Bitcoin SV Joins Top Cryptocurrency Ranks after Climbing 48% in a Week

Twitter Facebook LinkedIn CCN is expanding. Are you our next full-time journalist from the West Coast USA? Send us your CV and examples here. The hash war between the Bitcoin ABC and Bitcoin SV camps have officially come to an end. But the one that conceded defeat surprisingly gained more than the one that won. Bitcoin SV, the brainchild of Dr. Craig Wright backed by CoinGeek mining pool boss Calvin Ayre, surged circa 48 percent in a week. The new BSV ticker added as much as $2.21 billion to its…

Ripple (XRP) Briefly ‘Flippens’ Ethereum to Become 2nd-Largest Cryptocurrency

Twitter Facebook LinkedIn Ripple (XRP), long the world’s third-largest cryptocurrency, capped off an impressive single-day rally with a foray onto the market’s silver podium, briefly evicting ethereum (ETH) from the market cap ranking it has long called home. Ripple (XRP) Challenges Ethereum for Silver Podium The rally, as CCN reported, saw the ripple price rise an astounding 14 percent on a day when bitcoin (BTC) traded sideways, and no other large-cap cryptocurrency rose more than 4 percent. In fact, XRP’s single-day return was triple that of Metaverse ETP, whose 4…

USD-Pegged Cryptocurrency Tether [Briefly] Returns to Dollar Parity

Tether (USDT), the USD-pegged cryptocurrency that spent nearly half of October trading below $1.00, finally returned to dollar parity on Monday, though it remains to be seen whether it will stay there amid mounting competition from heavyweight competitors. Tether [Briefly] Returns to Dollar Parity The controversial stablecoin, which is supposedly backed by physical USD at a 1:1 ratio, briefly touched the $1.00 mark this morning, putting a temporary end to the USDT/USD discount that originated at the beginning of October. Source: CoinMarketCap Initially, that discount represented just a fraction of…

Mastercard Patent Claims Cryptocurrency Can Benefit From Fractional Reserve Banking

U.S. multinational financial services corporation Mastercard wants to apply principles of fractional reserve banking to cryptocurrency, a new patent application published Thursday, Oct. 25 reveals. According to the document, published by the U.S. Patent & Trademark Office (USPTO), the payment processor has plans to allow merchants to interact with what it calls “blockchain currencies” via a new method of simultaneous crypto and fiat storage. Specifically, reference is made to “methods for managing fractional reserves of blockchain currency.” Mastercard has offered a mixed public stance on cryptocurrency in recent years, this…

Cryptocurrency ‘Illegal’ In India Says Trade Organization Head

The head of an Indian nonprofit trade organization said cryptocurrency is “illegal,” and urged businesses to obey the law, local news daily the Hindu reported Thursday, Oct. 25. Debjani Ghosh, the president of the National Association of Software and Services Companies (NASSCOM), was cited by the Hindu saying that cryptocurrencies are illegal from NASSCOM’s perspective. NASSCOM is a nonprofit trade association of over 2,000 member companies for the Indian IT and business process outsourcing industries. “It is [the] law of the land and hence, we have to work with it,”…

Japan’s Financial Regulator Mulls Cap on Cryptocurrency Margin Trading

Japan’s Financial Services Agency (FSA) is planning to put a cap on the leverage available for crypto margin trading to curb speculation and risk. According to a news report from Nikkei Thursday, the financial market regulator is considering limiting crypto margin traders’ borrowing power to two to four times their deposits. Currently, there are no regulations specifically governing the cryptocurrency margin trading space in Japan, the report added, with exchanges offering as much as 25 times leverage. That means traders can effectively borrow cryptocurrencies worth up to 25 times the deposit with…

North Korean Hackers Have Stolen $571 Million in Cryptocurrency: Report

Even though blockchain technology has all sorts of security applications, one thing is for sure: cryptocurrency exchanges are vulnerable to cybersecurity attacks, and hackers have exploited these flaws for massive gains. However, no hacker crew has been quite as successful as the infamous North Korean group of hackers, dubbed “Lazarus,” which is responsible for the theft of over half a billion dollars in cryptocurrency since 2017. Group-IB Report The information arrives courtesy of a new report by Group-IB, widely considered one of the leading cybersecurity companies in the world. The…

Ethereum Token Rallies as Brave’s Cryptocurrency Program Enters Beta

The cryptocurrency market posted a minor decline on Friday, with bitcoin and most other large-cap assets shedding about one to two percent of their previous-day valuations. Ethereum token BAT, however, managed to resist the market’s gravitational pull and post a major single-day rally. Ethereum Token BAT Hits Two-Month High BAT — short for Basic Attention Token — is the native currency of Brave, the ICO-funded web browser that seeks to use the cryptocurrency token to upend the web’s traditional advertising model. For most of the day Thursday, BAT had traded…

Cryptocurrency Lender Sees ‘Meaningful’ Bump in Institutional Borrowing

As institutional investors wade increasingly further into the cryptocurrency ecosystem, they are contributing to a significant bump in demand for cryptocurrency lending services. Institutional Crypto Lending Tops $550 Million That’s according to the Q3 Digital Asset Lending Snapshot from Genesis Capital, who in March launched the cryptocurrency industry’s first institutional lending business. Since the service’s launch seven months ago, the firm says that it has originated more than $550 million in loans, $130 million of which are currently outstanding. Source: Genesis Unlike other cryptocurrency loan providers, Genesis Capital — which…

Tether Pulled $300 Million in Cryptocurrency out of Circulation Last Week

Tether LLC, the issuer of the eponymous USD-backed cryptocurrency tether (USDT), pulled $300 million worth of the “stablecoin” out of circulation last week, just days before the token lost its dollar peg. Blockchain data from Omni, the second-layer protocol that operates on the Bitcoin blockchain and serves as the infrastructure for the tether token, reveals that cryptocurrency exchange Bitfinex sent 300 million USDT to the Tether treasury address last week through two separate transactions. Source: Omni Explorer The first, executed on Oct. 9, returned 100 million USDT to Tether. Just…