July 16, 2019

US Lawmakers Push to Keep Big Tech Out of the Financial World with New Proposed Legislation

July 16, 2019 boss

In a legislative draft titled “Keep Big Tech Out Of Finance Act,” members of the US Democratic Party are working towards passing stringent rules to discourage big tech firms eyeing the financial market. This legislation is especially targeted at big firms such as Facebook who wants to function as a financial institution or issue virtual currencies. According to the draft, a large tech firm is one which majorly offers an online platform service and has accrued at least $25 billion in annual revenue. The draft states: “A large platform utility…

Blockchain Not Understood by Almost 70% of Firms in Asia-Pacific

July 16, 2019 boss

Over two-thirds of enterprises in the Asia-Pacific region lack a solid understanding of blockchain tech and how to apply it, a new Ernst & Young (EY) poll reveals. The Business Times of Singapore reports on July 16 that the “Big Four” auditor consultancy firm conducted its poll during a live blockchain webcast with 576 attendees from in Asia-Pacific, 13.7% of whom were from Singapore. Noting that 68% — over two-thirds — of polled attendees responded by admitting that they lack the knowledge and sufficient training to implement blockchain and its…

Bitcoin Price (BTC) Trading Near Inflection Point After Recent Recovery

July 16, 2019 boss

Bitcoin price started a decent upside correction after trading as low as $9,784 against the US Dollar. The price traded above the $10,500 and $10,800 resistance levels to start the recent recovery. Yesterday’s highlighted major bearish trend line was breached with resistance near $10,680 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price is now facing a strong resistance near the $11,000 and $11,100 resistance levels. Bitcoin price started a strong recovery above $10,500 against the US Dollar. However, BTC is still struggling to settle…

Crypto Market And Bitcoin Facing Many Hurdles: BCH, BNB, EOS, TRX Analysis

July 16, 2019 boss

The total crypto market cap recovered after it dived towards the $250.0B support area. Bitcoin price also corrected higher above the $10,500 and $10,800 resistance levels. EOS price is currently consolidating above the $4.100 support area. Binance Coin (BNB) settled below the $30.00 level and it is currently trading near $28.00. BCH price is up more than 10% and it broke the $280 and $300 resistance levels. Tron (TRX) price is slowly recovering and it recently broke the $0.0250 resistance area. Bitcoin and the crypto market cap started a decent…

Ripple Price (XRP) Trading Near Make-or-Break Levels

July 16, 2019 boss

Ripple price found support near $0.2960 and recently recovered higher against the US dollar. The price traded above the $0.3100 resistance area, but it is struggling to break the $0.3200-0.3230 area. The bulls are struggling to gain strength above a bearish trend line with resistance at $0.3185 on the hourly chart of the XRP/USD pair (data source from Kraken). The price must gain strength above $0.3200 and $0.3230 to continue higher in the near term. Ripple price is slowly recovering against the US Dollar, while bitcoin gained nearly 8%. XRP…

Bitcoin Ban Extremely Unlikely Post-U.S. Treasury’s Comment

July 16, 2019 boss

U.S. Treasury Secretary: Bitcoin, Crypto Are “National Security Issues” On Monday, the U.S. Treasury Secretary made it clear that he is aware of Bitcoin, cryptocurrencies, and Libra, especially in regards to what issues they pose to society and traditional finance. Echoing Donald Trump’s stances to a T, Steven Mnuchin noted that “cryptocurrencies such as Bitcoin” have been “exploited” to facilitate illicit activity worth billions. Mnuchin claims that said criminal activities that are known to involve Bitcoin and other decentralized digital assets include “tax evasion, extortion, ransomware, [the sale of] illicit…

Bitcoin Ban Extremely Unlikely Post-U.S. Treasury’s Comment

July 16, 2019 boss

Ethereum Price (ETH) Remains Sell Despite Recent Bitcoin Recovery

July 16, 2019 boss

ETH price traded as low as $212 and recently corrected higher against the US Dollar. The price traded above the $220 and $225 resistance levels, but it is still trading in a bearish zone. There is an ascending channel forming with resistance near $240 on the hourly chart of ETH/USD (data feed via Kraken). The pair could resume its slide if it struggles to clear the $240 resistance area in the near term. Ethereum price is slowly recovering versus the US Dollar, along with bitcoin. ETH price is likely to…

‘I’m All for Cryptocurrencies, I Like Competing Currencies’

July 16, 2019 boss

Former Republican congressman and presidential candidate Ron Paul says he is in favor of cryptocurrencies and blockchain technology because he likes competing currencies. Ron Paul delivered his remarks in a “Squawk Alley” interview on CNBC on July 15. According to Paul, cryptocurrencies are a great idea, and governments should only step in to regulate the space to prevent fraud: “… I’m for the least amount of regulation. I don’t know what’s gonna happen to cryptocurrencies. I think it’s a great idea. And I only have one rule: no fraud ……

Siemens Considers Using Blockchain Tech for Carsharing

July 16, 2019 boss

Self-proclaimed electrification, automation and digitalization global giant Siemens has shown an interest in adopting blockchain-based solutions. In particular, Siemens is exploring the use of blockchain in the transportation industry, as per a report by Forbes on July 15. According to Siemens Corporate Technology’s head of cybersecurity and blockchain, Andreas Kind, Siemens is looking to incorporate blockchain tech into carsharing via Siemens Mobility — one of Siemens’ subsidiaries. According to the Enterprise CarShare website, carsharing reportedly refers to using or renting a car for a short period of time. As a…