TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Fed Chair Jerome Powell declares Libra a “wake up call.” Trump’s budget to increase oversight on crypto. BitPay partners with Poynt to allow crypto payments on their POS. Poloniex rolls back trades due to bug update. Coinsource doubles the number of sold ATMs in two months, and zombie coins beat top cryptos in market performance.
Fed Chair Jerome Powell Declared Libra a “Wake Up Call”
Fed Chair Jerome Powell, chairman of the Federal Reserve, declared yesterday Libra, the cryptocurrency project led by Facebook, was the catalyst for the new focus of national banks in researching CBDC (Central Bank Digital Currencies). Speaking to the House of Representatives Committee on Financial Services, Powell explained, “It was a bit of a wakeup call that this is coming fast, and could come in a way that is quite, you know, widespread and systemically important fairly quickly if you use one of these big tech networks like Libra did.”
US Budget Calls for Crypto Oversight Increase
The US budget proposal presented by President Donald Trump would increase the degree of oversight on cryptocurrencies in the future, giving FinCEN $127 million and transferring jurisdiction to the US Secret Service Treasury Dept. “Technological advancements in recent decades, such as cryptocurrencies and the increasing interconnectedness of the international financial marketplace, have resulted in more complex criminal organizations and revealed stronger links between financial and electronic crimes and the financing of terrorists and rogue state actors,” the document states in part.
BitPay Partners With Poynt to Enable Crypto Payments in 100,000 POS
BitPay, the main cryptocurrency payment processor, partnered with smart POS company Poynt to bring cryptocurrency payments to more than 100,000 terminals scattered all around the world. This partnership will bring crypto payments to more physical locations that offer BTC, bitcoin cash, ether, and dollar-pegged stablecoins. “It’s a massive growth opportunity for BitPay and an important milestone in our now nine-year mission to make payments faster, more secure and less expensive for people and businesses,” stated Stephen Pair, CEO of BitPay.
Poloniex Rolls Back Trades Due to Bug Update
Today, at 17:53 UTC, we introduced a bug that briefly caused trades to be executed erroneously. Our automated balance audits caught the error and placed the site into maintenance mode. We have identified the bug and deployed a fix.
— Poloniex Customer Support (@PoloSupport) February 10, 2020
Poloniex, the exchange sold by Circle last year to a group of Asian investors including TRON CEO Justin Sun, had to roll back some trades due to a bug update yesterday. The exchange admitted they had to roll back 12 minutes of trading (from 17:53 UTC to 18:05 UTC), and removed all the orders that were placed or executed from the system. However, they didn’t disclose the nature of the bug they introduced with the updates. After this, the platform reallowed normal trading operations with full wallet functionality.
Coinsource Doubles Number of ATMs Sold
Bitcoin ATM provider Coinsource, which generated $50 million in revenue in 2019, doubled its number of machines sold in the last two months thanks to a new licensing model: https://t.co/nvWMMfoFUp by @HankTucker13 pic.twitter.com/rdkTl1L2wu
— Forbes Crypto (@ForbesCrypto) February 11, 2020
Coinsource, a Bitcoin ATM operator, doubled the number of ATMs sold in the last two months due to a new selling strategy and the resurgence of the cryptocurrency market. Instead of selling hardware and renting space in stores, Coinsource decided to sell licensed kiosks to already established ATM operators. This allowed the company to position 300 machines in the last two months, the same number of ATMs they sold during the 4 years of operation prior to the change of strategy. Coinsource charges 11% fees for transactions, but Baby Boomers still prefer the service due to its physical connection to people.
“Zombie” Coins Beat Their Top Peers in Price Performance
Zombified currencies that have been static, lingering in the market for two or three years are resurging due to this new bull market, and they are beating their top peers in price performance, according to an article by Bloomberg. Nic Carter, co-founder of CoinMetrics, a blockchain data company, reasoned “it turns out that cryptocurrencies just tend to zombify or fade away over time, rather than dying quickly.” Cryptocurrencies like Einsteinium and Kick, written off years ago, have gained over 40% in this period, and experts say there are people behind them spurring such prices to gain profit.
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