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North Korea Hacking Crypto Exchanges to avoid Sanctions: Biggest BTC Whale?

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According to the United Nations Security Council Expert Panel, North Korea has been engaged in hacking cryptocurrency exchanges in order to avoid sanctions.

According to a report by a United Nations Security Council Expert Panel, North Korea has been continuously engaged in hacking cryptocurrency exchanges in order to avoid sanctions.

 

Report by Nikkei Asian Review

According to the report published by Nikkei Asian Review, it’s the 1st time that North Korea has been detained for illegal crypto activities by the panel. Also, the report states that North Korea has serious sanctions imposed on the nuclear and missile initiative due to which the coal exports of the country have been badly affected.

As cryptocurrencies such as bitcoin are independent of regulations, difficult to trace and can be easily used for money laundering it makes the process of evading sanctions quite easy.

 

According to the report by the United Nations Security Council Expert Panel, between Jan 2017 and Sep 2018, North Korea has carried out more than 5 cyber attacks on cryptocurrency exchanges in Asia which led to $571 million being stolen or lost.

The panel suggested that the member states of the United Nations should prevent such cyber attacks by amplifying their potential to encourage vigorous data trade on the cyber attacks by the Democratic People’s Republic of Korea with different governments.

#Bitcoin

Cryptocurrency Price Analysis: Great Week for the top 10

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The current week has proved to be quite amazing for the cryptocurrency market as all major coins are holding green. The total cryptocurrency market rose by around $1.5 billion yesterday night with the price of bitcoin reaching $4100.

 

Bitcoin:

BTCUSD Price Chart

BTC/USD Weekly Price Chart

Bitcoin broke the $4000 resistance level on 17th March and has been over this range since then. Bitcoin has turned the previous resistance into strong support now and has moved upwards slowly currently trading around $4120 (according to Bitfinex chart) with around 1% increase in the last 24 hours. If bitcoin is able to maintain its position above $4100 range for long, it might soon move ahead towards the major long term resistances such as $4500 and $4600.

 

Altcoins:

ETHUSD Weekly Chart

ETH/USD Weekly Chart

Ethereum also saw a nice bullish momentum this week after reaching the highest point of $143. Currently, Ethereum is trading nicely around $140 and is experiencing a few dips while trying to move upwards.

Unlike other top 10 coins, Ripple market is experiencing volatility from the last week but the momentum is still quite bullish.

LTCUSD Weekly Chart

LTCUSD Weekly Chart

Litecoin has been following trends and is steadily trading around $60 from the start of the week. Litecoin has increased more than 1.67% in the last 24 hours which makes it the best performing crypto of the day (in comparison with the top 10 cryptos according to market capitalization). LTC is currently trading around $61 (according to Bitfinex chart).

 

The overall cryptocurrency market is in a bullish momentum with sings of further gains. After a long bearish trend, cryptocurrency analysts are now believing that the bull market might be coming soon.

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Adoption

The Amazon of Switzerland: Digitec Galaxus now accepts Bitcoin.

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The biggest online retailer of Switzerland, Digitec Galaxus has now started to accept bitcoin along with other cryptos as a method of payment.

The biggest online retailer of Switzerland, Digitec Galaxus which is also known as the ‘Amazon of Switzerland’ has now started to accept bitcoin along with other cryptos as a method of payment.

 

Digitec Galaxus accepting cryptocurrency payments:

According to Digitec Galaxus, they were willing to integrate cryptocurrency payments on their platform for a long time. The users will now be able to make their payments using Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ripple, Binance Coin, Litecoin, Tron, OmiseGo and NEO.

 

According to the Co-Founder Digitec Galaxus, Oliver Herren, Cryptocurrencies such as bitcoin are captivating and could very soon be an important method of payment for all ecommerce stores and they are happy to support it. He also said that people will pay using cryptocurrencies because the ones who own them are willing to use them somewhere, some are not being able to convert them into fiat currency because of banking regulations and others would just like to try latest things.

 

Digitec Galaxus also admitted that by integrating cryptocurrency payments, the company is going to showcase itself as a progressive brand.

 

Partnership with Coinify:

Digitec Galaxus has partnered with a third-party cryptocurrency payment processing company, Coinify. All the payments accepted through cryptocurrencies shall be instantly converted into fiat currency i.e. Swiss Franc. This would ensure that the cryptocurrency market volatility does not create an issue for the company.

Cryptocurrency payment method will be available only for Switzerland based users for now, although, the company plans to integrate the same soon for the users in Germany as well.

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Banking

Six Banks to launch Stablecoins with IBM: Bull Market Coming?

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IBM has signed letters of intent with 6 large banking institutions to launch their own stablecoins backed by fiat and issued on Stellar blockchain.

IBM, the American multinational information technology giant announced on yesterday (18th March 2019) that it has signed letters of intent with 6 large banking institutions to launch their own stablecoins which will be backed by fiat currencies and issued on Stellar blockchain.

 

Large banks launching stablecoins:

According to IBM, the partnership will allow these banks to operate international transfers faster and cheaper than the current banking system. Out of the six banks, three have been publically named which are RCBC based in the Philippines, Banco Bradesco based in Brazil and Bank Busan based in South Korea. The other banks shall be announced soon. The network was launched yesterday, however, the banking institutions are still waiting for regulations.

 

Currently, one stablecoins run on the IBM World Wire which is backed by the US dollar and launched by a San Francisco startup called Stronghold.

 

According to Jesse Lund, the head of blockchain for IBM, they are initiating with the markets that arre based outside of the United States, however, they plan to focus on adding the United States as an operational endpoint within the current year.

 

The IBM World Wire has payment locations in seventy-two nations with forty-eight currencies and forty-six banks and money transmitters.

 

Impact on XLM:

The network shall also open up possibilities of the banking institutions using Stellar Lumens or XLM. XLM acts as a bridge between different fiat currencies in cases where the trading of different fiats becomes difficult.

 

Jesse Lund also added that the World Wire network could start supporting other cryptocurrencies in future, however, it currently supports just Stellar Lumes due to the volatility in the cryptocurrency market.

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