The price of Bitcoin (BTC) abruptly dropped 4% from the day’s peak on Oct. 30 as the uncertainty in the stock market intensified. With five days left to the U.S. presidential election, Bank of America, or BofA, suggested a 20% drop is possible. The Dow Jones Industrial Average declined 7.55% since Oct. 12. Tech-heavy stock indices performed slightly better in the same three weeks as the Nasdaq dropped 5.8%. While the correlation between Bitcoin and stocks has declined in recent weeks, the slump of risk-on assets could negatively affect cryptocurrencies. Would a “risk-off” drive hurt Bitcoin in the short term? …

The crypto space and market cap is a small percentage of the trillions invested through the global equities market or the amount that the United States Federal Reserve is able to print. While the promise of blockchain technology and the future of Bitcoin (BTC) has been realized through major traditional players unveiling their own versions of the technology, their hesitant investment advice does not seem to match their actions. Real life application Recently, Cointelegraph reported that wealth manager Adam Pokornicky had claimed he almost lost a client to the opinions of the top financial holding companies in the world. Adam …

Bitcoin (BTC) figures could gain an unlikely new convert after the former chief financial officer of PayPal appears to have abruptly lost access to the banking system. In an ongoing Twitter debate on Nov. 18, Roelof Botha revealed that Bank of America (BoA) had chosen to close his account. The reason was not stated in the bank’s correspondence. “Absolutely no explanation” Uploading an edited screenshot of a letter he had received about the closure, Botha summarized: “After being a customer of @BankofAmerica for 20 years, I received this notice today that they decided to fire me as their customer! With …

The United States’ second-largest bank appears to have hired a specialist for an implementation of blockchain-based payment network Ripple. Bank seeks Ripple team lead According to a job description on professional social network LinkedIn, as of Oct. 10, Bank of America (BoA) had stopped accepting applications for what it calls a “treasury product manager” for Ripple. “This role leads the product management team for the Ripple Project, a decentralized ledger technology based solution to cross border payments marketed to GTS clients,” the job description reads, continuing: “The incumbent will be responsible for driving product strategy and growth, overseeing daily product …

Bank of America has joined R3’s Corda-powered Marco Polo Network “to tackle trade finance challenges.” “Tackle trade finance challenges” On Sept. 19, Marco Polo announced the multinational investment bank was joining its network to improve international trade inefficiencies and deliver a better service for its customers. Geoff Brady, head of global trade at Bank of America, said: “Joining the Marco Polo Network supports our strategic objective of turning technology advances into trade solutions that address client needs. We look forward to exploring how the new technology can generate greater transparency for our clients throughout the transaction lifecycle, making traditionally paper-based, …

United States-based investment banking company Bank of America (BofA) has filed a patent for a digital currency wallet with multiple layers of asset access. The proposed wallet would accept different passwords for different amounts of funds requested. The United States Patent and Trademark Office published BofA’s application on Aug. 15. Per the filing, this technology would comprise a computing platform with a digital wallet interface. The platform would be configured to operate within a peer-to-peer network for blockchain management — which could potentially be public or private. The application points to Bitcoin (BTC) and Ether (ETH) as examples of digital …

Earlier this week, Bank of America (BofA), one the United States’ largest financial institutions, made a massive splash in the crypto sphere as the details of its recently registered patent, entitled “Real-Time Net Settlement by Distributed Ledger System” and citing the Ripple blockchain, emerged in the press. Even though the extent and exact character of the proposed system’s reliance on Ripple is impossible to determine from the filing, the community of XRP holders and supporters rejoiced. A piquant nuance is that the XRP token itself was never mentioned in documentation, suggesting a curious “Ripple without XRP” scheme that the patent’s …

Bank of America has filed for a patent for a settlement system citing a ‘ripple’ distributed ledger, according to a filing on Google Patents. The patent in question — the application of which was published on June 6 — describes a system using distributed ledger technology (DLT) as an interbank communication tool. The proposed system would enable real-time settlement with transactions being communicated through a shared, decentralized ledger to which both the banks would have access. The decentralized network would both verify the identity of the payer and the payee and enable communication between the institutions. Notably, multiple illustrations included …

Catherine Bessant, chief technology officer at Bank of America, admitted that the institution has yet to find blockchain use cases for the financial services sector. Bessant made her comments during an interview with Bloomberg published on May 14. Speaking to Bloomberg, Bessant said that — while she believes this technology to hold a lot of potential — blockchain is “full of sound and fury, yet to signify something.” Still, she noted that she believes blockchain has practical applications: “I believe that there are use cases that makes sense today, we have yet to find them at scale in financial services. …

A new strain of Trojan malware for Android phones is targeting global users of top crypto apps such as Coinbase, BitPay and Bitcoin Wallet, as well as banks including JPMorgan, Wells Fargo, and Bank of America. The news was reported by technology news outlet The Next Web on March 28. Based on research from prominent cybercrime analytics firm Group-IB, this is reportedly the first time the Trojan — now named “Gustuff” — has been reported or analyzed. The malware is described as being designed for mass infection and is spread by SMS messages with links to load malicious Android package …

A senior executive at Bank of America (BoA) is not bullish on blockchain despite the bank holding more patents than any other finance firm, CNBC reported on March 26. Speaking to the publication in an interview, chief technology officer Catherine Bessant said that even though the bank’s official stance on the technology was palpably buoyant, her personal views were quite different. “What I am is open-minded,” she said. “In my private scoreboard, in the closet, I am bearish.” BoA currently holds more than 80 blockchain patents, beating out the likes of the Big Four accounting firms and other Wall Street …

Bank of America (BoA) wants to patent a system using blockchain technology to improve cash handling, a new application published Dec. 25 confirms. Originally submitted in June 2017, the patent references “banking systems controlled by data bearing records.” “Aspects of the disclosure relate to deploying, configuring, and utilizing cash handling devices to provide dynamic and adaptable operating functions,” its abstract reads. BoA explains there remain communication difficulties in aspects of cash handling duties across banks’ huge operations, and suggests blockchain could help ease these. “Cash handling devices may be used in operating centers and other locations to provide various functions, …