Day: August 1, 2018

Bitcoin Price Intraday Analysis: BTCUSD Bearish Pattern Continues

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It is not a new day for Bitcoin speculators, for the prevailing bearish bias in the market has been intensified further following a strong selling round. The day started with BTC/USD sticking to its chop-mood before invalidating a significant support level at 7814-fiat yesterday. We had discussed two outcomes in our previous analysis following the downward breakout: either, there will a strong pullback to reestablish support near 7814-fiat, or a bearish continuation towards the next downside target at 7459-fiat, coinciding with our 38.2% Fibonacci retracement level. As one can notice…

Bitcoin’s Price Snaps Longest Monthly Losing Streak Since 2016

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Bitcoin’s price posted gains in the first month of the third quarter, snapping the longest losing streak it’s seen in nearly two years. The world’s largest cryptocurrency by market capitalization rose 20 percent in July, having registered losses in the previous two months – the first instance of back-to-back monthly drops since August 2016. At press time, bitcoin (BTC) is trading at $7,580, according to CoinDesk’s Bitcoin Price Index (BPI). At first instance, the rally seen in July may appear corrective in nature as BTC was looking oversold at the…

Litecoin Price ‘Massively Discounted’: Cryptocurrency Analyst

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Supporters of litecoin often tout the sixth-largest cryptocurrency as “silver to bitcoin’s digital gold,” but one cryptocurrency says it’s also a diamond in the rough. Writing in an eight-page report published on Tuesday, eToro senior market analyst Mati Greenspan argues that the litecoin price is trading at a “massive discount to what it should be worth.” Greenspan bases this assessment and several technical and fundamental factors. Technical Features On the technical side, he notes the importance of Litecoin, a Proof-of-Work (PoW) blockchain, being the dominant coin mined using the scrypt…

Beverage Turned Bitcoin Mining Company Long Blockchain Moves into Loyalty Market

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Long Blockchain Corp., the drinks manufacturer turned blockchain startup, announced that it had again changed its line of business and will now also focus on loyalty schemes, local news outlet Long Island Business News reported July 31. The New York-based company, which saw major stock price volatility after it unexpectedly rebranded to Long Blockchain from ‘Long Island Iced Tea’ in January, said it would similarly leverage so-called “distributed ledger technology” (DLT) in its new format. Operations will be run via a new subsidiary dubbed Stran Loyalty Group, while Long’s CEO…

Overstock Subsidiary Partners With Zambian Gov’t on Blockchain Land Registry

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Zambia has signed a Memorandum of Understanding (MoU) with the blockchain land registry subsidiary of American retail giant Overstock, the company revealed in a press release July 31. Under the agreement, Overstock’s Medici Land Governance (MLG) will work with the Zambian government on overhauling land ownership, allowing rural landowners to legitimize their estates and gain access to the financial world. “Without formal ownership, individuals struggle to obtain access to credit and public services, while governments are limited in their ability to collect taxes, enforce property rights, and plan for economic…

US Treasury Dept. Fintech Innovation Report Touches on Crypto, Blockchain

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A major new report from the U.S. Treasury Department published July 31 has called for a more agile and conducive regulatory approach to innovations in the fintech sector. The 222-page report, devoted to ‘Nonbank Financials, Fintech, and Innovation,’ only fleetingly touches upon cryptocurrencies and distributed ledger technologies (DLT) such as blockchain, noting that these are currently being “explored separately in an interagency effort led by a working group of the Financial Stability Oversight Council.” Overall, the document indicates a strong impetus on the part of the U.S. government to foster…

Bitcoin’s Price Eyes Consolidation After 11% Price Drop

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Bitcoin (BTC) could be in for a minor bout of consolidation as the technical charts show indecision in the marketplace following an 11 percent drop from the recent highs above $8,500. At press time, the cryptocurrency is trading at $7,600 on Bitfinex, having clocked a nine-day low of $7,469 earlier today. A minor correction was overdue as BTC looked overbought a week ago at the two-month high of $8,507. However, things took a turn for the worse in the last 24 hours as BTC’s overlong sideways action ended with a…

Dubai Looks to Disrupt its Entire Legal System with ‘Court of the Blockchain’

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The Dubai court system tasked to oversee all civil and commercial disputes involving financial transactions both domestically and internationally is turning to blockchain technology to “create the world’s first disruptive court”. The Dubai International Financial Center (DIFC) Courts has announced its plan “to create the world’s first Court of the Blockchain” in a partnership with the government’s Smart Dubai initiative that it says will fundamentally reshape the judicial process in the future. The pivot to a “blockchain-powered future” will bring “greater efficiencies across the entire legal ecosystem,” the authority said…

Bitcoin Price Watch: BTC/USD Turned Short-term Bearish

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Key Points Bitcoin price broke a significant support at $7,840 and declined towards $7,450 against the US Dollar. This week’s highlighted crucial bearish trend line played a key role near $8,260 on the hourly chart of the BTC/USD pair (data feed from Kraken). Key resistances are forming near the $7,650 and $7,748 levels, which are likely to act as hurdles. Bitcoin price declined sharply below $7,840 support against the US Dollar. BTC/USD moved into a short term bearish zone with supports at $7,450 and $7,300. Bitcoin Price Analysis This week,…

Wikipedia Has ‘Zero Interest’ in ICO, Says Jimmy Wales

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Wikipedia founder Jimmy Wales has said the not-for-profit online encyclopedia platform will “never” hold an ICO or issue its own cryptocurrency. Speaking to Business Insider after giving a speech at a recent blockchain event in Berlin, Wales told the news source: “We are absolutely never going to do that. Zero interest.” Wales who has been skeptical in the past about cryptocurrencies and blockchain, has notably said in the past that many ICOs are “absolute scams” and that they offer”nothing of value.” Wales was speaking at the Berlin event largely because “People pay me to give…