Bitcoin Price Eyes Longest Monthly Winning Run Since 2017

Bitcoin Price Eyes Longest Monthly Winning Run Since 2017

View With 63 percent month-to-date gains, BTC looks set to register its longest monthly winning run since August 2017. The falling channel breakout seen on the monthly chart favors a rally to key Fibonacci resistance of $9,442. BTC has pulled back from one-year highs hit earlier this week. The cryptocurrency, however, remains on the hunt for a near-term move above $9,000, as the daily chart pennant breakout confirmed on Sunday is still valid. The short-term bullish case would weaken if the price drops below $8,000. Bitcoin (BTC) is on track to register its longest winning streak since August 2017, with four consecutive months of price gains. The cryptocurrency is currently trading at $8,670 on Bitstamp, representing 63 percent gains on the opening price of $5,267 seen on May 1. The bulls usually take a breather after engineering such stellar gains, and a healthy correction may be seen over the next two days. However, a drop all the way back to the monthly opening price of $5,267 before Friday’s UTC close looks unlikely, as both the short-term and long-term technical studies are biased bullish. For instance, BTC is currently witnessing strongest buying pressure since December according to the weekly chart money flow index. Further, the cryptocurrency is trading well above the 200-day moving average (MA) – a widely tracked barometer of the long-term trend. The average, currently located at $4,544, is beginning to curl upwards in favor of the bulls for the first time in over 12 months. So BTC looks set to end in the green for the fourth straight month, having rallied 11, 8 and 28.6 percent in February, March and April, respectively. The run marks the longest monthly winning streak since August 2017, as seen in the chart below.   Bitcoin’s price was solidly bid in the five months to August 2017. A minor blip in September was followed by a three-month rally to a record high of $20,000 The cryptocurrency jumped 11 percent in February this year, snapping its record six-month losing run If prices remain near $8,600 till Friday’s UTC close, then the resulting monthly gain would be the highest since August 2017. Monthly chart Bitcoin’s price has risen sharply this month, validating the falling channel breakout confirmed on April 30.…

Rakuten Wallet Partners With CipherTrace to Assure Safety of Its Upcoming Crypto Exchange

Rakuten Wallet Partners With CipherTrace to Assure Safety of Its Upcoming Crypto Exchange

A subsidiary of Japanese e-commerce giant Rakuten, Rakuten Wallet, has partnered with blockchain security firm CipherTrace to assure Anti-Money Laundering (AML) compliance for the company’s upcoming crypto exchange. The development was announced in a press release shared with Cointelegraph on May 29. CipherTrace — which develops cryptocurrency AML, forensics and regulatory monitoring solutions — will work on improving the safety of Rakuten Wallet’s investors as well as the protection of the integrity and compliance of the exchange. Dave Jevans, CEO of CipherTrace, commented on the cooperation: “We have made significant strides as an industry to make the cryptocurrency market grow and become more trustable. Rakuten Wallet cares about its customers and will work with CipherTrace to make sure that exchanges have optimal protections for mainstream adoption. It is our hope that proper compliance, transparency and increased trust will lead to more and more participation in the global crypto market.” Rakuten Wallet plans to launch the exchange in June. According to the company, its trading platform will allow users to trade digital assets via a smartphone application. Opening an account will reportedly be free of charge and customers’ funds will be stored in a cold wallet —  a device for storing digital currency that is not connected to the internet. Rakuten Wallet had already opened its online account registration process for cryptocurrency trading services in mid-April, requiring traders to register with a Rakuten user ID and associated bank account. Also in April, a source familiar with the matter told Reuters that Japan’s Financial Services Agency (FSA) will require cryptocurrency exchanges to strengthen their internal supervision of cold wallets. By implementing the new regulation, the FSA purportedly addresses the difficulties of ensuring the security of digital currencies and other risks for the country, as it intends to boost the fintech industry to stimulate economic growth.

Rakuten Brings in Compliance Partner for New Crypto Exchange

Rakuten Brings in Compliance Partner for New Crypto Exchange

Japanese e-commerce giant Rakuten, has partnered with blockchain analytics firm CipherTrace to help ensure compliance for its soon-to-go-live cryptocurrency exchange. CipherTrace announced Wednesday that it will help ensure sound anti-money laundering (AML) processes are in place for the firm’s Rakuten Wallet exchange platform, which is based in Tokyo. Rakuten Wallet started accepting account registrations last month from those who have an account at Rakuten Bank or who already have a Rakuten member ID. It is yet to open the platform for the wider public. “Regulatory compliance and anti-money laundering protections are of the utmost importance,” said Yoshinao Kiyama, head of the risk control department at Rakuten Wallet. “We believe CipherTrace will provide us the necessary tools needed to best support Rakuten Wallet.” Last month, cryptocurrency exchange Binance also partnered with CipherTrace to enhance AML processes such as tracing the source of on-chain funds and matching user IDs to problematic wallet addresses across its platform. Rakuten Wallet was previously known as Everybody’s Bitcoin, an exchange Rakuten acquired for $2.4 million last August. A rebranding of the entity to Rakuten Wallet took place on March 1, at which time the older service was closed. The new exchange received a license earlier this year from the Japanese Financial Service Agency. The exchange is therefore registered with the Kanto Local Financial Bureau as a virtual currency exchange service provider under the country’s Payment Service Act. Rakuten itself was a relatively early adopter of crypto, launching bitcoin payments for its U.S. e-commerce platform in 2015 via an integration with bitcoin payment processor Bitnet. Rakuten image via Shutterstock 

PR: True Flip’s Pioneering Crypto Lottery Will Acquire a Cross-Platform Jackpot

PR: True Flip’s Pioneering Crypto Lottery Will Acquire a Cross-Platform Jackpot

This is a paid 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. Massively updated, and keeping its remarkable fairness check feature, Flip’s Star will open up to True Flip’s partner network later this year. Meanwhile the game bolsters the evolving loyalty system at Trueflip.io, the company’s playground. The next incarnation of Flip’s Star is built around its progressive Jackpot, worth 50 BTC on launch, and going cross-platform in late 2019. Given its friendly interface, the game appeals with its simplicity, uncommon for blockchain apps. Draws take place every Sunday around 18:00 UTC, when a genuine algorithm by True Flip extracts a winning sequence from a newly-generated, thus unpredictable, Bitcoin block hash. The concept enables a one-click fairness check on the site. With bulk discounts of up to 75%, tickets are now in stock for registered players at https://star.trueflip.io/. Flip’s Star will also grant tickets for points earned while playing on Trueflip.io. “Flip’s Star has ensured our successful business launch, and passed 590 daily draws, bringing lots of joy to numerous lucky players. After months of refactoring, the game is back in service, massively updated in core, with more features and a whole new role in our ecosystem.” – said Konstantin Katsev, CMO of True Flip. True Flip has also withdrawn another blockchain-utilizing lottery, Rapid to the Moon, to face similar updates. The instant drawing game will return to the company’s b2b and b2c portfolios before the end of the year. About True Flip True Flip is an iGaming provider that has released multiple games, with more in development. The games combine unique storylines with authentic visuals and offer varied gameplay and risk levels. The products are designed for easy business-to-business integrations and a follow-on service. Trueflip.io is a casino brand based on deep gamification and hosting hundreds titles from top-tier providers. Targeting a wide range of players, Trueflip.io is an online amusement park backed with a growing fantasy universe to host tournaments, bonuses and promotions. Trueflip.io was also among the pioneers in bringing Blockchain technology to the mass iGaming market. Contact Email Addressvas@trueflip.io Supporting Linkhttps://star.trueflip.io/ This is a paid press…

Bitbond Plans to Raise $3.9 Million in Germany’s ‘First’ Regulated STO

Bitbond Plans to Raise $3.9 Million in Germany’s ‘First’ Regulated STO

Blockchain-based lending platform Bitbond is launching a security token offering (STO) that it says is the first to be approved by a regulator in Germany. Through the sale, the firm aims to raise €3.5 million ($3.9 million), allowing it to continue providing loans to small businesses, Germany-based Bitbond announced Tuesday. The STO is open until July 8 for investors everywhere except the U.S. and Canada. The security token, called BB1, works like a bond, and Bitbond will buy back the tokens after 10 years. The prospectus of the STO has been approved by German financial regulator BaFin, the firm said. Bitbond provides working capital loans to small businesses that use e-commerce platforms like eBay and Amazon in Asia, and claims to have already processed over $15 million-worth of business loans. Radoslav Albrecht, Bitbond founder and CEO, said: “Small businesses are an incredibly important part of the economy, and hire the majority of all employed people worldwide. We see this STO as a way to help small businesses create more jobs, and supercharge their own growth.” Founded in 2013, Bitbond has already raised millions in VC funding to support its loan offerings. Its latest round attracted $5.5 million, and it previously raised $1.2 million, $671,000 and $.2.2 million in three separate funding rounds. BaFin image via Shutterstock 

BitPay CCO Believes Big Business Will Push Bitcoin’s Price Even Higher

BitPay CCO Believes Big Business Will Push Bitcoin’s Price Even Higher

A senior executive at cryptocurrency payments processor BitPay told Bloomberg on May 29 that bitcoin (BTC) will only expand higher from its current price. Speaking in an interview with Bloomberg TV, the company’s chief commercial officer, Sonny Singh, said it was business interest and endorsement of cryptocurrency that was fuelling the current market-wide bull run. “You’re starting to see that these currencies have real use cases around the world, and it’s making people really excited now because they can see the light at the end of the tunnel for these use cases,” he told the network. Singh was referring to upcoming crypto-based projects from corporations including Facebook and Fidelity Investments, as well as extant moves such as JPMorgan’s JPM Coin and telecoms provider AT&T now accepting bitcoin for payments using BitPay. As more plans become reality, bitcoin can only stand to profit from the increased exposure and mainstream dominance, he noted. For regulators, a double standard which favors private cryptocurrency but outlaws decentralized ones is now impossible, Singh also said. “How’s the regulator going to show that JPMorgan we like, but bitcoin and ethereum we don’t like?” he continued. Singh stated: “It’s going to be hard. They’re going to have to make a classification: ‘digital currencies — these are the rules around all digital currencies.’ And that’s what the industry’s waiting for — to have regulations that we can follow and adhere to to prove that everything is legal in an organized way.” While JPM Coin in fact gained a critical reception from the industry when it launched earlier this year, Facebook has remained coy about its plans, with unconfirmed media reports hinting only that it would target payments from 2020 and possibly bear the name “GlobalCoin.” A report this week, nonetheless, cautioned that circulation of such an in-house cryptocurrency could face various hurdles among the social network’s multibillion-strong user base.

US LocalBitcoins Trader Who Offered Fake Real Estate Gets 21-Month Jail Term

US LocalBitcoins Trader Who Offered Fake Real Estate Gets 21-Month Jail Term

United States authorities have brought criminal charges against a LocalBitcoins trader in connection with operating an unlicensed money transmission business, a government press release confirmed on May 28. As revealed by the U.S. Attorney’s Office for the Southern District of California, Las Vegas resident Morgan Rockoons will serve 21 months in federal prison for his activities, which also included a bitcoin (BTC)-based real estate fraud scheme. According to the release, Rockoons made over a thousand trades on the P2P platform until the end of 2017. Having failed to register as a money transmitter with the Financial Crimes Enforcement Network (FinCEN), Rockoons had fallen onto the radar of San Diego law enforcement several years earlier as the biggest-volume trader in the area. An indictment appeared in November 2017, with arrest in February the following year. After his release on bail, however, Rockoons began operating an allegedly outright criminal business, “Bitcointopia,” offering land which never existed in return for bitcoin. “Victims who sent Rockcoons Bitcoin never received their title to land as promised. To date, agents have identified at least 10 victims of Rockcoons’ fraud,” the release confirms. Rockoons was again arrested in October 2018, and plead guilty to crypto-related fraud charges in related to Bitcointopia as well as to operating a money transmitting business without a license in March of this year. In total, the profits from the activities topped $80,000, which Rockoons will now forfeit in addition to the jail term after his guilty plea. The takedown continues an increasingly zero-tolerance policy towards informal trading in the U.S.. As Cointelegraph reported, regulators keen to standardize the landscape have brought charges against a host of individuals, many as part of the so-called Operation Cryptosweep which began in 2018. In terms of crime, May also saw the halting of a major Ponzi scheme which involved 300 investors from the U.S. and Canada losing money to promoters of an allegedly diamond-backed cryptocurrency. In Brazil, meanwhile, a separate swoop shut down a much larger pyramid scheme that reportedly defrauded over 55,000 people.

U.K. Exchange Coinfloor Is Getting Paid to Help Crypto Firms Access Banking

U.K. Exchange Coinfloor Is Getting Paid to Help Crypto Firms Access Banking

Coinfloor, the U.K.’s longest-running crypto exchange, has teamed up with electronic money institution (EMI) Enumis to deliver bank-like accounts to crypto firms, a perennial pain-point across the industry. Under the partnership, Enumis will pay Coinfloor a fee for referring reputable crypto-facing businesses that successfully set up current accounts (the U.K. equivalent of checking accounts). “Being insiders in the crypto space we are aware of crypto companies operating as good and compliant custodians and so now we will vet and review these and recommend them to Enumis for onboarding,”  Obi Nwosu, CEO, Coinfloor told CoinDesk. “I think ‘brokering’ is technically the wrong word, but we are working in partnership with Enumis and introducing clients to the offering.” After getting its own current account with Enumis at the start of the year, the firms realized that “together we can do more,” Nwosu said. Aside from the fees, Coinfloor is hoping that the access to fiat accounts will be another draw for startups to use the exchange. The company, founded in 2013, currently has 50,000 customers, aims to become the premier fiat bridge for the U.K. “Obviously we think it will bring people to the exchange and we tend to be the best price anyway,” noted Nwosu, adding: “But this also about helping firms who are doing things the right way to succeed: something we are doing even if they are ostensibly competitors. We would argue that if we are all succeeding it’s beneficial to everyone.” Getting and holding onto a bank account is a longstanding challenge for any business that handles cryptocurrency. There have been a few notable exceptions in the U.K., such as Barclays banking Coinbase and Circle, but it’s a rare occurrence, and the arrangements are normally clandestine. Banks, for their part, fear the headline risk of being even an arm’s length from crypto that may have been involved in hacking events, crimes and so on. Next best thing? To be clear: Enumis isn’t a bank, though it offers many similar services. Founded in 2010, it is authorized as an EMI by the U.K. Financial Conduct Authority, from which it also holds a consumer credit license. Importantly it is wired into payment networks such as Mastercard, the U.K. Faster Payments Service, CHAPs and BACs. Similar…

Major Bitcoin Accumulation Was Underway by Big Money During Crypto Winter, Analysts Say

Major Bitcoin Accumulation Was Underway by Big Money During Crypto Winter, Analysts Say

The number of wallets holding between 1,000 and 10,000 bitcoin (BTC) has seen a sharp increase since the crypto market bottomed this winter, indicating significant accumulation during the price dip. The analysis was published in a new report from weekly crypto outlet Diar on May 28. Diar’s analysis begins by comparing bitcoin’s distribution landscape today with data from August 2018, when the top coin was last trading in a circa $8,000 price range. The analysis focuses on so-called “Firm Size” bitcoin wallet addresses — defined as those holding between 1,000 and 10,000 BTC — and notes that such addresses now own over 26% of circulating supply, or $36 billion worth of BTC. Back in August 2018, Firm Size addresses held under 20% of bitcoin’s circulating supply, revealing a significant accumulation of almost 7% in under a year, the report notes. Since the crypto market’s recent bottom in December 2019 — when bitcoin traded as low as $3,200 — bitcoin accumulation to Firm Size tier wallets has tallied to $450,000 — the most rapid growth among any tier of wallet addresses, as Diar’s data indicates. “BTC at $8K: Number of Bitcoins Added/Lost by Band.” Source: Diar The total value of these Firm Size wallets now totals $6 billion more than in August 2018, with Diar underscoring that the bitcoin analyzed in these addresses is neither stale nor lost — i.e. the majority of it has been actively moved within the past three months. Diar further notes that since the start of 2019, around 40% of the bitcoin that has been newly minted through inflation has been accumulated by Firm Size wallets — over 100,000 bitcoin. Even more noteworthy, the report claims, is the long-term trend of apparent accumulation by Firm Size addresses: since the beginning of the crypto bear market in January 2018 — after which around 955,000 BTC has been newly minted through inflation — these addresses have reportedly consolidated half of the new market supply. As reported, analysts from digital assets fund Adamant Capital predicted this April that the bear market was entering its final phase — accumulation — noting that bitcoin whales were accumulating the top coin in a pattern that echoed the 2014-2015 bear market.

Bitcoin’s ‘Toxic’ Twitter ‘Culture War’ Explained

Bitcoin’s ‘Toxic’ Twitter ‘Culture War’ Explained

“What the heck! It’s a food fight on here. [Bitcoin developer] Matt Corallo is mad at Blockstream. Ragnar and Giacomo Zucco clubbing people left and right. Wat is going on!?” This text from a bitcoin enthusiast friend aptly described the confusion on social media platform Twitter in recent days, when leading members of the bitcoin developer and startup ecosystem have been fighting over bitcoin’s “culture” and whether it needs to be changed or improved. The root of the debate: Does bitcoin have a culture problem? Is there too much “toxicity”? And yet, as Twitter is a free-for-all, there were all sorts of sub-parts to the debate, centering on other questions: Is bitcoin inclusive enough? Why is Twitter so harsh? And what, exactly is bitcoin culture? It’s hard to say exactly how the fiery battle started, but it appears to have stemmed from a tweet from Token Daily co-founder Soona Amhaz stating: “A few bright ethereum core developers have personally confided in me that they turned to ethereum after feeling [antagonized] by the bitcoin community. Play the long game or you will lose talent.” Amidst the discussion that followed came Neil Woodfine, Blockstream’s marketing director, who argued that bitcoin’s culture can seem unwelcoming partly because there are so many fraudsters in the industry trying to make a quick buck. And those in the ecosystem who have been around for more idealistic reasons, have grown to reject this mindset in a sometimes harsh manner. “Bitcoin industry culture is therefore *necessarily* one of extreme skepticism, cynicism, rigorous review, and forthright language,” Woodfine tweeted, adding: “If you’re unhappy with bitcoin culture, sorry, you’re the problem. Bitcoin is better off without you—you’re not cut out for the challenges ahead. You’re not good under pressure, you’re too sensitive, and you lack conviction.” Others on Woodfine’s “side” of the debate (though the debate was so raw and messy it’s hard to determine actual sides) argue that bitcoin’s community has been hardened by past debates over the years. The most well-known of which was bitcoin’s scaling debate, which abruptly ended when a minority of bitcoiners broke off to create bitcoin cash. In short, the argument goes that the reason the community can come off as unwelcoming is because they’ve had to dispel many bad…