Bitcoin Price Hovers Around $9,500 Following Sudden Price Drop

Bitcoin price is hovering around $9,500, having seemingly stabilized around the price it fell to yesterday, while the rest of the crypto market is largely red. Thursday, Aug. 29 — Top cryptocurrencies Bitcoin (BTC) and Ether (ETH) are still in the red, though XRP has managed to see minor gains on the day.  Market visualization. Source: Coin360 Bitcoin is trading at $9,496 at press time, marking a 1.85% price drop on the day. Yesterday, BTC, ETH and XRP all dropped sharply in price from 5:45 p.m. to 6:20 p.m. UTC.…

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Major Computer Chip Maker Faces Infringement Lawsuits From Competitor

GlobalFoundries, the world’s second-biggest semiconductor foundry by sales after TSMC, has filed multiple infringement lawsuits against its competitor. TSMC, the world’s largest independent semiconductor foundry and chip supplier for Bitmain, is facing multiple lawsuits from its competitor GlobalFoundries (GF). Alleged patent infringement  GF, the second biggest semiconductor foundry by sales after TSMC, filed several lawsuits in the United States and Germany, accusing Taiwanese TSMC of infringing on 16 GF patents, according to an official GF statement on Aug. 26. In the lawsuits, the California-based company seeks orders to ban TSMC…

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Dharma Announces Closed Beta for Version 2 of Lending Platform

Cryptocurrency lending and borrowing firm Dharma has released a closed beta for its new platform, which is based on the Compound protocol. San Francisco-based crypto lending and borrowing firm Dharma has announced the start of a closed beta for a new version of its platform. Upcoming changes and short-term timeline Dharma announced its new platform iteration in an official blog post on Aug. 29. According to the announcement, Dharma has partnered with the Ethereum-based money market Compound and will reportedly use its protocol as infrastructure for the new platform. Additionally,…

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US SEC Reaches $10 Million Settlement With Digital Assets Issuers

The United States Securities and Exchange Commission reaches $10 million settlement with a Dallas-based digital assets company and its founders. The United States Securities and Exchange Commission (SEC), a primary governmental regulator, has settled charges with digital assets company Bitqyck Inc. and its founders. Smart contracts and crypto mining? The SEC announced the development in a press release on Aug. 29. According to the announcement, Bruce Bise and Sam Mendez­ are the founders of Bitqyck — a company that provided security offerings for digital assets Bitqy and BitqyM in Dallas,…

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Investments and Speculation: 90% of Bitcoin’s Total Use

According to the CEO of the crypto exchange Luno, Marcus Swanepoel, the majority of clients of any crypto exchange, mainly use bitcoin as an instrument for investments and speculation. Swanepoel also stated that transacting, usually comprises a very small share of the cryptocurrency’s use cases. During his CNBC interview, from earlier this week, he explained that only a very small portion of bitcoin’s users, actually purchase it to use it for transactions. He states that the vast majority of bitcoin are done by either investors, established whales, crypto exchanges or…

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Legal Battle of Craig Wright vs Kleiman Is Heavily Against Wright

Things aren’t looking too good for the famous Satoshi Nakamoto-wannabe, Craig Wright. It appears that the legal battle involving Wright and the computer scientist David Kleiman is heavily going in Kleiman’s favor. Back in June, Wright was forced to personally appear at the mediation for the alleged intellectual property theft he committed. All of Wright’s attempts to appeal the order were rejected and he had to be physically present in the court room. Leaked information from a court audience member pointed out that so far, things weren’t going good for…

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China Telecom Releases White Paper on 5G Blockchain Phones

According to China Telecom, the current level of blockchain smartphones’ adoption is low, while device performance is poor. Major phone operator China Telecom has released a white paper on blockchain-powered smartphones in the 5G Era. China Telecom introduced the white paper at the China International Intelligent Industry Expo on Aug. 27, according to a report by local finance news outlet Sina. Existing troubles In the document, China Telecom pointed out the potential benefits of applying blockchain technology to mobile phones, including automation and transaction traceability. According to Sina, China Telecom’s…

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Stablecoins Vulnerable to Regulatory Uncertainty: European Central Bank

The European Central Bank releases a new paper devoted to stablecoins, providing taxonomy based on key stability mechanisms and recommending clear regulation. Stablecoins with a clear governance framework may be hampered by the uncertainty of the lack of regulation, according to the European Central Bank (ECB). Four major types of stablecoins outlined On Aug. 29, the ECB released a new paper devoted to stablecoins, which it describes as digital units of value that are not a form of any specific currency but rather rely on a set of stabilization tools…

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