UBS: Bitcoin Is Too ‘Unstable and Limited’ to Function as Money

news An Australian financial regulator is trialing blockchain technology to automate reporting of cross-border transactions by institutions. ZDNet reported Sunday that the Australian Transaction Reports and Analysis Centre (AUSTRAC) has partnered with the Swinburne University of Technology in Melbourne to build a prototype for the trial. The two partners will specifically examine how blockchain and…

Bitcoin (BTC) and the broader cryptocurrency market fell nearly 10% on Saturday, with the price of the largest digital asset briefly falling below $62,000 before recovering to around $64,000 as of press time.It wasn't alone: other major digital assets saw similar falls over the past 24 hours, including ether (ETH), which fell 7% to just

Poolin co-founder Zhibiao Kevin Pan (CoinDesk archives)A court in China has denied an appeal by bitcoin mining giant Bitmain seeking $30 million in damages from the three co-founders of Poolin, one of the world’s largest cryptocurrency mining pools. The Beijing No. 1 Intermediate People’s Court issued a ruling on the appeal on Aug. 31 and…

The most expensive non-fungible token (NFT) sold in 2019 was a digital car for the blockchain racing game, F1 Delta Time (at just over $100,000, the sale seems small-fry now). At the time, the “hyper-limited” 1–1–1 was the first official Formula 1 NFT, the first car auctioned by F1 Delta Time, and the priciest virtual…

Germany's BTC sales and Mt. Gox reimbursements weigh over BTC. Major economies' expansionary phase, slowing inflation, and peak tech optimism on Wall Street suggest a positive outlook. It may seem like turbulent times in the crypto market amid Germany's bitcoin (BTC) sales and fears about mass liquidations by defunct exchange Mt. Gox's creditors. However, looking

Feb 3, 2020 at 10:49 UTCUpdated Feb 3, 2020 at 11:07 UTCCredit: grejak / ShutterstockTwitter has activated a new bitcoin-branded hashtag, with founder Jack Dorsey calling for it to become part of the universal web standard. Dorsey announced Sunday that Twitter users could now use the bitcoin symbol as an emoji, appearing automatically after "#bitcoin"…

While it seems Paxos Standard (PAX)  experienced a sudden surge in trading volumes, the stablecoin’s own issuer questions that very data. Data appear to show Paxos Trust Company, the New York-based regulated blockchain company, saw daily trading volume on its stablecoin rise to a record high of $1.3 billion on Tuesday – representing a staggering 282…

news Facebook’s former mantra of “move fast and break things” won’t cut it for a senior official at Britain’s top financial watchdog who spoke at the University of Cambridge on Tuesday. Although Facebook reportedly spoke with the Financial Conduct Authority (FCA), executive director of strategy and competition Christopher Woolard raised a few points of contention…

Oct 7, 2020 at 20:50 UTCUpdated Oct 7, 2020 at 21:16 UTCIgor Korsakov, co-founder of BlueWallet. (Credit: Igor Korsakov)BlueWallet Adds Privacy Feature ‘PayJoin’ for Bitcoin TransactionsMobile and desktop Bitcoin and Lightning wallet BlueWallet has added support for PayJoin to boost user privacy. Announced Wednesday, BlueWallet’s update allows two parties to mix coins in one transaction…