Aussie crypto exchange turns attention to new laws
BTC Markets expects delays, fine-tuning. Australian cryptocurrency exchange BTC Markets has warned users to expect deposit and withdrawal delays as it “fine-tunes” transaction monitoring systems to meet new legal obligations. Last month, financial regulator AUSTRAC was handed the authority to monitor local digital currency exchanges under new Anti-Money Laundering and Counter-Terrorism Financing (AML-CTF) laws. It’s the first time Australia’s digital currency sector has been regulated, and BTC Markets is the first local exchange to detail what that might mean for its operations. The company said it already verified “the identity of our users, their source of funds, and the purpose of their transactions as they occur on our platform … […]
Is bitcoin’s price tumble a warning bell for investors?
Seasoned investors will find it hard to resist a smug “I told you so” if the price of bitcoin continues the swoon which has seen it tumble from its December peak of nearly $US20,000, to around $US13,150 late on Tuesday. That’s because since its creation in 2008, most investors have tended to see bitcoin as a financial market sideshow, of interest to criminals and drug dealers perhaps, but scarcely an asset that could be ranked alongside shares or bonds. But bitcoin’s stunning price rise last year – the digital currency started 2017 at less than $US1000, which meant that it notched up a gain of around 2000 per cent for […]
Bitcoin futures trading company XBT Investments heads for the ASX
Investors who are unsure of how to buy or manage their own cryptocurrencies will have an easy way to be exposed to the volatile asset class, with the first bitcoin investment company readying to list on the ASX this quarter. The float of XBT Investments, which has a management agreement with BitFunds, will invest in bitcoin futures rather than own the cryptocurrency outright. This enables it to overcome the ASX’s listing rules which do not permit pure cryptocurrency investment companies. The listing comes as bitcoin starts the new year trading lower for the first time since 2015, having fallen from almost $18,000 to less than $17,300. The slide comes on […]
Bitcoin stumbles out of 2018 starting blocks
Bitcoin is already having a bad year. For the first time since 2015, the cryptocurrency began a new year by tumbling, extending its slide from a record $US19,511 reached on December 18. The virtual coin traded at $US13,150 as of 12.58pm in New York, down 8.1 per cent from Friday, according to data compiled by Bloomberg. That’s also a fall from the $US14,156 it hit Sunday, according to coinmarketcap.com, which tracks daily prices. Bitcoin got off to a much stronger start last year, and then kept that momentum going, eventually creating a global frenzy for cryptocurrencies. In a sign of its phenomenal price gain in 2017, it rose 3.6 per cent […]
Ripple’s 53 per cent surge makes it the 2nd-biggest cryptocurrency
A new contender has moved into second place in the race to catch bitcoin. Ripple, a cryptocurrency that first surfaced in 2013, surged 53 per cent in 24 hours to surpass ethereum and take the title of the world’s second-most valuable digital coin by market cap on Saturday US time. Ripple’s market value rocketed to $US86 billion ($110 billion), making ether No.3 at $US73 billion. Bitcoin’s market cap is near $US250 billion. It’s the latest twist in the crypto saga known as the “flippening”. That’s what ether enthusiasts call the coin’s anticipated rise to the most valuable by market cap. Rather than catching up to bitcoin, though, ether has fallen […]
Is bitcoin back? Cryptocurrency passes $US16,000 as rebound begins
Bitcoin rallied past $US16,000 ($20,705) on Tuesday US time as traders of the world’s biggest digital currency sought to draw a line under its rollercoaster five-day slump. The tokens rose 16 per cent to as much as $US16,132.09, the biggest gain on a closing basis in more than two weeks and the first in six days. It traded higher by 14 per cent to $US15,659.9 as of 1.36pm in New York. Rival currencies litecoin and ethereum were up 4.4 per cent and 2.6 per cent, respectively, according to data compiled by Bloomberg. High trading volumes at Coinbase, one of the biggest exchanges, forced the company to issue a warning on its website that […]
Cryptocurrency wallet temporarily restricts Australian dollar deposits
Popular cryptocurrency wallet CoinSpot has stopped accepting deposits in Australian dollars, blaming local banks for being “unwilling to work” together. In a blog post updated this morning, CoinSpot said the restriction on all forms of AUD deposits will remain in effect until at least the first week of the new year. “We assure you we are just as unhappy with the situation as you,” the platform writes on its blog. “But unfortunately Australian banks have been so far unwilling to work with the digital currency industry which leads to frequent account closures and strict limits on accounts whilst they remain operational, in effect debanking our industry.” The digital wallet service […]
National Currency Exchange to launch
The National Currency Exchange, an Australian owned and operated cryptocurrency exchange, will commence operations in Q1 2018 following a private funding round raising $750,000 for the Australian and second exchange in Singapore. NCX, which will initially allow trading in popular cryptocurrencies Bitcoin and Ethereum before expanding the digital asset suite throughout 2018, differentiates itself from local and global peers by having 100% of controlled funds and digital assets managed in Australia, with the majority of NCX controlled digital currency kept in “cold storage”. It will generate revenue from trading fees and Fiat transfer fees and in future also expects to generate revenue from listing additional digital assets. To read […]
