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Bitcoin trading dominance hits 2017-levels not seen since $20,000 BTC

bitcoin trading dominance hits 2017-levels not seen since $20,000 btc

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The cryptocurrency market has suddenly shifted back to Bitcoin (BTC) after several months of a decentralized finance (DeFi) frenzy. While market cap dominance remains below 60%, earlier this month, the trading dominance of BTC has spiked to levels not seen since 2017 when the price hit an all-time high at $20,000. The trading dominance of Bitcoin against other major cryptocurrencies. Source: TheTieDue to the growing dominance of Bitcoin in terms of market volume, the alternative cryptocurrency (altcoin) market is stagnating. The trading dominance of the bellwether for altcoins, Ether (ETH), for instance, did not see a similar spike in the same period. Why does the altcoin market underperform when Bitcoin is going up?As seen from July to early September, when Bitcoin is climbing upwards gradually, it can cause an “altseason” to materialize. In fact, ETH has outperformed BTC so far this year in terms of percentage, which is partially why the momentum may be returning back to Bitcoin.  Especially during August, many DeFi tokens increased between 5 to 20-fold, causing a massive altcoin craze.But when the price of Bitcoin goes up quickly in a short period, it can cause the altcoin market to slump. Profits are likely cycling in from altcoins back …

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Big Tech Is Making Cryptocurrency More Accessible Than Ever | Finance Magnates

big tech is making cryptocurrency more accessible than ever | finance magnates

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The four horsemen of the technology world — Amazon, Apple, Facebook, and Google — have long been known as the main drivers of tech innovation, and have arguably done more to push the adoption of digital technologies than any other firm.Each has single-handedly impacted hundreds of millions or even billions of internet users, whether it be through Amazon’s massive e-commerce and cloud computing services; Apple’s trailblazing consumer electronics; Facebook’s massively successful social media platform, or Google’s game-changing search engine, most people have seen or used one of these four firm’s products.Join your industry leaders at the Finance Magnates Virtual Summit 2020: Register and vote for the FMLS awardsNow, each of these firms is arguably doing more than most to push the adoption of cryptocurrencies and blockchain technology, by bridging the gap between the world of traditional finance and the cryptosphere with their respective payment services: Amazon Pay, Apple Pay, Facebook Pay, and Google Pay.The Payment Gateway of BillionsFor a long time, acquiring cryptocurrencies for the first time was a daunting endeavor, that required investors to trust shady payment processors or remittance services, or purchase cryptocurrencies in person with cash using one of the peer-to-peer cryptocurrency …

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Tech for good – How blockchain is used to transform the lives of people in marginalised communities

tech for good – how blockchain is used to transform the lives of people in marginalised communities

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Three projects introduced to support marginalised communities around the world demonstrate just how powerful a technology blockchain can be in enabling quick, secure and private transactions that transform people’s lives for the better.

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HashCash to Help Bank in Singapore with Blockchain Digital Identity Solutions

hashcash to help bank in singapore with blockchain digital identity solutions

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Leading blockchain Development Company HashCash Consultants is working with a global bank based in Singapore on blockchain-based digital identity. The USA-based company plans to leverage its very own highly scalable blockchain network HC Net, to build an advanced banking architecture that will not only streamline the regular core operations, but it will also ensure advanced virtual customer engagement while id verification, onboarding, etc. Powered by blockchain, the proposed infrastructure will have enhanced security protocols to fortify the entire system.

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Cryptocurrency ‘mixer’ fined $60M for running an unregistered money business

cryptocurrency ‘mixer’ fined $60m for running an unregistered money business

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The U.S. Financial Crimes Enforcement Network today imposed a $60 million penalty against the founder of two cryptocurrency “mixer” services on the grounds that they breached U.S. law.
The accused, Larry Dean Harmon, is alleged to be the operator of Helix and Coin Ninja, sites which provided mixers or “tumbler” services. Cryptocurrency mixer services are sites that are, depending on your point of view, a tool for anonymizing cryptocurrency holdings or a tool used by cybercriminals to hide their stolen cryptocurrency. Those who run cryptocurrency mixing services take a percentage cut from the cryptocurrency they mix.
Harmon was charged as running an unregistered money services business. Helix is said to have been run by Harmon between 2014 and 2017, while Crypto Ninja ran between 2017 and 2020. Putting aside the dubious nature of cryptocurrency mixing services, Harmon, in this case was charged under the Bank Secrecy Act for not registering his service with FinCEN.
According to FinCEN, Helix conducted more than 1.225 million transactions for its customers and was associated with virtual currency wallet addresses that sent or received more than $311 million in cryptocurrency. FinCEN noted that he “operated Helix as a bitcoin mixer, or tumbler, and advertised its services in the darkest spaces …

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Open-sourced Blockchain Technologies Bring Back Cross-border Tours between Chinese Mainland and Macao

open-sourced blockchain technologies bring back cross-border tours between chinese mainland and macao

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From September 23 onwards, Chinese mainland resumed issuing visas for visitors to Macao. Thanks to the mutual recognition system of Macao blockchain health code and Guangdong health code launched in May, mainland Chinese tourists can apply and use Guangdong health code to verify their health status when entering Macao. Up to date, more than 17 million people have cleared customs between Chinese mainland and Macao using the blockchain system. The average time of receiving, transforming, and generating the health code for the first time is only 100 seconds. And it will only take less than 3 seconds to complete the procedure when traveler clears customs again.

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