Bitcoin is Still in the Middle of a Bear Market

An inverse monetary velocity pattern indicates that bitcoin bulls are wrong about the market’s next bull run. Willi Woo, a prominent cryptocurrency market analyst, pitted the digital currency network value (or market cap) against the daily US Dollar volume transmitted through the blockchain. A proportion between the two equated into Bitcoin Network-to-Value (Bitcoin NV) Ratio, …

Belgium Regulator Blacklists 21 Crypto Firms Suspecting Fraud

The Financial Services and Markets Authority (FSMA) has added 21 new websites of suspected cryptocurrency scams to its blacklist. Belgium’s financial regulator published the list on its official website, bringing their tally of suspected crypto scams in the country to 99. The agency found that despite their prior warnings concerning the risks associated with crypto …

IRS Advisory Committee Requests Clearer Guidance for Crypto Tax Code

On October 24, 2018, an advisory committee to the Internal Revenue Service (IRS) published a report calling for clarity on the IRS’s position toward cryptocurrency taxation. The Information Reporting Program Advisory Committee (IRPAC) recently released its annual report advising the IRS on possible areas to improve the tax code, specifically referring to data gathered throughout …

Bitcoin is Permitted by Law, Chinese Arbitration Court Says

The Shenzhen Court of International Arbitration recently issued a ruling saying there is no prohibition against Bitcoin ownership and transfer in China. The decision means that despite the ban on ICOs and virtual currency trading, Bitcoin and other cryptocurrencies are legally regarded as property in the country. ‘Bitcoin Protected By Law’ The court issued the …

Delaware Helps Catch British Hacker Holding Over $200k in Bitcoin

Recent news shows Delaware playing an important role in the capture of British hacker Grant West. U.K. Authorities caught West last year and recovered $700,000 worth of Bitcoin. The Catch According to a report by Delawareonline, undercover U.K. officials caught West last year while he was traveling by train. West was convicted of fraud, in addition …

Nasdaq Wins Patent for Blockchain-Based Newswire Service

The United States Patent and Trademark Office (USPTO) has granted Nasdaq a patent for a blockchain-powered newswire service. The platform aims to use smart contracts to incorporate encryption and workflow features as well as maintaining a log that becomes more difficult to change over time. Nasdaq Gets Patent for Blockchain Newswire to Solve Gaps in Audit …

Bank of Canada Estimates 5% of Canadians Own Bitcoin

Data from the Bank of Canada and the Ontario Securities Commission has revealed that bitcoin adoption and general crypto awareness in Canada is growing steadily, with the percentage of Canadian poll respondents who own bitcoin rising from 2.9 percent in 2016 to 5 percent in 2017. According to a recently released report by the Bank …