Price Analysis 09/10: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

Bitcoin and select altcoins are showing signs of bottoming out. Can they start a new uptrend? Let’s study the charts. Grayscale director of sales and business development Rayhaneh Sharif-Askary said that institutional interest in the crypto space has been strong throughout this year. The second quarter inflow was $85 million with 80% coming from institutions. Though this is positive, it shows that the inflow is only a trickle and a fraction of the firepower the institutions hold.  A Bitcoin (BTC) exchange-traded fund (ETF) can also boost interest in the asset…

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US IRS Releases Guidance on Crypto Airdrops and Hard Forks

The United States Internal Revenue Service has issued guidance on cryptocurrency hard forks and airdrops. The United States Internal Revenue Service (IRS) has issued guidelines for tax reporting regarding cryptocurrency airdrops and hard forks. The Revenue Ruling 2019-24, announced on Oct. 9, addresses common questions of taxpayers and practitioners.  The guidance also answers questions regarding cryptocurrency transmissions for investors that hold cryptocurrencies as a capital asset. IRS Commissioner Chuck Rettig said: “The new guidance will help taxpayers and tax professionals better understand how longstanding tax principles apply in this rapidly changing environment. We…

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DCG Survey: Blockchain to Lead in Payments and Asset Tokenization

Digital Currency Group’s 2019 annual survey gives an insight into companies’ expectations regarding blockchain and cryptocurrency use cases. Almost 23% of Digital Currency Group (DCG)’s portfolio firms believe that asset tokenization will be the next major use case for blockchain. To prepare the survey, DCG received responses from more than 60 of its portfolio companies.  According to DCG’s 2019 annual survey, 22.73% of its portfolio companies suggest that blockchain will be mainly deployed in asset tokenization, while 30% of respondents see the technology’s future use cases in payments. Other use…

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Binance Starts Accepting Fiat Currencies Through Alipay and WeChat

Major cryptocurrency exchange Binance has begun accepting fiat currencies through online payment service Alipay and mobile messaging and payment app WeChat. Major cryptocurrency exchange Binance has begun accepting fiat currencies through online payment service Alipay and mobile messaging and payment app WeChat, CEO Changpeng Zhao (CZ) confirmed in a tweet on Oct. 9. Zhao was quick to clarify that, while it is accepting fiat through the aforementioned services, it is not working directly with WeChat or Alipay. Zhao noted that users are still able to use them for peer-to-peer transactions. …

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Unwrapping the Ocean Plastic Conundrum Via Blockchain

Startups target poverty and waste from a blockchain platform. In September, Cointelegraph reported on a Dutch company said to have created the world’s first collection of recycled fabrics made from ocean plastics and whose provenance can be traced via blockchain.The premise is that socially minded consumers want assurance that they are really wearing recycled materials fished out from oceans and coastal areas.  The firm, Waste2Wear, deserves applause, but it is unlikely to make a dent in the world’s plastic problem.  The problem is volume. More than 8 million tons of…

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Zuckerberg to Testify Before Congress Regarding Libra Stablecoin

Facebook CEO Marck Zuckerberg will testify before the House of Representatives Financial Services Committee on Oct. 23 regarding Libra. Facebook CEO Mark Zuckerberg will testify before the House of Representatives Financial Services Committee on Oct. 23 regarding the firm’s proposed Libra stablecoin project. On Oct. 9, Congresswoman Maxine Waters officially announced that Zuckerberg will testify before Congress at a hearing entitled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.” Libra and Calibra moratorium The announcement notes that Waters and other Committee Democrats sent a…

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As Deepfake Videos Spread, Blockchain Can Be Used to Stop Them

At a time when fake news has become a household name, deepfakes are bound to make the situation worse. Can blockchain help? At a time when the term “fake news” has become a household name thanks to its repeated use by President Donald Trump, deepfakes — i.e., seemingly realistic videos that are in fact manipulated — can further escalate the problem associated with distrust of media. Technologists are looking at the inherent nature of blockchain as aggregators of trust to put more public confidence back into the system.  Truth is…

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SEC Enters Settlement Talks With Alleged Fraudulent Firm Veritaseum

The U.S. Securities and Exchange Commission has reportedly entered settlement talks with alleged fraudulent cryptocurrency firm Veritaseum. The United States Securities and Exchange Commission (SEC) has entered settlement talks with alleged fraudulent cryptocurrency firm Veritaseum. Initial conference adjourned After filing a complaint against Veritaseum CEO Reginald Middleton and his two companies in August 2019, the SEC said that it is engaged in settlement talks with the defendants, fintech publication FinanceFeeds reports on Oct. 9. According to the report, the regulator filed a motion to adjourn the initial conference at the…

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United Nations Agency Unicef Launches Cryptocurrency Fund

Unicef announced Wednesday that it has launched a cryptocurrency fund and become the first United Nations organization to hold onto its crypto donations. Without converting them into fiat, the fund will hold two cryptocurrencies and disburse them to support projects benefiting children worldwide. Also read: RBI Ban Stops Indian Police From Cashing Out Seized Crypto A First for UN Organizations United Nations children’s agency Unicef announced the launch of its cryptocurrency fund Wednesday. The organization explained that “Unicef will now be able to receive, hold and disburse donations of cryptocurrencies…

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UK’s Central Bank Establishes Provisions for Facebook’s Libra

The United Kingdom’s central bank has singled out provisions for Facebook’s yet-to-be-released Libra stablecoin. The United Kingdom’s central bank has established provisions that Facebook’s yet-to-be-released Libra stablecoin must comply with in order to be issued in the country. The Bank of England presented its latest Financial Policy Summary and Record at a Financial Policy Committee (FPC) meeting held on Oct. 9. The document — which addresses the resilience of the U.K. financial system in general — discusses innovative developments in the payments sector, noting that Libra has the potential to…

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