Monthly Archives: October 2020

Chinese city seeks to power urban governance and more using blockchain tech

30 new blockchain adoption applications will be considered as part of the city’s two-year plan. Authorities in Chengdu, China plan to adopt blockchain for several use cases throughout the city, including urban governance, cross-border trade, smart manufacturing, and agriculture. During the 2020 Chengdu Global Innovation and Entrepreneurship Fair, the city’s first International Blockchain Industry Expo, Lu Tiecheng, secretary of the Party Group of the Chengdu New Economy Committee, released the “Chengdu Blockchain Application Scenario Supply Action Plan.” According to a local media outlet, Red Star News, this […]

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Binance CEO denies allegations that the exchange’s US arm is a regulatory decoy

“Binance has always operated within the boundaries of the law,” said CZ. Changpeng Zhao, CEO of Binance, is pushing back hard against allegations that the crypto exchange set up its U.S. arm to circumvent regulations and surreptitiously profit from investors. According to an Oct. 29 article from Forbes contributor Michael Del Castillo, the news outlet claims to have obtained a leaked presentation outlining Binance’s plans for operating in the United States. The document states that in 2018 — prior to the launch of Binance.US — the crypto […]

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Tax professional explains the most important thing for US crypto holders

Tax season is confusing, especially when it comes to crypto. Wendy Walker, solution principal at the tax compliance company Sovos, described reporting as the most important aspect of tax filing that people in the blockchain industry should know about.  “Even if you don’t owe income taxes, you still have to report details of the transactions,” Walker told Cointelegraph in an interview. “I think that’s probably one of the key things about this moving of the question to the front of the 1040” she said, referencing the IRS’ […]

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KPMG Expands Crypto Management Suite to Boost Institutional Adoption

KPMG’s cryptocurrency management suite has expanded with the company’s integration of Coin Metrics’ products. KPMG’s new tools are “designed to enable the increasing institutional adoption of cryptoassets.” KPMG Enhances Its Crypto Management Suite KPMG LLP announced Tuesday that it has formed a strategic alliance with the crypto market and network data provider Coin Metrics Inc. This enables the company to provide its clients with “Coin Metrics’ full-suite of institutional data products and infrastructure” alongside “KPMG Chain Fusion, a patent-pending suite of capabilities,” the announcement states, adding: Through […]

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Declining DEX volumes reflect DeFi investors shift to Bitcoin — Data shows

Steadily declining DEX trading volumes and disintegrating DeFi token prices suggest investors have shifted their focus back to Bitcoin. All eyes are set on Bitcoin (BTC) as the digital asset continues to trek to a new 2020 high. Meanwhile, the hype around decentralized finance projects continues to die down, especially as token prices plummet. Data shows that trading volume for decentralized exchanges (DEXs) is dropping rapidly, further signaling the decline of the DeFi sector. The recent hack of Harvest Finance saw volumes across DEXs boom for one […]

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Maker community scrambles to fix long-standing vulnerability to flash loans

A relatively benign attack highlighted the potential threat of flash loans. The MakerDAO (MKR) community is urgently implementing measures to prevent voting manipulation through flash loans. This was precipitated by what is likely the first instance of the feature being used to influence a DeFi governance vote on Oct. 26. According to a post published by community member LongForWisdom, someone used a flash loan to force a governance proposal through. BProtocol, a service that lets users pool liquidity to join in Maker debt auctions, came forward as […]

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Bitcoin price spikes 5% to $13.5K shortly after ECB stimulus announcement

Bitcoin price rallied from $12,920 to $13,600 in the hours following the European Central Bank statement and optimistic job data from the U.S. The price of Bitcoin (BTC) increased from $12,920 to $13,600 in four hours, recording a 5% rally. The uptrend coincides with positive developments from the European Central Bank, or ECB, and optimistic job data from the United States. BTC/USD 1-hour chart. Source: TradingView.com Macro factors favor Bitcoin rally Throughout the past week, BTC has continuously rallied despite negative macro factors. The U.S. stock market […]

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Bitcoin adoption could reach 90% by 2030, investment firm founder claims

Adoption started slow, but has ramped up with the passage of time. With the recent influx of mainstream financial players into the blockchain space, how long will it take for corporate allocation of Bitcoin to become the norm? Brian Estes, founder of investment firm Off The Chain Capital, thinks 10 years.  “I think in 2029, 2030, when 90% of U.S. households and people in the United States use cryptocurrency and Bitcoin, then I think it becomes a stable part of the economy, and not just the U.S. economy, […]

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Microstrategy CEO Personally Owns $240 Million in Bitcoin — Company BTC Profit Outshines Other Earnings

Following a $425 million bitcoin purchase by his billion-dollar company, Microstrategy CEO Michael Saylor reveals that he personally owns about $240 million in bitcoin. Meanwhile, his company’s bitcoin gains have outperformed the company’s other earnings. Microstrategy and Its CEO Are Both Bitcoin Hodlers The CEO of the billion-dollar company Microstrategy, Michael Saylor, has revealed his own bitcoin holdings. His company, Microstrategy, recently bought $425 million in bitcoin as its primary Treasury reserve asset. Saylor, who has been outspoken about bitcoin ever since his company decided to make […]

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Up or down? These Bitcoin price levels hint at the next move from $13K

Bitcoin price action has turned sideways amid fears of potential Coronavirus lockdowns across Europe establishing some clearly-defined support and resistance levels around $13K. Bitcoin (BTC) price has had a tremendous month as the price rallied from $10,500 to $13,800. However, in recent days, momentum is slowing amid rising coronavirus fears. Bitcoin’s price dropped from $13,800 to $12,900 on Oct. 28, making the recent breakout a fakeout. Alongside a correction on the cryptomarkets, the equity and commodity markets also showed weakness. As the S&P retraced 4% on Wednesday, […]

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