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FCoin Blames Poor Auditing for Shutdown, but Others Suspect Exit Scam

Less than two years after bursting onto the scene, Chinese crypto exchange FCoin has shut down its operations. The platform, founded by Zhang Jian, also says it may be unable to pay the 7,000 to 13,000 Bitcoin (BTC) — about $67 million to $125 million — that is owed to its customers. Jian, the former chief technology officer of Huobi, tried to explain the reasons for the platform’s insolvency, identifying poor auditing practices. Crypto pundits, however, say there is a more sinister aspect to FCoin’s demise — one that involves a…

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Half of Predictions Are Right Half the Time — BTC’s Halving Divides Opinions

The renowned Mike Novogratz, founder of digital assets merchant bank Galaxy Digital, has once again voiced his predictions on the price of Bitcoin (BTC) in light of the impending Bitcoin halving set for May 2020. According to Novogratz, the inceptive cryptocurrency will likely breach the $20,000 benchmark in 2020. The prediction comes a couple of months after Novogratz stated that BTC would reach $12,000, right before the latest rally. Will Novogratz, who is known for his daring forecasts — most of which are not far off the spot — be…

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Are the BZx Flash Loan Attacks Signaling the End of DeFi?

Earlier this week, the decentralized lending protocol bZx was exploited in back-to-back “flash loan” attacks. While the two exploits were distinct, the end results remained the same. In total, $954,000 was gleaned from the platform. But what exactly happened? Was it an exploit, a simple case of arbitrage or a malicious attack? And where does decentralized finance go from here? It hasn’t been a good PR week for the DeFi sector. For some, the movement promising an alternative to the legacy financial system is starting to look like a failed…

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Bad Crypto News of the Week

The Bitcoin community collectively facepalmed after BTC fell back below $10,000. It was the result of an $800 crash that took place over the course of one hour, the fifth-largest one-hour drop ever recorded. But some analysts are calling for an unprecedented rally ahead of the pending halving. This is largely due to the appearance of a “golden cross,” when the 50-day moving average crosses the 200-day moving average. In today’s market terms, that calls for a BTC price of $26,000 before the next halving. Binance co-founder CZ is also…

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Bitcoin Price Bullrun May Last 1000 Days as 2020 Now Best Average Year

Bitcoin (BTC) is worth more in 2020 than any other year it has existed — and historical data suggests that its price will continue climbing for another 19 months. Data uploaded to Twitter by fund partner James Todaro on Feb. 21 reveals that in terms of volume-weighted average price, 2020 is Bitcoin’s best year ever. BTC volume-weighted average: 2020 biggest year The volume-weighted average calculates the Bitcoin price over a certain period as a ratio on the basis of trading.  For 2020, the average for BTC/USD is $9,120, according to…

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NBA & NFL Believe in Non-Fungible Tokens, But Not Contract Tokenization

Cointelegraph was on the ground for NFT NYC, event taking place a couple of hundred feet from Times Square dedicated to non-fungible tokens. While most of the companies at NFT NYC are early-stage startups still looking for their users, two attending organizations have hundreds of millions of fans around the world. Adrienne O’Keeffe, associate vice president of partnerships at the NBA, and Sophie Gage, counsel at the NFL Player’s Association, joined a panel to discuss the value of blockchain technology for big brands. Cointelegraph scored an exclusive interview after their…

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Calibra Technical Lead Tells Why Facebook Built New Language for Libra

Digital lead for Calibra Ben Maurer gave a presentation on Facebook’s Move programming language at the Stanford Blockchain Conference on Feb. 19. Move was created by Facebook to provide a safe and programmable foundation for the Libra blockchain. Maurer explained that Move will make it easier and more secure to program financial applications that run on Libra. He said: “Move is a new smart contract language built into the core of Libra that is designed to bring a modern approach to today’s financial systems.” Maurer mentioned that Libra’s mission is…

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Chainalysis to Monitor AML Compliance for Crypto Exchange CoinField

Amid a tightening regulatory scene in crypto, blockchain analytics firm Chainalysis has joined up with digital asset exchange CoinField. CoinField plans to use Chainalysis technology to help with its Anti-Money Laundering, or AML, practices, Chainalysis announced on Feb. 20. Crypto leaves the Wild West behind Media outlets have drawn correlations between the relatively new crypto industry and the Wild West — a niche industry running rogue far from the regulatory spotlight. Over the past two years, however, governing bodies across the globe have cracked down on the industry, shutting down…

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BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LINK

Binance CEO Changpeng Zhao believes that the upcoming Bitcoin halving has not been priced in to the digital asset’s current price action. The reduction in miner rewards will increase the cost of mining each Bitcoin, meaning, miners are unlikely to sell below their cost of production.  Bitcoin’s supply will decrease with the halving but its demand has also been increasing, creating a situation where prices are likely to driven higher. Although CZ’s statement can be interpreted as bullish, the CEO personally believes that Bitcoin’s price might gravitate around $10,000 levels…

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Binance Is Not Authorized to Operate in Malta, Financial Regulator Says

The Malta Financial Services Authority (MFSA) claims that it has never approved major cryptocurrency exchange Binance to operate in the country. On Feb. 21, the MFSA issued a public statement, stating that Binance “is not authorized by the MFSA to operate in the crypto currency sphere.” The agency outlined that recent media reports referred to Binance incorrectly as a “Malta-based cryptocurrency firm,” while the exchange “may not fall within the realm of regulatory oversight.” While major local publications like Malta Today have been referring to Binance as a Malta-regulated crypto…

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