Bitcoin Price Is Now Up Just 9% This Year

View Bitcoin’s short-term outlook remains bearish with prices trading well below key resistance at $8,460. A move below Tuesday’s low of $7,734 would likely encourage sellers, yielding deeper losses toward $7,100. A move above $8,158 (Tuesday’s high) would confirm temporary seller exhaustion signaled on the daily chart and allow a stronger bounce to $8,460. Bitcoin’s (BTC) recent price drop has erased a major portion of its year-to-date gains.  The top cryptocurrency by market value is currently trading near $7,830 – up just 9.3 percent from the year’s opening price of…

Moonshots Capital, DCG, Tezos Back $2.5M Fundraise for Crypto Software Provider

Crypto software firm Zabo, which claims it can connect bank accounts directly to cryptocurrency wallets, raised $2.5 million to build out its engineering team and add new customers. The Dallas-based firm announced Thursday that it had successfully completed a funding round, with participation from Castle Island Ventures, the Tezos Foundation, CoinShares and Digital Currency Group. The round was led by Moonshots Capital, an early-stage investor that has backed the Slack messaging platform in the past. Zabo says it can connect bank accounts to crypto wallets using just a few lines…

FTX Owner Alameda Invests 7-Figure Sum Into Rival Quant Trading Firm

Alameda Research, the owner of the Binance-backed derivatives exchange FTX, has invested more than $1 million into crypto quant trading firm Folkvang – which is one of Alameda’s competitors. Alameda confirmed Monday it had made a seven-figure investment into Folkvang, a new quant trading and liquidity provider based in Hong Kong. The first from an external party, the placement will build out Folkvang’s existing offer as well as expand its presence globally, according to a press release. The exact size of the investment was not disclosed. Although Alameda runs its…

As Fed Contemplates Coronavirus-Prompted Easing, Bitcoin Traders Bet on Halving

U.S. stocks continue to reel over coronavirus-related fears, and investors are increasingly betting the Federal Reserve will slash interest rates to stabilize the economy and markets. But whether those investors turn to bitcoin (BTC) as a crisis hedge remains to be seen. Such action by the Fed could, in theory, help bitcoin prices since lower rates would likely reduce the appeal of income-yielding assets such as U.S. Treasury bonds, according to analysts tracking the 11-year-old cryptocurrency. So far, the Fed has not said whether it would cut rates, with Chair Jerome…

SEC Rejects Latest Bitcoin ETF Bid

The U.S. Securities and Exchange Commission (SEC) rejected Wilshire Phoenix’s bid for a bitcoin-based exchange-traded fund (ETF). In a filing posted Wednesday, the securities regulator wrote that the New York-based Wilshire Phoenix had not proven the bitcoin market is sufficiently resistant to market manipulation. Wilshire, a newcomer to the financial services industry, first applied for the ETF last summer with NYSE Arca. “The Commission concludes that NYSE Arca has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent…

Prime Broker Tagomi Becomes 22nd Member of Facebook’s Libra Association

Crypto prime brokerage service Tagomi is joining the Libra Association, becoming the 22nd member and the second to join since the group was formally founded in October 2019. According to TechCrunch, Tagomi is set to formally announce its intention to join the association later this week. It joins ecommerce platform Shopify, which announced it would join the group last week, joining a host of other crypto platforms, tech startups, non-profits and venture funds. The joins come after a series of high-profile departures from the organization, most recently last month when…

Justin Sun Bought Steemit. Steem Moved to Limit His Power

The people who run the Steem blockchain executed a reversible soft fork Sunday, stopping one of the largest piles of tokens from voting. The move comes days after Justin Sun’s Tron Foundation acquired Steemit, the blockchain’s most prominent app. The protective measure is a striking one in the cryptocurrency space and illustrates some of the thought-provoking realities of delegated governance. The blog post describing the fork describes the involvement of a well-resourced entity as potentially very exciting. But its authors were quick to qualify: “In these early stages the most…

Secretive Digital Fiat Project Emerges With New Partner as CBDC Chatter Grows

As central bank digital currencies (CBDCs) march into view, a privately-run version of digital fiat is adding a key tech partner. Utility Settlement Coin (USC), the blockchain-based payments system involving commercial and central banks, will be working with ConsenSys-backed startup Adhara, CoinDesk has learned. Adhara was behind Project Khokha, which used enterprise blockchain client Quorum to see how zero-knowledge proofs performed with the South African Reserve Bank (SARB). The move is one of only a handful of public overtures by Fnality, the company that oversees the development of USC. Fnality…

G20 Urges Countries to Adopt Tough FATF Rules on Cryptocurrencies

Finance ministers and central bankers from the G20 are pushing for wider adoption of standards that compel cryptocurrency exchanges to disclose user information. Following a summit in the Saudi-Arabian capital Riyadh over the weekend, representatives from G20 financial institutions pressed countries that have not done so already to align themselves with global cryptocurrency standards from the intergovernmental organization, the Financial Action Task Force (FATF). “We urge countries to implement the recently adopted Financial Action Task Force (FATF) standards on virtual assets and related providers,” reads a joint-communique published after the…