Samsung to Roll Out Crypto Features on Budget Galaxy Phones

Samsung to Roll Out Crypto Features on Budget Galaxy Phones

South Korean electronics giant Samsung is planning to bring cryptocurrency and blockchain features to more phones across its Galaxy range. Citing a press release from Samsung, Business Korea reported Tuesday that the firm would make its digital wallet app available even on lower-cost models and will further expand the crypto features to more jurisdictions. Chae Won-cheol, senior managing director of the product strategy team at Samsung Electronics’ wireless business division, said: “We will lower barriers to new experiences by gradually expanding the number of Galaxy models that support blockchain functions. We will also expand our service target countries after Korea, the United States and Canada.” The Samsung Blockchain Wallet is currently only available on Samsung’s recently launched flagship phone range, the Galaxy S10. The S10 additionally comes with blockchain features such as digital signing and decentralized apps (dapps), which the report appears to suggest may also be added across the Galaxy range. Business Korea said that Samsung is also in talks with telecom firms such as SK Telecom and KT Corporation (formerly Korea Telecom) about possibly of working together on blockchain-based digital identity verification tools and other initiatives. Samsung has been wading deeper into the blockchain waters in recent months. Following the reveal of the blockchain and crypto focus for the Galaxy S10 phones, it notably said it is developing its own blockchain network based on ethereum and may also issue a “Samsung Coin” token in the future. Samsung is also planning to add blockchain technology to its enterprise IT solution packages. The tech giant also recently invested around $3 million in cryptocurrency wallet startup Ledger. Samsung Galaxy phones image via Shutterstock

Bitfinex and Tether Ask Court to Loosen NYAG’s Fund Restrictions

Bitfinex and Tether Ask Court to Loosen NYAG’s Fund Restrictions

Tether has asked a judge for more leeway to use its cash amid the New York Attorney General’s investigation of the stablecoin issuer and affiliated crypto exchange Bitfinex. According to new court documents filed Monday, the attorneys for each side failed to come to a consensus on what, precisely, Tether should be allowed to do with its holdings. The NYAG’s office wants to prevent “any affiliated entity” from touching funds in Tether’s reserve and a 90-day injunction. On the other hand, attorneys for Tether and iFinex, the parent firm of Bitfinex, want a 45-day injunction and for affiliated entities that want to fairly redeem tether to be able to do so. The case began last month, when the NYAG secured a preliminary injunction, alleging Bitfinex covered up the loss of $850 million by borrowing from Tether’s reserve. (The companies have overlapping management and owners.) A New York State Supreme Court judge ordered the two parties to clarify the order last week. In a letter to the court Monday, iFinex’s attorneys wrote that, without waiving their previous motion to vacate NYAG’s Ex Parte order entirely, they would agree to certain changes to the preliminary injunction. The key point, for the crypto exchange, appears to be that it wants to be able to use its stablecoin reserve funds, including for investment purposes. “If [Tether] simply held the proceeds in cash, the company would not earn the money required to fund its operations,” Bitfinex’s attorneys said. Earning interest However, in its own letter to the court, attorneys from the NYAG’s office said that “bona fide holders of tether should be able to redeem those tokens for cash, as Tether has long represented to the market,” adding: “Further, the OAG’ s proposed modifications do not restrain Tether from placing the reserves in legitimate interest-bearing or similar cash equivalent accounts, as the OAG understands Tether to have previously done.” Tether argues that NYAG has no basis for cutting off the ability of tether holders “who happen to be affiliated with Respondents” – including Tether employees – to redeem USDT, and that as a result, the NYAG’s argument presents a “gross overreach,” particularly given that it is not actually a regulator. NYAG’s attorneys say that they aren’t opposed to Tether’s employees being…

How to Send Bitcoin Cash via Text Messages to Anyone With a Mobile Phone

How to Send Bitcoin Cash via Text Messages to Anyone With a Mobile Phone

Cointext allows you to send bitcoin cash (BCH) to anyone with a mobile phone in the regions supported by the service even if you don’t have access to the internet. On a global scale, the availability of cheap devices can help many more people use cryptocurrency for payments via SMS text messages. Also Read: Learn How to Create BCH Apps With Bitcoin.com’s Developer Platform The Cointext SMS Bitcoin Cash Wallet Cointext is a platform that enables users to transfer cryptocurrency using simple text messages. The mobile wallet service allows anyone with a basic mobile device to send funds via SMS to other phone numbers or bitcoin cash (BCH) addresses. On the receiving side, people don’t need to download a wallet, install an app, set up an account or even have access to the internet. Users can set up new accounts just by sending ‘START’ to the Cointext access number in their region, with other actions similarly ordered by simply texting commands. The Cointext service is growing in coverage areas around the world and is already supported in over 40 markets. These include Argentina, Australia, Austria, Bangladesh, Belgium, Brazil, Canada, Chile, Colombia, Croatia, Czechia, Denmark, Dominican Republic, Estonia, Finland, France, Germany, Hong Kong, Hungary, Ireland, Israel, Italy, Jersey, Latvia, Lithuania, Mexico, Netherlands, Norway, Philippines, Poland, Portugal, Puerto Rico, Romania, Slovenia, South Africa, Spain, Sweden, Switzerland, Taiwan, Turkey, UK, Ukraine, and the USA. Check out the website for details and access numbers in your area. Earlier this year Cointext has also added support for the BIP70 payment protocol, this means that users can now pay Bitpay invoices using the text messaging service. What do you think about the ability to send BCH via text messages? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com. Avi Mizrahi Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the…

Diar: Bitcoin Mining Hashrate Is Becoming More Distributed Among Pools

Diar: Bitcoin Mining Hashrate Is Becoming More Distributed Among Pools

The bitcoin (BTC) mining hashrate is becoming more distributed among mining pools, according to a report published by cryptocurrency research firm Diar on May 13. Per the report, smaller mining pools have made significant gains this year as unknown miners either drop off or change pools. Percentage of bitcoin blocks mined per mining pool. Source: Diar Unknown bitcoin miners had reportedly gone from solving 6% of the blocks at the start of last year to 22% by the end of 2018. However, the report claims that this trend has now reversed, as smaller pools have now solved between 23% and 24% blocks in the past two months, double the percentage reported last year. Diar explains that while such distribution has its advantages, also another trend is manifesting itself: “While the distribution of hash power is certainly better geared against coordinated attacks, the number of pools continue to dwindle. To date, versus the start of 2018, 40% of the pools have now shut down.” As Diar wrote a week ago, the average bitcoin transaction fees increased by nearly 200% in April compared to March. At the end of May, Cointelegraph reported Chinese cryptocurrency mining giant Bitmain’s hashrate has noticeably dropped in a month.

Emberfund Turns Your Phone Into a Crypto Hedge Fund

Emberfund Turns Your Phone Into a Crypto Hedge Fund

When we think about investing in crypto we imagine a single, monolithic transaction and then years of HODLing. The folks at Emberfund imagine a different way. Their app, available now for iOS and Android, lets you buy into an index of cryptocurrencies that automatically balances itself over time. The founders, Alex Wang, Mario Lazaro, and Guillaume Torche, have a background in AI and met when working at GumGum, another AI startup. They brought their machine learning and algorithmic smarts to bear on building a better crypto hedge fund. The product works like a regular wallet. You add cash via the app and then select an investment strategy including a weighted fund of ethereum, bitcoin and litecoin, or something like the Marius 5 S-Tier Fund created by Quora commenter Marius Kramer. The system can automatically change the currency weightings based on prices and other indicators. Click images to enlarge “We’re the first product in the world that allows anyone to invest like a cryptocurrency hedge fund, with just $100,” said Wang. “A key differentiator is that we’re non-custodial so all assets are encrypted by the user’s mobile device, we never touch, custody or transmit user funds. He continued: “The rocket science is that we’ve figured out how to do asset management, without ever taking custody of assets.” The team has even created an algorithmic hedge fund that trades automatically, greatly reducing human interaction. The recent saturation of crypto hedge funds hasn’t stopped Emberfund from building its product. The founders bootstrapped the business themselves, chipping in $5,000 each. And they’ve gone a long way on such a small seed. “We had almost $2 million in transactions last month and now have millions of assets under management,” said Wang. “We were excited by the notion that this technology would enable the family in a third world country to have access to the same financial products as a Goldman Sachs banker and set out to build a product that would do just that,” said Wang. App images courtesy of Emberfund

Tether, Bitfinex Request Lessening of Cash Use Restrictions Imposed by Injunction Order

Tether, Bitfinex Request Lessening of Cash Use Restrictions Imposed by Injunction Order

Lawyers for parent firm iFinex Inc., Bitfinex, USD stablecoin issuer Tether and affiliated entities have submitted a letter to Justice Joel M. Cohen on May 13 asking for more leniency in the use of cash restrictions imposed by last month’s injunction. On April 24, the office of the Office of the New York Attorney General (NY OAG) had accused Bitfinex of losing $850 million of funds needed for user redemptions, and subsequently using capital from affiliated firm Tether to secretly cover the shortfall. Last week, Cohen had noted that the scope of the OAG court order was too broad, and ordered the parties to try to resolve their dispute and submit a refined argument. The May 13 letter from iFinex claims that the NY OAG was grossly overreaching its purview with some of the stipulations and language used in the court filings, stating that the respondents’ lawyers do not waive their Motion to Vacate the ex parte April 24, 2019 Order in its entirety. It noted that in discussions thus far, parties on both sides have been unable to reach agreement, and critiqued the NY OAG’s recent counterproposal. At the heart of the respondents’ contention was the NY OAG’s restriction on the use of stablecoin reserve funds — whether for investment purposes, related-party transactions or distributions and dividends. The letter argued against the injunction to use “non-reserve funds” only to make payments, stating: “OAG’s language would potentially require the company to cut off salary and other ordinary course payments in any given period if, for whatever reason, there was insufficient profit […] It is simply not the OAG’s purview to micromanage Tether’s business in this way.” Elsewhere, the letter argued that Order could be misconstrued to suggest that Tether “may only invest in cash or cash-equivalent accounts,” noting that: “Tether’s business model depends on making investments and asset purchases with the proceeds it derives from selling tethers. If it simply held the proceeds in cash, the company would not earn the money required to fund its operations.” While upholding that Tether should use funds from transaction fees, rather than reserves, for payments, the NY OAG did clarify in March — before the injunction — in a letter to the court that “bona fide holders of…

Algorithmic Cryptocurrency Trading Firm GSR Launches New Bitcoin Halo Option Derivative

Algorithmic Cryptocurrency Trading Firm GSR Launches New Bitcoin Halo Option Derivative

Algorithmic cryptocurrency trading firm GSR announced the launch of a new bitcoin (BTC) halo option derivative in a Medium post published on May 13. Per the announcement, the new derivative is an option on the value of a trading account. The trader reportedly pays a premium upfront to buy the option, and the trading account starts with a value of zero. The holder is permitted to do 10 trades per day in the BTC/USD market until maturity. When the option matures, if the value of the account is positive, the holder receives that value: if it is negative, he or she does not pay anything. The announcement explains: “This is analogous to an insurance policy on the trading account where the holder enjoys all the profits of the strategy at maturity, but should there be losses then no further cashflow takes place.” As Cointelegraph reported in mid-April, Arthur Hayes, co-founder and CEO of major crypto derivatives exchange BitMEX, has revealed that the firm is hoping to open a cryptocurrency options platform in the medium term. Yesterday CME Group reported record volume for its bitcoin futures, with a value equivalent to 168,000 BTC (about $1.35 billion).

Bitcoin’s Monthly Price Gains Already Highest Since November 2017

Bitcoin’s Monthly Price Gains Already Highest Since November 2017

View Bitcoin hit a fresh 10-month high of $8,335 on Bitstamp earlier today and is currently reporting its largest monthly gain since November 2017. A bearish divergence of the hourly chart relative strength index and overbought conditions signaled by longer-duration RSIs indicate scope for a pullback to $7,400. A rally to $8,500 could be seen in the U.S. trading hours if BTC invalidates the above bearish chart pattern with a move over $8,335. Bitcoin (BTC) clocked fresh 10-month highs earlier today and currently appears on track to post its largest monthly gain since late 2017. The cryptocurrency market leader rose to $8,335 at 08:00 UTC on Tuesday, the highest level since July 25, according to Bitstamp prices. As of writing, BTC dropped back slightly to $8,000, but that still represents 51.5 percent gains on the monthly opening price of $5,267. It is worth noting that the last time the cryptocurrency chalked up over 50 percent monthly gains was during the height of the bull market in 2017. Prices rallied 54 percent in November 2017 on speculation that the launch of BTC futures on major U.S. derivative exchanges would open the doors to institutional money in the crypto space. So, as long as prices close May above $7,350, the monthly gain would be the highest since November 2017. Monthly chart As seen above, BTC rallied by 65.78 percent and 54.6 percent in August and November 2017, respectively. The month-to-date gains seen at press time are the highest since November 2017. The monthly gain, however, would be the biggest since August 2018 if the price settles above $8,150 on May 31. If BTC ends May below $7,347, the monthly gain would be the highest since December 2018, when prices rallied 39.5 percent. With long-term technical studies biased bullish, the cryptocurrency looks set to post its best monthly gain since August 2017. The recent rally, however, is looking overstretched on the short-term charts. So, a price pullback and a monthly close below $7,347 cannot be ruled out. Daily, weekly and 3-day charts As can be seen (above left), the 14-day relative strength index (RSI) is reporting overbought conditions with an above-80 reading. The RSIs on both the weekly and 3-day charts (above right) are also flashing similar signals.…

Up $1,200 on the Day, Bitcoin’s Price Surges Above $8K

Up $1,200 on the Day, Bitcoin’s Price Surges Above $8K

Bitcoin’s price has continued to extend its recent rally to a price level beyond $8,000. At 21:30 UTC today, the price world’s largest cryptocurrency rose as high as $8,195 on Coinbase, marking a 17.4 percent or $1214 increase during today’s trading session. In the past 24 hours alone, Messari data reveals more than $27 billion worth of bitcoin was traded across exchanges, whereas $2,1 billion was traded solely on the 10 exchanges Bitwise Asset Management identified as the only exchanges reporting honest volume figures. While vigorous, today’s development is not an anomaly. In fact, bitcoin’s price increases have been aggressive for much of 2019 and rose more than $1000 dollars once again just two days ago. In the past 90-days alone the cryptocurrency has increased 127 percent in price, nearly 60 percent of which was accrued in the last 30 days alone, Messari data reveals. The USD value of most cryptocurrencies are seeing notable increases as a result of bitcoin’s rebound, including the likes of Binance Coin (BNB) and Bitcoin Cash (BCH) both of whom are reporting double-digit 24-hour gains. That said, bitcoin’s percent share of the capitalization of the total cryptocurrency market is now a 60 percent – its highest since Dec. 11, 2017 according to Coinmarketcap, and a sign its growth is outpacing the rest of the broader market.  History repeating? Interestingly, a very similar and parabola shaped price increase like the one bitcoin has just witnessed occurred at the end of the previous bear market in 2015. As can be seen below, bitcoin’s price trend entered a parabolic rise after reaching a low of $198 on Aug. 25, 2015 followed by a  near 150 percent increase before temporarily topping out at $499 on Nov. 4th of that year. Is #bitcoin repeating history again? The current parabolic rise looks very similar to how the previous bear market in 2014-15 ended. $BTC/USD increased roughly 150% from previous lows on both occasions. pic.twitter.com/LQa8iBnR4S — CoinDesk Markets (@CoinDeskMarkets) May 13, 2019 Indeed, history seems to be repeating itself, or at least rhyming, as bitcoin’s market has once again entered a parabolic structure having increased nearly 150 percent from its most recent low of $3,128 set on Dec. 15, 2018. Disclosure: The author holds several cryptocurrencies. Please see his author…

XRP Tops Cryptocurrency Price Gains After Coinbase and ETN Rollout

XRP Tops Cryptocurrency Price Gains After Coinbase and ETN Rollout

United States cryptocurrency exchange Coinbase confirmed it had rolled out XRP trading to New York users in a social media update on May 13. Amid bitcoin’s (BTC) ongoing bull market, XRP topped the day’s best performers on Tuesday following the news, XRP/USD delivering up to 22% gains in the 24 hours to press time. Coinbase Pro had originally rolled out XRP support on its platform in February. The New York addition accompanied news from Europe, with German exchange Boerse Stuttgart revealing it had launched a dedicated exchange-traded note (ETN) for both XRP and litecoin (LTC). “There is a lot of interest in cryptocurrencies,” Jürgen Dietrich, the exchange’s director of blue chips and funds trading, said in an accompanying press release. “These ETNs will allow investors in Germany to track future price developments of the two cryptocurrencies Litecoin und Ripple through exchange-traded securities for the first time.” Stuttgart is Germany’s second-largest stock exchange, with Cointelegraph previously reporting about the changing appetites towards crypto more widely among German regulators this month. Banking interest in Ripple’s payments network meanwhile continues, with Saudi Arabia last month becoming the latest participant to launch cross-border transfers using the technology.