Day: July 17, 2019

Money Managers are Paying Big Bucks to Interpret Your Bitcoin Tweets

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Algorithms that can decode market sentiment are making waves in the institutional crypto landscape, a July 17 report from Reuters claims.  An Arms Race for Algorithms With the resounding return of Bitcoin’s (BTC) volatility amid an ever-hotter crypto market, hedge funds and asset managers are increasingly turning to software developers to help them interpret and harness sentiment signals to their advantage. Bin Ren — CEO of Alan Howard-owned Elwood Asset Management — told Reuters that the soaring interest in developing algorithms capable of identifying price clues from the tumultuous social…

Bitcoin Gets a Skip at U.S. Senate Hearing on Libra, Price Dives Below $10K

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Receiving no attention at the senate hearing on Tuesday, Bitcoin price tanked over 10% on Tuesday. There’s little to no positive response from the US lawmakers for Facebook’s Libra which has created an overall negative sentiment around Bitcoin as well. Tuesday, July 16, was the D-day for Facebook as the company’s blockchain division head David Marcus testified in front of the U.S. Senators. Over the last few weeks, the US lawmakers were constantly attacking Facebook’s Libra Project. However, David Marcus had previously assured that the company would comply with the…

Bitcoin Price Below $9.5K Could Spark 80% Parabolic Advance Correction

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Bitcoin Price Clings to $9,500 Support Bitcoin (BTC) continued to trade down on July 17 after a further 10% fall sent the price of the largest cryptocurrency back below $10,000.  Market visualization courtesy of Coin360 Data from Coin360 showed a problematic 24 hours for traders Wednesday, BTC/USD circling $9,600 after bouncing off lows at just $9,266. The downward trend followed increased United States government attention on cryptocurrency and related phenomena, with comments by Treasury Secretary Steven Mnuchin and the ongoing hearings on Facebook’s Libra closely watched by markets. Bitcoin 7-day…

US Congress Drafts Libra Killer to Squash Silicon Valley Crypto Dream

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Congress is dead serious about nipping Facebook’s Libra cryptocurrency in the bud. The House Financial Services Committee has drafted a Libra killer bill that bans big tech companies from launching cryptos. It’s called the “Keep Big Tech Out of Finance Act.” A draft copy of the discussion bill found its way into the hands of Ryan Todd at The Block. The anti-Libra bill bans “large platform utilities from being a financial institution or being affiliated with a person that is a financial institution.” It does so by stipulating: “A large…

Bitcoin to Hit $100,000 in 2020? You Can Bet on It

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LedgerX Unveils New Product Bitcoin-centric derivatives platform LedgerX has just unveiled a helluva product. Reported first by Bloomberg, the American exchange that recently secured a derivatives license from the Commodity Futures Trading Commission (CFTC) will be allowing traders to bet on if Bitcoin will pass $100,000 by December 2020. The call option will pay only if BTC manages to surmount that crazy milestone by December of 2020, which is still around 18 months away. According to Paul Chou, the chief executive of the startup, institutional customers that have assets valued…

Square Outsources for Designers to Bring about a ’Bitcoin For Everyone’ Crypto

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Twitter and Square’s CEO Jack Dorsey proposes that user experience is at the core of mass adoption for cryptocurrency. That’s why the company has decided to outsource designers who could develop a “Bitcoin for Everyone” Square crypto. Square, Inc., the Silicon Valley-based financial services, merchant services aggregator, and mobile payment company has relayed its intention to outsource for designers who could develop a “Bitcoin for Everyone” termed Square Crypto. Jack Dorsey endorsed project seeks recognition from both dApp developers and a wide range of users’ clientele. The payment processing and…

Bitcoin Price (BTC) Tumbles 15%: $8,880 Bearish Target In Sight

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Bitcoin price failed to stay above the $11,000 level and resumed decline against the US Dollar. The price traded below the key $10,000 and $9,800 support levels to enter a bearish zone. There is a new connecting bearish trend line forming with resistance near $10,060 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price remains at a risk of more losses below the $9,200 and $9,000 support levels in the near term. Bitcoin price tumbled around 15% and broke the $9,500 level against the US…

Canadian Startup Partners with Authorities to Launch Tax Payments in Bitcoin

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According to a press release dated July 15, 2019, the city of Richmond Hill, Canada, is rolling out a project that allows residents to pay property taxes with bitcoin (BTC) through crypto startup, Coinberry. Pay Property Tax with Bitcoin Canadian digital currency platform, Coinberry, has opened negotiations with the city of Richmond Hill to provide crypto payment solutions for the municipality. The City of Richmond Hill is located in the outskirts of Toronto and is home to more than 200,000 residents. The Council, which took place on July 10, 2019,…

Bitcoin, Crypto Market Could Bleed Further: BCH, BNB, LTC, TRX Analysis

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The total crypto market cap declined heavily and even broke the $250.0B support area. Bitcoin price settled below the $10,000 support level and spiked towards $9,200. Binance coin (BNB) price dived more than 10% and even broke the $25.00 support level. Litecoin (LTC) price broke the key $90.00 and $85.00 support levels to enter a bearish zone. BCH price failed to stay above the $300 level and recently declined below $285. Tron (TRX) price is down more than 15% and it is approaching the key $0.0200 support area. The crypto…

Bitcoin Now Accepted For Property Taxes in a Canadian City

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Property Taxes in Bitcoin? As much as some like to sugarcoat it, Bitcoin and other cryptocurrencies have seen minimal adoption. Use cases are limited, brick and mortar that accept digital assets are few and far between, and the public’s interest in this ecosystem is lackluster at best.  Enter the small town of Richmond Hill, a pseudo-suburb of Canada’s biggest (and arguably most important city) by population, Toronto. Located just an hour or two of Toronto and sporting a population of approximately 200,000, Richmond Hill might be the last municipality that…