Saudi Arabia Warns of Crypto Scammers Posing as Gov’t Projects

Saudi Arabia’s Finance Ministry has warned against crypto tricksters using the kingdom’s official emblem to promote tokens that purport to be tied to government projects.

Arab News reported on Aug. 21 that the ministry has identified a Singapore-based company promoting two fraudulent cryptocurrencies, dubbed “CryptoRiyal” and “SmartRiyal.” 

Fraud alert: hype and pump

CryptoRiyal and SmartRiyal’s promoters are reportedly claiming that their cryptocurrency project’s ultimate goal is to finance NEOM — a smart city and tourism hub currently under construction in the north of Saudi Arabia. 

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BitFlyer and Tpoint Japan Team Up to Offer Bitcoin Loyalty Program

Cryptocurrency exchange bitFlyer and technology services company Tpoint Japan announced a new partnership that allows local customers to exchange loyalty program points for Bitcoin (BTC) and earn rewards for paying in crypto. The official press release states:

“As part of our mission of ‘Making the world simpler with blockchain’, we will continue to contribute to the further development of a sound virtual currency industry.

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Singapore Crypto Association Launches Code of Practice

The Association of Cryptocurrency Enterprises and Startups, Singapore (ACCESS) has developed a Code of Practice in partnership with multinational law firm Linklaters.

A Global Legal Post report published Aug. 19 revealed that ACCESS had the support of the Monetary Authority of Singapore (MAS) — the country’s central bank and regulatory authority — and also consulted the Association of Banks in Singapore to launch the new initiative.

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Japan to Solarize Its Burgeoning Digital Economy, Expert Take

Society is now witnessing the implementation of digital currencies, artificial intelligence (AI) and blockchain technology worldwide. These new digital technologies necessitate very high consumption of electric energy, which is currently produced with coal and fossil fuels that have adverse environmental effects. A global shift toward green energy will require the removal of the technological/infrastructural,

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QuadrigaCX Users Request Details on How EY Lost 103 Bitcoins

Users of now-defunct Canadian cryptocurrency exchange QuadrigaCX are requesting further information concerning the recent loss of 103 Bitcoins (BTC) during the funds’ recovery.

An unfortunate loss

As Cointelegraph reported in February, one of the Big Four accounting firms — EY (formerly branded as Ernst & Young) — was appointed by QuadrigaCX as an independent third party to monitor the proceedings in a creditor protection case.

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‘Time for Plan ₿,’ Says VanEck Exec as Negative Yield Bonds Hit $15 Trillion

According to Deutsche Bank, 27% of global bonds traded are now negative yield, so expected to pay out less than their initial cost. 

Negative yield bonds dwarf Bitcoin market cap

This represents $15 trillion worth of debt. Or as VanEck digital asset director, Gabor Gurbacs, commented Aug. 14, this is 75 times the total Bitcoin market cap.

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Bitcoin Price Loses $10.5K Support as US-China Trade War Tensions Cool

Bitcoin (BTC) price was feeling the pressure Aug. 14 after a fresh downturn saw the largest cryptocurrency settle below $10,500. 

Market visualization. Source: Coin360

Trade war tensions relief lifts markets, sinks Bitcoin price 

Data from Coin360 painted a gloomy picture for investors Wednesday, with BTC/USD trailing 7.2% daily losses.

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Bitcoin Price: Gold Breakout Could Jolt BTC Above $12K, Say Analysts

Bitcoin (BTC) price remained fairly buoyant on Aug. 13 despite a fresh delay of an exchange-traded fund (ETF) by United States regulators. 

Market visualization. Source: Coin360

Bitcoin price unfazed by Bitcoin ETF delay

Data from Coin360 showed BTC/USD clinging to support above $11,000 Tuesday,

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Korean Internet Giant Kakao Teases Its Crypto Wallet for 50M Users

South Korean internet giant Kakao Corp has launched a teaser page for its forthcoming cryptocurrency wallet, Klip.

According to a report from News1 Korea on Aug. 12, Kakao has made the wallet teaser page available as part of the “More” tab on its messaging app KakaoTalk — the platform into which the real wallet will eventually be integrated.

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Digital Yuan: Weapon in US Trade War or Attempt to Manipulate Bitcoin?

After a short stay in the red zone, Bitcoin (BTC) has recovered toward $12,000, with traders turning bullish as ever. Experts call the United States-China trade war a key reason for the main cryptocurrency’s price fluctuations. Fuel to the fire has been added by the recent announcement by the People’s Bank of China (PBoC) of plans to get ahead of the U.S.

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Report: Crypto Custodian BitGo Expands Japanese Presence, Builds Team

Digital asset trust and security company BitGo is reportedly expanding into the Japanese market, The Block reported on Aug. 9.

A source familiar with the matter told The Block that BitGo is expanding its presence in Japan. According to the report, BitGo is planning to grow its Japan-based team, including hiring a sales director for the company’s sales team in Tokyo.

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Bitcoin Price Will Hit $250K by Q1 2023 Despite Consolidation, Says Tim Draper

Bitcoin (BTC) price will still hit $250,000 but its status as a safe haven asset could see investors waiting a little longer than planned, serial VC investor Tim Draper says.

“People have consolidated towards Bitcoin”

Speaking in an interview with Yahoo! Finance on Aug. 9, the notoriously bullish Draper doubled down on his prediction that Bitcoin will hit $250,000 by 2023.

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Bitcoin Safe Haven Sucking in Money From China, Says Blockchain Executive

Bitcoin (BTC) really does function as a safe haven asset in 2019, another source has told mainstream media as the United States-China trade war rages.

Bitcoin increasingly important amid economic uncertainty

Speaking to Forbes in an interview on Aug. 8, Chris Reinertsen, chief marketing officer of blockchain consultancy Rhythm Technologies,

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China: Police Investigating EtherDelta Over Alleged Exit Scam, Report

Chinese police are reportedly taking legal action against non-custodial token trading platform EtherDelta in connection with an apparent exit scam. 

The news was reported on Aug. 7 in a series of tweets published by Dovey Wan, founding partner at blockchain-focused investment firm Primitive Ventures.

New Chinese owners allegedly used EtherDelta for exit scam ICO

Wan’s tweets indicate that the alleged exit scam involved the sale of native exchange asset EtherDelta Token (EDT) following the acquisition of the exchange by unnamed Chinese investors:

“The actual beneficiaries of EtherDelta are all Chinese after ownership transition in 2017 […] Basically [the founder] Zack Coburn sold EtherDelta to a group of Chinese who later issued exchange token $EDT and turned out to be a exit scam.

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‘It’s Fantastic Tech’ — Hedge Funds Will Go Bitcoin, Says Consultancy CEO

Bitcoin (BTC) lets investors hedge against inflation and will endure as part of portfolios, the CEO of consultancy firm Agecroft Partners has told mainstream media. 

“It’s fantastic technology”

Speaking to CNBC in an interview Aug. 6, Don Steinbrugge praised the cryptocurrency’s technology while discussing nontraditional investments.

“It’s been an amazing run,

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DASH, XLM, EOS: Top-3 Crypto Losers of the Week — Price Analysis

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by HitBTC.

Cryptocurrency discussions in online forums are surging and about 85.5% of the conversations are positive in nature,

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Steve Bannon: Crypto to Become Part of ‘Global Populist Revolt’

Stephen Bannon, co-founder of Breitbart News and former Chief Strategist for U.S. President Donald Trump’s administration, expressed his admiration for Bitcoin (BTC), seeing it as part of a “global populist revolt,” in an interview with CNBC’s Squawk Box on Aug. 2.

“Global populist revolt”

Bannon argued that the leading digital currency Bitcoin could be a very important part in “this global populist revolt,” with cryptocurrencies having a big future.

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Macro Factors Creating ‘Perfect Storm’ to Drive Up Bitcoin Price: Report

Digital asset research firm Delphi Digital says that the macroeconomic landscape is creating the “perfect storm” to ignite Bitcoin price appreciation.

Monetary easing, crypto peaking

In a fresh report cited by Forbes on August 1, the researchers isolate the dovish turn in global central banking policy as the stand-out factor likely to propel Bitcoin’s price skywards:

“First,

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US Senate Crypto Hearing Key Takeaways: Blockchain Is ‘Inevitable’

On July 30, the United States Committee on Banking, Housing and Urban Affairs hosted a hearing on cryptocurrencies in a regulatory context. Lawmakers are showing renewed interest in digital currencies against the backdrop of Facebook’s crypto odyssey: This week’s testimony followed two Libra-focused hearings, which were held in Congress earlier in the month.

Indeed,

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Chinese Mining Giant Becomes ‘First’ To File US IPO: Unconfirmed Report

Chinese Bitcoin mining giant Canaan Creative has allegedly filed a $200 million initial public offering (IPO) request with United States regulators. 

Report: Canaan ‘beats Bitmain’ to IPO filing

That was according to a report which appeared on local social media platform WeChat on July 31, which claimed the application was already sitting before the U.S.

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Proposed Crypto Tax Cut in Singapore to Help Crypto Business: PwC Expert

Singapore’s plans to exempt certain digital currencies from the Goods and Services Tax (GST) would benefit cryptocurrency-related businesses, according to a partner in PwC Hong Kong’s corporate tax practice.

As reported by Hong Kong’s English language newspaper South China Morning Post on July 29, Gwenda Ho argued that the Singapore government’s proposal to drop the seven per cent GST for cryptocurrencies when using them to pay for goods and services would have a positive impact on crypto exchanges,

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Iranian Gov’t Authorizes Cryptocurrency Mining As Industrial Activity

The Iranian government has authorized cryptocurrency mining as an industrial activity.

A report from IIDO-owned Mehr News Agency on July 29 revealed that the decision was taken this weekend, during a Sunday cabinet session chaired by Iran’s President Hassan Rouhani.

First step towards legalizing crypto?

Now that mining has been officially authorized,

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Bitcoin Falls Under $9,600 as Most Altcoins See Major Losses

Sunday, July 28 — Most of the top 20 cryptocurrencies are reporting losses on the day by press time, at the same time that Bitcoin (BTC) fell below the $9,600 mark.

Market visualization courtesy of Coin360

Bitcoin is currently down by 5.2% on the day, trading at $9,538 at press time,

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Bank of China’s New Infographic Shows Why Bitcoin Price Is Going Up

The Chinese central bank released on its website an infographic illustrating what is Bitcoin (BTC), how it works and why it’s valuable on July 26.

A brief story: from Bitcoin to Libra

The infographic illustrates the story of Bitcoin, starting with the publication of its whitepaper in 2008, the mining of the first 50 BTC in 2009,

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