Day: June 27, 2018

Bitcoin is ‘Amazing’ but Blockchain Is a ‘Bubble’: Steve Wozniak

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One of bitcoin’s biggest bulls is calling it: blockchain is a bubble, on par with the dotcom bubble that occurred at the turn of the millennium. Steve Wozniak, who co-founded what is now the world’s largest company, said that he sees parallels between the development of the internet — as well as the hype cycle that accompanied it — and the burgeoning blockchain industry. “It was a bubble, and I feel that way about blockchain,” Wozniak said Tuesday on stage at the NEX technology conference in New York, according to…

EOS Price Bounces as Creator Proposes Scrapping Constitution

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The EOS price headlined the large-cap cryptocurrency index on Wednesday after one of its chief architects proposed scrapping its controversial constitution and replacing it with a new one. EOS Price Leads Large-Cap Index Overall, the cryptocurrency markets held relatively stable for the day, with the aggregate market cap dropping by about $1.2 billion over the past 24 hours. Against this backdrop, the EOS price managed to mount a 5.4 percent recovery. At present, EOS is trading at an equivalent of $8.13 on Binance, with a circulating market cap of $7.3…

Risk Flight? Bitcoin ‘Dominance Rate’ Hits 9-Week High

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Bitcoin’s (BTC) “dominance rate” hit a 2.5-month high on CoinMarketCap today – a sign that investors are likely switching their money from alternative cryptocurrencies to the number one cryptocurrency by market valuation. The gauge rose to 42.74 percent earlier on Wednesday, the highest level since April 14, and was last seen a tad lower at 42.5 percent. The BTC dominance rate is an indicator that tracks the percent of the total cryptocurrency market capitalization contributed by the leading cryptocurrency. So, a rising dominance rate essentially means the demand for bitcoin is…

Crypto Startup Uphold Moves to Become Licensed U.S. Broker-Dealer

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Digital money platform Uphold is looking to become a broker-dealer in the U.S. after acquiring a registered firm called JNK Securities, it was announced Wednesday. The company has now filed with the Financial Industry Regulatory Authority (FINRA) for approval of the change of ownership to become a registered broker-dealer. Ultimately, Uphold hopes to offer security tokens, fractional equities and other exchange services under the supervision of the U.S. Securities and Exchange Commission (SEC) and FINRA, as part of its new securities platform. Uphold’s general counsel, Ben Sherwin, explained the move to…

Bitcoin Price Risks Another Fall Below $6K, Charts Say

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After a drop yesterday, bitcoin (BTC) risks another move below $6,000 in the next 24 hours, but it will still likely fare better than other cryptocurrencies. On Tuesday, bitcoin closed (as per UTC) below the immediate support of $6,108 (June 13 low), pouring cold water over the prospects of a corrective rally above a major technical hurdle at $6,425 (April 1 low). The failure to capitalize on early signs of short-term bullish reversal has shifted risk in favor of a break below the $6,000 mark (February low). Even if a drop…

Huobi Pro Exchange to Suspend Crypto Trading in Japan

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Cryptocurrency exchange Huobi Pro is to cease offering trading services to investors living in Japan starting from next month. According to a news report from Coinpost, the exchange announced the news in an email sent to investors in Japan on Wednesday, stating it will remove the Japanese option from its homepage and suspends trading services from July 2. In a response to a CoinDesk enquiry, Huobi Pro – currently the third largest exchange in the world by 24-hour trading volume – confirmed the news, but has yet to provide further…

The EOS Arbitrator Problem: A Crypto Governance Breakdown Explained

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“They have to figure their own shit out.” Those were the harsh words of one of EOS’ top “block producers” – the network participants in charge of maintaining the blockchain – on Monday as the world’s fifth largest cryptocurrency attracted public ridicule for its current state of confusion. As told to CoinDesk by Kevin Rose, co-founder and head of strategy at EOS New York, the statement could reflect the broader snags the software has faced since release, but this comment was focused specifically on the EOS Core Arbitration Forum (ECAF). So far,…

Bitcoin Price Watch: Can BTC/USD Hold $6,000?

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Key Points Bitcoin price struggled to gain traction and moved below the $6,200 support against the US Dollar. Yesterday’s highlighted important bearish trend line with resistance at $6,200 is acting as a barrier on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair remains at a risk of a downside break below $6,000 if it fails to move above $6,200. Bitcoin price is under pressure below $6,200 against the US Dollar. BTC/USD must stay above the $6,000 support to avoid further losses in the near term.…

Cardano Price Analysis: ADA/USD Remains in Downtrend

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Key Highlights ADA price struggled to move above the $0.1400 resistance level and declined against the US Dollar (tethered). There are two key bearish trend lines formed with resistance at $0.1300 and $0.1350 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair is likely to extend the current slide below the $0.1250 support level in the near term. Cardano price struggled to hold gains against the US Dollar and Bitcoin. ADA/USD is now in a bearish trend with supports at $0.1200 and $0.1100. Cardano Price…

Ripple Price Analysis: XRP/USD Resumes Downtrend

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Key Highlights Ripple price failed to hold gains above the $0.4700 support and declined against the US dollar. There is a new key bearish trend line formed with resistance near $0.4600 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair may continue to decline and it could retest the last swing low of $0.4400. Ripple price is back in a downtrend against the US Dollar and Bitcoin. XRP/USD is under pressure below $0.4700 for more losses towards the $0.4400 low. Ripple Price Trend There was…