Welcome to the Crowdify digest of interesting and important news and views about Bitcoin for January 30.
Markets have factored in the fee imposition by Chinese exchanges so we are entering a period of Bitcoin price stability.
Chinese exchanges started levying a fee for investors and traders starting Jan. 24, 2017. This followed the decision of the People’s Bank of China to conduct on-site inspections. The decision of the Chinese exchanges to impose fees was clearly a move to stay in business and compliant with the demands of the central bank. While these exchanges may now be on the ‘right side of the law’ in China, the long-term effects of this move will be felt for some time to come.
Full story at http://bit.ly/2kjPYvk
Bitcoin price is stuck in a symmetrical triangle consolidation pattern for now and its breakout could set the tone for long-term action.
Full story at http://bit.ly/2kiNayD
As the biggest Chinese exchanges announce the implementation of transaction fees, Bitcoin, once again, shows off its inherent capacity to quickly adjust to the ever-changing environment, and to not only recover from adversity but to also get stronger.
The latest shock resulting from the imposition of transaction fees by Chinese exchanges caused bitcoin trading volumes to plunge dramatically on January 24, 2017. Now, as bitcoin’s value springs back, puncturing the USD 900 resistance level, trading migrates to non-fee-charging exchanges, and traders renew their optimism about the cryptocurrency.
Full story at http://bit.ly/2kjVeiM
Bitcoin companies offering virtual wallets sometimes face a difficult legal question: do they have to operate as a bank (with all the regulation that entails), or can they function as something else? In Switzerland, at least, that matter is settled. Xapo has received "conditional approval" for running its bitcoin wallet service from the country. It'll have to participate in a self-regulatory organization and meet other unspecified terms, but it won't have to secure a banking license. As of now, it's classified as a financial go-between.
Xapo was likely helped by its insistence that it doesn't take deposits. The firm adds that it won't serve American customers, potentially due to legal uncertainty surrounding bitcoin.
Full story at http://engt.co/2kiXuqq
Cash and cryptocurrencies have been the target of the European Commission’s anti-money laundering efforts. Recently, the Commission published a roadmap of its proposal for the ‘restrictions on payments in cash’ initiative, extending them to cryptocurrencies like bitcoin.
Full story at http://bit.ly/2kiI1qc
The European Commission, the executive branch of the EU, is weighing a limit on cash transactions in a move that may also affect digital currency payments.
According to an impact assessment published by the Commission, the aim of the proposal is to curtail payments in cash, which critics say promotes anonymity when transacting. Any restrictions, the roadmap states, “would be a mean to fight criminal activities entailing large payment transactions in cash by organised criminal networks” – with a similar impact on terrorist financing as well.
Full story at http://bit.ly/2kH0s5U
Kim Dotcom has revealed the reason for delaying his Megaupload 2/ Bitcache unveiling was due to a failed merger with a Canadian company SecureCom.
Dotcom had promised the reveal Jan. 19 but said that there had been an “expected hiccup.”
Full story at http://bit.ly/2kiErMT