BitCoin News Roundup

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Bitcoin News Roundup is a weekly roundup of Bitcoin news along with cryptocurrency market news, blockchain technology, and the latest goings on in the cryptocurrency industry.

This is CoinMarketCap’s regular installment of our weekly Bitcoin News Roundup! We have compiled a list of important news from this week to keep our readers updated on all things crypto.

For those who have not been following the space closely, we hope that this will provide a good summary to catch you up-to-speed!

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Cryptocurrency News Roundup for May 24, 2018

Tyler Durden’s picture

Submitted by Tyler Durden on 05/24/2018 11:30 -0400

CoinMarketCap Finds New Data Sources After API Glitch Sparks Panic Selloff – CoinMarketCap has a plan in place to prevent another API glitch from sparking another panic selloff. The data aggregator will now use a new API provided by CryptoCompare, which it says will be more resilient to outages. (CoinDesk)

Slovenian Cryptocurrency Exchange Loses $13 Million In Hack – Slovenia-based bitcoin miner NiceHash said the total payout for its users stood at about $60 million and it would resume operations in the next 24 hours after the incident that occurred Wednesday. (Reuters)

Bitcoin Bull Thomas Lee Says Bitcoin Cash Sell-Off Wiped Out $5 Billion – Bitcoin bull and Fundstrat Global Advisors co-founder Tom Lee noted that the recent sell-off in Bitcoin Cash may have wiped out $5 billion in value. Lee made the remark following a pump and dump in Bitcoin Cash over the weekend. (Cointelegraph)

Bitcoin Price Analysis: Still Waiting For A Clear Signal – Bitcoin is still consolidating around $8

Every single day, there is a lot of information that comes out surrounding the cryptocurrency markets. Some of this information is important and must be watched very closely. Other news is just a distraction and shouldn’t be given much attention at all.

Today, we will be looking at the latest news from the crypto world. We will analyze the stories and help you decide if it is worth your time to pay attention to them or not.

Bitfinex Claims Victory Over NYAG

The New York Attorney General has filed multiple lawsuits against various companies in the cryptocurrency industry. The most recent of these cases was against iFinex, which owns Bitfinex and Tether. The NYAG alleged that Bitfinex used Tether’s stablecoin to artificially prop up its price while also calling into question the solvency of both companies.

Last week, iFinex won a huge victory when an appeals court ruled that the NYAG had no right to sue Bitfinex in New York because the company doesn’t do business there. While this specific verdict doesn’t mean that Bitfinex will win their case, it does make it significantly more difficult for the NYAG to file more lawsuits against crypto companies in New York.

The total market capitalization for all cryptocurrencies just passed $100 billion.

It’s been a good week for Bitcoin, with the price of the cryptocurrency climbing nearly 10 percent to $1,860 after a few days of stability. There’s also money to be made in other cryptocurrencies, with Ethereum climbing back up to around $300 and Ripple moving to within striking distance of $0.30.

The total value of all cryptocurrencies has now passed $100 billion and is fast approaching the value of McDonald’s Corp., which currently stands at about $103 billion – but don’t expect to hear that comparison on CNBC anytime soon.

The cryptocurrency markets are notoriously volatile and their value can change rapidly from day to day, but there are no signs that the latest rally will come crumbling down just yet. Indeed, there are plenty of reasons why prices could continue to climb as we move into the weekend.

The bitcoin rally is continuing to extend past the $6,000 mark and is now trading at over $6,100. The rise in value comes on the back of the news that BlackRock, the world’s largest asset manager with $6.3 trillion in assets under management, is setting up a working group to look into cryptocurrencies and blockchain.

BlackRock CEO Larry Fink was quoted in Reuters saying: “We are a big student of blockchain. … I believe there will be one or a few legitimate trusted digital currencies off of the blockchain technology.”

Meanwhile, Bitcoinist reports that the chairman of Hong Kong’s securities regulator has said that they will not ban cryptocurrency trading and ICOs.

The price of Bitcoin has been going up steadily since it dipped below $5,000 last week. On Saturday, it reached its highest point so far this year at about $6,100. At press time it is hovering just below that level at $6,090 but is expected to continue rising.

The next generation digital asset platform built for businesses and investors. Buy, sell, and store both bitcoin and ether with superior trading features, security, and regulatory oversight.

Following its recent announcement of a new exchange, Bitstamp has now announced the introduction of margin trading on its platform effective immediately.

The announcement follows the release of the company’s USD-denominated trading pairs, which were introduced to minimize the impact of volatility in bitcoin’s price.

“We want to give our customers as many tools as possible for them to trade with confidence,” CEO Nejc Kodric said in a statement. “The introduction of margin trading is another example how we are expanding our service.”

Bitstamp said it will offer up to 3x leverage for its newly added pairs and that users can begin margin trading at 0:00 UTC on 26th November 2019.

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