Bitcoin Falls Under $3,400 as Oil Futures See Mixed Movements

Bitcoin Falls Under $3,400 as Oil Futures See Mixed Movements

Wednesday, Feb. 6 — most of the top 20 cryptocurrencies are reporting slight to noteworthy losses on the day by press time. Bitcoin (BTC) has fallen under the $3,400 mark again, according to Coin360 data. Market visualization from Coin360 At press time, Bitcoin is down a fraction of half percent on the day, trading at around $3,387, according to Coin360. Looking at its weekly chart on CoinMarketCap, the current price is nearly 3 percent lower than $3,481, the price at which Bitcoin started the week. Bitcoin 7-day price chart. Source: CoinMarketCap Top altcoin Ripple (XRP) has lost over one percent in the 24 hours to press time and is currently trading at around $0.290. On its weekly chart, the current price is over 9 percent lower than $0.317, the price at which XRP started the week. Ripple 7-day price chart. Source: CoinMarketCap Ethereum (ETH), the second-largest altcoin by market cap, has seen its value decrease by over 4 percent over the last 24 hours. At press time, ETH is trading around $102, after having started the day at $107. On the weekly chart, Ethereum’s current value has dropped nearly 6 percent from $108, the price at which the coin started the week. Ethereum 7-day price chart. Source: CoinMarketCap Among the top 20 cryptocurrencies, the only one experiencing growth is Binance Coin (BNB), which is up about 14 percent at press time and is holding 10th place on CoinMarketCap data. As Cointelegraph recently reported, crypto exchange Binance recently added support for credit card crypto purchases through its new partnership with payment processor Simplex. The stock market is seeing a continuation of its recent slow but steady growth, with the S&P 500 up 0.47 percent, NASDAQ up 0.74 percent and the CBOE Volatility Index (VIX) having lost 1.54 percent of its value on the day at press time. However, as Cointelegraph recently reported, a recent analysis suggests that the growth currently reported by the stock market is a bull trap. Major oil futures and indexes are seeing mixed market movements, with WTI Crude down 0.17 percent, Brent Crude 0.16 percent and Mars US 1.34 percent. Opec Basket is up 2.28 percent and the Canadian Crude Index has seen a slight growth of 0.05 percent, according to OilPrices. Recently Matt Hougan, Global…

Opera Adds Crypto Buying Service to Android Wallet

Opera Adds Crypto Buying Service to Android Wallet

Opera now lets Android users buy ethereum’s ether (ETH) cryptocurrency directly from its browser-based wallet, it announced Wednesday. For the new service, Opera said it has partnered with regulated crypto brokerage Safello to provide the cash-to-crypto exchange. The feature allows payments with credit and debit cards, along with “trusted” payment networks including Swish in Sweden. At launch, ether purchasing is available only in Sweden, Norway and Denmark, however. Safello – which is registered with Sweden’s Financial Supervisory Authority – will verify users who make purchases using Sweden’s BankID and Denmark’s NemID citizens’ identity solutions. Topping up a wallet with ether should take “less than a minute,” according to Opera. Charles Hamel, Opera’s crypt product lead, said: “We think that the next important phase for crypto will come from usage and that for it to reach wider adoption, it has to be easy to buy and easy to use.” Additionally, users in Sweden will get a discounted fee of 2.5 percent from Safello for a limited time, while Norway and Denmark users will receive a discounted fee of 5 percent, according to the announcement. Opera launched its “Web 3-ready” Android web browser wallet in December of last year. The product supports ether and other tokens using ethereum’s ERC-20 standard. Also supported are crypto collectibles (ERC-721 standard) such as CryptoKitties, as well as ethereum-based decentralized apps, or dapps, that can be accessed from the wallet. Opera image via Shutterstock

Singaporean and Eastern European P2P Markets Post Record BTC Volume

Singaporean and Eastern European P2P Markets Post Record BTC Volume

Several markets have seen spikes in peer-to-peer (P2P) volume, with the Kazakh and Singaporean Localbitcoins markets posting their second strongest weeks on record. Polish P2P trade also increased this past week, with volume reaching a 14-month high. Also Read: Leaked Documents Suggest Mt. Gox Trustee’s Bitcoin Sales Impacted Market Prices Singaporean P2P Trade Sees Spike The current BTC price action appears to have driven an uptick in Localbitcoins trade volume across diverse markets, with many traders likely preparing for the various scenarios that may play out as BTC tests support near the low of 2018’s bear market. Singapore’s P2P market was among those to see a significant spike in volume this past week, with approximately 145 BTC changing hands on Localbitcoins during the week of Feb. 2. When measured in fiat currency, the week comprised the strongest seven days of trade activity between the Singapore dollar (SGD) and BTC, with 683,302 SGD (nearly US$504,000) worth of trades taking place on Localbitcoins. Eastern European Localbitcoins Trade Rallies to Pre-2018 Volume Levels Following a recent surge in Russian P2P trade, other Eastern European markets have seen an increase in trade activity amid BTC’s expected retest of the $3,000 resistance area. Kazakh Localbitcoins trade saw the second largest number of BTC change hands in a week on record, with 22 BTC worth of trade. The week of Feb. 2 also comprised the 10th strongest on record, producing 28.36 million Kazakhstani tenge ($75,000) worth of trade. The Polish Localbitcoins market posted a 14-month high for trade volume, with 23 BTC ($77,000) worth of trade taking place between Polish zloty and BTC. Venezuelan P2P Market Continues to Post Record Volume A record number BTC changed hands via the Venezuelan Localbitcoins market this past week, with approximately 2,004 BTC (roughly $6.75 million) worth of trade. Venezuelan P2P trade also posted record volume when measured in fiat currency for the fourth consecutive week, with roughly 17.34 billion Venezuelan bolivars worth of BTC trading on the platform during the week of Feb 2. Which national market do you expect will be the next to see Venezuela-esque cryptocurrency adoption? Share your thoughts in the comments section below! Images courtesy of Shutterstock, Coin.dance At Bitcoin.com there’s a bunch of free helpful services. For instance, have you…

Australian Banks Fraudulently Collected Fees From Deceased Customers

Australian Banks Fraudulently Collected Fees From Deceased Customers

A national inquiry into the misconduct of Australia’s banking sector has revealed profit-driven malpractice that has shattered customer trust. Some of the country’s largest banks were found guilty of making families homeless and charging fees for non-existent services, sometimes to dead customers. They also caused clients to lose hundreds of millions of dollars through misleading investment advice. Also read: Philippines Announces New Cryptocurrency Regulations Banks Charge Fees for No Service The Royal Commission, Australia’s highest form of public inquiry, spent a year investigating allegations of misconduct by some of the country’s biggest banks including the Commonwealth Bank of Australia (CBA), its largest lender. The local banking industry has been plagued by issues of wrongdoing for more than a decade now, Australia’s public broadcaster ABC reported on Feb. 4. Commissioner Kenneth Hayne’s report proposed 76 recommendations, which the government has fully endorsed, leaving unscrupulous parts of the financial sector prone to being swept away by the legislature. Several institutions could be up for criminal charges for charging fees for which no service was rendered. The report reveals details about how Australia’s “Big Four” banks – CBA, Westpac, ANZ and NAB – fleeced their customers out of A$178 million (US$126 million) in financial advice they did not provide. Banks went further, even charging customers who had died. Collectively, wealth managers and the major banks will have to fork out A$850 million (US $603 million) in compensation. In his report, Hayne said: Misconduct will be deterred only if entities believe that misconduct will be detected, denounced and justly punished. Misconduct, especially misconduct that yields profit, is not deterred by requiring those who are found to have done wrong to do no more than pay compensation. And wrongdoing is not denounced by issuing a media release.  Commission Recommends Stronger Action The Royal Commission was conceived in response to years of malpractice in the sector. It was initially opposed by Prime Minister Malcolm Turnbull and the banks last year, but it went through in a bill in parliament. The Royal Commission reviewed more than 10,000 public submissions and interviewed over 130 witnesses in hearings conducted publicly. Much of the focus revolved around customers who had been exploited – and some bankrupted – by banks and industry advisers. Whereas intermediaries between banks and customers…

Bitcoin Falls Under $3,400 as Top Cryptos See Losses

Bitcoin Falls Under $3,400 as Top Cryptos See Losses

Wednesday, Feb. 6 — most of the top 20 cryptocurrencies are reporting slight to noteworthy losses on the day by press time. Bitcoin (BTC) has fallen under the $3,400 mark again, according to Coin360 data. Market visualization from Coin360 At press time, Bitcoin is down a fraction of half percent on the day, trading at around $3,387, according to Coin360. Looking at its weekly chart on CoinMarketCap, the current price is nearly 3 percent lower than $3,481, the price at which Bitcoin started the week. Bitcoin 7-day price chart. Source: CoinMarketCap Top altcoin Ripple (XRP) has lost over one percent in the 24 hours to press time and is currently trading at around $0.290. On its weekly chart, the current price is over 9 percent lower than $0.317, the price at which XRP started the week. Ripple 7-day price chart. Source: CoinMarketCap Ethereum (ETH), the second-largest altcoin by market cap, has seen its value decrease by over 4 percent over the last 24 hours. At press time, ETH is trading around $102, after having started the day at $107. On the weekly chart, Ethereum’s current value has dropped nearly 6 percent from $108, the price at which the coin started the week. Ethereum 7-day price chart. Source: CoinMarketCap Among the top 20 cryptocurrencies, the only one experiencing growth is Binance Coin (BNB), which is up about 14 percent at press time and is holding 10th place on CoinMarketCap data. As Cointelegraph recently reported, crypto exchange Binance recently added support for credit card crypto purchases through its new partnership with payment processor Simplex. The stock market is seeing a continuation of its recent slow but steady growth, with the S&P 500 up 0.47 percent, NASDAQ up 0.74 percent and the CBOE Volatility Index (VIX) having lost 1.54 percent of its value on the day at press time. However, as Cointelegraph recently reported, a recent analysis suggests that the growth currently reported by the stock market is a bull trap. Major oil futures and indexes are seeing mixed market movements, with WTI Crude down 0.17 percent, Brent Crude 0.16 percent and Mars US 1.34 percent. Opec Basket is up 2.28 percent and the Canadian Crude Index has seen a slight growth of 0.05 percent, according to OilPrices. Recently Matt Hougan, Global…

Abra Wallet Introduces Bitcoin Investment Option for Stocks and ETFs

Abra Wallet Introduces Bitcoin Investment Option for Stocks and ETFs

Digital wallet Abra has introduced new features enabling global investors to invest in shares and exchange-traded funds (ETFs) using Bitcoin (BTC), according to a press release shared with Cointelegraph on Feb. 6. The United States-based firm has announced early access registration to the platform, allowing investors in more than 155 countries to invest in 50 new traditional investment assets with zero trading fees through the rest of 2019 using the leading crypto. Those assets reportedly include major stocks such as Facebook, Apple, Amazon, Google, Netflix, commodities such as SPDR Gold Trust, ETFs like Vanguard Growth and the S&P 500, and indexes like the Russell 2000 and others. According to the press release, stocks and ETFs investment features in the Abra platform are based on a new investing model called Crypto Collateralized Contracts (C3s), which allows investors to make investments in any asset by using Bitcoin (BTC) and smart contracts. Tech publication Hard Fork explains that Abra makes money through the addition of its new feature by charging a spread when the cryptocurrencies are exchanged, essentially a charge based on the difference between an asset’s lowest and highest prices at the time of the trade. Hard Fork notes that Abra’s offering could be compared to trading apps such as BUX and Plus500, adding that investors have lost significant amounts of money using similar trading systems. Comparable to owning a fraction of a Bitcoin, Abra customers are expected to be able to purchase fractions of high-priced stocks and ETFs, the announcement states. Hard Fork reports that since a user’s investment is immediately converted into Bitcoin — although displayed in dollars in the app — Abra will add BTC to maintain your balance if Bitcoin’s price changes. When a user makes an investment, the share price changes will dictate how much Bitcoin is added and subtracted from the user’s holdings. Earlier in January, the U.S. state of Wyoming introduced a bill allowing issuance of blockchain-based tokens that represent stocks. If passed, the legislation will come into force on July 1, 2018. Recently, tZERO, the cryptocurrency subsidiary of e-commerce giant Overstock.com, launched secondary trading of tZERO tokens, enabling investors to trade the security tokens via a digital securities brokerage account at Dinosaur Financial Group. Previously, tZERO had filed a…

US Crypto Exchange Coinbase Adds Bitcoin Support to Coinbase Wallet App

US Crypto Exchange Coinbase Adds Bitcoin Support to Coinbase Wallet App

United States cryptocurrency exchange and wallet Coinbase has added Bitcoin (BTC) to its Coinbase Wallet app, according to an announcement published Tuesday, Feb. 5. In August 2018, Coinbase had announced that Toshi, the open source decentralized app browser and wallet developed by Coinbase, will rebrand to become Coinbase Wallet. As explained by the crypto exchange, Coinbase Wallet is slightly different from the main app, Coinbase (or Coinbase.com). With the latter, the cryptocurrencies purchased by customer and the private keys are stored by Coinbase. With Coinbase Wallet, users stores their own crypto protected by their unique private keys. The new update for Coinbase Wallet will be rolled out for iOS and Android next week. Bitcoin support will be activated by default, as soon as users choose to receive the coin to the wallet. The users’ private keys will be encrypted on the phone using Secure Enclave technology. The announcement states that Coinbase Wallet supports both SegWit and Legacy addresses. Moreover, the app supports the Bitcoin Testnet for developers and power users. Coinbase also mentioned again that it is considering adding add Bitcoin Cash (BCH), Litecoin (LTC), and other major cryptocurrencies to its Coinbase Wallet. Earlier yesterday, Feb. 5, Coinbase launched support for European Union residents to make fiat currency withdrawals to online payment system PayPal. And in January, the U.S. exchange added resources for customers in the U.S. to claim crypto trades on their taxes, and integrated its systems with popular tax software TurboTax. As Cointelegraph reported earlier this month, cryptocurrency hardware wallet firm Ledger has unveiled its new Bluetooth-based wallet Ledger Nano X that will allow customers to store 100 crypto assets and control them via a mobile device. Another major crypto wallet, Blockchain.com, has recently added partial support for Bitcoin SV (BSV), noting, however, that it has no plans to offer full functionality for the crypto at present.

Abra’s Blockchain App to Let Users Make Small Stock, ETF Investments

Abra’s Blockchain App to Let Users Make Small Stock, ETF Investments

U.S.-based crypto startup Abra is adding a new feature to its blockchain-based app that will allow global users to buy portions of traditional investment instruments. Announcing the news on Wednesday, Abra said the app will utilize the bitcoin blockchain and smart contracts technologies to support fractional investments in stocks, exchange-traded funds (ETFs). The app already offers investment in 50 fiat currencies and over 30 cryptocurrencies. “Just as consumers can own a fraction of a bitcoin, they can soon use Abra to own fractions of high-priced stocks and ETFs,” the firm said. The feature will be made available to investors in over 155 countries, offering zero trading fees for the remainder of 2019 on stock and ETF investments, the firm said, adding that the minimum investment is $5. Interested users can currently sign up for early access on the company website. For the initial roll-out, Abra said it will offer 50 new investment assets, including stocks from major firms like Facebook, Apple, Amazon, Google, Netflix; commodities like SPDR Gold Trust; ETFs like Vanguard Growth and the S&P 500; and indexes like the Russell 2000. The app is non-custodial, meaning Abra does not store or have access to user funds. Instead these are stored on the bitcoin blockchain, making transactions “more secure and private than centralized databases used by most crypto exchanges and wallets.” the firm said. Using a system based on blockchain and smart contracts lets Abra peg the value of “anything with a reliable price feed” to the price of bitcoin, it explained. The company’s CEO, Bill Barhydt, said: “We are building bitcoin-backed investing products because, for the first time, we can truly democratize access to investment opportunities at global scale. It shouldn’t matter where you live or how much you earn to be able to make investments and participate in capital markets.” Founded in 2014, Abra is backed by notable investors including American Express Ventures, Foxconn Technology Group, Arbor Ventures, among others. Back in October, the firm launched a new token aimed to offer investors more exposure to the cryptocurrency market. The token tracks the top-10 cryptocurrencies by market capitalization and essentially allows investors to invest in all ten at once. Bill Barhydt image via CoinDesk archive; app image courtesy of Abra

PR: Bitcoin.com Partners With CryptoTag to Bring Space Grade Security to the Bitcoin.com Store

PR: Bitcoin.com Partners With CryptoTag to Bring Space Grade Security to the Bitcoin.com Store

This is a press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. Your security and legacy is not something to be taken lightly. This is why Bitcoin.com have partnered with the security experts at CRYPTOTAG to bring their cutting edge private key and seed backup solution to the Bitcoin.com Store. The CRYPTOTAG Starter Kit gives you the tools you need to store your private keys and recovery seed on space-grade titanium. Built to be indestructible. Here is what the CRYPTOTAG team had to say: ‘’Our solution is an unique patented system that we tested thoroughly. We constructed CRYPTOTAG in such a way that all the components work together guaranteeing the best result for our customers.’’ Bitcoin.com Ecommerce Manager, Blake Moore, shared why he thinks CRYPTOTAG is so important: “Accidents happen and access combinations are forgotten all of the time. CRYPTOTAG is a must-have product if legacy and security are important to you. They are a great addition to the growing range of products and services we offer.” CRYPTOTAG is compatible with the Bitcoin.com wallet, Ledger, KeepKey and more.Available now at the Bitcoin.com Store. About Bitcoin.com:Bitcoin.com is supercharged to change the world with BCH. Our suite of developer tools has been downloaded 36,000+ times from over 100 countries.Our team is the heart and soul of the Bitcoin Cash industry. We’re committed to making BCH available to all people, whatever their age, gender, nationality or financial status. About CRYPTOTAG.io:CRYPTOTAG is a Dutch startup from Amsterdam. We want to contribute to a community which we believe in. That is why we have created the only premium backup system in the world made out of space-grade titanium.We at CRYPTOTAG have one goal: empowering people to be their own bank. Supporting Linkhttps://store.bitcoin.com/cryptotag Contact Email Addressblake@bitcoin.com This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or…

UK Financial Watchdog: $255 Mln Lost in Crypto-Related, Other Investment Scams in 2018

UK Financial Watchdog: $255 Mln Lost in Crypto-Related, Other Investment Scams in 2018

The United Kingdom Financial Conduct Authority (FCA) has reported that common investment scams’ losses — including those crypto-related — amounted in total to over £197 million ($255 million) in 2018. The agency reported the losses in an official press release published on Feb. 6. According to data from the FCA call center, the most common reported scams involved unauthorized investments in shares and bonds, forex markets and cryptocurrencies. Each victim lost an average of £29,000 ($37,000), with such types of fraudulent investments accounting for a total of 4,996 reported cases and constituting 85 percent of the overall number of scam reports in 2018. In the recent warning to investors, the FCA stressed that investors should be particularly careful in making investments during the first quarter of the year, which is considered as the peak investment season before the end of the tax year. The financial watchdog has also noted that the spread of investment scams is shifting from traditional cold calls to scamming online. According to the FCA, scammers have used online sources 9 percent more than in 2017, contacting people through emails and professional looking websites, as well as through social media sites such as Facebook and Instagram. Earlier in January, crypto analytics firm CipherTrace reported that around $1.7 billion was obtained through illegal means in 2018, including $960 million stolen from crypto exchanges, and $725 million lost in scams, exit schemes and fraudulent initial coin offerings (ICOs). In December 2018, the FCA revealed that it was investigating 18 firms over cryptocurrency use. A month before, in November 2018, the FCA had stated that they were looking into more than 50 crypto-related entities that may have been offering financial services without the proper permission.