China’s Crypto Millionaires Are Using Bitcoin to Buy Real Estate Abroad

The chives growing in one crypto tycoon’s California mansion carry a hidden message. Guo Hongcai, a beef salesman turned early bitcoin adopter from China’s Shanxi province, is one of many freshly minted millionaires funneling parts of their wealth out of the country by purchasing real estate abroad. In April, Hongcai sold 500 bitcoin in the U.S. then used that money to buy a 100,000-square-foot mansion in Los Gatos, a 90-minute drive from San Francisco, California. His Rolls-Royce, also purchased with the fruits of bitcoin arbitrage, sits in the driveway close…

Crypto Trading 101: Bull and Bear Flags (And What They Mean for Price)

When it comes to making big money in trading, the trend is your friend. But spotting the trend when it is in the nascent stage is challenging, and running along with it right up to the top is an even bigger challenge. That’s because asset prices rarely see a 90-degree rally or collapse. More often than not, trends (bullish/bearish) will pause briefly to allow traders or investors who missed the initial move (higher or lower) to join the bandwagon. If the participation increases, the asset price extends the bull or bear…

Coinbase Now Has Its Own Political Action Committee

San Francisco-based cryptocurrency exchange and wallet provider Coinbase has created its own political action committee (PAC), according to documents made public today, July 20. In the U.S., PACs are organizations that pool campaign contributions from members with similar policy and political goals and subsequently donate them to political campaigns for or against candidates, legislation, or ballot initiatives. PACs must register with the Federal Election Commission.  Following the 2010 Supreme Court case of Citizens United v. FEC, PACs became the subject of some controversy, as some see them as means for…

Ukrainian Financial Stability Council Supports Regulatory Concept for Cryptocurrencies

The Financial Stability Council of Ukraine has supported a concept for crypto regulations, Timur Khromaev, head of the National Securities and Stock Market Commission (SSMCS) reported in a Facebook post July 20. According to Khromaev, the concept involves recognizing cryptocurrencies and tokens as financial instruments, establishes the roles and functions of governmental bodies in regulating those instruments, in addition to licensing transaction participants, defining information disclosure conditions, and other factors. The Financial Stability Council comprises of the Governor the National Bank of Ukraine, the Minister of Finance, heads of the…

BBVA Signs $117 Mln Blockchain-Powered Corporate Loan

Banco Bilbao Vizcaya Argentaria (BBVA) has signed a new blockchain-based loan with civil engineering firm ACS Group, according to the BBVA’s official statement July 19. BBVA, a multinational Spanish banking group, signed an agreement with ACS to provide a long-term bilateral corporate loan of €100 million ($117 million). The new blockchain-powered loan contract will reportedly boost the efficiency in financial processes of the company, allowing for better transparency and traceability of contractual process. Settling the loan on a blockchain allows both parties to independently monitor the stages of a contract,…

Blockshow Announces Blockshow Americas 2018 Conference in Las Vegas August 20-21

Blockshow, a major international blockchain event powered by Cointelegraph, announced the new conference Blockshow Americas 2018, which will be held in Las Vegas August 20-21, 2018. The event comes on the heels of the successful Blockshow Europe 2018 in Germany in May 2018.  According to the Blockshow team, the upcoming conference will be focused on the crucial questions that affect the blockchain community — governmental initiatives, insights from central banks, and the evolution of law and regulations. Blockshow Americas will be held on the premises of the Venetian, one of the…

Malta Regulator Tells Blockchain Companies to Wait Before Applying for Approvals and Authorization

The Malta Financial Services Authority (MFSA) said in a statement that blockchain companies have to wait until a recently passed framework comes into force before applying for approvals and authorizations, news outlet Times of Malta reported July 20. In a statement issued today, the MFSA said it is developing a new framework that will back recently-passed blockchain laws, so operators must wait for a public announcement from the agency before filing a request for approvals and authorizations. The Virtual Financial Assets Act (VFAA), which the Parliament of Malta passed on…

Tron Price (TRX) Still Going Down, But Technicals Show Positive Future

The Tron price (TRX) lost a good deal of its value over the last three days. On Friday, July 20, Tron is trading at $0.0349, losing around 8% in 24 hours. Technically, TRX is trading within a range on D1, with the major support at $0.0230, and the resistance at $0.1004. In the midterm, Tron is trading within a descending channel, trying to reach the major support. Meanwhile, the Stochastic is converging, which signals a possibility of ascending correction. This will be confirmed once the resistance of the current channel…

Bitcoin Futures Average Daily Volume up 93% in Second Quarter

Bitcoin (BTC) futures average daily volume (ADV) at the Chicago Mercantile Exchange (CME) increased by 93 percent in the second quarter over the first quarter of 2018, the company revealed in a tweet July 20. CME also stated that the rate of open interest (OI) or the number of open contracts on Bitcoin futures has exceeded 2,400, which amounted to 58 percent increase in Q1. CME Bitcoin Futures ADV and OI in Q1 2018 and Q2 2018. Source: CMEGroup One of the biggest global exchanges, CME Group launched Bitcoin futures…

Cloud Mining Platform HashFlare Stops Services, Disables Equipment on SHA-256 Contracts

Cloud cryptocurrency mining service HashFlare announced July 20, that it is stopping mining services and shutting down hardware on current SHA-256 contracts due to difficulty generating revenue. HashFlare is a cloud cryptocurrency mining platform founded in 2013. Cloud mining is a system where a user purchases a portion of the mining power of hardware hosted and owned by a cloud mining service provider. The service provider configures the hardware, maintains uptime and selects the most efficient and reliable pools. The decision to discontinue mining maintenance is reportedly the result of…