Cryptocurrency Daily Roundup – Mar. 29

Bitcoin is nearing its “death cross”, a level that signals more downside ahead, causing worry for the cryptocurrency traders. And another social media website has disowned the top cryptocurrency by stopping it as a payment option for its premium service. And the crypto industry keeps giving back to the global community by way of donations, this time it is from the Ethereum founder Vitalik Buterin.

Here is a wrap up of the main news from the cryptocurrency and blockchain space over the last 24 hours.

Bitcoin Approaches Death Cross

Bitcoin has fallen below $7,500 Thursday morning and is approaching its “death cross”, a level much feared by analysts as a sign of bad things to come. A “death cross” occurs when the 50-day moving average moves below the 200-day moving average. The top cryptocurrency traded in a range between $7,850 to $8,950 from the start of the week till Wednesday.

Reddit Gold Membership No Longer Accepts Bitcoin For Payment

Reddit users will no longer be able to buy its premium membership program Reddit Gold by paying in bitcoin, reports said. According to a Reddit post in subreddit /r/btc published last week, bitcoin as a payment option was removed due to an upcoming change in Coinbase, its Bitcoin payment processor. Last week, users had started commenting in the /r/BTC subreddit that credit cards and PayPal are the only available payment methods for the service. Earlier, users were able to pay for gold using bitcoin.

Ethereum Founder Vitalik Buterin, OmiseGo Donate $1 Mln For Refugee Relief

Crypto industry philanthropy keeps growing, and this time it is none other than the Ethereum creator Vitalik Buterin, who joined hands with the payment startup OmiseGo to donate $1 million for refugee relief. The donation was made in OMG tokens directly to refugees through GiveDirectly, a New York-based charity with a mission to “send money directly to the extreme poor”.

Bitfinex Mulling Relocation To Switzerland

Bitfinex, one of the world’s largest cryptocurrency exchanges is considering shifting its operations to Switzerland, a Swiss media report said. Bitfinex CEO Jean-Louis van der Velde confirmed that his firm held talks with the Swiss authorities. Switzerland hopes to attract more fintech firms and has also created regulation governing initial coin offerings. The Swiss town Zug has transformed itself into a “crypto valley” hosting several fintech start ups.

Ford Patents Crypto-enabled Car-to-Car Communication For Traffic Marshaling

American car manufacturer Ford won a patent for a vehicle-to-vehicle communication system that allows cars to drive at higher speeds in less congested lanes by paying other cars using a cryptocurrency. The Dearborn, Michigan-based company’s unit Ford Global Technologies had filed for the patent titled “Vehicle-to-vehicle cooperation to marshal traffic” in September 2016, the United States Patent and Trademark Office document released Tuesday showed.

Chilean Crypto Exchanges Seek Clear Rules As Banks Deny Services

Two of the largest cryptocurrency exchanges in Chile have asked the Chilean Association of Banks to come out with clear regulations after the two had their corporate accounts closed down by several banks.The exchanges said the closure of the accounts was caused by the vague regulations that are governing the global cryptocurrency industry. They have asked the ABIF to clarify their stand on cryptocurrencies and cryptocurrency trading following the denial of services to them by banks.

Belarus Cryptocurrency Ordinance Comes Into Force

Belarus has officially introduced a new accounting standard related to cryptocurrencies. According to Belarusian Telegraph Agency or BelTA, Belarusian Ministry Of Finance’s ordinance No. 8 on digital economy development, which was dated December 21, 2017, came into force on March 28. The new accounting standard specifies the procedures for keeping accounting records of crypto transactions. It classifies digital tokens as per their acquisition and intended use.

Insurance Firms’ Blockchain Alliance B3i Forms Blockchain Startup

The Blockchain Insurance Industry Initiative or B31, a consortium led by major insurance companies, has formed a Swiss-based blockchain startup. The new company, B3i Service AG based in Zurich, would be a blockchain trading platform, formed to commercialize blockchain solutions for reinsurance.

AC Milan Owner Reportedly Tried To Refinance Club With Bitcoin

Yonghong Li, Chinese owner of A.C. Milan, has failed in his bid to refinance the loan which he took to purchase the Italian professional football club using bitcoin, according to reports. The club was sold in to a Chinese consortium led by Yonghong Li, who is believed to have a 303 million euro ($357 million) loan from US private-equity fund Elliott Management Corp.

Ubank Launches Ubcoin Market To Facilitate Crypto Investment

Mobile payments app Ubank is launching Ubcoin Market, a peer-to-peer marketplace where anyone can safely and instantly buy or sell a real product or service using crypto coins. One can become a crypto investor simply by selling real goods and receiving exchange-traded Ubcoin (UBC) crypto token in return.

Current Prices

As of 6.52 am ET on Thursday, Bitcoin was down 6.74 percent at $7,488.44 and Ethereum was lower by 10.94 percent at $410.31 on Coinbase.

by Jyotsna VRTTNews Staff Writer

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