Day: August 14, 2018

Square Expands Cash App Bitcoin Service to All 50 US States

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Mobile payments firm Square now lets customers buy and sell bitcoins via its Cash App in all 50 U.S. states. The company – which was co-founded by Twitter chief executive Jack Dorsey – announced the service expansion through a Tweet on Monday, months after the firm initially rolled out the bitcoin service to investors in the country. As reported by CoinDesk, Square officially launched the bitcoin purchasing option on its Cash App in January following a testing phase started last year. However, the service was not offered in the states…

Bitcoin Price Watch: BTC/USD Broke Key Supports, Turns Bearish

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Key Points Bitcoin price failed to stay above the $6,300 and $6,280 support levels against the US Dollar. Yesterday’s highlighted key contracting triangle was breached with support at $6,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair even traded to a new monthly low below $6,000 and moved into a bearish zone. Bitcoin price broke key supports near $6,280 against the US Dollar. BTC/USD may correct higher, but broken supports at $6,050 and $6,280 are likely to cap gains. Bitcoin Price Analysis Yesterday, we…

Ethereum Classic Price Analysis: Can ETC/USD Hold The $10.00 Support?

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Key Highlights Ethereum classic price tumbled and broke the $12.50 and $11.20 support levels against the US dollar. There is a key connecting bearish trend line forming with resistance at $11.30 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair is slowly correcting higher towards the $11.00 and $11.30 resistance levels. Ethereum classic price made a sharp U-turn against the US Dollar and Bitcoin. ETC/USD broke the $12.50 support and is currently at risk of clearing $10.00. Ethereum Classic Price Support It seems like ETC…

Ripple Price Analysis: XRP/USD Nosedives, Recoveries Remain Limited

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Key Highlights Ripple price fell significantly and broke the $0.2800 and $0.2600 supports against the US dollar. Yesterday’s highlighted important bearish trend line is intact with resistance near the $0.2950 level on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is currently correcting higher, but it could face sellers near $0.2700 and $0.2800. Ripple price nosedived against the US Dollar and Bitcoin. XRP/USD may perhaps recover a few points, but it is likely to face sellers near $0.2800. Ripple Price Decline Yesterday, we discussed that…

Ethereum Price Analysis: ETH/USD Could Drop To $200-220

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Key Highlights ETH price extended declines and dropped below the $260 support zone against the US Dollar. Yesterday’s highlighted crucial bearish trend line is intact with resistance at $305 on the hourly chart of ETH/USD (data feed via Kraken). The pair may well correct a few points higher towards $277-280, but it is likely to face sellers. Ethereum price dropped significantly against the US Dollar and bitcoin. ETH/USD is likely to decline further below $250 in the near term. Ethereum Price Decline There was no recovery in ETH price above…

Ripple (XRP) Price Watch: Bearish Pullback in the Making

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Ripple Price Key Highlights Ripple price recently fell through short-term consolidation to test the bottom of its channel. Support appears to be holding, so price could be due for a pullback to the descending channel resistance from here. The Fib retracement tool shows the potential correction levels where more bears might be waiting. Ripple price fell to the bottom of its descending channel on the 1-hour chart and might be due for a quick correction. Technical Indicators Signals The 100 SMA is below the longer-term 200 SMA to show that…

Bitcoin Cash Price Analysis: BCH/USD Tumbles, Sell on Rallies

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Key Points Bitcoin cash price failed to move past the $580-600 resistance and tumbled against the US Dollar. There was a break below a key bullish trend line with support at $500 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair traded below the $475 level and it is currently correcting higher towards $500-510. Bitcoin cash price traded sharply lower below $500 against the US Dollar. BCH/USD could correct higher, but it remains sell on rallies near $510 and $530. Bitcoin Cash Price Decline Yesterday,…

Blockchain Startup Signs MOU With Central Bank of Curaçao and Sint Maarten

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Barbados-based fintech startup Bitt Inc. has signed a Memorandum of Understanding (MOU) with the Central Bank of Curaçao and Sint Maarten (CBCS) to research the possibility of issuing a digital guilder, according to an August 12 press release. The parties signed the MOU in order to develop a central bank digital currency to facilitate financial payments within the monetary union of Curaçao and Sint Maarten. Per the announcement, the bank is looking to “reduce the level of cash usage within the monetary union” and facilitate “more secure, more Anti-Money Laundering…

‘Unhackable’ Wallet Reportedly Breached, Hackers Claim to Meet Bounty Conditions

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A group of researchers claims to have have hacked the Bitfi wallet, the Next Web reported August 12. Bitfi’s executive chairman, cybersecurity pioneer John McAfee, has called it “the world’s first unhackable device.” To prove his claim, McAfee challenged security experts to breach the device for a $100,000 bounty starting July 24. Bitfi is a physical device, or hardware wallet, which supports “an unlimited amount of cryptocurrencies,” and revolves around a user-generated secret phrase instead of a conventional 24-word mnemonic seed that has to be written down. Additionally, Bitfi is…

Bitcoin’s Price Falls Below $6K to Near 2018 Low

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The price of bitcoin fell below $6,000 on Tuesday, a move that brought the world’s largest cryptocurrency within 2 percent of its 2018 low.  At press time, bitcoin is trading hands at $5,922, printing a 5 percent 24-hour depreciation, according to the CoinDesk Bitcoin Price Index, up slightly from a low of $5,785 set June 24. Bitcoin is not alone in the sinking ship, however, as the broader market continues to suffer. At press time, the total market capitalization of all cryptocurrencies is below $200 billion, its lowest figure yet seen…