Day: July 2, 2018

Back Above $6K: Bitcoin’s Bull Reversal Is a Work in Progress

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Bitcoin (BTC) has regained poise over the weekend after a drop below $6,000 last week, but a short-term bullish reversal is still not confirmed. At press time, the leading cryptocurrency is trading at $6,320 on Bitfinex – up 13 percent from the seven-month low of $5,755 hit on June 24. BTC was expected to remain on the defensive and drop to fresh 2018 lows below $5,755 over the weekend, having closed below $6,000 (February low) on Thursday. However, it unexpectedly picked up a bid at $5,780 on Friday, contradicting the…

How Cryptocurrencies Are Regulated in Eastern Europe

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On June 30, Russia saw a launch of a first crypto investment bank aimed to hold initial coins offerings (ICO), while the government is is expected to pass its major crypto and blockchain-related regulatory bill this week.   Meanwhile, there’s been more news coming from Eastern Europe: last week, Poland’s cryptocurrency group the Polish Bitcoin Association (PBS) complained to the government, blaming fifteen financial institutions in the country for hindering the industry by deliberately denying service to crypto platforms and selectively closing their bank accounts. To navigate through the complexities…

Huobi’s New Voting Rules Anger Crypto Fund ‘Supernodes’

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A change to the rules for voting on new token listings has caused a backlash against Huobi’s HADAX cryptocurrency exchange platform. On Friday of last week, Huobi published an update – “HADAX Super Nodes and Voting Rules Updates and Subsequent Arrangements” – which outlined that, henceforth, HADAX will rely on two separate groups of funds to help with deciding on new listings. The company introduced the idea of “Standing Nodes,” for which the HADAX platform will invite 14 large, traditional venture capital firms to join, such as ZhenFund, FBG, Unity…

Indian Govt. Think Tank to Trial Blockchain for Fertilizer Subsidy Payments

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India’s most influential state-run think tank is set to undertake a research project to explore the use of blockchain technology for fertilizer subsidy disbursements to farmers. The National Institute of Transforming India (NITI), the Indian government’s primary policy-making body, has entered a statement of intent (SOI) with the fertilizer giant Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) to develop a blockchain solution for subsidy management in the fertilizer industry. As reported by the Press Trust of India, the think tank also intends to outline policy recommendations to turn current…

Bitcoin Price Watch: BTC/USD Forming Bull Flag

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Key Points Bitcoin price remained well supported above the $6,200 support area against the US Dollar. There is a bullish flag pattern forming with support at $6,260 on the hourly chart of the BTC/USD pair (data feed from Kraken). A break above the $6,400 level may perhaps open the doors for a fresh upward wave. Bitcoin price is trading in a bullish zone above $6,200 against the US Dollar. BTC/USD must break the $6,400 and $6,500 resistance levels to climb further higher. Bitcoin Price Analysis There was a sharp upside…

Cardano Price Analysis: ADA/USD Showing Positive Signs

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Key Highlights ADA price remains supported above the $0.1350 pivot area against the US Dollar (tethered). There is a key contracting triangle forming with resistance near $0.1450 on the hourly chart of the ADA/USD pair (data feed via Bittrex). A break above the $0.1450 and $0.1500 resistance levels may open the doors for more gains. Cardano price is back in a positive zone against the US Dollar and Bitcoin. ADA/USD remains in an uptrend as long as it is above the $0.1250 support level. Cardano Price Analysis This past week,…

Crypto Market Remains Above $250 Billion as 0x, Status, and Tokens Surge

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The valuation of the crypto market has remained above the $250 billion mark, closing July 1 at $255 billion. Tokens have performed particularly well, recording gains in the 10 percent region. 0x, Status, Funfair, and Aion The top performers of July 2 were ERC20-based tokens 0x (ZRX), Status (SNT), Funfair (FUN), and Aion (AION). ZRX demonstrated the largest gain amongst major digital assets and tokens, seeing a 14 percent increase in its value against the US dollar and bitcoin. Throughout last week, amidst a drop from $6,500 to $5,800, the…

Charts: SEC Data Shows Token Filing Figures Just Keep Rising

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Regulatory uncertainty or not, data from the SEC indicates the number of filings related to token sales continues to trend upward. Indeed, a review of SEC data through June indicates that the SEC has received nearly 100 filings for token sales (93) in the past year, beginning with four in August 2017 and building to an all-time high of 15 in May. Many of the filings reviewed by CoinDesk related to sales of Simple Agreements for Future Tokens, or SAFTs, which essentially serve as promises for tokens at a later date.…

Platform to Launch Security Audit Contests for Crypto Exchanges With $2 Million Reward Pool

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An Ethereum blockchain-powered platform Buglab aims to strengthen information security by transforming the process of finding vulnerabilities into challenges — or “contests” — for certified cybersecurity testers. By setting time limits for these experts to find vulnerabilities, they will then be rewarded for their cumulative discoveries. Buglab also plans to secure cryptocurrency exchanges, by hosting the testings with a reward pool of $2 million. The company says that their methods can help overcome the current problems of traditional security testing: cost inefficiency, lack of resources and irrelevance in reporting. Clients…

Ripple Price Analysis: Can XRP/USD Surpass $0.4750?

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Key Highlights Ripple price recovered from the $0.4248 low, but it failed to settle above $0.4750 against the US dollar. There is a short-term declining channel in place with resistance at $0.4650 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair must clear the $0.4650 and $0.4750 resistance levels to recover further in the near term. Ripple price struggled near key resistance levels against the US Dollar and Bitcoin. XRP/USD must settle above the $0.4750 barrier for more upsides towards $0.5000. Ripple Price Resistance This…