets News 

Wall Street-Turned-Crypto Exec Novogratz Says ‘Enough Already’ To BCH-Promoting Tweet

“Former Wall Street executive Michael Novogratz weighed in on the Bitcoin (BTC) vs Bitcoin Cash (BCH) debate in a tweet Saturday, May 5” reports cointelegraph.com. Novogratz defended BTC’s status as the original cryptocurrency referred to in Satoshi Nakamoto’s 2008 whitepaper, and the true holder of the ‘Bitcoin’ brand.Bitcoin Cash protocol changes were made to facilitate the scalability of the cryptocurrency, aiming to make transactions faster and cheaper.The debate of brand-legitimacy within the Bitcoin community erupted after a hard fork in the leading cryptocurrency’s blockchain created Bitcoin Cash in August, 2017. Source:…

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Crypto Markets News 

BTC Tantalizingly Close To Smashing $10K Globally, Already There On Asian Markets

“Bitcoin (BTC) has been tantalizingly close to breaking the $10,000 threshold, trading at $9,942 to press time, and as high as $9,991 over the 24 hour period” reports cointelegraph.com. Total Market Cap is edging closer to half a trillion, now at $470 bln, according to data from Coinmarketcap.Saturday, May 5 : All eyes are on the markets this week as they consolidate a rally to levels not seen since early March, with Ethereum (ETH) and Bitcoin (BTC) leading the way, as data from Coin360 shows.If BTC does indeed reclaim $10,000…

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