Day: February 25, 2019

What Caused The $17 Billion Crypto Flash Crash?

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What goes up must come down. Many had predicted a market correction but few of them expected it to be so fast and so violent. In just over an hour $14 billion was unceremoniously dumped out of crypto markets as Bitcoin and its brethren plunged back below previous levels of resistance. 2019’s Largest Single Day Dump Crypto markets are still showing no signs of settling down and remain as turbulent and volatile as ever. The rout which began at 14.00 UTC yesterday resulted in total market capitalization plummeting from 2019…

South Korea’s Coinbin Files for Bankruptcy With $26 Mln Loss, Cites Employee Embezzlement

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Coinbin, the South Korean cryptocurrency exchange that took over hacked exchange Youbit, has filed for bankruptcy owing users almost $30 million, correspondence from the company confirmed on Feb. 20. Coinbin, which acquired Youbit in 2017, is closing operations as the result of embezzlement from a senior executive, local media including English-language resource Business Korea subsequently reported. “We are preparing to file for bankruptcy due to a rise in debt following an employee’s embezzlement,” the publication quoted CEO Park Chan-kyu as saying. According to available information, the figure in charge of…

French President Calls on Europe to Use Blockchain to Innovate the Agriculture Industry

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French President Emmanuel Macron has advocated the use of blockchain to innovate supply chain management in the European agriculture industry. The president made his remarks during the 56th International Agriculture Fair in Paris on Saturday, Togolese agriculture news site Agridigitale reported on Feb. 23. Macron called for unity among European nations to counter competition from global markets in China, Russia and the United States, underscoring the importance of the EU’s Common Agricultural Policy (CAP) in this regard. He identified three broad strategies to advance the continent’s agricultural industry and maintain…

Bitcoin Price Watch: BTC Breakdown Might Be The Real Deal

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Bitcoin price found a strong resistance near the $4,190 level and later declined against the US Dollar. The price declined sharply and broke the $4,000 and $3,900 support levels. There was a break below a major bullish trend line with support at $3,940 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair traded towards the $3,600 support level and it is currently correcting higher Bitcoin price nosedived below the $3,900 support against the US Dollar. BTC bears are in control and it seems like recoveries…

Ripple Price Analysis: XRP Revisits Key Support, Upsides Remain Capped

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Ripple price failed once again to stay above the $0.3400 resistance and declined against the US dollar. There was a break below a triangle with support at 0.3350 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair broke the 0.3200 and 0.3140 support levels to enter a bearish zone. The price could correct higher in the short term, but upsides are likely to be capped. Ripple price declined heavily and settled below key supports against the US Dollar and bitcoin. XRP/USD is trading in a…

Venezuelan Explains How Bitcoin Saves His Family

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As the situation in Venezuela intensifies, a local bitcoin user details how he and his family use the cryptocurrency to survive the country’s ongoing crisis. Keeping all of his money in bitcoin, he only exchanges small amounts into the hyperinflating bolivar when necessary. Also read: SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval Bitcoin Not Bolivar Carlos Hernández, a Venezuelan living in Ciudad Guayana, told his story in The New York Times on Saturday about how bitcoin is saving his family throughout the ongoing crisis in Venezuela. Citing…

Ethereum Price Analysis: ETH’s U-Turn Sets New Short-Term Bearish Bias

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ETH price tumbled after it failed to break the $165 and $166 resistance levels against the US Dollar. The price declined and broke the $160, $152 and $140 support levels to move into a bearish zone. There was a break below a major bullish trend line with support at $148 on the hourly chart of ETH/USD (data feed via Kraken). The pair is now trading in a bearish zone below the $140, $144 and $148 resistance levels. Ethereum price made a sharp U-turn against the US Dollar and bitcoin. ETH/USD…

Long-Term Bitcoin Price Indicator Turns Bearish, Suggesting Bottom May Be In

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A lagging indicator has turned bearish for the first time in four years, suggesting bitcoin’s price may have bottomed out and that a new bull run could begin this year. As of press time, bitcoin’s 50-week moving average has dropped below the 100-week MA, confirming a bearish crossover – the first since April 2015. Long-term bearish crossovers, however, tend to occur at the end of a big bear move, with prices rallying soon after, as MAs are based on past data. For instance, the 50-week MA responds to price action…

Trader: BTC Chart Screams Bottom, But Interest in Bitcoin Still Minimal

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Crypto Trader Lays Out Key Levels Alex Krüger, a pro-crypto researcher, recently took to Twitter to lay out his thoughts on the current state of the cryptocurrency market. In doing so, he laid out an array of key levels for Bitcoin (BTC), along with the fact that while the chart is screaming bottom by many measures, such an occurrence might not have to fruition just yet. He noted that to the upside, $4,200 is a key level, as if BTC convincingly moves above that price point, “it could move fast”…

Bitcoin Is A Hedge Against Bolivar-Induced Financial Suicide, Claims Venezuelan Economist

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Since Venezuela entered its current crisis, Bitcoin (BTC) and cryptocurrencies become a popular subject in the nation. Carlos Hernández, an economist in the strife-filled Latin American nation, recently issued a New York Times op-ed to discuss the matter, elaborating on why the flagship crypto can be a proper hedge against the hyper-inflating bolivar. Related Reading: Naval: Killer App of Crypto is Socialism, Venezuela is a Prime Example Holding Bolivars Is Financial Suicide In the piece, Hernández told his story, proudly claiming that he doesn’t own bolivars. Rather, he keeps all his…