Bitcoin price analysts are struggling to identify the rationale behind the sudden price spike in the cryptocurrency’s value as it broke the US$400 mark on November 3, surpassing a market cap of more than US$6 billion. One thing for sure is that nobody can deny the effect China has had on the market in November 2013, the first time it surged past the US$500 mark. This time around, however, things might be a little different. According to research done by Finance Today’s Izabella Kaminska, this recent Bitcoin rally could be caused by a Pyramid Scheme named MMM, orchestrated by Sergei …

1. Russian Government Plans to Block Cryptocoin ‘Information Resources’ On Monday, William Suberg reported on the ongoing attempts by the Russian government to hinder cryptocurrency use in the country, which includes blocking access to cryptocurrency information resources. “In a move which echoes the country’s recent contingency plans to shut off Russian access to the worldwide web in times of crisis, the legislation calls for ‘creating a mechanism to quickly block the information resources used for creation and circulation of surrogate currencies.’ “Specifically, while Bank of Russia’s remit will be to ‘set the protocols for administrative breaches of law related to …

A group of hackers tried to leverage the current conflict between Ukraine and Russia by distributing malware aimed at Bitcoin wallets. Bitdefender Labs, a cyber-security company with a keen interest in the digital currency market, issued a report where it highlighted how the alleged hackers masked one type of malware as another. Kelihos Apparently, the perpetrators dispensed software programs that they claimed capable of unsettling the digital activities of the Western governments combating against the Russian territory. In fact, the program secretly installed Kelihos, a malware package which was first identified 5 years ago. Kelihos can steal the content of …

The Russian government and its Central Bank could soon start developing regulations and guidance on how digital currencies are to be approached in the world's biggest country. This was announced by the first senior vice president of the Bank of Russia, Georgy Luntovskyi, at the International Banking Congress as reported by the Russian news agency Itar-Tass. Mr. Luntovskyi emphasized that various approaches towards Bitcoin regulation exist across many countries. For example, it was recently legalized in California while remaining completely banned in China. Luntovskyi also commented on the prospects of Bitcoin in Russia: “We are proponents of a diligent approach …

Stories of Bitcoin’s giving new power to developing nations abound – but it’s not all about Africa: Bitcoin also set to provide vital assistance in places you wouldn’t immediately think of. In the tiny Russian enclave of Kaliningrad, sandwiched between Poland, Belarus and Baltic, a pioneering project is underway to revolutionize medical care for the elderly population. Dr. Igor Viktorovich Morozov is the medical director of Varezhkino Manor, a care home located in quiet countryside an hour outside Kaliningrad city itself. Doctor by day, Morozov is dedicating himself to setting up the area’s first dedicated facility for Alzheimer’s, a disease …

Russia’s central bank offered a formal response to a letter written by a Russian citizen in February asking for more information on why the government allegedly banned cryptocurrencies earlier this year. The bank contends that it did not ban Bitcoin outright but was committed to “combating crimes in the sphere of the economy devoted to the use of anonymous payment systems and cryptocurrencies on the territory of Russia.” That doesn’t quite align with a February statement from the general prosecutor’s office: “The anonymous payment systems and crypto-currencies, including bitcoin – which is the most popular of them – are monetary …