Connect with us

Crypto

Bitcoin holds firm as we approach the New Year

Bitcoin has managed to keep above the $7,000 barrier for the last week but news has not been so positive for other currencies. Tron has faced resistance from Walt Disney over its attempts to file trademark applications. The film empire claims that TRON’s application could cause confusion regarding their own film series. Shares in the Chinese miner Canaan have also declined.

Published

on

This picture show a bitcoin on top of a laptop.

The past week has generated a lot of crypto news. Bitcoin might have been able to hold its ground but other companies have not been so lucky. Decisions made by the US Securities and Exchange Commission, as well as legal threats by Disney, have cast uncertainty over the crypto market as a whole.

Keep ahead of the crypto game with comprehensive access to global business, stock market, financial news, and trending topics like Bitcoin and cryptocurrency. Download the application for accurate and concise finance news, stock market intelligence alerts and everything you need to know about currencies, commodities, and futures.

The SEC has postponed its decision on the Bitcoin-ETF application from Wilshire Phoenix

The Securities and Exchange Commission (SEC) has confirmed that it needs additional time to rule on Wilshire Phoenix’s application to launch a Bitcoin-ETF tied to the BTC and U.S. government bonds. Now the regulator should decide on the new financial instrument by February 26, 2020. This decision will cause dismay for many crypto investors who were hoping for good news that could boost Bitcon’s fortunes and spark a new bull run.

CoinJoin causes Binance to freeze a client’s funds

Binance’s Singapore division has frozen the assets of a client who had previously used CoinJoin, a service that ensures transaction privacy. CoinJoin makes it difficult for authorities to trace the exact origin of a transaction and is used to enhance privacy.

This triggered Anti Money Laundering (ALM) mechanisms in order to confirm that the client was doing nothing illegal. After investigation the client was able to withdraw his cryptocurrency. While privacy is important to most crypto users they should take caution when using services like CoinJoin, particularly when using regulated exchanges that must follow AML regulations.

Canaan shares fell by 47% in just one month

The value of shares of the Chinese mining company Canaan has dropped to $4.77. This represents a price crash of 47%. In November the company raised $90 million through an IPO on the NASDAQ stock exchange with a capitalization of over $1 billion.

SEE ALSO  Investors started withdrawing funds from the TON project

The company is likely struggling due to the increase in mining difficulty and the significant pressure on the price of Bitcoin. As mining difficulty continues to increase its going to be a challenge for Canaan to convince investors that they are able to reduce costs, let alone navigate the turbulent crypto market.

The Poloniex exchange has allowed unlimited trading to non-verified accounts

The Poloniex crypto exchange has returned unlimited trading and unlimited deposits for accounts without KYC. The only limit on daily withdrawal is $10,000. This applies to all new users who only need to enter their email to register. They will also be able to participate in contests and use the exchange’s stacking service.

This move, while positive for privacy enthusiasts, could cause long term problems for Poloniex. Many governments are beginning to take crypto regulation seriously and KYC regulations will almost certainly form an important part of this process.

Bitcoin holds steady at $7,000

The Bitcoin rate began to rise sharply and in a few hours increased by $400, briefly exceeding $7600. Sadly this was not the beginning of a new bull run but simply a slight spike in value.

In slightly more positive news Bitcoin didn’t crash below the $7,000 barrier yet, representing a positive development in what has been a difficult year for Cryptocurrency.

Disney Corporation has prevented Tron from registering its trademarks

The U.S. Patent and Trademark Office (USPTO) rejected three trademark applications related to Tron’s block project after protests from Disney Corporation.

Representatives of the company explained that the trademarks “TRON”, “TRONNETWORK” and “TRONIX” are already used in the film series. Disney claims that this could cause confusion among customers and as such Tron should now be allowed to register the trademark.

A tough year for cryptocurrency

As 2019 draws to a close it is becoming clear that there is unlikely to be any holiday surge for crypto. That being said moving into 2020 there are some positive signs for the crypto market generally. Germany has begun to open its doors to crypto and other governments seem poised to follow suit.

SEE ALSO  IMAX reshapes gaming and the movie experience through arcades

A number of established financial institutions are also beginning to view cryptocurrency in a more positive light and it is possible that we will see more widespread adoption of blockchain technology over the course of the next year. 

__

(Featured image by Aleksi Räisä via Unsplash)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in РБК, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Michael Jermaine Cards is a business executive and a financial journalist, with a focus on IT, innovation and transportation, as well as crypto and AI. He writes about robotics, automation, deep learning, multimodal transit, among others. He updates his readers on the latest market developments, tech and CBD stocks, and even the commodities industry. He does management consulting parallel to his writing, and has been based in Singapore for the past 15 years.