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#Japan Calls All #Coins ‘Crypto Assets’, #Russia Defines #Cryptocurrency as Property Japanese Regulator Renames #Cryptocurrencies Japan’s Financial Services Agency (FSA) has decided to call all cryptocurrencies “crypto assets,” the country’s leading daily Yomiuri Shimbun reported. The reasoning behind the decision is to help traders avoid confusing digital coins with legal tender recognized by the government in Tokyo. The regulator notes the price of many cryptos fluctuates wildly, there’s no evidence of value and it’s often unclear who is issuing them. FCA’s advisory panel has produced a report this week in which its members claim the term “virtual currency” could cause misunderstanding, calling for its substitution. According to the document, the regulator’s recommendation is to revise all relevant Japanese laws and regulations. The revision is expected to cover different pieces of legislation such as the Payment and Services Law, which regulates the use of cryptocurrencies in the country. The panel has also emphasized the need to establish a mechanism aimed at protecting users in events such as a “cash outflow,” as reported by Japan Times, the newspaper’s English language edition. To achieve that, the Financial Services Agency intends to oblige Japanese companies operating with crypto assets to implement strict management systems. Cryptocurrency Is ‘Other Property’ Russian Ministry Says Russia’s Justice Ministry has once again confirmed the property status of digital currencies. According to an official statement, “cryptocurrency can be classified as an object of civil rights and be subject to obligations.” The document has been issued by the ministry in response to a request for a legal interpretation of the term and reaffirms a previously declared stance. The query has been filed by a group of traders who have been trying to attract the attention of Russian authorities to the case of the now inactive Wex crypto exchange, successor of the infamous BTC-e. They’ve published a copy of the statement in their Wex Initiative Group #Telegram channel. #bitcoininfo #bitcoinnews

3 Minutes ago

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¿Alguna vez soñaste con cruzar la Cordillera de los Andes? Con @solomontanas_crucelosandes podés hacerlo realidad y pagando con bitcoins! La empresa basada en Tunuyán, Mendoza, ofrece una travesía de una semana basada en dos modalidades: a pie o a caballo. En ambos casos, la excursión incluye todo lo necesario para vivir una experiencia inolvidable - #turismobtc #bitcoin #bitcoininfo #cryptocurrency #crypto #criptomoneda #blockchain #cryptolife #instacrypto #instabitcoin #travel #bitcointravel #tourism #bitcoiner #bitcoinallday #ride #trekking #tunuyan #Mendoza #mountain #adventure #travesia #crucedelosandes #turismoaventura

3 Minutes ago

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#Bitcoin Scams Swindle #Singapore #Investors for $78,000 in 3 Months Between September and November 2018, a total sum of $78,000 was lost to cryptocurrency scammers in Singapore after they used a series of strategies involving spreading false information about fake investments online to attract investors. A Straits Times report reveals that the scams were specifically designed to appeal to Singaporean residents by using well-known local personalities to endorse the scams – possibly without their knowledge or approval. Growing Concern for Local Authorities Speaking to the media recently, local police stated that the basic format of the scam involves the use of online articles which function as recruitment material for investors who do not carry out enough due diligence. Typically, the articles feature glowing endorsements and testimonials about the scam investment programs purportedly from prominent Singaporean public figures and celebrities, which attract several low-level investors who want to imitate the success of the featured individuals. one such website used comments falsely attributed to Tharman Shanmugaratnam, the MAS chairman and Deputy Prime Minister as bait for investors to put their money into a dodgy bitcoin investment scheme. The website solicited personal data of users including contact details and bank or credit card details. When the unsuspecting investors click on links in these articles, they are then taken to websites offering these investments and asked to submit their contact details, after which they are contacted by representatives operating on behalf of the investment schemes. According to the police, these schemes generally operate from outside Singapore and are not recognised or regulated by the Monetary Authority of Singapore (MAS). It will be recalled that Singapore is currently one of Asia’s friendliest jurisdictions for #cryptocurrency and blockchain technology, with several concurrent moves being made toward government-level blockchain adoption, payment regulation and #ICO oversight. #bitcoininfo

3 Minutes ago

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#Crypto Market Loses $6 Billion in Big Downtrend, is $3,000 #Bitcoin Unavoidable? Within a 48-hour span, since December 5, the price has dropped from $3,913 to $3,678, by just about six percent. Other major cryptocurrencies like #Ethereum (ETH) and #Stellar (XLM) have declined by more than 10 percent in the past two days. The Ethereum price has dropped from $112 to $101 while the price has declined from $0.15 to $0.13, by over 13 percent. In the past 12 hours, the crypto market as a whole lost about $6 billion of its valuation as tokens lost on average around 10 to 20 percent of their value against the #US. #dollar. #Waves, Maker, Aion, Chainlink, and Theta, which performed significantly better than most of the small market cap ERC20 tokens in the global market, recorded steep sell-offs on the day. Is $3,000 Bitcoin Unavoidable On November 25, the price of Bitcoin (BTC) plunged to its yearly low at $3,456 as bears began to fuel one of the strongest sell-offs in all of 2018. Prior to that, in October, prominent cryptocurrency analyst Willy Woo said that the dominant cryptocurrency will likely not reach a bottom until the end of the second quarter of 2019. Woo said at the time: “Putting together the blockchain view, I suspect the timing for a bottom may be around Q2 2019. After that we start the true accumulation band, only after that, do we start a long grind upwards.” Based on the intensity of the downtrend of Bitcoin throughout the past two weeks, a drop to a new yearly low in the range of $3,000 to $3,400 seems unavoidable, especially if the volume of BTC is considered. If the price of BTC is dropping at a rapid rate due to a significant surge in its daily volume, then it can be said that the drop occurred due to the entrance of new bears in the market. But, since late November, BTC and the rest of major cryptocurrencies have been free-falling with low daily volume. On December 6, for instance, the price of BTC fell by nearly four percent on the day. Yet, its volume has actually declined from around $6 billion to $5.3 billion. #bitcoinnews #bitcoininfo

4 Minutes ago

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Exclusive: #Dash Claims #Crypto Industry First with Automatic InstantSend Transactions 2018 hasn’t been the best of years for crypto. The sprint for mass adoption has converted into a triathlon in which contestants are starting to sink in the water. One of the (multiple) issues is scaling blockchains for wider use. But if we want more users, we can’t expect payments to take longer than they do now. The technology has to be better. If consumers have to stroll idly around a store waiting for a transaction confirmation, we’re taking a backward step. Dash InstantSend transactions by default may just hold the answer. What’s Different from Dash InstantSend Right Now? Dash is implementing an upgrade to its existing InstantSend that will make all transactions instant, permanent, and secure. This marks a first for Dash and cryptocurrency as a whole–and could be a major step toward making cryptocurrency usable for regular merchant transactions. Neither the user nor the merchant will have to wait for transactions to be trusted and cleared. Currently, Dash InstantSend is only available as an optional feature that causes the masternode network to lock the inputs of a transaction until they can receive 10 on-blockchain confirmations. This feature must be enabled manually with supporting interfaces–mainly the official Dash wallets–and carries an additional fee of 10x a regular transaction (still not bad at about 1 cent USD). However, with Dash’s soon-to-be-released 0.13 update, all simple transactions will automatically be locked using InstantSend for no additional fee and with no special action or support required on the part of the interface. This means that wallets and services that don’t support InstantSend will still be able to support it–a major step forward. According to Dash, an estimated 90 percent of all Dash transactions will be InstantSend with the new upgrade, while the few “more complicated” ones can still use it manually and pay the extra fee. Dash lead developer Udjinm6 speaks openly about InstantSend, to which you can find the Github specifications here. #bitcoinnews #bitcoininfo

4 Minutes ago

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Weekly #Crypto #Exchange News With a #Bitcoin ETF still in the distant future, crypto exchanges remain dedicated to easing the entrance of traditional capital into the volatile crypto markets. Meanwhile, the Chairman of Waterchain told Forbes readers that crypto will create “an entirely new economy” and a high-ranking NYSE authority said crypto isn’t going anywhere. - #Coinbase Adds #Ethereum Classic and Zcash: Coinbase added Classic, the whose blockchain never hard forked in response to the DAO hack. They also added Zcash, but apparently, it didn’t help ZEC much. - HBUS Launches Cheeky Billboard Campaign: Huobi-affiliated HBUS has launched a billboard campaign in California which touts itself as “evolved” while “Coin base” (note the space) is referred to as the Homo erectus of trading. - Nasdaq Announces Bitcoin Futures Market: In an important precursor, Nasdaq has said it will be launching a “transparent and regulated” Bitcoin futures market in early 2019. Nasdaq will not be the only ones in this space early next year. From the report: “Nasdaq’s rival ICE (Intercontinental Exchange) — the parent company of the New York Stock Exchange — is also charging ahead with its own plans to launch a physically-settled bitcoin futures product in the first quarter of 2019. Bakkt, a cryptocurrency exchange built by ICE, plans to roll out its bitcoin futures market on January 24, after scrapping the original launch date of Dec. 12, 2018. ICE cited an unforeseen increase in demand for its futures product, the Bakkt Bitcoin (USD) Daily Futures Contract, for the delay.” - Huobi Creates Exchange-Centric Stablecoin HUSD: Huobi has created a stablecoin for its users — not a tradeable coin like others, but a product within their exchange — they are calling HUSD, which is composed of four major stablecoins: Gemini Dollar, Paxos Standard, USDCoin, and True USD. - USDT Announces Native Redemption With Steep Fee Schedule: In a perplexing move, Tether announced that it will allow direct redemption of Tether over $100,000, following a move by Bitfinex toward “stablecoin neutrality. #bitcoinnews #bitcoininfo

5 Minutes ago

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The Daily: #Bitfinex Raises Fiat #Withdrawal Fee, New Hardware Wallet Announced #Crypto #exchange Bitfinex has raised the minimum fee for fiat currency bank wire withdrawals and we’ve covered the details in The Daily. We also look at a San Diego-based company’s new hardware cryptocurrency wallet and the decision of one of Portugal’s leading football clubs to issue its own token. Bitfinex Charges $60 for Bank Wire Withdrawals Bitfinex has raised the minimum fee imposed on fiat withdrawals to bank accounts. The Hong Kong-based cryptocurrency now charges at least $60/€60, or 0.1 percent of the withdrawn amount, Forklog reported. Users who want 24-hour money transfers on working days will have to pay a 1 percent fee. The minimum withdrawal fee for fiat funds at Bitfinex used to be just $20. On Nov. 11, the announced plans to charge a 3 percent fee on all external wire withdrawal requests exceeding certain frequency and size limits — more than two fiat withdrawals a month and more than $1 million in aggregate in fiat withdrawals in any 30-day period. The latest increase was not mentioned in the press release. Bitfinex is currently the fifth-largest digital asset trading platform by daily volume, according to data provided by Coinmarketcap. The has estimated that the new fees will not affect what it called “regular withdrawals” by most of its customers. San Diego-based FLX Partnership Ltd. has announced the release of its latest cryptocurrency hardware wallet. FLX One supports 20 popular cryptocurrencies, including major coins such as BCH, BTC, LTC and ETH. The device comes with a built-in rechargeable battery and Bluetooth wireless functionality. Mobile apps for both iOS and Android systems are already available. According to the developers, FLX One has been designed with a number of security features. For example, it can disable communication automatically when signing transactions. The device also supports encrypted communication between each of its components. It is capable of detecting attempts to tamper with its software and can permanently lock itself. #bitcoinnews #bitcoininfo

5 Minutes ago

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#Western Union Hints At Using #Cryptocurrency In Its Services Odilon Almeida #American based financial service Western Union is finally ready for #cryptocurrencies. In a video interview with Reuters Plus, Western Union President Odilon Almeida said the company has been evaluating the use of cryptocurrency. They are also exploring how they can improve their service delivery using #blockchain technology. Western Union is interested in adopting cryptocurrencies as an option for users to exchange for fiat currencies. However, Almeida said the move would only see the light of day if it connects with a global audience. Almeida also touched on some of the limitations of cryptocurrencies and why they haven’t achieved mainstream adoption. He listed volatility, governance, and compliance, as the three stumbling blocks against its growth. Stablecoins are actively working toward solving the problem of volatility in crypto markets. Almeida said: Western Union is ready today to adopt any kind of currency. We already operate with 130 currencies. If we one day feel like it’s the right strategy to introduce cryptocurrencies to our platform, technology-wise it’s just one more currency. I think cryptocurrency may become one more option of currency, or assets, around the globe to be exchanged between people and businesses. If that happens, we will be ready to launch. Recall that Western Union ran a trial with Ripple in June 2018, where company CEO Hikmet Ersek argued that the global money transfer juggernaut didn’t get any cost savings from the trial that could make a case for integrating Ripple into its system for cross-border payments. “We are always criticized that Western Union is not cost-efficient, blah blah blah, but we did not see that part of the efficiency yet during our tests. The practical matter is it’s still too expensive,” Ersek told Fortune, in an interview. Ripple’s senior vice president of product Asheesh Birla said it was impossible for Western Union to see any cost savings benefits after making ten transactions using XRP. #bitcoinnews #bitcoininfo

6 Minutes ago

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#EOS Rallies Again as China Rates its #Blockchain the Best Where other #cryptocurrencies hiked over recent days, EOS has been slower most recently, until today. Now EOS price has risen over 8% in the last 24 hours. On December 17, 2018, EOS showed a substantial recovery reaching 35% gains before stabilizing between the December 18 and today. Now EOS is moving again. Sometimes the underlying reasons behind a coin’s sudden popularity are unclear, other times is purely about market movements as traders see a buy opportunity and trigger a splurge of interest. Today’s interest in EOS might be clearer cut. The blockchain and coin is China’s baby. On December 21, China’s Center for Information and Industry Development (CCID), under the Country’s Ministry of Industry and Information Technology, published its Global Public Blockchain Technology Assessment Index (GPBTAI). EOS tops this list with 156 points far ahead of Ethereum, in second, at 136. Bitcoin is way down on the list in 18th place with a score of 96. Has this really influenced the EOS hike? It could be likely, as the news trickles through to the markets, other blockchains that featured well on the list are also seeing sharp price increases since the index was published. GXchain stole third place in the blockchain index from BitShares with a score of 117. Its coin, GXS, has also surged, showing a current 24 hour increase of nearly 5%. GXchain is the 104th cryptocurrency by market capitalization. BitShares (BTS) is currently 44th by market capitalization and although is up just over 2% in the past 24 hours, shows none of the sharper hike of EOS or GXchain. Komodo (KMD), Ontology (ONT), NULS (NULS), Nebulas (NAS), NEO (NEO), and Steem (STEEM) are also in the Ministry of Industry and Information Technology’s favourites. Of these, the Ontology blockchain has been included in the index for the first time and ONT price rose immediately after, currently showing a near 7% rise in the past 24 hours. Another popular blockchain in China and globally, NEO, has also seen its price increase today and is up nearly 14% in the last 24 hours. #trader #bitcoininfo

6 Minutes ago

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#Amazon Survived an Asset Bubble — #Bitcoin Will Too: #Crypto VC For the co-founder and partner of #cryptocurrency firm CryptoOracle, Lou Kerner, patience is key when it comes to investing in bitcoin. Speaking to CNBC, Kerner said bitcoin investors should take comfort in the example of tech giant Amazon, which lost significant value when the dot-com bubble burst but has now emerged as the world’s largest online retailer by market #capitalization. “If you go back to the internet bubble, which is what a lot of us in crypto look at for direction, Amazon, arguably one of the greatest companies in the history of the mankind, was down over 95 percent over two years,” Kerner said in an interview with the business news channel. According to Kerner, investing in bitcoin and other cryptocurrencies requires one to have the stomach for handling volatility. The current market weaknesses of crypto, per Kerner, can be attributed to the fact that digital assets lack underlying value other than confidence. In Kerner’s view, the bearish sentiment will, however, pass as the case for bitcoin as a store of value takes hold: “I think it’s a store of value. I think it’s the greatest store of value ever created. It should surpass gold over time. It won’t happen overnight.” With the market of bitcoin currently under US$80 billion at current prices, the flagship cryptocurrency would have to appreciate more than a hundredfold to reach gold’s status. In his own words, much of the faith Kerner has in bitcoin can be attributed to a law coined by Roy Amara, a professor at Stanford University, which states that in the short term, the impact of transformative technology is overestimated while in the long term the impact is underestimated. Bulls Still Standing Kerner is not alone in holding a bullish view of bitcoin despite the prevailing bearish conditions. the co-founder of Fundstrat Global Advisors, Tom Lee, still maintains that bitcoin will hit the US$15,000 price target by the end of this year. #bitcoinnews #bitcoininfo

7 Minutes ago

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Not All Gloomy: 79% Drop of #Bitcoin is Smallest Major #Correction to Date Bitcoin ( #BTC) has experienced five major corrections to date, and the recent bear market of 2018 is the smallest major correction to date. As seen in a table shared by a renowned trader and technical analyst Peter Brandt, BTC experienced a drop of 79.7 percent in the past eleven months as its price declined from $19,500 to $4,035. On November 21, Bitcoin experienced a steep decline from $4,500 to $4,050 on fiat-to- #cryptocurrency exchanges like #Kraken and #Coinbase. The dominant cryptocurrency swiftly recovered back to $4,500, but the sudden flash crash to the $4,000 support level placed BTC close to reaching an 80 percent drop from its all-time high. Still Hope Throughout the past nine years, BTC went through four large corrections excluding the 2018 bear market. In 2011, 2013, and 2015, Bitcoin recorded drops in the range of 82.6 percent to 94.3 percent, declining by 85.3 percent on average. For BTC to record an 85 percent loss from its all-time high, it would have to drop to $2,950. But, there still is strong support at the $4,000 support level. Even if BTC drops to $2,950, an 85 percent drop from its all-time high is only the average loss BTC recorded in the past four major corrections. Previous corrections can be considered as references and could provide clues for when the current bear market may end. However, market conditions, infrastructure, and mainstream awareness are vastly different from 2011, 2013, and 2015. The 79 percent decline in the price of BTC from $19,500 is said to be mainly caused by a lack of liquidity in Bitcoin markets. Trading giant Susquehanna executive Bart Smith noted that there are no viable investment vehicles for a regular retail trader. It is still difficult, without specific know-how, to invest in the cryptocurrency market. In 2015, apart from some announcements of merchant adoptions, there were no signs of a major financial institution, bank, or asset manager of integrating major cryptocurrencies to improve the usability and accessibility of the asset class. #bitcoinnews #bitcoininfo

7 Minutes ago

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Trial Begins: #Bitcoin #Exchange Accused of Wrongfully Reversing #Trades The trial over alleged wrongful reversals of seven bitcoin trades that occurred last year has reportedly begun in #Singapore. #Cryptocurrency exchange #Quoine has been sued by a market maker. The plaintiff is seeking to recover 3,085 BTC from the exchange. Plaintiff Seeks 3,085 #BTC The trial over a series of alleged wrongful bitcoin trade reversals, reportedly Singapore’s first legal dispute involving , has begun. Market maker B2c2 sued cryptocurrency exchange Quoine on April 19 last year, seeking to recover about 3,085 from the exchange. Singapore’s International Commercial Court is expected to decide whether seven -ETH trades conducted by B2c2 were wrongfully reversed by Quoine, leading to proceeds being deducted from the plaintiff’s account without authorization, the Straits Times reported. According to B2c2’s lawyer, Quoine abused its role as the trading platform operator and acted in breach of trust as the custodian. The plaintiff’s opening statement alleges: It is B2c2’s contention that in the face of serious risk of itself having to bear the financial loss arising from the trades … Quoine chose the most advantageous course to mitigate such risk – by simply reversing the ‘irreversible’ trades and deducting the … proceeds from the account. B2c2 continued to explain that Quoine’s action ensured the exchange would not have to seek payment from its customers and would be at no risk of non-payment. Quoine explained that it was “unable to access external market price data” for and ETH at the time of the disputed trades because it suffered a glitch in its program. “Due to the glitch, the program stopped creating or placing new orders involving these currencies on the platform, causing issues with liquidity and therefore, problems with the orders made by B2c2,” the news outlet noted. The Disputed Trades The plaintiff placed seven orders to sell ETH for at a rate of 10 per ETH on April 19 last year, which were filled and credited on the same day. ETH was trading at about 0.04 at the time. #bitcoinnews #bitcoininfo

8 Minutes ago

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#Crypto #Exchanges Begin to Disregard #BitcoinCash SV After Block Reorg Bitcoin Cash SV, the hard forked chain of Bitcoin Cash created by a camp composed of CoinGeek, Calvin Ayre, and Craig Steven Wright, suffered a block reorganization. However, as reported by Bitcoin Unlimited chief scientist Peter Rizun, CoinGeek allegedly reorganized its own blocks. Emin Gun Sirer, a professor at the prestigious Cornell University, stated that in a decentralized blockchain protocol, a self-block reorganization should not be possible. Heavy Criticism Against Reorg The motivation behind the self-reorganization of SV blocks initiated by CoinGeek remains unclear, especially given that major cryptocurrency exchanges like Kraken had already signaled that SV was on a short leash. Cornell professor Emin Gun Sirer stated that the ability to invalidate one’s own block suggests the system employed by SV is both centralized and poorly designed. “More The miner who overwrote block 557301 was the same miner who overwrote it in the first place. BSV have no idea what they are doing. You all knew this. Don’t invest with a conman. Not much else needs to be said on this front. This should not be possible in a decentralized system. You can only invalidate your own block and create a new tail if you’re the majority miner. BSV is a centralized coin.” He further emphasized that the development team behind SV does not understand the consequence of its actions and the indication of a highly centralized move to self-reorganize a block. “Their blockchain’s tail just got rewritten, as if someone ripped out the last few pages and wrote over them. This is an indication that their system parameters are outside the safety envelope of their network. In short, they don’t know what they’re doing.” Since the hard fork on November 15, the price of Bitcoin Cash SV has dropped from $170 to $66, by more than 61 percent. The cryptocurrency exchange market as a whole dropped substantially in value, but, in contrast, Bitcoin dropped by around 30 percent, and Bitcoin Cash (ABC) dropped by 33 percent. #bitcoininfo #bitcoinnews

8 Minutes ago

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#NorthKorea to Host Another #Blockchain and #Cryptocurrency Conference In a bid to showcase some of its technological advancement and show its support for the blockchain technology, North #Korea has announced plans to hold a blockchain and cryptocurrency conference. This comes on the heels of a similar conference held in August. The country announced that plans are already in the works for them to host some of the foremost experts in cryptocurrency operations and blockchain technology from all over the world to speak and share some of their knowledge in the Pyongyang Blockchain Conference, which is slated to hold for a whole week. Within this week, guests and delegates will also be treated to a tour of the country, the Independent #UK reports. A promotional website for the event says experts in the “blockchain and crypto industry will gather for the first time in Pyongyang to share their knowledge and vision, establish connections and discuss business opportunities” However, it is also important to note that, while Americans are welcomed to attend, the conference will not be open to delegates from South Korea, Israel, and Japan. In addition, journalists as well as “any mass propaganda or printed/digital material that is against the dignity of the Republic” won’t be granted a pass to the event, according to the report. The continued interest from North Korea in decentralized currencies and blockchain has been well documented in recent months. Just last year, a cybersecurity company called AlienVault discovered a software that mines Monero, which sends the crypto to a server at Kim Il Sung University in Pyongyang. Another hacking unit, the Andariel group were also reportedly behind a cryptojacking attack on a South Korean company, per Bloomberg reports. It is speculated that the country has been exploring the possibility of making use of digital assets as a means of escaping some of the sanctions imposed on her by the #UnitedStates. #bitcoininfo #bitcoinnews

9 Minutes ago

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1 Hours ago

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1 Hours ago