Day: August 7, 2018

Bitcoin Price Eyes $7.4K After Defense of Key Support

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Bitcoin looks primed for a minor rally, having defended a key moving average support in the last 72 hours, technical charts indicate. The 50-day moving average (MA), one of the most widely tracked technical indicators, was put to test in the previous two trading days.  However, on both occasions, prices failed to penetrate the MA support on a daily closing basis (as per UTC), signaling a bearish exhaustion. Today is no different. The leading cryptocurrency picked up a bid around the 50-day MA support of $6,938 earlier today and rose…

Coinbase Hires Former AWS and Microsoft Employee Tim Wagner as New VP of Engineering

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Former Amazon Web Services (AWS) and Microsoft employee Tim Wagner has joined Coinbase as vice president (VP) of engineering, according to a blogpost August 6. Wagner will now lead Coinbase’s engineering team, which is “central to [Coinbase’s] mission of creating an open financial system for the world,” Coinbase writes in the post. Aiming to build the “most open, secure, and accessible financial system,” Wagner will also be responsible for expanding the team by hiring engineering talent in San Francisco, New York, and Chicago, according to his LinkedIn profile. Prior to…

Accenture Hardware Patent Seeks to Enhance Blockchain Security and Scalability

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Professional services firm Accenture has filed a patent which seeks to enhance the speed and security of transactions on blockchains using patented hardware. Besides accelerating the software processes the technology described in the patent titled ‘Hardware Blockchain Acceleration’ will also improve the security of the applications supporting the transaction chains. Per Accenture, the need for the technology is driven by the fact that there have been rapid advances in both the communication and electronic technologies and this has resulted in new security threats. According to the patent application which was…

Bitcoin Mining Giant Bitmain to Invest $500 Million in Texas Data and Mining Facility

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Bitcoin (BTC) mining firm Bitmain will build a $500 million blockchain data center and mining facility in Texas as part of its expansion into the U.S. market, the company revealed in a press release August 6. Bitmain, which is valued at around $12 billion after its early July funding round, is also reportedly looking to plan an overseas Initial Public Offering (IPO) in a market with U.S. denominated shares. Bitmain’s new data center will take over the former Alcoa smelter in Rockdale, Texas, with the estimation that the construction and…

West Virginia Offers Overseas Residents Blockchain Voting Option for Midterm Elections

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U.S. troops serving overseas will be able to use a smartphone app based on blockchain technology for casting federal election ballots in West Virginia this November, CNN reports August 6. The mobile voting platform, Voatz, employes facial recognition software to ensure that each voter matches their government-issued identification. CNN notes that the West Virginia will limit the use of the mobile app mainly to troops currently abroad. The West Virginia Secretary of State, Mac Warner, and Voatz, the Boston-based app developer, told CNN that they believe the app is secure…

Bitcoin Price Watch: BTC/USD Eyes Recovery Towards $7,100

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Key Points Bitcoin price declined to a fresh weekly low at $6,834 and later recovered against the US Dollar. There is a key connecting bearish trend line formed with resistance near $6,960 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is currently trading with a positive angle and it could recover above $7,000 and $7,050. Bitcoin price is under pressure below $7,120 against the US Dollar. However, BTC/USD may perhaps correct higher in the short term towards $7,050 and $7,100. Bitcoin Price Analysis After…

Ethereum Classic Price Analysis: ETC/USD Surging, Dips Remain Supported

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Key Highlights Ethereum classic price rocketed higher and broke the $16.00 and $18.00 resistances against the US dollar. There is a major bullish trend line formed with support at $18.20 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair may correct a few points, but dips remain supported near the $18.40 and $18.20 levels. Ethereum classic price surged higher against the US Dollar and Bitcoin. ETC/USD is placed in a bullish zone above the $18.00 pivot level. Ethereum Classic Price Trend There was a strong…

Ripple Drops 5% as Crypto Market Continues Downward Trend, Bitcoin Suffers

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The crypto market has lost $5 billion of its valuation overnight, as major digital assets including Bitcoin, Ripple, Ethereum, and Bitcoin Cash recorded slight losses in the past 24 hours. Bitcoin and Ether, the native cryptocurrency of Ethereum, fell by around 1.5 percent, while Bitcoin Cash and Ripple declined by 2.5 percent and 5 percent respectively. Stellar, IOTA, and NEO, three large cryptocurrencies which recorded decent gains against both Bitcoin and the US dollar in the past week, have demonstrated large losses over the past two days, falling by 5…

Ripple Price Analysis: XRP/USD Broke Key Support at $0.4270

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Key Highlights Ripple price failed to hold an important support at $0.4270 and declined against the US dollar. There is a new connecting bearish trend line formed with resistance at $0.4270 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair may correct a few points, but the broken supports at $0.4200 and $0.4270 could prevent gains. Ripple price moved into a bearish zone against the US Dollar and Bitcoin. XRP/USD broke a significant support at $0.4270 to accelerate losses. Ripple Price Decline There was a…

Ethereum Price Analysis: ETH/USD Consolidating Above $400

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Key Highlights ETH price remained in a tight range above the $400 support level against the US Dollar. Yesterday’s highlighted important bearish trend line is intact with resistance at $410 on the hourly chart of ETH/USD (data feed via Kraken). The pair has to move past $410 and the 100 hourly simple moving average to gain upside momentum. Ethereum price currently consolidating against the US Dollar and bitcoin. ETH/USD is stable above $400, but it is facing many barriers near the $410 level. Ethereum Price Resistance There was no major…