SEC Suspends Exchange-Traded Bitcoin and Ether Investment Vehicles as market crash continues

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Ether, the second-largest virtual currency, slumped 8.9% from its level at 5 p.m. New York time on Friday, according to Bloomberg composite pricing. Bitcoin lost 2.1%, while the market capitalization of digital assets tracked by CoinMarketCap.com shrank to $197 billion — down about $640 billion from its January peak. Cryptocurrencies have declined for five of the past six weeks amid concern that a broader adoption of digital assets will take longer than some had anticipated. That worry was underscored over the weekend after the U.S. Securities and Exchange Commission temporarily…

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San Francisco judge orders bail payment in Bitcoin

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A federal judge in San Fracisco has ordered a cyber-criminal to pay their bail charges in Bitcoin, inadvertently stimulating cryptocurrency mainstream adoption. The Daily Post – a local Palo Alto newspaper – reports Martin Marisch has been charged with hacking the well-known video games company Electronic Arts, responsible for popular titles like FIFA, The Sims, and Battlefield. Marisch, the Daily Post reports, managed to gain access to EA’s central computer systems, and obtain 25,000 customer records. Had the attack not been caught, Marisch could’ve used this information for substantial financial gain.…

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Bitcoin Sinks Below $6,000 as Almost Every Cryptocurrency face downfall

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Bitcoin dropped below $6,000 and dozens of smaller digital tokens tumbled as this month’s selloff in cryptocurrencies showed few signs of letting up. The largest digital currency fell as much as 6.2 percent to $5,887 as of 3:07 p.m. in Hong Kong, the lowest level since June, according to Bloomberg composite pricing. Ether sank as much as 13 percent, while all but three of the 100 biggest cryptocurrencies tracked by Coinmarketcap.com recorded declines over the past 24 hours. The total market capitalization of virtual currencies dropped to $192 billion from…

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Senegalese-Born Musician Akon To Launch Akoin Cryptocurrency

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The American-based Senegalese artist says the cryptocurrency will be the currency of choice in Akon Crypto City, a 2,000-hectare development which is under construction in an area just outside Dakar, Senegal’s capital city. The rapper describes the development as the real-life Wakanda. He also believes the technology has benefits for those on African soil, disadvantaged by political and social circumstances. Unfortunately, Akon didn’t reveal any technical details of the cryptocurrency. CANNES — Senegal-born star Akon — whose Lighting Africa project is bringing solar power to Africa — is at Cannes…

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Laundered Bitcoin Billions Linked to UK Company

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A UK company has been linked to the laundering of 650,000 stolen bitcoins worth £4.5bn.The coins were taken by hackers from Tokyo-based Bitcoin exchange Mt Gox, leaving tens of thousands of customers out of pocket. It’s not clear who is in control of the London-based firm Always Efficient LLP. Mt Gox operator Mark Karpeles apologised to investors and said he was co-operating with the investigation. The FBI has charged a Russian national with laundering the stolen bitcoins. Mt Gox matched up those who wanted to buy the crypto-currency with dollars,…

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Stripe’s Ditch of Bitcoin Calls for Rethink of what the Cryptocurrency is good for!

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Stripe has announced that it’s dropping support for Bitcoin-based transactions on its payments platform, citing high transaction confirmation times and numerous failures, as well as fees that are now as expensive as bank wires. That’s a huge blow to the cryptocurrency, not just because it’ll see fewer transactions, but also because it’s a sign that companies and consumers are growing disinterested in using Bitcoin to pay for things. Valued at $9 billion, Stripe is a major payments service provider in 25 countries, and the company claims to process billions of…

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Bitcoin and Ethereum hit by massive decline, Other cryptocurrencies dropped even worse

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Most major digital currencies sold off sharply on Tuesday, but the declines in bitcoin, ethereum and litecoin prices weren’t as bad as much of the rest of the market.  Bitcoin was down 17 percent at that time, ethereum was down 19 percent and litecoin was down 19 percent, according to the same site. The declines followed speculation in the market about what regulators in Asia may be planning for digital tokens. On Monday, a report from Bloomberg, citing unnamed sources, said Beijing plans to block domestic access to Chinese and…

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Coinbase ordered to give the IRS data on users trading more than $20,000

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Most digital currencies exist in a sort of twilight state just beyond the grasp of federal regulators, but the U.S. tax authority is starting to get savvy to this whole bitcoin thing. On Wednesday, a federal judge in San Francisco ruled that Coinbase must supply the IRS with identifying information on users who had more than $20,000 in annual transactions on its platform between 2013 and 2015. After noticing that the number of tax returns claiming gains from virtual currency didn’t line up with the emerging popularity of digital currencies like…

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Eco-friendly bitcoin competitor Chia, Invented

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A bitcoin transaction wastes as much electricity as it takes to power an American home for a week, and legendary coder Bram Cohen wants to fix that. Considering he invented the ubiquitous peer-to-peer file transfer protocol BitTorrent, you should take him seriously. Cohen has just started a new company called Chia Network that will launch a cryptocurrency based on proofs of time and storage rather than bitcoin’s electricity-burning proofs of work. Essentially, Chia will harness cheap and abundant unused storage space on hard drives to verify its blockchain. “The idea…

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Can Blockchain Technology improve digital piracy in Africa?

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The digital content market has rapidly become less regional for piracy not to be prevented, even in parts of Africa where the distribution in such format is maturing. Globally there’s been a shift from traditional media and content industries to new digital media technologies. This has changed the distribution and consumption of creative content with the emergence of new digital platforms like Netflix and iROKOtv. “In Africa, there is a demand for US and European content, and when distribution rights don’t keep up with demands, it fuels piracy,” says G-J…

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