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FINRA Regulator Suspends Former Banker For Mining BTC

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FINRA regulator or the Financial Industry Regulatory Authority fined and suspended a former investment banker for mining bitcoin. According to the reports in the latest cryptocurrency news, Kyung Soo Kim mined bitcoin since 2017.

The former banker operated the mining business without giving his employer a written notice. Kim was an employee of the Bank of America-owned broker Merill Lynch, Pierce, Fenner and Smith Inc. The FINRA regulator claims that he mined bitcoin by violating the rules which prohibit the members from serving as an independent contractor, employee, officer, and director of the partner of another person outside of the employer. Additionally, the members are also prohibited from being compensated in any kind from another person as a result of any business activity. Kim was later discharged from his duties by Merill in 2018.

What is also worth mentioning is that Kim was accused of forming a company named S Corporation for the purposes of mining cryptocurrencies and Bitcoin. He will now serve a one-month suspension that will prohibit him from getting in touch with any FINRA member companies during the same time. He will also pay a fine to about $5,000.

Given that he reportedly formed his mining company in 2017 when the price of bitcoin skyrocketed, it is hard to argue that Kim was not wowed by the excitement on the market and clearly did not want to miss out on the major bull run that seemed never-ending. The punishment as explained in the coming altcoin news may seem a little moderate compared to other people that suffered even worse when they tried to mine bitcoin under different circumstances.

As it was reported last month, an Australian man is now facing ten years in prison for mining cryptocurrencies on government computers. He only managed to mine about $9,000 which makes the prison sentence a high price to pay. Also, a 61-year old woman was sentenced to four months in jail in China for stealing electricity in order to mine bitcoin. The woman was also given a $1,500 fine after the lawsuit was filed by the power provider. It seems like Kim will be joining the army of sentenced people who try to make some extra money by mining without following the rules and regulations.

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Bitcoin News

CME BTC Futures Volumes Hits 4-Month Low: Analysis

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CME BTC Futures
CME BTC futures volumes reached the lowest point in four months, getting 50% below than peak activity in July as we reported in the previous altcoin news. The futures market behavior was seen as an indicator for the weakening bitcoin performance. The futures market reached the lowest volumes in four months just when BTC broke down below the $10,000 again failing to perform a better rally. BTC dropped below $9,896 after a one-hour crash early on Thursday. The futures markets indicate that there are two moods and attempts to sway the BTC market since the launch of the cash-settled futures was seen as potentially setting off a long drop in BTC prices in 2018. The CME BTC futures volumes activity also correlates with the imminent launch of the BAKKT ICE futures market. this time, there are a lot of questions on how the product will affect the BTC spot prices. Bakkt will use a physical delivery settlement instead of cash ones. The sentiment surrounding the BTC prices is showing a ‘’fear’’ more and at this point, it is still unknown which investors will enter the futures markets and according  to some analysts:
 ‘’ of a 2nd example of my fear. The out of no where dump in bitcoin on 9/6, it started at 1pm. The Bitcoin futures dump started at 1235pm on the CME futures. It seems to me bitcoin is now controlled the way equities markets are: by a small minority trading in an illiquid futures mkt’’
It is still unclear whether the new Bakkt futures would have a similar effect since, in theory, the traders could acquire physical BTC by acquiring a contract and holding it until the settlement begins. They will be credited with the actual BTC later. Despite the low volumes, the CME increased the spot-month position limits and BTC still remains unpredictable so it is possible that there is some more increasing interest in trading.  As per the latest cryptocurrency news, the CME futures market seems to be active in comparison to the CBOE product which was eventually discontinued before the big summer rally which sent BTC to a yearly peak.
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Bitcoin News

Bitcoin Price Reversal Triggers $150 Million BitMEX Liquidation

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Bitcoin Price Reversal
The recent Bitcoin and altcoin news show that there are a lot of losses on the market. It seems that the Bitcoin price reversal has triggered a lot more reds than originally expected. In a move that was not entirely unexpected, the BTC price has plunged below $10,000 in a breakdown that started around 1PM UTC this morning. This quick dump was also featured in the latest cryptocurrency news and resulted in liquidating approximately $150 million in long positions on BitMEX. The morning dump was definitely expected by some analysts - but also unexpected by others. In fact, nearly every technical analyst with a TradingView account has drawn the same or similar descending triangle as the one reported by TradingView - and shown below. [caption id="attachment_33583" align="aligncenter" width="720"]trading view chart Source: Trading View[/caption] Either way, the contrarian analysts have likely drawn a sort of symmetrical triangle, pennant or wedge pattern. It is clear right now that the price of Bitcoin has put in consecutively lower highs and was lacking the steam to breakthrough the descending resistance line of the triangle. What makes matters worse for the bulls in this Bitcoin price reversal trend is the fact that the daily exponential moving average (EMA) ribbon is now firmly positioned above the price, which will provide additional sell pressure alongside the descending resistance. Despite the expected dump in the morning, there is still no reason to panic for the bulls, analysts say. The Bitcoin price overshot the first level of support at $9,775 but is now around $9,900 - retracing above it. When it comes to the past and present Fibonacci levels, we can see that two more levels of support remain before Bitcoin turns legitimately bearish in the medium term. These support levels are around $9,411 and $9,049. The question that many best cryptocurrency news sites post right now is - "Should the bottom drop out of Bitcoin and the market leader see the price drop below $9,000?" The possibility of a further Bitcoin price reversal is obvious. For the bulls to regain some confidence in the short term, they must first retake $10,000 before making a push to break out of the descending triangle. If such a breakout occurs, the Bitcoin price would still have serious overhead resistance in the vicinity of $11,300 and $12,000, analysts say.
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Altcoin News

Israeli Startup GK8 Secures $4 Million By Investors

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Israeli Startup GK8
The Israeli startup GK8 is in the latest cryptocurrency news for developing the world's first offline system for transacting cryptocurrencies. The startup got backed with even $4 million by investors - and the new system uses GK8 and its proprietary cryptographic techniques that enable instant blockchain transactions of digital assets without the need for an internet connection. According to the Israeli news publication Globes and its reports on Septemebr 18, the Israeli startup GK8 managed to raise around $4 million in a funding round which was led by Discount Capital, a venture arm of one of the three largest banks in Israel. Marius Nacht was also part of the funding round, known as the co-founder of the cybersecurity giant Checkpoint. Other investors included the names of EdenBlock, iAngels, IDEAL-HLS, StratX and the Israeli Innovation Authority. Many best cryptocurrency news sites reported that GK8's new cryptographic techniques allowed the company to develop a cold wallet with "hot wallet functionalities" which helped it secure user funds from hackers and cyber attacks. A recent interview with Fortune featured the Israeli startup GK8 and its CEO Lior Lamesh, who told the media outlet that the technology that they are using is "ledger agnostic." With this, the GK8 CEO hinted that it can be used for Bitcoin (BTC) and other cryptocurrencies. As he said, GK8 is capable of recording transactions on a blockchain in offline mode thanks to an "unidirectional connection." The technology backing up the Israeli startup GK8 is impressive. It is now up and running and already being used by the popular digital asset platform eToro. According to Fortune and its reports, GK8 has succeeded a lot in less than one year. Founded in 2018 by two members of an Israeli special defense unit specializing in guarding the country's digital assets, the Israeli startup emerged into one of the most impressive new projects in the country. In related news, the Silicon Valley based crypto intelligence firm CipherTrace reported that cryptocurrency thefts reached more than $1.2 billion in the first quarter of 2019 - which is $500,000 less than what was stolen throughout 2018. Meanwhile, the latest Bitcoin and altcoin news show that the market has not stabilized yet and that reds are all over the charts as we speak.
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Altcoin News

Investment App Abra To Sell Crypto In 6,000+ 7-Elevens In Philippines

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The major investment app provider named Abra is in the latest cryptocurrency news for its plans to sell cryptocurrency for cash in more than 6,000 outlets of the popular 7-Eleven store in Philippines. As the news show, this is an expansion which comes after the firm signed a deal with the local payments company ECPAY to access its network which includes all 7-Eleven stores in the country. This service lets any user of an Abra wallet to purchase crypto via 7-Eleven's CLIQQ app or kiosks. The terms will include a minimum deposit requirement of 500 Philippines pesos (around $10) and a maximum purchase of 100,000 pesos (over $1,900) per day. The users will be charged a 2% transaction fee from the investment app Abra - all in order to purchase cryptocurrencies through their wallet. The founder and CEO of Abra named Bill Barhydt was featured on many best cryptocurrency news sites for the following statement that he made recently:
“Now Abra users in the Philippines can quickly and easily add pesos into Abra and use that to invest in cryptocurrencies or popular stocks like Google, Amazon, Facebook, etc., which opens up a world of new possibilities to build wealth.”
The investment app Abra was in the news back in February as well. Then, it said that it was launching a new service which allowed customers to invest in fractions of stocks of NASDAQ-listed firms. The app also supports 30+ cryptocurrencies and 50+ fiat currencies. According to the general manager at ECPay, this partnership “widens the product and service offerings of ECPay to its Collection Partners like 7-Eleven, NCCC Department Stores and Supermarkets, LCC Malls and other Remittance, Pawnshop partners." For those of you who don't know or are not following our altcoin news, the Philippines adheres to the Cagayan Economic Zone Authority (CEZA) which unveils a comprehensive set of new rules that govern cryptocurrencies. All of this was made in a bid to effectively regulate and protect investors. Under the rules, all Digital Asset Token Offering (DATO) regulations must have proper offering documents with pertinent details on the issuer, project and accompanying advice and certification of experts and DA Agents.
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