News of the Week

Altcoins Took a Huge Hit with Crypto Market Losses $28 Billion

Traders dump altcoins en masse following another pullback by Bitcoin. BTC finally topped $9,000 but instantly retreated following a huge fake out. In what appeared to be a massive trading bot triggered event, prices plunged over $1,000 in a matter of hours as BTC finally settled at just over $8,000. A cascade effected rippled through altcoin markets as they dumped even harder. Bitcoin seems to have recovered a little and is only down 6 percent on the day. The same cannot be said for the rest of them as the avalanche gathers momentum.

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Japan Approves a New Bill to Amend Laws for Crypto Regulation

The Japanese House of Representatives has officially approved a new bill to amend national laws that govern crypto regulation. The bill has been passed by a majority in the House of Councilors plenary session. The bill seeks to introduce amendments to two national laws that apply to crypto assets — the Act on Fund Settlement and the Financial Instruments and Exchange Act. Now that the bill has been passed, the revised Acts are expected to come into force in April 2020.

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Russia’s Central Bank is ‘Against Legalization’ of Crypto

The head of the central bank of Russia, Elvira Nabiullina, says she does not want to legalize Bitcoin and other cryptocurrencies as a payment method – because of risk and volatility. “We’re against the legalization of cryptocurrency specifically as a means of payment,” Nabiullina said in Duma. This volatility is off-putting for Bank of Russia despite the period since 2014 itself seeing the ruble devalue up to 200 percent against the dollar.

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Collapsed Crypto Exchange Cryptopia Owes Creditors $2.7 Million

The liquidators of failed New Zealand crypto exchange Cryptopia have released their first report on the firm’s financial situation, revealing that it owes over US$2.738 million to creditors. Almost 70 unsecured creditors are owed at least $1.37 million and secured creditors over $912,000, with an expected deficit of $1.63 million. Secured creditors include Dell NZ and Coca Cola Amatil. Staff at the firm are owed $207,000 for outstanding salaries and holiday pay, as well as $177,000 in unsecured debt. The report says that the amount owed to unsecured creditors is likely to rise.

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FBI: North Korea Launched Cryptocurrency Attacks in Response to Sanctions

The United States sanctions incentivized North Korea to launch cyber attacks involving cryptocurrency. Speaking at an event organized by U.S. think tank The Aspen Institute, Tonya Ugoretz, deputy assistant director of the FBI’s cyber division, said financial strain had driven North Korean state actors to cybercrime. Pyongyang is suspected to be behind several major campaigns involving cryptocurrency ransomware and theft in recent years.

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Coinstar Expands to 2,200 Location with ‘Overwhelming’ Bitcoin Demand

Bitcoin buying is set to skyrocket as Coinstar is ramping up the number of locations to over 2,200 across the United States. One of the main reasons why people have resisted Bitcoin is that they find buying cryptocurrency challenging and complex. The number of locations where the consumer can buy the cryptocurrency continuous to increase dramatically. In the U.S., for example, consumers can walk into a grocery store and buy the cryptocurrency at 2,200 Coinstar kiosks, located inside store or retailers.

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