JP Morgan’s Jamie Dimon: Facebook’s Crypto Isn’t a Short-Term Concern

Jamie Dimon, the CEO of J.P. Morgan Chase, has said he doesn’t expect Facebook’s planned Libra cryptocurrency to have a short-term impact on the bank. In an analysts call Tuesday, first reported by CNBC, Dimon appeared to suggest that it was too early to speculate on how the effort, advertised as a global currency for the unbanked, would impact his company or its outlook. JP Morgan is the leading bank in terms of U.S. retail deposits, according to its most recent annual report. “We’re going to be talking about Libra…

Hacked BITpoint Exchange to Refund 50,000 Affected Users in Crypto

Cryptocurrency exchange BITPoint Japan has said that the roughly 50,000 users who lost funds in its recent hack will be reimbursed in cryptocurrency. The company told reporters in Tokyo on July 16 that customers will receive refunds of crypto on a 1:1 basis, The Asahi Shimbun reports Wednesday. The company’s latest estimate of losses from the security breach comes to around 3.02 billion yen ($28 million) – roughly $4.6 million less than originally thought, the report says. The thousands of exchange customers are said to have lost 2.06 billion yen ($20 million) in…

Bitcoin, Crypto Market Could Bleed Further: BCH, BNB, LTC, TRX Analysis

The total crypto market cap declined heavily and even broke the $250.0B support area. Bitcoin price settled below the $10,000 support level and spiked towards $9,200. Binance coin (BNB) price dived more than 10% and even broke the $25.00 support level. Litecoin (LTC) price broke the key $90.00 and $85.00 support levels to enter a bearish zone. BCH price failed to stay above the $300 level and recently declined below $285. Tron (TRX) price is down more than 15% and it is approaching the key $0.0200 support area. The crypto…

Crypto Companies Offer Deals to Amazon Prime Day Shoppers

As Amazon offers deep discounts this Prime Day, a few crypto companies are also rewarding their users through special deals during the two-day eCommerce extravaganza. Fold, a payments platform that recently introduced a lightning network protocol, is offering a $5 Amazon gift card for clients that spend over $50 through its platform. “Our goal with the promo is to incentivize more people to get onboarded into the lightning ecosystem and show off our incredible new lightning payments experience,” founder Will Reeves said. Spend $50 or more at Amazon via Fold…

Binance Eyes Launch of Crypto Exchange in South Korea

Binance, the world’s top exchange by trading volume, is considering launching a branch in South Korea, according to reports. Changpeng “CZ” Zhao confirmed the possibility to local news source Block In Press on Tuesday, saying (via translation) that the firm is “working with local partners, but we do not know the details.” However, according to a report by CoinDesk Korea, a business entity dubbed Binance LLC has been established in the country, with the director listed as Jiho Kang of BXB Inc., a firm offering a Korean won-backed stablecoin. A Binance representative reportedly told Block…

Polkadot Tokens Valued at $75 Pre-Launch in Crypto ‘Futures’ Offering

Say hello to the IFO. The cryptocurrency futures exchange CoinFLEX, backed by Polychain Capital and investor Roger Ver, will launch its first initial futures offering (IFO) this week. “This is the first time we’ve made a futures market for a coin that doesn’t actually exist yet,” CoinFLEX CEO Mark Lamb told CoinDesk. “It’s a determiner of the price before the asset exists.” Notably, Polkadot’s DOT will be CoinFLEX’s flagship IFO. Stepping back, CoinFLEX launched in April with four futures contracts including bitcoin and ether. The platform then launched its own…

Crypto Market And Bitcoin Facing Many Hurdles: BCH, BNB, EOS, TRX Analysis

The total crypto market cap recovered after it dived towards the $250.0B support area. Bitcoin price also corrected higher above the $10,500 and $10,800 resistance levels. EOS price is currently consolidating above the $4.100 support area. Binance Coin (BNB) settled below the $30.00 level and it is currently trading near $28.00. BCH price is up more than 10% and it broke the $280 and $300 resistance levels. Tron (TRX) price is slowly recovering and it recently broke the $0.0250 resistance area. Bitcoin and the crypto market cap started a decent…

IRS Confirms It Trained Staff to Find Crypto Wallets

The U.S. Internal Revenue Service (IRS) may consider subpoenaing major tech companies like Apple, Google and Microsoft in search of taxpayers’ unreported cryptocurrency holdings. That’s according to a slide deck presentation from an IRS cyber training session, which details a number of ways the agency’s criminal investigators might find potential crypto tax cheats. “Issuance of a Grand Jury Subpoena should be considered for Apple, Google, and Microsoft for the Subject’s complete application download history,” says the slide deck prepared by James Daniels, the program manager for cyber crimes at the…

Crypto Prediction Market and Derivatives Platform Veil Is Closing

Veil, the crypto-focused prediction market and derivatives platform, is closing its doors. Launched in January, the Veil web interface allowed users to place bets on Augur prediction markets, offering an instant settlement API to pay out on clear outcomes. The startup’s co-founder, Paul Fletcher-Hill, wrote in a Medium post: “We believe that cryptocurrencies and the decentralized web will have profound effects on our future. But today the community of users is small, and we think there are higher impact products and services we can build for the immediate future.” The…

Tether (USDT) Accidentally Creates $5 Billion in Crypto

Stable coins, which are backed by fiat currency, have become an integral part of the crypto ecosystem over the past couple of years, and in that regard, Tether (USDT) is possibly the most well known. However, the very fact that it is backed by fiat makes it possible for it to be prone to certain errors, and that is exactly what happened yesterday when the team behind USDT made a mistake that had an effect on the wider crypto market for some time. Administrative Error In an astonishing development, the…