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The opening ceremony of a new mining farm touting itself as one of the “world’s largest” was held in the Armenian capital Oct. 18, according to a report by local platform News Armenia. The Armenian Prime Minister and other top officials were reportedly in attendance. The new mining farm is reportedly a joint venture by major Armenian conglomerate Multi Group, founded by oligarch and politician Gagik Tsarukyan, and controversial international mining firm Omnia Tech. Tsarukyan is the founder of Tsarukyan Alliance, which represents the second biggest parliamentary bloc in the Armenian Parliament, having sealed over 27 percent of the vote in the country’s 2017 elections; he is also reportedly a “key” business partner of former Armenian President Robert Kocharyan. Multi Group employs over 25,000 people through its various subsidiaries, according to News Armenia. Aside from Prime Minister Nikol Pashinyan and Tsarukyan, the event is reported to have been attended by numerous internat...

Indian government is “evaluating” the possibility of issuing a state-backed cryptocurrency , sources have told local news outlet Quartz India on Wednesday, Oct. 10. An unnamed “senior official” has told Quartz that the government has set up a panel that will discuss questions regarding cryptocurrencies and blockchain. While, according to Quartz’s source, the government is looking to “encourage” blockchain studies, the launch of a state-backed cryptocurrency is only an option to be considered. The source has also said that the panel will discuss new amendments to the existing draft bill on cryptocurrencies. One of the proposals is reportedly to make any possession of cryptocurrency without the government’s approval a punishable crime. The panel was created in December 2017 by India’s Ministry of Finance to discuss crypto regulations in the country, Quartz notes. It is expected to present its report by the end of 2018. The Reserve Bank of India (RBI) first announced its ban on p...

New York University (NYU) has reportedly become the “first” university in the U.S. to offer students a major in blockchain technology, CBS New York reported September 18. The program will reportedly be provided by the NYU Stern School of Business, which was also a pioneer in offering undergraduate courses in cryptocurrencies and blockchain. Professor Andrew Hinkes commented on the new program: “We hope to establish a groundwork so that the students can understand what’s really happening under the hood, so that they can understand both the legal and the business implications, and prepare them to go out and tackle this new market.” According to associate professor Kathleen Derose, the educational establishment is expecting large companies to partner within the training program, while “the startups in [fintech] will likely invent the new cool stuff.” Following the increasing number of students interested in the new offer, NYU reportedly doubled its course offerings this school ...

The government of a South Korean province will issue its own blockchain-based digital currency in a move to replace a state loyalty scheme, local media first reported Monday, August 27. Officials in Gyeongsangbuk-do will partner with blockchain startup Orbs to create Gyeongbuk Coin, which it will roll out to consumers in lieu of the existing “Hometown Love Gift Cards.” Gyeongsangbuk-do includes South Korea’s fourth-largest city, Daegu, with Gyeongbuk Coin set to see merchant acceptance across the region. “There are still many problems to be solved by notifying merchants of the way they use coins, creating separate programs, and issuing coins,” The News Asia quotes Sunghyun Chung, head of the science and technology policy department of Gyeongsangbuk-do as saying. “ Cryptocurrencies , however, are a core technology to be accepted.” As Cointelegraph continues to report, South Korean legislators are moving ever closer to wider integration of cryptocurrency nationwide. Current...

It is obvious that the market never stands still. The companies are always looking for the most effective and feasible solutions that can meet all customers’ demands. In order to achieve the highest effectiveness and productivity of its proposed solutions, the Ripple company has decided to merge its three main products—xVia, xCurrent and xRapid—into one convenient solution. A new integrated product will be known as Convergence. It was announced by Jim Chauncey-Kelly, the Director of Talents Acquisition at Ripple. Though there is no any official information on their new software project from Ripple, some details of the on-going preparatory work have been revealed by Chauncey-Kelly in his recent interview. When asked about the reasons of expanding the company’s team and hiring a lot of engineers which has happened earlier this year, Jim said that largely it was because of their plans to launch Convergence. He said: “Earlier in the year, a big part of what my team was focused on was...

Wozniak said that they would soon start their operations in the crypto-friendly state of Matla which has been attracting blockchain companies from around the world. Apple co-founder Steve Wozniak has been a long time Bitcoin evangelist and remained much vocal about his fascination with the world’s largest currency. In the past, Wozniak has made some bold statements claiming that he would want Bitcoin to be the world’s single currency in the future while replacing the U.S. Dollar. This time, Wozniak prefers to be directly a part of the blockchain ecosystem as the tech aficionado is joining an investment-focused cryptocurrency startup called Equi Capital. In the latest conversation with Null Transaction, Wozniak said that this would be for the very time he will be working with a blockchain-focused firm and also added that  he “was amazed at the technology behind [cryptocurrency].” Wozniak did not explicitly state his role in the crypto startup but said tha...

Crypto markets spiked today, August 21, seeing notable gains amongst the top 100 coins in under an hour, as data from Coin360 shows. Market visualization from Coin360 Total market capitalization of all cryptocurrencies shot up over $12 million in just over an hour to peak at $222.8 million, before dropping slightly to $291.7 million by press time. 1-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap Bitcoin (BTC) had been trading sideways today around $6,400-$6,500 before seeing a sharp 5 percent spike in the space of just 45 minutes, peaking around $6,790. The leading cryptocurrency has since dropped slightly to trade around $6,715 at press time, stil up about 6.2 percent on the day. Bitcoin’s 1-day price chart. Source: Cointelegraph Bitcoin Price Index Bitcoin is also boasting almost 6 percent growth on the week, while on the month the coin is down almost 10 percent, according to Cointelegraph’s Bitcoin Price Index . All except o...

The BlockShow Americas 2018 conference kicked off Monday, Aug. 20 in Las Vegas. The first panel discussion involved a heated debate between proponents of two opposite views of how — and if — blockchain should be regulated and adopted by institutions around the globe. BlockShow is a series of fintech and crypto events, usually held in Singapore and Europe; the previous BlockShow took place in Berlin in the spring of this year. The opening panel, titled “Wall Street vs Crypto,” brought together a number of industry experts to discuss the future potential of cryptocurrencies like Bitcoin ( BTC ), and the importance of regulatory involvement in the crypto sphere. Panelists debated the role of governments and financial institutions in paving the way for a “tsunami of innovation” enabled by blockchain. Moderated by TechCrunch ’s editor-at-large Mike Butcher, the panel was comprised of five experts from the finance and crypto industries, including leading IT analyst and Forbes c...

Three suspects have been detained by Chinese police in connection with an alleged cryptocurrency theft. The estimated damage made up $87 million USD. Chinese police have arrested three individuals suspected to have stolen assets worth 600 million yuan ($87 million) through hacking. According to a report in Xinhua, China’s state-owned press agency, the police began investigating in Match of this year, after a resident of Xian complained that hackers had taken control of his computer and stolen 100 million yuan (US$15 million) worth of cryptocurrency. As a preliminary investigation showed, hackers had used remote hijacking techniques to gain access and control of cryptocurrency accounts belonging to the victim identified as Zhang. The police received assistance from several unnamed internet companies, and three months later, a suspect named Zhou was found. Zhou’s communications led to two more alleged accomplices, and all the ...

Bitcoin seemed on the verge of a breakout above $6,650 but a failed third attempt, followed by a lack of buying interest has given bears an opportunity to snatch back control and it looks like BTC has dropped a shelf for a bit of sideways trading in the $6,200 – $6,400 range. Bitcoin Price Market Overview Earlier this week on CNBC Fast Money, host Melissa Lee described the narrow channel between $6k and $7k as ‘Bitcoin Purgatory”. Guest speaker and head of Digital Assets group at Susquehanna International Group, Bart Smith, said “Bitcoin is in show me mode ” as the cryptocurrency market currently seems resistant to trend changes driven by good news and positive developments for cryptocurrencies. Smith believes investors are searching for verifiable proof that the market has turned bullish before setting up positions, hence the sporadic spikes and trend of declining volume for bitcoin. It seems the entire market is contingent on the SEC’s approval or denial of exchange-traded fu...

New research from Sanford C. Bernstein & Co. suggests that revenue generated by cryptocurrency exchanges could more than double to hit $4 billion in 2018, Bloomberg reports August 17. The report, titled “Crypto Trading — the Next Big Thing is Here?,” argues that the protracted crypto bear market is unlikely to impact the burgeoning revenue generated by exchanges. Moreover, “as the crypto-asset class seasons and institutional demand builds,” traditional financial sector firms — including custodians and asset managers — will find “a plethora of opportunities,” the analysts suggest. Bernstein found that in 2017, the buying and selling of cryptocurrencies generated $1.8 billion in transaction fees alone — equivalent to eight percent of the revenue of traditional exchanges. On the basis of the analysts’ findings, Bloomberg notes that “in terms of segments, only the global cash equities business surpassed crypto trading.” How cryptocurrencies’ average daily traded volume over 3...

On Aug. 15, American investor Michael Terpin filed a $224 million lawsuit against AT&T. He believes that the telecoms giant had provided hackers with access to his phone number, which led to a major crypto heist. Michael Terpin is a Puerto Rico-based entrepreneur and CEO of TransformGroup. He is also a co-founder of an angel group for Bitcoin (BTC) investors named BitAngels and of a digital currency fund, the BitAngels DApps Fund. Terpin claims that he lost $24 million worth of cryptocurrencies as a result of two hacks that occured over the course of seven months: The 69-page complaint he filed with California law firm Greenberg Glusker mentions two seperate episodes, dated June 11, 2017 and Jan. 7, 2018. In both cases, as per the document, AT&T, of which Terpin was a longtime subscriber since the 1990s, failed to protect his digital identity. Now, Terpin is seeking $200 million in punitive damages and $24 million in compensation from the telecommunications corporation. ...

Iceland -based hashpower hosting service Genesis Mining is compelling some of its customers to upgrade their Bitcoin (BTC) mining contracts following this year’s significant cryptocurrency price decline, according to an August 17 statement . In 60 days, the company will terminate services for open-ended contracts that mine less than the daily maintenance fee. Genesis claims that the downward trend of BTC around January and heavy decline in crypto mining in April and May resulted in a reduction of mining outputs. If customers wish to continue using Genesis’ services, they have to upgrade their existing BTC mining contracts to premium five-year contracts. Genesis notes in the announcement: “…as a hashpower hosting service, we can only influence one out of the three main factors that determine mining rewards, and that is the infrastructure… The market price of Bitcoin and the mining difficulty are factors we cannot control.” Genesis Mining was started in 2014, with locations in...

Thai regulators announced Thursday, August 16, that they have so far approved seven business entities to conduct cryptocurrency operations as part of the formalization of the country’s domestic market. In a statement , Thailand’s Securities and Exchange Commission (Thai SEC) confirmed Bitcoin Co. Ltd. (BX), Bitkub Online Co. Ltd., Cash2coins Co. Ltd., Group Co. Ltd. (TDAX), and Coin Asset Co. Ltd. were able to operate as legal cryptocurrency exchanges. In addition, the regulator approved two cryptocurrency dealers: Coins TH Co. Ltd. and Digital Coin Co. Ltd. (ThaiWM). The move forms part of a package of “transitional” rules governing crypto businesses operating in Thailand prior to the first tranche of regulations that came into force May 14. As Cointelegraph reported , those entities continue serving customers while applying and waiting for a full license by notifying the Thai SEC within 90 days of the May deadline. “In addition, the SEC is currently reviewing the data of tw...

XMR continues its downward trending after breaking of $130 distribution level, the pair will experience further downward movement and get exposed to another strong accumulation level at $55. Key Highlights There is a Bearish Confimation Pattern in the Monero daily chart; the more the price goes donwwards, the higher the probability of a strong rally, which may happen anytime; traders are advised to speculate only on what they see. XMRUSD Long-term Trend: Bearish Resistance levels: $110, $120, $130 Support levels: $70, $60, $50 XMR continues its downwards trending after breaking of $130 distribution level. The southwards movement started after consolidation for one week and the 4-day EMA crossed the 50-day EMA downward. Sellers are putting more pressure on the pair, and the price is sliding further downwards. The price is moving away from the 50-day EMA on the Daily chart, which indicates a downwards trend continuation. Minor Accumulation level of $70 has been tested by t...

South Korea is showing a greater interest towards the field of cryptocurrencies, budgeting upwards of one trillion won (around $880 million) for the fields of blockchain technology, AI, and the sharing economy.  South Korea Doubles Investment in Blockchain According to an official press release , South Korea will invest a total of 5 trillion won (around $4.4 billion) in its “Growth Through Innovation” plan. The strategy will fund a total of eight pilot projects, which plan to develop a “platform economy” comprised of a digital platform for big data analytics and transactions, as well as a hydrogen fuel cell supply chain. South Korea plans to invest a total of between 9 and 10 trillion won in the initiative, recognizing the nationwide impact that it would have on other industries. The official release also places an emphasis on blockchain-based technology as an important part of boosting the sharing economy: The government will focus on promoting big data and AI, ...

Cryptocurrency exchange Coinbase CEO Brian Armstrong said in an August 14 interview with Bloomberg that it was signing up 50,000 users per day in 2017. Speaking at the Bloomberg Players Technology Summit in San Francisco on Tuesday, Armstrong said that the “technology [ Bitcoin ] is going through a series of bubbles and corrections, and each time it does that, it’s at a new plateau.” He added that “people’s expectations are all over the map, but real-world adoption has been going up,” stating that he sees “real world adoption pretty steadily increasing each year.” When asked about his expectations for Initial Coin Offerings (ICOs), Armstrong said that ICOs are “an important innovation in the world” as they provide an opportunity for people around the world to raise funds for new ventures without relying on personal networks of angel investors.  “It’s a huge breakthrough,” he said. While there are legal questions to consider, Armstrong said that he expects the ICO trend to...

bloXroute Labs and a team of Northwestern University students believe Bitcoin’s biggest problem, scalability, can be solved without affecting its chief virtue — decentralization. Northwestern and bloXroute Labs Are Working to Solve Scalability Issue Critics have always identified the limited number of transactions that Bitcoin’s 0 0 network can process as its most significant problem. They point out that this is what has prevented Bitcoin from becoming the most effective form of payment in the world. Several techniques have been and are currently being implemented to address the issue of scalability and high transaction fees. Nevertheless, they are not good enough to compete today with Visa, for example. bloXroute Labs identifies the problem that affects Bitcoin and other cryptocurrencies’ networks, as follows: Specifically, they employ a trustless P2P network model to propagate transactions and blocks, which does not scale as the volume of transactions increases, a fact rese...