A Single Chinese Region Accounts for One-Third of Global BTC Hash Rate

Cambridge University has launched a ‘Bitcoin Mining Map’ that shows the distribution of hashing power worldwide as well as within China. The Cambridge University’s Centre for Alternative Finance (CCAF) has launched a Bitcoin Mining Map that provides the average monthly hash rate produced by each country across the globe. The map is informed by the data of mining pools ViaBTC, Poolin, and BTC.com. Cambridge claims the platform is the first to publicly offer a geographic breakdown of Bitcoin (BTC) hash power distribution. China represents 65% of hash power Unsurprisingly, the map…

Read More

75 Companies Back Facebook Libra’s Competitor Celo

Celo, a competing project to Facebook’s Libra cryptocurrency, has added 50% more new members to its alliance, bringing the total number of supporting organizations to 75. Some Celo members are also supporters of the Libra project, such as Coinbase Ventures, Anchorage, and Andreessen Horowitz. Celo Project Adds Over 20 Members The Celo Foundation announced Tuesday a 50% increase in the number of its members. The foundation explained that “The scope of membership remains focused on use cases, furthering the mission of financial inclusion and prosperity, and adoption of Celo’s technology.”…

Read More

It’s the “Last Stand” for Bag Holders of XRP: Top Analyst Peter Brandt

XRP hasn’t been excluded from the recent rally in the cryptocurrency market. From its lows in March of $0.11, the second-largest altcoin has gained over 100% from the lows. As Bitcoin topped $9,400 last week, the altcoin topped $0.23, showing strength after a macro downtrend. This recovery aside, top analysts believe that the cryptocurrency is currently in a bearish macro position. One prominent trader went as far as to say that it is the “last stand” for XRP holders.” It’s the “Last Stand” for XRP Holders According to Peter Brandt,…

Read More

Guide Highlights Patchwork of Crypto Tax Laws in Latin America

New research has highlighted a patchwork of laws, confused regulations and unusual concepts governing crypto taxation in Latin America. Research from Latin American crypto exchange Buda has highlighted a patchwork of laws, confused regulations and unusual concepts governing crypto taxation in the region. Buda has provided a series of tax guidelines outlining measures crypto traders should take into consideration when looking to comply with the authorities in Chile, Colombia, Peru, and Argentina. In various countries in the region, there are different interpretations and concepts regarding what type of good or…

Read More

Bitcoin Price Knocks Out Key Resistance Level as Bulls Target $9,500

With only 4 days until the halving, Bitcoin bulls knocked out a key resistance at $9,140-$9,200 and are now targeting $9,500. After spending the last few days battling to hold prices above the $9,000 resistance, Bitcoin (BTC) price made a strong move by surging to $9,395. The 3.65% move took place on a high volume surge but the price quickly pulled back to $9,126 before recovering to 9,370 at the time of writing.  With just 4 days and 16 hours left before the Bitcoin halving, investors will be closely watching…

Read More

Here’s Why Bitcoin’s Outperformance of Gold Isn’t Impressing One Prominent Investor

Bitcoin’s recent recovery from its mid-March lows has allowed it to outperform gold and virtually all major markets this year This strength has even allowed it to see over twice the returns that gold has seen – boosting the “digital gold” narrative that was popularized in 2019 One prominent investor isn’t impressed with BTC’s performance, however, and believes that the risk-reward ratio still makes it a bad investment Bitcoin has seen some extraordinary price action throughout 2020. It rallied from its yearly open around $7,000 to highs of $10,500 in…

Read More

3 Reports Look at North Korea’s Lazarus Group, Iran’s Farhad Exchange, and the Crypto Ponzi Futurenet

On May 4, 2020, the blockchain surveillance firm Chainalysis published a three-part series covering a crypto Ponzi scheme, North Korea, and Iran’s use of digital currencies like bitcoin. The company’s research papers discuss the Poland-based crypto Ponzi called Futurenet, a hosting service allegedly tied to North Korea, and how Iran-based exchanges are bypassing OFAC sanctions through the use of digital currencies. Chainalysis Digs Into North Korea’s Relationship With Crypto This week Chainalysis published some findings on cryptocurrency usage in Iran, North Korea, and a Ponzi scheme called Futurenet. Mainstream media…

Read More

Bitcoin Is a Digital Asset Says Intermediate People’s Court in China

A court dispute between an international couple and four Bitcoin robbers has come to an end. The Shanghai No. 1 Intermediate People’s Court publicly announced an appeal for a Bitcoin foreign property damage compensation dispute on May 6, according to Baidu news.  The second Court trial’s findings indicated that Bitcoin is a digital asset and should be protected by the law. All Bitcoin obtained through illegal means should be returned or compensated at a discount, says the local news.   All started with a robbery According to the report, an international…

Read More

New Bill Would Presume Digital Assets Not to Be Securities in California

New legislation in California may help establish definitions of digital assets as securities, though nationwide impact is uncertain. Per new updates to a bill to amend California’s securities law introduced in the state’s legislative body on May 5, the largest economy in the United States and the world’s tech hub may be providing new clarity to crypto owners. Formalizing the Howey Test for crypto? Updates to the definition of what constitutes a security include: “Investment contract, except any digital asset that meets one of the following criteria is presumptively not…

Read More

Most of Cash App’s $528M Revenue in Q1 Came From Bitcoin

Square reports that Bitcoin composed the bulk of Cash App’s revenue in the first quarter, though it added much less to profit. On May 6, Square released its filings for the first quarter of 2020. The filings publicized revenue for Square’s Cash App, a majority of which came from Bitcoin. The numbers for Q1 and Bitcoin’s role $306 million of Cash App’s $528 million revenue for the first quarter of the year came from Bitcoin.  Despite those numbers, Bitcoin composed a small fraction of Cash App’s profit, only $7 million…

Read More