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Possible Mt. Gox Bitcoin (BTC) Dump Occurring Atop Upbit News

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Another theory has been postulated by CCN.com with regards to the current loss of over $50 Billion in market capitalization in the entire crypto market. Less than 24 hours ago, the total market cap was sitting comfortably at levels of $440 Billion but now that figure has dropped to levels of $389 Billion at the moment of writing this. This has in-turn affected all the values of the coins and tokens in the markets with the top coins not being immune to the dip. Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Tron (TRX) and other top coins have been affected with most showing decreased price values of between 7% to 25% in the last 24 hours.

With regards to the Mt. Gox possible dump of over 8,200 BTC as reported by CCN.com, there are four alleged wallets of the Mt. Gox trustee that have moved around 2,000 BTC each. They have sent over 8,000 BTC in total in the past 24 hours.  The Mt. Gox trustee had been ordered by Japanese authorities to sell off over 200,000 BTC and convert to Japanese Yen in a bid to reimburse creditors. This means that if the transactions are confirmed, the BTC funds are most likely being sold on cryptocurrency exchanges.

Back in March, another selloff was orchestrated by Mt. Gox as they set out to reimburse the same Mt. Gox’s creditors. Being the trustee, Noboaki Kobayashi had this to say about the sell-off back in March:

“I made efforts to sell BTC and BCC at as high a price as possible in light of the market price of BTC and BCC at the timing of the sale. I plan to consult with the court and determine further sale of BTC and BCC”

When you add the Upbit news of South Korean officials raiding their headquarters and taking away books and hard-drives for audit purposes, you get the feeling that today was perhaps a not so good day in the Crypto-verse. The exchange is being accused of actually trading without having the actual cryptocurrencies at hand. Everything has been doctored and traders are not aware. What the exchange has been accused of doing, is carrying out fake balance sheets to deceive traders and investors.

Many traders have probably withdrawn their funds from the exchange in a panic causing the current market dip.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Blockchain-Focused ETF Arrives on London Stock Exchange

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The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.

While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.

The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.

Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…

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Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?

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Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.

However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.

Bitcoin as a divorce tool?

In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.

However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…

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Three Biggest Things To Know Come Cryptocurrency Tax Season

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In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.

These three tips should help anyone looking to legally report their crypto activity to figure out where to start.

Documentation is key!

There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting.  Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.

Calculate your total gains

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