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OFFICIALLY BANKRUPT: Canadian crypto exchange QuadrigaCX should transition into bankruptcy in the coming days, according to a ruling by a Nova Scotia Supreme Court judge. The decision means that QuadrigaCX, which has been operating under the Companies' Creditors Arrangement Act (CCAA) since the end of January, will file for bankruptcy by next week, entering what is likely to be the final chapter in the exchange's history. The exchange first filed for creditor protection on Jan. 31, saying it could not access roughly $136 million in cryptocurrencies and needed help reclaiming another $53 million in fiat held by third-party payment processors. Full Story
GOX EXIT: The head of the largest organized creditor group representing the former users of failed bitcoin exchange Mt Gox is stepping down amid what he described as a protracted legal quagmire that could take years to resolve completely. Andy Pag, the founder and coordinator of Mt. Gox Legal, told CoinDesk that he now believes ongoing legal issues – in particular, a single massive claim by startup incubator and former Mt. Gox partner Coinlab – may hold up the crypto exchange’s civil rehabilitation process for up to two more years. “I’ve decided I’d rather be happy and get on with my life,” Pag said. Full Story
CORE CONNECTIVITY: In a moment true bitcoin nerds have been waiting for, the coming release of the Bitcoin Core software will finally, natively allow users to connect full nodes to hardware wallets. The change marks a big step for users’ security, as bitcoin full nodes allow users to verify that transactions actually took place, while hardware wallets are considered one of the most secure ways to store bitcoin. Bitcoin Core lead maintainer Wladimir van der Laan, told CoinDesk it’s one of the features he’s been most excited about for some time. Full Story
MINING RESTRICTIONS? A Chinese central government agency in charge of formulating macroeconomic policies has labeled bitcoin mining an "undesirable" industry in a draft proposal, recommending local governments to eliminate the sector in the country. The Catalog for Guiding Industry Restructuring, while still open for public feedback, categorizes bitcoin mining as an industrial sector that is undesirable and thus should be discontinued in the country's future development. It remains to be seen whether the final guidance will have any impact on bitcoin mining in China, since the catalog itself serves as a general direction for future development. Full Story |
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| MOMENTUM GROWS: With the "super guppy" multiple moving average indicator turning bullish for the first time since January 2018, as well as bitcoin's price crossing back above the 26-period exponential moving average (EMA) on the monthly chart recently, things are looking good for the bulls. Prices now need to be held above the 26 EMA (currently at $5,064) and the recent dip low of $5,133 to maintain bullish momentum. Full Story |
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BEST OF THE BEST
FUTURES RECORD: CME Group reported seeing a record high for bitcoin futures volume earlier this month, following bitcoin's price spike in recent days, Bloomberg reports. More than 22,500 contracts with a notional value of $546 million were traded on April 4, roughly equal to 112,710 bitcoin. A majority – 12,634 – of these contracts were traded during Asia hours, according to CME. The exchange saw its new record just under a month after Cboe Global Markets, its rival in the space, announced it would be suspending its own bitcoin futures contracts.
THE REST
CORPORATE NON-ADOPTION: Two of every three companies are not using blockchain technology, according to a recent poll by consulting giant and Big Four auditor KPMG. The Next Web reported the results of a KPMG survey across 450 respondents, finding that while 60 percent of firms would be willing to adopt blockchain tools, 67 percent do not. Another 27 percent of respondents said they were not sure whether their company used blockchain.
BLOCKCHAIN POISONING: A recent form of cyberattack called "poisoning" may become a new issue for blockchain tools, reports Roll Call. Poisoning occurs when an attacker loads private or illicit data and stores it onto a blockchain platform, thereby ensuring that the network itself is in violation of certain laws. This attack may prove especially problematic in Europe or California, both of which have stringent privacy laws allowing individuals to request that personal data be deleted.
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WHO WON #CRYPTOTWITTER  |
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