Day: July 11, 2018

Top Economists Stiglitz, Roubini And Rogoff Renew Bitcoin Doom Scenarios

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Three of the most respected economists in the world – Kenneth Rogoff, Nouriel Roubini and Joseph Stiglitz – have repeated their past criticisms of bitcoin, saying governments will regulate it “into oblivion” in an effort to fight money laundering and tax evasion. The three, all of whom have criticized bitcoin in the past, now claim it will experience additional falls in value due to regulators’ efforts to stop criminals from using it to launder money and evade taxes, Barron’s reports. Stiglitz: Governments Will Act Stiglitz, a Columbia University professor and Nobel Prize-winning…

Blockchain in Telecoms Will Become $1 Billion Industry by 2023: Report

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Blockchain will contribute almost $1 billion to the telecoms sector alone within the next five years, MarketWatch reports Wednesday, July 11. a new research forecasts this week. According to a global market research store Research and Markets, blockchain technology in telecoms will explode from a $46.6 million industry in 2018 to one worth $993.8 million in 2023. The 132-page report singles out “rising security concerns” as one of the major factors driving the spread of blockchain, which operators in the arena view as a potential safeguard despite its still-fluid regulatory…

Bitcoin Price Struggles to Rebound at $6,350 After Big Fall, Corrective Rally Unlikely

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Subsequent to a 5 percent drop in a 24-hour span, the bitcoin price has struggled to rebound from the $6,350 mark, despite optimistic momentum indicators. Bearish Trend While bitcoin has broken Relative Strength Index (RSI) trendlines and has demonstrated a neutral zone at 44.3 RSI, the overly strong downtrend of the dominant cryptocurrency led its value to drop continuously. If bitcoin had rebounded to the $6,600 mark in the past 12 hours, a corrective rally could have occured, delaying or even preventing another drop in the short-term to the lower…

TenX Co-Founder Still ‘Quite Confident’ Bitcoin Can Hit $60,000 This Year

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Julian Hosp, co-founder and president of crypto startup TenX, says he’s still “quite confident” that Bitcoin (BTC) can hit $60,000 in 2018, CNBC reports Wednesday, July 11. During an interview at the Rise conference in Hong Kong, Hosp told Squawk Box co-host Akiko Fujita that he still stands by the initial 2018 forecast he made in December for the leading cryptocurrency: “Back then, December, price was at a $20,000 all-time high. I predicted for 2018, we’re going to see $5,000 and $60,000. So $5,000, we’ve pretty much hit it, so…

Swiss-Based Sirin Labs to Release Blockchain-Based Smartphone in November

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Sirin Labs, a Swiss-based smartphone developer, will release a blockchain-based phone in November this year, the company told Cointelegraph on July 11. In December 2017, Sirin Labs raised $157.8 million for the project during their Initial Coin Offering (ICO), with $110 million gathered over the first 24 hours. Sirin Labs had also previously released a privacy-focused smartphone in 2016, with a market price of $16,000. The new blockchain-based phone, called Finney, is scheduled to go to market with an expected price of $1,000, Sirin Labs told Cointelegraph. Based on the…

Litecoin Foundation Partners With TokenPay to Acquire 10% Stake in German Bank

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The Litecoin (LTC) Foundation has acquired a 9.9 percent stake in Germany’s WEG Bank AG. The deal is a result of a new strategic partnership with crypto-fiat payments firm TokenPay. The news comes from an official announcement published by TokenPay Tuesday, July 10. TokenPay has now transacted its 9.9 percent equity share of the bank to the Litecoin Foundation in exchange for an agreement that will see the Foundation providing its blockchain, marketing and logistics expertise to the benefit of TokenPay’s cryptocurrency and business operations. Specifically, the deal will see…

Major Korean Logistics Firm Lotte Joins Blockchain in Transport Alliance

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South Korea’s Lotte Global Logistics, a major Seoul-headquartered logistics and shipping firm, has joined the Blockchain in Transport Alliance (BiTA), FreightWaves reported Monday, July 9. The BiTA trade association was formed in 2017 to popularize and develop blockchain applications in the transport and logistics industries, as well as to establish industry standards for adoption of the technology. The alliance uses OriginTrail, a purpose-built protocol for supply chains based on blockchain, and counts around 400 participants as members. Lotte Global, for its part, is a full-service logistics provider, overseeing warehouse management,…

Augur Passes CryptoKitties: Ethereum App Sees $400K in First-Day Betting

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One Augur user was so eager, they didn’t even wait for the user interface. That may have summed up the state of affairs Tuesday, hours after the Forecast Foundation, the non-profit behind the Augur protocol, announced the launch of its decentralized platform for betting on the outcome of events. By 5:00 UTC, the first prediction markets were being created, and by day’s end, new bets were being placed on everything from U.S. elections to World Cup soccer games, all with the help of bleeding-edge tech. “Someone must’ve really wanted to be…

Bitcoin’s Price May Be Charting a Bull Reversal

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Bitcoin (BTC) price could create a major bullish technical pattern in the next few days, technical charts indicate. It’s a slightly confusing picture at the moment, however. The recent short-term bullish bias has been neutralized following BTC’s close below (as per UTC) the 10-day moving average (MA) yesterday. Further, the risk of a deeper pullback to $6,000 (February low and psychological support) look to have increased after Tuesday’s 5.7 percent price drop. However, that does not necessarily mean the bears are back in a commanding position, since the cryptocurrency is…

Bitcoin Price Watch: BTC/USD Primed for Losses

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Key Points Bitcoin price failed to hold an important support at $6,550 and declined sharply against the US Dollar. There was a break below a key bullish trend line with support at $6,580 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is currently consolidating near the $6,300 level and it remains at a risk of more declines. Bitcoin price tumbled sharply below $6,550 against the US Dollar. BTC/USD may correct a few points, but later it could resume its decline below $6,300 in the…