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US Banks Can Now Provide Cryptocurrency Custody Services – Says US Bank Regulator



cryptocurrency custodial services

US Banks to Commence Cryptocurrency Custody Services

The US Office of the Comptroller of the Currency (OCC) on Wednesday said banks in the country now have the right to provide cryptocurrency custodial services to cryptocurrency businesses.

In a letter issued to banks, the OCC said banks providing cryptocurrency custodial services to investors and businesses would have to take possession of cryptographic access keys to that unit of cryptocurrency.

This, it said was due to the difference in traditional banking methodology and the blockchain technology process.

“From safe-deposit boxes to virtual vaults, we must ensure banks can meet the financial services needs of their customers today,” said Acting Comptroller of the Currency Brian P. Brooks.

“This opinion clarifies that banks can continue satisfying their customers’ needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency.”

This, move according to cryptocurrency experts, could open mainstream doors to the cryptocurrency world and further bolster the digital market outlook going forward.

One of the key industry players, Gemini, a regulated cryptocurrency exchange and Anchorage, agreed this could be good for the crypto industry.

“Today’s forward thinking announcement by the OCC validates Gemini’s long standing approach to custody. Gemini has built an institutional-grade custody solution to address the unique challenges of storing digital assets, that’s regulated by the NYDFS, and serves many institutional partners. A regulated solution provides the best option for the safety and security of clients’ crypto assets,” said Noah Perlman, Chief Compliance Officer, Gemini.

Bitcoin value rose above $9500 immediately the report was made public on Wednesday.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market.

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Twitter Hacker Has $3.3m Worth of Bitcoin, Says Lawyer




Twitter Hacker Has 3000 Bitcoin, Says Attorney

Graham Ivan Clark, the 17-year-old ringleader behind the recent Twitter hack, reportedly has 300 Bitcoin estimated at about $3.347 million.

The lawyer representing Clark made the disclosure on Saturday at Hillsborough County Courthouse, Florida.

Clark’s bail was set at $725,000 during his first court appearance on Saturday.

The 17-year-old was arrested on Friday as authorities see Clark as the ringleader and mastermind of last month’s ‘CryptoforHealth’ Twitter hack — that attacked about 30 high profile accounts and promised to double the money of users who sent cryptocurrency.

The report shows in total about $117,000 worth of cryptocurrency was transferred to the hackers in one afternoon.

Two other accomplices were also picked and charged in California, according to the report.

Authorities had previously confiscated 400 bitcoin from Clark before returning 300 in 2019 when authorities accused him of acquiring them illegally. An accusation his attorney has argued it was legitimate because it was eventually returned.

Clark now faces 17 counts of communications fraud 11 counts of fraudulent use of personal information, as well as one count of breaking into an electronic device and another for organized fraud.

Meanwhile, Bitcoin has rebounded from Sunday low following the flash crash it suffered. The coin rebounded slightly from $10,960 to $11,157 on Monday during the New York trading session.

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Bitcoin Price Drops by $1,458 Within One Hour, Liquidating $1.4bn Positions



A twenty five bitcoin

Bitcoin Drops by $1,458 on Sunday, Liquidating  Almost $1.4bn Positions

Bitcoin, the world’s most capitalised cryptocurrency, on Sunday suffered a price drop of $1.458 within one hour to $10,960 per coin.

The world’s most dominant coin broke through the $10,519 resistance level last week Monday following months of trading below that level.

While crypto experts have predicted bullish run henceforth given the recent Bitcoin halving that limited market supplies, series of uncertainties amid unchecked activities continue to hurt the coin stability.

On Sunday, Bitcoin price crashed from $11.446 per coin it traded earlier in the day to $10,960, closing several open positions across major exchanges, according to data from Bybt.

BitMex, a Seychelles based cryptocurrency exchange, said the price drop triggered $144 million worth of sell liquidations or closed long positions on the platform, the highest since May 10.

Also, the exchange said it register buy liquidations of $7.6 million worth of positions on Sunday.

Findings revealed that 95 percent of closed positions on BitMex were long positions, indicating that traders were bullish on cryptocurrency prior to the crash.

BTCUSDDailyHowever, on Monday the coin rebounded slightly to $11,157 to establish higher lows above the $10,825 resistance level.

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Bitcoin Breaches Investors King Key Resistance Level, What is Next?




Bitcoin Breaches Key Resistance Level, What is Next?

Bitcoin, cryptocurrency most dominant coin, on Monday broke through $10,519 key resistance level to peak at $11,409 on Tuesday.

This is coming a few days after the United States banks’ regulator approved banks in the country to commence cryptocurrency custodial services. The news boosted cryptocurrency outlook and pushed Bitcoin above its long term range of $8998 and $9341 to its present trading value of $10,960 per coin. Its highest since August 2019.

bitcoin breaches $10,000 levelWhile series of economic uncertainties due to the COVID-19 pandemic could have helped bolster the digital currency above Investors King‘s key resistance level, a sustained break is now needed to push the world’s leading cryptocurrency above $12,891 resistance level.

Again, because Bitcoin remained vulnerable to the activities of hackers, its path to stability remains a concern.

For instance, 2,550 Bitcoin valued at about $28 million stolen from Bitfinex, an exchange platform in 2016, was moved on Monday according to Whale Alert, a Twitter handle specializes in tracking transfer of large cryptocurrencies.

This is likely one of the main reasons Bitcoin pulled back this morning from $11.409 per coin as uncertainty surrounding the stolen coins surges.

While we remained bullish on Bitcoin, especially now that it has started establishing characteristics of traditional assets and supply projected to continue to drop substantially, activities of hackers and other unchecked criminals using the coin as a medium to move a huge amount of stolen funds remained an issue.

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