Day: February 28, 2019

Big Four Auditor PwC Publishes Crypto Insolvency Guide, Cautions Directors

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Big Four audit and consultancy firm PwC Hong Kong has published guidance for financially distressed or insolvent businesses in the crypto sector. The document, released February 2019, tackles the complexities specific to the nascent industry, in particular in regard to asset valuation and multi-jurisdictional operations. PwC notes that the two parameters used to determine a company’s financial viability — cash flow and balance sheet assessment — may be more difficult to ascertain in the case of crypto assets, whose volatility complicates a clear-cut valuation. The document continues: “Further, the lack…

Cryptopia Could Open by March 4 as Officials Hint at Sums Lost in Hack

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Hacked New Zealand cryptocurrency exchange Cryptopia will reopen for business on Monday next week, officials confirmed on social media on Feb. 26. In a series of updates, Cryptopia revealed its two founders would be returning to the company to help spearhead operations following an overhaul of its structure. Police formally granted permission for trading to resume in mid-February, but a subsequent notice from staff implied it was not yet possible to begin processing users. This now appears to have changed. “We are aiming to have the Cryptopia site re-opened as…

Dogecoin Creator Belittles, Throws Shade on Bitcoin and Blockchain

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Dogecoin creator Jackson Palmer doesn’t think the blockchain’s progression is anything like that of the Internet, in a tweet from Wednesday. Palmer said it’s “dishonest” to compare the two, citing the “user demand” and “market fit” of the Internet after 10 years of development. Jackson Palmer Says Bitcoin Adoption Nothing Like the Internet It’s plainly dishonest to liken blockchain technology to the advent of the internet, which after 10 years had obvious product-market fit and user demand. — Jackson Palmer (@ummjackson) February 26, 2019 Of course, web historians might disagree…

Bitcoin Price Watch: BTC Could Rally Above $4,000 If It Breaks $3,900

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Bitcoin price declined sharply below the $3,750 support and tested $3,650 against the US Dollar. The price bounced back from the $3,653 low and broke the key $3,750 resistance. There was a break above a major bearish trend line with resistance at $3,785 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to gain bullish momentum above the $3,860 and $3,900 resistance levels. Bitcoin price tumbled below $3,700 and later recovered sharply against the US Dollar. BTC is pointing bullish signals and it…

Crypto Market Eyeing Rebound: Bitcoin Cash, EOS, XLM, TRX Price Analysis

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The total crypto market cap declined below $121.0B and later bounced back more than $5.0B. Bitcoin cash price tested the $130 support and recovered above the $132 level. EOS price is currently up more than 3% and it is trading nicely above the $3.50 support. Stellar (XLM) could correct higher and it is could test the $0.0900 resistance area. Tron (TRX) remains in a downtrend, but it may recover from the $0.0240 support area. The crypto market recovered sharply after a strong sell-off. Bitcoin (BTC), BCH, Ethereum, EOS, ripple, stellar…

Analyst Proclaims Bitcoin (BTC) Bear Market To End By Q4 2019

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Bitcoin To Bottom By Year’s End? Bottom this. Bottom that. Since Bitcoin (BTC) began to tumble at the start of 2018, the cryptocurrency community has sought to determine where assets in this nascent space will find a long-term floor. While many analysts and commentators have made faulty calls, with BTC falling further after they proudly proclaimed cryptocurrencies were back on its own two feet, many have still sought to speculate. Bitcoin Jack, an analyst at investment signals group Bravado, noted that he believes that bears will end their relentless bloodshed…

Ripple Price Analysis: XRP Following Downtrend Channel Below $0.3200

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Ripple price declined further below $0.3080 and tested the $0.3000 support area against the US dollar. The price traded as low as $0.2983 and it is currently correcting above the $0.3050 level. There is a major declining channel in place with resistance near the $0.3145 level on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is likely to face a lot of hurdles near the $0.3150, $0.3185 and $0.3200 resistance levels. Ripple price moved back in a bearish zone against the US Dollar and bitcoin.…

Ethereum Price Analysis: ETH Recovery Facing Significant Resistance

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ETH price traded lower and broke the recent swing low to form near low near $126 against the US Dollar. The price bounced back sharply above the $130 resistance after trading to a new weekly low. There is a significant bearish trend line in place with resistance at $137 on the hourly chart of ETH/USD (data feed via Kraken). The pair is still facing many strong hurdles near the $137, $138 and $141 resistance levels. Ethereum price declined further and later recovered against the US Dollar and bitcoin. However, ETH/USD…

Lightning Strikes: LinkedIn Founder Hoists The Bitcoin Trust Chain Torch

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Lightning Network Garners Traction It isn’t a secret that the Lightning Network, a second-layer solution aimed at easing the qualms Bitcoin faces with scalability, has seen monumental levels of adoption as of late. This second-layer ecosystem has seen its maximum capacity swell well over the 700 BTC milestone, cementing its viability as a system that provides cost-efficient, rapid, secure, and more private transactions. But this growth hasn’t come unwarranted. Arguably, Lightning’s sudden surge in adoption has much to do with grassroots efforts, like Lightning Pizza (buy foodstuffs from Domino’s Pizza…

Blockchain Home Equity Loan Platform Raises $65 Million

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A blockchain-based home equity loan platform, Figure, has raised $65 million from various major financial and venture capital firms, tech news site TechCrunch reports on Feb. 27. The firm, which was founded by SoFi founder and former CEO Mike Cagney, reportedly raised the funds from such majors as Morgan Creek, DST Global, DCM, Ribbit Capital and Nimble Ventures. The recent investment bumps the total funds raised by the firm up to $120 million, according to TechCrunch. Cagney’s new firm, which reportedly has issued over 1,500 equity lines, is purportedly targeting…