Bitcoin Prize For Winners Of South Africa Mountain Bike Race

About 150 mountain bikers will compete at this year’s edition of the Munga MTB race in South Africa. The race will commence in the first week of December. The top three finishers in each category will share the 1.5 bitcoin in prize money. The Bitstamp sponsored race was launched in 2015. Bikers from South Africa, as well as those from around the world, will take part in the event. Alex Harris is the director of the Munga MTB. At last year’s event, the prize money was 1.5 bitcoin that was…

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Japanese Broker Monex Launches Crypto-Based CFDs With 2x Leverage

The Japanese online securities company Monex has revealed the launch of cryptocurrency-based contract-for-difference (CFD) services that went live on Wednesday. The new derivatives products offered by Monex will include bitcoin, XRP, ether, and bitcoin cash pairs with 2x leverage. Japanese digital currency exchanges are getting into leverage products as the firm Monex has revealed a derivatives product otherwise known as a contract-for-difference (CFD) service. Basically a CFD acts as the net difference depiction of either losses or gains that stem from the trading of specific assets. CFDs are popular investment…

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Bitfinex Must Face New York’s Accusations Over the Loss of $850M in Co-Mingled Funds

The popular digital currency trading platform, Bitfinex must deal with the New York Office of the Attorney General (NYAG) over the alleged hiding of over $800 million in client and corporate funds. The NY state Supreme Court’s Appellate Division overruled an appeal on Thursday, after the company put forth the argument that tether (USDT) was not a security or traditional commodity. Last year in April, New York prosecutors alleged that Bitfinex lost $850 million of co-mingled customer and corporate funds. The charges stemmed from accusations coming from the NYAG and…

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Bitcoin Bull Mike Novogratz Says to Hold More Gold Than Bitcoin

The billionaire investor Michael Novogratz recently detailed in an interview that he thinks global investors should hold more gold in their portfolios and own less bitcoin. Novogratz’s statements follow his recent advice last month when he said investors should “watch gold and bitcoin.” Michael Novogratz is a well known investor and was a hedge fund manager at the investment firm Fortress Investment Group for years. Now Novogratz is a big believer in digital currencies and in 2017 he told the press that 20% of his net worth was in bitcoin…

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Romanian Programmer Admits Conspiring to Create $722M Bitclub Ponzi Scheme

A Romanian man admitted Thursday to conspiring to engage in wire fraud and selling unregistered securities linked to Bitclub Network, a cryptocurrency mining Ponzi scheme worth at least $722 million. Silviu Catalin Balaci, 35, a Romanian citizen appeared before U.S. District Judge Claire C. Cecchi. Balaci pleaded guilty to a superseding information charging him with one count of a dual-object conspiracy to commit wire fraud and to offer and sell unregistered securities. The Romanian was arrested in Germany and the court proceedings against him were conducted via video conferencing. He…

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Malaysian Shariah Council Permits Cryptocurrency Investing and Trading

The Shariah Advisory Council of Malaysia’s securities commission has advised that it is permissible to invest and trade cryptocurrencies on registered crypto exchanges. About 60% of the country’s population are Muslims who have been reluctant to trade crypto in fear that it might not be Sharia-compliant. Shariah-Compliant Crypto Trading The Shariah Advisory Council of the Securities Commission Malaysia (SC) reportedly revealed its position on cryptocurrency trading in the country at the Invest Malaysia 2020 event this week. SC chairman Datuk Syed Zaid Albar was quoted by the Edge Markets as…

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Fueling the Cannabis Industry: US Crypto Lending Service Files for Regulated Token Sale

Chicago-based lending firm Ceres recently filed for a request to conduct a Reg. A sale in order to get approval from the U.S. Securities and Exchange Commission (SEC). Ceres wants to launch a token that will be used for garnering equity, while the company also wants to launch a coin that can be used to lend to cannabis startups in need of funding. Cryptocurrencies and cannabis culture go hand in hand in the eyes of many, and the company Ceres seems to be a firm believer of this theory. On…

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Coinbase Eyeing US Stock Market Listing as Early as This Year

Coinbase Inc is planning a U.S. stock market listing for later this year or early 2021, Reuters reported on Thursday. The plan is subject to approval by the U.S. Securities and Exchange Commission. If successful, Coinbase could become the first major American cryptocurrency exchange to go public. Instead of an initial public offering (IPO}, where new shares are created, Coinbase is considering a direct stock market listing, Reuters reported, quoting three sources familiar with the plans. In a direct listing, “no new shares are created and only existing, outstanding shares…

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Venezuela Seizes 315 Bitcoin Mining Rigs: Miners Discuss Illegal Confiscation, Police Extortion

The Venezuelan military has seized 315 Bitmain Antminer S9 bitcoin mining rigs it claims are not properly registered to operate in the country. Although cryptocurrency mining is legal in Venezuela, miners say they have been unfairly treated, citing illegal seizures of mining equipment and police extortion. Venezuela Seizes Bitcoin Mining Equipment The Bolivarian National Guard of Venezuela (GNB) announced via Twitter Monday that it has seized 315 Antminer S9 bitcoin mining rigs in the southern region of the country. The GNB is one of the largest divisions of the National…

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US Dollar Slump Incoming: Bank of America Sees ‘Death Cross’ as Confidence in Gold Rises

The US dollar is increasingly being viewed in a negative light by investors. Bank of America analysts are seeing a “Death Cross,” a bearish technical formation suggesting that a period of dollar weakness is coming. Meanwhile, confidence in gold has been rising. Investors Losing Confidence in US Dollar Investors are increasingly viewing the U.S. dollar in a negative light amid the resurging covid-19 pandemic and the prospect of improving growth abroad, such as in Europe. Analysts at Bank of America Global Research explained on Wednesday that a decline in the…

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