Market Wrap: Bitcoin Sticks Around $9,200 as Traders Eye Other Markets for Action

Traders look towards altcoins and equities as volatility dips in a quiet July bitcoin market. Bitcoin (BTC) trading around $9,185 as of 20:00 UTC (4 p.m. ET). Slipping 1% over the previous 24 hours. Bitcoin’s 24-hour range: $9,153-$9,279 BTC below 10-day and 50-day moving average, a bearish signal for market technicians. Bitcoin trading on Coinbase since July 14.Source: TradingView Traders seem to pine for the bitcoin volatility that was once the norm – and they expect it to return after what has been a lull. “Trading bitcoins is about as exciting…

CoinDesk Takes Consensus 2020 Virtual

With the COVID-19 pandemic worsening throughout the world, CoinDesk is taking immediate action on Consensus 2020. As the organizers of Consensus and Blockchain Week NYC, our goal has always been to bring the community together to educate, grow, and create meaningful connections in a safe location. It is no longer possible to do that in a physical location.  Nonetheless, we are seizing an opportunity to make the most of this otherwise extremely difficult situation. Consensus 2020 will now be a completely virtual experience, where attendees from all over the world…

US Homeland Security Charges LocalBitcoins Seller on Money Laundering Charges

Washington state resident Kenneth Warren Rhule has been charged with laundering over $140,000 in bitcoin after agents with Homeland Security Investigations (HSI) made a series of undercover cash-for-crypto deals with the 26-year-old. Rhule faces multiple counts of operating an unlicensed bitcoin money transmitter business and laundering monetary instruments after allegedly meeting with government agents “posing as criminals” interested in buying untraceable bitcoin for their human trafficking operation. Rhule was a seller on LocalBitcoins, a peer-to-peer trading platform used worldwide. Rhule is said to have closed eight deals with the undercover…

New Celo Alliance Has Same Aims as Libra – And Some of the Same Partners

The Silicon Valley crypto startup cLabs, focused on mobile payments and the Celo blockchain project, is following another precedent from Facebook’s Libra playbook by launching an industry association through a separate Celo Foundation. Dozens of blockchain companies and investors – including Libra Association members Coinbase, Andreessen Horowitz, Bison Trails and Anchorage – are committing to promote Celo tokens in some fashion by joining this “Alliance for Prosperity.” “The Alliance will use blockchain technology to reimagine the future of money and create inclusive financial tools,” C Labs founder Rene Reinsberg said…

Overstock’s VC Wing Leads $8.2M Funding Round in GrainChain

GrainChain, a commodities tracing platform that uses smart contracts to open up liquidity for low-income farmers, has raised $8.2 million in its latest funding round, the company announced Friday. Luis Macias said the money will bolster GrainChain’s burgeoning operations in Mexico, Honduras and the southwest United States. “This funding is really going to allow us to add to our operations and scale up the levels that we are anticipating, giving us the ability to implement across the entire supply chain,” he said. Overstock VC wing Medici Ventures contributed the bulk…

Unstoppable Domains Chrome Extension Lets Users Browse Ethereum-Based Sites

Unstoppable Domains, a censorship-resistant web developer, has released a Google Chrome extension in its bid to open up web 3.0. The extension will give users access to .crypto domain names directly from the Chrome browser, currently the most-used web browser. Developed by Unstoppable Domains, .crypto domains are smart contracts on the Ethereum network, meaning to take down a site an attacker would have to take down the overall network. The new tool closely follows Unstoppable Domains’ eponymous browser launch, unveiled at the ETHDenver conference in late February. But the two-year-old…

BitGo Reveals Bitcoin Lending Push; $150M Booked So Far

BitGo, one of the largest and oldest custodians for digital assets, is joining the fast-growing business of lending out bitcoin and other cryptocurrencies to big investors. The Palo Alto-based company announced Thursday it is now offering institutional digital asset lending services.  Founded in 2013 by CEO Mike Belshe, BitGo started testing the new service a few months ago to big investors and has already racked up about $150 million in open loans, according to Nick Carni, a former Deutsche Bank executive who is overseeing the effort as BitGo’s head of…

Coronavirus Rate Cuts: Australia’s Central Bank Did It First

Hours before the U.S. Federal Reserve, the Reserve Bank of Australia (RBA) also cut interest rates in hopes of curbing market reaction to the ongoing coronavirus outbreak. In a meeting held on March 3, the RBA announced it would be cutting the cash rate by 25 basis points (bps) to 0.50 percent, its lowest on record, according to recent figures. Several hours later, the U.S. Federal Reserve also took action to cut interest rates by half a percentage point, between 1 and 1.25 percent, in its first emergency measure since…

Binance Lets Turkish Customers Directly Deposit Fiat With Bank Integration

Binance has launched a direct channel integration with a Turkish bank, providing clients with a gateway enabling seamless transfers between fiat currencies and digital assets. Binance said Monday that its new integration with Istanbul-based Akbank, its first-ever direct link with a bank, will allow users to seamlessly deposit Turkish lira into their exchange accounts and instantly withdraw value back out again. Turkish citizens with an Akbank bank account can use the direct channel as of today. Founded in 1948, Akbank is one of the largest banks in Turkey. More than…

Draper-Backed Exchange in Lockdown Following ‘Sophisticated’ Attack

Coinhako, a cryptocurrency exchange backed by Tim Draper, has restricted user withdrawals after falling victim to a “sophisticated attack.” The Singapore-based exchange told users Friday that account send functions for cryptocurrencies had been temporarily disabled. Although a spokesperson initially said this was for “network maintenance”, the exchange admitted Saturday it had been victim to an attack and that it would impose account restrictions to prevent “unauthorized transactions,” until the matter had been fully resolved. The exchange has not provided further details on the attack’s nature, or any information on whether…