Bitcoin prices fell below $6,000 at the end of last month, and the gap was nearly "10 down limit boards"

As the mainstream digital currency, the rise and fall of Bitcoin affects the price trend of the entire encrypted digital currency market. Especially since June this year, the prices of several mainstream encrypted digital currency varieties have dropped significantly.

When the eyes of the world are attracted by the World Cup, a heavy news in the "coin circle" is hitting the psychological defense of many people. On June 28, according to the platform coindesk data, the price of bitcoin fell below $6,000, and the lowest fell to $5848.26. At this time, the highest price reached in January of this year was $17,100, which has fallen by 65.87%, equivalent to 10 down-limits.

What caused Bitcoin prices to shrink gradually after the rapid summit? Blockchain economist Wang Xuezong told the Securities Daily that there are three reasons: first, the diversion of funds by the altcoin; second, the manipulation of various digital currency markets and the insider trading scandal began to appear, and new funds entered the market and began to wait and see. Third, the regulatory signal is more stringent.

Half a year currency price diving

Falling more than 60%

Bitcoin fell below $6,000! The news at the end of June was no less than a deep-water bomb, hitting the psychological defense of many investors. According to the digital currency monitoring platform coindesk data, on June 28 this year, bitcoin prices fell to a minimum of 5,484.26 US dollars. At this time, it has only reached more than five months from its peak of $17,100. Due to the sharp drop in prices, investors tossing coins and miners to close the mining machine became the norm in the Bitcoin circle.

The reason why Bitcoin fell in most of the first half of this year, blockchain economist Wang Xuezong believes that there are three main reasons: First, the altcoin diverted funds. Various altcoins have been introduced into the market under the encouragement of the bitcoin wealth effect, diverting bitcoin investment funds. It has been found that the speculative earnings multiple of some altcoins are far greater than bitcoin, and they change hands to buy altcoin. Second, the manipulation of various digital currency markets and the insider trading scandal began to appear. New funds entered the market and began to wait and see. There was no continuous inflow of funds to maintain the overall market value of the market. Third, the regulatory signals of governments are more stringent, and the speed of entry into the market for new digital currency buyers has fallen.

Wang Xuezong explained to the Securities Daily reporter that retail investors and marginal investors were the first to discover the market opportunities of Bitcoin. It is their investment that created this market. However, most participants use it as speculation rather than investment. . “The market lacks long-term strategies such as institutional investors to stabilize, and speculative early-stage profiters will definitely sell off profits, causing a plunge.”

Tan Zhiyong, chief scientist of Eurostar Technology, told the Securities Daily reporter that "I personally think that on the one hand, it is due to normal fluctuations in the secondary market, and on the other hand, due to policy uncertainty."

Digital currency

Security risks are questioned

According to the "Securities Daily" reporters, in addition to the "falling down" of bitcoin prices, this year, "regulatory policies" and "digital currency stolen" have become important topics for the "coin circle".

In September last year, the central bank and other seven ministries called ICO (token issuing financing) to ban digital currency intraday trading. Bitcoin fell more than 4% in the afternoon, and other currencies fell more than 40%.

In addition, the theft of encrypted digital currency is also one of the factors affecting the price of bitcoin. On June 20th, Bithumb, Korea's largest digital currency trading platform, announced that it had been hacked, and about 35 billion won (about $32 million) of assets were stolen, and all accounts were suspended. As a result, Bitcoin responded. Falling.

The Cheetah Mobile Blockchain Central Laboratory believes that a large number of exchanges are hacked every year, resulting in a large loss of digital assets. Because the encrypted digital currency is not traceable, non-returnable, and anonymous, once the digital asset is lost, it is almost impossible to retrieve it. It is very unsafe to host the private key on the exchange.

In addition, digital currency also has the security risks of account names and passwords. Most users habitually use the same account name and password to register on different websites. If any one of the websites is successfully hacked, all the user names and passwords of the website may be used for the exchange account system. Login attack. After the hacker gains control over the user's escrow account, the hacker can transfer the digital asset.

In addition, digital currency exchanges have also been plagued by manipulation of currency prices. Pang Huadong, an intrinsic capital partner, believes that the biggest problem in the currency market is that all exchanges are isolated islands of information. The same token, the price of the different exchanges is also split. In theory, the exchange can completely control the price, which has the control of the background; there is no price discovery mechanism in the market that is open and transparent, and is not controlled by the exchange, and it is impossible to form a huge derivatives market.

Bitcoin prices in the past two years

Still more than 10 times higher

As the mainstream digital currency, the rise and fall of Bitcoin affects the price trend of the entire encrypted digital currency market. Especially since June this year, the prices of several mainstream encrypted digital currency varieties have dropped significantly.

However, as of yesterday, the "Securities Daily" reporter found. More than half a month after the "bottom", Bitcoin has regained more than $6,600.

"Although Bitcoin is currently down, we have to see that the price of bitcoin was $2,345 a year ago, and the price of bitcoin two years ago was $656," Tan Zhiyong told the Securities Daily reporter, in other words, In the past two years, the price of Bitcoin has risen more than 10 times. "So overall, the market and the entire society's recognition of crypto assets and blockchain technology is gradually improving."

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Bitcoin prices fell below $6,000. This year's cumulative decline is close to 60%.

According to media reports on June 29, the price of bitcoin has fallen to the lowest point since November last year. Due to the recent unfavorable news including hacking and suppression by global regulators, investor sentiment has not rebounded.

According to CoinDesk, Bitcoin, the world's largest cryptocurrency, fell to $5799.62 at 8:30 am EST on Friday, the lowest level since November last year. Bitcoin's price fell by 57% in 2018, and it rose more than 100% in 2017.

Although there is no clear factor that caused bitcoin to fall in prices this Friday, bitcoin prices began to fall after last week when Japanese financial regulators ordered several cryptocurrency exchanges to improve anti-money laundering rules.

In addition, the issue of security vulnerabilities is also a clear cause of the decline in bitcoin prices. In the past two weeks, South Korea's cryptocurrency trading platforms Coinrail and Bithumb have all reported hacking attacks.

BKCM CEO Brian Kelly said that the expiration of the Chicago Mercantile Exchange futures contract also exacerbated the decline in bitcoin prices this Friday, and the market sentiment was also very bad.

Kelly said: "Although the news has been well reported, the market has not responded to any positive news."

eToro analyst Matthew Newton said that it is not uncommon for bitcoin prices to fall before the futures settlement date. He also pointed out that the cryptocurrency market currently lacks stimulus and trading volume.

Newton said: "There is no real spark on the market to stimulate bitcoin prices, and the number of sellers is significantly more than the number of buyers. Bitcoin needs some stimulation to bring the market back to life, just like the technology or supervision currently facing The same factor."

In addition to Bitcoin, other mainstream cryptocurrencies have encountered the same dilemma this week. Ethereum fell about 13% this week, while Ripple fell 14% and Litecoin fell 14%.

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Report: Twitter Prepares Ban on Crypto Ads

Twitter is reportedly preparing to prohibit advertisements for ICOs, token sales, and cryptocurrency wallets. The new advertising policy is expected to come into effect in a couple weeks. The microblogging site is said to impose a ban on ads for crypto exchanges, as well, bar a few exceptions. The policy change is yet to be confirmed officially.

Some Trading Platforms May be Excluded from the Ban

Following similar moves by Facebook and Google, Twitter is now preparing to ban crypto-related advertisements on its platform. The new advertising policy will be implemented in two weeks, Sky News reported without revealing the source of its information.

The upcoming rules will likely prohibit advertisements for initial coin offerings (ICOs), token sales, and cryptocurrency wallets globally, according to the report. The reasoning behind Twitter’s decision is unclear. Other companies imposing restrictions on crypto content have cited concerns over illicit activities and fraudulent ads.

The ban may also include advertisements for cryptocurrency exchanges. The report suggests, however, that the new policy will be launched with some “limited exceptions” in regards to trading platforms. There has been no official confirmation of the policy change yet.

Restrictions Mounting across the Web

The news about the expected Twitter ban on crypto-related content comes amid increasing regulatory pressures and after similar decisions by the most popular social network Facebook and Google, the biggest global search engine. Analysts believe the announcements have contributed to the recent dips in the cryptocurrency markets.

Facebook issued its ban on crypto ads in January, claiming the measure comes after persistent complaints by users about spam and fraudulent cryptocurrency ads. It stated that advertisements should not promote financial products and services frequently associated with misleading or deceptive promotional practices. The warning was targeting ICOs and cryptos.

More recently, Google announced its plans to restrict ads of cryptocurrencies and content related to initial coin offerings, exchanges, wallets, and crypto trading advice. The company intends to implement the new rules by June, 2018, as news.Bitcoin.com reported. The updated Financial Services Policy leaves room for some ads to be published after getting certified by the company.

Google’s move has already provoked reactions from the crypto community. According to Russian media reports, the first lawsuit against the ban has been filed in a Moscow district court. Other reports suggested that the biggest Russian search engine Yandex (Яндекс) has also decided to quit publishing advertising materials related to cryptocurrencies, mining projects and ICOs. Later, Yandex’s press office denied these rumors, saying no changes had been made to the advertising policy of the company.

Source from: Bitcoin.com

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This April the World Blockchain Forum Returns to Dubai

This year the World Blockchain Forum, a two-day conference held in Dubai, will host an abundance of innovation that gives a glimpse towards the future of finance. The next-generation internet technology is set to transform the nation of Dubai as it aims to be the first blockchain-focused country by the year 2020.

Crypto-Infused Innovation Gathers in Dubai for the World Blockchain Forum

On April 16-17 at the World Blockchain Forum (WBF) in Dubai, many individuals and businesses will gather in the Gulf region to discuss blockchain and cryptocurrency solutions. Dubai hopes to be a leader within the blockchain realm worldwide, and by 2020 it will attempt to be the first blockchain powered government. This year the event will host an array of initial coin offering (ICO) pitches for those interested in the tokenized economy and revolutionary crowdfunding model.

WBF will have a vast amount of speakers from Dubai and all over the world. This includes the Director of the Cybercrime Department and Criminal Investigation Dept. at Dubai Police headquarters, Col. Saeed M. Alhajri, and the CEO of Strategic Affairs at Department of Economic Development, Mohammed Shael Al Saadi, the Dubai Future Foundation’s Dr. Noah Raford, Netki’s Dawn Newton, the co-founder of Bitoasis Ola Oudin, Vanessa Grellet from Consensys, Binary Financial’s Harry Yeh, and many more special guests.

Dubai is Embracing New Technologies Faster Than Any Other Countries

The event will have many exhibits featuring the innovative technologies such as bitcoin, cryptocurrencies, and token sales. The event will host a large assortment of ICO pitches that will provide a glimpse at the red-hot crowdfunding model and some of the startups producing ideas that aim to innovate finance and many other business concepts. This week news.Bitcoin.com spoke with Keynote Events, Moe Levin, who explains how excited he is about the third annual WBF in Dubai.

“This is the third year we’re doing the event in Dubai — and the local community continues to grow, and more and more traditional investors are coming out of the woodwork,” Levin explains.  

What we see in the entire Gulf region is a huge demand for more information and, as is tradition in the region, they are embracing new technologies faster than any other countries, and creating frameworks and regulations to support new companies getting into the space.

Tickets to the WBF event in Dubai can be purchased today which provides access to the two-day conference, catering and breaks, access to the speaker hall and exhibits, and every attendee will receive a conference schedule. Residents from the Middle East and all over the world do not want to miss this conference that aims to give participants the educational resources to understand this emerging crypto-economy.

Source from: bitcoin.com

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Report: Crypto Miners Bought 3 Million GPUs Last Year

More than 3 million graphics cards have been sold to cryptocurrency miners in 2017, with sales reaching $776 million, a new report revealed. According to a major manufacturer, prices of GPUs will continue to increase in 2018, despite expectations of decreasing demand in the mining sector.  

Rising Mining Costs to Slow Down Demand

Over three million Graphics Processing Units (GPUs) have been sold to cryptocurrency miners last year, Jon Peddie Research announced in its latest report. The total sales of video cards have reached $776 million, according to the market research firm, which does not expect prices to go down in the near future.

The study covers data from the top three producers of GPUs – AMD, Nvidia and Intel. Recently, Advanced Micro Devices acknowledged shortages of its Radeon cards because of their use in mining applications. The company plans to increase their production, as news.Bitcoin.com reported.

AMD’s main competitor, Nvidia, admitted the demand by miners had exceeded its expectations in the last quarter of 2017. In an attempt to guarantee that gamers would be able to get their share, the company asked retailers to limit the number of graphics cards that can be purchased at a time. Miners usually buy the latest GPU’s in bulk, leaving empty shelves.

Nvidia CEO Jen-Hsun Huang has said that the company is working to address supply issues. It has been reported that Nvidia may reveal a new “Turing” card dedicated for mining. GPUs are mainly utilized in mining altcoins like ethereum and monero, as bitcoin requires more powerful, specialized hardware.

The report also says that overall GPU shipments in Q4 have decreased by 1.5% from the previous quarter and 4.8% year on year, mainly due to lower sales in desktop and notebook applications. However, the indicator is still above the ten-year average of -3.40%. While the market shares of Nvidia and Intel have shrunk by 6% and 2%, respectively, AMD has seen an 8.1% increase.

GPU Prices to Go Up This Year

According to the president of the market research company, “gaming has been and will continue to be the primary driver for GPU sales, augmented by the demand from cryptocurrency miners.” Dr. Jon Peddie expects a decrease in that demand, as margins drop with increasing utilities costs, while the prices of GPU’s go up because of short supply. He also said that gamers can offset those costs by mining when not gaming, but prices will not drop in the near future.

Nvidia has also stated that GPU prices will continue to go up in 2018, according to some publications. The hardware marketplace Massdrop claims the manufacturer informed them to expect prices to continue rising through the third quarter of the year, as reported by many tech sites.

The availability of memory for the graphics units is another major factor that can influence supply and price rates. Shortages of RAM have already been reported. AMD has announced it would work with suppliers to overcome the deficit, as the two main types of memory used in its RX cards, GDDR5 and HBM2, are in short supply.

Source from: Bitcoin.com 

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Sixth Grader Writes a 57-Page Book About Bitcoin

An 11-year old named Andrew Courey from Massachusetts just published a book on bitcoin so the younger generation can grasp this emerging technology that’s been sweeping the globe. The sixth-grader considers himself an expert on bitcoin, and his 57-page book describes cryptocurrencies in a way his peers can understand.

A 57-Page Book About Mastering Bitcoin Written By a Sixth Grader

Andrew Courey is a middle school student from Massachusetts, and he hopes to earn $20Mn by the age of fourteen. Courey made an agreement with his parents who said if he earned $20Mn by then, he could drop out of school much like the bitcoin millionaire Erik Finman’s deal with his parents. So after countless hours of research and Youtube videos covering the subject of bitcoin Courey decided to write a book on the topic. The book called “Early Bird Gets The Bitcoin: The Ultimate Guide To Everything About Bitcoin,” is available on Amazon in both e-book form or as a paper copy.

The introduction states:

Today we will be learning about an online currency created by Satoshi Nakamoto, and by the end, you will become a master of bitcoin.

Courey’s dad is a tech investor and prompted Andrew to put his studies to good use by publishing a book about bitcoin in a more simplified manner.

“Anyone can learn about cryptocurrencies if they’re willing to spend 70 to 80 hours researching every source until they find a couple sources that make sense,” Andrew explains in a recent interview with CNBC. “The whole book, in the simplest terms, is very easy to read and simple to understand.”

Relatable Analogies

The sixth grader’s book tries to use relatable analogies to describe cryptocurrencies and blockchain technology. In order to explain a distributed ledger, Courey explains that a blockchain is similar to a public Google document that’s “shared with everyone and that can only be edited by buying or selling bitcoin.” Additionally, Courey says a digital currency wallet is comparable to a mailbox where only the owner has the keys. Courey describes a bitcoin wallet in his book noting:  

Imagine there is a mailbox — the mailman can drive the mail to any mailbox, but only the person with the key can access the mail.

The book covers concepts like wallets, mining, and other technologies tied to cryptocurrencies. Moreover, the book discusses the history of bitcoin, Initial Coin Offerings (ICO), and the ethereum protocol as well. At the end of each chapter Courey concludes with a fun fact about the specific subjects discussed in that section.

Source from: Bitcoin.com

Markets Update: BTC Prices Dip Below $10K

BTC prices and a vast majority of other cryptocurrencies have taken a significant dive over the past 24-hours as the entire crypto-economy shaved $75Bn from its recent highs this week. BTC/USD markets dropped to a low of $9,730.

Crypto-Markets See Losses Between 3-20 Percent

Two days ago BTC/USD markets reached a high of $11,780 across global trading platforms, but bulls seem to have lost some of the momentum. Presently bulls are trying to get the price back above the $10K region after dipping well below that range on February 22. Trade volume is a bit thinner today as $8.5Bn has been traded over the past 24-hours. The top five exchanges swapping the most BTC today includes Binance, Bitfinex, Okex, Upbit, and Bithumb. All of these trading platforms are trading less than $1Bn in trade volume per exchange. The Japanese yen is still leading the pack when it comes to currency by volume with the nation’s money dominating by 39 percent. This is followed by the USD (28%), tether (USDT 17%), the Korean won (5.9%), and the euro (5.4%).

Overall Digital Asset Market Performances

In general, the entire cryptocurrency ecosystem is suffering from losses between 3-20 percent. Ethereum (ETH) markets are down 3.9 percent today with a price of around $810 per ETH. The third highest capitalization held by ripple (XRP) is down 8.8 percent as one XRP is trading for $0.93. Bitcoin cash (BCH) prices are seeing markets lose 7.9 percent and the price per BCH is roughly $1,208. Lastly, the fifth highest market valuation held by litecoin (LTC) is down 7.6 percent. Litecoin’s price is hovering around $196 per LTC at the time of publication. The entire cryptocurrency market cap is about $430Bn with bitcoin core (BTC) markets dominating by 39 percent.

The Verdict: Crypto Traders Are Still Optimistic

Currently, traders and enthusiasts in chat rooms and forums are discussing how far this dip will go after experiencing a significant downturn over the first five weeks of the new year. Some believe the current correction may just be a ‘bear trap’ where the price pulls down low enough to where traders can get better entry points. Typically a trap doesn’t last long and reverses soon after the lowest or highest (bull trap) price point. Some speculate crypto-prices are being affected by the tumultuous global stock markets. There’s been some recovery in traditional stock and equities markets today, so some traders may have moved from digital assets to different markets. Prior to the recovery stock markets suffered a lot yesterday after a six-day winning streak. Stocks worldwide dropped significantly in value especially in the U.S. For instance, well-known companies like Walmart suffered from the most profound price declines since 1988. Overall even with the current dip, cryptocurrency traders are optimistic the bull run is just getting started.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice.

How South Korean Government Prevents Officials from Insider Crypto Trading

No Applicable Law Currently

The issue of insider trading using the knowledge of the government’s cryptocurrency regulations became prominent last month when an FSS employee was accused of crypto insider trading. The FSS has an active role in creating crypto regulations as well as inspecting banks for crypto-related money laundering measures.

The employee invested about 13 million won on July 3 of last year and sold more than half of his holdings on December 11, Chosun described. Then, on December 13, the government announced a set of strict regulations, including a ban on crypto trading for minors and foreigners.

Guilty or not, there is no law to punish government officials for insider trading of cryptocurrencies. While employees are prohibited from stock trading using insider knowledge, a senior FSS official was quoted by Edaily explaining:

Currently, there are no provisions in the regulation on virtual currency.

New Code of Conduct Could Help

The rules applicable to stocks do not apply to cryptocurrencies since they are currently not recognized as financial assets in Korea. To prevent future insider trading, Korean prime minister Lee Nak-yeon ordered the creation of a new Code of Conduct to address crypto trading by public officials.

The Korean Anti-Corruption & Civil Rights Commission issued the “Code of Conduct Guide to Cryptocurrency” to the government and public agencies last week. It adds cryptocurrency to Article 12 of the Civil Servant Code of Conduct which, according to Tokenpost, states that:

Public officials shall not use the information learned during their duties to assist in trading or investing in property related to securities, real estate, etc., or providing such information to others to help them trade or invest.

However, the FSS Did Not Get the Memo

The FSS, however, is not bound by the new Code of Conduct. According to Edaily, the document was not even sent to the FSS. “This guidance document was sent to the central administrative agency, metropolitan area, basic local autonomous body, city and provincial office of education,” an FSS official detailed. A senior official of the FSS Inspectorate confirmed to the publication, “We did not receive any letters of interest.”

The news outlet explained that this is due to the FSS being under the supervision of the Financial Services Commission (FSC) and the Securities and Futures Commission under the current law.

Markets Update: BTC Prices Suffer from a 65% Loss Since December

Bitcoin prices and cryptocurrency markets, in general, have been declining in value for the past six weeks straight with a few bounces here and there. Currently, BTC/USD markets have reached the lowest price in weeks touching $6,600 on February 5, 2018, erasing the past three months worth of gains.

The -65 Percent Bitcoin Dip

Many cryptocurrency enthusiasts and traders are in search of the cryptocurrency ‘bottom’ — the price position where the asset will go no lower and is usually followed by a price rise. Today BTC hit a low of $6,600 across most global exchanges around 2 pm EDT. At the moment the BTC/USD global average is hovering just above the $7,000 region after passing through the $9-8K territories two days prior. At the time of publication BTC markets are down -65 percent since the December 16 all-time high. Over the past 12-hours, trade volume has been weak at under $6Bn traded over the past 24-hours, but that metric has increased since the dip. The top five exchanges trading the most BTC at the moment include Bitfinex, Okex, Binance, GDAX, and Bitstamp. The Japanese yen is the most dominant currency traded right now with BTC as the yen captures 40 percent of global trading. This is followed by the USD (36%), tether (USDT 10%), the euro (7%), and the Korean won (2%).

Digital Asset Markets, In General, Are Suffering Deep Losses

The top ten cryptocurrencies are all suffering from extreme losses today. The second largest market cap held by ethereum (ETH) is down 11 percent, and one ETH is trading at $737. Ripple (XRP) markets are down 8 percent as one XRP is $0.74. Bitcoin cash (BCH) prices dropped 16 percent to a low of $947. Lastly, Cardano (ADA) dropped to $0.33 today seeing an 11 percent loss over the past 24-hours.

Most traders in forums and Telegram chats have been trying to call the ‘bottom’ for a while now. Some still believe we could even touch lower bound prices around $4.5K per BTC in the near term. Some think a reversal will take place soon and prices between $13-15K could be reached by March. Overall the bearish sentiment has eclipsed most signs of positivity and the euphoric feelings traders felt just six weeks ago.

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Russia Drafts Bill to Create Offshore Companies to Trade Cryptocurrencies

The Russian Ministry of Finance is drafting a bill to allow the creation of offshore companies to trade cryptocurrencies. This follows the bill which the ministry recently published on the legal framework for cryptocurrencies.

Crypto Trading Offshore

“The Ministry of Finance proposed to create offshore companies in Russia for trading with cryptocurrency,” Ria Novosti reported. Deputy Finance Minister Alexei Moiseev told journalists that his ministry is “considering the possibility of implementing organized trades of cryptocurrencies on the Russky and Oktyabrsky islands,” according to Tass.

Oktyabrsky is a river island in the European Kaliningrad Oblast. Russky Island is part of the city of Vladivostok, off the Pacific coast near Japan. In November of last year, a Hong Kong company announced that it planned to set up a crypto mining farm on Russky Island.

Referring to a recently published bill entitled “On Digital Financial Assets,” Moiseev said the two islands are being considered in the bill. He elaborated that the opportunity to trade cryptocurrencies on Russky Island was “discussed with the Ministry of the Far East,” Ria Novosti described.

Moiseev believes that “the exchange of cryptocurrency for rubles and other assets can be resolved in separate territories,” Tass noted and quoted him explaining:

Maybe it will not be on the common territory, but within the framework of special territories like Vladivostok Free Port, [where] there is already an offshore element, and now a bill is being prepared for the Russky and Oktyabrsky Islands, where there will be an even more special regime.

Differing Opinions

The Ministry of Finance and the Bank of Russia still have not reached an agreement on the possibility of exchanging cryptocurrency for rubles and other assets.

Russian Presidential Adviser on Internet Development, Herman Klimenko, has “criticized the idea of the Ministry of Finance to create offshore companies in Russia to trade cryptocurrencies,” Tass also reported. According to him, from a technical point of view, there is no difference where the trading of cryptocurrencies is carried out.

Klimenko elaborated, “This is about the same as legalizing mining in a certain territory. You cannot prove that it is conducted on certain sites or on certain equipment.” In addition, he “believes that the organization of offshore companies has no economic basis and will not lead to the creation of new jobs.” He was further quoted by the publication:

"When we do offshore fishing in Vladivostok, it’s understandable, there are fish there. If on the Russian island there were the best quality of Internet access and the fastest connection to the whole world, we would say that, for trading in cryptocurrency, this is the most important factor. Then it would be understandable, and so [as it is] there is no point."

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Japanese Financial Authority Inspecting 32 Cryptocurrency Exchanges

The Japanese Financial Services Agency has announced that it is inspecting all 32 cryptocurrency exchanges in Japan. This includes 16 exchanges that have not obtained a license but are currently under review by the agency and those that are already fully licensed.

16 Exchanges Fully Licensed

The Japanese Financial Services Agency (FSA) published a list on Friday of 32 cryptocurrency exchanges in Japan. This includes 16 exchanges that are already licensed and 16 other exchanges that have applied for a license and are currently under review.

The FSA first approved 11 exchanges in September of last year: Money Partners, Quoine, Bitflyer, Bit Bank, SBI Virtual Currencies, GMO Coin, Bittrade, Btcbox, Bitpoint, Fisco Virtual Currency, and Zaif.

Then in early December, 4 companies were additionally approved to operate cryptocurrency exchanges: Tokyo Bitcoin Exchange, Bit Arg Exchange Tokyo, FTT Corporation, and Xtheta Corporation. At the end of December, another exchange, Bitocean, was approved. In total, 16 businesses are licensed to operate cryptocurrency exchanges in Japan.

16 More Exchanges Under Review

Before Friday, the FSA has never revealed the names of the companies that have applied for a license and are under review. In addition to the aforementioned 16 exchanges, another 16 are currently not licensed but are classified as “deemed virtual currency exchange traders” while under review, the agency explained. Among them is Coincheck, one of the country’s largest cryptocurrency exchanges.

The other 15 are Minnano Bitcoin, Payward Japan, Lemuria Bitcoin Exchange (Bitcrements), Campfire Corporation, Tokyo Gateway, Lastroots Corporation, Debit, Eternal Link, FSHO Corporation, Kirin Corporation, Bit Station, Blue Dream Japan, Mr. Exchange, Bmex Corporation, and Bitexpress Corporation.

Inspections of All Exchanges

The agency published this list of all exchanges in response to the hack of Coincheck, where 58 billion yen (~USD$530 million) worth of NEM were stolen last week. While the exchange has promised to repay its 260,000 affected customers out of its own capital, no timeframe has been set.

Following the hack, the FSA issued a business improvement order to Coincheck and ordered it to submit a report by February 13 on the hack as well as measures for preventing a recurrence. The agency also conducted an on-site inspection of the exchange on Friday to “ensure the protection of users,” Japan Times quoted Finance Minister Taro Aso explaining. The agency also plans to find out if Coincheck has the financial resources to repay its customers.

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Mobile Payment Company Square Launches In-app Bitcoin Buy/Sell Option

This Wednesday Jack Dorsey, the CEO of the payment processing firm Square, revealed the company’s Cash App users can now purchase and sell bitcoin. Back in November the Square Cash App’s bitcoin functionality was only available to select individuals for experimentation. Now, most of the app’s users can access the ability to buy and sell the digital currency using the platform.

The merchant services aggregator and mobile payment company Square has announced its bitcoin feature is now available for most of its Cash App users. The news follows the company’s testing last November when it allowed select users to use the feature that enables individuals the ability to purchase BTC. Additionally, the firm’s CEO Jack Dorsey promoted the new app with a colorful blog post about bitcoin, and it’s creator Satoshi Nakamoto. The story that describes the innovative technology concludes by saying:

That’s a lot to imagine, isn’t it? One thing is clear though: Satoshi’s vision is having an impact all around the world.

Square says the Cash App offers users the ability to send and receive BTC between family and friends. The company also emphasizes that bitcoin’s prices can be “volatile and unpredictable” and it asks its users to make “wise financial decisions.”

“We’ve made it just as easy to buy and sell BTC straight from your Cash App balance — Unlike other apps, most of our buys and sells happen in seconds, and you can even spend your proceeds from a free Visa debit card,” explains Square’s announcement.

Greater Financial Access for All

Jack Dorsey who also runs the company Twitter explains to his followers on the social media platform that instant BTC buying is now available.  

“And selling, if you don’t want to ‘hodl’ —  Bitcoin is now available to most Cash App customers,” Dorsey explains.

We support bitcoin because we see it as a long-term path towards greater financial access for all — This is a small step.

Right now there are only four states that cannot access the bitcoin services on Square’s Cash App which include Hawaii, New York, Wyoming, and Georgia. Due to harsher cryptocurrency regulations, those states will not see the bitcoin feature available for the time being.

How this greenhouse and fish farm operation is fueled by bitcoin mining

Bruce Hardy, a Manitoba-based entrepreneur, has sought to repurpose the heat produced by his bitcoin mining rig to produce edible plants and fish that are suited to the temperatures generated by cryptocurrency mining equipment. Mr. Hardy owns and operates 30 mining rigs, which are housed in a 20,000-square-foot building situated in the Rural Municipality of St. Francois Xavier, Manitoba. The heat produced by the miners is then circulated throughout the building, and used to grow edible plants and fish.

Approximately 800 Arctic Char are raised in a large fish tank located on the first floor of the building. The water that the fish are raised becomes highly rich in nitrates – and thus comprises an excellent plant fertilizer. With the press of a button, Mr. Hardy is able to remotely pump the nitrate-rich water to feed the lettuce, basil, and sprouted barley fodder which is grown aquaponically on the floor above the fish. “It’s all connected, much like Earth,” Mr. Hardy told local news. Mr. Hardy is also the president of Myera Group – a company that seeks to develop innovative and sustainable systems for food production.

After initially investing in large-scale air conditioning to cool his mining rig, Mr. Hardy states that he realized the heat produced by mining could be diverted to be used for agricultural production. “When bitcoin came, they were an excellent proxy for what a server could do in terms of emulating heat, and whether we could use that heat for agricultural purposes,” said Mr. Hardy.

Canadian provinces such as Manitoba are increasingly being seen as an enticing locating for cryptocurrency companies to establish operations in, owing to the province’s cheap and plentiful hydropower. “Hydro is one of our best assets in the province,” said Mr. Hardy, “If we can take our energy and use it here in Manitoba, we value-add that energy, and we can do all sorts of great things,”

Aside from offering cheap commercial hydroelectricity, Manitoba experiences among the lowest temperatures of major cities in North America – which has recently garnered the attention of major cryptocurrency mining companies seeking to flee the regulatory uncertainty presently associated with China. According to Manitoba Hydro, the company has received over 100 inquiries from cryptocurrency miners in the past three months about specific sites, including from North American brokers representing Chinese investors.

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Wirex and SBI Holdings Partner Up, Prep to Launch Bitcoin Card in Japan

London crypto-payments company Wirex just partnered with Japanese-based SBI Holdings. Their goal is to produce a bitcoin and cryptocurrency payment card for Japanese customers. The partnership is geared to create more mass adoption for cryptocurrencies and break Wirex into the mainstream limelight.

Wirex also has an early start in japan, as it has an initial customer base. Their CEO, Pavel Matveev, elaborated: “Japanese customers are our most enthusiastic supporters and use our VISA-backed cryptocurrency debit card more regularly than anywhere else in the world. They deserve a Yen denominated card soon and we will deliver it to them.”

Formation of the Partnership

The partnership was formed several months after SBI group invested $3 million into Wirex. It appears that SBI Holdings hopes to broaden its influence regarding cryptocurencies and bitcoin. SBI Holdings also intends on gaining more knowledge about digital cryptocurrencies. A Finextra article expanded:

The partnership comes months after SBI Group invested $3 million in Wirex, as the Japanese FS giant seeks to build up its expertise in the DLT and cryptocurrency realm. It has also joined the R3 blockchain consortium, while its securities division has taken part in a distributed ledger pilot with the Japan Exchange, IBM and NRI.

Their partnership sets the stage for further development of the cryptocurrency ecosystem, and more usage by individuals and customers. In aWirex and SBI Holdings Partner Up, Prep to Launch Bitcoin Card in Japanddition, Wirex is working to create their own blockchain and allow for bank transactions and balance inquiries, according to the Finextra article.

Wirex’s Previous Endeavors

Previously, Wirex has already released a virtual cryptocurrency credit card via their mobile application. News.Bitcoin.com covered the story when it Broke in July 2016.

“Now through the Wirex app, users can own a virtual Visa card for free, whichWirex and SBI Holdings Partner Up, Prep to Launch Bitcoin Card in Japan Wirex says normally are valued at $3. The virtual card is redeemable within the app. Virtual cards work just like physical cards, but aren’t tangible and cannot be used in places where a physical card is required.”

Users can fund these credit cards with bitcoin and other altcoins, including Ethereum and Monero.

Wirex was previously called E-Coin. They plan on continuing to grow their services in Japan, and maintain a healthy relationship with SBI Holdings.