Visa’s foray into fintech provokes DoJ antitrust investigation

The U.S. Department of Justice, or DoJ, recently publicized an investigation into Visa’s ongoing acquisition of fintech company Plaid.   “Today, the Department of Justice filed a petition in the U.S. District Court for the District of Massachusetts to enforce Bain & Company’s compliance with the department’s Civil Investigative Demand (CID),” the DoJ said in an Oct. 27 public statement. Essentially, U.S. authorities have taken legal action to obtain information from Boston-based consulting giant Bain & Company on Visa’s acquisition of Plaid.  “On June 11, 2020, the division issued Bain a CID…

3 reasons why Bitcoin price suddenly dropping below $13,000 isn’t bearish

The price of Bitcoin (BTC) fell below $13,000 on Oct. 28 shortly after hitting $13,850 at the day’s peak. Despite the 7% drop in 11 hours, however, the market sentiment remains positive for three key reasons. First, Bitcoin is still at where it was on Oct. 27, merely 24 hours ago. Second, BTC rose to $13,850, right below a multi-year resistance area at $13,873. Third, a marketwide drop was expected due to declining stablecoin inflows into exchanges. Bitcoin drops to where it was yesterday In the last two days, the…

Nexo Doubles Crypto Interest Rates to Fight Market Volatility

Key Takeaways Nexo users will receive twice the previous rate of interest on ten high-cap cryptocurrencies. A new feature allowing clients to collect interest in the NEXO token offers an additional 2% APY for digital and fiat assets. Nexo has cited rising market volatility due to geopolitical circumstances as the cause of the update. Share this article Nexo, a crypto lending platform launched by Credissimo, has just doubled the rate of interest users will receive on their deposits.  Crypto Lending Platform Nexo Doubles Rates The new rates are a response…

Protect and serve? The dilemma of reissuing lost or frozen DeFi tokens

The recent KuCoin exchange hack and ongoing OKEx incident, during which withdrawals have been frozen, have raised questions as to how blockchain projects with coins traded on exchanges should act when said exchanges are hacked or funds are stuck. When it comes to projects such as Tron, which replaced tokens that were held by OKEx, such actions are to be expected because their work is based on a central governance model. However, are projects able to pause smart contracts or freeze tokens if they are truly decentralized? Was all this…

NYSE’s former regulation head takes crypto job at Andreessen Horowitz

A senior regulation executive at the world’s largest stock exchange is moving into the cryptocurrency industry. Anthony Albanese, a former chief regulatory officer at the New York Stock Exchange, is reportedly leaving his position to join Andreessen Horowitz, a major venture capital firm focused on investments in crypto and blockchain developments. A spokesperson for Andreessen Horowitz told The Wall Street Journal that Albanese will leave NYSE to enter his new role in mid-November. In his new position at Andreessen Horowitz, Albanese will focus on building the company’s regulation strategy for…

Former Visa exec joins Crypto.com to drive Latin American market

The cryptocurrency industry welcomes another high-profile executive from traditional finance. Filomena Ruffa, a former vice president of innovation and strategic partnerships at Visa’s Latin America division, has joined Crypto.com to expand the company’s Latin American market. According to an Oct. 28 blog post, Ruffa will now be responsible for managing all operations and driving strategic business partnerships for Crypto.com in Latin America. The former Visa executive brings extensive work experience in the region as well as expertise from her top positions at payment firms like CardinalCommerce and SafetyPay. Crypto.com’s hire…

Malaysian Securities Commission issues revised digital asset guidelines

The Securities Commission Malaysia has issued revised guidelines governing digital assets, effective as of Oct. 28. These are intended to regulate initial exchange offerings, or IEOs, and digital asset custodians. According to the SCM, the rules aim to promote “responsible innovation in the digital asset space, while at the same time managing emerging risks and safeguarding the interests of issuers and investors.” As Cointelegraph reported, the SCM first published a regulatory guide for IEOs back in January. This laid out rules which enabled companies to raise funds via token issuance only…

Bitcoin at Tipping Point as BTC Bulls Test 2019 Highs

Key Takeaways BTC fell just short of the June 2019 high at $13,868, placing the cryptocurrency at a pivotal juncture. On-chain data analysis shows retail investors are joining Bitcoin’s ongoing rally. Fundamentals surrounding BTC remain strong, supporting a possible rally towards the $16,000 price zone. Share this article Bitcoin continues to set new yearly trading highs daily, with the latest rally falling just short of $13,863. The latest run-up marks BTC’s highest trading level since Jun. 24, 2019. Previous BTC bull rallies have been preceded by healthy corrections or sudden…

Bitcoin price drops to $13.3K after matching peak of 2019 bull run

Bitcoin (BTC) retreated to $13,300 on Oct. 28 after a retest of its 2019 resistance levels was met with rejection.  Cryptocurrency market overview from Coin360 Data from Cointelegraph Markets, Coin360 and TradingView show volatility rising during Wednesday after BTC/USD hit $13,850. After failing to reach $14,000, uncertain conditions prevailed, culminating in a brief dip to $13,300 at press time. A subsequent rebound saw $13,400 become a focal point, with sudden upward and downward movements continuing to characterize the market. BTC/USD 1-day chart. Source: TradingView Wednesday saw an unusually large transaction…

JPMorgan Launches Stablecoin and New Blockchain Subsidiary

Key Takeaways JPMorgan has announced that its stablecoin, JPM Coin, is being used in commercial transactions. It is also launching a new subsidiary, Onyx, to handle its bank settlement blockchain platform, Liink. It’s not clear if JPMorgan plans to move further into blockchain. Share this article JPMorgan furthered its blockchain efforts this week with two major announcements, according to reports from CNBC. JPM Coin Takes Flight With First Transaction JPMorgan’s stablecoin (JPM Coin) will be used in commercial transactions for the first time this week, according to the global head…