Bitcoin failed to find support around $6,600 and now risks drifting lower to $6,000 as concerns over regulation and taxation weigh on market sentiment. A crypto exchange in Japan, which used to be one of the biggest until a massive hack in January, agreed to a takeover by an online brokerage. An online payment startup has inked a deal with South Korea’s biggest credit card company, causing the related coin to trade higher.
Here is a wrap up of the main news from the cryptocurrency and blockchain space over the last 24 hours.
Japan’s Hacked Coincheck To Be Bought By Monex For JPY 3.6 Bln
Japanese cryptocurrency exchange Coincheck, which was hit by the largest-ever digital currency theft, has agreed to be acquired by Japanese online brokerage Monex Group for 3.6 billion yen or about $34 million. Monex’s shares climbed around 20 percent in Japan following the announcement. It was in late January that Coincheck was hacked of 523 million NEM coins worth 58 billion yen or $530 million at that time. The crypto exchange already began repaying its affected customers.
OmiseGO In Deal With South Korea’s ShinhanCard On Blockchain Development
Omise and OmiseGO has signed a Memorandum of Understanding or MoU with South Korea’s biggest credit card company ShinhanCard, aiming to explore opportunities for fintech and blockchain initiatives. Following the news, OmiseGO’s OMG coin traded higher, and is now at $9.06, up 2.04 percent over the last 24 hours, compared to negative trading for all major cryptocurrencies, according to Coinmarketcap.
Georgia Senate Fails To Pass Bill To Allow Tax Payments In Cryptocurrency
A bill that would allow residents in the U.S. state of Georgia to pay their taxes in cryptocurrency failed to pass through its Senate due to misunderstandings among lawmakers. Senate Bill 464, sponsored by Senators Michael Williams and Joshua McKoon, was introduced on February 21. “The commissioner shall accept as valid payment for taxes and license fees any cryptocurrency, including but not limited to bitcoin, that uses an electronic peer-to-peer system,” the bill stated.
Indian Authorities Arrest Scamster For Running Bitcoin Ponzi Scheme
An Indian businessman accused of duping hundreds of investors in the country as well as abroad through a ponzi scheme that involved Bitcoin mining. Police arrested Bitcoin entrepreneur Amit Bharadwaj at the Delhi airport after a complaint was filed against him in the cybercrime cell of Pune Police. In a first, the Enforcement Directorate also registered an enforcement case investigation report against the businessman.
IBM Joins Sovrin Foundation To Build Decentralized Identity System On Blockchain
Tech giant IBM has partnered with the non-profit Sovrin Foundation to build a decentralized digital identity network on blockchain. The group announced IBM as a founding Steward of the Sovrin network. In this role, the company will dedicate hardware, security and network capacity to assist in the operation of this self-sovereign identity network. Blockchain is used to enable the secure exchange of cryptographically-signed credentials to prove the digital identity information in the identity owner’s possession.
As of 8.10 am ET on Friday, Bitcoin was down 2.31 percent at $6,561.10 and Ethereum was lower by 3.35 percent at $366.77 on Coinbase.
by Jyotsna V