July 27, 2018

Crypto Markets Tumble as SEC Rejects Winklevoss Twins’ Second Bitcoin ETF Application

July 27, 2018 boss

Crypto markets have taken a sharp downturn, today, July 27, with all of the top ten coins by market cap hit by hefty losses and Bitcoin (BTC) dipping back below the $8,000 psychological price point, as data from Coin360 shows. The grim market picture is likely due to yesterday’s breaking news that the Winklevoss Twins’ application for a Bitcoin exchange-traded fund (ETF) has now been rejected for a second time by the U.S. Securities and Exchange Commission (SEC). Market visualization from Coin360 Bitcoin (BTC) is trading around $7,915 to press…

Japanese Conglomerate Hitachi Tests Blockchain for Retail Settlements

July 27, 2018 boss

Multinational conglomerate, Hitachi Ltd, and telecommunications operator, KDDI Corporation, have disclosed they are testing a blockchain solution that will see the biometric features of shoppers being used for authentication prior to settling retail payments. Initially, the coupon settlement system will be trialed at KDDI retail stores located in Tokyo and fast food outlets of the Mr. Donut chain. According to Hitachi, shoppers will register their biometric information as well as coupon credits when they enroll to use the system. This data will then be encrypted before being stored on the…

Bitcoin Retains Bull Bias Despite Price Drop to Below $8K

July 27, 2018 boss

Bitcoin’s (BTC) drop below $8,000 yesterday may have tempered the positive mood in the market, but the broader outlook still remains bullish, technical charts indicate. The overnight drop in price came soon after the Securities and Exchange Commission’s (SEC) second rejection of the Winklevoss brothers’ application for a bitcoin ETF. While the decision may have soured the sentiment in the market, the price pullback was also likely a function of overbought conditions. Notably, the short-duration price chart had warned of a dip below $8,000 yesterday. At press time, the world’s…

Crypto Exchange Coincheck’s Owner Monex Reveals Plans to Open US Trading Platform

July 27, 2018 boss

Online broker Monex Group, which bought out hacked Japanese cryptocurrency exchange Coincheck this spring, plans to launch a U.S.-based trading platform, Cointelegraph Japan reported today, July 27. A summary of data from a financial briefing held Friday confirms plans to establish TradeStation Crypto Inc. as a cryptocurrency-focused subsidiary of securities brokerage firm TradeStation, which Monex acquired in 2011. As Cointelegraph Japan reports, Monex CEO Oki Matsumoto also signalled Coincheck –– which Monex purchased in April for around $33 mln –– should begin functioning fully next month. Matsumoto had originally forecast…

Poloniex Is Officially in Trouble After Ignoring Hoards of Complaining Customers

July 27, 2018 boss

On July 25, the Department of Justice (DoJ) showed its interest in Poloniex — a Delaware-based cryptocurrency exchange platform — in a rather unexpected fashion: Chief Special Investigator of the Investor Protection Unit (IPU) Craig Weldon emailed a number of Poloniex users, asking them to respond if they have any difficulties with their account. The request wasn’t unjustified as, over the past few months, the exchange’s social media and support center accounts have been besieged by users who have been locked out of their accounts. Now, the DoJ has reached…

Platform to Allow Users to Spend Metal-Based Crypto Using a Debit Card

July 27, 2018 boss

A new monetary system is aiming to overcome the “severe price volatility” which has made cryptocurrencies unappealing to use as tender — creating two primary digital currencies which are based on gold and silver. Kinesis says these currencies — known as KAU and KAG — are based one-to one on allocated physical gold and silver. This means that the full, direct title to the bullion backing these coins is held by the person who owns the cryptocurrency. These coins can be loaded on to a debit card and instantly converted…

Bitcoin Price Watch: BTC/USD Likely To Consolidate Below $8,200

July 27, 2018 boss

Key Points Bitcoin price declined sharply and broke the $8,060 support level against the US Dollar. There is a key bearish trend line formed with resistance near $8,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to consolidate in the short term below the $8,060 and $8,200 resistances. Bitcoin price trimmed its intraday gains against the US Dollar. BTC/USD settled below $8,000 and is currently trading in a range near $7,900. Bitcoin Price Analysis Yesterday, there was a start of a downward…

Bitcoin Price Drops to $7,900 as SEC Denies Winklevoss ETF, Market Loses $11 Billion

July 27, 2018 boss

The bitcoin price has dropped by nearly 4 percent almost immediately after the US Securities and Exchange Commission (SEC) denied the Winklevoss bitcoin ETF on July 27. Bitcoin ETF as a Major Factor A sudden drop in the price of BTC from $8,300 to $7,900 led other major digital assets and small market cap tokens to fall substantially in both value and volume. Consequently, the crypto market lost $11 billion in valuation overnight, primarily due to the short-term decline of BTC. Apart from VeChain (VEN), which has demonstrated a 20…

Cardano Price Analysis: ADA/USD At Risk of More Declines Below $0.16

July 27, 2018 boss

Key Highlights ADA price declined recently and traded near a key support at $0.1600 against the US Dollar (tethered). There is a major bearish trend line in place with resistance at $0.1720 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair remains at a risk of more declines below the $0.1600 support in the near term. Cardano price declined recently against the US Dollar and Bitcoin. ADA/USD must stay above the $0.1600 support to avoid an extended decline to $0.1500. Cardano Price Analysis There were…